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TGIF – Back Where We Started From to End the Week

"Standing in the middle of nowhere,
Wondering how to begin.
Lost between tomorrow and yesterday,
Between now and then.

And now we're back where we started,
Here we go round again.
Day after day I get up and I say
I better do it again.

Where are all the people going?
Round and round till we reach the end.
One day leading to another,
Get up, go out, do it again.
" – Kinks

It feels like something happened this week but it didn't.  

The S&P began the week at 4,170 and we're at 4,170 this morning.  The Dow is 100 points lower, which is a 5-minute move these days, the Nasdaq is surprising us at 13,500 as we thought 13,400 (the strong bounce line) would be as high as it goes and the Russell is right back to 2,220 – also no change at all.

I guess we could say that means that earnings are coming right in-line with expectations and everything was priced right – more or less.  Yeah, let's go with that….  I thought Robert Kaplan's comments on inflation would be of more concern to traders but nothing concerns traders – certainly not India breaking Donald Trump's record (4,400) for covid deaths in a single day with 4,500 killed by Modi's negligence.  Like Trump, Modi decided ignoring the virus was the way to go but, unlike Trump, no one removed him from office before it was too late (Trump hit his record for killing US Citizens just before being dragged out of office in January).  

In the US yesterday, "only" 675 people died of Covid and "only" 28,935 people were newly infected.  While it's a huge improvement over the hundreds of thousands of new cases per day we had in January – it's still a little early to celebrate.  We have lost our capacity to care about death and disease, apparently – as long as it doesn't happen to us we just move right along.  India still hasn't caught up to the US with only 26M cases (vs 33M) and "only" 291,000 deaths (vs 587,000) but they'll get there pretty soon with 300,000 infections per day – next month, in fact, if things don't turn around soon.

I'm well aware no one wants to hear about the virus anymore but the Fed is still saying it's the top danger to the US and Global economy.  Varients like we're seeing in India could make their way over here and less than half our population is vaccinated and about 1/3 of the population refuses to be vaccinated.  Covid currently has infected 10% of the US population so, if 33% refuse to be vaccinated, then 1/3 people you come in contact with next flu season may have Covid – it will always be around – always a danger unless we change our policies and force vaccinations.

The Joxter on Twitter: "Are you willing to die for the economy?… "There are also Global Food Shortages and other things the US media barely covers, lest we take away from the "Everything is Awesome" narrative that's the backbone to the recovery – which starts with Consumer Sentiment.  The Government is exhausted from borrowing all that money so now they want to make sure we take our turn getting back into debt restarting the economy.

Food prices have jumped by nearly a third over the past year, according to the Food and Agriculture Organization of the United Nations, even as pandemic-related job losses are making it harder for families to afford basic staples. Corn prices are 67% higher than a year ago, the FAO says, while sugar is up nearly 60%, and prices for cooking oil have doubled.

What is unique about this time is that prices are going up, and at the same time people’s incomes have been decimated,” said Arif Husain, chief economist at the United Nations World Food Program. “The combination of the two, rising prices and no purchasing power, is the most lethal thing you could deal with.”

Rising hunger in countries such as Honduras and Guatemala, meanwhile, is a big reason behind the wave of migrants arriving at the U.S. southern border in recent months, experts say. The number of people facing acute food insecurity jumped 20% in Guatemala and tripled in Honduras early this year compared with 2019, according to a report sponsored by the U.N.

Just another thing for us to ignore, right?  

Have a great weekend, 

- Phil

 


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  1. Good Morning.


  2. Really nice flip to long on Oil yesterday Phil!


  3. WBA/Phil/Steve.  In the note about your WBA strategy yesterday, Phil, you say if WBA goes DOWN …   roll our long $50 calls to the $52.50 calls  ..  

    Wondering why you would be rolling the longs UP if the stock goes DOWN or if that might have been a typo? 

    Thx.


  4. Good morning! 

    Oil/Rick – Easy money there.  Holiday weekends are one of the most reliable bets on the markets.  

    Tight stops on 1/2 now with $1,500/contract gains and then $1,000 stops on the other half locks in $1,250 avg.

    WBA/Wing – I meant the $47.50 calls.


    • Facebook (NASDAQ:FB) now tops Goldman Sachs' Hedge Fund VIP List, the 50 stocks that appear among the largest 10 holdings of hedge funds.
    • But the group also matched their biggest three month fall on record, ZeroHedge reports.

