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20 Million Tuesday, 28,000 Tuesday – Record Infections, Record Highs

Why didn't we think of this before?  

A deadly virus sweeping the planet is GREAT for the stock market!  There we were trying to keep stores open and going to work and making things – what a waste of time that all was, right?  All we had to do was stay home and have the Government print money – we are all "welfare queens" now, aren't we?  That's especially true of our Corporate Citizens, who are getting hit after hit of Government cash and paying record-low rates for record-high debt – what could possibly go wrong?

The stock market is up 5% in the past week and 15% since July 1st and 54% since March 23rd's 2,200 low – that's a pretty good rally.  We caught that rally and now I think it's time to CASH OUT of our crisis trades so let's do a quick review of the trades we made while the rest of the World was panicking and yes, I'm now telling you to GET OUT!!! while the rest of the World is buying – imagine that….

That's right, it was now 5 months ago when we first plunged below our 2,850 "Must Hold" line on the S&P 500 and, as I said back on March 12th, "When the going gets tough, the tough go shopping" and it's not just the lower stock prices we take advantage of when our fellow investors are panicking out of positions but the higher levels of volatility raise the Volatility Index (VIX) and allow us to "Be the House" and sell options for fantastic premiums.  

Initially, we sell puts to establish good entries in positions when we think there may be more downside.  We'll see how those are doing and decide whether we want to expand on our plays.  The first round was taken on March 12th, and these were the original trade ideas followed by the current price and profit in caps.  If I don't mind holding the position – we'll call it a KEEPER:

  • Boeing (BA) – It's hard to call a bottom on BA but they will be close to $160 this morning and that means we can sell 5 of the 2022 $110 puts for $27.50 ($13,750) in the LTP for just $3,707 in margin. This one could be a rough ride.  NOW $13.45 ($13,450) Up $300 (2%) – KEEPER!

  • Cisco (CSCO) – Rarely goes on sale and this is a doozy back at $35 this morning. We can sell 10 of the 2022 $25 puts for $3.20 ($3,200) in the LTP to net in for $21.80. $785 margin.  NOW .88 ($880) – UP $2,320 (72%)

  • Hanesbrands (HBI) – HBI is one of our "safety" retailers. They make ordinary underwear, which even people with the flu have been known to wear. Down at $9.50 is impossible to resist as that's $3.5Bn for a company making $600M a year so 7x earnings AND they pay an 0.60 dividend, which is 6% on this price. We don't have to buy them for $9 to collect 0.60 though as we can sell 20 2022 $8 puts for $2.20 ($4,400) in the LTP to net us in for $5.80. $519 margin.  Now 0.85 ($1,700) – Up $2,700 (62%)
 

  • IBM (IBM) – Our 2019 Stock of the Year is back where we came in in 2018 at around $110 and we can sell 5 2022 $80 puts for $10 ($5,000) in the LTP to net in for $75. $1,206 margin.  NOW $3.60 ($1,800) – UP $3,200 (64%)

  • Intel (INTC) – Hasn't been this cheap in a while and $50 is $220Bn in market cap for a company that made $20+Bn in each of the past two years. We can sell 10 of the 2022 $30 puts for $3 ($3,000) in the LTP and net in for $27 – almost half that price. $748 margin.  Now $1.50 ($1,500) – Up $1,500 (50%) – KEEPER!  

  • 3x Biotech ETF (LABU) – This index is completely falling apart, just caught up in the general selling that's going on in the market. It fell 20% yesterday and another 20% this morning so VERY RISKY to catch this knife at $25 but we can sell 10 2022 $15 puts for $7.50 ($7,500) in the LTP to net us in for $7,500 on 1,000 shares so the risk/reward is pretty good. Margin on that is $607 but we're also going to buy 20 of the 2022 $20 ($15)/$35 ($10) bull call spreads at $5 ($10,000) as that will be net $2,500 on the $30,000 spread with $27,500 (1,100%) upside potential if LABU can get back over $35.  NOW $3.05 ($3,050) ON THE PUTS and $44/35 ($18,000) ON THE SPREAD FOR NET $14,950 - UP $9,100 (598%) – KEEPER! 

