Weekly Put Spread on $TSLA

I sold a put spread on $TSLA today, stock has been a monster, and I think it has a chance to continue to run.  I can't see fighting this trend at this point.  Stock has a ridiculous valuation, but never short a stock based on valuation. 


As I did with $YELP, I used the weekly calls, for a lot of risk and a quick payoff.  I can't recommend this as a good strategy, but it can work. 


Actual trade was short the 275 put and bought the 260 put for just short of a credit of $3 per option on the 2/17/17 when the stock price of around $277.  Closed above $280, so already in the green.


I was surprised, I had originally looked at the 270 strike but would have only sold for $1.35.  Not enough payoff for the risk on this high flyer.  I could have stretched to a longer date, but decided to just cut the cushion.  Either it runs like crazy or it reverses hard, and no amount of cushion will help.


Risky play, but I accept that. 


Only trade I made today, others I have on are still working, including $YELP losing a bit more.


By the way, if you haven't caught Sean McLaughin's options podcast, I recommend it.  You can find the link on his twitter account, @chicagosean