all crossed below their 200-day moving average in the past week as rising rates and the reopening trade made high-growth stocks less attractive to investors.
"I absolutely love Amazon, Adobe and Zoom for one very simple reason. That's because all these companies are essentially subscription-based companies with very, very loyal customer followings and an absolutely market-dominant position," Schlossberg told CNBC's "Schlossberg elaborated that Amazon is a "blue chip of a lifetime" with a deep moat in retail, while Adobe is a "fortress-like business" with its software portfolio.
Craig Johnson, chief market technician at Piper Sandler, is not surprised by recent weakness in these names. He said a lot of the high-momentum, high-growth stocks have been consolidating in a sideways pattern since late summer.
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