Tesla Gets a Scrape, But Momo Should be Fine

camel3 300x300 Tesla Gets a Scrape, But Momo Should be Fine

“The stock price that we have is more than we have any right to deserve”- Elon Musk last week

Tesla ($TSLA) screwed the pooch and is currently down about $17 or 10%., but its moving around fast right now.  I wasn’t long or short but when the CEO says it’s overvalued, you should listen. The stock will go lower from here. My P&L went red after the report because I own some other momo names and in sympathy they have decided to move  lower as well. Not worried as I am in stocks that have already reported earnings. You will get more of the Elon Musk show tomorrow as $SCTY reports after the close.

I say slap a 12 cylinder diesel in them anyway. Sell a gazillion.

Two stocks that look like the want to rejoin the ranks of their momo buddies are $YELP and $NFLX. There was substantial battle damage to the latter, but the story still rocks and will only get better.

Some biotech looks interesting again after the sell off. The $IBB is holding its 50 day moving average. I bought some $BIIB today and some $BIB.

Zillow  ($Z) had a decent report after the close and is higher in the after market. I like it here. I  just don’t know id the number was good enough to really scare the shorts.

Fossil ($FOSL) reported a nice number and is up a five spot in the after hours.

Two shippers that may be getting ready ate $BALT and $NM. See the charts below.

$BALT

balt 300x199 Tesla Gets a Scrape, But Momo Should be Fine

$NM

nm 300x198 Tesla Gets a Scrape, But Momo Should be Fine

Twitter ($TWTR) gets priced tomorrow after the close of the market. Should be a hoot.

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Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.