An increase in quarterly sales of 23% for CRM
It’s one of the Cloud/SaaS/Remote Tools stocks that I will hold onto with a level of patience as its valuation is not nearly as extreme as some others up there in the Cloud. It has absorbed the Slack acquisition (to combat Microsoft, which I also hold) and appears free to rally if it so chooses.
To boot, it has pleasured the market with its latest quarterly results and the market said “thank you” with a break above the SMA 200 and the upper channel line. Now, it needs volume and if so I’ll see that gap as a breakaway type, which would not need to fill any time soon as it would change the trend.
As a side note, look at that down candle from yesterday. Pre-earnings sellers must be FOMO’ing at the mouth. I wonder if the machines and the operators behind them played retail like a fiddle yesterday.
As another side note, I am trying to keep a balanced portfolio and though growth stocks have been under-performing and abdicating market leadership, I still see a place for a select few in the portfolio and also trades in others (which I’ve done after buying the recent washout lows in some of 2020’s high fliers) as opportunities present.
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