After this morning’s jobs number, the issue widely-discussed again is whether bad news is good news for the ‘QE market,” or instead if bad is bad and good is good, or a various combinations of all of them.
If anything, it seems as though trying to sort through that thinking is akin to Abbott & Costello’s “Who’s On First” skit.
What we do know is that the market chopping around today after a trend day lower yesterday, without seeing much of a convincing bounce yet. I am not expecting much from this summer Friday, and am still giving the nod towards the S&P and Dow following the Russell lower in August.
A good test for bulls will be to see if TSLA can hold this earnings pop for a potential breakout from the triangle we looked at yesterday.
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I initiated a Tesla short this morning @ $226.28. Should have waiting longer. Their earnings didn’t blow the cover off the ball and they revised down 3rd Q, so let’s see.