New Lows, More “Oh No’s”

The charts of two retail favorites were making the rounds today, so let’s talk about’em.

The first is Coinbase, whose shares hit new all-time lows of $40.61 before the close of trade today. While CEO Brian Armstrong assured investors the company does not have “any material exposure to FTX,” crypto contagion fears continue to pummel Coinbase and other crypto-related stocks. Besides the contagion fears, overall trading volumes remain dismal during crypto winter. As a result, investors fear the company’s coming financial performance will be worse-than-expected.

Secondly, Tesla has fallen over 25% since Elon Musk took over Twitter. Today there was news that Tesla has to recall 321,000 cars – marking its nineteenth recall this year. However, the bigger fear among investors appears to be the distraction that Twitter is causing CEO Elon Musk. The billionaire has a lot on his plate, and all of his companies require significant effort and attention. So fears are that his overcommitment will result in dropping the ball at Tesla.

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Tesla’s Battery Close To Dead

If something hurts more than a goat’s backside after grazing in a ghost pepper patch, $TSLA‘s monthly chart is probably it. 🔥 🌶️

The two worst months in Tesla’s history are December 2010 (-24.62%) and May 2019 (-22.43%). Unless something dramatic happens, December 2022 will handily beat both of those months. 

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Another Close Call

Amid the market’s recent volatility, the talk of the trading community has been the 200-day moving average. 🗫

We’ve discussed this technical indicator somewhat regularly, but here’s a refresher. Technical analysts use moving averages to smooth out a price’s trend over the timeframe they’re analyzing. And to simplify things, when prices are above the indicator, it’s often viewed as a bullish sign. Conversely, when prices are below the indicator, it’s often regarded as a bearish sign.

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Checking In On Bank Stocks

It’s been a wild week for bank stocks, so let’s take stock of where they all stand after today. Though before we get into some charts, let’s recap today’s news stories related to the sector.

First up, SVB Financial Group, the parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy protection. The company says this process will allow it to evaluate strategic alternatives for its unaffected businesses and assets, including SVB Capital and SVB Securities, which remain operational. Also, note that Silicon Valley Bank was not included because it was taken over by the Federal Deposit Insurance Corporation (FDIC) last week. ⚖️

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