Alpha Trader #17 - Fear turns into fear of missing out - Alpha Trader talks with Helene Meisler

This week's Alpha Trader podcast features hosts Aaron Task and Stephen Alpher talking with veteran Wall Street technician and current Realmoney.com columnist Helene Meisler.
Was that it? The great correction of early 2020 was a relatively brief and shallow one. Just days after a bit of fear entered the markets, the major U.S. averages are marking (or close to) new all-time highs. Meisler expects another modest move down is necessary to wring out a few more of the excesses that were evident a few weeks ago.
The moonshot in Tesla (TSLA) is the very definition of parabolic, says Meisler, and while the move down has been panicky (as one would expect), she's looking at the $650 area for support. That discussion leads to a bullish idea: The anti-Tesla, i.e. energy.
The sector has underperformed for some time, and January's plunge might have been the washout necessary for a bottom to form, says Meisler. The ESG fad (or not a fad), the rise of Tesla, fracking ... At some point the bad news has been priced in. Meisler is keeping her eye on the Energy SPDR (XLE), noting it's managing to hold above support even as oil is making new lows.
Another underperformer has been the banking sector, and Meisler thinks the chart of the KBE Bank Index (KBE) vs. the S&P 500 (SPY) has already put in a bottom.
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