Elon Musk reached a settlement agreement with the SEC that allows him to remain as chief executive of Tesla (TSLA), but requires him to step away from the position of chairman for three years. This has sent the shares over 14% higher in the pre-market, erasing much of the loses suffered on Friday. Late last night, the U.S. and Canada reached a deal revising the terms of the North American Free Trade Agreement, just beating out the midnight deadline. This morning, General Electric (GE) is up over 14% after it named Lawrence Culp as its new CEO and chairman, replacing John Flannery. As of this writing, U.S. crude oil futures (/CL) are little changed near $73 per barrel and S&P 500 futures (/ES) are 0.5% higher and trading near 2934.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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