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|52 Wk Low/High||24.09 / 45.64|
When a speculative frenzy involving one set of companies ends, cheaper peers usually aren't unscathed in the ensuing selloff.
Though many quality tech companies still look expensive, there are some exceptions out there.
Corrections occur at various points to remedy valuation excesses and that's what we are seeing now.
We must see equity markets, the Nasdaq Composite and Nasdaq 100 in particular, fight back this week to keep on believing in this market.
Slack Technologies will report after Tuesday's close, but you don't need to wait for the results to make this play.
Plus, an early look at third-quarter earnings expectations and an admonition to heed the words of Arthur Cashin.
Here's snapshot of the corporate earnings reports to be had next week: Tuesday, September 8: Calavo Growers ; Coupa Software ; Lululemon Athletica ; Slack . Wednesday, September 9: American Eagle ; G-III Apparel ; HD Supply ; Navistar . Thursday, Se...
I think ZM will probably exceed expectations this evening. Tonight's guidance will draw even more focus than it has in the past.
Earnings are set for September 8th, so I would look to play something into it.
The most challenging aspect of the market right now is that the stock picking has been shifting to different groups.
Instead of scratching your head and saying the market defies logic, look to the Cramer Covid-19 Index.
It's a good time to check the WORK charts again.
It will not collapse on valuation, fraud, currently non-existent inflation or its own weight. But here's what could knock it off its feet.
All the current indicators from trend to momentum to price action sit in a bullish position as the stock breaks above resistance.
This was a name I had been very bullish on but the story has changed enough that I need to reconsider my stance.
Here we look at the S&P and ES futures, as well as Slack and Wynn Resorts.
While still reporting healthy revenue and billings growth, Slack and some other software high-flyers are also seeing some demand headwinds.
They need a rest even more than the market does -- it's tough to keep pressing to the upside, especially when dealing with such unusual news flow.
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It has the potential to gain strong momentum as it's mainly a technical trade.
We've had quite a run, and I hate to violate net basis, which is a long, long way off.
What is most notable is that the Covid-19 plays are leading again.
Market players are trying to navigate the rotational action.
Some -- though not all -- of the extra hardware, software and services spending currently happening would have likely taken place at a later date.