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The stock market is fighting a battle at the S&P 500 3,100 level, with investors trying to get a grip on how swift the economic recovery will actually be. It will be years before unemployment decreases to pre-pandemic levels, which means that consumer spending will be hampered for some time. I am waiting to see the S&P 500 breakthrough the 2,935 Fibonacci bound level, and I will be a broad base equity buyer if we can retrace to 2,800.
Tesla TSLA has had a tremendous run this year, more than doubling its stock price as other US automakers suffer. I love Tesla as a company and believe that they could take over the automotive world, but the risk/reward at its $1,000 per share price tag is just too high for me. Check my recent article for more color on Tesla: Will Tesla Take Over The Automotive World?
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This young company’s gigantic growth was hidden by low-volume trading, then cut short by the coronavirus. But its digital products stand out in a region where the internet economy has tripled since 2015 and looks to triple again by 2025.
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Its stock price is already starting to resume its upward arc. The sky’s the limit! And the earlier you get in, the greater your potential gain.