The stock market is fighting a battle at the S&P 500 3,100 level, with investors trying to get a grip on how swift the economic recovery will actually be. It will be years before unemployment decreases to pre-pandemic levels, which means that consumer spending will be hampered for some time. I am waiting to see the S&P 500 breakthrough the 2,935 Fibonacci bound level, and I will be a broad base equity buyer if we can retrace to 2,800.
Tesla (TSLA - Free Report) has had a tremendous run this year, more than doubling its stock price as other US automakers suffer. I love Tesla as a company and believe that they could take over the automotive world, but the risk/reward at its $1,000 per share price tag is just too high for me.
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