Blast From The “Past”:
The software group has been a good one in 2021. The IGV has advanced 25% YTD thus far, compared to the Nasdaq’s gain of 24%. Give credit to that benchmark, not shying away from the very round 16000 here, as it attempts its first 6-week winning streak since late 2019. There have been many strong performers this year in software, but making a stab at the best “comeback” player in the space would have to be TTD. It put up a strong number Monday with earnings before the bell. This was a monster leader until this year began as the stock CLOSED lower 12 of 21 weeks ending between 12/25/20-5/14/21. PRICE during that time period fell 44.5%, nearly 10 times that of the IGV’s descent in the time frame. TTD bottomed not long after announcing a 10:1 stock split in June, and after today’s movement, it should be put on one’s long radar. The chart below shows the break above a bullish inverse head and shoulders pattern, but I would like to see a move above the very round 90 number. If continued strength persists through 100, look for a move to 150 sometime in 2022.