And the hits just keep on coming for Elon Musk.
After a tax incentive for electric cars was slashed in Hong Kong, new registrations of Teslas vehicles dropped from 2,939 to zero...
Hong Kong, though relatively small, is a significant outpost of luxury car buyers and trend setters. Its government had long waived its vehicle registration tax for newly purchased electric automobiles, adding to the attractiveness of Tesla’s cars.
Via Global Macro Monitor,
Crude oil is the new widow maker. It trades heavier than a wet dawg in a New York thunderstorm. Rallies have no legs and its seems the only bid these days are the shorts with their family jewels caught in a vice grip.
Note the recent lower highs and lower lows and stiff resistance at the 50 and 200-day moving averages.
Technology Rapidly Changing Oil Industry
Last week the Republican party was at arms after Axios reported that Steve Bannon was said to be pushing president Trump to raise taxes on the wealthiest Americans. According to the website, Trump’s chief strategist was urging to raise the top tax rate on individuals, with Axios saying the former Breitbart CEO looking for the top rate to have “a 4 in front of it” (currently, the highest income-tax bracket in the US is 39.6% for individuals earning more than $414,000 a year).
Authored by Lance Roberts via RealInvestmentAdvice.com,
More Volatility – Still No Movement
Last week, I discussed the issue of “lot’s of volatility with little movement” stating:
2Q17 earnings season kicks off next Friday with four banks - Citi, JPM, Wells And PNC - reporting results, accounting for roughly 5% of the S&P 500 by market cap. 89% of the S&P500 is expected to report earnings by August 4th. And while most analysts expects a beat vs. consensus (+7% EPS) in 2Q, BofA warns that analysts’ forecasts continue to look overly optimistic for the 2H, particularly in 4Q.