Revenge Weather in Shortville...
It may very well prove to be the pause that refreshes, but this Tesla move lower today is likely keeping newcomer momentum longs honest, at a minimum.
The recent breakout for TSLA has been met with plenty of attention from the media and traders alike, which means some shaking and baking is to be expected before we find out if the upside move truly has legs into the summer months and perhaps beyond.
Given the overall lethargic market action today, a holiday week at that, with small caps leading back down and chips selling off on heavy volume, again, TSLA could easily take this opportunity to reset. The big test for dip-buyers will be down around $280, if we get there.
For now, Treasuries, gold, and the suddenly-resilient VIX are pointing towards some near-term risk aversion across equity markets heading into both the long holiday weekend and the lion's den of earnings season.
More in my recap after the bell.