For momo traders looking to pick up a ticker after a big pullback, Tesla (TSLA) looks like a strong candidate, Brian Kelly of global macro investment firm ‘Brian Kelly Capital’ said Monday.
“To me, if you’re going to get into something, that’s the place to go,” he said on CNBC.
Kelly also alluded to New Jersey’s ban on Tesla’s unique retail concept of selling its popular electric cars through its stores rather than use the traditional dealer model, believing a shift could be in the cards for the upstart electric car maker.
“I also think that the news flow on this could start to change,” he said, “where people start to want Tesla’s model, particularly in Arizona and other places.”
Tesla’s shares closed down nearly 4% Monday, along with other momentum stocks such as SolarCity Corp (SCTY) and Celgene Corporation (CELG).