Anecdotal stories but I got spooked, sold another batch of shares in my margin account for $180.38, maybe bulls can take my shares and get rich. by the way I discovered that I could actually work around the cover call restriction on my brokeage, I sold CC's earlier, and I sold the shares after, for now I have more short calls than I have shares to cover then,(doesn't matter because 12/9 -200c would probably expire worthless even after hours) I should have just sold the shares flat out last week at $194 instead of trying to milk the $3.39 premium at 12/9 -200c, only to sell shares at $180 so that's still an additional $11/Share loss.
Anyway maybe I'm a rainbow bear. I live in one of the largest EV markets in Canada/NA, the lower mainland, where we have the highest gas price in North America most of the time and high % EV adoption, and I heard from a friend shopping for a tesla that that Tesla actually have stock on cars (She told me stocks in the surrey/richmond delivery centers), and the sales have time to talk to her every couple of days. I haven't seen this in a long time, so either demand is weak, or production is actually catching up to demand. (Tesla Canada financing rate 6.69%). when I bought my tesla's the sales are usually very busy, ignores your emails and you have to wait for your car, there is never stock. This is all very surprising to me as we approach what is traditionally the busiest month with the busiest quarter. Perhaps Tesla is dumping their Q4 USA inventory in Canada as the Americans wait for the biden tax credit, which could explain this, but if not then this could be a canary in the coal mine with the North american Supply/demand curve. I hope I'm just a rainbow bear that worries too much, and I will have fun stay poor and be wrong at selling the bottom. But just in case, I'm not sure if a North American slowdown is priced in, tesla may have to cut prices china style which will hurt margins, EPS, and compress the stock further, we may be in some short term pain (long term i m still bullish) I'm not willing to gamble with the bank's money, only my own, so sold some more shares. I'm overall still heavily in TSLA (with my own $).
I'm 100% cash account now, no more margin, do have a small-ish cash position for rolling options or buying the dip.
tldr: I'm a rainbow bear in the short term so sold more stocks at $180.
Positions: 12/9 -200c ($3.39 premium) 12/16 -185c ($5.45 premium) 12/16 -210c ($2.62 premium) 1/20/2023 -175c ($14.65 premium)
Rolled down 12/30 -c185s to -c160s & -c170s. Originally STO 2-wks ago at $14.20, BTC at $1.85. Only got $9.00 & $5.00 on the -c160s & -c170s. Crazy, maybe I’ll lose these, but it doesn’t look likely today. This was in my small account and bought a handful of shares at $158.19. Unfortunately, not enough cash in a larger ROTH account to facilitate rolling my $185 straddle today, so I’ll just have to wait until the CCs decay some more. The other IRA is still being transferred to a different brokerage, so just waiting. I really want to roll down and pickup some more shares in the $150s, but I’ll just have to wait. Really sorry to see this action, especially for those with BPS losses, margin, and (formerly) larger accounts.
