They buy whatever stories Elon Musk said.
Do you know there is a new hot dance in disco? Tank dance 
SPCE is not (no relation at all) Elon Muskâs Space X !
I know. People buys into the space travel because of Elon Musk. Even Jeff Bezos wants to travel in space, so he starts Blue Origin.
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Tourist space travel is a joke. A joy ride costing $80m per ride. Musk has hyped it beyond belief.
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Presuming TWLO is in Minor degree wave (4), so there would be an up wave, Minor degree wave (5) completing at $140-$155. So added some.
My 2 cents, Whatever you buy, wait until volatility over, Next week can further !
Your mood changes VERY FAST. If you study the chart, (4) can still go lower⌠$115⌠It can also turn out to be ii which means go down very LOW. So what?
Market changes FASTâŚ" So added some" that only make me say the 2 Cents. It is fine as long as you know the volatility !
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I always scale in slowly rather than move all-in fast and move all-out fast. Remember I position trade not day/ swing trade.
Btw, Cloud portfolio comprises LEAPS calls of two counters, TWLO and VEEV. 85% cash, 15% committed. 75% delta, so is 5x leverage. Have been STFR. Numerous times the thought of closing all positions in this portfolio cross my mind because I notice many cloud/ SAAS stocks have bearish divergence in their daily charts.
Calls are safer than shares, max loss is value of the calls. And way safer than shares on margin which can wipe the account.
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Calls are time bound, sharper decrease/increase in value, which is riskier than shares.
Being Thursday & Friday dip, you assume today may be lowest. What if there is further dip on Monday and Tuesday?
When you study the chart of TSLA, you expected that to touch SMA-50, but did you expect the same with SPY or AAPL?
Time to dispel this untruths 
Many folks including many literature say this but is not true. On further analysis, I realize why they said this. An example explains why better than just words:
Since I am trading TWLO, so use the leaps 2021 calls to illustrate.
Assuming you want to long 308 shares @$123.27, you spent in acquiring 308 TWLO shares = 308 * 123.27 = $37,967.
Looking at the delta of the leaps calls, we have delta of leaps 2021 $100 call at 0.77. So instead of spending $37,967 to acquire 308 shares, you can long equivalent 308 delta by buying 4 leaps 2021 $100 calls at 4 * $33.10 = $13,240, about 34.9% of $37,967.
The worse case is it goes insolvent, losing $13,240 instead of $37,967. You risk less!
Now you claim that calls decrease/increase more sharply which is not true and in fact is the best part of calls. Say Monday TWLO drops $20 to $103.27.
For 308 shares, you lost $6,160.
For 4 calls, you lost (33.10-21.85) * 400 = $4,500. You lose less.
Usually IV would increase with such a sharp drop I.e. you lose even less. In case you didnât realize, the next $20 drop in price, you lose even less than $4500, whereas shares still lose $6160.
Time bound? Is why choose ITM Leaps 
The nearer the expiry, the more risky. Leaps give time which you leisurely close or roll forward if necessary.
Now the big question. Why do people think calls are risky?
Because they didnât just buy 4 calls, they spend the entire $37,967 on calls I.e. buy 11 calls 
Btw, I donât follow S&P, also didnât study TSLA, just hastily put up a count - check the chart, many places are not labeled.
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One group of retail investors that rushed to buy these speculative names are members of the now infamous Reddit forum r/wallstreetbets. Reddit users have mentioned âTSLA,â âSPCEâ and âPLUGâ thousands of times in the past month, with some members posting screenshots of their trading accounts, showing off mounting profits.
I recalled @jil quote reddit quite often 
âThe reality is GDP growth the last three quarters has been below average, the yield curve is inverted, corporate profits growth is 2% and weâre talking about things like Tesla and Virgin Galactic as being the future. Thatâs very strange,â Bernstein said.
All these experts are no match to @Jil who know is indeed the future 
âŚpure speculation is pushing some stocks inexplicably higher in the past few weeks. But this phenomenon is not new, as it is characteristic of a âlate cycleâ market, explained Peter Boockvar, chief investment officer at Bleakley Advisory Group.
Beginning of the end, when would bull market ends?
What you want? Why are you pulling me unnecessarily here? Waste of time.
TSLA is not speculative, Bernstein is talking with FOMO like you !
According to WB,
âWhen business ownership was sliced into small pieces â âstocksâ â buyers in the pre-Smith years usually thought of their shares as a short-term gamble on market movements. Even at their best, stocks were considered speculations. Gentlemen preferred bonds.â
Hanera must be popular when he was in school
I am not in a popular campaign I straight talk (or talk bluntly ). Modern society has too many hypocrites, pretentious and insincere decorum.
But the combination of The American Tailwind, about which I wrote last year, and the compounding wonders described by Mr. Smith, will make equities the much better long-term choice for the individual who does not use borrowed money and who can control his or her emotions. Others? Beware!â
Didnât realize WB said that.
Check all those boxes for me.
IMO, WB failed to understand about TSLA. He should have invested at least 10B in TSLA when it was 180 (he look only when stock price down), he would exceeded now easily.
See Renaissance Technology, they invested in TSLA as they use proprietary algorithms.