Here’s my take on Tesla ($TSLA) and a few other stocks to watch…from a distance – January 5, 2022
TSLA DELL TECK QQQ FFTY ARKK
I want to go through Tesla ( NASDAQ: TSLA ) today. With Tesla ( NASDAQ: TSLA ), this is kind of doing what stocks like this do. It is printing what I would call a high handle. First of all, it’s got this kind of cup here, a couple of volatility squeezes, and a pop above 800.00, I think a real pop was above 900.00, you just can’t really see it here, and to complete the cup part of the pattern. And then want happens is, the stock runs up here, a new high, and then starts retracing a lot of that breakout.
The thing that is most important is, where does the stock find support? If it keeps falling down here then that is a failed pattern, you don’t want to do anything with that. If it rebounds off of a logical level, and here I think it has, then that is really the opportunity for you to be buying this stock. As you can see here, 900.00, the initial breakout was at 800.00, really right here. But then the stock really had a big jump, I believe this was on earnings above 900.00, so I will say that is where support was. It ultimately came back to retest this and that test, so far, has held.
But if you are jumping the gun here on this, that could be a problem. I wouldn’t buy it right here. I am not bearish on Tesla ( NASDAQ: TSLA ), I am just bullish on a sideways consolidation for a while. Look, this video is pretty short, Tesla ( NASDAQ: TSLA ) is not a buy right here. It is a stock that you are definitely going to want to own. If you don’t already you are definitely going to want to own this stock, but it is not something to own right now. You don’t want to be buying this right now. Just let this stock settle out, go look for something else to buy.
I was looking at Dell ( NYSE: DELL ) today, I didn’t buy any but this is looking kind of perky for me. I was looking at Teck Resources ( NYSE: TECK ), also looking perky and this is something that I actually did buy. This is just kind of the way I am seeing it. I want to be more involved in industrials and metals and less involved in tech, tech is not working right now ( NASDAQ: QQQ ).
FFTY ( NYSEARCA: FFTY ), definitely not working. How about the sage of stocks, the Maven of markets, Cathie Wood ( NYSEARCA: ARKK )? Well, her stuff is getting to be more and more deep value. She likes this setup, I’m sure she does. And so the lower it goes the more you are going to see here pump until finally, she will fade from view, probably right around $50.00 or so. You will CNBC not really wanting her on too much. But in the meantime, hope springs eternal and so does the BS.
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