Posts Tagged ‘SRS’

Thrill Ride Thursday

Wheee – this is fun!

Everything went according to plan yesterday as the very fake pre-market pump I warned you about in the morning post very quickly turned into a day of carnage for the markets.  Sure we only ended up down 10 points, but it was down 100 from the open

Fortunately, we have learned how to ride this bull and we grabbed the DIA $105 puts at a .55 average per my 9:47 Alert to Members and we cashed those out at .90 (up 63%) in the afternoon.  We also had a quick 20% winner on Dec QID calls and we kept the Jan QIDs as our continuing bearish bet as we didn't want to risk a possible overnight pump job taking the markets back up with open Dec calls.  Still, we weren't worried enough to cover our longer DIA puts so we were very bearish but, as I said yesterday: "We have neglected to do is play the futures pump for the past week as we keep expecting something very bad to happen and boy would we feel silly if we were just 55% bearish when this house of cards comes tumbling down."

It has been volume, volume, volume that kep me questioning the rallies this year - the fact that all the up moves come on very thin volume (ie. manipulated) while all day long the insiders sell to the suckers who are draw in by the futures action and stick saves (it's a team effort).  This chart from Ron Greiss illustrates what's wrong with our rally on a more macro level:

While we are certainly not ready to do a bearish victory dance on this tiny little correction, we certainly feel a heck of a lot better about our decision to stay bearish.  In addition to adding bearish DIA and QID plays yesterday, we (of course) added more SRS at our target bottom, took the money and ran on EWJ, shorted XTO (rumors XOM may walk), got more UUP and shorted V.  Our long covers were TOL and the VIX but it was a very bearish day of picks, especially considering our already bearish stance (see Weekend Wrap-Up – Too Bearish or Just too Early?). 


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Weak Weekly Wrap-Up

This chart says it all (thanks Jesse).

In last week's wrap-up I said: "Since early September our upside targets for the indexes have been: Dow 10,087, S&P 1,096, Nasdaq 2,173, NYSE 7,204 and Russell 623 and nothing has happened to change our fundamental outlook for the better so the closer we get to those levels, the LESS comfortable we are taking bullish positions."  I mentioned how tempting it had been to cash out all our longs and go 100% bearish when we hit 10,300.  Our downside levels told us to wait until the 16th, when Monday's move up was finally the last straw and we are out of the bull game (our last major Buy List was July 11th and most picks are up over 100%), probably for the rest of the year

This chart shows you that the S&P is primed for a 5% correction back to 1,050.  I don't know why Jesse didn't extend out the lower support line, which would take us right about to my pullback target of S&P 1,000/Dow 9,650.  I stuck my neck out on TV two weeks ago, calling for a 10% correction to those levels but we've been playing both sides of the fence until this week, when I finally had to put my foot down on Monday, after having discussed cashing out for the holidays in Member Chat over the weekend.  Our general plan this week was to cash out the winners and leave only longer-term, hedged bullish plays while adding more speculative downside plays for the short-term correction.   

Why the change of heart?  Well, something you don't see on this chart but is pretty clear on the Yahoo monthly view, is that virtually all of the gains (ALL of them if you include the spikes) in the Dow for the ENTIRE month of November have come on single days each week.  This week it was Monday (139 points), last week Monday (206 points) and Nov 5th was Wednesday (198 points).  Take those days out of the run from our Oct 30th close at 9,712 and we're up just 63 points to 9,975 despite there being only 1 losing day in the first week (11/3, down 16 points) of the month and one losing day in the second (Nov 12th, down 92 points).  That is one super-flimsy way to build a "rally" don't you think?

Getting 90%…
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Thrill Ride Thursday – CRE Crash?

What a nice day we had yesterday!

