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Michael Clark
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Michael J. Clark was born and raised in Sinclair, Wyoming. He is a poet, novelist, artist, historian, and market analyst. His fine arts portfolio can be found at the following address: http://www.hoalantrangallery.com/MJC2.htm His writing portfolio can be found at:... More
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TURN OUT THE LIGHTS
  • TSLA: Update On Short Position 2 comments
    Jun 3, 2012 3:38 AM

    TESLA SHORT POSITION UPDATE

    Tesla had a tough week. What stock didn't?

    The short-term trend of TSLA (see Pane #3 below, blue line) broke down again, below the previous high. This is bearish. Lower lows and lower highs are bearish.

    New short-term support was put in at 31.93. The key now for TSLA is to see if support can hold at 26.83. If not, the stock might fall all the way to the next support level at 22.64.

    TSLA failed the last test, which would have been a reversal buy signal. It had to break through resistance at 34.68. Failure to do this is bearish.

    (click to enlarge)

    MICHAEL J CLARK

    CGTS - Hanoi, Vietnam

    Disclosure: I am short TSLA.

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Comments (2)
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  • Surf Dog
    , contributor
    Comments (825) | Send Message
     
    The current performance seems more of a break for shorts to cover than a reflection of Tesla's own merits.

     

    Look at Apple’s past month or two. Does that mean Apple is blowing it?

     

    I look at the performance relative to the environment. How does Tesla do when compared as a ratio to competitors, and the market as a whole?

     

    The market is significantly Bearish. How do you justify singling out Tesla without specific indicators?

     

    Wyoming to Hanoi?? That’s an interesting choice. Why Hanoi? What are your impressions, now that you are there?
    4 Jun 2012, 01:14 PM Reply Like
  • Michael Clark
    , contributor
    Comments (9506) | Send Message
     
    Author’s reply » My indicators are technical. And I do include specific technical indicators. I'm not saying TSLA is a terrible stock/company. I'm saying my technical indicators gave a 'shortsell' signal. Now I'm updating the signal. I'm showing TSLA followers how my system works. (I don't really think I NEED to justify anything; but I'm willing to explain it.)

     

    I'll short Apple also in a trade, given the right signals. (I don't think TSLA and Apple are in the same league however.)

     

    Actually, Wyoming to Oregon (30 years) to Vietnam. Vietnam is a mixed bag, like America is. Some things I don't like (face-saving, heat/humidity, lack of good bookstores) and some things I do like: people are much warmer, the society is much closer, and there is much less dog-eat-dog attitude. Asians are gentler; I like that.

     

    My wife was born in Vietnam -- I met her in Oregon. We've been together since 1989. That's one of the main reasons we're here. We spend a lot of time in Thailand, and I love Bangkok without reservations. We may move there.

     

    My plan is to move Eastward with the depression: Oregon, Vietnam, Thailand (?), Jerusalem, Italy, France, England -- and hit New York City in 2019. We'll see if we really stock to that plan.
    5 Jun 2012, 02:40 AM Reply Like
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