Elon might send the market into rapid unscheduled disassembly

[Chris Johnson Penny Hawk Header](   Elon might send the market into rapid unscheduled disassembly Friday, April 21, 2023 Hello – We are almost to the weekend, which means[it’s time to flow with the market and see where it takes us.]( I have a few things planned for us along the way, including a quick look at the Purchasing Managers’ Index (PMI) for both services and manufacturing. This is important, because investors use PMI surveys as leading indicators of economic health. As a result, they offer insight into sales, employment, inventory, and pricing. Well, manufacturing sector purchases tend to react to consumer demand and are often among the first signs of a slowdown. We haven’t watched this economic report much because the whole world is focused on the Fed and those wonderful inflation reports, but now that there is a clear and viable path for JPOW to say his work is done, we need to pay much closer attention to the impact it’s had on the economy. And I’ve got a pretty solid read on what this is telling me about the likelihood of a recession that I’ll share that with you on this morning’s show. And trust me, I’m not stopping there… Did you really think I was going to be the one person not talking about what a terrible day Elon Musk had? His precious baby Tesla (TSLA) dropped its share price by 10% yesterday after the company missed badly on net income expectations. And it’s a damn good thing SpaceX isn’t publicly traded, because having your entire staff scream in celebration after your $5-million rocket experienced what the company called a “rapid unscheduled disassembly” surely wouldn't have been good for the share price… I’ve got to hand it to his PR team though. I’m going to start using that turn of phrase when I accidentally eat tomorrow’s lunch at midnight. Maybe he should have just gone back on Joe Rogan's podcast, at least then there could have been one HIGH-light for him yesterday. (I’ll be here all weekend.) But his terrible day also had fallout for the rest of the market, as TSLA’s got a pretty heavy weighting in the Invesco QQQ Trust Series 1 (QQQ) and the Technology Select Sector SPDR Fund (XLK), and this will likely have fallout for the rest of the EV market. And because you’ve been asking in chat, we need to let the black gold flow, as the price of oil keeps dropping… US Oil WTI (USOIL) closed at its lowest levels since late March yesterday – effectively erasing the pop it got from the OPEC production cut announcement. There are likely to be more air pockets in the lines with oil, and I have a few relevant names that I’m going to share with you this morning on The Long and Short of It… [We are live in five minutes - click here to join me]( Chris Johnson By texting INCOME to 21852, you are expressly consenting to be texted about investing news, trade alerts and marketing communications from Money Map Press, LLC about Money Morning's Red Alert text messaging service at the phone number you use, even if the phone number is on a corporate, state or national do not call list. You also consent and unconditionally agree to our [Privacy Policy]( and [Terms of Use]( including the arbitration provision and class action waiver contained therein. Your consent is not required to make a purchase. Msgs may be sent using automated technology. Message frequency varies. Msg&data rates may apply. Text HELP for HELP and Text STOP to STOP. 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