Shopify (SHOP) had outrageously good earnings and spiked almost $100 on the news. This week, the same stock is down over $200 from the highs and is close to 25% off the highs, sitting at $464. The $350 level is the 200-day moving average.
The bigger issue is investing near the lows. Building a watchlist of the strong stocks is what we need to do. Keep track of those great companies. Find the names you wanted and wait! There are some companies that have pulled back from nice patterns - we will be covering those off on the videos in the coming days. Stay tuned! Use the SCTR rankings from early February and keep track of those names in industries like ESG theme, 5G, electrical grid build out, etc. I'll show how to do this on the Friday, February 28th edition of Market Buzz!
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies
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