Technology Stock Rebound But Nothing Has Changed
Michael Kramer | Nov 12, 2020 12:09AM ET
Stocks rose sharply on Nov. 11, and while to some, may think it’s back to what we have grown used to. It wasn’t. First off, the bond market was closed today, so with half of the “market” was closed, hard to say how the market would have reacted had it been open, especially if yields had continued to climb. Secondly, the NASDAQ 100 had been crushed the past few days, so a reversal was certainly expected.h2 NASDAQ /h2
Perhaps we could see the Q's rise to around $293, I suppose. Even if it did, nothing would change in terms of the trend or even the narrative in the market. It doesn’t remove the need for the Qs to fill the gap at $273.
Zoom (NASDAQ:ZM) had a nice day, I guess. It was up almost 10%. Which sounds like a lot, but not really, when considering it was more than 40% higher two weeks ago. It kind wasn’t able to push much beyond resistance at $410. Could it go to $475? I guess so. If it does, it will just serve as confirmation that it is heading even lower. So maybe best to get it over with.
Shopify (NYSE:SHOP) was up a lot too, but nothing changed. Just another overvalued stock, with the RSI moving lower and stock going sideways. We’ll see. Lower it goes, I think.
Booking (NASDAQ:BKNG) shares jumped on the vaccine news, stopped rising at resistance $2080. Now it has that giant gap to fill sharply below at $1800.
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Verizon (NYSE:VZ) is back to that point where it gets to roughly $61.30 and craps out. Come on, it has been years already; just break out. Do something!
I don’t know what to make of Alibaba (NYSE:BABA). There is a lot of “stuff” going on in Hong Kong and China right now. The government factor has always kept me away from investing in this stock despite how impressive the growth has been. It broke a pretty important uptrend off the March lows. It could be heading to $250, maybe even lower.
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