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Will We Hold It Wednesday – NYSE 12,250 Edition

Aren't you glad we're hedged? 

Just yesterday, in our Morning Report, we gave you an example of our Members' Portfolio Hedges we use at PhilStockWorld.  Later in the day, in our Live Member Chat Room, we made some aggressive adjustments to our main hedges in the Short-Term Portfolio Review and tightened up some covers in our Butterfly Portfolio Review.  I don't know if this week's pullback is the sign of things to come – I just know I sleep a lot better knowing we are well-hedged if things do turn sharply south.  

The big line to watch at the moment is 12,250 on the NYSE and we finished the Day just 30 points above that 50-day moving average.  Looking at the position of the MACD line (lower part of the chart) compared to the last time we crossed under the 50 dma (Aug 9th), it would now be surprising if the Senior Index doesn't drop 100 points below that line – at least.  Already this morning we're seeing some early weakness, but perhaps that's just because North Korea has declared that Trump deservs the death penalty and is calling Trump a coward for cancelling a visit to the inter-Korean border.

Or perhaps the markets are down this morning because the GOP Senate has, for some insane reason, decided to wrap up the Trump Tax Plan in a Bill to Kill Obamacare – now putting two very unpopular measures on the same bill.  We fought hard to stop this insanity back in July and here we go again (see: "Trump Orders GOP to Kill Over 4,000 People Per Month").   I know Trump's Asia trip was a disaster, but he doesn't have to come home and take it out on the poor, does he?

If they fail (and God help us all if they don't), Republicans will enter the midterm election year with their message muddled, without a victory on tax reform, and having spent a year's worth of time trying and repeatedly failing to dismantle Obamacare with nothing to show for it but bad headlines. 

The Republicans want to use the $338Bn it costs to cover the uninsured ($33Bn/yr) to hand out bigger tax breaks to Billionairs – like Trump!  4M people will lose health care immediately, 13M over time, so it's $2,538 per person we're taking insurance away from yet a single illness can bill us back millions in uninsured health care.  Remaining Obamacare premiums will rise 10% – PER YEAR – allowing private insurance to raise rates to match – so we're ALL being asked to contribute towards Donald Trump's tax break.  

A key driver of the Senate Republicans' decision Tuesday was simple arithmetic: They need the money. As it stands now, their tax plan increases the deficit outside the 10-year window and that is against Senate rules if lawmakers want to use a process that allows them to pass the tax bill with just a simple majority, rather than the usual 60-member vote that is required to make sure the true will of the people is being considered.

Image result for republican health care cartoon"Republicans just can't help themselves," Senate Minority Leader Chuck Schumer said in a statement. "They're so determined to provide tax giveaways to the rich that they're willing to raise premiums on millions of middle-class Americans and kick 13 million people off their health care."  Keep in mind there is no "replace" here AT ALL – this is all about repealing and leaving people with NOTHING.  

Meanwhile, it's not just the heart monitors of millions of poor people that will be flatlining but oil also crashed this week, back down to $55 with more pain likely ahead as there are still 250,000 fake, Fake, FAKE open contracts over at the NYMEX with only 4 days left to trade them so they have to roll over 50,000 contracts (1,000 barrels per contract) into longer months, which are already stuffed full of FAKE!!! orders themselves (see "Terminal Tuesday – Markets End October at Halloween Highs").  Notice that, in our 10/31 article, there were 1,303,411 open contracts in the front 4 months with 597,839 open in December. 

Click for
Current Session Prior Day Opt's
Open High Low Last Time Set Chg Vol Set Op Int
Dec'17 55.06 55.26 54.97 55.07 08:39
Nov 15