DIA

I led off my morning post saying it was time to short the Dow, Copper, Oil and the Euro and anyone playing those futures bets off my 8:27 post made out like a bandit.  I even posted a nice little DIA play FOR FREE (for those of you who can't be bothered to subscribe yet), picking the DIA $104 puts at .55.  It only took 45 minutes for those puts to shoot up to .85 and I warned our Members to take it off the table on the way up and, since it was my free trade of the week, I also posted it over at Stock Talk on Seeking Alpha.  This is a great way to follow-up on some of our trades and is also the back-up for our member chat whenever we have server issues so do make sure you are signed up to follow me there (just click on my picture).  

Yes, I know that so many newsletter writers give you free trade ideas that make 54% in 45 minutes that it's hard to keep track so only do it if you REALLY want to.  The futures, of course, make TONS more than that as they are heavily leveraged,  As I said in yesterday's post, we have been trying to get more bullish but sometimes we just have to put our bearish foot down.  In Member Chat we also took bullish pokes at EDZ, SRS, DIA $103 puts and ERY early in the morning and then we were able to just sit back and watch the dip.  I was a penny early calling a bottom on copper at $3.12 but .05 on the futures contracts is a huge win and we are very nervous bears, especially on low volume days, and we take our profits quickly.

At 1:40, I said to members: "DIA – Well mission accomplished on the $103 puts and now we see what Mr. Stick can accomplish for the day.  Without the RUT over 600 I have no desire to cover the March puts" and we even decided to go with the DIA $104 CALLS at 3:20 to protect us against the anticipated stick save.  Those went from .65 to to .80 into the close, another very quick 20%.  We…
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Wild Weekly Wrap-Up, Topping or Popping?

This was an annoying week for bulls and bears alike.

We had a very exciting day on Monday, topping out at 10,248 but I didn't like the way we got there (low-volume, commodity rally, as noted in David Fry's chart) and, when pressed for a prediction on TV that evening, I had to say that I felt that we were more likely to be down by Thanksgiving than up with a possible Santa Claus bounce into Christmas.   What we did get for the remainder of the week was very choppy action on even lower volume

I had mentioned in last week's "Wrong-Way Weekly Wrap-Up" that we were partying like it's 1999 as we broke through Dow 10,000 and S&P 1,080, despite rapidly deteriorating fundamentals.  Stocks are being bought because they are going up in price (much like commodities), not because there is any actual demand for them and that is very clear from the rapidly declining index volume as we run back into resistance at S&P 1,100. 

Since early September our upside targets for the indexes have been: Dow 10,087, S&P 1,096, Nasdaq 2,173, NYSE 7,204 and Russell 623 and nothing has happened to change our fundamental outlook for the better so the closer we get to those levels, the LESS comfortable we are taking bullish positions.  In fact, yesterday as we got our mid-day spike to 10,300, I told members that it was sorely tempting to just cash out all bullish positions and take 20% of the virtual portfolio 100% bearish with a 10% stop.  Rather than mess around with a mix of positions, going fully bearish can allow for some spectacular gains if we crash and stopping out with a 50% loss would suck – but a breakout like that, well above Dow 11,000 and S&P 1,200 would certainly give us reason to be more bullish.

As I concluded last week: "We’re generally not happy until we see Russell 600 and the Dow Transports over 4,000 (now 3,852) and we took a 55% bearish stance into the weekend because we’ll feel a lot less silly being burned by a move up than we would if we weren’t bearish enough for a move down.  It would be nice to be able to make more of a commitment but the bulls clearly have the bears cowering in fear so we’ll just patiently wait and see how
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October Overview – When the Goblins Come Home to Roost

Rollercoaster monksWhat a crazy month we had! 

The Dow began the month of October at 9,712 and finished the month of October at EXACTLY 9,712.  Now I don't want to say the market is manipulated but…  No, I've got nothing, there are no buts – the market is totally manipulated!  Either that or you believe that the random outcome of tens of millions of traders around the globe trading hundreds of billions of shares of stock would just so happen to begin and end the month within .50 after going as low as 9,378.77 (on the 5th) and as high as 10,157.94 (on the 21st).  So that is literally a 1 out of the 779-point swing coincidence to hit that 9,712 nail on the head

At PSW we couldn't be happier about this frankly.  As I often say to members:  We don't care IF the game is rigged, as long as we can figure out HOW the game is rigged so we can play along.  We were bearish in our September 27th Wrap-Up when I predicted that Earnings season would bring about a "Return to Fundamentals."  We targeted retrace moves of Dow 9,512, S&P 1,020, Nasdaq  2,030, NYSE 9,496 and Russell 556 – all of which we hit the following Friday.

