RF's Financial News

RF's Financial News

Sunday, March 19, 2023

This Week in Barrons: March 19th, 2023


Everything, Everywhere, All at once…

1.   With just $2.2B in remaining liquidity, Silicon Valley Bank’s parent company has filed for bankruptcy.

2.   UBS is in discussions to take over Credit Suisse.  Switzerland’s two biggest lenders are taking the weekend to consider what their combination would require.

3.   Shares of First Republic Bank fell more than 30% on Friday even after $30B was deposited to put FRC on solid footing.


How in the heck did First Republic fall 30% - the day after 11 Big Banks made a $30B deposit?  Well, one way to show how well you’re doing is by showing-off your custom suit and fancy building.  It’s also possible to demonstrate security and confidence by dressing in a t-shirt and holding the door for others.  The question wasn’t whether First Republic had status, but rather whether they were gutsy enough to demonstrate it by making things better for others.  And that’s why they fell 30%.


The gap between Impossible and Normal… is narrowing quickly.  Per SG:  https://www.youtube.com/watch?v=gnEIeVWLtbU&t=101s  this video was impossible 18 months ago.  18 weeks ago, it would have required 1,000’s of hours of work.  Today, the impossible is upon us.



The Market:


Stagflation is coming…

   Stagflation is an economic condition where there is both high inflation and high unemployment.  This is challenging because traditional measures that might be used to address one of the issues could (in fact) worsen the other one. Per AP: Stagflation is almost always caused by an increase in the money supply and/or supply-side shocks, combined with low or negative economic growth.  It’s the lack of economic growth that creates high unemployment.  Stagflation is horrible for the average citizen.  It results in higher costs of living, lower real incomes, reduced consumer spending, and reduced business profits.  

   Currently we can see the cost of living increasing, real incomes decreasing, business profits are teetering on reduction, and consumer spending is still relatively healthy (even though it is mostly with credit cards).  Stagflation will be upon us when consumer spending drops, triggering lower business profits, and thereby causing unemployment to increase to something closer to 5%.  Caution, before you ask for a raise – think about what unemployment pays you.



InfoBits:


-       Signature Bank was closed…   by the New York’s Dept. of Financial Services not because it was insolvent, but because it was too crypto-friendly.


-       A “richcession” could be coming…  as even shoppers earning over $100k are feeling more cautious – even Walmart is attracting higher-income customers


-       Women leaders are leaving companies at the highest rate ever…  as they continue to be passed over for promotions. 


-       Musk-Ville…  Elon is building a town outside Austin, Texas… for Tesla, SpaceX, and Boring Company employees.


-       The Consumer Price Index (CPI) was +0.4% MoM and +6.0% YoY…  however, excluding food and energy prices it rose by 0.5% MoM – higher than expected.


-       Housing prices accounted for over 60%...   of the core CPI’s Feb. rise.  Vehicle insurance rose +14.5% YoY, groceries were +10.2%, household furnishings were +6.1%, recreation = +5.0%, and new vehicles = +5.8% YoY.


-       T-Mobile has acquired Mint Mobile…  the nearly 7-year-old budget wireless provider backed by Ryan Reynolds, for $1.35B.


-       Apple supplier Foxconn saw profits fall 10% YoY in ’22…   and anticipates a decline in consumer electronic demand in ’23.


-       February retail sales fell by 0.4% MoM.  Driving that decline were sales at department stores (-4.0%), furniture stores (-2.5%), and restaurants (-2.2%).


-       Macroeconomic strategist Lyn Alden warns…   that the U.S. banking system is currently nursing over $600B worth of unrealized losses. 



Crypto-Bytes:


-       The current bank fiasco is just the kick-start crypto needed.  Companies are openly deciding to keep 5-10% of their cash in Bitcoin, Ethereum, or others and store them in cold wallets for emergencies.  


-       Here they come…  HSBC, Deutsche Bank and Bridge Bank are interested in working with crypto firms – again.


-       Is crypto safer than fiat? According to Trustnodes, crypto is safer than fiat due to increased regulation, adoption, and improved security measures within the crypto ecosystem. 


-       Timing is everything… Meta announced its NFT push right as the algo-stablecoin TerraUSD collapsed – kicking off a crypto winter.  It is now walking away from NFTs just as they could be regaining relevance. 


-       Barney Frank (the former congressman, Signature Bank board member, and co-author of Dodd-Frank)… doubled down on his claims that Signature was closed down for political reasons. “Are we the first bank to be closed, without being insolvent?  Just because we’re crypto-friendly?”


