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TGIF – A Nothing Week in the Markets Dribbles to a Close

What a waste!

It's a low-volume pre-holiday week but it looks like we could have taken the whole thing off as we're drifting back to 2,712 on the S&P, which is right where we closed last Friday and not too far off the Friday before that either.  As I've been saying for the past two weeks, I don't think we're consolidating for a move over our strong bounce line at 2,728 – I think we're simply in a prolonged fail of that level and that means we'll be heading back to the S&P's 20% line at 2,640.

That's still 10% over the fair value for the S&P (we raised it 10% due to tax cuts – even though the tax cuts are ultimately bad for the broad economy).  Speaking of fair value, oil is realizing a bit of its fair value and has fallen 2.5%, back below the $69 and that's going to be great for Wednesday's Live Trading Webinar play on the Ultra-Short Oil ETF (SCO) where we picked up the June $14/17 bull call spread for net $1.45.

That put our break-even at $15.45 and today SCO will be well over $16 for a 40%+ gain in 2 days - you're welcome!  We didnt play the oil Futures (/CL) because it was too iffy with the holiday weekend and the Global tensions but putting, for example, $1,450 into the spread limits your loss to no more than $1,450 and it's very unlikely we wouldn't be able to stop out below $1,000 if it went the wrong way, going the right way, we will be making $1.55 (106%) in 60 days on a trade that requires no margin at all (so it's good for IRAs). 

Gasoline (/RB) has fallen to $2.19 and I like those Futures long off that line (with tight stops below) as I expect a pop back to $2.20 at least today as "THEY" try to jam prices up at the pump into the holiday weekend.  Natural Gas (/NG), on the other hand, is testing the $3 mark (we're long). 

What's taking oil down today (aside from basic fundamentals) is a report that OPEC and Russia are talking about increasing production by 1Mb/d at the June meeting to offset the declining production in Venezuela as well as potential Iran issues.  The Saudi Energy Minister, Khalid Al-Falih said that "the pace of oil demand growth is not sustainable" while the Kingdom has about 2Mb/d of spare capacity.   I guess they were short!  

If you go back our Webinar on the 16th, lack of real demand and spare production capacity were the exact reasons we initiated the SCO spread in the first place.  This stuff is not complicated folks, we just pay attention to what's really going on….

 What's really going on now is it's Friday and I'm at a wedding so we'll call it a post.

Enjoy the holiday weekend, 

- Phil

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  1. Good morning,

    NAK/Phil- getting wrecked this morning.

  2. ~~President Trump speaking to reporters says that dialogue with North Korea has reopened and U.S. is talking again; suggests that June 12 summit could still happen.  

  3. Phil/FTR -

    Any suggestions for a new trade on FTR given the recent pullback?

  4. CTL – Now yielding in excess of 11.5%. 

    ~~MONROE, La., May 23, 2018 /PRNewswire/ — CenturyLink, Inc. (NYSE: CTL) today announced that its Board of Directors voted to declare a regular quarterly cash dividend of $0.54 per share, which will be payable on June 15, 2018, to shareholders of record on June 4, 2018.


  5. Good Morning.

  6. Good morning!

    NAK/Dave – Yeah, they were supposed to be going into a partnership that put $150M into the project and it just blew up but no details as to why.  Could be because they got a better offer or could be because the partner decided the project wasn't worth it in the end.  

    NoKo/Albo – Not even worth paying attention to these things until they actually happen.

    FTR/Jeff – Nothing wrong with the OOP play, still about even:

    FTR Frontier Comms. Corp. 1500 1/2/2018 143 $10,725 $7.15 $0.58 $7.15     $7.73 $-0.02 $870 8.1% $11,595
    Short Call 2020 17-JAN 8.00 CALL [FTR @ $7.73 $-0.02] -15 1/3/2018 (602) $-1,875 $1.25 $1.25     $2.50 $0.30 $-1,875 -100.0% $-3,750
    Short Put 2020 17-JAN 8.00 PUT [FTR @ $7.73 $-0.02] -15 1/3/2018 (602) $-6,000 $4.00 $-0.60     $3.40 $0.10 $900 15.0% $-5,100

    Gold (/YG) back over $1,300 so that's the stop on the final play from last week's webinar to turn positive.

  7. Macron is at a conference in Russia saying that you can't make deals with the US because they have such drastic changes in policy every 4 years.  Putin is sitting there laughing his ass off.

