'Tesla dream' is dead as investors face 'Tesla reality,' market watcher says $TSLA (via TradingNation)
"I've been skeptical of this stock from the $300s and I remain very skeptical," Schlossberg said. "I still think it's a very, very speculative long at this point, primarily because right now the investors have really stopped buying the Tesla dream and are starting really to focus on the Tesla reality."
"That's where the company has really not been producing as well as I think the market wants to see. They certainly failed in Q1, they're guiding higher for Q2 and we'll see if indeed that will be the case, but overall they're facing execution problems," said Schlossberg., below analysts' target of 76,000. Vehicle sales fell 41% quarter over quarter.
Looking to the charts, Piper Jaffray chief market technician Craig Johnson says his foot is on the brake until a new trend emerges. However, one contrarian indicator has Johnson holding off on turning completely negative on the stock.
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