Momentum Monday…Summer Trading and Tesla Trolling
Before I get into it…today’s episode of people have too much spare time comes from this knucklehead (I have titled it ‘Goldman Sachs New Client Meeting’):
Onwards to Momentum Monday…
Elon Musk made a critical mistake today by calling Tesla a car Company. The stock fell about 10 percent intraday on the news that they too might be Ford or GM one day.
I am not sure people will EVER appreciate the power and subtle genius of Twitter which is why I have been so passionate over the years about the company, the stock and of course Stocktwits.
Elon Musk is doing exactly what I suspected/speculated CEO’s of public companies would be doing on Twitter back in 2008. The edgy tightrope he is walking re SEC rules is intense as he battles short sellers and promotes Tesla daily.
Today, he was trolled by Steven Armstrong, the CEO of Ford Europe with this beauty:
At the end of today’s show I dive deeper into the Tesla chart and both sides of the fundamental arguments taking place.
Outside of Tesla, there is a lot to unpack in this normally quiet trading week. Ivanhoff and I do our thing today and the video is below. The first few minutes I make sure Ivanhoff explains Bulgarian independence.
We also walk through some pet stocks holding up well, the solar stocks, some biotech ideas and the carnage in Chinese names.
As Ivanhoff sums up…’The market environment has certainly changed in the past couple of weeks. We went from a market, where almost all breakout led to a quick 10–30% move to a market with many failed breakouts. Many Chinese Internet stocks are already down 10–20% from their recent highs and trading near levels of potential support. It will be interesting to see if dip buyers start to step in.’
As a reminder, Marketsmith (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from Marketsmith. They are offering my readers a three week trial for $19.95. Click this link if you would like to try it out.
Originally published at Howard Lindzon.