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Looks like my long-predicted gap closure for Tesla (TSLA) came true with pennies to spare. This may well be the peak for the balance of 2024. Don’t get me wrong, the company could have a fantastic future, and I stand by my multi-year postulate that ultimately it might be the most valuable company on the planet. For now, however, I’d say the thrill is gone.
On Monday, well in advance of this week’s absolutely insanity, I suggested going short Brazil by way of EWZ. I’m pleased to say, in spite of all the lifetime highs everywhere we look, this worked out great.
Sigh. Same old, same old. I’m overly confident and strident when the market has been falling for an extremely lengthy period of time (such as two and, sometimes, three days) and my spirit is demolished when the market is at insanely overpriced levels, which makes me too scared to short.
What I wouldn’t give for a good old-fashioned two-year bear market, like in the old days. This two-day shit is for the birds.
Anyway, we’re red across the board this morning, with my energy plays doing nicely thanks to oil petering out.
Good morning, everyone. That’s not something I would have typed yesterday, and given my experience twenty-hours ago, I was bracing myself for God-knows-what this morning. For the moment, at least, everything is down (ever, ever, so slightly) as we’ve been during a very slow burn all night long leading up to this massive OpEx day.
