MarketSurge powers the charts in this video.
The future is already here and is already reflected in stock prices. TSLA crushed estimates and mentioned that their goal is to make two million units a year of their driverless taxis. Gapped up and never looked back. Now, it is hovering near its 52-week highs. In the meantime, Google’s self-driving company Waymo is already working in multiple cities and the reviews by people who used it are overwhelmingly positive. GOOGL is also setting up for a potential breakout ahead of its earnings report next week.
Other notable earnings breakouts from last week include PM, RSM, LRN, VKTX, and CLS. If the general market doesn’t sell off harshly, the dips in these stocks are likely to create great buying opportunities in the next two months or so.
In the meantime, the volatility in the market is picking up. Rates are perking up. Stanley Druckenmiller said a few weeks ago that one of his biggest positions is short US Treasuries as he believes that deficits and inflation are going to increase under both candidates. If he is right, it’ll be hard for the stock market to sustain its uptrend with rates rising. QQQ just had a false breakdown followed by a false breakout two days apart. This shouldn’t be a big surprise considering the US Presidential elections are ten days away. We have to remain nimble in the next two weeks as volatility and choppiness are here to stay.
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