  • Plug Power (PLUG) – This was on our "Stocks of the Future" list but it got away from us before we could buy it at $3 and now it's back to $3.15 this morning and we can sell 50 of the 2022 $2.50 puts for $1.10 ($5,500) in the "Stocks of the Future" Portfolio to net us in for just $1.40. $1,369 margin.  NOW 0.30 ($1,500) - UP $4,000 (72%)

  • TD Bank (TD) – This is a very solid bank that is not as exposed to the energy sector as other Canadian banks. Testing $40 this morning is under $75Bn for a bank that made $8.5Bn last year and pays a 5% dividend ($2.37) but we're not paying that, we're just going to promise to buy 500 shares by selling 10 2022 $25 puts for $3 ($3,000) in the LTP to net in for $32 if assigned. $1,834 margin.  NOW 0.90 ($900) – UP $2,100 (70%)

  • Tenet Healthcare (THC) – One of our biggest winners from last year is back on sale at $19 and it's tempting to back up the truck but we'll just sell 10 of the 2022 $15 puts for $3.50 ($3,500) in the LTP so we can remember to keep an eye on them. $2,090 margin.  NOW $2.80 ($2,800) - UP $1,700 (48%) – KEEPER

  • ViacomCBC (VIAC) – They have done nothing but go down and we already have them so not for our portfolio but $18.50 is INSANE as it's $12Bn in market cap for a company that made $3.3Bn last year. If anything, you would think more people will be watching TV as they stay home every night. You can sell 10 2022 $15 puts for $4.50 ($4,500) to net in for $10.50. $743 margin.  NOW $2.10 ($2,100) - UP $3,400 (75%)

Last time we checked on these trades (May 10th), 3 of our 10 Trade Ideas were not doing and we more than tripled down on VIAC AND got more aggressive on the puts – ending up with this much larger spread in our Long-Term Portfolio:

VIAC Short Put 2022 21-JAN 17.00 PUT [VIAC @ $26.31 $0.00] -30 3/23/2020 (528) $-27,000 $9.00 $-6.26 $1.90     $2.74 $0.00 $18,780 69.6% $-8,220
VIAC Long Call 2022 21-JAN 5.00 CALL [VIAC @ $26.31 $0.00] 50 3/23/2020 (528) $35,000 $7.00 $14.33     $21.33 $0.00 $71,625 204.6% $106,625
VIAC Short Call 2022 21-JAN 15.00 CALL [VIAC @ $26.31 $0.00] -50 3/23/2020 (528) $-15,000 $3.00 $9.68     $12.68 $0.00 $-48,375 -322.5% $-63,375

As I said, the primary reason we sell short puts is to INITIATE potential long positions and it reminds us to focus on the stocks and, over the past two months, we have determined that Viacom/CBS is extremely undervalued – so we put a lot more money to work on it though, now, the position is only net $35,030 out of a potential return of $50,000 and VIAC only has to stay over $15 into January of 2022 for a potential gain of $14,970 (42%) from where it is now.  That is up $23,850 (205%) from our May review, when it was already looking like our premise was playing out!   Still a KEEPER! 

So we tried it and we liked it and we put a bit more money in.  Our net on the new spread was actually a net credit of $7,000 so, if all goes well, we'll make $57,000 total profit on that set-up – aren't options fun?!?  

Overall, the first 10 trade ideas we had early in the crisis netted us a profit of $15,950 as of May 10th, which was 37% of a $43,350 net credit we collected and our margin was $9,901 so our gain against margin was 161% in just 2 months on our first set and now our positions are worth $54,170, up another $38,220 (239%) in the past 3 months and now we are mostly done with these and we go back to mainly cash, clear our margin and wait for the next set of buying opportunities.  

We'll look at our second set of crash picks tomorrow.  

 


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  1. Good morning! 

    This post is in progress, haven't updated all the numbers yet.


  2. Good Morning.


  3. Nasdaq down another 100 points, TSLA $1,370, now I'm worried about our short puts! 

    Dow is up with AAPL back near $450.  

