Market Short Positions Update, Tesla
Updating our earlier post that we sold our remaining QID today for a gain of 25% in two months.
This leaves us with 2 positions in VXX, 3 in TZA and none in QID.
We have one position in TNA, bought today as previously posted, which we plan to flip in the very near term.
Our buy or sell orders are now as follows:
QID (1st position) buy at $41.30 - sold today for a gain of 25% in two months.
QID (2nd position) buy at $37.90 - sold earlier this month for a 13% gain in two days.
VXX (3rd position) buy at $33.50 - sold Friday for a 20% gain in 4 months. We also scored a gain of 100% on this 3rd VXX position in one month earlier this year.
VXX (4th position) buy at $31.00 - sold ealier this month for a gain of 22% in a month.
VXX (5th position) buy at $29.50 - sold earlier this month for a gain of 17% in two weeks.
TZA (4th position) buy at $9.75 - sold earlier this month for a gain of 22% in a month.
TZA (5th position) buy at $9.40 - sold earlier this month for a gain of 47% in in two months.
Equities overall are now moderately oversold on a short term basis while remaining massively overvalued and overbelieved in the intermediate and longer terms.
We expect markets to bounce for 1-3 weeks before the next major leg down.
Should markets continue lower on Tuesday however, we may sell one of our TZA or VXX positions.
We've no specific price limits in mind. It'll depend on market action.
We'll do our best to post timely updates although buying and selling is always and absolutely at the sole discretion of the individual.
We'll be adding to our Tesla short position should it partcipate in the expected forthcoming general-market rally.
We wondered why the company hastily announced its quarterly earnings with very unusually short notice, for a date much earlier than normal.
Probably it's because they knew this was coming...
Wall Street Journal: Tesla Faces Deepening Criminal Probe Over Whether It Misstated Production Figures
Allegedly misstated production figures are just the tip of the iceberg, we believe.
We've been asked why we failed to comment on Tesla's apparent blow-out quarter or related conference call. That was deliberate, not a failure. There's no point in wasting our time or yours pretending those numbers are to be taken seriously. We'd rather wait and see what the official 10Q filing contains ... if such a filing is ever made.
Ask yourself if the company were doing well and on track for a legitimate and unprecedented profit in the 3rd Quarter, as was claimed, why would the CAO have quit after just a month, along with so many other key executives? Why wouldn't the 10Q have been made public along with the announcement and conference call? Etc. etc.
If you have much common sense or market experience, deep down you know why. If you're part of the willfully and woefully ignorant & delusional Tesla cult, please do enjoy this last gasp while it lasts.
We very happily remain short Tesla.
This leaves us with 2 positions in VXX, 3 in TZA and none in QID.
We have one position in TNA, bought today as previously posted, which we plan to flip in the very near term.
Our buy or sell orders are now as follows:
QID (1st position) buy at $41.30 - sold today for a gain of 25% in two months.
QID (2nd position) buy at $37.90 - sold earlier this month for a 13% gain in two days.
VXX (3rd position) buy at $33.50 - sold Friday for a 20% gain in 4 months. We also scored a gain of 100% on this 3rd VXX position in one month earlier this year.
VXX (4th position) buy at $31.00 - sold ealier this month for a gain of 22% in a month.
VXX (5th position) buy at $29.50 - sold earlier this month for a gain of 17% in two weeks.
TZA (4th position) buy at $9.75 - sold earlier this month for a gain of 22% in a month.
TZA (5th position) buy at $9.40 - sold earlier this month for a gain of 47% in in two months.
Equities overall are now moderately oversold on a short term basis while remaining massively overvalued and overbelieved in the intermediate and longer terms.
We expect markets to bounce for 1-3 weeks before the next major leg down.
Should markets continue lower on Tuesday however, we may sell one of our TZA or VXX positions.
We've no specific price limits in mind. It'll depend on market action.
We'll do our best to post timely updates although buying and selling is always and absolutely at the sole discretion of the individual.
We'll be adding to our Tesla short position should it partcipate in the expected forthcoming general-market rally.
We wondered why the company hastily announced its quarterly earnings with very unusually short notice, for a date much earlier than normal.
Probably it's because they knew this was coming...
Wall Street Journal: Tesla Faces Deepening Criminal Probe Over Whether It Misstated Production Figures
Allegedly misstated production figures are just the tip of the iceberg, we believe.
We've been asked why we failed to comment on Tesla's apparent blow-out quarter or related conference call. That was deliberate, not a failure. There's no point in wasting our time or yours pretending those numbers are to be taken seriously. We'd rather wait and see what the official 10Q filing contains ... if such a filing is ever made.
Ask yourself if the company were doing well and on track for a legitimate and unprecedented profit in the 3rd Quarter, as was claimed, why would the CAO have quit after just a month, along with so many other key executives? Why wouldn't the 10Q have been made public along with the announcement and conference call? Etc. etc.
If you have much common sense or market experience, deep down you know why. If you're part of the willfully and woefully ignorant & delusional Tesla cult, please do enjoy this last gasp while it lasts.
We very happily remain short Tesla.
posted by C. Guinness @ 7:25 PM
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