Dan Nathan Gives An Update On His Tesla Trade

On CNBC's "Options Action," Dan Nathan spoke about his winning Tesla Inc TSLA trade.

On July 19, he suggested that investors with a long position in the name should consider protecting it with options. He recommended them to buy the August 250/210 put spread for $9.

The stock dropped 11% since then and Nathan would now close the trade because the put spread is now worth around $21. He thinks that there could be lower lows, but he is concerned that it becomes a hard press as the stock gets some support.