-       Tiger Global marked down…  the value of its startup portfolio by approximately 33% ($23B) in 2022.


-       Bitcoin just crossed over $27,000…  its highest level since June.



TW3 (That Was - The Week - That Was): 


Tuesday – Is it safe?  Before SVB collapsed, executives sold a large number of their shares.  And at the VERY same time these guys were unloading their shares, guess who was on CNBC shilling SVB as a great investment – yep that would be Jim Cramer.  I still believe Powell gives us a 25bps hike next week.  The core CPI is up 5.5% YoY, and the MoM x-food and energy came in at 0.5%.  Those numbers don’t stink as badly as they could have.  Isn't it interesting that on one hand you have the entire banking industry on the verge of collapse, and on the other you have the DOW up 435 points.  Part of this rally is people thinking our FED is finished and they can get back into the business of watching stocks go up every day.  Another part is our FED working through the NY desk and buying things for a controlled demolition.


Wednesday:  They're worried about banking stocks in Europe, as Credit Suisse is off another 30%, and its biggest investor won't put any more into it. That's got everyone wondering if this is systemic.  Despite friendly PPI numbers that came in well below estimates, we're down 652 DOW points. The question is one of contagion, and does that mean our FED will pause?  I believe our FED will do at least one more 25bps raise.  There’s no question that trust has evaporated and trust is what makes this monetary fiat system work.  You have to believe that if you put $1,000 in a bank, you can go get your $1,000 back when you need it.  A lot of people are wondering if that is still true.



AMA (Ask Me Anything…)


So, what happens now?  There will be more bank meltdowns, because raising rates will crush the economy first and inflation second.  Our FED knew that keeping rates at zero for years and then jamming them to 5% rapidly – would crush some banks.  Our FED knew that depositors would say: “Why am I in this bank getting 1.5% on my money, when I can buy T-Bills and get 5%?”   Our FED gathered over the weekend in an unscheduled meeting with this video as a backdrop: 

https://video.twimg.com/amplify_video/1636494618324860930/vid/888x494/VDT_kcPR8pK-qQ-O.mp4?tag=16


1.   Some Depositors will get screwed:  The video has Treas. Sec. Janet Yellen making all kinds of excuses why ALL of the depositors in SVB will be made whole, and the depositors in the Senator from Oklahoma’s banks will be left to fail.  Only THEY (FED, FDIC, and Janet) will decide which depositors over 250K get saved.  Depositors will migrate to mega banks, and that’s the plan. 

2.   July = our new FedNow system:  The FedNow Service is a new instant payment service that enables financial institutions across the U.S., to provide safe and efficient instant payment services in real time, 24-7-365.  It will serve as a springboard to provide innovative instant payment services to customers.  The first week of April will begin the formal certification of participants for launch of the service.”  And with a majority of the population in 7 major banks, it will be easier to control and roll out our Central Bank’s Digital Currency (CBDC).

3.    Crush the little banks and move depositors into big banks.  Get everyone on the new processing system that makes lightning fast payments – then make the system a fully controllable CBDC that can dictate who you do and don’t pay.



Next Week:  Crisis + Inflation + Rate Hikes == Rally?


$30B fixes what again?  Believe it or not, we ended last week higher.  I believe that the SPX 3931-inflection point is the last ‘gasp’ for the S&P’s.  Every major risk indicator is screaming RISK OFF: the VIX is through the roof, the volatility futures are in backwardation, the financials are dying, Bonds are signaling Armageddon – yet the S&P remained relatively flat on the week.  


Financials?  There is a feeling out there that our issues are confined to the regional banks, and that’s just not true.  The XLF is down -10% YTD: with Schwab -30%, BofA -17% GS -12%, WFC -10%, JPM -7%, and C & MS are flat on the year.  The disease that is hitting the regional banks, is also hitting the Too Big To Fail ones.  

-       First Republic of San Francisco (FRC):  Over the weekend, the big banks handed FRC $30B to try and calm their depositors, but all that did was further ignite their fears.  FRC has fallen from $120 to $17 over the past week, and its survival is far from certain.  

-       KRE (the Regional Bank ETF):  has fallen from $62 to $43 so that $30B fixed absolutely nothing!

-       $140B in bridge-loans were taken by banks over the past week.  Lending programs have increased our FED’s balance sheet by over $300B this past week.  It looks like Quantitative Easing is back!


