No S&P For You! – The cult-like following (see below) of Tesla and its fearless leader had the car-maker mimicking a rocket shop with the unrelenting ascent of the company’s stock price. Out of the money calls (we’ll get to that), stock splits, a possible inclusion in the US benchmark index; all contributed to a stock gone wild. Fret not however, a 20% retreat this month alone still has it +317% YTD. With summer over, investors are skimming some of the market froth and again it’s mega-cap tech leading the way lower. Technically speaking there hasn’t’ been any significant damage to the FAAMG crew and if you’re using 2009 as a proxy, these last few days are a mere flesh wound. In fact, we’ve had numerous funds come into us expressing a sentiment of when, not if they’ll get back in. Not the case for value stocks as they give growth a run for their money, energy nearing a new all-time relative LOW vs SPX while banks are 2nd worst on the day.
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