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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: apatel1 who wrote (56348)	8/2/2024 11:12:43 AM
From: Trader J	1 Recommendation Recommended By apatel1 Respond to of 56532

SNOW: Welcome to the thread and thanks for the question. As it stands, SNOW continues to be one of my bigger mistakes, not because of the position of the company but because of their valuation. At this juncture, I'm NOT adding to the position though I'd like to. They remain a top data play, but the issue is that the last year has not been good to them. I still have full belief that they will win in the end, but traders continue to rotate out of them due to lack of performance. I get it and have trimmed as well. If I was building a position, I'd be looking at adding another leg to it here but I would much prefer to only add another leg if I still had 2-3 more legs to add. We don't know where we are in this revaluation crisis and SNOW could consolidate further. I've been wrong about the price foundation/base and the only catalysts, outside of things we can't predict, for moving the stock higher is quarterly performance. So, if I'm building a position, I would hazard another leg here. If it was my first position, I would purchase here. But I wouldn't want this to be my last leg nor am I compelled to change my weight because of today's price. Hope that answer the question. J