Investors boosted their stock-market bets in May for the first time in 4 months, TD Ameritrade says | Markets Insider

amid a rebound in Chinese car sales. Clients' offloading of Tesla stock was likely profit-taking more than a loss of hope in the firm, Kinahan said.

"There are a lot of longtime owners of Tesla who are thinking 'OK we're near 52-week highs, how much better does it get?'" he said."It's a stock with an amazing comeback, but people are just a little bit nervous of the levels when it might end." Those fears of when the rally could pause are surely on investors' minds now, especially after Friday's hugely positive jobs report, the strategist added. The market's next hurdle will arrive in earnings season, when firms will begin to reissue guidance and detail just how quickly they can come back from their virus hit. It's hard for the market to sustain such a steep upswing, and investors' optimism could easily be rattled by a major earnings miss, Kinahan said.

"My fear is that the reality of when we start getting real earnings," he said."When we start getting back to earnings that mean something, that you can trade off of, the reality of the earnings may not keep up with the great optimism that we've seen."

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