-0.63 105409 55.70 250103 Call Put
Jan'18 55.25 55.45 55.15 55.25 08:39
Nov 15


-0.64 61828 55.89 547060 Call Put
Feb'18 55.34 55.59 55.30 55.38 08:39
Nov 15


-0.65 11687 56.03 183864 Call Put
Mar'18 55.51 55.72 55.42 55.51 08:39
Nov 15


-0.65 10148 56.16 286530 Call Put
Apr'18 55.50 55.77 55.50 55.57 08:39
Nov 15


-0.65 7350 56.22 135704 Call Put
May'18 55.54 55.75 55.48 55.57 08:39
Nov 15


-0.62 5361 56.19 99592 Call Put
Jun'18 55.44 55.63 55.38 55.50 08:39
Nov 15


-0.57 7700 56.07 233893 Call Put

Now there are just 250,103 open orders for December and that means contracts valid for the delivery of 347 MILLION barrels of oil were cancelled for the month of December – and then they will tell you there's a tight supply of oil – can you really be dumb enough to believe that BS?  Also notice, that if you now add up the front 4 months, there are 1,267,557 open contracts, just 35,854 less than there were 2 weeks ago – and they are ALL accounted for by April, which picked up 50,852 FAKE!!! orders. 

Image result for oil price manipulationThis is how they run the scam, they fake demand and then cancel all the delivery contracts to fake a tight supply – over and over and over again and they screw the American public out of HUNDREDS OF BILLIONS OF DOLLARS each year (see "Goldman’s Global Oil Scam Passes the 50 Madoff Mark!").  You will see over the next few days how over 200M of those barrels, that are currently CONTRACTED to be delivered to the US in December, will be cancelled and then CNBC, et al will report a draw in oil inventories and the price will go up for the holidays.  BUT THEY WILL NEVER REPORT ON THE MANIPULATION THAT CAUSES IT!  

Oil was $53.90 when laid out the following trade idea on October 31st:

  • Buy 597,831 June 2020 Futures (/CLM1) at $50.32 ($30,083,258,480)
  • Sell 597,831 Dec 2017 Futures (/CLX7) at $53.90 ($32,223,522,100) 

That gave us a net credit of $2,140,263,620 and, as I said at the time: "If oil goes lower (which we expect), we will make instant money on our short contracts or, if oil goes higher, we can just roll our shorts forward to longer months, knowing that we have delivery covered at a much lower price in 4 years."  As it stands now, June 2021 is trading at $50.94 and CLX7 us at $55.21 this morning – another $1 dip puts us into profit already on the spread.  For those actually trading SOME of the contracts, in Thursday morning's PSW Report I called for rolling the short December contracts ($54.30) to the March contracts (/CLH8) at $54.66, picking up another 0.36 credit or $215,222,040 – a nice dividend!  

We'll see how this plays out over time but my goal is to give people who do have a few Billion to kick around the confidence to play against the manipulators on these contracts and, hopefully, break the bank.  The Government won't take action on this madness but, since they are, in fact, FAKE!!! orders, we can accept their fake offers to buy oil for jacked up prices and ruin their whole scam – which depends on the scammers keeping the trades "in the family".  If we happen to make a few Billion while driving the manipulators out of business – so be it!  

In our Short-Term Portfolio, we added a new ultra-short Oil ETF (SCO) spread to take advantage of the eventual fall.  We know OPEC is pulling out all the stops to talk up oil but the demand picture simply isn't there – we'll discuss it more in detail in this afternoon's Live Trading Webinar (1pm, EST).  Retail sales were strong in October, up 0.2% but only 0.1% ex-autos, and that was caused by the hurricane (people replacing damaged cars), so not a trend

Junk bonds continue to collapse but it's the NYSE we're concerned about and it's goiing to open right about 12,200 so it's now a matter of whether or not we can get back over the 12,250 line into the close.  If not, expect the other indexes to join it in a move lower. 



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  1. Good morning, All! 

    Join us for our regularly schedule weekly webinar at 1pm (Eastern) here:

  2. Phil – any take on Target's earnings report? Seems like they beat on earnings and revenue estimates but lower holiday forecast is hurting the stock?

  3. Phil, great post on Chanos and TSLA.  I particularly liked this quote :

    : "If you wouldn't be short a multi-billion-dollar loss-making enterprise in a cyclical business, with a leveraged balance sheet, questionable accounting, every executive leaving, run by a CEO with a questionable relationship with the truth, what would you be short?"

