Was Elon Abducted?

Tale of the Tape

Happy Friday everybody. The market got a little loose today. The S&P 500 fell 2.81%, its worst session since April 21. Small-caps screwed the pooch as per usual. 

Every sector fell, while defensive Consumer Staples was the best of the bunch only dropping 1.1%. Energy, right on queue, gave up 6%.

Amazon tumbled 7.6% following last night’s earnings and Jeff Bezos got called in to testify before congress. Not one of Jeff’s best days.

Here’s the Amazon weekly chart with a fresh bearish engulfing candle

The story of the day, though, was Mr. Elon Musk blowing up his  Twitter. More on this below.

Here’s the major indices and closing prices for the week:

S&P 5002,830-2.81%
Nasdaq8,604-3.20%
Russell 20001,260-3.83%
Dow Jones23,723-2.55%

Was Elon Abducted?

Heres Elon Musk’s Twitter Stream from today:

Was Elon abducted? 

Elon said the stock is too high, maybe he was too high. Maybe he dropped the brown acid. Maybe he’s just freaking because he’s about to be a dad. No idea but our boy blew a fuse.

Surprising no one, the stock immediately dropped 10% as the rant continued. 

Here’s the 5-minute chart.

There has yet to be a report on whether or not Musk’s tweets violated any terms. Decide for yourself. Here’s Elon’s previous settlement agreement after the 420 funding secured hilarity back in 2018.  

All this said, and partly because of it,  you gotta love that guy.

Stocktwits Social Sentiment Index

Here’s the updated Stocktwits Social Sentiment Index.

Sentiment is still under 50% bullish but we are seeing a clear divergence between price and sentiment. 

Sentiment is higher now than it was in early March despite the S&P 500 being 9.5% lower. 

So people are less bearish at lower prices. 

Seems like a big deal. Place your bets…

The Final Frontier

Shares of Virgin Galactic jumped a quick 10% after the company announced that the SpaceShipTwo Unity completed its first flight from Spaceport America.

$SPCE closed up 1.70% today.

Here’s a video Virgin shared of the flight.

How Low Can It Go?

This chart from Charlie Bilello shows the 30-Year Fixed Mortgage Rate falling to new all-time lows. Yikes, at this rate banks will have to pay us to take a mortgage.

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