So far this earnings season has confirmed what the market has long suspected and priced – Big Tech, e-commerce, network infrastructure, social media, and 5G stocks are thriving in the new COVID world. Now, the big question is, how many of those stellar earnings gaps in stocks that have already run 50% in the past few months are “sell the news” events and how many will just keep going higher? My suspicion is that we will get a little bit of both. Some of the gaps in popular stocks will be initially faded (see SHOP and AMZN after their best earnings ever) but the pullbacks in those same names to their 20 and 50-day moving averages will continue to get bought. Some of the old leaders will continue to lead (FB, AAPL). There will be quite a few new leaders emerging out of this earnings season.
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