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Which Way Wednesday? Just Kidding – Markets only go Up!

The Bear Will Not End Until The Fed Is Buying Stock ETFs | Seeking ...Yawn!

This is getting boring.  Every day the stock market goes up and up while we read about the Protests and the Riots and the Cold War with China and the Unemployment and the Virus and the Debt and the Economic Slowdown….  None of that matters on Wall Street because the World's Central Banks printed $20,000,000,000,000 of new money this year and almost all of that money went into the stock market.  So much so that the Fed now directly buys ETFs.

The five largest purchases by the Fed, in order, were iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares (VCIT), Vanguard Short-Term Corporate Bond Index Fund ETF Shares (VCSH), iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and SPDR (JNK).

Free Markets Are Dead: Fed To Start Buying Junk Bonds, High Yield ...That's right, the Fed now buys junk bonds and the majority of these ETFs are managed by Blackrock (BLK), who also runs the Fed's debt-buying programs (once again, the Fed is NOT a Government Agency – it is a Banking Cartel made up of Bankers to protect the interests of Bankers).  Still, even for bankers, this seems a little fishy.

Buying Junk Bonds is a round-about way of giving CASH!!! to Corporations but in a way that the average American does not understand.  The companies issue bonds that normally would not get purchased at low interest rates but the Fed steps in and buys them all at the issue price so they are effectively giving the companies ($148Bn in Q1) loans far below the fair market value and ignoring the risks involved.  Since the only people that can be hurt by this are the taxpayers – why the F not?  

That $148Bn will be dwarfed by the Q2 lending, which is still underway and you can see what a party this is for Blackrock, whose stock jumped 20% on massive volume as the Fed started buying everything they had to sell.  This is simply a long-term game-changer for BLK and other Junk Peddlers – ALL bonds get sold – no one goes Bankrupt.

This allows the entire S&P 500 to kick the can down the road while Main Street goes bust, which is then even better for Wall Street as they hire the workers for half the wages and replace all the local businesses with chain stores and fast food restaurants.  Of course, this has been going on for many years (as noted by George Carlin), these are just the opportunities for Crony Capitalism to expand.

All is well for investors and there seems to be no end in site as to how long we can ignore reality with the Nasdaq making a new all-time high this morning.  We'll see if we can break over 9,700 but, until we do – it's a good shorting line on /NQ (Nasdaq Futures) with tight stops above and that's going to line up with 26,000 on the Dow Futures (/YM) – also a great shorting line.  

We have PLENTY of longs – that's why we're looking for shorts – to protect ourselves.  Just in case reality ever rears its ugly head…


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  1. Good Morning.

  2. Good morning, All!

    Join Phil at 1pm for this week's webinar!

  3. Looking at history, what we are seeing today in the USA looks very much like the preliminaries to the end of an autocrat ruling! Polls are not showing any support for Trump's approach now.

  4. does anyone know what is so difficult about producing n95 masks ive read that 95 percent of the polypropelene filter material is produced in china but it cant be that hard to make these masks. i would think that if nurses and doctors can survive working on sick covid patients that the rest of the world would be able to function fairly normal if we just had an ample supply of n95 masks (with the exception of public school up to grade 6 or so). Its got to be an easier solution than waiting for a vaccine.

  5. WTF, stimulus for taking a vacation?   

  6.  Investing theme…Who makes replacement plate glass?

  7. Stockbern – PPG – Pittsburgh Plate Glass – My family owned a glass and floring business growing up.

  8. Phil/WatchList

    From you watchlist yesterday is it good time to go into FCAU, NRZ and MUFG. Any trade setups that you suggest?


  9. heard from a friend in NYC that its total destruction from SoHo up to 75th, yet NY reits SLG and VNO both up 4-5% today

  10. Stockbern

    Another glass company; APOG  PE about 9, pays a 3.3% dividend.

    I used to date the Ex-CEO's daughter in High School!

  11. Phil – what's our next up level on the S&P

    might as well buy some calls there

  12. randers 1 when I put in apog I get a Nasdaq company apogee is apog the right symbol thanks

  13. tommyt

    Sorry to many abbreviations the Price Earnings was close to the symbol :)

    APOG is the symbol for Apogee Enterprises Inc 

  14. Masks/Tommy – Like toilet paper, they make a very large, very steady amount and it takes time to build new production lines and source materials and initiate a supply chain.  New Age (the MJ company owned by PSW Investments) is repping directly for 3M for bulk sales on their new production line which should be able to produce 1Bn masks a month but consider 4Bn people in the developed World are theoretically using 1 or 2 masks a week now.  Before it was just doctors and nurses and specialty professions.  

