Archive Category: Max Profit Alert Archive

Happy early Thanksgiving! Remember, the markets will be closed this Thursday. So put the trading account down … and spend some time with your family! The Money & Markets team and I will be doing the same. But before we get into that… I want to personally thank you.

Based on the price action exhibited by shares of Tesla Inc. (Nasdaq: TSLA), the “bear case” I laid out in early July is still valid. Let me show you… On July 26, I shared the TSLA chart below, highlighting the potential “head and shoulders” pattern it seemed to be forming at the time.

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I shared historical statistics describing “the typical bear market” at the end of June. Ironically or not, the market climbed higher from the end of June into mid-August. It gained around 18% … enough to pull a lot of bullish investors out of the woodwork. Even in August, I maintained that we should plan for a “longer and lower” bear market. I made my case in a publicly available YouTube video when I debated the market’s next direction with my friends over at True Options Masters.

In my alert, I mentioned that it’s too early to call a bottom. At least as trend-and-momentum traders, that is. I wrote in Wednesday Windfalls that I saw early signs of stocks “firming up” at around the mid-June lows. One reason is that about five stocks traded higher yesterday for every one that traded lower. (Aside: Tesla shares traded lower, sharply lower … but I’ll get to that in a minute).