July 4, 2024
CURRENCIES
GBP/USD retail trader data:
- Net-long position: 43.40%
- Short-to-long ratio: 1.30 to 1
- Net-long traders:
- Decreased by 18.07% since yesterday
- Decreased by 0.62% from last week
- Net-short traders:
- Increased by 23.53% since yesterday
- Decreased by 2.02% from last week
Contrarian stance to crowd sentiment:
- Current net-short position suggests potential continued rise in GBP/USD prices.
- Positioning is more net-short than yesterday but less net-short compared to last week.
- Mixed GBP/USD trading outlook based on current sentiment and recent shifts.
EUR/GBP retail trader data:
- Net-long position: 62.78%
- Long-to-short ratio: 1.69 to 1
- Net-long traders:
- Increased by 3.38% since yesterday
- Decreased by 21.19% from last week
- Net-short traders:
- Declined by 5.22% since yesterday
- Risen by 26.88% from last week
Contrarian stance to crowd sentiment:
- Current net-long position suggests potential continued decline in EUR/GBP prices.
- Positioning is more net-long than yesterday but less net-long compared to last week.
- Mixed EUR/GBP trading outlook based on current sentiment and recent shifts.
STOCK MARKET
Tesla’s latest announcement:
- Production: approximately 411,000 vehicles in Q2.
- Deliveries: nearly 444,000 cars in Q2, surpassing consensus estimates.
- Despite a year-over-year drop in deliveries, analysts remain bullish.
Analyst reactions:
- Citi analysts:
- See potential for improving sentiment in Tesla shares and the broader EV market.
- Dan Ives (Wedbush Securities):
- Describes the delivery results as a “major turning point” for Tesla.
- Believes Tesla is the most undervalued AI play in the market.
- Raised price target to $300 from $275, with a bull case of $400 for 2025.
- Highlights the upcoming robotaxi event on Aug. 8 as crucial for Tesla’s autonomous future.
- Adam Jonas (Morgan Stanley):
- Calls Tesla’s results the “1st Positive Surprise of the Year.”
- Notes Tesla delivered 33,000 more units than produced in Q2.
- Highlights Tesla’s energy storage business as a “show stealer,” with its highest quarterly deployment and a record profit margin.
- Has an overweight rating with a $310 price target.
Market dynamics and challenges:
- Tesla faces competition from Chinese counterparts and fluctuating US EV demand.
- The company cut more than 10% of its global staff earlier this year to reduce costs.
- CEO Elon Musk acknowledged near-term demand and sales challenges during the shareholder meeting.
- Tesla reduced prices last year to boost sales.
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