Tesla (TSLA) Hits New Highs After $200 Price Target Upgrade

The S&P and Dow finished narrowly negative while the Nasdaq posted a small gain as stocks generally digested yesterday’s igniting move after the Fed ‘no taper’ announcement. After the surprise decision yesterday rate-sensitive sectors performed best, notably the precious metals and defensive sector. However today it was tech’s turn to re-capture its recent magic.

A few notables today: Facebook (FB) made another new high, Apple (AAPL) bounced for the third straight day, Pandora (P) shrugged of a secondary offering to surge almost 7%, Yelp! (YELP) rebounded from early weakness to make another new highs, and Tesla (TSLA) surge 7% to make new highs after getting upgraded with a $200 price target this morning.

The theme of 2013 has been sector rotation, and the last two days provides a clear example of that.

Disclosure: Scott Redler is long TSLA, BAC, FB, GOOG, GS, BBRY calls. Short SPY.

About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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