    Hong Kong’s Stocks Buckle Under Weight of Negative News Flow.

    Singapore’s Economy Posts Worse Contraction in Second Quarter.

    Cases Top 20 Million as Pandemic Keeps Spreading: Virus Update

    Lazard Sees Danger, Recovery Troubles, N.Z.’s Big Call: Eco Day.

    Active Managers Had Worst Stumble in Two Years Last Month.

    Trump’s Executive Action Fails to Jolt Stalled Relief Talks.

    Shale Job Losses Accelerating and the Worst May Be Yet to Come.

    U.S. Junk Bond Market Sets Record-Low Coupon in Relentless Rally.

    The No-Win School Reopening: One Superintendent’s Dilemma.

    Chicago Braces for More Looting After Chaotic Night.

    Trump urges Americans to stop politicizing the coronavirus, blames China. 

    Some coronavirus patients say they're losing their hair in clumps. Doctors think it's a response to trauma.

    Big tech is bubbling up and could spark a correction: BTIG’s Julian Emanuel.

    TSA: July air travel down 75% from 2019, but gun confiscation rates triple.

    Trump’s extra unemployment could amount to $300 a week instead of $400, and you may not qualify.

    El-Erian says the biggest threat to stock market rally is wave of corporate bankruptcies.

    After 150 days of the COVID-19 pandemic, here are the best- and worst-performing stocks.

    Silver Soars Amid Momo Meltdown, Apple Almost As Big As Entire Russell 2000. 

    Uber and Lyft ordered to classify workers as employees in California.

    China Mobilizes Invasion Craft On Coast Near Taiwan As Top US Official Arrives In Taipei: Report.

    ‘Worst Fears’: Arrest of Hong Kong Media Mogul Jimmy Lai Draws International Condemnation.

    The Economy Is Mortally Wounded.

    Earnings Season Shocker: FAAMG Earnings Grew By 2% While EPS For The Other 495 S&P Companies Plunged 38%. 

    How fast virus is growing by state

    Yes, it's another perfect day in Trumpland, isn't it?  


  4. Russian Vaccine?  

     

    Being the gentleman that I am, I'll be more than happy to give you my spot in line…..  ;)


  5. Phil/AAPL   Much appreciate the AAPL notes Phil .. great marks for your ‘homework’ Only fair you have to do a little school assignment occasionally on top of your regular post-doc efforts. Our big assignment is to figure out your words of wisdom – picking out the occasional typos that you toss in to see if we’re awake (found one in this post, yay ;)

    I think your comprehensive response which tries to tidy up my AAPL ‘mess’, also answered my basic question of what uncovered short term at/out of the money calls you might sell to catch the big premiums, ie the 5 extra Nov $460s at $32. I know you say they are ‘covered’ by the new bcs ($400/500) and I don’t really understand that (neither does TD!) but I’d like to understand how you think of it.

    Will roll up my puts and close out the $300/350 bcs as suggested and try to set up a $400/500 spread. Would you ever suggest starting out with something like a ’22 $400 ’21 $470 bcs with the intent to roll out the ‘21s?

    Was thinking I should try to keep working with my $300/320 ’22/21 leap spread mainly as I’m trying to get more experience with the leaps, – seems more like owning the stock and rolling out short calls. You once suggested you like doing this but it takes longer to teach as it is over a longer time. I think you have sometimes suggested to roll to new short calls every quarter for good returns. In this case would it be advisable to roll to say Sept ’21 $350s, then Dec $380s etc as the time premiums expire. And if not, why would it not be better to try to roll directly up to the ’22 $400s or higher at less than 50% cost if it can be done?

    THX! (hope this is just a quick PS to the first assignment ;)


  6. I find it hilarious and ironic how ready we are to disparage vaccines, treatments, tests, etc from other countries, given how we in the US are demonstrating our incompetence to the world.


  7. Phil:

    Any changes required on our ARNC trade?  In particular, any thought of rolling up the $10 Put?  Thanks.

