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Tesla has fallen 850 at to 650 = 24% fall
My trade has gone from 0.0064 to 0.0104 = 56% gain
Dollar / GBP rate has changed a little from 0.74 to 0.725
Just patiently waiting for the margin calls to happen.
The Tesla slide is happening, as the stock market destabilises this is gonna fall haaaaard
Hopefully it will be reflected in the 3STS price
There are a few other variables to consider although I may not be entirely correct but the fees may also be taken into account plus I noticed that from 8am until 430pm UK GMT time, the 3sts ETF tracks the underlying performance of the Euro priced Deutsche Börse Xetra listed Tesla stock then from close after 430pm UK GMT time, it continues to fluctuate in price until the close of the USA listed Tesla Nasdaq stock. It's pretty much a constant price tracking and adjustment throughout the day, of the Tesla stock based on buys and sells. Usually from 230pm UK GMT there is a price movement because the American market opens for trade so the performance is reflected. It can be hard to disseminate where the accurate marker for real time pricing comes from as Tesla is a volume intensive stock that never stays at a steady price for prolonged periods of time. It wobbles, dips, rises and then one day it will just plummet to double digit figures.
Saw this - wtf! Thats some serious confidence
What I don't get about 3STS is that the price is now lower than when I bought in but when I bought in the Tesla price was $750, now $700
Anyone see this large purchase of 510,533,893 shares of 3STS this morning for 5M? Perhaps Cathy woods has switched sides or someone has a feeling. If we do get a price correction then this holder or institutional buyer could be sitting on billions. Amazing!
Also to note, from time to time the minimum redemption value may be changed by the issuer (Granite shares) to adjust to Tesla's movement. Minimum redemption value can act like an elasticity of tolerance to bubble stocks. In the event that the stimulus cheques do push the price up to New highs of say $1200 as dreamt up by the cult, we may hopefully see an adjusted minimum redemption value. In short, it stops us getting wiped out early before the bubble bursts. I do hope they adjust this in line with the stimulus to come so we have a level playing field with the cult followers. If they can go high, we can go low and wait. They have to come down some time.
Whilst it sounds like a great idea to play the intraday trading game at this moment in time due to a price rise from the stimulus package, I would say to the ones who bought in early at $0.005 to maybe see what happens as it will take another rise to around $880 to put me in the negative. My purchase of 3STS at that price has ensured I have yet to see a red figure (only FX IS RED) . if you purchased at a higher price and the stimulus has placed you in the negative then it may be worth intraday trading until you find stable ground. The stimulus will be swallowed up by meme stocks and I'll advised schemes on Reddit and other pump and dump stocks like Senvion SA. *Disclaimer: I am not a legal or financial professional, please seek financial advice from appropriate qualified persons all chat and discussion does not constitute financial or legal advice in anyway***Just in case the Tesla cult crew decide to get me when I blow. ;)
Tesla up +6.2% right now amid the news of the passed stimulus bill... How long are the US gov going to put off this crash?
Might sell and get back in when things settle down a bit - what do you think?
I posted something on Reddit about the Tesla cult and immediately my post was flagged, attacked and removed within minutes. I believe Elon has hired himself a very good secret marketing and brand protection team who will stop at nothing to drown the truth from surfacing through any platform on Earth. These guys are just nuts like the Yahoo crew from the early 2000s. Tesla will more than likely drop to around $88 -$200 as a more realistic but still over valued price. It's beyond rationality as to why they believe Elon, who has a history of fraud and stock market manipulation is a Messiah. https://www.sec.gov/news/press-release/2018-226
They are so hopelessly invested and believe the market will continue to rise forever. Surely they must see when the big institutional investors pull the rag, the stock will plummet
This weird cult retail culture is going to end swiftly, the majority of people will lose money as the early investors take their gains.
Personally I feel Tesla is a $150-200/share company but also see these people supporting it at $300-400 as "a steal".
I'm on reddit and posted some DD on tesla as a short position and was swamped with people telling me its going nowhere, it'll never drop below $700, buying at $700 is a "no brainer".... the level of delusion is pretty impressive.
Where can you see this dropping to? For me the $400 range is likely and hopefully, for my sanity, lower
Ark Invest buys $171m Tesla stock on the dip:
https://www.marketwatch.com/press-release/ark-invest-buys-tesla-stock-on-the-dip-2021-02-24-71971532?siteid=bigcharts&dist=bigcharts&tesla=y#:~:text=Star%20investor%20Cathie%20Wood's%20Ark,the%20first%20time%20in%202021.
Re: Declare what...?
Exactly! I am of the same belief. Nothing to declare hence nothing to pay ;) Although you may have to explain away that new Yatch, the fancy cars and the extravagant mansion purchases. The good part to all these bubbles is that when the economy finally realigns with the market and dire times come, we can employ the Tesla cult bag holders to become our chimney sweepers.
