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Monday Market Meltdown – Merkel Mayhem Makes Markets Morose

Wheeeeeee!!!

It's about time our hedges made some money!  As you know, we've remained cautious, even while making money on the long side and, just this weekend, in our June Portfolio Review, I said to our Members:  "I'm still very risk-adverse in this market and yes, we could be making more if we were more aggressive but then again, we could blow it too – and that is what we're trying to avoid."  

We're very well-hedged so a dip like this is simply amusing and it's miles to go before we even get back to the strong bounce line at 2,728, which had been the top of our range since February.  Unless we fall back below that line on the S&P (/ES) this is just a minor pullback and we're still in bullish territory though failing at the 2,800 line (again), which is where we ran into trouble in March before pulling back 200 points (7%).  

7% is right about the pullback we are expecting but we expected it from 2,728 – this move back to 2,800 has been a bonus round so far.  Above the 2,800 line, we have to capitulate and get more bullish – no matter how much we don't trust the rally but that certainly isn't a problem we'll have to deal with today, as we're down around 2,764 so far in the Futures.

If you feel under-hedged, you can use a play similar to the DXD play we gave you in our 6/7 Morning Report, when I said:

That's how hedges are supposed to work – they are insurance policies and keeping our portfolios well-hedged is the only way we can sensibly keep long positions after they've already gained 20% for the year.  

Maybe this is a full-blown 1998/1999 rally but we've got PLENTY of longs so all we're worried about now is whether or not we have enough shorts.  We still like the 7,200 line to short the Nasdaq Futures (/NQ) and 2,780 is a great shorting line on the S&P (/ES) as is 1,680 on the Russell (/ES).  The Dow is simply too silly to short at 25,250 but I wouldn't mind taking another Dow Ultra-Short (DXD) spread like this:

  • Buy 100 DXD July $31 calls for $1.55 ($15,500) 
  • Sell 100 DXD July $32 calls for $1 ($10,000) 
  • Sell 5 DIS 2020 $90 puts for $5 ($5,000) 

That's net $500 cash and $3,112 in ordinary margin on the $10,000 spread that's currently 100% in the money.  Your worst case is you lose $500 and have to buy 500 shares of DIS for $90 ($45,000), which is something we'd love to do (you can subsitute any stock you'd love to own like LBrands (LB) 2020 $30 puts ar $4.20 or IBM 2020 $115 puts at $5).  Essentially, if the Dow is below 25,200 on July 20th (expiration day) – you can cash out the spread for $10,000 with a $9,500 cash profit and, if you want, you can then spend half of your profit to release your obligation on the puts.

DXD did bottom out at $30 (split-adjusted) in late Jan, when the Dow ran up to 26,800 so it's by no means a "safe" bet – but it is a nice hedge and, certainly, if the Dow is busting up to 26,800 – it's not likely DIS is going to tank, so the net of the trade won't be so terrible.  Also, if the Dow does break up hard from here, we simply need to roll the 100 July $31 calls while they still have more than 0.55 in value to salvage that cash and build another spread. 

We'll keep track of this hedge  and adjust as necessary.

Despite the "rally" last week, DXD closed at $32.23 on Friday and the July $31/32 spead is now $1.55/1.00 so net 0.55 is right where we started but DXD is in the money, so still good for a hedge and the DIS 2020 $90 puts are now $3.50 ($3,500) so the trade is now net $2,000 for a $1,500 (300%) overall profit so far – even before the market pulled back.  See how easy it is to protect your portfolio!  Keep in mind, even at net $2,000, this is still a $10,000 spread – so still a lot of room to run.

This sell off is not just about the Trade War – we already knew China was retaliating by 2:30 on Friday and that didn't get much of a reaction.  Today it's more about Angela Merkel possibly being voted out in Germany and it's her party that's been holding the fragile European Union together.  It's possible our markets will begin to recover at 11:30, when the EU markets close, they are down twice as much as we are this morning – we'll have to wait and see.