FED Watch – rate hike or rate cut?  I believe our FED will raise by 25bps on Wednesday, but the big Q&A questions will be about Quantitative Tightening (which we were in) vs Quantitative Easing (which we are in now).  We all know that Quantitative Easing ushers in HIGHER inflation!  Our FED is caught between a banking rock and an inflationary hard-place.


Volatility vs the Market?  The VIX closed near the highs of the week, so just because the S&Ps are showing calm – the VIX never received the memo.  The VIX is showing orderly fear in trader’s eyes.  The April VIX is 26 and the May VIX is 25.8 – telling us that there’s more short-term than long-term volatility in this marketplace.


Bonds, Bitcoin, and Gold:  Both the Bonds and Bitcoin closed the week at their highs.  You don’t throw $B’s of dollars into Bonds at these prices – unless you have a fear-trade going on and pricing in a deep and cutting recession.  And with all that crypto has lived through in the past year, Bitcoin is closing at 52-week highs and getting ready to move higher.  Even Gold closed a smidge off the $2,000 and has people chanting $3k and even $5k by EOY.  So:

-       Volatility is promoting high risk.

-       Bonds are confirming really high risk.

-       Crypto and Gold are confirming the fear trade, and 

-       Nothing is telling me that we’re through the worst of it yet.


Energy and Oil tanking?  This is the 2nd consecutive week where the energy sector declined 2 standard deviations.  The only reason for their trading demise is that investors are pricing in a deep and cutting recession.  


The S&Ps are being held up by the Q’s:  Last week, the NASDAQ moved higher by over 2 standard deviations.  Bonds went higher, interest rates declined, and the Q’s (specifically MSFT and NVDA) exploded to the upside.  Watch both Microsoft and Nvidia next week.  The slightest move in MSFT to the downside next week will indicate that the tech-divergence is coming to an end.  Next week, I believe that our FED will bring the divergence between S&Ps, Energy, Financials and tech – to a screaming halt.  Look for full-blown correlation next week, because what is saving this marketplace is the divergence and the rotation into technology.


TRADE:

-       Tip #1 = XLF (Short): The financials have moved from $36 to $31, and I don’t think we’re done until we hit the $26.50 level.

-       Tip #2 = GOLD (Long):  At $1,993 you can dive in, or wait for a pull-back – because over $2,000 this is flying to $2,200 in a blink.

-       Tip #3 = BTC / ETH (Long):  Crypto has become a ‘flight to quality’ trade.

-       Tip #4 = MSFT (Bearish Trades)

o   BOT: Apr 21, Unbal-Fly: +280 / -285 / +290 CALLS for $1.65 CREDIT

o   BOT: Apr 21, +280 / -275 PUT Spread


SPX Expected Move:

-       Last Week: $115 EM and we only moved $50

-       Next Week’s EM == $120.  That means next week will be even crazier than this past week.  I can’t wait!  



Tips:  


HODL’s: (Hold On for Dear Life)

-       PHYSICAL COMMODITIES = Gold @ $1,993 & Silver @ $22.75/oz.

-       30, 60, & 90-Day Treasuries @ 4.6 to 5.1%

-       **Bitcoin (BTC = $26,950 / in at $4,310)

-       **Ethereum (ETH = $1,750 / in at $310)

-       DNN – Denison Mines ($1.03 / in at $1.32)

o   SOLD the April $1.50 CALLS

-       GME – DRS’d and HODL

-       Innerscope (INND = $0.006 / in at $0.0052)

-       MESO – Mesoblast Ltd. ($3.10 / in at $3.60)

o   SOLD July $5 CALLS for $0.85

-       MSFT – Microsoft:

o   BOT: Apr 21, Unbal-Fly: +280 / -285 / +290 CALLS for $1.65 CREDIT

o   BOT: Apr 21, +280 / -275 PUT Spread

-       NFGC – Newfound Gold ($4.33 / in at $3.75)

o   SOLD the April $5.00 CALLS


Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.


Please be safe out there!


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Sunday, March 12, 2023

This Week in Barrons: March 12th, 2023


“I don’t know if everything happens, everywhere, all-at-once,” but I’ve always expected bankers to be smarter.  In a rising rate environment, why haven’t bankers been exchanging long-dated, low-interest securities – for more short-dated, higher performing ones?  Yep, rising rates present a legitimate problem for our banking sector because when you issue new Treasury bonds with higher yields – immediately nobody wants the old, lower performing ones.  How is this NOT on all bank risk officer’s minds?  Well, I’m betting a ton of risk officers were doing that exact exchange on Friday, and taking a loss on their long-dated maturities.  So, be careful as you shake-your-finger at that ‘crypto-bank’ (Silvergate) or at that ‘tech-startup bank’ (SVB) – because those who save their money in glass banks should never throw stones.


