Yesterday I wrote about the breakout in Tesla shares:

At the moment, earnings simply don’t matter and this chart shows a nice
looking series of higher lows that could be capped by a return the 2024
highs. Given the parabolic move in Oracle shares yesterday, I would
certainly be wary of being short.

Sure enough, it was as simple as going with the breakout after a long period of consolidation. Shares are up 7% today in a sign that the move could run back to the 2024 highs.

The tell was Oracle earlier this week as it went straight parabolic and I think it’s a sign that we’re in a fresh meme-driven market. There is simply no one out there that’s willing to push back on the AI narrative and rate cut hopes. It’s a beautiful Fed put that faces some risk of a hawkish Powell next week but even then, I’d assume that just delays the cuts until later and the dip would be a buying opportunity.