    • Goldman strategist Ben Snider and team updated their list as Q1 13-F filings came in from 630 hedge funds with 10-200 distinct U.S. equity positions.
    • The top five remained the same, but Facebook moved to the top slot.
    • Facebook rose nearly 8% in the first quarter and is up nearly 17% year to date, the second-best performer in the megacaps behind Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), up nearly 32%, which comes in at No. 4 at the VIP list.
    • All the megacaps make the top 10 except Tesla (NASDAQ:TSLA), which didn't make the list at all.
    • The top 10 are:
    1. Facebook.
    2. Microsoft (NASDAQ:MSFT)
    3. Amazon (NASDAQ:AMZN)
    4. Alphabet
    5. Alibaba (NYSE:BABA)
    6. Visa (NYSE:V)
    7. Mastercard (NYSE:MA)
    8. Apple (NASDAQ:AAPL)
    9. Alexion Pharma (NASDAQ:ALXN)
    10. Sea Ltd. (NYSE:SE)
    • Caesar's Entertainment (NASDAQ:CZR) makes the highest debut at No. 23. Other new entrants include Adobe (NASDAQ:ADBE), Citi (NYSE:C) and GM (NYSE:GM).
    • Talend (NASDAQ:TLND) is the stock with the smallest market cap on the list at $2B.
    • The big quarterly drop pushed hedge fund managers to rotate aggressively from tech to value, ZeroHedge says.
    • Investors just took the most cash out of tech funds since 2018.
    • After underperforming the broader market recently, Info Tech (NYSEARCA:XLK) led the Nasdaq (COMP.IND) into positive territory for the week yesterday.
    • It's up again in premarket trading, while S&P futures (SPX) (NYSEARCA:SPY), Nasdaq 100 futures (NDX) (NASDAQ:QQQ) and Dow futures (INDU) (NYSEARCA:DIA) are in the green.
    • That may be a sign that a bottom is near after tech funds just saw the largest weekly outflows in nearly 2-1/2 years.
    • Tech fund outflows came in at $1.1B, the largest since December 2018, BofA Data Analytics says.

    • Since January 2020, inflows to Financials (NYSEARCA:XLF), Energy (NYSEARCA:XLE) and Materials (NYSEARCA:XLB) now exceed tech during the same period, BofA strategists led by Michael Hartnett write in a note.
    • Meanwhile, the $2.8B of inflows in government bonds was the largest in six months.
    • BofA's Bull & Bear Indicator edged down to 6.9 from 7 this week and remains stuck in the "bullish holding pattern" that it's been in since March.
    • That's very similar to H2 2017 after 10-year Treasury yields also jumped 100 basis points, Hartnett says.
    • In January 2018, the 10-year yield broke toward 3%, sending the Bull & Bear Indicator above 8 in to sell-signal territory, ending the "Icarus trade" in stocks.
    • In terms of history rhyming, bulls "can point to 2017/18, strong growth, range-bound yields, dithering Fed, and await the final melt-up; bears can point to 2007/8, as a sinister series of deleveraging 'events' ended with a 'Minsky Moment'; we prefer 1967-69 analog of interest rates unanchored by large budget deficits attempting to pacify populist & polarized electorates, an excessively easy & complicit Fed, inflation rising to multi-year highs … the value bull of 1968 (= H1’2021) was followed by the volatile bear of 1969," Hartnett adds.
    • Overall, equity ETFs just saw their first week of net outflows in four months.

    • Volatility levels have seen a recent uptick in levels in the month of May. The (VIX) this week touched 25.96 on May 19th and 28.93 last week on May 13th.
    • The recent volatility spikes popped over 20 and matched highs back in early March of this year.
    • Additionally, for the month of April, volatility levels dipped below pre-pandemic levels but now have re-emerged to the upside. Below is a representative chart of the VIX coming down off the pandemic highs and then resurfacing itself back above the 20 handle.
    • With market participants unsure about inflation expectations and the uncertainty around the expected transitory rising period, it reflects in the market with increased volatility. 
    • Over the month of May, investors have seen technology and growth-related names suffer over potential rising rates causing more hesitation in the marketplace as well. 
    • Currently, the VIX is at 20.45.
    • For investors interested in learning more about market volatility and possible investment strategies that use volatility within a portfolio, they may look to analyze the following ETFs and ETNs: (BATS:UVXY)(BATS:SVXY)(BATS:VXX), and (BATS:VIXY).
    • In other financial-related news, Equity ETFs have witnessed their first week of net outflows in nearly 4-months.
    • May U.S. PMI Composite Flash:  68.1  vs. 63.5 prior
    • PMI rate of expansion came in unmatched after exceeding April's previous series record; goods producers and service providers alike noted stronger paces of activity growth midway through Q2.
    • Manufacturing PMI: 61.5 vs. 60.2 consensus and 60.5 prior
    • Services PMI: 70.1 vs. 64.5 consensus and 64.7 prior (sharpest rise since data collection commenced in October 2009)
    • The rise in new orders quickened for the fifth consecutive month (May); some manufacturers also noted higher order volumes from clients led by material shortages and efforts to stockpile amid rising costs.
    • "With businesses optimistic about the outlook, backlogs of orders rising sharply and demand continuing to pick up both at home and in export markets, the scene is set for strong economic growth to persist through the summer," Chris Williamson, Chief Business Economist at IHS Markit commented.

    • Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA), and Johnson & Johnson (NYSE:JNJ) have pledged to provide additional COVID-19 vaccine jabs to poorer countries, Bloomberg reports.
    • The announcement was made today at a G20 meeting.
    • Pfizer has said it will supply 1B doses next year for low and middle-income countries, in addition to a similar amount for this year.
    • J&J is in discussions to supply 300M doses next year as Gavi, a global vaccines alliance, announced plans today to purchase 200M of the company's vaccines.
    • AstraZeneca (NASDAQ:AZN) previously agreed to provide vaccines at a cost to COVAX, an initiative to provide more equitable vaccine distribution.
    • Vaccine companies in morning trading: Pfizer +0.4%; Moderna +0.8%; J&J +0.5%; and AstraZeneca down a penny.
    • April Existing Home Sales-2.7% to 5.85M vs. 6.085M consensus and 6.01M prior.
    • Housing supply continues to trail demand, says National Association of Realtors economist Lawrence Yun.
    • On a Y/Y basis, sales jumped 33.9%.
    • YTD sales (January through April) are up 20% Y/Y.
    • Median existing-home sales price rises to 19.1% Y/Y to $341.6K, both record highs.
    • Yun expects inventory to increase as more COVID vaccinations are administered, making potential home sellers more comfortable with listing and showing their homes. The declining number of homeowners in mortgage forbearance is also expected to add to supply, he said.
    • "The additional supply projected for the market should cool down the torrid pace of price appreciation later in the year," Yun said.
    • Total housing inventory at the end of April was 1.16M units, up 10.5% from March's inventory and down 20.5% from a year ago.
    • Properties typically stayed on the market for 17 days in April, down from 18 days in March.
    • IAC/InterActiveCorp (NASDAQ:IAC) Chairman Barry Diller said that the company is looking at a "several billion" acquisition right now.
    • "Right now we are thinking of buying something for several billion dollars that I think we can rationally buy," Diller said in an interview on CNBC. "We are just doing what the next fool on the corner is doing."
    • When asked what he thinks about cryptocurrency he responded, "I think it's a con."
    • Last week, IAC stockholders approved Vimeo spin-off.

