Ouch, what a day! Today was as awful for the bears as yesterday was glorious. Since we seem to be toggling, does that mean Thursday is going to go down? Perhaps.
For the moment, I really just had one “after the close” event to watch, and that was the earnings for OKTA, which is one of my bearish positions. Well, it came out, and it did that typical “roaring higher and then plunging” thing that happens so often with these events, and it’s down double digits right now. Good!
On the daily chart, I think you can see why I am so fond of this as a short. Now THAT is one big rounded top!
A stock getting hit much harder is Snowflake (SNOW) which is down 30% after its own earnings report.
I have no position in this one, since, based on the chart, it wasn’t worth touching. As you can see, the price is getting zapped to lifetime lows.
But, hey, do you remember THIS footnote in business history? Is that hysterical, or what? Some no-name company that no one has ever heard of is worth more than Big Blue. Jesus, people.
Anyway, I tend to be vastly more chatty and energetic when the market is getting wiped out, but at the tail end of a day in which the Dow is up 600 points and everyone is prancing around talking about lifetime highs right around the corner, I’m just not in the mood. If the muse smiles upon me later, I’ll compose another post. See ya!
