Wiki Selling TSLA Options - Be the House

[AquaY]

I don't think so. Seems like he is predicting a cluster F after earnings and the Feds meeting. He was predicting a next leg lower for the final bottom last weekend.

He said that he suspects a short continuation of the rally before earnings and the signs will show to get out of the market. He also said there were lots of red flags etc/He said we never see anything good come out of an optimistic market prior to major events like earnings and Fed meetings.
Who knows what wi;; happen for sure. But it could be a wild ride

 

[Chenkers]

I'm currently at a medium rate of leverage waiting to see what transpires this week. If Elon does sell and we go down then I should be positioned to ride it out. I may still sell some BPS but will wit until we're down a fair way first. Once it looks like he's done selling or isn't selling, then I'll be prepared to add leverage (sell long dated DITM BPS, buy shares) for any TWTR resolution rally. But then after that go back to a low leverage configuration and just concentrate on selling safe options until we're through a bottom.

 

[samppa]

Feeling a little bit liberated today.. was forced to take a huge loss but now my margin is cleared.

Only have a couple covered calls open. I can survive a drop to whatever lows they bring.

And Tesla has cut prices in China, prepare for more pain.. this will probably be turned as "imminent demand destruction requires price cutting" bybthe fudsters.

 

[OrthoSurg]

Finally I should have listened to the day trader who told me to buy some YANG to hedge against a continuous market downturn in China. +26% premarket while China PM is -3.5% for reducing China M3 and MY price.

I was worried during the weekend for my 230 CCs if we opened with a gap up. It seems I will close them today.

 

[SebastienBonny]

Finally I should have listened to the day trader who told me to buy some YANG to hedge against a continuous market downturn in China. +26% premarket while China PM is -3.5% for reducing China M3 and MY price.

I was worried during the weekend for my 230 CCs if we opened with a gap up. It seems I will close them today.

You think there will be enough profit in them by closing them today already?
Was thinking about it as well, because even a 50% gain since friday is a good trade.
Could sell the same strike again should be head higher again this week.

 

[SebastienBonny]

Finally I should have listened to the day trader who told me to buy some YANG to hedge against a continuous market downturn in China. +26% premarket while China PM is -3.5% for reducing China M3 and MY price.

I was worried during the weekend for my 230 CCs if we opened with a gap up. It seems I will close them today.

Closed 230 CC for 0.57 and took approximately 65% gain since friday.
Now we wait for a pop.

 

[BornToFly]

Panicked at the open and sold shares at 203.05. I thought I timed the bottom perfectly (oops) when we started to climb right after (I am a master day trader), but now we are actually lower. We'll see if I got lucky.

I should have sold I pre-market at 208, but that backfired on me on Friday.

 

[BornToFly]

It all will come down to if Elon is selling today. If he is, I think we end down. IF not, the SP will probably recover from the morning FUD.

 

[bkp_duke]

It all will come down to if Elon is selling today. If he is, I think we end down. IF not, the SP will probably recover from the morning FUD.

Not a prediction, but in the past when Elon was selling, he did it all day until he was done, and it started at the opening bell.

The current price action just doesn't smell like "Elon selling".

Some mentioned that if he sells, he has to do so by tomorrow at the very latest to have the funds from settlement of the share sales to be ready to transfer to Twitter by Friday close of business.

 

[vikings123]

Panicked at the open and sold shares at 203.05. I thought I timed the bottom perfectly (oops) when we started to climb right after (I am a master day trader), but now we are actually lower. We'll see if I got lucky.

I should have sold I pre-market at 208, but that backfired on me on Friday.

IMO 201/202 level is key. TSLA has really held up very well at this level. They keep trying to break that support but it keeps bouncing back. If you are looking to sell I'd suggest to wait to see what happens with that 201/202 level. If that breaks I believe we will see the 185-190 level.

Not a prediction, but in the past when Elon was selling, he did it all day until he was done, and it started at the opening bell.

The current price action just doesn't smell like "Elon selling".

Some mentioned that if he sells, he has to do so by tomorrow at the very latest to have the funds from settlement of the share sales to be ready to transfer to Twitter by Friday close of business.

I agree, volume is decent but not high enough to suggest Elon Selling. And I'm sure we would have broken the 201/202 level if Elon selling had already started.

I feel like we are entering another one of those narrow trading ranges that will break one way or the other pretty soon, with more weight to downside.

 

[BornToFly]

I think if Elon wasn't selling today, he would have said so on Twitter by now.

 

[JustMe]

Well *someone* started dumping millions of shares…

500k shares per minute at $200 is $0.1 B per minute

$5b worth could be sold within an hour or two

 

[juanmedina]

welcome to the 190's

 

[BornToFly]

welcome to the 190's

Insane. Basically at a two year low. I guess profits and growth mean nothing anymore.

 

[BornToFly]

Thinking of buying back the shares I sold @ 203 if we get back up to 203. Thoughts?

 

[vikings123]

Thinking of buying back the shares I sold @ 203 if we get back up to 203. Thoughts?

What is the cost basis of these shares you are selling? If the cost basis is low are you considering the impact of taxes? If you are taking a loss are you considering wash rule impacts?

edit: Ignore my comments if this is a non taxable account

 

[bballshinobi]

Thinking of buying back the shares I sold @ 203 if we get back up to 203. Thoughts?

Why you buying them back if you were willing to sell at $203?

 

[juanmedina]

Does anyone have any idea how low of a extrinsic value puts you at risk on getting puts exercised? My December 280p and June 350's are losing their extrinsic value fast. I really hope I don't have to make any moves and I think we will get a decent bounce once the twitter deal is done.

 

[mongo]

Why you buying them back if you were willing to sell at $203?

Not so much willing as needed due to protecting the assets that are backing the margin balance.

 

[BornToFly]

Why you buying them back if you were willing to sell at $203?

I sold at 203 to protect from a further drop. If we climb back up to it, I'm thinking the drop is over....

My losses on the rolled BPSs are so large, that I can sell 20,000 more shares (with massive gains) and still have a zero tax bill this year.