Tesla On Thursday Ron Baron made his case for TSLA on CNBC. Make no mistake about it, spend 9:14 and take in every word of the interview linked below. Upon the next Buy Signal, we will once again be going all in on TSLA calls options. The Fundamentals Ron Baron on CNBC, Thursday Aug 25, 2024 "It [the stock] is going up huge." When? "Now...Now is the bottom" The Technicals As set out in Friday's "Into the Close" it will take a rise above $172.12 to trigger an Intermediate Term Buy Signal, looking for as much as a doubling in share price going into early 2025. It will take a close below $140 to cancel this projection. As of this weekend, absent a major market crash (still possible, if not probable), we may have already seen the low close of the stock on April 22 @ $142.05. Nonetheless, we execute on breakouts, and in this case the breakout will be above Friday's high print. So, just a little bit of caution before going all in on TSLA call options into early 2025. TSLA Intermediate Term Trend Model TSLA Jan 2025 Calls By the time TSLA triggers a Buy Signal these calls may look a lot different, but for now we expect a 50-100% move in the shares in the next leg up, putting the price somewhere well above $240 by September-October, and then well above $300 come January expiration. Note that a share price of $305 is all that is needed for a break-even trade on the bottom call listed, and $310 makes that very cheap call a double from current levels. If TSLA doubles it share price, it's looking at $330 and the $300C is up 5X, while the $240C is up 8X. As of the close Friday, no new Buy Signal yet...just be ready...we need a rise above $172.12, or any close above $170.00. The Big Picture All Indices: ABC Wave 2 Up correction at an end; 3rd Wave Down Next week. Trigger: Taking out Wave (b) lows. SPY IWM Trade Management: Note red horizontal support line @ 193.69: If broken, we will be adding more Jun puts. QQQ Bitcoin & BITO Bitcoin is showing all the signs of being early in an intermediate term downtrend, early enough to be on the lookout for a break of support that would suggest much lower prices into early summer. If such weakness asserts itself next week, a stab at Jun puts would be in order as outlined on the charts above and option table below: Buy the Jun 21st $25P on breakdowns of indicated support levels, looking for BITO to be testing $20.00 by the first day of summer.