68017.strip.sunday

That week I highlighted my fundamental market concerns and Monday (9/28) my topic was "6 Unemployed People Per Available Job," Tuesday I said "Consumer Confidence is Key," Wednesday we caught the turn perfectly as I predicted "End of Quarter, End of Pump," and Thursday, October 1st was the day that "REIT's Turned Rotten" – which was something we had been playing for during the September rally so we were thrilled with what is NOW the 2nd worst down day of the month.  That was the day GS decided to agree with me that REITs were over-valued and gave us a signal that the Gang of 12 were no longer all on the same page.  Friday, the 2nd, we were back to looking at the Jobs numbers when I asked "Is Anybody Working for the Weekend."

We could not have been more pleased with what was the worst week in the market…
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Testy Tuesday Morning

1026-dowWell yesterday went pretty much as planned.

It’s nice to see the market behave normally for a change, going down on big volume and actually staying down as we get mixed economic news.  Volume was at the highest levels since Sept 17th where, sadly, we dropped another 5% over the next two weeks.  Watching our levels kept us from making stupid mistakes yesterday and by 10:28 we had lost faith in the "rally" and we went for SRS as a long and sold the $9 puts for .60, now .40.  This is a fun way to play the volatile ultra-ETFs as we don’t mind owning SRS at net $8.40 (would be all-time low) if it went the wrong way and was put to us.

We lowered our bar on the Dow to 9,920  (green zone on Tim Knight’s chart) to make some bullish plays but that line held at 1pm and 1:45 and, by 3:50, the most they could manage on a spike was a few seconds over 9,900 and a big surge of volume into the close didn’t move the markets up a bit.  These are all bad signs for today’s open regardless of the nonsense you see in the futures market. 

Today we can use the 9,900 line to initiate some upside plays but the real line of concern will be our first major index failure, which will be NYSE 6,900.  That’s today’s big test, followed (if they fail) by Russell 575.  As we expected, the Russell blew 595 yesterday and that is now their critical recovery point for the day.  The Russell and NYSE led us up in this rally, it should be no surprise if they are to lead us down.

BIDU (who we were short on!) shows you just how ridiculous values have become and even Mr. BUYBUYBUY himself has finally changed his tune and actually made a very good point last night, noting that many earnings reports use the caveat "albeit at lowe levels:

cramerWhile these statements may have been permissible at Dow 8,000, Cramer said, they are not at Dow 10,000. At this level, investors want to hear, “After stabilizing, we are now seeing sales accelerate” to levels at or above those before the downturn. But, again, the only firms saying that are GOOG, AAPL and AMZN. There are a few other tech companies touting stability at pre-downturn figures –


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Frothy Friday – Churn Baby Churn!

What a wild week we are having!

We dumped our shorts as planned yesterday morning, getting a very nice dip at the open and my 9:36 Alert to Members was even titled "Take Those Short Profits!" and our upside targets were set (as they were in the morning post) at: Dow 10,087, S&P 1,096, Nasdaq 2,173, NYSE 7,204 and Russell 623.  Where did we finish?  Dow 1,081, S&P 1,092, Nasdaq 2,165, NYSE 7,182 and Russell 613 – so a bit short of all of our targets but not bad considering we were opening 167 points below that on the Dow so perhaps I can be forgiven for a 6-point miss