  8. QUIK / Albo – I got in at 2, is this a DD opportunity or just wait and ride-it-out?

  9. Interested if some one followed my armchair trade 5/23 on CLX 2.70 up today!!!!!

  10. Mrmocha – I bought more.  The dilution is painful but doesn't change the outlook, which I feel is very positive. 

  11. If you look at Yahoo Finance, they are projecting a 50% revenue increase this year and almost double that next year.  The company has said that they expect to exceed that 50% number.

    Granted it's from a very small base.  It's obviously a long term holding with, what I believe is, a bright future.

    Still very speculative, and my holding period keeps getting stretched out, but I'm still in my over weighted position.

  12. CLX/Yodi, I am with you on CLX

  13. QCOM and AVGO moving up nicely.

    STJ, I'm glad I didn't cover any QCOM.  The Jan 65 calls just traded at $2.75.  Tempting.

  14. Albo – On track…  Once again, these calls roll nicely to the Jan 20 75 so very little risk in covering right now. I like them but $75 seems rich to me so that would be the escape plan. And you might be able to make a couple of buck buying them back when we bomb NoKo and the market tanks :-)

  15. Wow – ROFLMAO:

    President Donald Trump on Friday told the graduating class of Naval Academy students that the U.S. military is “respected again” under his leadership.

    “You are now leaders of the most power and righteous forces on the face of the planet, the United States Military,” he said. “We are respected again, I can tell you that. We are respected again. A lot of things have happened, we’re respected again.”

    He means that we are a laughingstock!

