Tesla Motors Inc (NASDAQ:TSLA) was the most-shorted stock on the NASDAQ 100 list as of April 14, as the automaker’s stock began to pull back from its massive tear. However, the pullback still isn’t enough to benefit short investors who have piled in recently, and today Tesla stock is rising again. Seeking Alpha contributor Alcaraz Research thinks it will continue to be difficult for those who have sold Tesla stock short, at least for now.

Tesla Motors

Tesla fans remain devoted, but…

Shares of Tesla Motors Inc (NASDAQ:TSLA) haven’t dipped below $190 a share over the last month or so, in spite of the high short interest in the stock. The stock increased on April 22 after CEO Elon Musk delivered the automaker’s first Model S sedans to customers in China, demonstrating how the cult-like following of Tesla isn’t one that will quit easily.

The Seeking Alpha contributor argues, as numerous others in the past have, that Tesla Motors Inc (NASDAQ:TSLA)’s fundamentals don’t matter in the least to its bulls. There’s probably little argument from anyone here, as bears continue to pound the fundamental drum but fail to put a chink in Tesla’s armor. But while shorting Tesla based on fundamentals may look attractive, the author suggests that it is indeed dangerous to short the automaker’s stock.

…Value investing may be starting to take over markets

The only real reason Tesla Motors Inc (NASDAQ:TSLA) shares have declined at all this year probably has less to do with a decline in the automaker’s cult-like following and more because of the broad selloff in momentum stocks. MarketWatch notes that value-oriented stocks are beginning to garner more interest than momentum stocks like Tesla. Value stocks had been lagging behind growth stocks during the first two months of the year. However, they began to outperform in March. Analysts now believe that value stocks will take center stage away from momentum plays.

Today momentum plays show signs of turning again

Tesla Motors Inc (NASDAQ:TSLA) stock still is 20% below its recent high, suggesting that the momentum market is turning more bearish as a whole. Fellow momentum stock Netflix, Inc. (NASDAQ:NFLX) is also off a significant amount this year, as it has lost 32% of its 52-week high. Facebook Inc (NASDAQ:FB) stock is down 23% from its 52-week high, and Twitter Inc (NYSE:TWTR) is off by 45%. LinkedIn Corp (NYSE:LNKD) has lost 42% since its high.

Interestingly enough though, these momentum stocks have edged upward in today’s trading, with Netflix, Inc. (NASDAQ:NFLX) and Facebook Inc (NASDAQ:FB) gaining as much as 3%, joining Tesla Motors Inc (NASDAQ:TSLA). Twitter Inc (NYSE:TWTR) and LinkedIn Corp (NYSE:LNKD) each gained as much as 4% in today’s regular trading session.