If knowing about massive market moves in advance would be helpful to you – please consider subscribing to our service.  If you are already a member and know someone who might like to try our newsletter, you can send them a free trial subscription using this link and you can earn yourselves discounts on membership renewals for each friend who opts into the free trial.  We have over 19,000 people on our Newsletter list now and I want to see if we can break 30,000 by the end of the year now that our new mail server is up and running (we've been on hold for a month as we filled up our old server!).  Your help in this matter would be greatly appreciated.  PSW Report Members can extend their subscriptions at no cost simply by referring others to a free trial report – my little experiment in viral marketing…

Even our free PSW Report readers would have done great just following the trades we had in last week's Wrap-Up (Report subscribers get to read our articles without the 48-hour delay).  We had GS Nov $210s shorted at .87, now .35 (up 60%), CERN short $85 calls at $4.15, now $3.10 (up 25%), ISRG Apr puts and calls sold for $39.20, now $36 (up 8%), PARD at $6.87, now $7.35 (up 7%), NTRI at $18.60, now $19.15 (up 3%)… 

We had other trades that are still in progress.  ICE notably burned us so far, but we rolled them up and shorted them some more yesterday  (now $106.56).  We've had a wild mix of short and long trades this week as we TRY to get more bullish on the markets but yesterday's run-up had us
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Testy Tuesday – Apple Leads Earnings Boosters

Wheee, being bullish is fun!

We're still not great at it as we shorted a few toppy-looking calls yesterday (WFMI, QLD, SPY and POT) but that was a normal offset to bullish plays on SO, ERX, VZ, RIMM, BMY, EMC, AAPL, TXN and T.  Of course, we're also playing our bullish Watch List, which still has plenty of laggards that we're picking up.  SRS was irresistible as they fell below $9.50 again but clearly we tipped bullish and all those bullish plays from last week should start bearing some fruit as well.  The best thing about being a bull is – the markets went up for no reason on low volume and we were happy about it – Imagine that! 

Of course we are still skeptical because the economy still sucks but it is fun to get a little more bullish while it lasts.  Even our too bearish $100KP enjoyed yesterday's action, finishing the day $101,364.  That won't last if we keep going higher and I'll be looking for some bullish plays to officially add there if we hold our levels today (we didn't yesterday).   

AAPL is going to be a huge winner for us this morning.  We've been selling Jan $165 and $170 puts for weeks as our key way to play earnings (collecting between $5 and $7) and yesterday, in Member Chat, I suggested selling the $185 puts for $7  as well as the April $180/200 bull call spread, also at $7.  It was my position that you would be better off putting $2,000 into either of those plays than you would be spending $18,750 to buy 100 shares of the stock ahead of earnings.  It will be interesting to see which position fares better today. 

In other earnings fun, we are strategically taking well-hedged earnings plays.  ZION was a ratio backspread, buying 4 Apr $21 calls for $2.10 and selling 6 Dec $19 calls for $1.55 in a bearish play on their earnings.  Looking good so far.  BSX was also played for a miss, selling an even amount of Nov $10s against the Feb $11s, both at .65 and we went bullish on TXN, buying 6 Jan $25s for .82 and selling just 4 Nov $24s for .70 as we expected good but not great earnings there.  We'll see how those do today but they're all looking like winners in pre-market.  The
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Friday – The Fed Finally Supports the Dollar

The dollar rose against the Yen for the first time in 5 days and the most in 2 months this morning.

Bernanke finally came out of his stupor and said the Fed is ready to tighten monetary policy once the economy improves.  Once the economy improves?   Hasn't Ben been telling us how great everything is for the past 3 months???  The Dollar Index, which tracks the currency against six U.S. trading partners, recovered from a 14-month low after Bernanke signaled interest rates may rise when the economy “has improved sufficiently.” The yen dropped against all but three of the 16 most-traded currencies after Japan’s machinery orders gained less than forecast

People took the comments as an opportunity to take some money off the table before the weekend,” said Simon Derrick, chief currency strategist in London at Bank of New York Mellon Corp. “They came at an opportune time and allowed some people to get some profit out from bets against the dollar.”  

