Cloud Stocks Escape The Morning Rain
The major stock market indexes are once again starting the morning sharply lower. This looks to be a broad based decline as most leading stock sectors are trading lower. There are a few stocks that are showing some early strength despite the stock market decline. A few of the stocks that are showing intra-day strength include the cloud computing stocks.
Netapp Inc.(NASDAQ:NTAP) is rallying higher by $1.70 to $51.60 a share. This stock looks to have made a short term low three trading days ago and continues to climb higher this morning. Short term traders can look for intra-day resistance around the $52.00 area. Should the stock trade higher throughout the session the next intra-day resistance level will be around the $52.65 level. Traders should always take note of strong stocks in a weak market. Should the major stock indexes somehow catch a bid and trade higher it is the strong stocks that will lead the markets higher.
Other cloud computing stocks that are holding up well this morning include Netflix Inc.(NASDAQ:NFLX), VMWare Inc.(NYSE:VMW), F5 Networks Inc.(NASDAQ:FFIV), and Riverbed Technology Inc.(NASDAQ:RVBD). Should the major stock indexes catch a bid higher during the trading session these stocks would be leading candidates to trade higher.