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Faltering Thursday – Rejected at S&P 3,000 Again

I get it.

It's hard to get back over the 200-day moving average so we're not going to read too much into this early failure but it is worrying that we're heading into a 3-day weekend as tensions with China rise and the virus is raging in countries that have re-opened so that MIGHT be considered a set-back on 2 fronts that have moved the market up this year.   

If we were to zoom out to a monthly chart of the S&P 500, we could throw out the spike down to 2,200 – as it quickly reversed – but that would leave us with a 3-month, 20% move down to our Must Hold Line that, so far, has only resulted in a weak (4%) bounce with repeated failures at the 5% line.  

According to our 5% Rule™, which is NOT TA but just math, consolidating below the weak bounce line means we are more likely consolidating for a move down than up.  That would be a move down below our Must Hold Level at 2,850 and back down to test the -10% line at 2,565.  It's the same kind of bounce and weakovery that we had back in late 2018 – and we didn't need a virus then to plung 15% in 3 weeks in the second leg down.

All we've done in 2020 is double the scale but the computers are running the same algos they ran then.  A one-month drop, a 2-month recovery and then they pull the rug out again (Thanksgiving weekend) and now we're heading into Memorial Day weekend all complacent again.  I spent a lot of the Webinar yesterday warning about this so I won't re-hash it all – let's instead look at a good hedge to cover it. 

In our Short-Term Portfolio, we added a TQQQ on Tuesday and it's up a bit but still playable.  We also have our Jan SQQQ spread which, at net $42,000 (even cheaper now), pays $200,000 (376%) if SQQQ is over $20 in January – which is only 8 months away as this year rushes by.  These are the sorts of plays that gave us our tremendous profits during the recent downturn, so of course we're going to use them again as they are proven, great hedges!  

The flaw in our set-up is we don't have anything we can quickly cash out on a dip as they are all fully-covered spreads (the index ones) and that will mean we won't have a lot of flexibility if we get a nice sell-off next week so let's fix that and tilt ourselves more bearish into the long weekend by simply buying back the already profitable (up 56.7%) short SDS Jan $40 calls at $1.65.  We're spending $16,500 to uncover the 100 long $20 calls and that means, if they pop to $6 on Monday, we can quickly cash them out for $60,000, bringing out CASH!!! balance well over $400,000.

Also, we noticed how great the Micron (MU) put pricing was yesterday so let's go ahead and sell 20 of the 2022 $35 puts for $6 ($12,000) to help pay for the roll of our 50 TQQQ Jan $80 puts at $19 ($95,000) to 50 of the Jan $90 puts at $24.50 ($122,500).  That roll costs $27,500 less the $12,000 is net $15,500 to push the hedge $50,000 deeper into the money and now it's a $175,000 spread we bought for net $53,850 but we'll sell more short puts to drive that cost lower over time.

That's what you are able to do when you have a balanced portfolio – just a few adjustments here or there can steer your entire portfolio more bullish or, in this case, more bearish when you are concerned about what lies ahead.  Though the market doesn't seem very concerned – this has been a "no news is good news week" and It think that's going to change a bit in June as we begin to get statistics from cities and countries that have re-opened and, of course, economic data like the looming Non-Farm Payroll Report on June 5th.

Next week (which starts on Tuesday) we have Housing Data, Consumer Confidence, Durable Goods, Q1 GDP (2nd Estimate), Personal Income and Spending, PCE Prices, Chicago PMI and Consumer Confidence – which of those do you think you don't need hedges for?

Be careful out there!  

 


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  1. Good morning, All!

    Webinar replays are up!