  16. CLX/Yodi – Good call!

    • Crude oil prices are slammed by reports that Saudi Arabia and Russia are hammering out terms of a deal to jointly increase oil production by as much as 1M bbl/day; WTI -3.2% at $68.45/bbl, Brent -2.5% at $76.77/bbl.
    • Russian Energy Minister Novak met with his Saudi counterpart, Khalid al-Falih, in St. Petersburg to discuss the deal, with Novak saying "the moment is coming when we should consider assessing ways to exit the deal very seriously and gradually ease quotas on output cuts."
    • Energy stocks are sharply lower for the second straight day: XOM -2%CVX -3.1%RDS.B-2.4%BP -2.9%COP -5.4%APA -4.6%APC -3.4%DVN -4.4%EOG -3.1%PXD -2.9%SLB -3.4%HAL -4.6%WFT -7.7%BHGE -3.9%NOV -3.4%VLO -2.8%MPC -2.6%ANDV-2.2%PSX -3%CHK -6.1%.
    • Federal Reserve Chairman Jerome H. Powell spoke at Sweden's Riksbank anniversary conference today about how the world's central banks need to focus on transparency and accountability as technology and communications rapidly advances . Here are some notable quotes:
    • "There is every reason to expect that technology and communications will continue to rapidly evolve, and to affect the financial system and financial stability in ways that we cannot fully anticipate. "
    • "While future innovations may well improve the delivery of financial services and make the system stronger, they may also contain the seeds of potential future systemic vulnerabilities."
    • "We will need to keep up with the pace of innovation, which will doubtless require changes to our approach to financial stability."
    • "We will continue to strive to find better ways to enhance transparency around our approach to preserving financial stability. Efforts to engage with the public??including consumer groups, academics, and the financial sector??are likely to lead to improved policies."
    • Source: Speech
    • Previously: Stocks turn around after Fed signals gradual path in raising rates (May 23)
    • NXP Semiconductors (NASDAQ:NXPI) is among the companies surging on a Fox Business report that the US has reached a tentative deal with China on ZTE.
    • Eased US-China relations makes it more likely that Qualcomm’s (NASDAQ:QCOM) acquisition of NXP will win Chinese antitrust approval.
    • NXP shares are up 2.4% to $114.21. 
    • Qualcomm shares are up 0.5% to $59.39.   
    • With Europe's tougher data-privacy regulations taking effect today, Austrian privacy activist Max Schrems is suing Instagram (FB -0.3%) in Belgium, saying it "forced the consent" of users to the new policy.
    • The new regulations are supposed to give users a free choice on whether they consent or not to use of user data, Schrems told Belgium's Le Soir.
    • Schrems lost a bid in January to organize a class action against Facebook at the European Court of Justice; he was pressing for the chance to act on behalf of a class of 25,000 users, for whom he was seeking €500 each.
    • Le Soir story (French)
    • May Consumer Sentiment98.0 vs. 99.0 consensus and 98.8 prior.
    • Current economic conditions 111.8 vs. 114.9 prior.
    • Index of consumer expectations 89.1 vs. 88.4 prior.
    • Inflation expectation: 2.6% vs. 2.9% prior
    • We might have expected the bid for Treasurys to vanish after the president this morning said the June 12 summit with North Korea "could" still happen. But troubles in the EU periphery have yields falling in Western Europe and the U.S.
    • Spain is driving the narrative today, with the future of PM Rajoy in doubt and corruption convictions for former officials in his ruling party. Spanish stocks are  down 2.1%, and the 10-year yield is up eight basis points to 1.48%. Italian shares are off 1.4%, and its 10-year yield is up 14 basis points to 2.54%.
    • The German 10-year Bund yield is down 8.5 basis points to 0.39%, and the 10-year U.S. Treasury is lower by 5.5 basis points to 2.92%. TLT +0.8%TBT -1.6%.
    • Investors' increased appetite for repackaged corporate loans, known as collateralized loan obligations, are allowing money managers that put them together to sell off pieces of CLOs that by law they previously had to hang on to, Bloomberg reports.
    • CLOs have been seen as relatively safe, offering protection against rising interest rates and against losses if loans default. They performed fairly well during last decade's financial crisis.
    • The high demand for CLOs helps companies get attractive financing, “but it also means a lot of CLOs have been stuffed with weaker credits," says Michael Temple, Amundi Pioneer's director of U.S. credit research. "A downturn, if and when that happens, will uncover these weaknesses.”
    • An appeals court decision in February ruled that risk retention rules don't apply to CLOs. Risk retention rules, meant to prevent a replay of the 2008 financial crisis, forces companies that package certain securities to hold onto some of them, thereby sharing in the risk of the securities that they're selling.
    • Previously: Leveraged loans' popularity may lead to increased risks for money managers (May 11)
    • Tesla (NASDAQ:TSLA) struck a deal to settle its class action lawsuit filed by six Model S and Model X owners over allegations that the Autopilot system was unreliable and potentially dangerous, according to Reuters.
    • U.S. regulators are still assessing the effectiveness of the Tesla Autopilot system.
    • Financial terms of the settlement weren't disclosed.
    • Shares of Tesla are down 0.39% to $276.76 in early trading.
    • Toronto-based investment shop Eight Capital is bullish on M&A activity in the marijuana space. Analyst Graeme Kreindler says the deal pace should ramp up considerably since the cannabis industry is in its infancy.
    • Aphria (OTCQB:APHQF), Aurora Cannabis (OTCQX:ACBFF) and Hydropothecary (OTC:HYYDF) are most likely to attract outside investment, possibly from an alcohol, tobacco or pharmaceutical company.
    • Fiat Chrysler Automobiles (NYSE:FCAUrecalls 4.8M vehicles due to a potential defect with the cruise control function.
    • The recall action covers Jeep, Ram, Chrysler and Dodge models built between 2014 and 2018.
    • Drivers are warned by the automaker to stop using the cruise control function immediately due to the risk that it can't be turned off.
    • Antitrust officials from China’s Anti-Monopoly Bureau of Ministry of Commerce met with Micron Technology (NASDAQ:MU) yesterday to “express concerns” about continued price increases for PC DRAM products.
    • The report comes from TrendForce’s DRAMeXchange.
    • China is the largest importer of memory products and thus is more vulnerable to DRAM price shifts. China has worked to build up its domestic DRAM and NAND Flash industries and that’s likely to ramp with the continued trade tensions with the US.
    • Samsung (OTC:SSNNFOTC:SSNLF), SK Hynix (OTC:HXSCFOTC:HXSCL), and Micron hold 44.9%, 27.9%, and 22.6% of the DRAM market.
    • Micron shares are down 1.6% premarket to $61.49.  
    • Previously: Micron still trading higher on analyst day, $10B share repurchase (May 24)
    • GDP grew by 1.2% Y/Y in the quarter, unchanged from the preliminary estimate and in line with expectations.
    • GDP growth of 0.1% M/M in 1Q18, in-line with estimates.
    • 1Q18 business investment revised down to annual growth of 2.0% from the prior 2.6%.
    • On a quarterly basis, business investment contracted 0.2%, compared to the 0.3% growth initially estimated.
    • In a note, Goldman Sachs' Terence Flynn (Sell/$81) says Celgene (NASDAQ:CELG) "needs to deliver" on a number of upcoming data readouts to de-risk future revenue to replace Revlimid and re-establish investor confidence in its capital allocation.
    • Key catalysts: luspatercept data mid-year, JCAR17 data in H2, Phase 1 data on bb2121 at ASCO in early June.
    • Data on pipeline candidates CC-220 and CC-92480, next-generation drugs for Revlimid and Pomalyst, may be presented at ASH in December.
    • Leerink's Geoffrey Porges (Outperform/$115) notes that investor concerns with the company's revenue in myeloma is the main reason for the continued erosion in share value.
    • Political uncertainty in Italy over the past couple or weeks has fed the rout in government bonds for the EU peripheral countries (namely Italy, Spain to an extent), but growing calls to removeSpanish PM Mariano Rajoy are doing the trick today.
    • At issue are the corruption-related convictions of a number of former officials of Rajoy's ruling party. The centrist Ciudadanos party today indicated it will back a no-confidence vote in Rajoy unless he calls a snap election.
    • "Rajoy’s chances of completing his term are minimal, it’s a matter of timing now,” says Oxford Economics' Angel Talvera.
    • Most of Europe is in the green, but Spain's IBEX 35 has tumbled 2% and Italy's MIB 1%. Government bond yields are lower in Germany and the U.K., but Spain's 10-year yield is up 7 basis points to 1.47%, and Italy's 7.5 basis points to 2.476%.
    • Checking the Spanish banks, Santander (NYSE:SAN) and BBVA are both down more than 4% premarket.
    • April Durable Goods: -1.7% vs. -1.2% expected, +2.7% (revised from +2.6%) prior.
    • Core durable goods: +1.0% vs. +0.7% expected, -0.9% (revised from -0.1%) prior.
    • Gap (NYSE:GPS) CEO Art Peck explained on yesterday's conference call that the retailer took the short term pain of clearing inventory in Q1.
    • "If you have too much inventory or the wrong inventory, holding on to it does not make it better," he said.
    • Peck and team maintain that the retailer was on trend with its apparel assortment and that it was properly assorted in stores, but operational issues held back its performance.
    • "The root cause of the challenges is not significant product acceptance issues, but rather operational miss steps around timing of inventory received, breath of the assortment and lack of gaps in some categories," clarified CFO Teri List-Stoll.
    • Gap execs said they "feel good" about the start to Q2.
    • Gap earnings call transcript
    • Shares of Gap are down 7.74% in premarket trading.


