Just one final post on Lucid Motors (LCID) before it fades into oblivion. This company, as I’ve mentioned, was targeted to people who wanted to own a Tesla but didn’t want to give Elon Musk a single dime. That was seriously the pitch. You can see how well it has worked out, with a 99% drop in price.
In my post at the start of last week I was looking at the escalating economic shock that is the closure of the Strait of Hormuz, but also noting that the lack of patterns on equity indices from the late March lows were nonetheless looking higher.
US equity indices haven’t gone up a lot since then, with the exception of an impressive performance on QQQ, but I’m still thinking that SPX and QQQ in particular may go higher still and have some trendline targets to put forward in the event that turns out to be the case.
First though I’d like to look quickly at the current status of the Iran War and then take you on a walk down memory lane looking at the weeks before the last really big crisis in equities, which was of course the early weeks of the pandemic in 2020.
(more…)Not to make too much of one day’s stock movement, but I truly believe the failed bullish breakout of Nvidia could be an important – – pardon the phrase – – turning point.
Seagate, a maker of storage devices, has gone up about 800% over the past year. Totally reasonable, right? We’ll see. They report this afternoon. Get an eye on STX:
