This sector is breaking out but that doesn't mean it won't quickly reverse. CRM closed within $1.42 of it's all time high. NOW and WDAY hit all time highs on Friday with both closing just below those intraday highs and those are even more richly valued than CRM.
Just an FYI, keep your eye on them. Is it next leg up time or pop and reverse time? I don't know the answer but watch them.
Shorted both of those today as they were going to new highs on air and quickly turned around with the market. I already had a WDAY short from last week that is still slightly underwater but made 2.5 points on a day trade their and held onto my NOW short.
BTW, WDAY announced they are issuing 6M+ news shares after the close. I'm not sure at what price but it's kind of a joke if it's anywhere near the market price.