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Just about the only short I’ve got moving down in a meaningful way is Wendy’s (WEN), against which I already own January 2026 $20 puts. This is a diamond pattern, and it’s slipping nicely. It’s off almost 3% today, which on a day like this is almost like a crash. Take note that I’ve got until next year on these suckers.
Tesla jumped about 10% this morning with a much-needed relief rally. Long-time readers know that I’m a Tesla fan, and I find the worldwide outrage, obnoxious posters, and, umm, lightning cars on fire to be insane (including the forthcoming 500 dealership protest five days from now). However, as a chartist, I think TSLA is going to slam the breaks around $300 or so, since the Fibonaccis are Tesla’s ruler.
This hasn’t been a great morning, but it isn’t quite the catastrophe I feared either. I will say that the most annoying moment of the day was getting stopped out of NFLX instantly at $974. Surprise, surprise, the price ripped above that level for a few moments before plunging (even on a day like this). There’s always been paranoia about “gunning for stops“, which I’m starting to think is more real than I imagined. This was worse than watching a Netflix drama about all the black, differently abled monarchs of medieval Europe.
The bulls finally did it. Escape velocity was achieved, and the sinewave, after two weeks, was escaped.
