With WTIC Oil prices pushing into the $48s, the US equity market keeps on pushing upward, with a new cycle high of sp'2116.. a mere 18pts (0.9%) from the May high. Metals remain under pressure - as support has been decisively broken, Gold -$16, with Silver -1.0%.
Without question.. this is beyond crazy... but then.. the Oct' monthly close was a major warning to those still holding to a broadly bearish outlook.
With further new highs.. first soft target is now the 200dma.. in the 2060s. At best.. the 2020s by Nov' opex.
Anyone still think 'sustained action <2K'? Are we really going to see some tout sp'1900s... or even lower on some web forums/pages this evening?
Earnings due at the close from TSLA
Very hard to guess how this one will trade post earnings. Cyclically, it is pushing upward.. but it remains a loss making industrial... and there is ZERO sign of that changing any time soon.
Indeed, it'll likely need an injection of new capital just to keep afloat... whether via new share issue and/or corp' debt.
One to arguably best leave alone... and merely watch for 'entertainment purposes'.
back at the close.