  4. Good Morning.

  5. FU TGT!!!!

  6. Phil/SGYP

    1.76 !! Down on the same news as before?


  7. Good morning!  

    This is six straight days the S&P is opening lower.  At some point, it may no longer recover.  Maybe today in fact, turning sharply lower now.  

    1,440 on /TF is the Must Hold line – that would confirm a very bearish turn for the indexes but more likely we bounce off those Pivot Point S2 lines as this is a pretty technical sell-off.   That's going to be 2,555 on /ES and 6,230 on /NQ and 23,150 on /YM while /TF is likely to test 1,450 so we can go long the laggard on that group, probably /TF at 1,450 or the cross over 1,455 with VERY TIGHT STOPS BELOW. 

      Damn, sorry, the phone rang and I had to talk to this guy and I forgot to hit submit!  A bit late now but /YM is now lagging at 23,241 and can be played over 23,250 if the others keep climbing.  Lined up with 2,561, 6,252 and 1,462. 

  8. TGT/Crs – That's why we sold the Jan $57.50 calls.  They are executing but giving cautious guidance.  No reason to bail but our spread is 2019 $50/60 so not worried about a pullback to $55 after that big run if they consolidate there.

    $54 is the real support. 

    The Minneapolis-based retailer forecast adjusted earnings of $1.05 to $1.25 per share for the quarter ending January 2018, considerably below the average analyst estimate of $1.24.

    In October, Target said most of its holiday gift assortment had been priced at under $15, and that it would invest in free shipping beginning in November, the start of the most important shopping season of the year.

    Target reported a slightly better-than-expected third-quarter gross margin rate of 29.7 percent, slipping from 29.8 percent as cost cuts helped mitigate damage from promotional pricing.

    Same-store sales in the third quarter also topped estimates, rising 0.9 percent as the price cuts drove a 24 percent jump in comparable online sales. Analysts had expected a 0.4 percent increase, according to Thomson Reuters I/B/E/S.

    "24 percent online growth continues to place Target in the upper echelon of brick-and-mortar retailers from a percentage growth perspective," Moody's lead retail analyst Charlie O'Shea said.

    "All-in-all, we believe Target is executing its strategic plan effectively."

    Net income fell to $480 million, or 88 cents per share, in the third quarter ended Oct. 28, from $608 million, or $1.06 per share, a year earlier, on higher selling and general expenses.

    Excluding items, the company earned a profit of 91 cents per share, beating the average analyst estimate of 86 cents. Sales rose 1.4 percent to $16.67 billion, higher than the average analyst estimate of $16.61 billion.

    Jan was $1.45, April $1.21 and July $1.23 so now 0.88 makes $4.77 per $55 share – what's not to like?

    Chanos/Albo – Yeah, that cuts to the heart of it.  Wish he'd waited until after the Semi announcement pumped them back up though.  

    SGYP/Pat – It's just a silly Biotech, any analyst opinion can send them up or down 20%.  This seems to be about their dillutive equity offering – which we knew about.  Better than taking on more debt, I think.  They were pricing 22M (10%) shares at $2.58 on Monday – it's possible they are being manipulated down by people who are trying to lock in a lower price on the offering.  

    We have the 2019 $1.50 calls in the OOP in a $1 spread so net $2.50 is our break-even and those calls are still $1.  We will roll down our Jan $4 puts, now $2.30 but the 2020 $2 puts are $1.20 so a 2x roll there costs us nothing. 

  9. VIX got exciting for a minute:

    /TF just crazy:

    Waiting on oil inventories. API had a huge build in crude and Gasoline and Distallates cancelled out:

    Crude: +6.513 mb Gasoline: +2.399 mb Distillates: -2.527 mb

    So it will take a pretty big build to spook oil below $55 as they are prepared for bad news.

  10. Check out the volume on GreenCoin today – $21,899 – that's huge:

    Oil inventories up 1.9Mb, Gasoline and Distallates cancel out so no pressure from the report – just the contract rollover issues and we'll see how that plays out:


    • EIA Petroleum Inventories: Crude +1.9M barrels vs. -2.2M consensus, +2.2M last week.
    • Gasoline +0.9M barrels vs. -0.9M consensus, -3.3M last week.
    • Distillates -0.8M barrels vs. -1.3M consensus, -3.4M last week.
    • Futures -1.17% to $55.05.