    If you need 50M+ for about $2.25 each – we can hook you up! 

    Stimulus/Stock – Stimulus for Trump's election.

    Watch List/Pat – I was going to save that for the Webinar but I'll put down a few shortly.

    APOG/Randers – Insider trading, I hope!

    Up/Coulter – It's insane, isn't it?  It's surreal watching the LTP jump in value – $847,098 now – up about $50,000 (10% of base) from yesterday morning with the exact same positions.  STP only lost $11,000 to $519,325 so I'm getting worried we're not hedged enough.

    We're only at the top of our expected range, which is 10% above or below the Must Hold Line at 2,850 and 2,850 x 1.1 is actually 3,135 – so that's the line to watch, not 3,100.  Notice we gapped down from the 10% line when we first started collapsing at the end of Feb/early March and it was clearly upside resistance in early March too and we failed below the 5% line last month so likely we fail here and consolidate before going higher – unless they announce more stimulus, which I think is what's being baked into the Fed next week.

    TSLA had a fun flash crash overnight – shows how little support there is:

  15. GNUS hit 7.79 today, ETHE 215 (almost 10X NAV)

  16. Phil / SPG

    You had a Dividend and Spread Play for SPG. I did both in my taxable account. 

    Both are doing really well though I had bought lot of SPG stock all at once in stead of scaling in.

    Want to keep the stock long term for dividend.  

    Is there anything to do with PUTs or Calls or just sit tight?

  17. A R N A … boom.  Opened a butterfly on them for July 65/70/75.

  18. SPG/SK – This one in the Dividend Portfolio?

    SPG Simon Property Group Inc. 500 5/1/2020 33 $32,000 $64.00 $7.56 $64.00     $71.56 $8.11 $3,780 11.8% $35,780
    SPG Short Call 2022 21-JAN 65.00 CALL [SPG @ $71.56 $8.11] -5 4/29/2020 (597) $-12,000 $24.00 $-1.93     $22.08 $5.08 $962 8.0% $-11,038
    SPG Short Put 2022 21-JAN 45.00 PUT [SPG @ $71.56 $8.11] -5 5/4/2020 (597) $-6,750 $13.50 $-4.10     $9.40 $-1.69 $2,050 30.4% $-4,700

    There's really nothing to do, we're going to get called away at $65 most likely and that will be $32,500 for the $13,250 spread for a $19,250 profit (145%) plus, hopefully, they pay the scheduled $12.60 in dividends for another $6,300 (47.5%) but, if you are not content to make 192.5% in 20 months on a trade that now looks very safe - I guess you can change it…

    When 2023 comes out, you can roll the puts and calls up a bit to prevent being called away but the 2022 $65 calls are $22 so net $87 is a lot of premium still – you should be thrilled if they call you away at that price and, if you are fully invested in the position – why take any risks at all?

    In the Dividend Portfolio, which is now down just 6%, we didn't want to spend more money while we were behind and we have less than 50% CASH!!! so I'm still not inclined to spend money we don't have to.  

    ARNA/Pharm – What's the run about?

  19. Bristol Myers Squibb (BMY) reported positive ulcerative colitis treatment data Tuesday, helping shares of rival Arena Pharmaceuticals (ARNA) to pop.

  20. See, once they can quantify the loss, everyone relaxes:

    • Cinemark (NYSE:CNK) is up 2.6%, amid a broader market rally, after investors absorbed the brunt of the company's Q1 earnings, which showed declines and misses (though pandemic closures will weigh more heavily on the current quarter).
    • Revenues fell 24% to $543.6M in a quarter where the company closed all its theaters March 18. (It's heading toward a phased reopening starting June 19.)
    • Attributable net loss was $59.6M, vs. a year-ago profit of $32.7M. EBITDA was $66.2M, down from a year-ago $152.3M.
    • In operating metrics, attendance was 45.8M, average ticket price was up 0.6% (to $6.39) and concession revenues per patron rose 3.2%, to $4.16.
    • Aggregate screen count was 6,145 at quarter-end, and the company had commitments to open five theaters and 48 screens for the rest of 2020, and 17 theaters and 175 screens subsequent to 2020.
    • Revenue breakout: Admissions, $292.5M; Concessions, $190.4M.
    • Press release