    YouTube:

    https://youtu.be/fYw6_qqLQWc

    BitChute:

    https://www.bitchute.com/video/MW3k2SRt3s3a/


  2. Phil / MU – I think you wanted to sell the '22 $40 Puts at 8 instead – the 50 puts are at 13….?


  3. Good Morning.



  4. Phil/AAPL

    Really sorry for taking more time Phil but I still can’t understand your numbers. You posted back the mostly the same ones, but I don’t have any short June ’20 $320s and I just can’t see the numbers you posted for the others. Please have a quick look at mine – our totals are much different and I have to resolve this. Have checked mine many times, what am I missing :(

     

    With AAPL at $320:

    My ’21 $200c are $124 and my ’22 $240s are $98 INCLUDING $4 & $18 premiums, (not $119 and $87)

    Cashing them gives $441,000 +$62,000= $503k(how do you get $391k+$59k=$451k)

    (2022) $300s are $43, with $20 in premium. $300s are $60 INCLUDING $40 of premium, cost is $300k for 50.

    You say buying 50 $300s would be $215,000 but I get almost $100k more at $300k

    .. you take $190,000 + $59,000 off the table. (I get $503k-300k = $203k off the table)

    New spread is 50 ’22 300s covered by 25 June’21 $320s ($50,000) and 20 2022 $350s ($100,000), agreed.

     $399,000 the non-rolled payoff on the new spread. I get 100+50= $150k + (5 uncovered). How do you get $399k (I like it better but can’t see it)?

    THX!


  5. Good morning!

    Thanks for MU correction, Batman.  

    Potter, I know you asked for a less aggressive version of MU but it would just be selling lower-strike puts you are more comfortable with and simply paying a bit higher net for the spread – it's still a great deal.

    Big Chart – Still waiting for 3,000 on SPX but I like the 9,500 line short on /NQ this morning (tight stops above).

    /CL $35 is also a nice shorting spot as we run up into the holiday weekend but it could go well above that so not for the feint of heart. 

    Dollar like a bucking bronco:


  6. So – regarding SQQQ

    It sounds like that ETF is close to the death spiral – where even big moves down in QQQ will only result in small moves up for SQQQ.  If this market stays flat/calm and eventually goes back up then SQQQ will trend toward zero – reverse split and all that stuff.  Is there a way to make a play on this happening eventually??


  7. AAPL/Wing – This is why I try to keep my spreads simple, yours is all over the place and a nightmare to discuss and manage.  I can't help it if the price of your calls fluctuated – I can only quote what I see at the time but I would think you would be HAPPY to cash out for a higher amount?

    AAPL 2022 $300 calls are currently $60.05/61.95 – I may have been looking at the put price when I thought $40.  Even so, if you are collecting $503,000 for the current longs and then paying $300,000 for the new longs, you net back $203,000 and I had said $215,000 so – sorry.  You currently have:  

    • 45 2022 $240 calls 
    • 5 June 2021 $200 calls 
    • 25 short June 2021 $320 calls 
    • 20 short 2022 $350 calls.  

    5 200/320 bull call spreads pay $60,000

    20 25 $240/320 bull call spreads (6 months to roll) pay $200,000

    20 240/350 bull call spreads pay $220,000.

    That's $480,000 in the current set-up.

    I proposed you take net $200,000 off the table and leave yourself with:

    25 $300/320 spreads (rollable) = $50,000

    25 $300/350 spreads = $125,000 

    That's $175,000 + $200,000 = $375,000, not the $399,000 I said it was – sorry.  

    Of course I had said your current net was $500,000 and it's actually $480,000, so no as sorry to be off by net $19,000 overall.

    The bottom line is you have a huge amount of money needlessly at risk with your $200 and $240 calls and the net collection of the safer spread isn't enough to justify not putting $200,000 (ish) in your pocket while you can. 

    SQQQ/Jeff – You can short it but the options are expensive.  Also, you have to consider the effect of consecutive moves up as SQQQ went from $16 to $32 during the last crash so it could easily double on you if we get another sustained move down.  As you can see on the chart, it was in steady decline since last summer but then made all of it back in a month.

