Assault & Battery Day

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WSB has become a cultural phenomenon, largely comprised of young men with small trading accounts and gambling addictions. As you might imagine, most of them get wiped out, but they are egged on by the occasional report of someone getting lucky and landing monster gains on high-risk options positions.

Their persistent god is, of course, none other than Elon:

upup

Although I have been dutifully reporting on Tesla since 2012 (and am at their corporate headquarters at least five times a week), I hadn’t heard of “Battery Day” until a week or two ago. Evidently, this is a widely-touted event in which new products are announced. In anticipation of this, the boys in WSB-land were going bananas buying TSLA hand over fist. The stock peaked at almost $540 during after hours trading.

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Battery Day was yesterday. So did TSLA print sweet, sweet tendies for the boys in WSB? Not really. The stock has lost a quarter of its entire market cap in a matter of weeks.

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More importantly, it is getting hazardously close to breaking its 2020 trendline.

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Of course, the newly-impoverished young men at WSB, some of whom borrowed money from family or took out credit card loans to fund their very short-term TSLA call options, are resorting to any means necessary.

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And when I say short term, I mean short term. The options I am buying these days don’t expire until January 16th of next year. WSB, however, buys options that expire in, oh, a few days. But at least they’re keeping their sense of humor about it.

handjob