  11. Phil/GRE

    That is not me..:-) But wasn't the wallet under maintenance. Are there other exchanges where you can buy these?


  12. I believe there are other exchanges where it's traded.  This is one of those confusing/annoying things about cryptos and why the people who are saying it's going to replace currency in the next decade are on drugs.  The reason we have Central Banks and Stock Exchanges is to prevent exactly this kind of nonsense.  It's going to be very hard to get vendors to seriously adapt currencies that go up and down 300% a day.  That's fine for a guy selling you a pizza but a guy selling you a car has real bills to pay from suppliers who want real money and they can't afford a 20% haircut between the time you give them a bitcoin and the time it is converted to pay the vendors (not to mention the transaction fees).  

    Square (SQ) is talking about supporting BitCoin and people don't understand that it's not an endorsement as the Vendor still has to accept the BitCoin payment instead of Dollars.  SQ doesn't care, they just get a fee for the transaction and it's good publicity for them but people are acting like this somehow legitimizes BitCoin.  

    Now THIS is an alternate currency!  One for $81.3M.  Unfortunately, people aren't too keen on cutting them up into tiny pieces for transactions….

    $70M for this (this one I don't get):

    People simply have too much money and no idea what to do with it – that explains a lot of the nonsense that's going on.  How can mortals like us grasp having $100Bn in the bank (after taxes) with another $1Bn a month pouring in? (and Citizen AAPL has $280Bn in the bank with $5Bn a month pouring in!)  What is $80M to someone like that?  If you like a picture, you just buy it – the price is just numbers.  If you want some BitCoins – same thing – they are just another collectors item at the moment.  

    Related image

    Related image

    Twice busted for driving without a license and speeding!  

  13. ‘You Do Not Understand Bitcoin’: Readers Bite Back

  14. A Specter is Haunting Europe’s Recovery: Zombie Companies

  15. here's a good crypto post from over a year ago (now up 17X from the post)

  16. it's funny, I don't think anyone of those guys on the richest list died happy.

  17. Pharm – OPK is a stock that I've followed and traded for a couple of years. I'm not currently in it.

     It's at the yearly low, and while burning through cash rapidly, appears to have several promising drugs in the pipeline  Worth a look ?

  18. Pot initiatives: Predicting the next 15 states to legalize marijuana

  19. PCLN appears to be on the mend, and although it may not have bottomed, those April 1300 puts now have a 430 point cushion.

  20. Phil, thoughts on Square position?

  21. Albo,  OPK was a stock that craigs liked a lot, but he disappeared from chat after Phil got tired of him asking about oil almost every single day.

  22. What.. no comments on TEVA today

    CTL   someone buys the March $18/$22 call spread 13,000X for $0.32 and sells 6,500 of the Jan. 2018 $12 puts for $0.49

  23. PM    saw what looks like 1400 lot trade selling the 2020 $100 calls for $9.60 and the $90 puts for $8.10 but not sure of the direction

  24. Go TEVA!!!!

    Please no tease!

  25. Wow on CTL trades ! 

    Phil, any insight into a trade like this ?

    Stock – Yeah, I remember that Craigs also followed it.  There is a lot less talk about trading futures on the site these days.  IMO, the truly successful futures traders are the one's who limit losses to small amounts, and stay with a trend once they catch it.  The constant ins and outs provide a lot of excitement but can be very stressful, especially if you stay with a loss because you have strong conviction that you're right.  I've found out the hard way that the market couldn't care less about my convictions. :-)

  26. Stock – CTL is a good example of that. 8-)

  27. pat_swap/GRE

    My wallet was somehow is not accessible for the greencoins that i have. I don't know why, but it is a bit concerning. my wallet that has some bitcoin is ok.

