How I’m Trading Tesla Here and Now
We have mostly green arrows around the world as January tries to be a better month for equities.
Friday's Jobs Report created a lot of talk about a soft landing. But it's too early to tell.
The bears got pushed back when SPX cleared 3839 Friday. It was also able to pass 3878 to show a little power. CPI is Thursday and Powell speaks at 9:00 tomorrow. We can see 3958-3993 before the fundamental bears can push their narrative again.
I always trim into strength with a gap in my favor to net some money. Then we can measure the action after the open.
SPY cleared $382 on Friday to get me more neutral to positive. I took off my SPY puts to salvage some money Friday and I’m coming in long some risk. I'll trim and trail but I’ll keep some because we can see $393-$396 pre-CPI Thursday. Today, we'll see how we deal with $389.25.
QQQ did a Red Dog Reversal on Friday as it reclaimed $261.26 to relieve pressure. It also cleared Thursday's high to show some power. I'm not expecting a blockbuster move, but it could bounce to $274-$278 this week.
So let's talk Tesla (TSLA) and some other names.
TSLA reclaimed $104.64 and $107.16 to get me long for an oversold bounce Friday. I already trimmed a little as it's $116.50ish. I'll try and stay with some. If it can clear $117.50, the next spot is $124ish. It had a big move from $305 down to $104.64 and now we'll see what type of broken bounce it can have.
AAPL broke $129 to see a low of $124.17. It was hard to make money with puts. I sold some of mine Friday because I felt a bounce can come. We'll see how it acts today. Does it get and stay above $130.40 to help active bulls with a move to $133ish? Or does strength get sold again?
META has been a good swing long from last week when it held the $122 gap pivot. I'm still in some stock plus a call spread for Friday. I'll keep managing it and I'd trim some.
AMZN did a Red Dog Reversal around the $83.07 pivot to get some long. I'll trim into some strength, but a close above $87 could open the door to resistance near the $94 area.
Scott Redler's positions disclosure as of 2023-01-09 at 7.32.AM
