What's the #1 insight from this week's T3 Sentiment Survey?
Traders are turning against Tesla (TSLA).
Normally, we begin this weekly report with the SPX, but this Tesla data is so shocking we have to start with that.
Tesla Sentiment COLLAPSES!
Bullish sentiment on Tesla (TSLA) dropped BIG.
Just 35% of surveyed traders believe Tesla will rise in the next 30 days:
That's down from 63% last week.
Why is this happening?
Over the weekend, Tesla CEO Elon Musk floated the idea of selling 20% of his stock.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.— Lorde Edge (@elonmusk) November 6, 2021
Do you support this?
Plus, Tesla stock ripped from $851 to $1250 after earnings and traders likely started thinking "this is too much, too fast."
Look at this chart:
Combine that with the Musk Tweets, and traders really turned on the stock.
As we're writing this early Monday morning, Tesla is down about $50. But stay tuned... this latest twist in the Elon Musk saga is only starting...
Trader Grow More Wary of Stocks
Bullish sentiment on stocks backed off a bit from last week as traders content with a tricky earnings season and ongoing concerns over the supply chain crunch, inflation, and high energy prices.
Bitcoin Bulls Are BACK!
Bitcoin bullishness has been rising since the October 21 Flash Crash on Binance.us.
And we're not surprised at this latest surge - Bitcoin is up over $5,000 from Saturday's low.
Traders Still Like Apple
Traders still like Apple (AAPL), even though the company's earnings report was less than stellar.
However, Apple seems to have more of a supply demand than a demand problem, so the company's prospects appear strong.
Gold Still Gets No love
Now this is kind of hilarious: Ttraders like gold more than Tesla... at least according to this week's survey.
Still, gold remains out of favor overall, and that's no big surprise. Here are the major metals ETFs performance year-to-date:
- GLD: -4.8%
- GDX: +3.2%
- SLV: -9.0%
Meanwhile, the SPY is up 25.3% and QQQ is up 27.0%.
Oil Bulls Back Off
Oil prices slipped over the past weeks, and so the oil bulls are backing off a bit.
However, Saudi Aramco raised the official selling price of its crude oil, so we'll see if prices surge again.
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Within the next few weeks, we'll introduce a historical database so you can do your own analysis!
Thanks for reading!