  28. Phil – good rant, but crypto is already replacing nation-state currencies and where our opinion differs is this is now largely inevitable (and the only drug I'm on is caffeine!). We can disagree about "10 years," maybe it's more like 50? Zimbabwe is an outlier, currently, because it's instability is high, but it is perhaps a canary in the coal mine…

    You are mixing two different concepts together that need to be addressed individually (the role of central banks, and the adoption of currency by vendors). Vendors can be bitcoin agnostic because third party transmitters, say SQ, can offer a service that converts bitcoin into the Corporate Citizen's preferred currency instantaneously. Whether they can do this or not is not the question, it's more a question of fcost (e.g., fees). This shifts the onus of price fluctuation to the speculators, in other words, the bitcoin asset holders that take the risk of price movement. Bitcoin and others are all fungible and instantly transmittable so this functionality is built into their operation by design.

    Central Banks can be said to create an illusion of stability but really their job is to create trust. Money is, after all, a concept wholly owned by the imagination of human beings. It isn't something physical like gravity or the speed of light constant. In the beginning we had slaves carrying gold bars – Independence plus Trust on the Venn diagram: the trust was gold is physical so it cannot be counterfeited. Nation-states operated gold currencies well into the 20th century, and that operated in distributed agricultural societies quite well, until the shock occured: the stock market crash in 1929 which led to a 3-year bank run (this was a currency failure even though the "stock market crash" makes all the news). In 1933 it became illegal to own gold effectively ending the gold standard and creating a fiat currency based on trust that began substituting federal reserve notes for gold notes. It wasn't known if this system would succeed (in the same way it is not known if crypto will succeed now), but it did, and by the 1970's Nixon formally ended what was effectively already dead taking the country off the gold standard effectively. The world is currrently effectively a collection of nation-state fiat currencies.

    As the economy shifted from an agrarian society to a mechanized manufacturing society, the currency shifted from a gold standard, currently worth $7.7T to a real estate backed, government-debt fiat system that allowed for a much larger universe of currency (currently worth $215T) of which the gold currency system is now a wholly owned subsidiary. In the Venn diagram, fiat currency is the Control and Trust circles' intersection. The Fed/CB's create currency that is enforced by laws. There is no longer need to trust physical gold, and that's the real genius of the system, centralized control. 

    In the 1980's this system started to strain because the value creation was beginning to shift again from post-manufacturing to the Knowledge Economy. In this new economy, knowledge is no longer power, it is also value. This system cannot be measured in the gov't-debt RE backed currency paradigm because the new valuation is larger than the previous universe, in the same way the real estate system that allowed the manufacturing revolution was larger than the gold based system. There is no way to describe this new valuation using the old definition. It's like going to the edge of the universe in your rocket ship and sticking your hand out to feel what's on the other side. There's no such thing.  

    Bitcoin launched in 2009 was not a currency per se, it's a system of trust. The Venn diagram completion here is the intersection of Control and Independence which is tidy when filled in by the internet (anyone can use it but everyone using it goes to they get the same page to load so there is a control infrastucture to it). The internet itself was not a currency because it didn't have a system of trust which the blockchain software protocol was able to achieve. Bitcoin is the triplicate overlapping center of the Venn diagramm – Control, Independence and Trust. 

    But we can't desribe this new ecnomic-currency paradigm in the old definition: how do we know it's real without looking in hindsight? This is where you see it's effects, like 90% of the universe is dark matter but we can't see it or describe it, we know it's there: why do interest rates keep going down as governments worldwide create more debt? Nobody can answer this question! After the 2008 mortgage meltdown (which also could've been a currency crisis — we value our currency in real estate!), which was weird it wasn't worse, right? We all thought "here comes the gov't debt" and creating bonds out fo the ether creates supply and somehow, somewehere there was this shadow demand that buys these bonds so voraciously that in some cases yields are negative (WTF!?!?!). But what if there's an economy valution system that's larger than the current economy currency system? Well then all of these weird effects (like your FAKE FAKE FAKE oil contracts) start to make sense – your oil contracts are being absorbed like gov't debt – 10 "dollars" for 1, by the "dark matter" in the Knowledge Economy universe that cannot be described by the constraints of today's RE/Gov't debt backed fiat currency.

