um 138 to 142 tomorrow..word on the street..who fears me now..post here
When CRM was making a lower high around 150 you were sure CRM was going up. IMHO someone who added to a long position at 150 and then added more at 140 and perhaps more today at 132 or 133 wouldn't be happy. Of course, someone who tries to talk a stock up, but doesn't own any might have been happy to buy and sell today, since the rally may not continue tomorrow. 1400 on the SPX is a resistance point at the top of the range some institutional traders respect. I admit that the shorts celebrate when CRM is down, but some longs celebrate when CRM is up and in the past that's been the place to for longs to sell.
Someone posted about CRM having a tendency to go up ahead of earnings. Checking historical prices an charts, that doesn't appear to be the pattern with CRM. Today's euphoria from longs suggests that a trading top is in (and may never be exceeded again in CRM). The market used to top out on Monday afternoons, allowing the 4 p.m. closing prices on Monday marked the top of a week. For the prior few weeks, the highs of the weeks were on Friday afternoons. Today's close could be the high of this week and even next week and the SPX may pull back quite a bit from 1400. Even the SPY dropped under 1400 at the close of regular hours. Fund managers eager to exit longs may have started to sell at the end of regular hours today and could continue tomorrow.
Celebrate while you feel like it because this could be the peak of the week for longs. It could even be the peak for August.
One reason the QQQ's were up today is that AAPL went up. AAPL is near the top of its recent trading range. Meanwhile, AMZN started to pull back late in the day. If either of those stocks stall tomorrow, other tech stocks could pull back. Today, the SPX 1400 beckoned as did the talk about a breakout, which never came. Will SPX 1400 be a ceiling tomorrow? We have seen CRM go up fast and down little by little. Tomorrow, a multi-day downward move in CRM could commence and may have commenced from the point CRM touched around 134 today and couldn't hold it at the end of the day.
everfoxy = i dont know what you own...but this will be over 150 next week...and very possibly over 170. I just hope you are not bk before the real downtrend starts. everyone mother is totally short here..you need to do opposite..no bsd news if any will possibly be out till earnings so enjoy the totslly free ride for the next week and a half and make huge $$. its a no brainer just like it has been since 120. lock and load...way undervalued at these levels and especially now!!
P.S. You seem to know so much about people with Ph.D.'s and GED's (and possibly the middle where people have B.A.'s, B.S's, M.A.'s, MS's, MBA's, etc.). Please share where your Ph.D. or other degrees are from and in what fields. I wouldn't pry, but you have expressed an interest in other people's degrees.