    Impact/StJ – It depends on the duration.  China is getting back to work but the rest of the World is shut down so they are off to a slow start for that reason.  The last country to get back to normal (us, for sure) will get back fastest as the rest of the World will be willing to work by then and I've been saying that will be June since January and I still think you'll be sitting in a movie theater in July and you will look around and think back on my words at how amazingly normal things already seem by then.

    IMAX still very cheap at $13.60.  Not one the Watch List because we already owned them.

    For the LTP:

    • Sell 20 IMAX Dec $15 puts for $3.40 ($6,800) 
    • Buy 40 IMAX Dec $10 calls for $4.90 ($19,600) 
    • Sell 40 IMAX Dec $15 calls for $2 ($8,000) 

    That's net $4,800 on the $20,000 spread so $14,200 (295%) of upside potential in less than 200 days is pretty good and we're already $14,000 in the money!   Even though they are aggressive, the ordinary margin on the puts is only $2,232 so a very efficient trade!  

    Thanks Stock!

    • Online health insurance exchange operator eHealth (EHTH -1.5%) is under modest pressure on below-average volume on the heels of a second bearish report from Muddy Waters Research (MW).
    • The noted short seller, who released its first report in April, cites the company's over-aggressive accounting, booking sales years ahead of actually collecting the cash. For example, it calculates that will take about nine years for cash collections to match receivables for the 2019 customer cohort. In other words, it will collect only ~64% of booked Medicare Advantage (MA) revenue during the three-year period (average "life" for a MA customer) for which it estimates revenue.
    • MW also claims that EHTH is also under-reporting costs associated with member retention and revenue sharing, necessary expenses to collect the cash, adding that the cash it does collect fails to meet the initial receivable booked, exclusive of its subsequent tail revenue (revenue after the three-year period) adjustments, according to its estimate.
    • EHTH generates cash corresponding to tail revenue only from members who remain at least 10 years, a very small percentage of each cohort (sign-ups each year). MW estimates that tail revenue cash collections are only $227 per member or 22.4% of the initial receivable booked. About 2/3 of clients leave by year 3.
    • MW says the company books two sources of revenue, once when an application is approved by CMS [$1,013 per member last year equal to the constrained loan-to-value (LTV) amount] and revenue in excess of the LTV via from the residual tail group and increases in MA commission rates.
    • In Q1, the company booked $106.4M in revenue and $3.5M in net income. Cash flow ops was $8.9M.
    • In 2019, it recorded net income of $83.5M on revenue of $506.2M. Cash flow ops was ($71.5M).
    • Total (TOT +4.2%agrees to acquire a 51% stake in SSE Renewables' 1,140 MW Seagreen 1 wind farm project offshore Scotland, which has reached a final investment decision and financial close.
    • Total says it will pay £70M upfront at closing and earn-outs up to £60M in aggregate subject to performance conditions.
    • Total, which has secured close to 70% of external financing for its 51% stake, says the project represents a global investment of ~$3.7B.

