27Apr12:19 pmEST

Due for a Joyride

Even as biotechnology issues get hit, by and large, off the CLDN monstrous gap down, momentum money is giving it a valiant go with TSLA, and even AAPL before earnings tonight.

Regarding Tesla, on the daily chart, below, you can see the momentum darling rallying back up to both its declining 200-day moving average (yellow line) and punching up through its upper Bollinger Band, a sign of short-term overbought conditions. 

TSLA was due for some type of snapback rally, after being corrective for many quarters and shaking out longs along the way. At issue now is whether this is a mere reflex rally in an ongoing downtrend or the beginning of a fresh momentum move to new highs. Earnings are scheduled for May 6th, which gives the stock time to come to terms with its 200-day m.a. first, a point of reference I will be watching. 

I will cover other ideas and tops on the midday video for members of the Market Chess Subscription Services in a bit.

Just Because They're Fun Doe... Free and Clear Above

 
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