Long Term Leader CRM Is Buyable | Investor's Business Daily

IBD's Long-Term Leaders continue to power higher as the raging bull market hits new highs.

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Long-Term Leader Portfolio Welcomes Salesforce.com

Led by founder Marc Benioff, Salesforce.com (CRM) remains the dominant player in customer relationship management software. Since going public in 2004, CRM stock is up over 4,700% and appears to be making another run higher.

Saleseforce.com broke out of a first-stage cup with handle on June 18. It powered higher until it ran into resistance on July 9, at 202.82. After a short 10% pullback to its 50-day moving average it has run back into new highs this week.

We consider CRM stock actionable as a full 5% position. However, with today's rotation out of leading tech stocks it makes sense to wait for some upside power before moving in.

Time To Weed The Garden

To make space for Salesforce.com, we are removing Fiserv (FISV) from IBD's Long-Term Leaders Portfolio.

FISV stock's relative strength line has broken its long-term uptrend without the ability to rally.

We are also removing Alphabet (GOOGL) and Edwards Lifesciences (EW) from the Watchlist as their earnings have become unimpressive.

Full Positions

A reminder: Many of IBD's Long-Term Leaders Portfolio stocks are already actionable. Because the market has proved itself, we are using full positions of 5% each. To be on the safe side, we previously used half-size positions for Long-Term Leaders in the aftermath of the coronavirus crash.

When any of IBD's Long-Term Leaders present proper entry points, we will highlight them here and on IBD Live.

Mike Webster is IBD's Head Market Strategist. Follow Mike on Twitter @mwebster1971 for insights and updates on the stock market nearly 24 hours a day. Really.

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