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Earlier today, I suggested that Tesla was about to reverse lower. I totally nailed this prediction, except for the direction. Instead, the TSLA short squeeze continues apace, making me wonder if Atilla still has his entire portfolio short the stock. I actually think it’s pretty nice that this thing is defying gravity, since a certain someone I know is profiting handsomely from this nutty rise, now in its 9th consecutive day.
See the dashed purple line? Break it, and the entire tone of the market will change. Everyone knows the market is insanely overvalued. They’re just accustomed to it becoming even more overvalued, so it’s a multi-trillion dollar game of musical chairs. My bet is that the music is about to stop.
Tesla has had an amazing run, but I think there’s not much but misty vapor between here and $213, which is a good $35 away. There is a confluence of resistance levels that were banged out on Friday.
Here’s my umpteenth short to wrap up the weekend: Harley Davidson (symbol HOG):
