Virus? What virus? The entire “Corona” scare from last week is long gone, as we hit lifetime highs on many indexes today, and slapped about 1200 points on the Dow. Central Bankers of the world get all the credit.
Of most interest to me today were two auto stocks. First was Ford, which I was (and still am) short. What’s freaky is how the stock traded today. It looks like a caterpillar on the screen. Just a flat, black line. Freaky! I can’t remember ever seeing a major stock act so………..stuck.
Looking at the daily chart, we’ve got a firm break of support. I’ve tightened up my stop-loss to just above the day’s high.
And, looking at the big picture, I’d say we have plenty of downside left to go.
In sharp contrast to the trading-within-a-range-of-one-penny Ford, we have the most insane thing since late 2017 cryptocurrencies, which is, of course, Tesla. I made this little meme to honor today’s activity:
Look at what price and volume have been doing lately. As crazy a stock as Tesla was prior to this week, the bars from days prior seem positively petite compared to the unshackled mayhem of the past three days.
One can only imagine the shrieks and wails over at /WSB. I got an ungodly amount of crap for daring to say anything not-bullish about TSLA on Monday and Tuesday. Now, of course, the fan-boys have gone utterly silent. So what’s my opinion? I think the stock will find itself under $400 once all the shouting is done. Maybe within months. Maybe even within weeks.