This stock is insane
Every statistic about Tesla today has been insane. The market cap is mind-boggling. It's intraday loss here today is larger than its entire market cap was back in October, rising 16% then giving it all back.
The growth is unlike almost anything we've ever seen. At the peak today, it was the 10th largest company in the US. It's trading a 7x sales.
The better way to look at this stock right now is through a technical lens. The monthly RSI is now at 87. The $1800 high is nearly double the pre-pandemic high of $986. It's a stretch, but you could call that a double top and the measured target would have been near today's high of $1794.
You have to worry that this is a sign of some kind of speculative peak, because there's just no way this company can live up to this valuation.
While writing this, it's fallen back to $1543, an intraday low and $1 below Friday's close.