     

    TH


  8. snow – On principle, I will always have doubts about anything out of Russia or anything out of an old commie like putin.  And yes, I am writing this while wearing a red white and blue bandana while clutching a piece of the Berlin wall….. ;)


  9. Sure, but it's not just you, 1020 – this is pervasive in MSM.


  10. snow – I'm a disgusted American. We've shown our darkest side to the world.

    Russia is a 24/7 propaganda machine. In my humble opinion, Nothing good comes out of Russia….

     

    And yes, I do own several pieces of the Berlin wall – Purchased at the wall from a Russian capitalist!


  11. …Correction, more like an East German capitalist… :)


  12. Vaccine/1020 – Well I hope so but I imagine they are simply touting a stage 2 success and willing to skip stage 3 – so they are probably on the same pace as other countries who have just started stage 3 trials.

    I'm sure Trump will start importing Russian vaccines this weekend.  Buy 2 and get a free shot of Hydroxychloroquine!  

    Typos/Wing – Well if you find one, please tell me so I can look perfect for posterity.

    AAPL/Wing – If you have a PM account they would take the spread into account to reduce margin requirement and you certainly have the account size to justify it.  Just remember not to overuse margin.

    Very simply, if you have 20 $400/500 spreads at $40 ($80,000) then you have $120,000 worth of upside coverage up to $500 and if you have 5 short $460s at $32, you start losing money at $492 and, by 500, you would be down $54,000 and $104,000 at $600 so really your bet is AAPL is not going to be higher than $600 and you'll have a net profit on the spread vs the short calls (which can also be rolled). 

    And, of course, you have a ton of cash on the sidelines to roll and adjust with.  Yes, that's valid to but, again, KEEP IT SIMPLE.  That's the kind of spread you may adjust to over time but why start with complications when you can make great money without them?

    You should roll when your short positions are down to less than 25% premium.  If you wait to long, you don't get good rolls. AAPL is very volatile so it's dangerous to do anything with short-term calls.  If your rolls don't pick up any significant premium, then they are pointless and you are better off with cash.

    Sell/1020 – Isn't that what I just said this morning?

    Disparage/Snow – I don't think it's disparaging, they are making a dubious, unverified claim.  Putin is not that much better than Trump on the trustability scale.  

    MOSCOW—Russia registered the world’s first Covid-19 vaccine, President Vladimir Putin said on Tuesday, marking a milestone in the fight against the new coronavirus but amid safety concerns in the West over the country’s accelerated clinical evaluations.

    The development was met with anticipation and skepticism in the country and raises questions not only about the efficacy of the Russian vaccine, which some global health officials say was developed by cutting regulatory corners, but also how the registration could alter the landscape for other Western and Asian drug companies still working toward a shot.

    Some health and pharmaceutical officials in Russia and the West have expressed alarm at the speed with which scientists at Moscow’s Gamaleya Institute for Epidemiology and Microbiology developed the vaccine. Scientists employed military testing, accelerated clinical evaluations and shortened trial times in an attempt to be first with a vaccine.

    Critics worry that the Kremlin is sacrificing the health of its citizens for prestige. Mr. Putin said earlier this year that he wanted a shot produced by September, adding political pressure to the search for a vaccine. Russia has recorded some 900,000 coronavirus cases, straining its health-care system, and lockdown measures were expected to have cut its economy by 10% in the second quarter.

    So far, two rounds of testing have been launched for the vaccine, and a third is planned after registration, when authorities will offer voluntary vaccination of health-care workers and teachers. The health minister said previously that a rollout of the vaccine would start in October.

    In the U.S. and Europe, vaccines are tested differently, beginning with a small group of healthy volunteers testing the shots for safety. The next stage typically evaluates whether the vaccine provides protection, usually in hundreds of people, with the third stage evaluating the vaccine in thousands of volunteers. Results are published along the way, but the development process often takes years and most promising vaccines wind up faltering during rounds of study.

    “It’s really reckless, and sets a deeply disturbing precedent that it’s all right to cut corners, it’s all right to ignore ethics, it’s all right to ignore international legal standards in a search for a vaccine,” said Lawrence Gostin, director of Georgetown University’s O’Neill Institute for National and Global Health Law. “That could be disastrous.”

