What a volatile market! I am glad all indices ended up solid green at the closing bell. VIX continues to go down and that is the actual progress. Bond yields slip that is generally good for the market.
Tesla stocks are giving up steam, focusing on ongoing supply chain matters, China Covid resurgence. Supply chain issues are not new, however, Musk mentioning it in a crude way just gets the good old FUD go out of control - hence drop in stock price. Fundamentally, not much has changed. The extreme volatility of Tesla stocks and their stock holders, will get rewarded for sticking through this roller coaster ride - I am sure of it. After closing, TSLA ended up marginally higher.
In my portfolio, Chinese stocks are doing comparatively better. The main reason is in my opinion, they got beat up bad and the current Chinese government quantitative easing. NIO has been pretty much hosed in the last six months, however, showing signs of relief. Today at one point went above 23 at the time of writing this post was 22.94.
Prediction for 06/24/2022 :
At the time of writing this post, all indexes future are slightly down. I predict tomorrow will be a red day. In addition it is Friday. I am hoping the red day is minimal and not a massive cut to lower level. Fingers crossed!
- I predict all indexes will end up green in 2022.
- Tax losses!
- Focus on long term growth
- NIO price target by end of 2022 - $30 (minimum)
Nasdaq rises 1%, Dow adds nearly 200 points in late-day rally
Dow and S&P 500 fall as yields slide, Wall Street weighs recession fears
Musk says Tesla’s factories in Berlin and Texas are ‘gigantic money furnaces’