No. of Recommendations: 2
Now that we are through the 2 week earning period, I do think we are seeing a topping action as suggested last week.

Most of these companies reported pretty good earnings.....big revenue growth, customer growth, etc.

Yet despite what has seemed like great reports....the stocks languished other than a handful....NVDA had a great bump today for sure.

IMO, we have to recognize, as Denny as suggested in another thread, that most of these stocks have already made great runs in the past 12 months......expectations have reached stratospheric levels and so, they are all vulnerable to swings to the downside......even with stellar earnings.

But the continued revenue growth and expanding TAM should allow continued stock appreciation once the valuations are more in line with expectations.

We have a few stocks that still report in the coming weeks like NTNX and VEEV but I would expect similar stock behavior barring some macroeconomic event that disrupts this trend.

We shall see......but IMO, I will not add new money to the market here until we have further clarity. The Tax Reform initiative could help a great deal but its peril may be a major negative to stock market......can the Repubs get off their hands for once and get this done???
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