Electric Vehicle Mania in Wall Street: Elon Musk Did it Again!
Happy Electric Car Mania Monday!
Over the weekend, Tesla released stronger-than-expected 2nd quarter delivery and production numbers, surpassing Wall Street estimates. Tesla saw a pre-market rise of over 5% and traded remarkably well. Brian and I took advantage of the Tesla Opening Range Breakout, trading it from $278 to $285. You can watch Brian and me recap the trade here, where we discuss Level 2 signals and our decision-making process when trading Tesla.
We also traded XPEV, the Chinese EV manufacturer, which experienced a rise in today’s trading session. Rivian, a competitor to Tesla, also surged as investors grew more excited about the EV sector. It’s common to witness these sympathy moves, where positive results from one or two companies impact others within the sector. We refer to it as “sector mania”.
Currently, it appears that Tesla and XPEV will continue to offer amazing trading opportunities for some time. Tesla might even reach $300 this week, and I sold puts at $260 for this week. This week is a short trading week. Today’s market had a half-day, and Tuesday is closed in observance of the 4th of July.
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Lastly, happy birthday to the most significant country in the world. The United States of America, the largest economy globally, and the leader of the free world. God bless you and your volatile stock market, and may we continue to benefit from its volatility for decades to come!
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Happy 4th of July!