Cloud Stocks Still Remain In A Rain Shower
The cloud computing stocks have been beaten up throughout the month of August along with all of the major stock indexes. Yesterday, this important group of cloud technology stocks had a good rally as the tech heavy NASDAQ Composite traded higher by 100.00 points from a very oversold condition. At this time, all of the popular cloud computing stocks seem to be trading with the major stock indexes. This is what happens when major stock indexes decline in such a dramatic fashion, leading stocks will simply follow the markets. Today, many of the cloud computing stocks look to be pausing or pulling back a little from yesterday's large point advance. Traders should not expect all that much from the cloud computing stocks until the major stock indexes can settle down and begin to trade higher.
Rackspace Hosting Inc.(NYSE:RAX) is a leading hosting and cloud computing technology company. This stock is trading lower by 0.53 cents to $34.15 a share. This stock will have intra-day support around the $33.70 and $33.00 levels. Traders must remember that this stock will most likely follow the NASDAQ Composite at this time.
F5 Networks Inc.(NASDAQ:FFIV) is a leading computer networking stock. This leading cloud computing stock is trading lower by $1.92 to $72.09 a share. Traders can watch for intra-day support around the $71.40 and $70.65 levels. This stock will also trade along with the NASDAQ 100 stocks.
Other leading cloud computing stocks that are under some mild selling pressure today include Salesforce.com Inc.(NYSE:CRM), and Citrix Systems Inc.(NASDAQ:CTXS). It seems that the entire industry group of cloud computing stocks are trading together at this time.