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Today was a big negative macro day and TSLA followed the NASDAQ down in typical multiplied fashion. Adding to the troubles during the day was a tweet from Foxnews's Gasparino about another SEC investigation which is still ongoing and a ConsumerReports verdict that Cadillac's self-driving is best on the road at the moment (they haven't seen V9 yet, though).. The SEC's second investigation wasn't that big a threat, in my opinion, but it led to more trouble in after-hours trading. I was once again encouraged by the upswing going into close, but with this type of a a deep dip, we weren't out of the woods yet.
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The NASDAQ led TSLA and other tech stocks down today NASDAQ was off 1.81%
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Percent of selling by TSLA shorts jumped up to 59.6% today
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With the stock still falling, it's important to keep an eye on the lower bollinger band, which stands at 267.18. Let's hope we don't spend more than a day below that level if the downtrend continues.
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The reason the downtrend has more punch left in it is the usual reason why TSLA takes a big dip these days, which is an Elon tweet. Not only is it a really bad idea to taunt the SEC (no matter what you think of them), but Elon's tweet demonstrates that Tesla's board has yet to put in place a mechanism for vetting Elon tweets that have to do with Tesla. Keep the seatbelt snug for tomorrow. We know Q3 ER is going to be good. Looking forward to bottoming out so that we can position for that event and then get back to building great cars and talking about them.
Conditions:
* Dow down 201 (0.75%)
* NASDAQ down 146 (1.81%)
* TSLA 281.83, down 12.97 (4.40%)
* TSLA volume 9.2M shares
* Oil 74.75, up 0.42 (0.57%)