In today’s briefing:
- SPX Targets and Post NFP Surprises
- Tesla: The Show Goes On
- Ocular: 2023 Thematic Outlook
SPX Targets and Post NFP Surprises
- Bearish from SPX 4,060-80. Near resistance at 4,020 was used to add to shorts. Downside surprise due this week on break of 3.900.
- Key support breaks amid systemic risk saw us raise our net short going into this more turbulent period that should wrap up near the 20th. Started shorting in Feb.
- Added Japan to our short list being a laggard. Once laggards buckle we will be closer to a short term low.
Tesla: The Show Goes On
- Tesla’s sales growth is yet to revert to a linear distribution, given Tesla’s market share and the exponential growth attached to the EV space.
- Rumors of a lithium mine acquisition and an additional Gigafactory indicate that Tesla is working toward a lower cost base.
- It has been a rollercoaster ride for Tesla, Inc. (NASDAQ:TSLA) stock recently, as various market-based and idiosyncratic features coalesced to ramp up the asset’s volatility.
Ocular: 2023 Thematic Outlook
- 2022 was a challenging year for web3. We witnessed the collapse of TerraLUNA, the fall of FTX, and several notable insolvencies including Three Arrows Capital, Voyager, Celsius and BlockFi.
- These events deeply impacted the sector, with the crypto market losing over $2 trillion in market cap in 2022 and public perception of web3 turning sour.
- Many suspect we have yet to feel the full magnitude of the contagion effect of these events, as they are still ongoing (e.g. the FTX trial), and we could reach new lows.
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