    • Foot Locker (NYSE:FL) reports comparable-store sales down 2.8% in Q1.
    • Excluding the effect of foreign currency fluctuations, sales decreased 1.5%.
    • Gross margin rate squeezed 110 bps to 32.9%.
    • SG&A expense rate grew 50 bps to 19%.
    • Merchandise inventories dropped 5.4% Y/Y to $1.21B.
    • Store count -70 Y/Y to 3,284.
    • "The flow of premium product continues to improve, with increasing breadth and depth in the most sought after styles from our key vendors," said Richard Johnson, Chairman and Chief Executive Officer.  "This led to first quarter results which were above our expectations.  With the strength of our strategic vendor partnerships and our central position in youth culture, we continue to believe that we are poised to inflect to positive comparable-store sales growth as we progress through the year."
    • FL +12.52% premarket.


    Have You Noticed That Many Dividend Stocks Are Finally In A Bear Market? 

    • Previously: Amazon responds to report of Echo sending recorded conversation (May 24)
    • Amazon (NASDAQ:AMZN) explains what happened when a family's Echo recorded their conversation and sent it to a contact.
    • Amazon statement to Seeking Alpha: “Echo woke up due to a word in background conversation sounding like “Alexa.” Then, the subsequent conversation was heard as a “send message” request. At which point, Alexa said out loud “To whom?” At which point, the background conversation was interpreted as a name in the customer’s contact list. Alexa then asked out loud, “[contact name], right?” Alexa then interpreted background conversation as “right”. As unlikely as this string of events is, we are evaluating options to make this case even less likely.”
    • Amazon shares are up 0.4% premarket to $1,608.75.

  17. QUIK / Albo – thanks, I bot enough NOV 1/2 call spreads at .30 to DD if it's over 1.30 by then.

  18. MM – Good strategy.  In addition to buying more stock, I also sold 60 Nov $1 puts at .20, for a $.80 entry.

  19. /RB- wow?