    • Beverage stocks are big outperformers as the reopening of more restaurants and stable COVID-19 developments help to lift sentiment.
    • Notable gainers include Molson Coors (TAP +4.7%), Anheuser-Busch InBev (BUD +10.0%), Ambev (ABEV +8.6%), Reed's (REED +32.1%), New Age Beverages (NBEV +2.9%), Coca-Cola (KO +1.7%), Keurig Dr Pepper (KDP +2.3%), Diageo (DEO +3.2%) and Brown-Forman (BF.A +1.8%).
    • As the chart above shows, beverage giants have struggled during the pandemic with social distancing cutting off so many revenue channels, which more than offset a stockpiling benefit on the homefront.
    • Morgan Stanley wades back into the cruise line sector today with a detailed report.
    • The firm lowers Norwegian Cruise Line Holdings (NCLH +3.3%) to an Underweight rating from Equal Weight and picks coverage back up on Carnival (CCL +2.9%) and Royal Caribbean (RCL +2.0%) with the same Underweight stance. Morgan Stanley reinstated coverage of the cruise companies and said the recovery could take longer than investors and operators expect.
    • In a nutshell, MS expects the industry recovery to take longer than some firms out recently with bullish takes on valuation.
    • "The cruise stocks have doubled from their lows, reflecting the companies’ decisive liquidity action, news flow improving as travel opens up, and some positive indications on rebooking rates. However, we think the recovery could take longer than expected by the operators and by investors, both on operations resuming and then revenue yields recovering, and we think that leverage is unsustainably high, so risks still appear weighted to the downside. We see 20-40% downside to our new price targets."
    • Along with preliminary data released today, AMC Entertainment (AMC +5%) is commencing a distressed bond swap.
    • It's offering to issue new 12% Cash/PIK second-lien secured notes due 2026 in exchange for a set of existing subordinated notes, with an aggregate maximum principal of $640M, and is launching related consent solicitations.
    • Subordinated notes in the offer include 6.375% senior notes due 2024 (£500M outstanding), 5.75% senior notes due 2025 ($600M outstanding), 5.875% senior notes due 2026 ($595M outstanding), and 6.125% senior notes due 2027 ($475M outstanding).
    • The offers and consent solicitations expire at 11:59 p.m. NYC time on June 30.
    • The uncomplicated story at Spirit Airlines (SAVE +8.2%) draws in Barclays.
    • "With the absolute lowest cost structure and lowest airfares of US airlines, we believe Spirit will likely be one of the first carriers to achieve financial recovery," predicts the firm.
    • "While the future for travel demand in a post-pandemic period remains one of the largest questions for investors and airline management teams alike, most would agree that leisure demand is likely to recover first. Spirit's network is almost entirely exposed to either leisure or travel demand associated with visiting friends and relatives."
    • Here's how SAVE has fared against the S&P 500 Index and U.S. Global Jets ETF during the pandemic.
    • Barclays has an Overweight rating on SAVE and price target of $18. - Not that exciting, they are at $16.50 now.
    • On a conference call with CEOs of the U.K.'s biggest banks, Bank of England Governor Andrew Bailey urged the banks to speed up plans for a no-deal Brexit, Sky News reports.
    • Executives from Barclays (BCS +4.3%), HSBC (HSBC +4.3%), Lloyds Banking Group (LYG +6.1%), and Royal Bank of Scotland (RBS +4.1%) were reported to be on the call with Bailey.
    • That could infer a shift in the BoE's assumptions about the upshot from talks between the U.K. and the European Union that are currently taking place.
    • Prime Minister Boris Johnson has repeatedly ruled out seeking an extension to the transition period; any request for a one- or two-year extension would have to be formally submitted by the end of this month.
    • A final round of trade negotiations before the end of June deadline started this week but have been bogged down by an impasse over fishing rights. The talks are scheduled to end on Friday.
    • Ending the year-long transition period without a deal would mean the two sides would trade on less-attractive World Trade Organization terms and would have implications for banks' corporate customers across every major economic sector.
    • In a hearing in parliament before his appointment, Bailey said going by WTO rules would increase trade barriers when compared with a comprehensive free trade agreement.
    • The British pound falls 0.3% against the euro.
    • Morgan Stanley lifts its price target on Apple (AAPL +0.2%) to $340 from $326 after App Store revenue is estimated to be 35% Y/Y QTD through May to almost double the firm's prior estimate.
    • "Last month, we predicted that April would mark the peak in App Store growth as countries began easing lockdown restrictions. However, high levels of engagement have sustained as the 'new normal' (at least in the near-to-medium-term) includes more time spent indoors, which should remain a tailwind to App Store performance," writes analyst Katy Huberty.
    • Huberty digs deep into how the current quarter is shaping up for Apple.
    • "We are raising our June quarter App Store growth estimate to +32% Y/Y, which conservatively assumes that App Store growth slows to +25% Y/Y in the month of June. Keeping the rest of our Services segment forecasts unchanged,and flowing through the $500M+ of App Store upside, we now forecast +16.7% Services growth in the June quarter (to $13.4B),nearly 5 points higher than our prior +12% Y/Y forecast,and ~2 points higher than the June quarter consensus estimate of $13.2B. In addition, we maintain a similar Services recovery trajectory as our prior forecast, with sustained higher App Store growth rates in FY21, driving our FY20 and FY21 Services forecast to $54.1B (+16.9% Y/Y) and $63.7B (+17.8% Y/Y), respectively."
    • EIA Petroleum Inventories: Crude -2.1M barrels vs. +3.0M consensus, +7.9M last week.
    • Gasoline +2.8M barrels vs. +1.0M consensus, -0.7M last week.
    • Distillates +9.9M barrels vs. +2.7M consensus +5.5M last week.
    • Futures (CL1:COM -0.5%)
    • Ryanair Holdings (RYAAY +4.4%reports traffic squeezed  99.5% to 0.07M customers in May.
    • Laudamotion traffic fell 100%.
    • Due to multiple EU Govt flight bans and restrictions, Ryanair expects minimal traffic in June.
    • Recent initiatives to optimize SolarWindow's (OTCPK:WNDW +7%) fabrication processes have resulted in favorable improvements to its laser patterning systems for electricity-generating coatings on flexible plastics.
    • Once optimized for industry, the advancement is expected to "reduce process time, improve device performance, and reduce costs of SolarWindow electricity-generating plastic products."
    • CNBC's David Faber reports Tiffany (TIF -1.2%) has not heard anything from LVMH (OTCPK:LVMHF) regarding new problems with the merger deal or a desire to renegotiate the price.
    • That report contradicts a story from Women's Wear Daily that insinuated the merger was in jeopardy, which the Tiffany chart below shows rattled investors a bit.

