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Good Thursday Morning, MPTraders! January 8, 2026-- Pre-Market Update: The Elephant in the Room this AM is Friday!Why? Because tomorrow morning, the consequential December Jobs Report will be released at 8:30 AM ET, and will put the health of the labor market into focus, as well as forthcoming Fed policy.In addition, during tomorrow's session-- or just after the close-- the SCOTUS is expected to render opinions on several cases, one of which could be the legality of the Trump Administration's Tariff Policy...
I warned yesterday that, even though the market has extended beyond reason and well beyond any norms, we still must stay objective and not assume we will immediately head into a bearish environment until support breaks. So, along those lines, I am trying to identify a long set up while we are still over support.I am including an ES chart in this update because you cannot see this potential set up in the SPX.
Tesla is not a stock that rewards traditional thinking for very long.For years, investors have tried to pin TSLA down using familiar tools: valuation multiples, production targets, delivery forecasts, margins, competitive positioning. And while all of those inputs matter at times, Tesla has repeatedly demonstrated something that frustrates both bulls and bears alike — its stock price often moves independently of the neat narratives built around it.That isn’t a flaw in the analysis. It’s a clue.Tesla is one of the clearest modern examples of a stock that trades primarily on crowd behavior. Expectations expand and contract.
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