I was forced out of my comfort zone (outright shorting of shares) into my discomfort zone (put options) in order to get actively bearish on Tesla on its recent bounce. Then today two things happened; 1) the stock sagged my puts into a 10% profit (taken) and b) shares came available to short. Yay me! The 10% is modest for a winning options position, but it is Thing 2 that is the best news.
The 30 minute chart shows a gap that could fill. That 290 area represents some pretty stern lateral resistance, although the daily above shows more at around 310 if somehow this pig can undo the damage from yesterday and today.
I am just watching for the moment but am pleased with the combo of a profit booked in a position that made me uncomfortable and the availability of a vehicle more suited to my emotional makeup.
Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.