    This should get people's attention because we don't know what size this new economy really is. The derivative ecnonomy can be used to approximate it perhaps, and in my favorite graphic linked above suggests $500T to $1.2Q. But what if it's 10 times that? So that's my thesis on why crypto's can enter the year at $20B in valution and create no value at all whatsoever and be worth $220B 11 months later. That's sort of shocking in itself, amirite? and it can possible be answeered beyond tlaks of bubbles and tulip bulbs if you want to put it through my prism. I could end up being really wrong but so far I've been right. 

    Cryptos have the ability to approxmiate that valuation because Crypto's Are Knowledge. They are literally a trust based construct to represent knowledge. They simply eliminate the inefficient nation-state fiat system of trust and represent the value of the human brain (remember, all of currency is a human base theoretical construct). Cryptos represent the value of a particular social network, defined at the high level, simply by the people who use it. They have these weird, new idosyncracies for example they are open source, so anyone can create one but that doesn't mean it has value just because it exists. It has value once people use it and the self-realizing effect of valuation occurs naturally.There's a weird and enlihgtening purity to this concept (maybe why some people get "religious" about Bitcoin? ha). 

    Governments have skin in the power-and-control game but this is largely inevitable because govenrments are made of people and in the US every 2 to 4 years we go vote and toss'em if we don't like them and that's the most peaceful way but even Tzar Nicholos III eventually got "tossed," so there are other ways… The point being if it's inevtiable then what you are describing by saying "gvoernmetns will ban it" is the friction but not the result, when it comes to adoption, which has no ability to be stopped.

  29. Sorry, lost my comments (they were brilliant).

    Time for the webinar. 

  30. Webinar time

  31. Phil, do you have a preference for a TZA or SQQQ hedge?  I saw your new position for SQQQ.  What would be a new one for TZA?  Thanks.

  32. Bio/Cryptos – not smart enough to grasp all the concepts and nuances you elaborated upon above but very well written and I for one do thank you for taking the time to continue to attempt to enlighten us all about something that may grow to impact us all in many more ways than just financial!!!

  33. Hey thanks airvine – I VOW TO BE NICER ABOUT IT. I was kinda bratty before. Also, I'll be in Vegas on Sat. Dec 16th – I'm not averse to renting a small conference room and I'll go over everything from their to trading to Q&A because this space is friggn' tough to get your head around (so let me do it for you). If any one has interest let's figure it out in here. Best, BDC.

  34. *theory (above) not "their". Anyone think Apple's new auto-correct is overly aggressive? sheesh

  35. thanks BDC

  36. Well I did extensive re-answering of questions in the Webinar, I hope Albo, Taihu and Stock were able to listen. 

    Meanwhile, no collapse but no real recovery.  We ran the numbers on /ES and they turn out to be the 12.5% (2,475) to the 17.5% (2,585) is the dominant range and that means 22-point weak retrace to 2,563 and 44-point strong retrace to 2,541 are the lines we're watching.  

    So if 2,563 holds up, that's bullish as it's just a weak retrace.  If not, we'll likely see 2,541 tested before going higher.

    Hedge/Taihu – I'd say TZA because it's not that likely that AAPL pulls back too much without buyers stepping in and that will support the Nasdaq.

    Auto-correct/BDC – I don't know where they come up with those words sometimes.  Meanwhile, loved the overview and I wasn't criticizing the concept, just the short (10 yr) time-frame it would take to happen.  My issue with the overall concept is, of course, that Governments will shut it all down rather than lose their money-printing franchise.  If IBM had an army and was able to march on Silicon Valley in the 80s – we'd all still be putting in requests for mainframe time.  

  37. The Roy Moore Mess

  38. BDC – "why do interest rates keep going down as governments worldwide create more debt? Nobody can answer this question!"

    Nice rant. I think I answered that one the other day in this forum.  In any event, that same question, 2008, ZIRP, NIRP, in two words, liquidity preferences, forced or otherwise, and a dearth or surfeit of.  Answered countless times in countless missives, if one reads them.  This explains the rest of the "mystery" in under a minute. Time for my IV and Out.