Per Paul Krugman: “Cryptocurrencies allow you to make electronic transactions, and so do banks, debit cards, PayPal, and Venmo.  They all require trusting a 3rd-party, and unless you're buying drugs or planning assassinations – that’s never been a big deal.” 


“Bail vs Jail”… Per ML: SVB was a mismanaged bank with a ridiculously concentrated customer base, that was overly exposed to interest rate risk.  Just imagine, if all of your depositors were startups and had the same handful of VCs on their boards.  What if a couple VCs (who are competing to be influencers) started whispering to others: “Hey, did you hear, everyone’s taking their money out of SVB – maybe you should too.”  VoilĂ , it’s no surprise that all of your depositors took their money out at the same time.  This ain’t rocket science!  Where was the leadership – the Chief Risk Officer?



The Market:


‘You can’t fix stupid’… It may go down in history as the time a prominent bank inflicted such injury on itself that it had to be rescued by another bank or else risk going down in flames in 1-single day.  Who will acquire: Silicon Valley Bank is the question of the weekend.  Not because it’s falling apart at the seams, but rather because it blew the timing on some of its most important actions / messaging.  Factually:

-       SVB suffered a mark-to-market bond portfolio valuation decrease coupled with rapid client withdrawals.  

-       It sold off $21B of its treasury bond portfolio at a $1.8B loss.  

-       They tried to sell over $2.25B in equity to re-strengthen their balance sheet and cover accelerating withdrawals. This sale failed and so have early attempts to find a buyer. 

-       Fear surrounding that failure led to a further acceleration in withdrawals to get funds out of an institution perceived to be at risk of blowing up. 

-       The bank’s deposits have been transferred to a new entity created by the Federal Deposit Insurance Corp., and insured depositors will have access to their funds come Monday morning.  Unfortunately, depositors with funds exceeding FDIC insurance caps will get receivership certificates for their uninsured balances. 

-       The bank had a negative cash balance of nearly $1B and couldn’t cover its outgoing payments at the FED after customers tried to withdraw $42B on Thursday alone. 

   Time is often the only cure that will calm this type of crowd.  One tactic employed during a previous bank run, was to have the bank tellers: (a) give everyone all of their requested funds, (b) give it to them in $1 bills, and (c) count it out individually and meticulously.  Those instructions bought the bank enough time and the depositors enough patience – that cooler heads prevailed.  It appears that SVB depositors will be unaffected, and only the equity shareholders will have to deal with repercussions of the situation.  But once again, our FED/government is forcing companies to make bad decisions by distorting free market conditions.  [Factually: Per NG: “A contraction in the money supply (which is going on now) has only occurred 4 times in the last 150 years.  Each time a Depression with double-digit unemployment followed.”].  

   In Summary:  Is SVB as important a financial institution as: Bank of America, Lehman Brothers or Bear Stearns? Absolutely not.  Watch (in the coming days / weeks) what the arrangements are between SVB and their new ownership – that will guide the contagion risk going forward. Bail vs Jail – I think that SVB will get ‘bailed-out’.



InfoBits:


-       “Consumer spending isn't slowing that much…  the labor market continues to run hot, and inflation is not coming down as fast as I had thought." – FED-head Christopher Waller.


-       Why does the FDA prefer NJOY over JuuL?  “NJOY is an authorized vs pending product. There are no litigation challenges.  The youth usage is minimal.”


-       As the tech industry continues to shed employees…  demand for bartenders, servers, and hotel staff has kept unemployment low.


-       Meta is cutting thousands more employees this week.


-       Google warned that fewer employees will receive promotions this year.


-       Salesforce CEO Marc Benioff says that he is…  bracing for a brutal recession this year. 


-       General Motors offered voluntary buyouts…   to its U.S. white-collar employees – in order to cut costs. 


-       J. Powell on Wednesday said…  "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."


-       Perks-B-Gone for efficiency purposes.  Instead of growth at all cost, the focus for many companies is now profit at less cost.  Disappearing ping-pong tables and more layoffs translate to better returns for investors.