  20. Homebuilders showing some life today.

  21. /RB / Ravi – stay clear, I keep buying the dip as I can't believe they are going into the holiday down here, but I get stopped out every time, bad strategy.

  22. Thx mrmocha. 

  23. I’ve still got some /RB at 2.186. This is definitely a good effort to flush folks out

  24. Jeff, bold move, my fourth try was at 2.175 but this time I didn't put in a stop, I'm too curious to see how the day ends, one would expect a massive stick.

  25. /RB got worse, not better.   One hour to NYMEX close at $2.17 is worth another long toss but still tight stops below.

    /RB/Jeff – My plan was to short into the holiday but I really thought we'd be closer to $2.25, I don't think they'll recover next week – I'm just betting on the manipulation today.

    I just got back from going to 4 places in Albuquerque trying to get something notarized.  Hotel doesn't have a notary "anymore" (Marriott), Bank (BAC) would not do it because Florida document wasn't in their New Mexico-approved format, first UPS store did not have a notary but 2nd one did have a notary we were able to bully into stamping it – even though it didn't have the state-approved format nor a big giant arrow that says "Notarize Here" so he was dubious that the big empty space left by Florida would be legally acceptable.  We told him we were willing to risk it.  Jeeze!  

  26. Agree. I’d be shocked if they didn’t push it up into the close, it’s not for everyone because this could be the time they don’t. But, I like the odds. I’ve adopted Phil’s strategy of scaling in and out, so trying to be patient with this one as usual. If I hit my max loss for the day I’ll stop out and look at things again. 

  27. Phil / NG


    You said are long in NG which is your expectative?

  28. Should be selling off into the three day weekend but the traders may already have left for the Hamptons..

  29. Some good moves today! 

    Dumb question – am I correct that I can convert a short notes position into a yield curve steepener by adding some long /ZT? Anyone have any indicators that they look at for this sort of thing other than a pairs chart?

  30. Getting a little something out of /RB but not much.  

    Expecatives/Advill – I try to always have a couple of /NGV8s in case it really pops, expectorating $3.50 at some point this year or next so I always like to buy near $2.50 in hopes of catching another big one like we had in Feb.

  31. Phil:  I believe that you decided to retain the HMNY calls, but did you close out the short puts?  About .30 can be salvaged on the $5 short puts.  Or do you think it is worth the gamble that some kind of financing will be found?  Are you adding stock at this level (.41) just in case the company survives?  Thanks.

  32. my ignore list grew by one today.

  33. /ZT/Atitlan – That's a very dangerous contract.  Just today it went from 106.010 to 106.042 about $250 per contract on that tiny move.  So sure, you can work out a balance but very hard to get things to line up.

    HMNY/John – Yes, we still have the short puts and fortunately they still have enough premium not to get assigned – so far.  I'm not adding to our already big position at the moment but I expect to do so when we finally get a proper bottom.  For example, the OOP has 50 $1 calls at 0.58 and 35 short $2.50 puts at $1.65 so net $0.85 on 3,500 and another net 0.40 loss on the calls means we "own" 3,500 for net $1.25 so if we convert those to stock (net $1.25) and add 6,500 more at 0.40 ($2,600), we're in 10,000 at 0.6975 ($6,975) and down $2,975 at 0.40 – I can live with that and even buy another 10,000 at 0.20 for $2,000 more to drop our average to about 0.35.

    No strength into the close so far.  Not even oil or gasoline.  

  34. Party poopers:

    High global corporate debt load sets stage for defaults: Moody's

    • A record number of highly leveraged non-financial companies worldwide likely will lead to a wave of defaults when the next period of broad economic stress occurs, according to a new report from Moody's Investors Service.
    • Even though the speculative-grade default rate remains low now, the non-financial corporate debt burden is now higher than the peak before the 2008-'09 financial crisis.
    • Companies with speculative-grade credit ratings now account for about 60% of all non-financial companies, Moody's says. Meanwhile, a majority of investment-grade companies are rated Baa, the lowest rung that's still considered investment grade.
    • The opportunity to borrow at low cost for mergers and acquisitions and to return capital to shareholders via dividends or share repurchases has proved irresistible for some investment-grade firms, leading some to adopt financial policy objectives that have led to lower ratings," says Mariarosa Verde, senior credit officer and author of the report.
    • Speculative-grade companies have about $3.7 trillion in rated debt outstanding, with B1 or lower rated debt accounting for about $2 trillion of this total, according to the credit ratings company.
    • Source: Press release.

