Option Block 626: Comey Fails VIX, TSLA Mystery Deepens

Trading Block: Comey talks before the Senate - the markets shrug. VIX still in double digits, barely. Silver and Alibaba. Odd Block: Puts trade in Tesla Inc. (TSLA), calls trade in CIT Group Inc. (CIT). Strategy Block: Mike discusses the importance of having different strategies for different underlying, in similar scenarios. Mail Block/Options Question of the Week: Weird Fact: #1 $TSLA position= 26,760 Jan 2019 50 P. Weird Fact #2: 10k OI added in last 2 months (200 today). Why buy these puts? Extreme Catastrophe Hedge Newsletter Recommendation Model S Extended Warranty Only an idiot buys these Comments on the QOTW: Comment from BeardfistMcfist - Tesla bond holders Comment from Gabe Rich - That's Elon Musk buying? Insider buying? Comment from WallStChef - Because the company will be out of business in 2018? Comment from Option Drone - Agree, although other alternatives seem even more head scratching State of the Union: Comment from John King - #Fired #FBI director completes televised #Testimony negative for sitting #president & #VIX DOWN .41 to 9.98. Just plain crazy. @Options #USA Listener Question: Question from Butcher Boys: What options trading strategy would you say is best suited to people with absolutely zero knowledge of options? Around the Block: Comey swing and miss. British elections. Will we make a new all-time high? Fed news conference next Wednesday.