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Momentum Monday – Warren Buffett and Elon Musk Go Meh!
Howard Lindzon
May 04, 2020
Happy Monday everyone.
As a reminder, Marketsmith (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from Marketsmith. They are offering my readers a three week trial for $19.95. Click this link if you would like to try it out.
In this week’s Momentum Monday, Ivanhoff and I do not find much we like with the price action. Here is this week’s video.
The technical term for the week that was …we had a lot of ‘tails’ and ‘shooting stars’.
The Stocktwits ‘Daily Rip‘ explained the action and the terms.
I think the three big stories of last week were:
1. Amazon reversing from all-time highs after reporting earnings that Jeff Bezos said would not be his motivation for the rest of the year. Jeff asked shareholders to sit down and be patient. That was not good for the stock, but I think it is worse for all the other CEO’s reporting that do not have the same luxury.
2. Elon Musk ‘tweeted’ that his own stock Tesla was ‘overvalued’. The stock promptly dropped 10 percent. Hard to understand what Elon is thinking. Like Fat Nixon, he seems to get his kicks tweeting and seeing stocks dance.
3. Warren Buffett saying he was not spending any of his cash on stocks.
Hundreds of companies are reporting earnings or lack thereof this week so I will mostly watch.
The $VIX is back over 40 and the markets should be volatile.
I am in Coronado for a bit at our home escaping the early summer Phoenix heat. I am excited to go for a run on the beach and some bike rides down the coast.
Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. For full disclosures, click here.
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