    Likewise, critics say that by testing the vaccine initially on soldiers, the healthy segment of society, Russia had failed to account for the effects the shot could have on others, including older citizens with chronic diseases.

    Earlier this year, the U.S., U.K. and Canada accused Russia of hacking into international institutions to steal Covid-19 vaccine information. Russia denied the accusations.

    ARNC/Hicket – We'll do reviews next week but not much to do but collect the money on that one.  We made a bet and we won.  I have no desire to chase it at more than double what we paid so we just take the money and move on.

    Oil selling off a bit.

    Lumber still flying


  13. Sell/Phil  Actually, you said CASH OUT and GET OUT!!!   ;)


  14. Phil

    what are your thoughts on GLD and TLT here?


  15. Because we're all a little bummed out….

    https://www.bakadesuyo.com/2020/08/lazy-way-to-an-awesome-life/


  16. GLD, TLT/Coulter – Both toppy.  How low can rates go?  GLD is overdone but I wouldn't bet against it.

    Woops, things are selling off hard now.


    • The Big Ten's vote today means its fall football season is off, according to media reports – likely tipping a domino that will lead other Power 5 conferences to join in short order, signaling a historic disruption in a big-money sport.
    • But rather than wait until fall 2021, the league will try to play a season in the spring.
    • As reported yesterday, a majority of Big Ten school officials had been leaning toward putting off fall football (by far the biggest money sport in collegiate sports), and it was likely that the Pac-12 and other three key college football conferences would follow right behind.
    • Smaller conferences the MAC and Mountain West had already announced they would cancel the fall season.
    • Meanwhile, the Southeastern Conference had seemed ready to make a go of a fall football season even if the other four Power 5 conferences demurred – but today SEC Commissioner Greg Sankey today had acknowledged that would be unlikely: "I don't think that's the right direction, really," he said of going it alone. "Could we? Certainly. There’s a difference between can you do something and should you do something in life."
    • And he downplayed the reports that the SEC would look to programs from canceling conferences to fill out its season.
    • The loss of games means a hit to revenue at broadcasters – ABC (DIS +2.2%), NBC (CMCSA +0.7%), CBS (VIAC +1.6%VIACA +2.7%) and Fox (FOX +3.5%FOXA +3.4%) and college football postponements have weighed heavily on DraftKings (DKNG +2.5%), as well as Penn National Gaming (PENN +5.5%), Golden Nugget Online (NASDAQ:LCA), William Hill (OTCPK:WIMHY) and MGM Resorts International (NYSE:MGM).
    • The Pac-12 is meeting now and it could cancel its fall season within the hour
    • The New York Times reports that Russia's President Vladimir Putin is claiming victory in the global race to a COVID-19 vaccine with today's announcement that its home-grown offering, based on two adenovirus strains akin to Oxford University and AstraZeneca's (AZN +0.2%) candidate ChAdOx1 nCoV-19 (ADZ1222), is now approved for use despite the absence of any published late-stage data.
    • The vaccine was developed by a scientific group called the Gamaleya Institute.
    • Critics accuse the Russians of cutting corners in development, testing the vaccine on soldiers who "volunteered" for inoculation, and trying to steal research data from Western firms.