    Nice, quick money on the /NQ shorts.  Don't let it slip away if 9,400 is bouncy (you can always re-short below the line).  If we go straight below, that line becomes a stop.

    Oops, now it's a stop!  


  8. And now /CL is paying off – what a nice morning!

    Same deal at $34, we're below already so that's the stop.



  9. Jeff

    If you think the market will go up- check out TQQQ ( SQQQ is inverse).


  10. It looks like some markets are overextended now:

    Image

    And many Russell companies are hurting now because their market is mostly domestic. And yet, they trade at 57x forward earnings. Madness…


  11. Phil,

    Would like your thoughts on best month for current hedges (SDS). If numbers from states that are opening up (Fla, Tx, Ga) show expected increases in Covid-19 then would June (19th) be appropriate – allowing for incubation or give it another 30 days (July) ?

    Thanks


  12. Opinion | Trump, a dangerous moron


  13. Mike Pompeo’s disturbing actions



  14. A R N A….zoom zoom.


  15. Phil, I think you meant buying back Jan 15 $40 SDS not SQQQ calls, right?


  16. randers – sqqq

     

    I don't think the market will go up – I just think sqqq is likely to decay over time towards zero even in a flat market   — just thinking out loud


  17. Bedroom outlet:

    Monday: 2 V

    Tuesday: 120 V

    Wednesday: 2 V

    Thursday: Electrician




  18. Phil

    The stock MARK is at 1.84 — I have a 1/2 Jan bull call spread at .30. Thinking of selling $1 put for .55. That would bring my net cost to -..25.  Where is the risk?


  19. Phil/AAPL

    Thanks for the update, very helpful. Glad I'm only half crazy ;)


  20. /CL done at $33.50, of course.  If you can't take $1,000 per contract off the table, you shouldn't be playing!

    Inaction/StJ – But you can only prove Trump failed using Science and Math – won't sway his base at all.

    TQQQ/Randers – We just shorted that.

    Best month/8800 – There's not really a best month.  I think there may be some negative news coming in the next two weeks without corresponding positive stimulus so the market might pull back again but, long-term, I think the stimulus outweighs the economic damage (assuming we don't have to go back on lock-down).  So mostly I'm going with 1-year hedges – just in case we have a big crash but, generally, there's just too much money being tossed on the fire to make bets against.  Not only that but Trump will lie no matter what the data is and so, apparently will his Governors and now it seems they've been manipulating the data too – so how are you going to win those short-term bets?

    I think, when Biden gets into office, it will be like Obama in Jan, 2009, when he directed all the agencies to be honest and it turned out the economic crisis was much worse than the Bush Administration had been admitting.  

    SDS/Millard – Sorry, that is what I meant.  In the main post, it was buying back the 100 short SDS Jan $40 calls, now $1.80.    Fortunately, there are no SQQQ Jan $40s. 

    Meanwhile, we'll have to take CHL out of the dividend portfolio – I don't like all this talk about de-listing Chinese companies.  

    And though it's a part of the lone star state
    People don't seem to care
    They just keep on looking to the east
    Talkin' bout the China Grove
    Oh, China GroveDoobie Brothers 

    MARK/Zten – I'm certainly not qualified to judge the viability of one AI company over another.  One thing about MARK is that they specialize in the Travel and Entertainment Industry and are even based in Vegas so I'd say their client base (such as it is with just $76M in sales) is probably hurting.  Still $1.83 is just $105M in market cap and maybe they'll make a profit before they go broke.  On the other hand,  they were only a $25M company at the beginning of the month – so I sure wouldn't chase them.

