Equities holding up despite -11% Tesla decline (8th largest stock) = sign of resilience. Dec Core PCE out on Friday. Tireless Ken sees downside print.

The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

VIDEO: Dec Core PCE comes out Friday am. Tireless ken expects a Dec core PCE below consensus of +0.20.

Please click below to view our Macro Minute (Duration: 4:39).

The video in this report is only accessible to members
The video in this report is only accessible to members

Tesla $TSLA is the 8th largest stock in the S&P 500 and fell -11% on Thursday following the release of earnings. Despite the sell-off, the broader market managed to rise today and even the Nasdaq 100 closed essentially flat.

Tesla was added to Granny Shots on Jan 10, 2019 at $23 and even after the decline of -11% is at $183. The long-term future remains intact for TSLA and the stock is in our "Granny Shots" list. But in the near-term, the technical picture has been weakening. On 1/17, our team identified TSLA as a "sleeper granny" meaning, Newton and team viewed Tesla as one of the weaker core stocks. And according to Newton, he believes time is the key factor for now and looks for late-February as the window to when Tesla begins a sustained bottom. The downside price level he expected was $180-ish and we are basically there now. But when the 8th largest stock in the S&P 500 falls -11% and the overall market posts a gain, we are again reminded of the strength and resilience of this market. And this suppo...

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