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Well, after peaking just a few days ago at the highest level in history (see arrow), the /ES futures fell – – GASP – – almost five whole percentage points. It bottomed early on Monday’s session and has been clawing it back ever since.
The world expected and demanded a Santa Claus rally, and it came right through the chimney. The looming question, of course is – – will it take out that lifetime peak?
In another hallmark achievement for the Wall Street Analysts, I present to you symbol ALLK, which represents the company known as Allakos. As can be plainly seen, the highly-paid analysts are providing their clients with price targets ranging from Good to Great. As always, there is not a single “Sell” from any analyst. Not one.
Tesla has bounced mightily since yesterday, adding about $80 in twenty-four hours. This is very impressive, but I’d like to give this move some context. Since its price peak on November 4th, Tesla has been the poster child for “lower highs, lower lows”, and my view is that this is just another counter-trend reaction that will soon sputter out.