    • Boeing (NYSE:BA) +1.8% pre-market following a Reuters report that the company has drawn up preliminary plans to raise production of the 737 MAX to as many as 42 jets per month in fall 2022.
    • Implementation of the plan will depend on demand, the health of suppliers and Boeing's success in reducing a surplus of jets already built, according to the report.
    • Boeing declined comment on the Reuters story and pointed to last month's guidance, when it reaffirmed plans to raise MAX output from an unspecified "low" rate to 31 per month by early 2022.
    • Struggling with the electrical grounding problem that sidelined dozens of jets, Boeing made just four 737 MAX deliveries in April.
    • In the most up-to-date U.S. weekly fund flows insight report by Refinitiv Lipper ending May 19th, 2021, information points to investors infusing $25.8B into the marketplace. Fund assets include both conventional funds and ETFs.
    • Examining the breakdown and investors can see that money market funds saw the bulk of inflows at +$25.2B, taxable bond funds +$3.4B, tax-exempt fixed-income funds +$725M, and equity funds were net redeemers of -$3.5B.
    • Equity-based exchange-traded funds saw net outflows for the first time in 15 weeks as market participants handed back -$1.2B. On the week, Financial Select Sector SPDR ETF (NYSEARCA:XLF) +$1.3B and iShares Russell 2000 ETF (NYSEARCA:IWM) +$1.0B were the two equity ETFs that saw the most significant inflows. On the other hand, SPDR S&P 500 ETF (NYSEARCA:SPY) -$6.1B and Invesco QQQ (NASDAQ:QQQ) -$1.3B suffered the most substantial redemptions of the week.
    • From an exchange-traded fixed income fund standpoint, taxable fixed income ETFs witnessed net inflows for the second week in a row, totaling +$4.4B. Furthermore, market participants were net purchasers of government-Treasury ETFs +$2.0B, corporate investment-grade debt ETFs +$1.126B, and corporate high-yield ETFs +$1.116B. Investors were also net redeemers of corporate high-quality ETFs -$61M.
    • Of all taxable fixed income ETFs, SPDR Bloomberg Barclays High Yield Bond ETF (NYSEARCA:JNK) +$867M and iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSEARCA:LQD) +$523M attracted the largest amounts of new capital. Meanwhile, SPDR Portfolio Intermediate Term Corporate Bond ETF (NYSEARCA:SPIB) -$597M and VanEck Vectors Fallen Angel High Yield Bond ETF (NASDAQ:ANGL) -$165M had the most significant outflows.
    • SPY, which tracks the S&P 500, is having its worst monthly performance in eight months in other related financial news.
    • The U.S. House is reportedly introducing legislation today that will give states more influence over deciding in which courts antitrust lawsuits will be brought against companies.
    • The bill is is being introduced by Rep. Ken Buck (R-Colo) along with Rep. David Cicilline (D-R.I.), both members of the House Judiciary antitrust subcommittee, according to an Axios report.
    • The legislation will ensure that state AGs, who are increasingly suing corporations such as Google (NASDAQ:GOOGL) and T-Mobile US, will get "home-court advantage" in picking the court where a case will be heard.
    • The bill, called the State Antitrust Enforcement Act, may increase the state AG's chances of winning antitrust cases.
    • Recently, Google has pressed for a state AG antitrust case to be moved from Texas federal court to California, where it's fighting similar cases.
    • UBS is upgrading shares of AT&T (NYSE:T) to Buy from Neutral with analyst John Hodulik citing the advantages of a simpler structure.
    • As the company sets out to shed its media assets in a tie-up with Discovery (NASDAQ:DISCA), Hodulik says in a note the leaner AT&T should have improved visibility.
    • "We see a favorable risk-reward at the current valuation given a more simplified set of connectivity-based assets, lower dividend payout (~40% vs. ~60% post-DTV deal), better visibility into EBITDA growth and lower leverage," he writes. "While AT&T lowered its dividend by ~45%, the deal structure will provide an estimated ~$7-8 per share in one-time, tax-free payment (in the form of DiscoveryWarner shares), equating to 4-5 years of dividend payment in lump-sum."
    • He thinks management can achieve its target of $20B in free cash flow, while buybacks could come a couple of years ahead of schedule as capital demands ease.
    • We "expect a more normalized capital intensity in the mid-to-high teens beyond 2023, freeing up $2-4B in excess cash," he adds. "This should enable buybacks starting in late 2023/early 2024 when the company reaches its target leverage ratio of 2.5x (two years earlier than expected)."
    • Hodulik raised his price target to $35 from $32 per share for the year.
    • In addition, New Street analyst Jonathan Chaplin also boosted AT&T to Buy from Neutral, with a six-month price target of $35 per share.
    • AT&T is up 1.3% premarket, while Discovery is up 0.3%.
    • Yesterday, Raymond James advised investors to buy AT&T's dividend dip.
    • Bank of America lowers its price objective on Tesla (NASDAQ:TSLA) to $700 from $900.
    • Analyst John Murphy sees some risk that Tesla will not have an easy path to raise low-cost capital through its stock as it looks to ramp up production at Fremont and Gigafactories.
    • BofA's $700 PO is based on 15X the EV/sales estimate and 89X the EV/EBITDA estimate.
    • In other Tesla news, there is a report out of China that some government officials were instructed not to park Tesla vehicles on government property. Of course, that development follows what is perceived as a chillier tone from Beijing on Tesla over the last month or two.
    • Meanwhile, Tesla CEO Elon Musk hinted that Tesla is close to establishing a presence in Russia during an appearance at a Kremlin-sponsored event.
    • Shares of Tesla are up 1.87% premarket to $597.75.
    • Looking ahead for Tesla catalysts? Tesla is running a special Model S Plaid event on June 3.
    • Virgin Galactic (NYSE:SPCE) breaks higher after UBS upgrades the rocket stock to a Buy rating after having it set at Neutral.
    • While the firm thinks the faster pace of Blue Origin offering commercial service is worth watching, analyst Myles Walton and the team are positive on the attention it could bring to pricing and price discovery in the near term.
    • UBS is also still positive on the fundamentals for the Virgin Galactic story and the scarcity of the experience provided to its customers.
    • Looking ahead, UBS says the path for SPCE test flights is reforming and expects limited insider selling.
    • UBS sets a 12-month price target of $36, which reps close to 80% upside for shares. That PT works out to 41X the 2025 EBITDA estimate.
    • Shares of Virgin Galactic are up 3.53% premarket to $20.51.
    • Trading volume on Virgin Galactic was very heavy yesterday following the test flight announcement.
    • Deere (NYSE:DE) +1.9% pre-market after reporting much stronger than forecast FQ2 earnings and revenues, while raising its full-year earnings guidance.
    • But the company warns that it expects to see increased supply-chain pressures through the rest of the year.
    • FQ2 net income nearly tripled to $1.79B from $666M in the prior-year quarter, with EPS rising to $5.68 from $2.11 a year ago, as the global economic rebound sparked demand for farm machine and construction equipment.
    • FQ2 revenues jumped 30% Y/Y to $12B due to higher shipment volumes and price realizations: Production and precision agriculture +35% to $4.53B, small agriculture and turf +30% to $3.39B, construction and forestry +36% to $3.08B.
    • Deere raised its full-year EPS guidance to $5.3B-$5.7B from its previous forecast of $4.6B-$5B.
    • Deere also forecasts full-year production and precision agriculture sales will improve 25%-30%, small agriculture and turf revenues will rise 20%-25%, and construction and forestry will gain 25%-30%.
    • "While the company is clearly performing at a high level, Deere expects to see increased supply-chain pressures through the balance of the year," the company said
    • Foot Locker (NYSE:FL) +4.4% premarket, reports comparable-store sales increased by 80.3% vs. consensus of +53.7% in Q1..
    • During the quarter, the company operated 2,952 stores: opened 12 new stores, remodeled or relocated 15 stores, and closed 58 stores.
    • The company will convert approximately one third of its Footaction stores and will close the majority of the remaining stores.
    • CEO comment: "Our merchandise offering resonated very well with our customers, driving strength in our stores and continued momentum in our digital business. With strong product tailwinds, we remain optimistic about our category and our ability to drive long-term growth, profitability and shareholder value."
    • "The freshness of our inventory, coupled with robust demand across our assortment, resulted in significantly less promotional activity during the first quarter, driving gross margin expansion and improved inventory turns," added Andrew Page, Executive Vice President and Chief Financial Officer.
    • The company refrains from providing guidance due to uncertainty created by the pandemic.
    • The number of mortgages in forbearance increases 16K in the past week, only the second time in the past 12 weeks that the number has risen.
    • That reflects the return of the mid-month increase in rising forbearances. During April, the pattern had been suppressed by strong declines due to plan expirations.
    • Forbearance plan starts increased this week, driven mostly by an increase in restart activity, another pattern common for the middle of the month.

