Peloton dived 35 percent in a single trading session this month, after it deeply cut its sales forecast for the coming year. That has been bad news for the share prices of some of last year’s hottest stocks. “We’re in a full reopening, and we’re moving toward a normalized situation.” “The markets clearly sense the pandemic is over,” said Ben Emons, managing director of global macro strategy for Medley Global Advisors. But as the economic reopening gains speed - aided by rising vaccination numbers and promising new treatments for those who get sick - some of the stocks at the center of the so-called stay-at-home trade collapsed. Shares of companies like Peloton and Zoom Video, the online conference software that replaced face-to-face communications for countless schools and businesses, were darlings of the stock market for the better part of last year. What happens now that they can get the real thing again? With jumbo screens and upbeat instructors, being on them mimicked the experience of an in-person spin class in their living rooms. Above these marks could open up the stock to a run toward $175 and the declining 21-day moving average.Peloton’s pricey exercise bikes were the hot product for fitness buffs in the early days of the pandemic. If it’s the former, I want to see how it handles the $150 area and the declining 10-week moving average.
We've seen this play out both ways with growth stocks this quarter. The binary event could go either way, jolting Zoom stock higher or sending it plunging lower. However, earnings blur the potential for a trade on the long side at the moment. In fact, I don’t hate that trade either, as it could open up the stock for a nice upside rotation. Without earnings on deck, one may look at this candle - often interpreted as an “indecision candle” that could come near an inflection point - and then look for a weekly-doji-up rotation over last week’s high of $130.78.
Other reports have been good, as Upstart Holdings ( UPST) - Get Free Report and The Trade Desk ( TTD) - Get Free Report have rallied.Īs it pertains to Zoom stock, we have a doji candle on the weekly chart above. Roku ( ROKU) - Get Free Report and Shopify ( SHOP) - Get Free Report have been buried on earnings. Some reactions to earnings have been good and others have been bad.
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