    That's interesting.  In the LTP, let's sell 10 of the TIF 2022 $100 puts for $8.50 ($8,500) as that's back to net $91.50 so, even if the deal doesn't go – it's a reasonable entry.   If it does go through, we get paid early.  

  21. Phil — Do you think IMAX will recover faster/better than CNK given that IMAX is partially dependent on new theater installations? I’d think there’d be lower sales over the next 12-18 months as I don’t see theaters spending any money on expansion, though they might from an upgrade point of view (to charge more for tix).

    • April Factory Orders-13% vs. -14% consensus and -11% prior (revised).
    • Shipments -13.5%.
    • Unfilled orders -1.6%.
    • May ISM Non-Manufacturing Index45.4 vs. 44.0 consensus, 41.8 prior.
    • Business activity 41.0 vs 26.0.
    • New Orders 41.9 vs 32.9.
    • Employment 31.8 vs 30.0.

    President suspends passenger flights from China

    • Effective June 16 (or possibly earlier), the White House will halt Chinese carriers' flights to the U.S. At issue is the president's push for China to reopen slots for U.S. carriers like Delta Air Lines (DAL +3.8%) and United Airlines (UAL +4.4%).
    • Currently, Beijing isn't allowing U.S. flights into the country. "The Chinese government’s failure to approve [the airline] requests is a violation of our Air Transport Agreement," the U.S. Department of Transportation tells Bloomberg.
    • Shares of Air China (OTCPK:AIRYY, AICAAF) are down 6.45% in early trading. China Eastern Airlines (CEA -1.0%) and China Southern Airlines (ZNH +0.7%) are also on watch.
    • "Hearing room bookings at Vegas resorts exceeding all expectations for this weekend,'' Vital Vegas tweeted, noting that some Strip casinos were nearing 70% occupancy.
    • Shares of Wynn (NASDAQ:WYNN), Las Vegas Sands (NYSE:LVS), Caesars (NASDAQ:CZR) are outpacing S&P futures to the upside, all higher by more than 1.4% in the pre-market. It's unclear to what degree this speculation can be attributed to the stock moves in a generally green tape, and to what degree the speculation can be trusted.
    • Vital Vegas is written by a blogger who previously wrote for Caesars and, according to its website.
    • Virgin Galactic (NYSE:SPCE) is down 1.95% after a 12.3M-share block from a selling shareholder is said to be offered at $15.20 per share.
    • SPCE trades on the lower end of its range of $6.90 to $42.49 since going public in a SPAC deal.
    • Virgin Galactic was priced at $10 per share in its debut last October.
    • Dunkin' Brands (NASDAQ:DNKN) in a filing updated Q2 to date metrics from COVID-19, and has seen w/w improvement in comp. sales over the first 8 weeks of Q2. 
    • QTD SSS as of May 23 week was -23% for open stores, and during the week SSS -15%, a "significant" sequential improvement from -25% seen in week of April 25, the co. says.
    • Drive-thru locations, 11am-2pm orders and increased sales via app (digital), delivery and curbside drove much of the improvement.
    • As of May 23, 650 of the 9,637 U.S. stores were temporarily closed — half the peake closure in April.
    • Baskin-Robbins also saw U.S. comp sales sequential improvement to flat from -10.5% prior.
    • Boeing (NYSE:BA+2.4% premarket after a key 737 MAX customer – SMBC Aviation Capital - said it would delay, but not cancel, parts of a 113 order for the ground aircraft.
    • It follows a financial agreement between Boeing and Germany's TUI Group (Europe's biggest travel and holiday company) that provides compensation for delayed MAX deliveries, but keeps most of its order book intact.
    • Word is also going around that Daniel Loeb's Third Point has built a new large stake in the U.S. planemaker.
