12Mar2:18 pmEST

Shifting Gears; Chess Moves

I covered the rest of my FB short, just now at $78.78 from my $80.19 posted entry and rolled that money over to a new TSLA short at $190.88. I had previously scaled half of the FB short here at $77.88. While FB may just be getting started in terms of rolling over, I am seeing more relative weakness today out of TSLA. And I know I can always hop back in FB if it rolls over again. To reiterate: I am playing tight and not getting carried away on the short side unless and until I see actual evidence of a deeper market correction at hand (see my video recaps to understand what I look for). 

Regarding the TSLA short, my entry is at $190.88 with a cover-stop over $200 on a daily closing basis. 

TSLA is always a riskier-than-usual short, for a variety of reasons. But I can justify the short here given the glaring relative and absolute weakness of late. 

If oil does, in fact, roll over for a fresh leg down I would expect that to help the cause with my TSLA short. 

This position equates to roughly 4% of my trading portfolio capital. 

I will be back with the TSLA chart in a bit. 

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