Noticeable move down on the day; therefore my trading rules (close calls, open puts on down day) leads to:
- closed the 305cc expiring tomorrow for 90%+ profit. That leaves me with a small number of Oct monthly 320s.
- open 275 csp for next Friday @ $4
Those playing it closer to the share price - that makes good sense to me. It has me thinking of splitting up some of these resources - use 2/3rds at these more distant strikes that I typically rely on and then the other 1/3rd at much closer strikes and daring some turns of the wheel. That's not a decision, just a thought.
In the context of these 275s that might have meant doing 2/3rds as many as I did, and then the other 1/3rd as 290s (or if I were feeling really over the top, 300s).
I expect more up than down these next 2 weeks into p&d. The move down today has me semi-hoping for another down tomorrow with an eye towards buying calls for p&d. That most likely won't happen though.
The up over down is a function of the Tesla story, and likely Tesla financials, overwhelming the larger macro story. I don't expect, but won't be surprised, if we see the market down and TSLA up over these 2 weeks.