$TSLA and SpaceX

Tesla closed last Friday at $695! That was exactly at a 1.618 extension target I had on my chart.

The action at the close was quite interesting. I was trading on my phone and in the last minute or so (if I remember correctly) I didn’t see any major price increase above let’s say around the $650s. I had a sell limit order set at $675, but it somehow got filled at $695! I’m not sure why my brokerage behaved like that, but I read on Twitter that it happened to someone else as well. Regardless, the price was the highest I could have gotten, so I can’t complain. Although a part of me really didn’t want to sell any shares, I had to sell a little bit for tax purposes. Also, we’re at an ATH and it hit a very significant price target, and it’s hard to imagine it continue past it in the very near term. That doesn’t mean anyone should be shorting it here, however. I will look to see how price action goes this week. Based purely on Elliot wave theory, I don’t expect it to close above $695 this week since it looks like we’re in a 5th wave extension, but I may be wrong.

A crypto trader I follow and respect shows this EW count.

Dang it, maybe I shouldn’t have sold!

If it does start to correct, I will look for a good support level and perhaps sell some puts with the proceeds from my sell order. I also closed out a few call options I sold early in the week well before price started climbing up to $695 (it was more like an instantaneous increase rather than climbing). This week I was cautious to not have even close to risk the majority of my shares on selling call options, although I could have made some serious premium, probably at least $25 a contract at $700 at some point last week. Ok, enough about the stock, let’s talk about the company.

On Dec. 1, Elon Musk, at the Axel Springer Aware in Germany, said

…I am extremely confident of achieving full autonomy and releasing it to the Tesla customer base next year.

This is unbelievably exciting! I don’t think he would say something like this without being able to deliver. This really shows how close we are to fully self driving cars and robo-taxis! Where’s the competition???

To provide a more balanced view, my current version of autopilot is not perfect. Today while driving on the freeway, I did experience “phantom braking” (doesn’t happen often, maybe once in several months, but I don’t drive much either). The car suddenly brakes, which is obviously dangerous for the people behind me who might not notice soon enough and slam be from behind. Luckily, I disengaged AP in time. I wonder if this also occurs in the beta FSD version that is out right now that uses the rewrite, 4D (3D + time) neural net.

SpaceX recently performed a high altitude test of their newest rocket, Starship.

The descent was AMAZINGGG! It was falling at an angle (probably controlled by the fins) to probably use its own drag to slow down as it comes in for landing. It then performed a super cool maneuver to reorient itself upright so it can get ready to land vertically. It came down a bit too fast and the ending was quite spectacular (I don’t want to spoil it for you, please watch it for yourself!). This was the first of its kind, and the amount of progress made in such a short amount of time is phenomenal. I’m so excited to see it go up again next time and land properly! I think the team was super happy with the performance and will have learned so much after gathering all the data from this launch and will be used to improve the next launch significantly.

Why do I always post something about Tesla or Elon Musk? Surely, there has to be other things I’m interested in writing about.

I guess the elephant in the room is COVID-19 and the announcement of a few vaccines. This is great news, and I think the the most impressive thing about it is that one of the vaccines was developed in only 2 days! That is progress. One must admit that we as mankind are developing amazing technology extremely rapidly. If only tests could be done sooner!

The amazing things being done and worked on these days makes me stop to think, what am I doing to contribute to society? Could I be helpful to some of these amazing companies like Tesla, SpaceX, Boring Co, etc.? Is it too late for me to enter the biomedical or genomics industry?

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