Buying Long Term: buying long legs of TSLA July 170 155 140

[MMASSASSIN]

Buying Long Term: buying long legs of TSLA July 170 155 140 pB with 1.20 spread in mind. the TSLA 170 july puts at 1.15-.30 area and 140 july puts at .80 area. We are today hitting some strong larger fib extensions and wish to have bearish hedges in place. The short leg we wish to enter at a later date unless continued strength forces us into the play.
By the way friday we added to the SPY 174 july puts at .90 area 1x oversized long. We are down on the july add, we were using the market strength as a bearish long term opportunity. The market last week broke all times highs to then give it all back. Usually this means that we have flushed out the longs with such a move. Do we have certainty bearish or bullish on the markets right now? No absolutely not, but this is a good time to attempt bearish market protective bets where we are close enough to all time highs for easy stop out points. Our strong bullish positions on AAPL should lead the market if we had bullish continuation.
Also worth noting were watching AAPL July 655 calls closely with the huge strength we saw on AAPL friday. AAPL seams to be single handedly holding the S&P up right now and it seams that she should fair better than most if the market did finally tumble.

This trade is one part of a larger strategy so please look back at Previous posts to see the whole picture. AND IF YOU ARE NEW, PAPER TRADE FOR AT LEAST A FEW MONTHS because this is ADVANCED OPTIONS TRADING !!