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3/22/22 Powell Spooks Markets, Tesla, & Bulls

News:

Markets declined a fraction of a percent yesterday. Headlines blamed Fed Chair Powell for saying that “inflation is much too high” and the Fed will take “necessary steps” to address it.

The S&P 500 rose over 7% last week, a decline of less than 1% is hardly anything to get worked up about. As far as I’m concerned the uptrend is intact.

Elon Musk is talking business … through Twitter, he revealed his plan of “scaling [Tesla] to extreme size … to shift humanity away from fossil fuels.”

Speculation is running wild after he mentioned “Master Plan Part 3″ last week. One study suggested he will be the world’s first trillionaire by 2024. You can check out master plan part one, and part two by clicking the links.

Full disclosure, I’m holding shares of TSLA.

Technicals:

Bullish sentiment is lacking according to a survey released last week.

AAII Investor Sentiment Survey

The “unusual levels” tell me that all the bad news is likely priced in.

Historically, periods of levels like this are followed by strong rallies in the weeks and months to come.

The bullish stars continue to align.

Timing:

As we wind out March I’m focused on the future.

April is traditionally the best month for large caps in the S&P 500 and Dow Jones.

There will likely be more opportunities coming our way in the very near future…

Watchlist:

*Low Float
^Open Position

*AVGR is on watch
*NRSN is on watch
^*SGLY has support at $9
IMXI has resistance at $22
EIGR has support at $8.40
^HDSN has support at $6
VYGR is on watch
SPTN has support at $33
TMST has support at $23
APLS has support at $50
LXU has support at $22
GLNG has support at $20
FLR has resistance at $29
CCJ has support at $28

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