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11/9/23 – $TSLA Puts

Let’s review a trade from today in $TSLA that we have been stalking over the past couple of days. With the weakness we saw today it looks good to targets, but let’s get into the trade.

While the trade is in $TSLA that isn’t where we are going to start for our analysis.

Whether we are trading $TSLA, $AAPL, $META or realistically any other equity name it’s always important to understand where the overall markets are. I’m talking about the $SPY $QQQ $IWM $DIA and the futures for those would be /ES /NQ /RTY /YM which is what I watch.

From the screenshot below you can see that over the past 8 days we have done nothing but rally straight up in the Nasdaq.

If we look at $TSLA though over the last 8-10 days you’ll notice that while we do get a bit of a rally it wasn’t really able to continue that move up into 234.95 which would have been the target on a long in there. It also wasn’t able to work into the earnings gap down from the middle of October.

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