What The “HACK” Is Going On:
Within the strong software group dwells the important security group. And make no mistake about it there have been plenty of hacks all around the world, and for that reason alone one would think that the space would have been flourishing a little more than it has. Both the IGV and HACK are off 10% from their most recent 52 week highs, although as the IGV digs in and attempts do defend the very round 300 number, it is maintaining altitude above its 50 day SMA while the HACK is not. Top component SAIL is in fine technical form, but other top ten holdings like CSCO CLDR and SPLK are certainly weighing. Others peers like FTNT and CYBR can not seem to find their footing either with the latter down by 32% from its early February peak. FFIV and JNPR are also stinking up the joint. Perhaps there should be a greater weighting to better looking technical set ups in CRWD and ZS. Remember bottom fishing can be potentially very expensive, and wait until some bullish candles emerge to dip into some of these laggards.