I believe the negative spin with hit a crescendo with Q3 ER, especially if Tesla is only non-GAAP positive due to ZEV credits. I expect it to be weak going into Q3 ER, as I stated before. Whatever you are doing going into Q3 ER, please examine how you would feel if TSLA drops under $200, possibly hitting $180 or even below. It might not happen, but definitely be prepared.
However, attention will soon be diverted to P85D and hopefully some Gigafactory progress as well as guidance for Q4 and the year overall. There are plenty of catalysts for a positive Q4 and year overall, so if we do drop a lot, please keep that in mind and don't freak out.
I'm going in with short term puts and longer term calls outside of my core long position.