Virgin Galactic’s Branson flew to space, but the stock of Virgin Galactic (SPCE) dropped. Why?
TESLA stock: "into the stratosphere" mode
You think it’s a rocket launch? No, it’s Tesla stock price entering “into the stratosphere” mode. $1000 per share is an inch away. At least, it was just a moment ago, and no one really knows if today or tomorrow it will get back to cross it.
Why so vertical
If we want to find reasons, there may be a mixture of several. A successful financial closure of 2019 (although with an overall 2019 annual loss), high number of Cybertruck orders (although it failed right on stage during the demonstration), Model 3 eventually getting off the assembly plant in Shanghai (although the future prognosis for the customer demand is not really bright, not to say quite gloomy), and probably a rush to buy back Tesla shares by those who believed it would fail. Although… Well, there are many “althoughs” to Tesla’s success, but the market doesn’t want to hear it right now. Therefore, use the moment to make a profit, while it is so hyped for this stock.
Wait. And Elon Musk?
You can imagine his fortunes now. Or more likely you cannot. Don’t envy Tesla, trade it.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
PMI reports from the EU, the UK, and the USA will be released during the day!