  39. Three Years In, Modi Remains Very Popular

  40. Mitch McConnell caught taking millions of dollars from Russian oligarch

  41. This Week in Petroleum

  42. Trump is spinning his Asia trip.  Such a strange thing, never see a President summarize his trip like this – it's like a kid telling the class how he spent his summer vacation.  He keeps swigging water too.  Had his teeth whitened.  

    Indexes ticking down a bit, /ES 2,562.5 – gotta love the 5% Rule!  

    Oil really flatlining.  Will be an interesting next two days.  

    I'm thinking $52.50.  If it wasn't for the holidays, I'd play it. 

  43. Wow, NDX 12 point spike in the last minute of trading… talk about a stick close!

  44. Not in IWM. I was out, what did I miss?

  45. Crypto/BDC- nice exposition. you have the beginnings of a NYT bestseller there.

  46. PSEC/albo – been ugly holding this, but looks like support has been moving back in since earnings.

  47. I see FTR closed at 6.66 …ominous 

  48. Scott/Albo/PSEC

    I got disgusted and starting covering it to get out even but still  have some to keep.  Wouldn't have minded if wasn't being hit on a few others but what can you do. 

  49. LB down 3% AH but still miles in the money.  Beat on sales- met eps and Iguiding conservative in-line with consensus for next quarter.  Same stores sales getting less negative steadily.  

  50. Amid global electric-car buzz, Toyota bullish on hydrogen

  51. Koch Brothers Said to Back Time Inc. Deal Talks With Meredith

  52. This group thinks Trump hasn’t done enough to unravel environmental rules

  53. 3 Changes Retailers Need to Make to Survive

  54. Republicans are risking the entire 2018 election on this tax bill

  55. What Donald Trump’s UCLA tweet reveals about him

  56. Good morning!  

    $300M/Scott – That was last week, unless it's another one.  Oh, LOL, it was an accident while "fixing" the bug that let hackers steal $32M – so the cure was worse than the disease!  

    On Tuesday Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left a second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet.

    The user, “devops199”, triggered the flaw apparently by accident. When they realised what they had done, they attempted to undo the damage by deleting the code which had transferred ownership of the funds. Rather than returning the money, however, that simply locked all the funds in those multisignature wallets permanently, with no way to access them.

    Effectively, a user accidentally stole hundreds of wallets simultaneously, and then set them on fire in a panic while trying to give them back.

    Indexes bouncing back, 2,585 is the 17.5% line on /ES and certainly back to bullish above that – if we get there.

    Oil rolled over on TOS so be careful, /CLF8 (Jan) is $55.46, /CLZ7 (Dec) is $55.27, both losing ground since yesterday's close.  

    They dumped a ton of contracts yesterday, so a lot less pressure than there was.  By no means an easy bet. 

    Click for
    Current Session Prior Day Opt's
    Open High Low Last Time Set Chg Vol Set Op Int
    Dec'17 55.30 55.48 55.15 55.28 07:17
    Nov 16


    -0.05 34360 55.33 171511 Call Put
    Jan'18 55.51 55.69 55.35 55.49 07:17
    Nov 16


    -0.03 70857 55.52 565875 Call Put
    Feb'18 55.63 55.83 55.49 55.63 07:17
    Nov 16


    -0.03 7798 55.66 186234 Call Put
    Mar'18 55.79 55.94 55.62 55.75 07:17
    Nov 16


    -0.04 4893 55.79 289008 Call Put
    Apr'18 55.82 56.01 55.71 55.81 07:17
    Nov 16


    -0.06 3493 55.87 131753 Call Put
    May'18 55.90 55.98 55.72 55.78 07:17
    Nov 16


    -0.08 2085 55.86 99981 Call Put
    Jun'18 55.76 55.87 55.59 55.66 07:17
    Nov 16


    -0.10 3627 55.76 235654 Call Put

    LB/Learner – Healthy pullback and we knew they'd be rejected at $50 anyway.  We were expecting $45 to hold, now we'll see.  

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