I think the car industry had a serious case of “wanna-be’s” in recent years. Specifically, they looked on with envy as Tesla (TSLA) exploded literally thousands of percent higher. Well………..until lately. It has lost about 35% of its market cap, and there’s precious little holding it up from here.
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In turn, a company as regrettable as Ford (F) (maker of, let’s say, the 1974 Pinto) had a brief moment in the sun as a hot meme stock, since it jumped on the electric car bandwagon. Well, easy come, easy go.
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As for General Motors GM – – equally regrettable – – let’s just say that if this support level fails, it’s show-time.
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So, Elon, how are you going to create a 50%+ rise in the stock to get it back to where it was just last month?
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