Shares of Snowflake Inc are likely headed lower to the $255 support level.

Snowflake's post-IPO lockup expires in three stages.

There isn’t a lot of news driving these markets at this point, just some headlines around stimulus. That lack of newsflow seems to allow some gambling to occur, which is squeezing some of the already overvalued stocks to push higher/

The euphoria has shifted to daytrading names such as recently IPOed cloud-computing newcomer Snowflake, whose shares continued their surge on Tuesday, sending its market valuation above both IBM and AMD.

Snowflake, which I imagine that, oh, 99.5% of the country has never heard of, has a market cap of about $111B now. 1999 called, and it wants its fundamentals back.