    Year End 31st Dec 2013 2014 2015 2016 2017 2018 TTM 2019E 2020E CAGR / Avg
    Total Revenue
    $m

    2.05 1.84 14.2 59.3 70.6 79.1 27.1 5.49 10.6 108%
    Operating Profit
    $m

    -5.89 -17.9 -24.0 -31.8 -37.4 -44.8 -23.1      
    Net Profit
    $m

    -6.97 -18.2 -31.4 -31.7 -107 -21.6 -23.7 -21.0 -25.1  
    EPS Reported
    $

    -0.901 -1.53 -2.06 -1.54 -3.54 -0.624 -0.513      
    EPS Normalised
    $

    -0.901 -1.51 -1.96 -1.25 -3.14 -0.582 -0.474 -0.480 -0.480  
    EPS Growth
    %

                       
    PE Ratio
    x

                       
    PEG
     

                       
     

     Half crazy/Wing – That's the sweet spot!  cheeky

    Two face GIF - Find on GIFER


  21. Coffee (/KC)  is getting close to 1; JO at 31-32 has been a good buy in the last 12 months…


  22.  jeffl – sqqq 

    I'm thinking the same thing. I currently have 20 Jan 2021 15/25 that I paid $1.35 for. I can sell the $15 for $2.20 and stay short the $25 @ $1.70 and if I'm concerned about the $25 I could buy the 20/30 for $.40 


  23. ACB making another run for $20:

    Check out NBR:

    L Brands (NYSE:LB+15%

    Bed Bath & Beyond (NASDAQ:BBBY+14%

    • The largest shopping mall in America missed paying its mortgage payments in April and May, the Financial Times reports, citing documents from Wells Fargo.
    • That signals trouble for how the struggling retail sector may affect the $500B market for commercial mortgage-backed securities. The CMBS market divides loans into bonds with varying levels of risk, which then are sold to investors. Thus, mall owners defaulting on mortgages will flow down to portfolios of pension funds, hedge funds, and other investors.
    • The Mall of America closed in March in response to COVID-19 and its management notified Wells Fargo, the servicer of its mortgage, about its hardship; FT didn't know if the mall's owner is seeking forbearance on the loan.
    • About 7.3% of loans in CMBS deals were 30 more days overdue in mid-May, up from 2.3% in April, according to Trepp, a CMBS data provider.
    • A senior executive at Triple Five Group, which owns Mall of America, told CNBC last month that without federal aid, "many malls will be headed into default."
    • The price of lowest-rated portion of the CMBS deal backed by the Mall of America mortgage has sunk to 40 cents on the dollar vs. 59 cents a the end of April and 90 cents at the beginning of the year, according to Bloomberg data.

     

    • Food stocks are underperforming on the day with grocery/restaurant suppliers like United Natural Foods (UNFI -6.3%), SpartanNash (SPTN -3.2%), Chefs' Warehouse (CHEF -5.4%) and Performance Food Group (PFGC -4.6%), moving in the same direction as packaged food giants like Kellogg (K -2.1%), Conagra Brands (CAG -2.7%), J.M. Smucker (SJM -2.1%), General Mills (GIS -1.7%) and Campbell Soup (CPB -1.7%).
    • There is nothing but declines for the meatier side of the sector as well, with Hormel Foods (HRL -4.3%), Pilgrim's Pride (PPC -2.9%) and Tyson Foods (TSN -3.0%) lower. Even non-meat favorite Beyond Meat (BYND -3.4%) is having a rough day.
    • One common thread is that plant costs are seen rising as more safety measures are implemented and hazard wage hikes kept in place.
    • Even with the big rally in stocks, equity allocations among Bank of America clients have dropped by 300 basis points to 57.1% and cash allocations have risen to 14%, says Savita Subramanian.
    • That "cash on the sidelines" could be the fuel that sends stocks even higher, she says, particularly since stocks' attractiveness to bonds hasn't been this high since the 1950s – the S&P 500's current dividend yield of 1.94% is about triple that of the 10-year Treasury yield.
    • "It is dangerous to ignore the market," says Subramanian.

