With a 34% drop this week tp 105, NOW has gone from +50% to just-2% to +5% in my IRAs and -2% in our taxable account. Up until this week, I had conviction that every dip would be followed by a recovery, which happened in April, June and July 2026 when it dipped in the 80s and 90s. However, this time my conviction has dissipated.
I was fortunate to have sold about 40% (10 shares) in the 140s and 150s last week. I was hoping for a bounce with earnings last week, but instead I got a big decline due to disappointing guidance. AI also took a big hit last week. In the past, AI stocks was SAAS software stocks were decoupled and moved in opposite directions. No longer are they decoupled it appears.
I'm going to wait until next week to evaluate the situation. I still believe that AI is overhyped and the SAAS software stocks will end up being a profitable trade, which has been true for 60% of them. Right now, I won't sell at a loss even if it keeps going down. I would prefer to hodl until NOW reaches he $150ish again, but that may be just hopium, given the midterms uncertainty, Iran tanker and infrastructure attacks, and possible cease fire talks.
We shall see if NOW recovers to 150ish again.
This is not financial advice. Please consult a professional advisor.
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