Leap Year!
Good morning.
Most assets that see a rapid rise by going parabolic quickly see a rapid decline. Think gold in 2011, which led to a multi-year bear market. Or think Bitcoin in 2017.
Tesla shares, by rising at a steep angle in the past few months, looked like they were on the cusp of a bigger pull-back. Yet with analyst upgrades coming in and more good news for the company, it seems as though the company will set a record for surviving a parabolic move up without a corresponding move down. Shares are now back over $900. Those who bet on Tesla to hit $1,000 earlier in the year may have been early, not wrong.
