Adobe is still a cloud king.

Adobe (ADBE - Get Report)  went to the tape last night with second quarter earnings. Seemingly all good. Solid beats at both the top and bottom. Year over year revenue growth of a whopping 24%. Even better, Adobe guided the third quarter higher for both earnings and revenue. Both recurring revenue and marketing showed nice growth.

Only thing, the shares had been on the run... almost 40% for the year. A visible profit for nearly every shareholder in what looks to be a down tape Friday. I am long these shares, and my net basis is much, much lower. I bet several of you are in the same boat. What to do? Hmm.

It becomes obvious to the casual chart-watcher that once that opening bell rings at 09:30 ET, these shares will in all likelihood no longer be overbought in terms of relative strength. Money flow will change direction. The daily MACD will no longer be an ally. So, what does the chart actually tell those who are willing to listen?

Checkout Action Alerts PLUS holding Salesforce (CRM - Get Report) , it's also a beast.

You can see that since October the name has been a beast. 

One also sees that on three separate occasions since last autumn, the shares have been rescued at a 50% re-tracement of the gain made to the top off of the previous bottom. One also sees that the spot currently stands at $232. The 50 day moving average stands at $235. Somewhere in there is where the panic point lies for me, so at an overnight last sale still trading in the low $250's, I am nowhere near thinking about getting nervous.

Third quarter earnings will be released in September. September $235 puts went out at $5.85 last night. You will certainly see premiums higher than that for that product today. I would be a seller of those puts if anything at all. In the low $250's for the equity. I think seven bucks might get my trigger finger itchy. We'll see.

In the meantime, long live Jim Cramer's cloud kings.