OKTAgenerion: Love The One Big Rounded Top Post Okta's Earnings Rise/Drop Dance
Tim Knight | Mar 02, 2022 11:32PM ET
Ouch, what a day! Wednesday was as awful for the bears as Tuesday 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 (NASDAQ: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 (NYSE: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 the Big Blue. Jesus, people.
Get The News You Want
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.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.