PRE MARKET
Futures be down. Weak Europe doing the trick.
TESLA down $38 as the SEC looks to bar Musk from serving on board or any capacity with a public company FOR LIFE. This is a WOW moment because we have seen worse where the SEC was not looking to ban for life…but we think that this violation in PLAIN SIGHT moved them to be tough. Also, the SEC moved quickly…normally it would take longer…telling us they believe this is open and shut. We told you on day one this was fraud and that if it wasn’t Elon Musk, any board would have removed him but Elon Musk IS TESLA…so a lot tougher.
Continues to be a very narrow market. We are amazed just off highs, more new lows than new highs. Also, seeing divergences in advance/declines.
We need to add the continued relative weakness in the SEMIS and now FINANCIALS. TO BE WATCHED CLOSELY.