You might not be able to stall an electric car, but you can certainly stall a trade on an electric car maker’s stock. Such was the case with Tesla on Friday. It was all looking so promising, but my entry didn’t work out and it was all I could do to exit without a loss. Technically it was a loss because we have to count commissions, but that’s the cost of doing business. Fortunately, Tesla got its motor going again, and there was a second chance. Here’s the chart:
Strictly speaking the second entry was above $313, but I wanted to see it get through the old blue line first. Once it did that, we were away to the races, with momentum building right up until it didn’t. Once that became clear, it was time to jump out.
So a trade that initially didn’t look like it was going anywhere, ended up making more than two and a half grand.
The rest of the day was pretty quiet. Again, having a good set of core stocks in the back pocket is essential for slower days like that.