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Morning Brief: Tesla's Silent Rebound

With all the chaos going on with the Ukrainian war , all eyes have been pinned to news headlines and volatility. Amid all these turmoil, one might have overlooked a pretty large bullish run on TSLA.

#TSLA spiked down to a 6 month low last month briefly touching her 750 range , a major pullback from a stock that was close to brushing the 1,000 level once again. This large pullback came as recalls splattered TSLA and Elon continued to make tweets ripe for SEC investigating.

But the stock since touching the 6 month low, has skyrocketed back up with little resistance. Yesterday, TSLA pushed close to the ~890 level, finding new resistance there. TSLA has been one of my hot plays in the last year, as it keeps having large volatility and price ranges, making it prime for day trading plucking.

The current trade I have is one of a semi credit spread. I went long 800 calls last week, with the price target by this Friday of 860. However, TSLA decided to do that swing in one day, which made my calls green , but left more short 870 strike calls a bit in the red. TSLA continues to swing around this 870 price level, and to help adjust I added 865 calls yesterday as the price went to 889. I sold those as it found resistance, and also added more short calls, selling 980 and 955 calls, as premiums popped on the continued VIX push. Then on the downswing to 848, I added 865 calls to continue a more bullish spread hedging to an upside.

This stock seems to have a nice window and with premiums continuing to be high, this silent sleeper of a stock is a great place to focus your trading.


INSTAGRAM: day trading_traveler

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