Signs of Sweet Blood

For the time in several years, Tesla Motors is breaking and, apparently holding, below its 50-period weekly moving average, seen below. Tesla Motors is clearly a marquee, liquid leader in the tape. And this follow-through lower continues to be a concern, despite the strength in biotechs and financials. On a standalone basis, the breakdown in Tesla is a definite change in character for the momentum darling. In addition, the AAPL weakness today adds to the weakness in the Nasdaq Composite Index. Working through the afternoon part of today's session, I have my eyes on a Russell 2000 Index short to pounce on the momentum weakness today.