Declare what....? Haha
Yes the old "easy buy, hard sell" phenomena. I have to say I have many colleagues including myself who struggle to sell at this point as anything could happen to Tesla. For the first few weeks from December, I was using 3sts only as an intraday tool, buying and selling through the dips but now it's hard to buy back in at a reasonable re-entry point without making a little bit of a loss as the price has largely finished in the negative this whole week. I have began to readjust and will probably let it ride and see what happens over the course. Tesla is beginning to wobble a lot now and the financial power houses like Cathy woods have began to scramble for the exit by reducing their total holdings. Tesla is now pretty much a gravy train on autopilot with mostly retail investors and speculation driving the price slowly down but once the sentiment shifts, the inevitable crash will happen.
The FX won't usually present a large negative until later down the line when Tesla dips to new lows. In the event that it does Dip to say $200, then the adjusted price in terms of FX could be in the tens of thousands but that would be easy to stomach as anyone holding more than 500k units would have made a few million but the scenario pointed out by someone earlier was that when there is a large drop in share price, the share is suspended and then when trading resumes it will be a matter of making a quick dash to close positions at a massive profit for those holding 3STS. Although I do not advocate that you do this but you could perhaps consider using FX and offset it later down the line as a loss against Capital gains tax (if you declare it) ;)
My short at 880 (pre-market price 850 of Tesla) was .00064 on 11th Jan 2021. Today 3STS.L was 0.00101 (approx 60% up in dollar terms), with Tesla at 683 at 4:30pm UK time. Tesla is now at 681 in the US at 6pm, but this stock will not be tradable again until Monday, so if you want to get in and out its not that easy. Currency conversions might be a bit tricky too, the £ has fallen a bit between my trade open and today. Only problem with this i have is Im so emotionally attached to watching this go down to prove Tesla is an overvalued company, that its taken my eye off other things. Be warned.
Thanks Chief - I bought through T212at $0.00861 which now puts me c.12.5% up (inclusive of FX impact), total in at £10k.
My expectation was that after yesterday's tesla performance (-8%), I would be up 3x the inverse of that (+24%) - but I'm only half of that. The spread is significant but doesn't account for it all, especially considering I'm up +1.33% due to FX
The main element to note about this EtF in particular is that it is a high risk inversely leveraged tool that should be monitored daily as if you had an actual CFD position against Tesla open. Intraday trading tools are usually for seasoned traders who use them for buy and selling through dips and as you can see lately Tesla has been a series of dips and recoveries daily.
GraniteShares 3x Short Tesla Daily ETP is a collateralised, Exchange-Traded Product (ETP). The ETP tracks, excluding fees and other adjustments, the performance of the Solactive Daily Leveraged 3x Short Tesla Inc Index that seeks to provide -3 times the daily performance of Tesla Inc shares.
For example, if Tesla Inc rises by 1% over a day, then the ETP will fall by 3%, excluding fees and other adjustments. However, if Tesla Inc falls by 1% over a day, then the ETP will rise by 3%, excluding fees and other adjustments. You will notice your own performance over time is determined by your initial entry point into the position plus taking into account the fees you incur, it may not reflect a profit for some time but as Tesla continue on the path of correction (hopefully) it may begin to reflect a more clear outlook. What price did you open your position and how much plus what platform did you purchase through?
I just invested a hefty sum into this as I feel Tesla is one of the most grossly overpriced stock out there
But Tesla is down -4% and I’m still negative - do you know why? I thought it would be more closely correlated and live?
It’s not the spread before anyone thinks I’m a newbie haha, it’s the fact the price increase isn’t going up while Tesla is going down
" stock market " from " stonk market "
A rerating is definitely in order for these high flying stocks . I wish for this to happen not to make money or enjoy it , but for the broader health of the markets nationally and internationally .... As a percentage of the world GDP , US stocks are at if not their highest but maybe close . A rerating is needed to transform "stock market " back from " stock market "
The problem with most companies like Tesla is that they become victims of their own success and the need to appear successful and revolutionary becomes a growing need that must always be pursued. This is an emerging company that may turn sour and fail altogether if the valuation is not reigned in to realistic margins. Elon is drunk on power at the moment and the cult followers who are mainly inexperienced clueless millennials have much pain to feel and lessons to learn once the bubble bursts.
JepGambardella and harishkarunesh , this will be a spectacle to watch very soon.
Lessons from history
I can't help but draw parallels to Enron . A lot of the younger people here probably would have never heard of Enron .
What a lot of Tesla investors don't realize is when the house of cards comes tumbling ...trading for retail investors will get suspended . While major funds dump holdings . When trading resumes it will be massively down .
In the words of the immortal Jim Rogers , " I have seen this movie before , it does not end well "
Here is a link about Enron . Elon Musk is a great man who has taught us mere mortals to dream big . But power and money affects most people . The day Musk compared himself to a God on Twitter is the day I decided to start going long on 3STS.
https://youtu.be/e5qC1YGRMKI
In the wise words of Jeremy Grantham..."If you're looking for the very early warning signs of a bubble breaking, you find the stocks that have done the best. That's SPACs in particular and Tesla and bitcoin, and you wait until they start to have these big daily drops, then they recover, then drop again, and so on." This.is.pretty much reality. The past 2 days were just the dinner bells sounding for us shorts to eat. It was an appetizer of great meals to come.
looks like normal service has resumed! haha....