Wow! Today was a BIG day.
Tesla stock (TSLA), as the Big Tech bubble poster child, rocketed up 16% to $1,794 this morning and then reversed to close down 3% to $1,497:
I predicted this morning that such a reversal was imminent — because we’ve seen the exponential curve that TSLA is following before. It’s a classic late state blow-off top. Such meteoric vertical trajectories simply can’t be sustained.
And we know how they end. With sharp reversals that are extremely painful for all of the (often novice) investors who jumped on at the end of the mania.
This is EXACTLY the action we’ve been expecting/hoping to see to mark the end of the unjustified massive run-up in Big Tech.
All of the other FANG stock experienced similar reversals today — though not as extreme as TSLA’s.
Today could very well have marked the top.