All Eyes on Elon

Riley Rosebee Trends with No Friends

12 months ago

3 MIN READ

Happy Earth Day. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

Stocks snapped back.

Every major index and sector inched higher.

The Russell 2000 and Nasdaq Composite rallied more than 1.00%.

Financials flew +1.21%. Consumer staples, utilities, tech, real estate and industrials advanced more than +0.75%. Communications and basic materials bounced ~0.10%.

New 52-Week Lows led New Highs — 37 vs. 33.

The Worst of the Worst

Tesla ($TSLA) is the worst of the worst. Elon’s EV company fell -3.40% and closed at its lowest price since January 2023.

Last Friday, Tesla recalled ~4,000 Cybertrucks due to a faulty accelerator pedal.

Tomorrow, the company is scheduled to report earnings after the close. All eyes on Elon.

Here’s the daily chart.

And weak weekly chart.

$TSLA has 945,585 followers on Stocktwits.

Enovix ($ENVX) is a notable new low. The lithium-ion battery developer dipped -4.47% and closed at an all-time low.

Here’s the daily chart.

And weak weekly chart.

$ENVX has 8,954 followers on Stocktwits.

Lucid ($LCID) is a notable new low. The “luxury” EV company unplugged -2.86% and closed at an all-time low.

$LCID is down -96% from its February 2021 all-time high — fueled by the SPAC speculation delusion.

Here’s the daily chart.

And the weak weekly chart.

$LCID has 214,719 followers on Stocktwits.

The Best of the Best

Grupo Financiero Galicia ($GGAL) is the best of the best. The Argentine regional bank rallied +9% and closed at its highest price since August 2019.

Here’s the daily chart.

And weekly chart.

$GGAL has 1,345 followers on Stocktwits.

Vista Outdoor ($VSTO) is a notable new high. The outdoor recreation consumer conglomerate carried +6.49% and closed at its highest price since June 2022.

Here’s the daily chart.