WORK It!

Being a nerd who happens to have been very keyed in to the remote work/collab/commerce/healthcare story since well before the dark days of March (when working at home became a thing) I put this stock on my radar earlier in the week and stared at it a bit. The pattern had not yet activated, but I got excited. Then, per the Trade Log Notes on Wednesday…

“On the remote work/collab front I added WORK earlier, much like w/ DBX a few weeks ago (profit since taken) as a potential bottoming thing. Notes on WORK: As with most of these SaaS software stocks it’s over valued, but growing. It’s got an additional negative as Microsoft has moved into its space and could eat it alive. There’s always risk, isn’t there? Especially in a mini-mania like the remote SaaS stuff. Additionally, unlike DBX before it, WORK has an interesting pattern and an SMA 50 that has sloped up since January. Price is above that MA.”

With the Microsoft note, the facts that WORK is rallying with everybody else in the space and that there were a couple other stocks I preferred and bought back on pullbacks, I was compelled thusly the next day as it had not yet broken out…

“They give me 8.5% in a day on a non-core position like WORK? I take it.”

Unsurprisingly, today is the breakout (had I held would it have failed or is that just a mind game?). What’s more, the pattern measures to 45, if you can believe it. I don’t think I’ll bring it back because I prefer the others I hold. But oh man, this chart… so, who knows? Maybe it will test the breakout at some point.

work

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