What an interesting week, to say the least, from Elon opening his mouth too wide and Uber/Lyft fighting NYC on new ride share app regulations. Cryptos hit market lows. The SEC is hell bent on thwarting any new ETF applications for cryptos, writes Nell Sloane Wednesday.
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Regarding Tesla (TSLA) and as if they haven’t had enough bad press from Elon, who apparently thinks he is Trump and can say whatever he wants. Musk made some curious comments about the Saudis wanting to take Tesla private.
Now we know the board of directors will have a big issue with him saying such things, we know the SEC will have its say as well, so Elon, please spare us.
Anyway, it was enough to goose the stock, as Elon’s tweets suggested a $420 price tag. Here is a pic of the move and our own narration suggesting a massive triple top!
At the same time, we posted this chart of the S&P 500 futures:
Turkey lira crisis: Fast forward to Wednesday and we have the Turkish lira (TRY) crisis as it has plunged some 43% year to date!
U.S. tariffs will continue as Trump has vowed to add to the tariffs to combat the plunge in the lira.
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Tencent drag: Continuing on, the equities today saw Tencent (TCEHY) the Chinese tech giant, with its first quarterly drop in over a decade.
This dragged all the markets lower with it. Here is a picture of the MSCI (following charts courtesy of Keystone Charts Inc).
The Uber effect on taxi medallions: All in all, last week presented us with a chance to look at a NYC taxi medallion chart, who would have ever thought? Anyway, regulations were signed into law last week by NYC Mayor Bill de Blasio, limiting the amount of ride sharing app licenses, as well as requiring a minimum pay for its drivers of $17.22 an hour.
No doubt they will fight, but hey considering this medallion chart, we do think the taxi brigade has a legitimate beef.
The traders in us think this chart is well oversold!
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We leave you with the cryptocurrency settlement page, which shows the market hitting lows once again for the year.
The SEC is hell bent on thwarting any new ETF applications and thus the road continues to be a bumpy one.
We are long-term bulls on the decentralized technology, but as we have stated many times in the past, technology can take years to advance. And thus, we are just in the beginning stages, so keep that in mind.
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We also want to applaud France this week for voting to ban cell phones for ages 3 to 15 while in school. We like the progressive nature of their thinking as they realize the addictive influence of these devices, as well as the host of other electromagnetic frequency emissions they have, could and certainly may be both psychologically damaging as well as physically.
That’s all folks, Cheers!
Nell
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