Ahead of Earnings - Uber

$UBER

UBER 0.00%↑ reports next week, and it’s been a core holding of mine for quite a bit of time. It’s been noticeably underperforming over the past month or so.

A double in ~ 4 months, the stocks been giving some of that up since the start of March. The headlines are mentioning the TSLA 0.00%↑ robo-taxi news and potential impact. This is noise to me.

What’s more relevant to me is this chart below.

Since IPO, the stock has now 3 times reached a level relative to the SPY 0.00%↑ where buyers back off. This has led me to take risk off in this name, and until the hurdle is cleared, it’s a guilty until proven innocent stock from the long side.