Premarket: COVID-19 vs. SaaS stocks

Interesting pre-market action today. A few minutes before the market opens:

AYX:  +5.69%
CRWD: +3.77%
DDOG: +4.93%
ESTC: +5.49%
FSLY: +4.88%
MDB:  +4.18%
NET:  +3.20%
OKTA: +4.53%
ROKU: +3.25%
SQ:  +7.75%
TTD:  +5.99%
TWLO: +0.00%
TDOC: -3.27%
WORK: -1.94%
ZM:  -11.85%

Dow:  +3.96%
S&P 500:  +3.94%
Nasdaq: +0.44%

I suspect this is on news that COVID-19 cases seem to be getting better in Italy, and social distancing in the US seems to be working. The COVID-19 stocks (TDOC, WORK, ZM) are all down, especially ZM.

Personally, I still think that there’s a lot of bad news ahead – this disease will end up being endemic.

I will be adding HEAVILY to ZM (already my largest position), and a little bit to TDOC.