Weekly: Another nightmare on Tesla street

A lot of my attention was on TSLA. I did poorly, suffering some big losses as it gapped higher on Monday, then dropped about 20% during the week. The good news is that I am up for the week, though not on Tesla positions.

Mon Wild day in Tesla. TSLA gaps higher on production news, than careens lower on a downgrade. I cover three positions, open three new ones. For the most part, I am on the wrong side of the price action, selling high, buying low, as I keep rebalancing to get closer to neutral. Despite mangling several trades, volatility crush in TSLA and a rally in the broad market leads me to a big gain for the day +1.6%.

Cover TSLA Jul6 300 p 103 for profit
Cover TSLA Jul 300 p 365 for profit
Roll for credit: Cover TSLA Jul13 400 c 80 for profit

Sell TSLA Jul13 375 c 201
Sell TSLA Jul13 315 p 207
Sell TSLA Jul 425 c 126
Sell TSLA Jul27 400 c 295

Tue It is an ugly down day. I lose 2.3%. Tesla giveth and taketh. TSLA down hard -24 to 310 after chief engineer resigns. I sell multiple layers of TSLA calls, but it is not enough with the big decline. I have some hard decisions to make as I am short three layers of puts at the 310 strike (right where TSLA closed). I didn’t close any of them yet. Facebook also down hard on more data sharing news.

Sell TSLA Jul 370 c 215
Sell TSLA Jul 377.5 c 143
Sell TSLA Jul6 365 c 22

Sell TSLA Jul 365 c 195
Sell FB Jul 205 c 67
Sell NVDA Jul 267.5 c 35

Wed July 4th Market holiday

Thu Morning weakness in Tesla takes out stops on four legs of sold puts. I bleed red ink taking huge losses on four legs. I cover a couple TSLA call legs for a profit, but it is mostly red. Thankfully, other positions offset the huge losses and I end the day in the green.

These four were huge losses:
Cover TSLA Jul6 310 p 741
Cover TSLA Jul 315 p 1550
Cover TSLA Jul13 305 p 1149
Cover TSLA Jul 310 p 1725

These two call legs are closed for modest profits
Cover TSLA Jul 365 c 128
Cover TSLA Jul 377.5 c 75

I take some risk off in other underlyings, these are profits:
Cover BA Jul 310 p 128
Cover SPY Aug 284 c 39
Cover QQQ Aug 185 c 28

The lone new position is
Sell TSLA Jul 250 p 112

Fri Markets open lower then rally. I mostly add long delta. Tesla stabilizes, but a lot of damage was done earlier in the week.

Sell TSLA Jul 357.5 c 105
Sell FB Aug 170 p 100
Sell QQQ Aug10 157.5 p 70

Sell IWM Aug3 156 p 47
Sell SPY Aug10 255 p 72
Sell SPG Aug 150 p 61

Sell FB Jul 187.5 p 38
Sell IWM Sep 150 p 92
Sell QQQ Sep 153 p 110
Sell SPY Sep 247 p 129

Cover SPY Jul 281 c 33 for profit