NIO And GE Plunge, Plus A Look Tesla

US Markets:

  • S&P 500 down 4 points
  • US 10-year Treasury 2.71%
  • Oil $55.99  -$0.55
  • VIX 15,00
  • Dollar Index 96.91 +0.05

International Markets:

  • Nikkei -129.47 -0.6%
  • Shanghai +1.57%
  • Hong Kong HSI +0.26%
  • Singapore STI -0.35%
  • South Korea Kospi -0.17%
  • Australia ASX +0.75%
  • German DAX +0.12
  • UK FTSE -0.13%

Global Growth Proxies:

Key Events:

ADP Job report 183k vs. Estimates of 185K

International Trading

China

China shares rallied last night on reports of more stimulus from the government. The composite is approaching overbought levels now and another level of resistance at 3,145. The index continues to get to levels that now have me starting to think that a pullback is likely on the way. Although it is likely to only be short-term.

China

South Korea KOSPI

The South Korea Kospi fell again overnight, but there appears to be a healthy level of support forming around 2,165.

Kospi

S&P 500 (SPY)

The S&P 500 is still struggling to regain the 2,800 level, and this will be the region that the index will continue to struggle with.

S&P 500,

NIO

NIO shares are falling 15% in the pre-market after the company reported results that fell short of expectations. No headlines of doom or breaking news alert push messages on this one though. The stock is sinking, and there appears to be a triple top formed with a drop below $8.35 pushing the stock lower to $7.72

Nio

Tesla (TSLA)

Tesla, however, is trading slightly higher this morning. The stock has been whacked in recent days. I think the decline in the shares seems a bit excessive.

But I did a find a piece of evidence to suggest that Tesla is indeed rushing the Model Y by moving the event to March 14 –get this –BY ONE FULL DAY! Yes! 1 Day. Here is a Tweet from the Man himself on May 23, 2018 at 11:52 PM.

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Disclosure: Michael Kramer and the clients of Mott Capital own TESLA

Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the ...

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