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Wiki Selling TSLA Options - Be the House

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$225 quite large heading into ER 👀

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Because my positions are skewed bullish and need $225+ to begin unwinding some if TSLA will be range-bound or down for several months.

In addition to longs I have:
6x +C255 9/20/24 @25.39 (now 18.40; -27%; extrinsic 18.70)
10x +C300 1/17/25 @19.53 (now 16.55; -15.65%; extrinsic 16.50)
5x +C150 12/19/25 @110 (now 93.25; -14.75; extrinsic 29.87)

16x -P290 9/20/94 @61.82 (now 82.95; -34%; extrinsic 4.01)
10x -P300 1/17/25 @80.00 (now 95.50; -19.50%; extrinsic 6.58)
3x -P300 6/18/26 @101.75 (now 108.07; -6.20%; extrinsic 17.79)

No covered calls currently.

I titled bullish too early back when we were in the $230's and averaged down instead of cutting on the way down. Since there's plenty time on these (first doesn't expire for 240 days...) I can hang onto them, I just don't like the risk if we dump to 150's and I need to worry about maintenance calls :rolleyes:
FWIW, the only thing that might interfere with my sleep would be the 16x-290P 9/20/24. Everything else is a solid long-term strategy. That one is just something to chip away at slowly.
 
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Alright I've closed as many CC's as I'm comfortable closing. What a weird setup going into an earnings report.

5 straight weeks of a selloff...nearly every day underperformance of the macro's. The ball is in Tesla's court to cause a major rally or at least some sort of bounce before we head lower.

If they do somehow surprise Wall St I'll be kicking myself over not closing much more of my CC's but this setup is just bleh. Way to murky for me to think there's a guaranteed bounce coming, even if bounce isn't sustained.
 
Yes, but premium might go up if the SP goes against you near the money. I have -210P from a month ago sitting at around $7 (and $65k loss). SP could easily drop to 200 AH today and then I'm looking at $10+ premium tomorrow.
I have 100x -p205 for this Friday, but written against March +p200's, so the risk is very low, worst case I'll break-even on the two. If the SP does dump, the plan is to roll the shorts down to -p200, then keep writing that strike until the March expire

I'm more worried on an upside move, mostly because it has been beaten down 20% the last few weeks while the macro went up, as someone said earlier, maybe all the bad news is priced-in and anything not so bad will reverse things from here

But I also think that macro is one fat AI bubble, which I fear may pop sometime soon... and drag TSLA down further...
 
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When would you consider to start buying shares if we go down?
I’ll start to add to long positions under $194 10-15% of overall position size target (I think max risk for 2024 is ~ $155), but will sell up to 70-80 -p CSP if premiums rise down to $175, targeting between $185-190 plus ~ 7-9$ in premium for next week or Feb/Mar. but, it’ll all really depend on earnings and call.

ADD: Interesting how low the volume today has been..I’ll have to see what prior DAY OF trading volumes were like.
roughly 4M closing cross though..
 
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I’ll start to add to long positions under $194 10-15% of overall position size target (I think max risk for 2024 is ~ $155), but will sell up to 70-80 -p CSP if premiums rise down to $175, targeting between $185-190 plus ~ 7-9$ in premium for next week or Feb/Mar. but, it’ll all really depend on earnings and call.

ADD: Interesting how low the volume today has been..I’ll have to see what prior DAY OF trading volumes were like.
roughly 4M closing cross though..
Belay my last.

TESLA
MEET
FLOOR


Not making any moves till clearly sub $190. Pretty sure we’ll get some support at $186, we’ll have great oppty tomorrow for -CSP
 
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