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Yep, we’re going to talk about Tesla again. Why? Two reasons. One, I’ve found that financial instruments are like people – – you get along well with some, and not-so-well with others. My experiences has shown me I get along with Tesla. I tend to understand it. The second reason is that I believe Tesla’s behavior is enormously influential to the psyche of the entire stock market. Now that we’re past the TSLA earnings report, we can consider this effect, which at the moment is very positive.
I’ve been watching TSLA after hours and listened to the entire earnings call. The stock is responding well to everything being said.
Last Wednesday, January 18th, was like a cool drink in a horrid desert. Today, a week later, may be exactly the same. This so-called “market” has been raging higher since January 6th with almost no down-tick in sight. Mornings like this are a welcome relief, particularly since the explosive rally driven by Microsoft (see red box) was smeared off the face of the Earth, Epstein-style.
After almost perfecting hitting my $100 price target on TSLA, it has exploded 40% higher in a matter of just a couple of weeks. As I’ve stated before, my target for this bounce is about $158, and we’re getting closer by the day. Remember that earnings are just two days from now.
Just as TSLA hitting $100 was an important bottom for the market, I likewise think TSLA getting anywhere close to $160 will be an important top. The easiest outcome would be if, post-earnings, they goosed it to the target.
Does it feel like the market is stuck? Like it’s in even more than a tug-of-war than usual? I think so. And I think I know why. Take a look at this /ES chart going back for years. Take particular note of those Fibonacci Retracement levels.
