09Nov11:23 amEST

Tesla Snapped Off: Now We Watch Chips

The sharp plunge lower in TSLA this morning ought to be viewed as a shot across the bow of sorts, reminding us that the fun, jubilant gamma squeezes on the way up may make the market appear as a cute little piggy bank dispensing life-changing money at will. But on the downside, those moves become all the more intense and initiates many a speculator to the serious nature of risk taking on Wall Street. 

Still, it is only a warning shot so far, to my eye. And the next step for bears is to take down some of the other steep, multi-year vertical trends such as those found in the semiconductors. NVDA is the ringleader, and AMD had a stellar if not blow-off day yesterday, but today is a good test to see if they can withstand the barrage of volatile and heavy sell volume we are seeing below the surface after the historically hot PPI inflation data this morning. 

Elsewhere, ACB went red-to-green in the pot stocks, with earnings tonight. The CEO will be on CNBC before the report tonight, which seems like a reasonably confident move at first blush. 

It's Pretty, It's So Pretty Who Needs the Wheat Belly An...


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