MONDAY, JUNE 11
11 am Survey of consumer expectations        
TUESDAY, JUNE 12
6 am NFIB small-business index May 107.8 -- 104.8
8:30 am Consumer price index May 0.2% 0.2% 0.2%
8:30 am Core CPI May 0.2% 0.2% 0.1%
2 pm Federal budget May -$147 bln -- -$88bln
WEDNESDAY, JUNE 13
8:30 am Producer price index May 0.5% 0.3% 0.1%
2 pm FOMC announcement   1.75%-2% 1.75-2% 1.5-1.75%
2:30 pm Jerome Powell press conference        
THURSDAY, JUNE 14
8:30 am Weekly jobless claims 6/9 218,000 225,000 222,000
8:30 am Retail sales May 0.8% 0.4% 0.4%
8:30 am Retail sales ex-autos May 0.9% 0.5% 0.4%
8:30 am Import price index May 0.6% -- 0.6%
10 am Business inventories April 0.3% -- -0.1%
FRIDAY, JUNE 15
8:30 am Empire state index June 25.0 -- 20.1
9:15 am Industrial production May -0.1% 0.1% 0.9%
9:15 am Capacity utilization May 77.9% 77.9% 78.1%
10 am Consumer sentiment index June 99.3 98.5 98.0

 


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  1. Could become interesting soon!


  2. What happened to:

    “Give me your tired, your poor,
    Your huddled masses yearning to breathe free,
    The wretched refuse of your teeming shore.
    Send these, the homeless, tempest-tossed to me,
    I lift my lamp beside the golden door!”


  3. Not surprising:

    https://www.washingtonpost.com/news/wonk/wp/2018/06/15/study-charts-change-hearts-and-minds-better-than-words-do/

    Through survey experiments, Nyhan and Reifler arrived at a surprising answer: charts. “We find that providing participants with graphical information significantly decreases false and unsupported factual beliefs.” Crucially, they show that data presented in graphs and illustrations does a better job of fighting misperceptions than the same information presented in text form.


  4. Chart of the day:


  5. What happened/StJ, the wealthy and their politician henchman no longer need them, best they stay home and ultimately be replaced by AI and robots


  6. Good Morning.


  7. Big Chart – The NYSE was right – keep that in mind next time.  Now we watch the 50 and 200 dmas on the NYSE.  If they fail, we could see some real ugly stuff.

    Tired/StJ – Merkel is having trouble over the same issue, anti-immigration fever is heating up and it's really a blowback from a very uneven distribution of Global Wealth like we had in the 1920s that led to the collapse and the Great Depression.  They too were sick of all the immigrants trying to come to the land of opportunity and stealing jobs, etc…

    Picture

    Image result for anti immigrant 1920s

    Maybe Trump is a good student of history – he knows what worked before…

    Data/StJ – I have been saying that to Congresspeople for years!  Why don't they use more charts to illustrate what they are saying?  

    TV/StJ – What's crazy about that chart is we're not watching less TV but we've ADDED 3 hours of watching the internet!  

    Volume is non-existent so far, this sell-off could reverse very quickly.


  8. IMAX, I have 20 long Sept $18 calls as the short June puts/calls expired worthless. IMAX has been profitable position, please share thoughts on if/how to proceed with position.  Thanks.


  9. Fred Lambert‏Verified account @FredericLambert 19h19 hours ago

    More

    Shorts seem to be freaking out about the assembly line being in a "tent". Can you elaborate on the situation with the line?

    15 replies10 retweets143 likes

    Reply

     15

     

    Retweet

     10

     

     

    Like

     143

    Elon Musk‏Verified account @elonmusk

    FollowFollow @elonmusk

    More

    Replying to @FredericLambert @SwiftOnSecurity

    They have about three weeks before their short position explodes


  10. Dis/Phil- on your portfolio review you mentioned about selling 10 of the July weekly calls, I have the same spread on but when I tried doing that, TOS wants to use up almost 10k+ of my margin. I assume selling the weekly calls quarterly suppose to be “margin free” similarly to what we did with Citi?


  11. Phil / VRX. I have the following position and am getting a bit worried about being called away on the short '20 $22 longs – any adjustments on this?  thanks,  The position below represents about half of what I would be willing to allocate to this position.  

    Long 35X  jan '20 $15 Calls (4.51) now 12.2

    Short 35X Jan '20 $22 Calls (2.52) now 7.7

    Short 20X Jan '20 $17 Puts (2.2)


  12. IMAX/Mike – Summer should be good for them and Incredibles did very well this weekend (I saw it, it was great) and lots more to come though Jurrasic Park may disappoint.  If you want to get serious about the position, I'd roll the Sept $18s ($4.50) to the 2020 $18 ($7)/$25 ($3) bull call spreads at $4 and then sell 1/2 the $20 puts for $2.75 and 1/2 the Aug $23 puts ($1.80) and calls ($1.10) so you take about $3.30 per 1x long off the table and then you have 2 years of premium sales for income ahead of you and still another $7 to collect on the spread if all goes well. 

