Coffee With Greta: Key Fed Decision Day
DJIA Futures: +4 (+0.01%) SPX Futures: -2 (-0.04%) NASDAQ Futures: -14 (-0.1%) Good morning friends! Futures are flat as traders await today’s Fed decision. Let’s get right to it! Yields Rise Ahead of Fed Decision Treasury yields are rising ahead of the Fed decision today. The 2-year yield is up 5 basis points to 4.21% while the 10-year yield is up 2 basis points to 3.63%. The FOMC will release its meeting statement and rate decision at 2:00 p.m. ET today. CME Group’s FedWatch Tool shows nearly 88% of traders expecting a 25 basis point hike today. Fed Chair Jerome Powell will then hold a press conference at 2:30 p.m. GameStop Surges On Surprise Profit GameStop (GME) shares are surging 55% ahead of the open after reporting a surprise profit in the latest quarter. Here’s how the video game retailer’s fiscal Q4 results compared to analysts’ expectations: EPS: $0.16 vs $0.13 adjusted loss per share expected Revenue: $2.23 billion vs $2.18 billion expected It was GameStop’s first quarterly profit in two years as the company has been working to steer itself back to profitability. Total expenses fell to $453.4 million from $538.9 million in Q4 2021. GameStop did not provide guidance but the CEO said the company has plans to further cut excess costs this year. Nike Slips On Shrinking Margins Nike (NKE) shares are falling 1.8% in premarket trade despite beating Q3 expectations on the top and bottom line. Here’s how the company’s results compared to analysts’ expectations: EPS: $0.79 vs $0.56 expected Revenue: $12.4 billion vs $11.5 billion expected Sales rose 14% year over year. But Nike’s gross margin dropped 3.3% to 43.3% as elevated inventory levels caused aggressive discounts. Nike also dealt with unfavorable exchange rates and higher production and freight costs during the quarter. The company said it expects fiscal 2023 revenue growth in the high-single digit range, up from previous guidance for mid-single digit growth. Mortgage Demand Jumps Mortgage demand rose for the third straight week as rates dropped in response to the banking crisis. The Mortgage Bankers Association reported total application volume rose 3% last week from the previous week. Purchase applications rose 2% weekly and were 36% lower year over year. Refinance applications rose 5% weekly and were down 68% annually. The increase came as the average 30-year contract rate decreased to 6.48% from 6.71%. That was the lowest level in a month but still sharply higher than around 4.5% a year ago. Rates have since started rising again. In Case You Missed It Existing home sales surged in February. The National Association of Realtors reported existing sales jumped 14.5% from January to a seasonally adjusted annual rate of 4.58 million units. It was the first monthly gain in a year but sales were still down 22.6% year over year. The median price of an existing home sold last month was $363,000, down 0.2% from February 2022. That was the first annual decline in nearly 11 years. Supply remained tight with just 980,000 homes for sale at the end of February, representing a 2.6-month supply at the current sales pace.
Continue Reading -->Coffee With Greta: Fed Meeting Day 1, Regional Banks Pop
DJIA Futures: +308 (+1.0%) SPX Futures: +34 (+0.9%) NASDAQ Futures: +73 (+0.6%) Good morning friends! Futures are rising as the Fed meeting is set to begin and regional banks bounce back. Let’s get right to it! Fed Meeting Day 1 The Federal Reserve begins its two-day policy meeting today. The meeting comes in the wake of the banking crisis which has caused traders to shift their expectations to a smaller rate hike. CME Group’s FedWatch Tool shows over 83% of traders expecting a 25 basis point rate hike tomorrow. That’s a reversal from 3 weeks ago when the market was pricing in a larger 50 basis point move. But some investors are calling for the Fed to pause rate hikes or even cut rates this week. In a tweet on Monday, Pershing Square CEO Bill Ackman said, “The [Federal Reserve] should pause on Wednesday. We have had a number of major shocks to the system.” Tesla CEO Elon Musk responded to that tweet calling for a rate cut. Musk said, “Fed needs to drop the rate by at least 50bps on Wednesday.” Regional Banks Bounce Back First Republic Bank (FRC) shares are rallying 23.5% ahead of the open, leading the overall sector higher. The SPDR S&P Regional Banking ETF (KRE) is up 4.6% in premarket trade. The bounce back in regional banks comes after Treasury Secretary Janet Yellen said the government is ready to provide more support if the banking crisis worsens. In