    Japan's 2017 external assets fall, still biggest creditor nation

    • Japan's net external assets fell for a third straight year in 2017 to ¥328T as rises in gross overseas debt outpaced asset gains, though the country remained the biggest creditor nation for the 27th straight year.
    • Japan's gross external assets rose 2.7 percent to a record ¥1,012T as the increase in Japanese direct investment overseas and foreign stock investment more than offset drops in the appraised yen value of foreign currency-denominated assets.
    • The external debt grew 5.2% to ¥684T due to increased acquisitions of Japanese bonds by foreign investors and rises in Japanese share prices

    Brazil authorizes military to clear trucker protest; shares extend losses

    • Brazil's Pres. Temer has ordered the army to clear highways clogged by the continuing truckers strike that has disrupted food and fuel supplies throughout the country.
    • The government announced last night that it had reached a 15-day truce with the truckers in exchange for the elimination of a federal fuel tax and a diesel price freeze for at least 30 days, but Temer said a "radical minority" of truckers had not returned to work, prompting his decision.
    • No trucks reportedly have been able to enter the Santos port, halting soy exports, meat group ABPA said 152 poultry and pork processing plants had indefinitely suspended production, and gas stations ran out of fuel across the country.
    • Among major Brazilian shares in U.S. trading: CIG -3.8%VALE -3%BBD -2.9%ITUB-1.9%BSBR -1.7%EBR -1.6%PBR -1.4%VIV -0.5%.

    Total U.S. rig count surges by 13; oil rigs add 15 to highest since March 2015

    • The total U.S. rig count surges by 13 to 1,059 after gaining just one a week ago, according to the latest weekly survey from Baker Hughes.
    • Oil rigs jumped by 15 to 859, the highest since March 2015, while gas rigs fell by 2 to 198 and two rigs remained classified as miscellaneous.
    • Crude oil prices have been tanking today as Saudi Arabia and Russia appear to near an agreement to increase production; WTI now -4.2% to $67.74/bbl.

    Judge wants more info from big oil companies in climate change lawsuits

    • A federal judge yesterday said he needed more information before deciding whether to dismiss lawsuits by the cities of San Francisco and Oakland alleging that Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Royal Dutch Shell (RDS.ARDS.B), BP and ConocoPhillips (NYSE:COP) should pay to protect residents from the impacts of climate change.
    • The judge also wants the companies to produce additional material backing up claims that they should not be a part of the case because the court lacked jurisdiction over them.
    • The judge cited the beneficial role oil and gas production had played in the development of the U.S. but also said he remained open to the idea that some damages may have to be paid considering the potential harm of climate change.

    uters poll: Near one-in-three chance of U.S. recession in next two years

    • Reuters poll of economists expects nearly a one-in-three chance of a U.S. recession in the next two years citing concerns about an already-old business cycle, as well as rising interest rates and barriers to trade.
    • The U.S. economy is expected to average 2.8% in 2018, 2.5% in 2019 and 1.8% in 2020.
    • When asked about the likelihood of a U.S. recession over the next two year, the probability doubled to 31.0% with the most pessimistic call at 70%.
    • "The risk of a recession really picks up after a year, or sometime in 2020 because that is when you start to see the fiscal stimulus start to fade," said Joseph Song, senior U.S. economist at BofAML.

    GDPNow trims Q2 growth view on weaker existing-home sales

    • The Atlanta Fed tracker now sees Q2 real GDP growth at 4.0%, down from 4.1% on May 16.
    • The model cut Q2 real residential investment growth estimate to 1.1% from 5.4% after Thursday's existing-home sales release from the National Association of Realtors.
    • Previously: Existing home sales weaken in April (May 24)

  35. A bit of a stick into the close but not the best-looking week.

    Have a great weekend,

    - Phil

  36. Money market- TOS- anyone know if TOS offers money market other than the auto sweep for cash? 

    I sent an email question to tOS but don't expect an answer til next week . Just curious is any member has info. 

  37. I Can't believe you were in Albuquerque and did not tell me…I would have taken you out for dinner

  38. is there anybody out there??? ;-)

  39. Good morning!

    Sorry, Millard, didn’t know that was where you are.  Was only a quick in and out for a wedding, though – not much time for fun.  

  40. What Comes Next for Italy?

  41. ‘Diamonds Are Forever,’ and Made by Machine

  42. Samsung Electronics: 5G And AI Create A New Cycle