    • The Russian Ministry of Health did not respond to written questions sent last week regarding human trials and research into safety issues. Ministry chief Mikhail Murashko has stated that a mass vaccination campaign will launch in the fall although teachers and medical workers will be eligible for shots this month.
    • Selected tickers: Pfizer (PFE -0.7%), Sanofi (SNY +0.7%), GlaxoSmithKline (GSK +1.3%), Merck (MRK +0.3%), Johnson & Johnson (JNJ -0.4%), Moderna (MRNA -2.6%), Novavax (NVAX -11.0%), Dynavax (DVAX -8.0%), Inovio Pharmaceuticals (INO -22.5%), iBio (IBIO -21.3%), Vaxart (VXRT +19.7%), VBI Vaccines (VBIV -6.0%)
    • The COVID-19 pandemic has "magnified the inequities that were always around us,"  widening divisions by race, gender, and community, San Francisco Fed President Mary Daly said during the Professional BusinessWomen of California virtual annual conference.
    • "We need to make sure that we reach back and ensure that everyone makes it through the pandemic," she said. "If we don't do that then my worst fear is we'll leave a whole generation of people behind, a whole group of people behind and really widen the inequalities that we came into the pandemic with."
    • Once the health crisis is past, the Fed's role will be to stimulate the economy and focus on its dual-mandate of full employment and stable inflation, Daly added.
    • The central bank wants to make sure that "everyone in the U.S. who wants a job can get one."
    • For 1H20, InterContinental Hotels (IHG +4.6%) comparable Global RevPAR declined by 52% while for Q2 it was down 75% as occupancy at comparable hotels dipped to 25%.
    • Revenue of $1.25B (-45.2% Y/Y).
    • Operating profit of $74M (-82% Y/Y) before System Fund result of -$52M and operating exceptional items of -$255M.
    • Net system size growth of 3.2% Y/Y; 12k room additions and 12k removals taking global estate to 883K rooms across 5.9K hotels.
    • In the first half, IHG signed 26K rooms (181 hotels); total pipeline now stands at 288K rooms (1,932 hotels).
    • As of June 30, 2020, total available liquidity stood at $2B providing substantial headroom for the company.
    • As of July 31, 95% of the estate stands open; July occupancy is seen at ~45% higher from April lows of ~20%, July RevPAR is expected to be ~(58)%.
    • During the first half, the group opened 90+ hotels and strengthened its pipeline with an average of one new signing a day, including ~100 for its Holiday Inn Brand Family.
    • IHG is on track to reduce fee business costs by ~$150M in FY20; targeting around half this level to be sustainable into 2021.
    • Previously: InterContinental Hotels reports 1H results (Aug 11)
    • Boeing (BA +3.2%) reports losing another 43 orders for its grounded 737 MAX planes in July, bringing the total cancellations for the jet this year to 398, while delivering only four of its other aircraft to customers
    • The company says it delivered only four of its other aircraft to customers – one each of 767 and 777 freighters and two 787 Dreamliners – taking the total to 74 planes so far this year.
    • Boeing delivered a record 806 aircraft in 2018, before the 737 MAX crisis erupted.
    • Boeing won no new orders in July and its cancellations include 35 previously scratched orders for the 737 MAX by aircraft lessor AerCap and Kuwaiti aircraft leasing company Alafco.