    • Crude oil turns lower after touching three-month highs, as Bloomberg reports the OPEC+ meeting suggested for Thursday is unlikely because of potential quota cheating by some countries on their deal to cut production.
    • July WTI -1.6% to $36.22/bbl; August Brent -1.3% to $39.03/bbl.
    • OPEC+ will not hold an early meeting on June 4, and a scheduled gathering next week also appears threatened, unless all members first agree to cut output by as much as they promised, according to the report.
    • The group had been expected to prolong their cutbacks instead of easing them next month, but "the market has priced in an extension which may now not materialize," says Ole Hansen, head of commodities strategy at Saxo Bank.
    • Many have doubted that the U.S. could go negative like Japan and parts of Europe, but St. Louis Fed economist Yi Wen says that's what it would take to achieve a V-shaped economic recovery.
    • "I found that a combination of aggressive fiscal and monetary policies is necessary. Aggressive policy means that the U.S. will need to consider negative interest rates and aggressive government spending, such as spending on infrastructure."
    • Wen cited historical examples like President Roosevelt's aggressive fiscal stimulus package during the 1930s and huge surge in government spending once World War II began.
    • Google (GOOGGOOGL) has been sued in a proposed class action for illegally invading the privacy of millions of users by pervasively tracking their internet use through browsers set in "private" mode.
    • "As we clearly state each time you open a new incognito tab, websites might be able to collect information about your browsing activity," said spokesman Jose Castaneda, adding that the company will defend itself vigorously against the claims.

  22. IMAX/Ted – The new installations are an upfront expense for IMAX so there's good and bad in installing less new screens.  The money-maker is the showings and getting those back on track is key and, as you can see – we're not looking for a dramatic recovery – just another $1.

  23. GNUS at 8. ETHE 217.

  24. ARNA vs BMY …. t'will be a good fight and room for both.  It will come down to safety and ARNA needs to be 'better'.  If they are not, or slightly less….then all bets are off.  I did not expect that data to boost the stock, but rather hit it a bit if it was positive.  It is not just positive, it is way positive.

    It also suggests that GILD….with its JAK inhibitors….may walk away from Galapagos and move over to…ARNA.

  25. Wow, we're doing this deal for medical gloves and we've been going back and forth for 2 days and I've been waiting all morning for the official PO for 20M boxes of gloves and now it's 3pm (noon in CA) and they finally send a PO but for 20M GLOVES (200,000 boxes), which is a laughably small amount, by mistake.  

    Then it takes another hour to correct it but now, FINALLY:

    That should be one of 2 orders we process today if all goes well.  PSWI should get at least a penny a box – not bad! 

  26. a quarter billion dollars in gloves?

  27. AZ covid cases up a shocking 5.6% from yesterday. Covid moving into red states, the next 4 states in terms of percentage case increase: AR (5.04%), AK (4.28%), TN (3.49%), and TX (2.94%).

    The lowest 5: DC (0.33% … a "State" in this data), NJ (0.31%), NY (0.29%), WY (0.22%), and HI (0.15%).

    NY and NJ still had over 1500 new cases but very very good news to see the percentage daily increase so low. Very bad news in as-of-yet unaffected states, it is coming…

  28. Good morning!

    Hey BDC/Pharm – We can't get all the nitrile gloves we need actually.  If you know someone who can supply – let me know.  Initial order 25M, possibly monthly.