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Tesla - One Day Options. Not Your Typical Read

This blog is going to be a tough read because it tries to track Tesla's early morning option trading in the last day of trading in the October 18th 220 series of Tesla Calls. Critics of "one day" options are having a hayday in pointing out these "one-day-to expiring" options are a mockery to concept of sound financial investing. Here is Tesla's premarket trading price in the 220 series of Calls at 9:29 a.m. on Friday Oct. 18th. They are flat. Remember last Friday was an exceptional day for the Tesla stock with it being hit with a $21.14 drop on the day. Do today's traders remember this? Probably not. Why should they? It's a given this stock can be volatile. Option traders playing the downside last Friday on Telsa made out like bandits. Now it's 9:31 a.m.reading. Up only eleven cents. Option traders are in a period of time where they have to deal with early morning trading jitters. Is there a glimmer of hope that this stock might bounce up one
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The QQQ's Again

Back on July 26th I wrote a blog on trading the QQQ's. There is nothing magical about trading them, you just type in QQQ and follow the promps like any other stock. It's options on a basket of stocks. Stocks like Apple and the like. Pick whatever the day you want your series to expire. I like buying a few days time. Sometimes the markets lose their strength around noon on Fridays. It happened today. Here is it's five day chart and you can see the market selling off on Friday afternoon.
So here is the trade I made today.
I was in this position for 2.50 hours. You can see I bought an Aug 8th series so that would have given me until Tuesday. I got in at 11:53 a.m. It was an easy chart to play on the downside. Now I want to point out how this is a trading vehicle many traders recognize. Look at the closing summary of this series of Puts. There is something about it which stands out.
Notice the open interest of 1,771 and the trading volume on the day of 31,765. These are hot potatoes and taking a profit on a Friday afternoon is always a logical thing to do.

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