Ah, Tesla. It’s up ~$10 a share today. In July I suggested that you should consider purchasing Tesla on the dip when the market reacted very badly to a Goldman Sachs downgrade on the stock. I bought some then, now I’m thinking of taking some profits.
With a stock as hot as Tesla you never really want to sell it. There is a group of people that like to buy on downgrades and sell on upgrades. I’m not a slave to this although I have done it a couple of times. The fun is that you are basically fading major research firms and you feel smarter than the market.
On July 16th the stock reacted very poorly to a fairly negative GS report. The stock was down to about $113 after opening around $127. At that point I bought it and also suggested you buy it then. With the stock now up over $11 a share and something like $55 a share since I bought it I am now trimming some of my position. My main goal is to never get caught up in crowds, Tesla might eventually go a lot higher (And I think it will) but for the time being, with the price being were it is, the risk/reward isn’t there for the short term. Good luck and happy trading!
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