| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3842 Registered: 05-2011 Rating: N/A |
Today's stock market looks a mile wide and an inch deep, which is to say there isn't much institutional sponsorship. Institutions, though, are probably more than happy to ride the retail bid to higher highs. There could be some payback looming, though, in coming days/weeks since the heady gains off last Monday's lows have been predominately sentiment driven. That leads to overextended positions that are ripe for profit picking when the market runs deeper. Tesla (TSLA 1107.96, +40.96, +3.8%), for example, is up 25% from its low last Tuesday. That's a 25% move in less than three trading sessions for a stock sporting a $1 trillion plus market capitalization. That's pretty astounding for a stock that size, yet the volume off that low has only been slightly higher than average. |