a speech at the American Bankers Association, Yellen said the government is could backstop more deposits like was done at Silicon Valley Bank. She said, “The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary to protect the broader U.S. banking system. And similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.” But she also expressed confidence in the banking system and the actions taken to support it so far. Yellen said, “The situation is stabilizing. And the U.S. banking system remains sound. The Fed facility and discount window lending are working as intended to provide liquidity to the banking system. Aggregate deposit outflows from regional banks have stabilized.” Coming Up: Existing Home Sales The National Association of Realtors reports February existing home sales at 10:00 a.m. ET. That report is expected to show the pace of sales accelerated last month to a seasonally adjusted annual rate of 4.2 million units from 4 million in January. The housing market saw a brief jump in demand at the start of the year as mortgage rates cooled slightly. In Case You Missed It Amazon (AMZN) shares dropped 1.3% on Monday after the company announced more layoffs. In a memo to employees, CEO Andy Jassy said the tech giant will lay off 9,000 employees in the coming weeks. The cuts are on top of the previously announced layoffs which totaled more than 18,000 employees. Jassy said the latest round of layoffs will primarily impact employees in Amazon’s cloud computing, human resources, advertising, and Twitch livestreaming businesses.
Continue Reading -->Coffee With Greta: Banks Still In Focus
DJIA Futures: +125 (+0.4%) SPX Futures: +13 (+0.3%) NASDAQ Futures: +32 (+0.3%) Good morning friends! Futures are rising as a crucial Fed week begins and uncertainty remains about the global banking system. Let’s get right to it! UBS Buys Credit Suisse Credit Suisse (CS) shares are plunging 56.7% ahead of the open after UBS Group (UBS) bought the Swiss bank over the weekend. UBS shares are up 1.8%. UBS agreed to buy Credit Suisse for $3.2 billion in a deal orchestrated by Swiss regulators and the Swiss National Bank. The Swiss National Bank pledged a loan of up to $108 billion to support the takeover and said, “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation.” The Swiss government meantime granted a guarantee to assume losses up to 9 billion Swiss francs from certain assets over a preset threshold “in order to reduce any risks for UBS”. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they hold. The UBS Chairman said, “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure.” The combined bank will have $5 trillion worth of invested assets. First Republic Slides On Credit Rating Downgrade First Republic (FRC) shares are tumbling 17.2% in premarket trade after S&P cut the bank’s credit rating again. S&P reduced its rating on the bank to B+ from BB+ on Sunday. That grade is in the “junk” rating category and signifies the bank is risky and has a higher than average chance of default. S&P said, “The deposit infusion from 11 U.S. banks, the company’s disclosure that borrowings from the Fed range from $20 billion to $109 billion and borrowings from the Federal Home Loan Bank (FHLB) increased by $10 billion, and the suspension of its common stock dividend collectively lead us to the view that the bank was likely under high liquidity stress with substantial deposit outflows over the past week.” FDIC To Sell Signature Bank Assets To Flagstar Bank New York Community Bancorp (NYCB) shares are jumping 29.2% ahead of the open after the FDIC announced an agreement to sell Signature Bank’s assets to the bank’s subsidiary, Flagstar Bank. Flagstar will assume basically all of Signature’s deposits, some of its loan portfolios, and all 40 of its former branches. Roughly $60 billion of loans and $4 billion of deposits will remain in control of the regulator. Under the arrangement, Flagstar will buy $12.9 billion of loans for $2.7 billion. The FDIC estimates the deal will cost its Deposit Insurance Fund approximately $2.5 billion. Fed Week Begins The Fed kicks off its next policy meeting on Tuesday with the rate hike decision on Wednesday. CME Group’s FedWatch Tool shows nearly 68% of traders expecting a 25 basis point hike this week with 32% anticipating no hike. The lower expectations come after turmoil spread across the banking sector following the collapse of Silicon Valley Bank and Signature Bank. Traders will be paying close attention to Fed Chair Jerome Powell’s press conference on Wednesday to hear his comments about the banking system.
