8/23/2020 Stocks up slightly this week while QQQ continues to shine. Thinking about starting a small short position on Tesla.

Hi everyone, I hope you had a nice week.

Stocks are up a little this week, with QQQ / technology stocks leading the way again. I’m thinking about starting a small short position on Tesla or the market in general. 

Here’s the daily chart of Tesla (TSLA) below. I would probably hedge my bet by going long QQQ as a hedge. 

TSLA daily 8_23_2020

SPY daily chart below. I’ve been mentioning the bearish RSI divergence for multiple weeks now. 

SPY daily 8_23_2020

An update on my positions – I’m still long MRO (up quite a bit), long XLF and short SPY in a pairs trade (down a little -> ~ .5% of my account), and looking at the INO/NVAX pair (long INO, Short NVAX).  Thanks for reading! 

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