White House economic adviser Lawrence Summers repeated the administration’s commitment to a strong dollar, citing recent comments by U.S. Treasury Secretary Timothy Geithner.  “He made it very clear that our commitment is to a strong dollar based on strong fundamentals,” Summers said at a Bloomberg forum in New York.  

We've been talking dollars all week at PSW because it has been my opinion that there has been nothing supporting this rally, especially on the commodity side, other than dollar weakness and fears of further dollar weakness.  It's been a case of so far, so wrong though as our short plays have gotten hammered this week and I was thinking of opening this morning's post by saying:  "Hi, my name is Phil and I'm a shortaholic" because, try as I might, I have been unable to stop taking short positions all week.  Even yesterday, as we tested (but did not break) our upside target levels, I found myself putting up 8 bearish trade ideas for Members (DIA puts, FSLR puts, GLD puts, USO puts, EDZ calls, TBT calls, TZA calls, SRS calls) and just one bullish play, which was a DIA vertical spread to cover, just in case we got burned by today's open.

Fortunately, it doesn't look like I'll have to do a mea culpa this morning as FINALLY the dollar is finding some support at pretty much the exact same place we…
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Weekly Wrap-Up, How to Make Money in a Down Market

Wow. what a fantastic week!

Well, not for the markets but for us as we totally nailed it.  It's hard to believe that it was just two weeks ago, on Monday, the 21st, after I posted the "Wrong Way Weekly Wrap-Up" as the Dow rose from 9,600 to 9,800, that I had to apologize to members, saying: "I’m sorry because I don’t like being bearish – I’m an optimistic guy usually but I can’t just sit here and tell people what they want to hear.  It’s just too irresponsible not to be cautious here.  We make plenty of bullish picks but I maintain a very wary outlook until we get some real fundamental improvements."

That's the funny thing about fundamentals, they don't matter until they do – and then they matter a lot.  It's funny how I get labeled a perma bear when I'm shorting the market at the top and a perma bull when I'm buying the maket at the bottom.  Gee, I always thought that's what you're supposed to do but it turns out that few people have the patience to work a market trading range and I don't blame them, I blame the mainstream media, who encourage this destructive herd mentality to investing that culminates in Jim Cramer and his sound-board, where all the complexities of the market are supposed to boil down to either BUYBUYBUY or SELLSELLSELL. 

It makes me seem downright wishy-washy when I said to members on the 21st: "I don’t have all the answers, but I do have a lot of questions – too many to get comfortable buying at these levels."  On the whole, as I explained in detail way back in late July, I am neither bullish nor bearish, I am Rangeish.  Yes, it's a made-up word and I have to make it up because no other analysts these days seem to believe the market can go up AND down, everyone seems compelled to stick to one or the other AND THEY DO IT TO THE DETRIMENT OF THEIR READERS – I WILL NOT DO IT!

There are strong stocks and there are weak stocks and I can't believe I even have to write this out but the best strategy is to short weak stocks and ETFs that have gone too high and buy strong stocks and ETFs that have gone too low.  As I explained in my LiveStock appearance back on March 6th (when I was called a "perma-bull" for…
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Phil's Favorites

What scientists are doing to develop a vaccine for the new coronavirus

 

What scientists are doing to develop a vaccine for the new coronavirus

It is critical to learn more about SARS-CoV-2, including its source and why transmission appears to be more efficient than with previous coronaviruses. (Shutterstock)

Courtesy of Marc-Antoine De La Vega, Université Laval

With an increasing number of confirmed cases in China and 24 other countries, the COVID-19 epidemic caused by the novel coronavirus (now known as SARS-CoV-2) looks concerning to many. As of Feb. 19, the latest numbers listed 74,280 confirmed cases including 2,006 deaths. Four of these de...



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Biotech & Health

What scientists are doing to develop a vaccine for the new coronavirus

 

What scientists are doing to develop a vaccine for the new coronavirus

It is critical to learn more about SARS-CoV-2, including its source and why transmission appears to be more efficient than with previous coronaviruses. (Shutterstock)

Courtesy of Marc-Antoine De La Vega, Université Laval

With an increasing number of confirmed cases in China and 24 other countries, the COVID-19 epidemic caused by the novel coronavirus (now known as SARS-CoV-2) looks concerning to many. As of Feb. 19, the latest numbers listed 74,280 confirmed cases including 2,006 deaths. Four of these de...