Continue Reading -->5 Financials to Watch on the Credit Suisse Mess
We have mostly red arrows around the world to start the week as we absorb news of CS being taken under at 77 cents. FRC is down 20% as the powers that be try to figure it out. Banks closed near last week’s lows while money hid in megacap tech. We have Powell Wednesday and Xi visiting Russia. SPX futures were all over the map from +22 last night to -40 at 4:30 am to flattish around 7:00 am. We’ll see if 3900ish holds to stay intact ahead of Powell this week. As of now, the market thinks we get a 25b pps raise at most, and then a full-point cut before year-end. This is a headscratcher. See if tech holds up, and if banks go red to green. Now let’s look at some of the major financial names in the news: BAC is still one of the weakest big banks here as it’s below 2022 lows. Friday’s low is $27.62. See how it reacts around that today. FRC is under pressure and there is lots of talk about potential deals. The low from last week is $17.53. It’s down 21% this morning. See how it reacts today. SCHW gave a nice options opportunity at $48ish. I bought calls for $3, sold half at $8ish, and created a spread on the rest. See if $53.76 holds this week. COIN did a Red Dog Reversal long last Monday around the $51.57 pivot. It cleared $66 Thursday to kiss the 200 day Friday. It’s up this morning as BTC looks headed to $29k. I’d trim and trail. Bitcoin reclaimed $20.4K and cleared $22.5K to see $26K+. I discussed the bull flag setup. Some are long vs. $23.8K for a move to $29Kish. It’s at $28K to manage. Scott Redler Positions Disclosure as of 2023-03-20 at 7.30.41 AM
Continue Reading -->Coffee With Greta: Banks Slide Again
DJIA Futures: -257 (-0.8%) SPX Futures: -27 (-0.7%) NASDAQ Futures: -34 (-0.3%) Good morning friends! Futures are lower as regional bank shares continue to slide. Let’s get right to it! Banks Take Advantage Of Emergency Fed Program Regional bank shares are tumbling again today after several took billions in short-term loans from the Fed this week. First Republic Bank (FRC) shares are down 19.4% ahead of the open, leading the 3.2% decline in the SPDR S&P Regional Banking ETF (KRE). The drop comes after First Republic shares rallied nearly 10% on Thursday after a group of 11 banks pledged to deposit $30 billion into the bank. Those institutions include Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS). But news of banks taking advantage of the Fed’s emergency program then broke after the close on Thursday, sending the sector lower again. Banks borrowed a total of $11.9 billion from the Bank Term Funding Program this week. They also borrowed nearly $153 billion in shorter-term loans through the Fed’s discount window. FedEx Jumps On Earnings Beat, Higher Outlook FedEx (FDX) shares are rallying 11.1% in premarket trade after beating fiscal Q3 expectations and hiking its full-year guidance. Here’s how the shipping giant’s results compared to analysts’ estimates: Adjusted EPS: $3.41 vs $2.73 expected Revenue: $22.17 billion vs $22.74 billion expected FedEx also hiked its full-year outlook and said its cost-cutting efforts are offsetting lower demand in some of its units. The company now expects adjusted EPS of $14.60 to $15.20 in fiscal 2023 vs $13.00 to $14.00 previously. Analysts were forecasting full-year adjusted EPS of $13.56 Coming Up: Leading Economic Index, Consumer Sentiment There is still more important economic data on the way today. The Conference Board releases its February leading economic index at 10:00 a.m. ET. That index is expected to fall 0.4% after declining 0.3% in January. The University of Michigan also reports March consumer sentiment and inflation expectations at 10:00 a.m. Consumer sentiment is expected to be unchanged this month at 67.