-       The fate of TikTok: A bipartisan group of senators rolled out a new bill that would enable the government to ban Chinese technology, including TikTok.  Why?  Because a Chinese company is harvesting the data from all of the users, and choosing what kind of content these poor souls are shown.



Crypto-Bytes:


-       Multicoin Capital’s portfolio suffered a 91.4% drawdown in 2022.  They dodged Terra and 3AC but got hit hard when FTX imploded.


-       Kraken Bank is definitely coming “very soon”…   despite the current U.S. regulatory environment. 


-       Grayscale went to court to argue…  that the SEC’s denial of its spot Bitcoin ETF application was arbitrary, and the judges did NOT disagree. 


-       Binance.US may acquire Voyager after all…  as presiding Judge Michael Wiles said that he couldn’t wait forever for the SEC to explain why it was objecting to the deal.


-       Crypto friendly Silvergate bank said…  that it would wind down operations and begin voluntary liquidation. Customer deposits will be fully repaid. 


-       JPM closed Gemini’s bank account…  after Gemini had banked with them since 2020.


-       Bernstein analysts said DeFi has a convincing shot at replacing banks.  That explains why Congress dislikes crypto.  


-       Based upon Friday and Yellen’s lack of action… Per HL: “Self-Custodied Bitcoin, or Ethereum / digital assets are KING!”



TW3 (That Was - The Week - That Was): 


Monday:  This is a busy week with: our Fed Chair speaking on Tues/Wednesday, JOLTs data on Wednesday, and Friday’s JOBS Report.  The annual testimony from FED Chair Powell and February’s Non-Farm payrolls data will be key for our economic direction this week.  Over the weekend, China set a GDP growth target of around 5%, which is lower than market expectations.  In those 2 days with Powell, Congress will hammer him on when he's going to stop hiking rates.  It will be painful to endure, but he’s not going to back down.  He's seen what the markets do when he gets a little dovish and he doesn’t want that to happen again.  I like the technicals that are firming up on BLNK, and if it gets over $9.66 I think I'll take on some.


Tuesday:  Markets are currently pricing a 32bps tightening at the March FOMC meeting and a terminal Fed Funds rate of 5.45%.  With Powell testifying today, I feel there’s a better chance at the market getting soggy than running higher.  Congress will pound him with statistics, and he will stick to his guns: “Rates are going higher for longer.”   He knows that raising rates is going to hurt jobs, hurt the middle class, and that's his job.  He's been instructed to induce pain on the little people and he's doing it.


Wednesday: The market is hoping that by dumping us for +600 points yesterday, that J. Powell will comprehend the error of his ways and come out all dovey today – that won’t happen.  If he stands firm, we will be on pace for the DOW’s 5th straight losing week out of 6.  In response to Powell, the 2-year yield topped 5% for the first time since 2007 and the yield curve inversion reached its highest level since 1981.  The JOLTS report hit and it showed that the labor market is still tight, and Powell will use that for hikes.  TSM has been crawling along it’s 50-day for two weeks now.  I’ll take a shot over $90.50, but may wait for it to top $91.33 to be safe.


Friday:  There's been a rush into bonds. Think about it, why put your money in a local bank (which could get stressed) when you can get 5% short term from Uncle Sam?  What’s interesting is that 2 days ago chances for a March 50bps hike were running at 73%, but because of the SVB meltdown – they’ve dropped to under 50%.  The market is struggling to figure out what to do with the Jobs Report.  They were looking for a gain of 225k jobs, but got +311k – much stronger than anticipated.  However, unemployment went from 3.4% to 3.6% due to the labor participation rate rising.  Manufacturing lost jobs while hospitality gained, but what else is new.  The SVB run is causing people to ask: "Did Powell's rate hikes break the debt market?"   The 2-year has plunged faster than any time since Lehman imploded.  Now granted SVB is a very different type of bank, but it really has both the street and the debt market rattled.



AMA (Ask Me Anything…)


‘I’ll see you in court’…  The SEC has emerged as the most aggressive crypto regulator.  But in their flurry of enforcement actions, they’ve still failed to explain what makes certain crypto assets securities.  Twice this week, U.S. federal judges revealed themselves to be less than impressed with the SEC’s slip-shod explanations.  In the first hearing where the SEC denied Grayscale’s application to convert its Bitcoin Trust into a spot ETF, the judges seemed to agree with Grayscale that it was inconsistent to have approved a futures-based Bitcoin ETF but deny spot ETFs that use the same price indices.  And in the case of Binance.US's purchase of Voyager’s Digital assets, the judge overruled the SEC’s objection to the case.  So far, 2023’s best regulatory process seems to be coming through the courts. 



