timwest

Tesla Motors TSLA Daily - Cover Shorts Here against 203-199 supp

NASDAQ:TSLA   TESLA INC
516 10 9
From the previous call to short around 212 for a drop to 203-199. This is good enough.
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I think this will drop down to 180, bounce around, then finally drop down to 160- the day the fundamental news was released. I'm not shorting it, just waiting for 160 to put on massive size, LOL!
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timwest PRO EliteTrader101
I wish it had dropped down to those levels. In the past year, I was using 160-180-200 strike put options to attempt to purchase shares at those prices (by selling puts against cash, covered puts). Given the insane valuations around the markets for all kinds of crazy technology companies with unknown lifespans, TSLA is reasonably valued, but only against an insane world. So, hedge by being short the overall market.
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When you look at it on the weekly, it is going up on declining volume into an area where the sellers came in. Last week was a doji on very low volume and it broke below it today. I'll be looking to short on a pullback to 207.50 area to short. Plus QQQ is looking toppy with AAPL pinning the top on high volume.
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timwest PRO EliteTrader101
The light volume was likely the result of the market just waiting for news - volume is not always a reliable indicator of trend, but rather an indicator of the amount of news that the market is dealing with. Stocks trade more volume around earnings reports and then less in the middle between earnings reports. Tesla has been on the quiet side lately - especially compared to the high activity when it was getting hammered with the battery fires.
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I cannot avoid the fact that the cover line was so spot on
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Thanks 2use -
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Today's action made TSLA catch up to this recent forecast! I'm getting out here today on this explosive move up despite all of the bullish news coming out and the fact that the shorts are getting run-over. There will be a level where the shorts will make another attempt and longs will want to book profits. This is a good time to sell puts down at the 200 level with volatility high and the likelihood that TSLA wont go under 200 for a year or more.
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2use timwest
Agree in general, but isnt it a bit too early? Volume is good, and indeed, with news pouring in its still a good wave to ride. Although i agree, its not possible to time the top, and getting out before and not after is the way to go. Scty up 10% so far as well btw.
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I watch SCTY and it is great to get them both going in tandem. A big day for Elon Musk for sure! However, I just think that this is a monster short squeeze on justifiable good news, but it is a short squeeze just the same. I think it makes sense to bank it and look for another chance to buy back in. Alternatively, I think the puts are still expensive and likely the best way to get exposure for the lowest risk in the short term.
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2use timwest
I should yet again, thank you for the time to reply and share your opinion. i went in at the same time with your idea (~200), i went out now as well on 12% profit. Never avoid the rules you set.You only win when you book profits and not while holding an asset.

Indeed, i wish i was in scty - i contemplated on getting in 2% above the yesterdays close, but missed it today. Now, lets see how are MPC and ABX going :)
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