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Members' Corner

Why do people believe con artists?

 

Why do people believe con artists?

Would you buy medicine from this man? Carol M. Highsmith/Wikimedia Commons

Courtesy of Barry M. Mitnick, University of Pittsburgh

What is real can seem pretty arbitrary. It’s easy to be fooled by misinformation disguised as news and deepfake videos showing people doing things they never did or said. Inaccurate information – even deliberately wrong informatio...



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Zero Hedge

Easily Overlooked Issues Regarding COVID-19

Courtesy of ZeroHedge View original post here.

Authored by Gail Tverberg via Our Finite World,

We read a lot in the news about the new Wuhan coronavirus and the illness it causes (COVID-19), but some important points often get left out.

[1] COVID-19 is incredibly contagious.

COVID-19 transmits extremely easily from person to person. Interpersonal contact doesn’t need to be...



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The Technical Traders

Gold Rallies As Fear Take Center Stage

Courtesy of Technical Traders

Gold has rallied extensively from the lows near $1560 over the past 2 weeks.  At first, this rally didn’t catch too much attention with traders, but now the rally has reached new highs above $1613 and may attempt a move above $1750 as metals continue to reflect the fear in the global markets.

We’ve been warning our friends and followers of the real potential in precious metals for many months – actually since early 2018.  Our predictive modeling system suggests Gold will rally above $1650 very quickly, then possibly stall a bit before continuing higher to target the $1750 range.

The one thing all skilled traders must consider is the longer-term fear that is build...



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Kimble Charting Solutions

Precious Metals Eyeing Breakout Despite US Dollar Strength

Courtesy of Chris Kimble

Gold and silver prices have been on the rise in early 2020 as investors turn to precious metals as geopolitical concerns and news of coronavirus hit the airwaves.

The rally in gold has been impressive, with prices surging past $1600 this week (note silver is nearing $18.50).

What’s been particularly impressive about the Gold rally is that it has unfolded despite strength in the US Dollar.

In today’s chart, we look at the ratio of Gold to the US Dollar Index. As you can see, this ratio has traded in a rising channel over the past 4 years.

The Gold/US Dollar ratio is currently attempting a breakout of this rising channel at (1).

This would come on further ...



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Insider Scoop

68 Stocks Moving In Friday's Mid-Day Session

Courtesy of Benzinga

Gainers
  • Trans World Entertainment Corporation (NASDAQ: TWMC) shares climbed 120.5% to $7.72 after the company disclosed that its subsidiary etailz entered into a deal with Encina for $25 million 3-year secured revolving credit facility.
  • Celldex Therapeutics, Inc. (NASDAQ: CLDX) fell 39.8% to $3.1744. Cantor Fitzgerald initiated coverage on Celldex Therapeutics with an Overweight rating and a $8 price target.
  • TSR, Inc. (NASDAQ: TSRI) gained 36.2% to $8.17.
  • ...


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Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

 

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...



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ValueWalk

What US companies are saying about coronavirus impact

By Aman Jain. Originally published at ValueWalk.

With the coronavirus outbreak coinciding with the U.S. earnings seasons, it is only normal to expect companies to talk about this deadly virus in their earnings conference calls. In fact, many major U.S. companies not only talked about coronavirus, but also warned about its potential impact on their financial numbers.

Q4 2019 hedge fund letters, conferences and more

Coronavirus impact: many US companies unclear

According to ...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Tuesday, 01 October 2019, 02:18:22 AM

Click for popup. Clear your browser cache if image is not showing.


Comment: Wall of worry, or cliff of despair!



Date Found: Tuesday, 01 October 2019, 06:54:30 AM

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Comment: Interesting.. Hitler good for the German DAX when he was winning! They believed .. until th...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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