It’s Still Winter for Tesla Bears

I suppose it would not be a bull market without every last stubborn short taken out in a body bag, as we are seeing in the Tesla move this week. Parabolic moves higher can go on for a while, especially in a stock as heavily-shorted as Tesla, so I am not looking to step in front of that train yet.

Elsewhere, Chipotle is still teasing a breakout over $561, seen on the daily chart below.

Apple remains quite weak while Baidu is firming up, as is CTRP. Twitter is getting interesting to me on the long side as it tightens up here.

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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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Silver bulls are going to want to see the $20.34 are on the ETF, daily chart below, hold strongly here on a closing basis. While it would not be overly-bearish, the more bullish scenario would of course be to see a gap-fill avoided down to $19.70–The inverse head and shoulders bottom breakout level from a few weeks back.

The silver weakness today is the most pronounced of the metals and miners, so I am looking to see if bulls can make a stand here.

Elsewhere, i decided to take a quick loss on my GM short from yesterday with the immediate snapback rally.

P ZNGA are shaping up nicely as longs, while Goldman and the banks continue to lag.

What are you trading this morning?

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Here is a quick morning note for you day-traders, keep an eye on First Solar as a continuation short off the earnings sell-off today.

SolarCity is a long idea.

Both charts can be seen below on their 10-minute timeframes, bear and bull-flagging, respectively.

Know your timeframe–These ideas are only for day-traders. FSLR a short on weakness; SCTY a long on strength.

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In addition to Greece (GREK), Italy has been turning in an impressive performance of late.

The first daily chart shows the EWI country ETF bull-flagging, potentially another breakout over $16.73.

And the second chart is of E, the Italian energy name on the monthly timeframe. As you can see, something has got to give, with the stock being dead money since the 2008 crash.

Which stocks are at the top of your watchlist this morning?

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“I will never forget their faces.”