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There’s nothing easier in the world than offering up short-sale ideas when the market is in a free-fall. Of course, that’s also the most hazardous time. Conversely, there’s nothing harder than daring to offer up such ideas when the market is in up-every-single-day mode, as it is now, but I’m going to do it anyway. Before I do, let’s take a quick look at the /ES futures since April 21st, which was only three weeks but about 800 points ago!
I can’t think of any stock which has such a close relationship with Fibonacci levels as Tesla (TSLA), which has been in such a state for literally years. Friday’s peak did a perfect tag of the top Fib, which suggests to me major resistance has been reached.
So far, a perfect bounce off the Fibonacci of the /ES……….
I have a meeting in the city of Saint Francis, so I’ll make this quick (and this is before the conference calls, please note). Apple and Amazon have, for the moment, disappointed the bulls by delivering results with absolutely no resemblance to META/MSFT yesterday:
