SHOP Til You Drop:
As software stocks look to power ahead it may be wise to look elsewhere than the big dogs. We have spoken about MSFT softness, and other top 5 holdings in the IGV have acted poorly POST earnings. ORCL is teetering right on the very round par number edge here and I think that gives way very shortly (the last 2 sessions were above intraday but each CLOSED above it). ADBE dropped more than 6% after an ill-received earnings reaction getting an ever-so-slight bid at the upward-sloping 50-day SMA. Below is the chart of SHOP and it is not part of the mega caps which are seeing investors flee from. This week is breaking to a 21-month high and since jumping by more than 32% the week ending 11/3 it has not looked back. The last 3 weeks have recorded very taut WEEKLY ranges which shows the reluctance of sellers here even after a very robust run. It has registered a nice run since bottoming the first 2 weeks of October 2022 with a WEEKLY doji and hammer candles. This name feels like it has 100 written all over it sometime in Q1 24.