Next Week:  A Walk Down 2008’s Memory Lane…


Friday started with a hot jobs number of 311,000 new jobs, followed by an increase in the unemployment rate, and a revisit to the 3931 – 3800 volatility box.  In order to sound the all-clear, we will need to definitively get above 3931 in order to give this market any upside momentum.    


One Bad Bank = SIVB?  Right now, we are not in a financial crisis, but we are seeing the early signs of one.  We are seeing a Regional Bank crisis where the interest rate spread between the long-dated maturities (where Regional Banks have their money) and short-dated notes – as the largest in 40 years.  


Regional Banks:  On Monday morning watch the following banks for any unusual activity – because this is where you will see the next bank runs: PNC (-17% YTD), CBNK (-25%), CUBI (-30%), MCB (-25%), PACW (-50%), and SBNY(-40%).  


Immediate Resolution or Panic-at-the-Disco?  I do NOT believe that we will have an immediate resolution (bail-out) of this Regional Bank Crisis this weekend; therefore, we could be subject to: Panic-at-the-Disco next week.  We will quickly find out which Regional Banks had good risk management practices in place – and which were asleep at the switch.  We always said: “If there’s going to be another leg lower inside of the S&Ps – it was going to come from the financials.”


The Russell was Crushed, Bonds Exploded, and VOL inverted: The IWM fell 10% on the week, and is currently flat on the year.  People are buying 30-Year bonds over 2-Year bonds – because they’re that scared.  The VIX (volatility index) is at the highs of the year; therefore, buying Unbalanced Butterflies is an inexpensive, liquid, way of protecting your cash.  


TRADES:

-       Protect yourself with an Un-Balanced Butterfly in AMZN, C, and DIS.  See examples below.


SPX Expected Move:

-       Last Week: $78 (EM 5-day-week).  Last week we moved downward about $200 from $4050 down to $3860 on the SPX.  No one wanted to go home ‘long’ this weekend – for fear of a bank run on Monday morning.  

-       Next Week: $115 (EM 5-day-week).  This is one of the largest expected moves that we’ve seen in quite some time.  The Tuesday CPI release could easily move us $100, but at this point – it’s all about the Regional Banks.  If any high-level player even thinks that our Regional Banks are in trouble – they will be.  



Tips:  


Are we in trouble? Absolutely.  The implosion of this fiat economy is simply a matter of When and not If.  When you make the markets heroin addicts, and feed their addiction with 0% rates for a decade, and then jam them with one of the most aggressive rate hiking campaigns in history – many of those market junkies are going to get withdrawal sickness.  We saw some of that last week.  Until the 2-Year coughed up a ton-of-yield on Friday, people were focusing on simply buying treasuries and getting a risk free 5% on their money.  If there was ever a time to lift an eyebrow and think: “Maybe I should have more of my savings in gold and silver, instead of in the bank” – this would be that time.  Keep your head on a swivel. We just saw the biggest bank failure since the 2008 crisis.  Caution is very warranted. 


HODL’s: (Hold On for Dear Life)

-       PHYSICAL COMMODITIES = Gold @ $1,872 & Silver @ $20.6/oz.

-       30, 60, & 90-Day Treasuries @ 4.6 to 5.1%

-       **Bitcoin (BTC = $20,100 / in at $4,310)

-       **Ethereum (ETH = $1,400 / in at $310)

-       AMZN – Amazon:

o   BOT: Mar 31, Unbal-Fly: 94 / 95 / 95 CALLS for $0.60 CREDIT

-       C – CitiBank

o   BOT: Apr 14, Unbal-Fly: 51 / 52 / 53 for $0.44 CREDIT

-       DIS – Disney

o   BOT: Apr 6, Unbal-Fly: 102 / 103 / 104 for $0.25 CREDIT

-       DNN – Denison Mines ($1.07 / in at $1.32)

o   SOLD the April $1.50 CALLS

-       GME – DRS’d and HODL

-       Innerscope (INND = $0.0046 / in at $0.0052)

-       MESO – Mesoblast Ltd. ($3.35 / in at $3.60)

o   SOLD July $5 CALLS for $0.85

-       NFGC – Newfound Gold ($3.52 / in at $3.75)

o   SOLD the April $5.00 CALLS


Follow me on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm.


Please be safe out there!


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