Continue Reading -->How Charts Can Help You Avoid Disasters Like SIVB & SBNY
The regional bank crisis is one of the biggest stories of 2023. Investors in stocks like SVB Financial (SIVB), Signature Bank (SBNY) and others are staring at billions of dollars in losses. But, you could have avoided the trouble if you understand some simple trend analysis rules Let’s start with SIVB since they were the driver of this mess. There was nothing in SIVB’s chart that said “buy me” or even “hold me.” The stock’s been in a long-term downtrend, and it was rejected at the 200 day on February 2before losing the 8/21/50 day once again: So even if you didn’t get out on February 2, you had weeks to exit before the implosion. Signature Bank (SBNY) had an even worse chart than SIVB and appeared to be the next domino to fall. That’s why I bought puts, as you can see on my disclosure at the bottom of this article: And as for Credit Suisse (CS), it seems like it’s in a scandal of some kind once a year. But even before its latest problem (financial reporting issues), the chart has been screaming get away: Now let’s look at the The SPDR S&P Regional Banking ETF (KRE) is obviously a major focus. And it gave a signal to exit on February 21 at $62. Then it broke the 2022 low at $56 – another sign to exit: Now, see if KRE holds Monday’s low at $41.92. Wednesday’s $44.64 low is important too. That will tell us a lot about sentiment. XLF also signaled trouble. Remember, banks are supposed to do well when rates are rising. But on March 7, XLF put in a big bearish engulfing red candle. That was a big warning that the sector could be in trouble. JP Morgan (JPM) is thought of as the “best in class” bank, but even it couldn’t escape the heat. It also put in a bearish engulfing candle on March 7. Finally, we have Bank of America (BAC). Of course it’s getting hit like the other banks. But it failed to make higher highs in February the way JPM did. BAC also just broke the 2022 lows. The chart is telling is there are more problems ahead. So keep a close eye on it. The lesson here is simple. Charts usually tell us something’s in trouble before the news. You didn’t need to know about SIVB’s failure to manage interest rate risk to know the stock was an avoid. You just needed to see the chart was in a clear downtrend. The same is true for SBNY, CS, FRC, and the other declining names. You can even go back to the peak of Cathie Wood’s ARK Innovation ETF (ARKK) and high-growth names back in February 21. The charts went into downtrends well before growth numbers slowed. Moving averages are not a magic bullet. But they do a great job of telling you the temperature of the trend. With the banks, it was clear things were cooling off. Scott Redler’s positions disclosure as of 2023-03-16 at 8.34.27 AM
Continue Reading -->Coffee With Greta: Regional Banks Still Sliding
DJIA Futures: -95 (-0.3%) SPX Futures: -9.5% (-0.2%) NASDAQ Futures: +3 (+0.02%) Good morning friends! Futures are mostly lower as regional bank shares continue to drop and traders digest new economic data. Let’s get right to it! Regional Banks Continue Slide First Republic Bank (FRC) shares are tumbling 33.3% ahead of the open as concern about the future of U.S. regional banks continues. Other regional banks are also under pressure with PacWest Bancorp (PACW) dropping 17.8% and Western Alliance Bancorp (WAL) falling 7.6%. First Republic had the third highest rate of uninsured deposits among U.S. banks last week. It was behind SVB and Signature Bank, which were both shutdown by regulators. The bank has said it is weighing its options to stabilize its business, including a potential sale. But analysts say any sale under pressure may end up being a bad deal for shareholders. Swiss National Bank Backs Credit Suisse Credit Suisse (CS) shares are up 4.6% in premarket trade after the bank announced it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank. That money will be under a covered loan facility and a short-term liquidity facility at the Swiss National Bank. Credit Suisse said the money will, “support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs.” The measures come after Credit Suisse shares tumbled on Wednesday after the Saudi National Bank said it would not be able to provide more capital to the bank. Weekly Jobless Claims Tumble Weekly jobless claims dropped more than expected last week. The Labor Department reported 192,000 Americans filed initial unemployment claims. That was down by 10,000 from the previous week’s revised level and better than expectations for 205,000. Continuing claims dropped by 29,000 to 1.68 million in the week ending March 4. The data is a sign of the labor market maintaining strength amid the Fed’s rate hiking cycle. Housing Starts, Building Permits Surge U.S home construction surged in February. The Census Bureau reported housing starts jumped 9.8% to a seasonally adjusted annual rate of 1.45 million units last month. That was sharply higher than expectations for starts to be unchanged at an SAAR of 1.31 million units. Single-family starts rose 1.1% while multi-family starts surged 24.1%. The growth is expected to continue in months ahead as new permits issued in February surged 13.8% to an SAAR of 1.52 million units. That was also better than expectations for 1.34 million. Single-family permits rose 7.6% while multi-family permits jumped 24.3%. Philly Fed Manufacturing Index Remains In Contraction Another key manufacturing gauge is deep in contraction territory. The Philadelphia Fed’s manufacturing index improved by just over 1 point this month to -23.2. That was worse than expectations for a -14.5 reading. New orders fell to -25.4 while shipments dropped to -28.2. Manufacturers also reported a decline in employment with the employment index decreasing from 5.1 to -10.3. That’s the second negative reading since June 2020 and the lowest reading since May 2020. This negative data comes after the Empire State manufacturing index dropped deep into contraction territory as well on Wednesday. In Case You Missed It Homebuilder sentiment rose unexpectedly in March. The National Association of Homebuilders sentiment index rose to 44 this month from 42 in February. That topped expectations for the survey to decline to 40. Builders have been feeling more confident about the future of the housing market this year as mortgage rates cool and demand remains high.