    Alaska LNG wins U.S. approval despite environmental concerns

    • The Federal Energy Regulatory Commission authorizes Alaska Gasoline Development's proposed Alaska LNG project to liquefy and export liquefied natural gas produced in the state's North Slope.
    • The Alaska LNG project would move gas through more than 800 miles of pipeline to a gas liquefaction and export terminal in southern Alaska, and would be capable of exporting 20M mt/year of LNG.
    • Credit Suisse starts off coverage on Royal Caribbean (RCL +8.3%) and Norwegian Cruise Line Holdings (NCLH +10.5%) with an Outperform rating on its view that conditions are favorable for a recovery in demand.
    • “In the near term, we expect the COVID-19 pandemic and the subsequent suspension of sailings to weigh heavily on cruisers. Stocks are at all-time lows, and all three operators are now in cash preservation mode after liquidity-enhancing credit agreements. With the risk of a liquidity crunch partially priced in, we think current levels offer an attractive entry point."
    • "Although the cruise industry may take years to regain pricing parity, we think the unmatched value proposition of the product will drive its recovery. A cruise includes accommodations, activities, meals, etc. at a 50-70% discount to many other vacation options."
    • Activity might be slow in Fremont, but construction at Tesla's (TSLA -1.1%) Shanghai Gigafactory is in full swing again, reports Electrek.
    • Drone video of the plant from yesterday showed considerable construction activity compared to just a few weeks.
    • The company has big plans for the site, with Tesla China VP Tao Lin stating that Tesla will ramp up Model 3 production by more than 30% within the next month and start Model Y production in Q1 of 2021.
    • Netflix (NFLX -3.6%) says it's going to actively ask its inactive members to confirm their membership or see it canceled.
    • "You know that sinking feeling when you realize you signed up for something but haven’t used it in ages? At Netflix, the last thing we want is people paying for something they’re not using," the company says.
    • So it will ask anyone who hasn't watched anything on the service for a year since they joined to confirm they want to stay a member. And it will ask anyone who's stopped watching for more than two years to confirm.
    • Lack of confirmation will mean an automatic cancellation.
    • That would seem to mark a revenue hit; but the company says "These inactive accounts represent less than half of 1% of our overall member base, only a few hundred thousand, and are already factored into our financial guidance."
    • Buyers have requested cancellation of at least 17 liquefied natural gas cargoes loading in July from Cheniere Energy's (LNG -3.2%) Sabine Pass and Corpus Christi terminals, according to a Bloomberg report.
    • Cheniere customers lifting July cargoes reportedly had to give notice by May 20 and pay a fee.
    • The total number of July cargoes canceled could be higher, reports Bloomberg, which estimates buyers from all U.S. projects could request to cancel 35-45 cargoes for July loading.
    • At least 10 cargo cancellations were requested for June, according to a previous report.
    • Party City (NYSE:PRTY) is up 10.22% to $0.65 and has now more than doubled since bottoming out at $0.26.
    • As one of the worst-hit retailers from the concept of social distancing the future isn't exceedingly bright for PRTY, but shares have picked up a bit with more states relaxing pandemic guidelines.
    • Party City has also improvised this month by selling driveby birthday kits for parents looking for a kid's birthday party alternative.

    Oligarchy on Parade:

    • Eminence Capital founder and CEO Ricky Sandler, on an interview with CNBC, responded to his letter in which he called for strategies that push for herd immunity.
    • When he was last on CNBC on March 16, he was bullish on the market and is now less bullish as the "best case" scenario is largely off the table due to what he sees as media, politicians and academia driving the focus away from what he was the right way forward.
    • He saw some things in the data that "scared the living daylights" out of him, including that reopening was devolving into a "red state" and "blue state" issue and that Google was "censoring" some posts that went against public health advisories.
    • Sandler noted that by fully following public health, there are collateral issues impacting the economy, like lower cancer screenings. "Caution is costing us trillions," he said.
    • The scared and vulnerable should be protected he said, but everyone else should be allowed to go out.
    • In discussing herd immunity, he said Sweden, known for its more lax approach to the Coronavirus, erred in not protecting nursing homes.
    • In March, he said he was buying Marriott (NASDAQ:MAR) and Live Nation (NYSE:LYV), and now says he is still bullish on America with his portfolio in America. He trimmed some positions he mentioned in March but still owns stocks that would benefit from reopening. But risk reward is less than it was in March.
    • "We haven't made massive changes" to the portfolio as of its disclosure in the 13F filing dated March 31. You can find that at this link.
    • Top holdings included Berry Global (NYSE:BERY), Ashland Global (NYSE:ASH), Morgan Stanley (NYSE:MS), Vulcan Materials (NYSE:VMC), Charles Schwab (NYSE:SCHW), Capri Holdings (NYSE:CPRI), Corteva (NYSE:CTVA), Liberty Media (OTC:LMCB), New Relic (NYSE:NEWR), Pure Storage (NYSE:PSTG), RealPage (NASDAQ:RP), Royal Caribbean (NYSE:RCL), Vertiv (NYSE:VRT), Zillow (NASDAQ:ZG) and Lennar (NYSE:LEN).
    • Eminence Capital manages $8 billion in a long/short portfolio.
    • When the Fed needed a firm to help in the pandemic-induced market crisis, the central bank turned to BlackRock (BLK -0.0%) for its expertise and its Aladdin software platform, which evaluates risk for clients.
    • The world's largest money manager has become such a force and developed such strong ties with the U.S. government that William Birdthistle, a professor at the Chicago-Kent College of Law who studies the fund industry, told Bloomberg Businessweek: “It’s impossible to think of BlackRock without thinking of them as a fourth branch of government.”
    • BlackRock received three Fed assignments under the central bank's efforts to calm market turmoil resulting from the pandemic. It will manage portfolios of corporate bonds and debt ETFs, and do the same for newly issued bonds; and it will purchase commercial mortgage-backed securities from GSEs Fannie and Freddie.
    • The firm has a number of strengths: It's experienced in running large portfolios on the behalf of others, is the largest issuer of ETFs and actively manages more than $625B in bond funds for pension plans and other institutional clients.
    • Overall, it had $6.5T AUM as of March 31.
    • The Bank of Canada and the European Union have also hired BlackRock to advise it for their programs.
    • But BlackRock's massive size will attract scrutiny. It is "so intertwined in the market and government that it's really interesting tangle of conflicts," said Graham Steele, director of the Corporations and Society Initiative at the Stanford Graduate School of Business. "In the advocacy community there's an opinion that asset managers, and this one in particular, need greater oversight."
    • Still, the company isn't making a lot of money from the Fed's business — up to $48M a year in fees, according to Bloomberg analysis; that compares with its $4.5B in earnings in 2019.
    • And the company said it has "stringent information barriers in place" to avoid conflicts of interest between the part of BlackRock that's purchasing on the Fed's behalf and the parts of business operating in credit markets that could benefit from that information.
    • BlackRock has also waived its fee on the ETF purchases to avoid the appearance of self-dealing.
    • Previously: Fed taps BlackRock to manage bond buying (March 25)

    On Russia, Media, the Authoritarian State and the Oligarchy ...

    Oligarchy Own Everything T-Shirt - Liberty Maniacs


  24. TQQQ 

    I agree, and like the puts better too. I misinterpreted Jeff's question. It was more about decay then market direction. Differing opinions and objectives is what makes markets though.


  25. Phil,

    Thanks for the logical analysis of why short term hedges aren't wise in this environment. I just can't help feeling that when there is panic in response to any one of several possible upcoming negative data points, the room will go dark – at least for a minute or two. 


  26. Masks have come down to about $2.50 on the spot market (available right away) and right about $2 on scheduled deliveries.  We (New Age) are authorized to sell bulk masks in orders of 10M or higher to Government, Health Care or Chartity end users (no brokers), so let us know if you know anyone who needs them.  3M is very strict, proof of funds, Non-Discloses, Letter of Intent required before they will even speak to you directly but, once someone goes through the hoops, they are getting their masks directly from 3M – no BS!

