by Chris
I am glad I am not short TSLA today,a nd feel sorry for anyone who is/was.
I went through lots of simialr pain as I shorted the home builders back in 2007. I would track all the data, know which ones were going to suck wind on earnings, and then I’d nervously sit out the most counter-intuitive, illogical short-screwing ramps that would always accompany a crappy earnings report.
That was TSLA today for sure. It poured on an astonishing $9 billion in market cap, for a 16% gain.
I’m going to go out on a limb here and call this TSLA’s ‘last hurrah.’
The earnings were awful and the balance sheet erosion was stunning. I’ve heard nothing positive coming after the huge “5k/wk or bust!” Model 3 fiasco which seemed to be both rigged and costly in terms of burning out the staff.
The cult following for this stock amuses me on some levels, concerns me on the others. I believe there will be lawsuits for fiduciary irresponsibility when various pensions and such get burned on this one.
Because he’s continuing to support this insanity, Jerome Powell now gets to add his name to the wall of ignomy that already has Greenspan, Bernanke and Yellen on it.