SP500
Today, another sign of deja vu from a Morgan Stanley analyst doubling the price target for TSLA from $153 to $320. This brings back memory of an analyst upped the price target for QCOM to $1000 near the height of the dotcom boom. Once again, if you are old enough and have experience the dotcom bubble, you know the euphoria it was. It is the similar type of tales being use to justify the price target…transformational! There are many people that lived through the dotcom bubble are in denial and hoping it won’t happen this time. One begged to ask “What will cause it to be different this time?”
TSLA gained almost 14% today from the raised price target and the news of a giga factory to build battery with Panasonic, along with a top car rating from consumer report.
(click on the chart to enlarge)
FB is showing signs of uneasiness from the longs. They are not sure if they should hold for higher prices or should they book the profits. The tales for justifying the $19B acquisition continue to spin.
Do not extend yourself too far. You do not want to be the last one standing when the music stops. Trade defensively and watch the price action.