    Let us know if you know someone with a need, we've been closing on 10-14-day cycles. 

    As a company, I'm liking 3M (MMM).  They won't make much money on the masks but they are going to sell Billions of them for $2 and that will bump their revenues up considerably.  $146.50/share is a market cap of $84.25Bn and they are dropping $5Bn to the bottom line so not super-cheap but not unreasonable – and they do have one of the hottest products on the planet.  For the LTP:

    Year End 31st Dec 2014 2015 2016 2017 2018 2019 TTM 2020E 2021E CAGR / Avg
    Total Revenue
    $m

    31,821 30,274 30,109 31,657 32,765 32,136 32,348 31,770 32,997 0.197%
    Operating Profit
    $m

    7,135 6,946 7,027 7,788 7,207 6,102 6,629     -3.08%
    Net Profit
    $m

    4,956 4,833 5,050 4,858 5,349 4,570 4,971 4,932 5,357 -1.61%
    EPS Reported
    $

    7.49 7.58 8.16 9.17 9.18 7.81 8.52     0.852%
    EPS Normalised
    $

    7.49 7.71 8.03 8.34 8.46 9.35 9.49 8.53 9.29 4.54%
    EPS Growth
    %

    +11.5 +3.01 +4.17 +3.84 +1.40 +10.5 +1.07 -8.77 +9.00  
    PE Ratio
    x

              16.0 15.8 17.6 16.1  
    PEG
     

                  1.95 2.61  
     

    Sell 5 MMM 2022 $130 puts for $18 ($9,000) 

    Buy 15 MMM 2022 $130 calls for $29 ($43,500) 

    Sell 15 MMM 2022 $160 calls for $14.50 ($21,750) 

    Sell 5 MMM July $150 calls for $5.40 ($2,700)

    That's net $10,050 on the $45,000 spread and we'll sell more premium along the way but the upside is about $35,000 (350%) as it stands so a great way to get started on a Blue Chip industrial.    

    /KC/Rn – I'd be patient but I agree it's a good buy.

    Logic/8800 – Does not apply to this market.

    What should I do to overcome loss in the stock market? - Quora

    15 Very Safe Blue Chips To Buy During This Bear Market | Seeking Alpha


  27. TCNNF/Phil   they had earnings yesterday and did well 

    today's price $12.92


  28. What was the net on closing CHL?


  29. Comment content omitted because it is too long.


  30. TCNNF/Stock – Too bad they didn't have options as we would have had fun with them.  I did bang the table on them though as a stock as it was ridiculous they fell below $10 (all the way to $5.74) as a solidly- profitable pot company.  They had that BS scandal a while back but that blew over as it was nonsense.

    CHL/Millard – Small loss:

    CHL China Telecom Limited ADS 500 11/18/2019 185 $19,500 $39.00 $-3.36 $39.00     $35.64 $0.69 $-1,680 -8.6% $17,820
    CHL Short Call 2020 19-JUN 37.50 CALL [CHL @ $35.64 $0.69] -5 11/18/2019 (29) $-1,650 $3.30 $-2.93     $0.38 $0.12 $1,463 88.6% $-188
    CHL Short Put 2020 19-JUN 42.50 PUT [CHL @ $35.64 $0.69] -5 11/18/2019 (29) $-2,150 $4.30 $2.60     $6.90 $-0.60 $-1,300 -60.5% $-3,450


  31. European wholesale gas prices fall to fresh record lows




  32. ‘Truly devastating’: Officials survey flood damage in central Michigan


  33. Fed’s Powell says economic forecasts filled with uncertainty



  34. Phil,

    Any thoughts on the REIT storage sector – specifically EXR, PSA?