News: Congress is mulling over a new EV tax credit bill that if enacted as is will allow up to a $7,500 tax credit on new EVs. As Elon has recently pointed out, "demand" is not Tesla's problem, it's production to meet exisiting (and growing) demand that is the current challenge to growth. Still, the passage of a new EV tax credit will be yet another fundamental step on the way to a $3 trillion market cap by 2025 and its starting to filiter down to our newly established Nov 2022 call position: The Nov 18th series still has 113 days to expiration and provides a good balance of leverage and time to benefit from the anticipated 3:1 stock split, hopefully before Labor Day weekend as well as progress on this proposed EV tax credit. Also included in this time frame is any more news coming out of the annual shareholders meeting next week. GLD: Buy Pending (On close above $165) Big Picture Update SPY - Intermediate Term SPY has entered its Fib reversal window provding a potential trigger for a new short position should price fall out of the bottom of the window. Time cycles suggest a week or so in the window before we can be confident on a breakdown, but such a development, whenever it takes place. will be time to be short the market via index puts as all indices are tracing out counter-trend second waves in advance of third waves down. More on that as patterns unfold.
