Closed below 3 months of support in the low $142s which coincides with the 200 day moving avg. Look for a gap down on Monday, Nov 12th. If that gap down occurs after the technical break today, that gap may not be filled - ever. Spx unable to close above the 200 day moving avg. All key world markets have realigned to be at each exchange's tipping points. Monday could be very prominent and very ugly. And we all know earnings , or lack thereof, are right around the corner. Have a nice weekend, shorts.
Sentiment: Strong Sell
the plummet will not happen because of an earnings report, they will always be able to confuse the true earnings and keep the focus on revenue.
It will plummet when the market comes to its senses and demands a reasonable multiple, as it does in every other sector.
But the scam will break you in the meantime.
I am buying puts if it hits over 160, euro and fiscal cliff will drive market down and to meet margin calls, CRM will sell off as value holdings will be retained in portfolios.
Just a hypothesis.
Cfno- my thoughts are . panw has fallen 21% ( a bear market) to exactly hit its IPO price. Could it fall further ? Sure. FAR better picks - Lnkd, Amzn , Crm, Goog, Aapl, Nke, Mon, Lulu, Bidu. It's about to get very, very ugly all around the world - check the charts - London, France, Germany, Hong Kong, Japan, Spx. t's just beginning. Best wishes.