    Musk/Jabob – I don't know how he gets away with these tweets. Such blatant stock manipulation – there are apparently no laws anymore…  Meanwhile, if the shorts have 3 weeks and it's June 18th, it means he's missing his 6/30 deadline to produce 5,000 cars/week.

    DIS/Dave – That seems a bit extreme for margin.  If you are running an LTP, I assume you have well over $100,000 so you should ask for a Portfolio Margin account, that would lower the margin requirement because it would take the rest of your position into account which is a $22,500 spread and $4,800 worth of short puts against the possible $10,000 loss on the short calls (by their calculations).  

    Of course, if you do have $500K in the LTP, then $10K of margin isn't that awful as we'll usually have less than 40 positions and shouldn't come close to using more than 75% of even ordinary margin.  

    AHB Housing Market Index

    Zillow -3.5% as Goldman cools on online real estate

    • Zillow Group (NASDAQ:Z) is 3.5% lower after a cut to Neutral at Goldman Sachs.
    • Analyst Heath Terry is expecting seasonal underperformance in the sector, and Zillow has already "significantly" outperformed year-to-date (it's up 60.2% in that time frame). Housing and mortgage availability should continue to be tight as well.
    • Terry has a price target of $60, implying 5.1% downside from today's lower price. The firm downgraded Redfin to Sell.

    BIS latest to warn on cryptos

    • Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, according to the Bank for International Settlements.
    • "Not only does this call into question the finality of individual payments, it also means that a cryptocurrency can simply stop functioning, resulting in a complete loss of value," warned the central bank of central banks.
    • Bitcoin -0.1% to $6,437.

    CNBC: Disney expected to add cash to bid for Fox assets

    Iran threatens to veto any OPEC supply increase

    • “We as Iran, and I hear Iraq and Venezuela, are against any increase in OPEC production," Iran’s OPEC representative Hossein Kazempour Ardebili told Bloomberg today. "This requires unanimity. Three OPEC founders are going to stop it."
    • More comments:
    • “Market is well-supplied, and OPEC should abide by its decision up to the end of the year.”
    • “We call upon our brothers in OPEC and Russia that we do not need to appease Trump, who sanctions two OPEC founders and also Russia.”
    • On June 13, President Trump expressed unhappiness with OPEC's inaction to bring oil prices down.

    Tesla investigates as Model S catches fire

    • A tweet and video from actress Mary McCormack over the weekend called attention to her husband's Tesla Model S (NASDAQ:TSLA) that caught fire while he was driving in the Los Angeles area.
    • "No accident, out of the blue, in traffic on Santa Monica Blvd," wrote McCormack, best known from The West Wing and Murder One.
    • In comes after Elon Musk pushed for "radical improvements" in the next two weeks to hit quarterly targets for the Model 3.
    • TSLA -1.3% premarket

    'Floating community' headquarters for DJI

    • Headquarters of the future? Chinese drone giant DJI Innovations (DJI) is designing a "floating community in the sky" for its new home base in Shenzhen, China.
    • The building will feature twin towers connected by a sky bridge that will be used to show off new drone technology.
    • It will also be home to several drone testing labs and a theater for holding formal product launches.

    FDA rejects Valeant's application for psoriasis lotion Duobrii; shares down 5% premarket

    • Valeant Pharmaceuticals (NYSE:VRX) slips 5% premarket on robust volume on the heels of its announcement that it received a CRL from the FDA regarding its marketing application for topical plaque psoriasis med DUOBRII (halobetasol propionate and tazarotene) lotion.
    • The CRL cited questions regarding pharmacokinetic data. No deficiencies in efficacy, safety or CMC processes were noted.
    • The company says it plans to resolve the issue as soon as possible.

    Bear case on Teva weakens further?

    • via Notable Calls
    • Noted bear David Maris from Wells Fargo today upgrades Teva Pharmaceuticals (TEVA-0.1%) to Market Perform.
    • After meeting with CEO Kare Schultz and CFO Mike McClellan, Maris says claims that the new CEO – smart, direct, operationally-focused – is just what the doctor ordered for Teva, appear to be well-founded. "We found him to be forthright and sharp when discussing the issues and answering our questions. The stage seems to be well set for a good narrative in the near-term."
    • Most surprising to Maris was the positive messaging with regards to the generic pricing environment, progress on cost-savings, and the ability to trim expenses without a large impact on business.
    • Teva remains up about 40% from its late-March lows.

