October 17, 2019

The Worst Day For Workday

I am unsure if yesterday was the worst trading day for WDAY in their history, but I am pretty sure it is one of their worst. Down over 20% and now negative for 2019, investors are dumping shares after WDAY raised concerns about future growth in sales. Couple this with Morgan Stanley giving a negative note on cloud names, the entire sector is getting hit hard with selling. This may not be a one-off event. In fact, this could be a catalyst to start another firestorm of selling in the sector. The recent weakness after a blowout rally this year actually started when AMZN reported a retraction in sales growth for their AWS cloud business. While the sector has tried to bounce back, the majority of the cloud growth names are well off their all time highs. While I absolutely love this sector near- and long-term, this weakness cannot be ignored. Buyer beware ladies and gentlemen. While there is great short term value, the weakness may not be over just yet. 

about the author:

Charles Moon

Charles Moon is a technical "whiz kid" whose experience lies in scalp/swing trading. A patient educator, Charles excels at coaching/mentoring and can make complex concepts simple. Prior to joining the ranks of Prosper Trading Academy, Charles was a proprietary equities trader with Great Point Capital LLC. Coming from a retail trading background, his experience can help those with no experience trading to seasoned veterans.

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