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There are still plenty of stocks that are holding well and building new bases in various sectors and market caps. In the meantime, the 30% drop last week in a momentum flagship like Fastly is likely to act as a wake-up call for many. This might lead to profit-taking in other momentum high flyers which have been on a hot run most recently – PTON, TTD, Z, etc. No one wants to get caught in a big post-earnings drop. Add to the mix the constant gyrations due to new stimulus package stimulations, the typical pre-election volatility, the rise in COVID cases, and you have a range-bounce market that might not be very easy to trade.
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