    Semi equipment stocks move on Stifel memory push-out note

    • Stifel is out with a note attributing memory push-outs to Samsung (OTC:SSNNFOTC:SSNLF), primarily on the 3D NAND front. The firm lowers its 2018 WFE forecast, but is still tracking toward a record year and has raised the 2019 WFE estimates.
    • Stifel thinks overall supply/demand trends remain healthy and notes that large-cap companies like Applied Materials (AMAT -1.5%), KLA-Tencor (KLAC -1.9%), and Lam Research (LRCX -2.2%) have seen improvements in business models and cash flow generation. 
    • The firm also sees small cap companies benefitting through the ups and downs of the spending environment with MKS Instruments (MKSI -1.8%), Advanced Energy (AEIS-1.5%), Ichor Holdings (ICHR -1.7%), and Ultra Clean (UCTT -0.2%) poised to deliver healthy profits even with a quarter or two of revenue declines. 
    • Price target adjustments: MKS Instruments from $147 to $155, Ichor Holdings from $44 to $48, and Ultra Clean from $27 to $30.  
    • Source: Briefing.com. 
    • Other semiconductor equipment stocks that could move on the note: Applied Materials (AMAT -1.5%),  ASML (ASML -2.6%), Brooks Automation (BRKS -5.8%), AXT (AXTI), Nanometrics (NANO -2.5%), Nova Measuring Instruments (NVMI -1.6%), Axcelis Technologies (ACLS -0.5%), Ambarella (AMBA -1.2%), Universal Display (OLED -2.1%), Synopsys (SNPS -1.4%), and Teradyne (TER -1.5%).

    JP Morgan: Buy Micron ahead of earnings on cloud computing potential

    • J.P. Morgan reiterates its Overweight rating on Micron (NASDAQ:MU) and recommends buying into earnings into earnings on cloud computing potential.
    • Analyst Harlan Sur cites the firm’s recent CIO survey, which suggested cloud computing workloads will quadruple in the next five years. Sur notes that Micron said cloud computing capex would triple by 2021 due to AI market demand. 
    • Sur: “Longer term, the company’s increasing product (DRAM, NAND, NOR) and end-market diversification should dampen revenue/earnings volatility and also position the company to do well in markets (handset) that require multiple types of memory.”
    • Micron will report Q3 earnings on Wednesday. 
    • Price target maintained at $82, a 41% upside to Friday’s close. 
    • Micron shares are down 0.6% to $57.87.

    UBS raises its Nvidia target on facial recognition boom

    • UBS raises its Nvidia (NASDAQ:NVDA) price target from $266 to $285.
    • Analyst Timothy Arcuri cites a China-led facial recognition boom that could provide an additional $5B sales opportunity for Nvidia by 2020.
    • Nvidia’s Metropolis platform helps governments use its AI tech to analyze video feeds with potential applications in traffic monitoring, public safety, and law enforcement.
    • Arcuri estimates that Nvidia currently has a nearly 90% share of the current AI chip market.
    • Rating reiterated at Neutral due to the stock’s current valuation.
    • Nvidia shares are down 0.8% to $263.16.

    Intel -1.3% on analyst downgrade with 18% downside

    • Northland Capital downgrades Intel (NASDAQ:INTC) from Market Perform to Underperform.
    • Price target: $45, an 18% downside to Friday’s close. 
    • Intel shares are down 1.3% premarket to $54.40.  

    Incredibles 2 shatters box office record

    • Disney-Pixar's (NYSE:DISIncredibles 2 breaks records, hauling in $180M from 4,410 locations.
    • Previous record for an animated film was Finding Dory in 2016 at $135M.
    • Incredibles 2 also the eighth-biggest domestic opening of all time.
    • I2 boasts a coveted A+ CinemaScore, as well as a 94% Fresh rating on Rotten Tomatoes.
    • “The film shows the drawing power of the superhero genre, whether in the live action or animated realm,” box office analyst Paul Dergarbedian says. “The combination of the Pixar brand and Disney’s perfectly executed marketing and distribution strategy made the film an instant classic and a box office juggernaut.”
    • Source: Variety

    Big Google investment in JD.com

    • As part of a strategic partnership, Google (GOOGGOOGL) is investing $550M in JD.com (NASDAQ:JD), China's second-largest e-commerce player, in return for more than 27M newly issued Class A ordinary shares.
    • The two will work together to develop better retail infrastructure in multiple markets, including Southeast Asia, and boost the selection of JD.com items on Google Shopping.