    Source: Black Knight

    • As of May 18, some 2.18M, or 4.1% of, homeowners remain in COVID-19-related forbearance plans, including 2.4% of GSE, 7.3% of FHA/VA, and 4.7% of portfolio held and privately securitized mortgages.
    • Estimated monthly principal and interest advances on active forbearance plans were $2.6B, unchanged from the prior week.
    • Estimated monthly tax and insurance advances on active forbearance plans stay unchanged at $1.0B.
    • Mortgage servicers that could be affected include: New Residential (NYSE:NRZ), Mr. Cooper (NASDAQ:COOP), Ocwen Financial (NYSE:OCN), and PennyMac Financial Services (NYSE:PFSI).
    • According to research from the New York Fed, mortgage delinquency rates may rise as COVID support ends.

  5. Ptas. Hi it is me again with CHL my shares have been converted to HKD dollars. question shall I just cash out or can I still expect to receive a div on these shares?


  6. Dividend Portfolio Review:  $381,115 is up $14,283 from our last review but about $4,000 of that is from an error last time where the same PFE short puts and calls were recorded twice.  Another $4,000 worth of gains comes from our dividend collections – that's the whole point of this portfolio!   Last month we cashed out EPD, IVZ, F and SKT as they had all run their course and the only addition we made was selling 5 VIAC 2023 $32 puts for $3,175 when that stock dipped.  