  17. Phil// What is your thought on ARR and your trade suggestions if any?  Thanks.


  18. Phil, all,

    Anyone have any thoughts on the most timely source for investment related news? 

    Thanks


  19. Phil / NQU20

    Shorted at 1100. What would be a good stop to exit?


  20. In virus talks, Pelosi holds firm; Mnuchin wants a deal


  21. Experts share a clearer timeline of when most Americans will get COVID-19 vaccine


  22. Looks like it's Biden-Harris on the ticket! Good choice. Can't wait to see the Pence-Harris debate!


  23. 8800 – timely investment news – Excellent question and I look forward to everyone's responses, here's mine, in no particular order: Seeking Alpha Feed, Bloomberg, and a carefully curated twitter feed, and FT is my morning read.


  24. Timely/8800 – Bloomberg TV.   No hype just watch the scrolls when they hit.  SA Feed is good too.   I still put CNBC on in the background though as they make a big deal out of any breaking news though the programming is crap.  


    • "The risk rally off of the March lows is getting long in the tooth," said bond investor Jeffrey Gundlach on his closed-end funds webcast.
    • "I think we will see March lows again this year."
    • He doesn't see the U.S. dollar declining more in the short-term, but it "will go lower in the long-term for sure," he said.
    • Gundlach attributes his long-term pessimism on the dollar to the government's deficit heading to more than 50% of GDP.
    • "I would not want to short high-yield bonds," and never has shorted them, he said.
    • "If you want to bet against bonds, you'd want to bet against TLT," said Gundlach, who added that he's never shorted Treasurys.
    • Comments that the swelling government debt so far isn't inflationary, but rather deflationary.
    • He sees inflation picking up if the Fed goes beyond lending facilities and monetizes its debt.
    • Gundlach expects Donald Trump to win re-election in November.
    • After a huge rally, Tesla (NASDAQ:TSLA) says its board approved a five-for-one split of shares to make stock ownership more accessible to employees and investors.
    • Each stockholder of record on August 21 will receive a dividend of four additional shares for each held share to be distributed after close of trading on August 28.
    • Trading will begin on a stock split-adjusted basis on August 31.
    • TSLA +6.75 after hours to $1467.80.
    • Source: Press Release
    • In what felt like "a mini-crash," gold (XAUUSD:CUR) plunged 4.6% to settle at $1,946.30/oz. for its steepest one-day dollar decline since April 15, 2013, and biggest percentage slide since March 13, based on the most-active contracts.
    • Other precious metals also took a beating, with silver -11% to settle $260.04/oz. - giving up all its gains since the start of August – platinum -4.7% to $940.08/oz. and palladium -4.7% to $2,116.33/oz.; copper ended +0.5% to $2.875/lb.
    • "This feels like a mini crash," says OANDA senior market analyst Edward Moya. "We could not overcome the early morning headlines of a Russian potential vaccine, and there was just continued optimism flowing into stocks," though stock gains are fading in late trade.
    • "The precious metals complex was driven by a drop in rates, a steady increase in inflation expectations and a falling U.S. dollar. The rally is now giving up some of these gains as these drivers lose momentum," according to Bart Melek, head of commodity strategies at TD Securities.

    • Wynn Resorts (WYNN +6.8%), Melco Resorts & Entertainment (MLCO +3.2%) and Las Vegas Sands (LVS +5.6%) are up for a second day in a row after new visa developments gave investors a reason to be hopeful that traffic could return to the gambling mecca.
    • Authorities in Macau neighbor Zhuhai city will resume the issuance of exit tourist visas tomorrow.
    • For the year, Melco has fared better than its two peers that also have Vegas properties
    • The Big Ten's vote today means its fall football season is off, according to media reports – likely tipping a domino that will lead other Power 5 conferences to join in short order, signaling a historic disruption in a big-money sport.
    • But rather than wait until fall 2021, the league will try to play a season in the spring.
    • As reported yesterday, a majority of Big Ten school officials had been leaning toward putting off fall football (by far the biggest money sport in collegiate sports), and it was likely that the Pac-12 and other three key college football conferences would follow right behind.
    • Smaller conferences the MAC and Mountain West had already announced they would cancel the fall season.
    • Meanwhile, the Southeastern Conference had seemed ready to make a go of a fall football season even if the other four Power 5 conferences demurred – but today SEC Commissioner Greg Sankey today had acknowledged that would be unlikely: "I don't think that's the right direction, really," he said of going it alone. "Could we? Certainly. There’s a difference between can you do something and should you do something in life."
    • And he downplayed the reports that the SEC would look to programs from canceling conferences to fill out its season.
    • The loss of games means a hit to revenue at broadcasters – ABC (DIS +2.2%), NBC (CMCSA +0.7%), CBS (VIAC +1.6%VIACA +2.7%) and Fox (FOX +3.5%FOXA +3.4%) and college football postponements have weighed heavily on DraftKings (DKNG +2.5%), as well as Penn National Gaming (PENN +5.5%), Golden Nugget Online (NASDAQ:LCA), William Hill (OTCPK:WIMHY) and MGM Resorts International (NYSE:MGM).
    • The Pac-12 is meeting now and it could cancel its fall season within the hour.

  25. Deano,

    Thanks for the response. Besides Bloomberg and SA not much in the live feed dept. Market Watch, Nasdaq and Yahoo Finance are not timely.

    In the AM, I will ask Phil if he can negotiate a broadcast dissemination of either Bloomberg TV or SA feeds to interested PSW members for an incremental charge above their PSW subscription fee. In theory at least, that should lower the cost to members vis-a-vis the standard retail charges (Bloomberg $35/mth; SA feed $29/mth).