In thinking about Santa coming down the chimney, do children ever question what a horrible sooty mess he’d be? Not that I’ve ever heard.
But rather than talk further about the wondrous notion of Santa, here are some stocks that look to be done making new highs and are now headed down the sooty chimney.
With its top holdings of Apple [23%] and Microsoft [21%], the Technology sector ETF, XLK, has held up better than some others. Even so, it lost its bid for a higher high at the end of March, and price fell below the Ichimoku Cloud on Friday.
Apple earnings are April 28; Microsoft earnings are April 26. This is a monthly chart of XLK. Holding above the blue uptrend from 2002, is needed to save the bull case.
TEAM is in the technology sector. I have no idea what their software actually does, but their own company description sounds fluffy:
“Atlassian is a global software company helping teams around the world unleash their potential.
…It believes the power of teams have the potential to change the world – one that is more open, authentic, and inclusive.”
Surely we all want to be part of the “team”, with “power…to change the world”. Meh. A powerless catch-all of wording that is, I say. And what the heck does “authentic” and “inclusive” imply? “Atlassian”?, and “…unleash (geesh) their potential.” It all sounds unauthentic.
Here’s the TEAM monthly chart. Yes, I am being catty here, but I bet the owners were positively enraptured by getting that ticker symbol.
This is a weekly closeup of TEAM with Heiken-Ashi candles. I am short. Earnings are April 28.
Edward’s Lifesciences is in the Healthcare sector and this monthly chart has it looking pretty healthy.
In the shorter term though, price may be headed down to the bottom of the channel, where it would also encounter support from the Cloud. Here’s the daily view.
Plain and simple, the chart of Zillow is a sorry state of affairs. This monthly chart is painful to view.
The daily chart shows price below the Cloud and caught by the downtrend and uptrend. Earnings are May 5.
Although Zillow could conjure a rally, my bet is that it would be fairly short-lived before heading back down the chimney.