    We're 50% in CASH so nice and relaxing and we'll keep our eyes open for a fresh play.

    • EPD – Short puts left over from our closed position.  There's no point in paying $470 to not promise to get back in at $13, is there?  
    • GILD – We sold the puts for $5,375 and GILD pays a $2.84 dividend so, instead of buying 1,000 shares for $62 (at the time) and covering them and waiting 2 year for quarterly dividends, we promised to buy 500 shares for $57.50, put $5,375 in our pocket right way and we have $62,000 of cash we didn't spend in the portfolio.  In a PM account, the margin requirement for these puts is $1,303 – a very efficient way to make $5,000!  

    • VIAC – Brand new but already up 20% – timing!  

    • TWO – If they dip more we'll sell some puts but $7 should hold.  2023 $7 puts are $1.70 – it would be nice but not any kind of emergency.

    • ET – Blasted higher.  Pays off in Jan so may as well leave it.
    • MO – Testing $50 from below and safely over our goal.

    • PFE – That was an obvious one to add.
    • M – Finally getting some respect but not paying us a dividend so let's cash the stock and the short calls and leave the puts.  

    • NLY – Time to re-cover and sell 7 2023 $7 calls for $2.35.  It gives us room to roll to the $10s if they go higher or sell 3 more if they go lower. 

    • PETS – We bought back the short calls and we'll wait a while before re-covering.

    • SIG – Very deep in the money, no worries.
    • SPG – Blazing higher on re-opening fever.  
    • T – We're aggressively long down here – great for a new trade.  


  7. CHL- Yodi- dividends should still be forthcoming as far as I know. 


  8. CHL – I received dividends yesterday. 


  9. Pstas Well I see the show the stock in HKD today. Obviously I had the shares all the time, so I am curious to know I I would receive div. Do you plan of selling these shares now or wait a while?


  10. Phil – did you get my email about moving my PSW investment into a new trust?


  11. Argentina to Impose 9-Day Lockdown as Cases, Deaths Surge


  12. Yodi- good question as to holding CHL as I have been giving that some thought. My position is small so no big deal either way but I still have some short puts/calls from a buy/write trade. I have no idea what the story on those options will be  so I will likely hang on to covering shares until the option expiration 23-Jan and am inclined to divest the balance of shares. I think political risk is now a more prominent factor given the Chicoms more aggressive actions in HK, etc. Not that we do not have political risk here in the US (especially under this administration's leanings) I think it is not all that significant overall and the neosocialist/neomarxist influence will wane and those radical elements can be discounted. Bottom line, there are or will be plenty of good opportunities without having to deal with China's intentions.




  13. Trust/Tangled – Yes, I passed it along to Andy.

    CHL/Pstas, Yodi – I think as we get closer to November, there will be forced dumping from the US holders so you have to REALLY want to ride it out long-term if you're going to stay with them.  Otherwise, take advantage of the next move up to cash in.

    Have a great weekend folks, 

    - Phil


  14. Pstas thanks for your opinion. I do have as well 5 jan 23 puts at 25 and 5 short Jan 23 calls at 30, so it is a strangle as much as I see it. I am happy to receive the stock at 25 and well deliver the stock at 30. I tried to close the puts, and they were rejected. However they hold a margin against the puts as if they worthless. Possible one could transfer the options as well to IB and hold in my case 500 stock against my 30 strike option. It is some what all very unclear.


  15. Thanks Phil! question is what will happen with the options????


  16. Options/Yodi – I have no idea.  TOS is useless for help.  If they all expire worthless, it's a small loss but it's still BS as they are essentially stealing the money.  I'm sure there will be lawsuits if they don't figure it out.  They won't even let you exercise the long calls.  

    Luokung is already suing the US but it will take a while to wind through the courts.  

    TOS is taking the stance that you can't transact, therefore you can't be assigned shares, so the options are dead – even though they are in the money.  We don't care if the short puts or short calls are dead but, in the LTP, we have long $27.50 calls and CHL is about $32.50 – so we're getting ripped off for $5 contract ($15,000).  The argument is, we aren't allowed to buy them either – so worthless.  


  17. Thanks Phil this rounds it all up, at least I could transfer my shares to IB and they converted them. So we will see.


  18. UK retail spending soars as economy reopens