The ASX retreated despite a 400+point overnight gain in the Dow, with skittishness present amongst tech small caps. Notably Pushpay (PPH) fell 5.3% despite announcement on revenue growth [ but still well in the red] , DUB down 9%, SHO down 7.7% and K2F 10.4%.
As previously mentioned, I had expected sp retracement across ********* especially in the overextended tech plays that have yet to demonstrate material earnings, and noticeably they wont all fall at the same time. Announcements matter less in influencing sp gains , exemplified by PPH today.
Flight to quality is starting to happen as investors will be more discerning in what they buy and possibly what they will hold as they acknowledge that some stocks were no more than speculation and that the speculative fever has wane and unlikely to return anytime soon with fractured sentiments.
I won't be surprise then to see that the ASX could go on to improve slightly from here but these ********* continue to languish behind awaiting validation (of their business model, and revenues). Quarterly reports are starting to trickle in and soon we should know if they can gain any market traction.
