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From Zoom to Bust

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

I was puzzled to see that Zoom Communications (ZM) went rocketing higher after hours. I don’t have a position, but intuitively I’d figure that Zoom, like Peloton, would be just withering away. The world make sense shortly thereafter when ZM reversed and plunged during the same after-hours session.

My overarching theory (besides the fact that everything with a ticker symbol is going to get obliterated) is that, to use my term, the Accidental Beneficiaries of Covid (ABC) stocks are going to get especially wiped out. I mean, who the hell wants to hang out on Zoom calls? The answer: nobody.

Peloton seems to be ahead of the game, as they have lost 70% of their value, and I’m sure there’s more to come.

In the end, the dorks who bought into this nonsense will be of the same disposition.

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