03Apr10:46 amEST

Underwater Autos

With the exception of Tesla Motors, the auto industry is up against it this morning. 

Ford and GM are gapping down hard, as well as a several plays that a few of our Member have been betting would slide for a while now: AAP AZO ORLY secondary auto parts players. 

Ford has been a consistent short watchlist idea of late. But now we are viewing F GM a well as the AAP AZO ORLY trio as being actionable shorts into any pauses, too. 

With former CEO Alan Mulally long gone, Ford Motor Company looks to be the most vulnerable auto player, long-term. On the weekly chart, below, one we have looked at before, there is still an ominous look and feel to the chart for a potentially massive descending triangle (light blue lines) breakdown. 

As for the TSLA strength, the stock has been doing everything it needed to, technically, from a bullish perspective. The main bear case now would be for a major trap here to lock in longs. But that may be wishful thinking at this point, given that Tesla has been consolidating for three years and withstood the scrutiny of the market during that time to avoid a major, long-term breakdown. 

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