Well, folks, it isn’t exactly an electric morning. The only news of note, and it’s fairly middling at that, is the unemployment claims, which came in somewhat higher than expected.
This slightly-bad-news became slightly-good-news for equity bulls, as the already-green markets became greener. In fact, morning action has simply undone the dip we saw yesterday. Typical.
The only red on the screen at all is crude oil, which is taking a modest tumble over the past couple of hours.
I continue to watch Tesla closely, which spike strongly overnight and almost made it to $210. The red horizontal line represents the Fibonacci Retracement from its lifetime pattern (all the way back to its 2010 IPO) and we’ve almost nailed it perfectly. I’ll say it the 500th time: once TSLA falls, everything falls.