Continue Reading -->Coffee With Greta: Bank Woes Continue
DJIA Futures: -597 (-1.8%) SPX Futures: -73 (-1.8%) NASDAQ Futures: -181 (-1.5%) Good morning friends! Futures are sliding as trouble at Credit Suisse overshadows positive inflation data. Let’s get right to it! Credit Suisse Trouble Shakes Financial Sector Credit Suisse (CS) shares are sliding 26.3% ahead of the open as concerns mount about the Swiss bank’s future. The bank’s largest backer, Saudi National Bank, told Credit Suisse it will not provide further financial support. The Saudi National Bank chairman said, “We cannot because we would go above 10%. It’s a regulatory issue.” SNB currently holds a 9.9% stake in Credit Suisse. Credit Suisse shares hit a fresh all-time low following that news. The Financial Select Sector SPDR ETF (XLF) is down 3.4% in premarket trade while the SPDR S&P Regional Banking ETF (KRE) is down 4.7%. Wholesale Inflation Falls U.S. wholesale prices fell unexpectedly in February, in a good sign for inflation. The Bureau of Labor Statistics’ producer price index fell 0.1% monthly and rose 4.6% annually. That was better than economists’ expectations for a 0.3% monthly increase. It also marked a decline from the 0.3% monthly and 5.7% annual increase in January. Excluding food, energy, and trade, the core PPI rose 0.2% monthly and 4.4% annually last month. That was better than expected and lower than January. Retail Sales Slide Retail sales dropped in February as consumers spent less at department stores, auto dealers, and restaurants. The Census Bureau report shows retail sales fell 0.4% last month to $697.9 billion. Spending dropped 4% at department stores, 2.5% at furniture retailers, 2.2% at restaurants and bars, and 2.0% at auto dealerships. Empire State Manufacturing Index Tumbles A key gauge of the U.S. manufacturing sector weakened significantly this month. The New York Fed’s Empire State manufacturing index tumbled 18.8 points to -24.6. That was down sharply from -5.8 in February and worse than expectations for -7.8. Any reading below zero indicates a contraction in manufacturing activity. New orders dropped 13.9 points to -21.7 while six-month business expectations fell 1.8 points to 2.9. Coming Up: Homebuilder Sentiment The National Association of Homebuilders releases its March sentiment index at 10:00 a.m. ET. That survey is expected to decline to 40 this month from 42 in February. Homebuilders have been feeling more confident about the housing market in recent months, with the sentiment index rising. But it still remains below the key 50 level which indicates negative sentiment. In Case You Missed It Meta Platforms (META) shares jumped 7.3% Tuesday after the company announced more layoffs. CEO Mark Zuckerberg said the social media giant will lay off 10,000 more workers over the next couple of months in addition to the previous cuts announced in November. Meta expects the cuts to results in $3 to $5 billion in restructuring costs.