    Supreme Court will hear Apple's appeal of app antitrust case

    • The U.S. Supreme Court agrees to take on Apple’s (NASDAQ:AAPL) case against a lawsuit that accused the tech giant of breaking antitrust laws by monopolizing the iPhone app market and causing consumers to pay more than necessary.
    • The justices will hear the appeal of a lower court ruling revising the proposed class-action suit by iPhone buyers over commissions Apple receives through the App Store. 
    • Apple collects payments from iPhone users buying apps and charges developers a 30% commission on each purchase. A federal judge said consumers weren’t the direct purchasers because the higher fees were passed on to consumers by the developers. An appeals judge later said Apple was a distributor selling apps directly to consumers and should face the antitrust claims. 
    • President Donald Trump’s administration urged the Supreme Court to take the case and is on Apple’s side. 
    • Apple shares are down 0.6% to $187.78.

  13. FU TSLA!!!!

    FU GE!!!!

    FU ABX!!!

    FU HMNY!!!!

    FU NFLX!!!!

    better now ;-)


  14. PPL/Phil – any reason to think this utility holding company finally found a value floor?


  15.  wtf is making TSLA fly today? Musk's tweet?

    looks like we might hit your 380 Phil.

    dangit!@


  16. RUT heading higher, markets coming back a bit – I think Europe had a lot to do with our crappy open.

    /YM is the laggard and you can play them bullish over 24,950 with tight stops below.  Drop from 25,300 to 24,900 means weak bounce is 27,980 or you can look at the shorter drop from 25,100 and that makes a strong bounce 24,980 so I'd say 24,980 is a good target for a quick $150 or if we retest 24,900, then certainly that line with tight stops is good. 

    VRX/Batman – You are getting so much better at laying things out – thanks!  Well the net of your $7 spread is now $4.50 so a nice $2.50 to go and the $22 calls for $7.70 are net $29.20 with the stock at $24.81 so PLEASE let them call you away and waste $4.50 in premium.  All that happens is the contract cancels (you keep $2.52) and they put $22 in your account and you are forced to buy stock for $24,81 (loss of 0.30) but then you get to cash your naked long $15s for $12.20 and $11.90 is your profit on the $7 spread.  What would you like to risk to avoid having this happen to you?

    If you want to change the spread, then you can cash in what you have ($4.50) and pick up say 50 of the 2020 $20 ($8.70)/$30 ($4.50) bull call spreads for $4.20 and then sell 15 of the Aug $25s for $2 ($3,000) so that's about even overall but now you have $50,000 worth of 2020 spreads that are half in the money and it's a 60-day sale out of 578 so 10 sales like that is $30,000 while you wait for your $50,000 off the net $3,000 investment – not terrible.  Since you are willing to DD, then no worries if they pop and you have to double up the longs but it's only a 1/3 cover, so hopefully it behaves.  

    1985/Pstas - Didn't we have a banking crisis in 1986 where 1/3 of the S&Ls went bust?  That's his "good" example?  Also, there's no correlation between anyone's debt and household wealth for 5-10 years – it's only when they max out their credit cards and dip into the retirement account and have trouble with income that SUDDENLY the whole thing collapses.   If there was a strong correlation all the way along – then people (and companies and countries) would be less likely to over-extend in the first place!   I'd say there's about a 100% correlation that people who go bankrupt have debts so SOMEWHERE between his fantasy and that reality is the real correlation….

    PPL/Scott – They have UK business as well as US and I haven't a clue about their UK operations but it's a nice little power company here in the states but they are down south (Kentucky, Tenn, VA) so my concern would be the Sun Belt customers switching to solar over time.  In fact, you can see revenues shrink the last few years and profits as well so no particular bargain at $27.13, which is $19Bn with $1.2Bn in earnings last year but they have $20Bn in debt too and they've been SELLING stock to keep the cash coming in and to pay those dividends ($1Bn).  Apparently they needed to sell $450M in stock last year to cover it.  

    So, in short, I think $27 is a fair price, not a bargain but I wouldn't touch them as they can't keep selling stock (2% last year) to pay off the dividends – something has to give.

    Trump blaming dems for fight in Immigration,  He wants to separate and torture children, scaring them for life and those damned Democrats keep saying they won't vote for that – BASTARDS!  

