|Day Low/High||7.08 / 7.79|
|52 Wk Low/High||0.89 / 13.60|
Say watt? You want to chase EV stocks? How about shorting them? Let's see which is the crazier move.
A good way to think about entering that market here is with a poker analogy.
The good news is that there's some dip buying support and several 'hot pockets' of strong speculative action.
This is very bullish price action and it's overwhelming the negative Covid narrative.
Tesla bulls should actually be happy despite the stock not moving.
There remain pockets of momentum amid a resurgence in coronavirus cases nationwide that could slow the economic recovery.
The biggest positive I see is a continuation of speculative trading action.
The company designs and manufactures purpose-built, automotive-grade, all-electric vehicles, targeting the low-speed electric vehicle market.
This is some of the best speculative trading that I've seen since the internet bubble days back in 2000.
Instead of searching for a market top, look for opportunities and then manage them tightly as this continues to be a market for stock pickers.
Concerns about upcoming earnings reports are understandable but they are not an issue right now.
Electric vehicle sector sees lots of action, while jobs news provides a boost to the indexes, despite surge in Covid-19 cases.
Musk should be more worried about survival than the stock price or sticking it to the shorts.
This has the same dynamic as the Greece situation a few years ago.
Stay focused on what is happening right now and don't be in a rush to anticipate disaster.
I'm looking at some low priced 'bottom fish' plays today rather than the momentum trades that worked well yesterday.