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Tesla reports after the close today. I am typing these words about two hours before then, so by the time you read this, you’ll probably already know what result of TSLA. Right up front I’ll say I have no dog in this fight. Whether it goes up or down matters not to me. Indeed, I’d PREFER it go to up, for reasons some of you know. My Dumb Guess ™ though is that it’s going to sink, based on its long series of lower highs.
I had some extra buying power laying around, so I’ve gone long September 20th NFLX $665 puts.
FDX made a new all-time high last week and that has pushed the FDX/UPS ratio back near its all-time high. FDX itself is flirting with a failed breakout above the prior ATH in May 2021.
Labor costs are being blamed for the miss at UPS so not much carry-over to FDX yet.
FDX also fired topping signals on the daily chart though. On the left you can see it isn’t a failsafe indicator. The question is will FDX take off to new highs from here, or is this like the three prior episodes from the past year where these signals came ahead of ~15% pullbacks?
I hate to say it, but one of the few charts I see as plausibly and strongly bullish is simultaneously one of the most evil entities in the world: Blackstone (symbol BX) whose utterly heartless chairman, Larry FINK, may well wind up being Treasury Secretary, just to wrap up the utter regulatory capture by the financial industry.