Continue Reading -->Coffee With Greta: CPI As Expected, Bank Stocks Rebound
DJIA Futures: +259 (+0.8%) SPX Futures: +38 (+1.0%) NASDAQ Futures: +120 (+1.0%) Good morning friends! Futures are jumping as traders digest new inflation data and bank stocks rebound. Let’s get right to it! February CPI In-Line With Expectations Inflation pressures slowed as expected in February. The Bureau of Labor Statistics’ consumer price index rose 0.4% monthly and 6% year over year. That was in-line with economists’ expectations and down from 0.5% monthly and 6.4% annually in January. The core CPI rose 0.5% monthly and 5.5% annually. That was slightly higher than economists’ expectations for 0.4% monthly but as expected annually. Following the recent turmoil in the banking sector, CME Group’s FedWatch Tool shows 79% of traders expecting a 25 basis point rate hike at next week’s Fed meeting. The market is also pricing that hike in as the last one of the year. Regional Bank Stocks Rebound Shares of regional banks are rebounding today after plummeting over the past few sessions in the wake of the SVB and Signature Bank (SBNY) collapse. First Republic Bank (FRC) shares are surging 56.9% in premarket trade after losing 61.8% on Monday. Western Alliance Bancorp (WAL) shares are also jumping 40.9% after Wells Fargo analysts reiterated their overweight rating on the stock. The SPDR S&P Regional Banking ETF (KRE) is up 8.5% ahead of the open after tumbling 12.3% on Monday for its biggest one-day loss since March 2020. United Airlines Q1 Profit Warning United Airlines (UAL) shares are falling 4.6% ahead of the open after issuing a profit warning for the first quarter. The airline said it expects an adjusts quarterly loss of between $0.60 to $1 per share this quarter. That’s down from its previous forecast for earnings between $0.50 and $1 per share. United blamed that adjusted outlook on weaker demand growth and higher fuel costs this quarter. In a securities filing, the company said, “While all months of 2023 are expected to produce unit revenue significantly above the corresponding months in 2019, the Company is observing new seasonal demand patterns, with lower-demand months such as January and February 2023 growing less than higher-demand months.” Ride-Share Companies Rally On CA Court Decision Uber (UBER), Lyft (LYFT), and DoorDash (DASH) shares are all rallying ahead of the open after a California appeals court ruled the companies can continue treating their drivers as independent contractors. UBER is up 7.1%, with LYFT up 7.2%, and DASH rising 8.5%. The ruling overturned a previously ruling that required the companies to treat drivers as employees and provide benefits. The decision is likely to be appealed in the California Supreme Court.
Continue Reading -->5 Banks to Watch Right Now
There are many moving pieces this morning. The Fed, Treasury, and FDIC came out to breed some confidence by backing bank deposits. Three banks failed in the past week. Everyone is trying to compare this to Bear, Lehman, MF Global, Worldcom, Enron etc, but it’s too early to tell. Some are saying the Fed will cut rates, or at least stop raising. What does that mean? The SPX isn’t even at the December low of 3760, which is way above the October low of 3491. Even with all these volatile events. So to me, Friday’s SPX low of 3846 shouldn’t be the 2023 low. The Oscillator went out at -80 so we will get a bounce attempt. 3908-3928 is resistance. The major area is 3960ish. Sectors are not created equal. Know what you own and why. At times like this, if you want to take a shot at something, I’d use calls or puts so the risk is defined. SPY did another Red Dog Reversal sell around the $399.71 pivot last Thursday. On Friday it broke below $390.53 to see $384.33. This morning it’s been very erratic. If they try and rally, $390-$392 is resistance. Above that is $396ish. If they sell them, see how it handles $384.33. Below that is $377ish. Now let’s dig into the financials everyone’s watching: JPM did a Red Dog Reversal on Friday around the $129.22 pivot. This will be important because it seems like the major banks are getting the flows from all the regionals. It’s down small. See if it goes green or if sellers come in. BAC isn’t special but it did a small Red Dog Reversal long after a big move lower. SCHW got hit hard and fast to show risk can happen. $75 was the trigger sell, and it hit $64 Friday. This morning it was down below $50. If you think it’s overdone, I’d go out a few months with calls because the risk is the premium paid. Look at SVB and SBNY – some thought they were getting bargains but they’re zeros. Watch SCHW today for sentiment. COIN: I bought puts out a month in case this gets hit. But it’s a lotto play. BTC is up a lot today. SBNY: I bought $60 puts early Friday because it felt like this could be next. The stock seems like a zero so this should pay off big. Scott Redler’s positions disclosure as of 2023-03-13 at 9.02.02 AM
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