Tale of the Tape

Good evening friends and welcome back to the grand casino. 

Stocks began the day riding euphoric momentum like a rocking horse winner but then things fell apart. 

The Nasdaq 100 traded up by 2%, making all-time highs, then dropped precipitously to close down 2%. More on this below. 

Here’s the ugly reversal on the S&P 500 ETF…

Big momentum names got shellacked. Tesla, for example, gave up a 16% gain and closed lower. Yowsa. More on this below too.

It is said they don’t ring a bell at the top, but we’ve had one heck of a bull since the March 23rd bottom and so maybe today’s action was that bell for those listening? Place your bets…

Heads up: the big banks begin reporting earnings tomorrow with Larry, Mo, and Curly JP Morgan, Wells, and Citi leading off.

S&P 5003,155-0.94%
Russell 20001,403-1.34%
Dow Jones26,085+0.04%

Reversal for the Ages?

Tesla put in the reversal for the ages. At one point $TSLA was up 16% from Friday’s close, the stock closed down 3%.

Here’s the intraday chart. 

Despite today’s selling, $TSLA is still up 257% YTD. Was today’s selling a warning shot for what’s to come? Place your bets… 

Well, This Is Kinda Ominous…

This from SentimenTrader:

The Nasdaq 100 rallied over 2%, setting an all-time high, then reversed and closed down more than 1%. It was a wild day.

This was only the second time this has ever happened. The first time was on March 7, 2000, the top of the dotcom bubble.

Today was the first time that the Nasdaq 100 rallied over 2%, setting an all-time high, then reversed and closed down more than 2%. Yikes. 

Who’s Gonna Buy Tonal?

Two weeks ago, Lululemon announced the acquisition of MIRROR Interactive Fitness which sells a super cool product in the same space as Peloton. We wrote about it here. 

As home fitness technology continues ramping, there’s another small player that’s making an interesting product with a similar twist.

Tonal bills itself as the world’s most intelligent home gym and the product looks amazing. You get personalized workouts, great design, resistance feedback, instructive videos etc.

So our question is – Who’s going to buy Tonal? You gotta figure they’re in play with Mirror getting taken. Amazon? Apple? Spotify? 

Who knows but you know they’re in play.

Here’s more on Tonal from Insider.

Welcome, Fisker

Its official, Spartan Energy Acquisition Corp will merge with electric car marker, Fisker.

Here’s the press release.

Fisker is scheduled to release its debut EV, the Fisker Ocean in 2022. 

This is the second electric car marker to use a special purpose acquisition corp. (SPAC) in 2020. Remember $NKLA?


PepsiCo reported better than expected earnings this morning and stock closed up 0.37% bucking a bad tape.

Here are the numbers:

EPS: $1.32 vs $1.25 est.
Revenue: $15.95B ▼ 3% YoY

Here’s the press release.

Earnings Tomorrow

Be sure to know when your stocks report earnings. Here’s the full earnings calendar.

Links That Don’t Suck

🍃 Denver, Colorado Releases Cannabis Business Equity Study

🤠 Myles Udland on the future of work.

🐶 How old is a dog in human years? Don’t multiply by seven

📺 Joe Rogan on Addiction & Wasting Your Life

🐺 25 Years After Returning to Yellowstone, Wolves Have Helped Stabilize the Ecosystem 

❗️ New Star Wars animated series coming to Disney+ in 2021

✅ StockX Just Had Its Biggest Months Ever