    Image result for trump child catcher

    Meanwhile, I just realized he's speaking at the Space Council Meeting – totally inappropriate comments for that gathering.

    TSLA/Jabob – That's why I wait.  Seen it happen over and over again with this guy.


  17. Children / Trump – This might turn out to be what really pisses off people! I know it pisses me off… And I am not alone. Little children for crying out loud and these GOP guys in congress who don't do a thing… Sickening.


  18. VRX / Phil – Thanks for the input…. I was not looking at t he spreads correctly – good point on the adjustment…  will hold the roll up…  will hold for now. Thanks!


  19. PPL/Phil – thanks… and nice lesson/reminder about how is selling stock to cover dividend. didn't have that jump out at me.


  20. PM and MO whacked today…what for?


  21. D – breaking up out of consolidation?


  22. VRX/Batman – You're welcome. No one is going to call you away with more than $1 of premium – even more than a dime is rare!

    You're welcome Scott. 

    PM/Scott – I think there's something about cigarettes being re-classified as "deadly" – heard that knocked around on the weekend but haven't read it yet.

    D/Scott – Interesting business, they seem to change with the times.  Huge tax benefit last year makes them look better than they are though.  Probably 15x earnings at $60 ($4) and 20x  ($80) would be way to much to pay for a stagnant business so that's the right range. 


  23. That was goaaaaaaaaallllllllllllllllllll on /YM – I do not have another play idea, just have to see what hapens now.


  24. Phil, what do you think of FDX ahead of earnings? 


  25. Albo – catching up on Friday.. yeah, IQ nice run! who coulda guessed a video streaming site would become a momo?   OLED, back to the basement. F the WSJ, reads like blatant manipulation to me. Stop losses are set…


  26. FDX/Jeff – They can go to Hell with what they charge for a letter these days!  I have an account so I never knew how much it costs, I figured $20 the most, turns out 2-day is now $35???  Those guys are nuts, I remember when it was $10!  I'll take 100 letters to Florida for $3,500 and deliver them by tomorrow….

    Seriously, at this kind of price point someone could challenge them on popular routes – with the Web economy, I'm surprised no one has but I guess people hardly send letters like that anymore, comparatively, so they've been raising frees to keep revenues going.  They have really good margins, they are making $16 per $260 share so p/e about 16 though fuel costs will bite them this Q and they are high in the channel and last Q they dropped hard so I'd go with disappoint for this earnings.

    IQ/Scott – Not a MoMo, more like a rocket launch and still climbing.


  27. BCE – trawling for dividend payers… not much depth for options, but I'm getting curious here.


  28. ~~IQ -: Extending last week's gains; announced that it has been awarded broadcasting rights for all four golf majors, making the co the largest source for pro golf live streaming in China


  29. BCE/Scott – Nice little business, also not actually cheap but I like the fact they are doing pretty good in Canadian Dollars so it's sort of a currency play on the side as that's a huge handicap they've overcome:

    It's a shame they don't have good options as it would be a nice one to work into.  

    Golf/Albo – That is huge.  They must have a lot of cash to throw around. 


  30. Scott – I'm still in OLED.  Never bought the stock, but short a few Sept 90 puts, which are now at a slight loss.  Will probably add to the position on further weakness.


  31. Trumpism’s Tipping Point


  32. Trump digs in on immigration amid family separation crisis





  33. All seems quiet so I'm going to take off – have to make a meeting!





  34. What is a Cannabinoid: Infographic


  35. IMAX/Phil, thank you for the trade setup


  36. Fall of the American Empire


  37. Affordable Care Act is worth saving





  38. The End of Civil Rights



  39. Senate rejects Trump deal, reinstates ban against ZTE







  40. Draghi Says ECB to Be Patient in Choosing Timing of First Hike



  41. Good morning! 

    Another nice little drop today as Trade War talk ratchets up but nothing special as we stopped at 2,735 on /ES, retesting 2,728 from above now.  /NQ right at the 7,200 line after falling a bit below, /YM just over 24,500 but now up 180 from there (still down 333) and /TF don't care (80% US revenues), still 1,675.

    Oil is crazy on OPEC cross-talk, this would be a very bad week for the US to show a big build.

    Honey badger got bit!

    Coffee, Gold, Silver, still cheap:

    Dollar still strong:


  42. Si/Phil- buyer of silver at this price? I went Long at 16.45


  43. I like it down here $16.25 now, but it can spike lower so either use tight stops or make sure you are willing and able to average in if it retests the lows: