[00:05] Tasty Live. This is First Call. He's IASP Spec. I'm Chris Veio. Uh if you're what you're trading. We already see a whole bunch of comments about the weekend news in there. Thank you very much for all of that. Ilia, how was your
[00:18] weekend? Uh I know you started off the day with difficult news. >> That's right. That's right. My son beat me at bowling. He's five. In fairness, he had ramps and I did let him, but also he definitely did not let it die for the
[00:35] rest of the day. >> Yeah, it was uh gosh, my my son is teething terribly. Like like not able to go to sleep without bleeding decision yesterday that when she had a birthday party to go to, I would stay
[00:51] the day on a boat. >> Nice. And I got to I got to teach my son how to crawl, which was a lot of fun. >> Oh, I'm sure that was great. legitimately a lot of fun. >> Sure.
[01:05] >> Not going to ever be upset with having to stay in my air conditioning at a 95°. >> Just Just wait until he gets to the point where he finds uh firearms arcade >> Oh, good. >> It never ends. I have that little that
[01:21] that got to get that salt that fly salt gun. Although I got to say my little bioengineering experiment here uh is working out just wonderfully. Aside from the roots problems uh se me and several other people in the area neighbors
[01:36] planted a bunch of dragonfly uh plants that would like attract them. I was outside last night for maybe an hour and a half. I got zero bug bites. It's working out just beautifully. See that apex predator?
[01:50] >> Yeah, we're doing it all natural there, Ilia. And it's working out well. But hey, the weekend's news. I believe it or not, I know it's difficult to believe, not, I know it's difficult to believe, but the war was going on again over the
[02:02] >> I'm shocked and appalled, honestly. >> I know it's become a running joke. war is going on because it's the weekend, there were a few people who right over their head. This is a ongoing gag for the market right now. The war
[02:17] doesn't go on from 9:30 in the AM on Monday morning until about 5:00 pm on Friday. And then on the weekends, we all fire the bombs and missiles and right before the future's open, we come in and settle and find a way to keep moving
[02:29] are we there yet? No, not necessarily. But talks are back going on again after But talks are back going on again after the US bombed Iran and Iran struck a d. >> Let me give you a little tidbit into this story. The CFTC was on track to
[02:44] this story. The CFTC was on track to approve a um micro oil contract. approve a um micro oil contract. Uh and it was meant to trade around the Uh and it was meant to trade around the clock. Same size onetenth of the MCL
[02:58] contract like the 1 ounce gold contract >> got magically pushed back. >> No more over the No more over the weekend. uh oil exposure for you. We got
[03:12] a war to fight. >> You know, it reminds me when did they release that new micro silver product? Was that January of this year? >> Right near the top, it looks like we're going to get a little bit of a softer
[03:24] open in a moment's time. Uh 30 seconds from that open 7607 early quote that I'm seeing bid ask on the screen. Uh weekend Wall Street is looking for a little bit Wall Street is looking for a little bit of a firmer oil move, but 7151 close
[03:37] maybe we're up at 73 or so. Uh so clearly the marketing about short-term the Z6 contract when this opens up and I'm doubtful that we're going to see the >> But beyond that, Elliot, this is actually a pretty important week for
[03:50] stocks as we get into these opening quotes. CPI Tuesday. We have this SK quotes. CPI Tuesday. We have this SK Highix options. They had their IPO on uh uh Friday. They're now trading under SKHY, no longer SKHYV.
[04:04] Uh their options go live this Tuesday like SpaceX, second largest IPO ever. We we trade around that. We did get some good questions for confirm and send last terms of strategy and approach >> for those new uh options markets. Um and
[04:18] calendar because while we do have that CPI report Tuesday, it's also the start America, >> some of the more foundational old economy stuff. Obviously not AI related per se, Ilia, but with those opening
[04:31] quotes coming in 7610 or so, down about 10 points from where we were on Friday's close near 7620ish. Uh NASDAQ here touched softer as well, off by a quarter of a percent, $29,960. Oil being the biggest mover on the
[04:45] Oil being the biggest mover on the board, up 2.7% or so, $73 and change. Uh other than that, gold's in a touch, as is silver, which higher oil, lower metals has been a consistent theme here. and you get a little bit of a firmer US
[04:58] with what's the anchor point though for everything as we get into this conversation which has to be volatility. >> Yeah. >> Last week we were coming out of a holiday week. Volumes picked up a little
[05:11] that they were too substantial, but the one consistent thing was in the second half of the week volatility fell off a cliff and we are now at the lowest close that we've seen in some time 1503 here coming into this week. Uh what do you
[05:25] the complacency in the market ahead of what could be a very rude awakening with the earnings and the inflation data the next few days? I saw that the put call ratio is down near again yearly lows. People are not paying for downside
[05:38] protection. Everyone is bullish and unconcerned. Is that the right move right now? Should we be thinking about maybe taking some profit on longs and take advantage of the relative cheapness
[05:51] of the downside right now? I think you look at this and you just have to think about it in riskreward terms. I'm not necessarily so surprised that the VIX is down like this uh because the volumes have been very low and just the general
[06:06] participation in the market has been very tepid uh if you look at the headline indexes and so there's really not a whole lot here for people to go oh
[06:18] I'm going to engage with this but I think you just have to think riskreward terms if you look where you are on the S&P you're basically back near the top of the range that you've been holding since miday.
[06:33] And now you you kind of figure, okay, well, do I want to try to squeeze out something into the top of this range? Do I believe that the range is going to break? My perspective tends to be that it's not
[06:49] broken until it's broken. And so if you're going to do anything here from a you're going to do anything here from a riskreward perspective, selling calls riskreward perspective, selling calls makes the most sense because V is low.
[07:02] But at the same time, you're getting pretty good riskreward on these positions unlike you would normally selling vault. Now, you could
[07:15] normally selling vault. Now, you could go outright and just be buying puts. That's probably a little bit more aggressive than what I would do here until I saw some sort of a reversal signal at these levels. And for now, you
[07:29] just don't see it. For now, you're still in this range and it has to decide. So, if you're not going to sit around and wait, if you want to do something, wait, if you want to do something, selling call verticals here and just
[07:42] selling call verticals here and just seeing if you can pick up a little bit while it drifts may be kind of the only thing. I would just do it with a bearish bias because I think the riskreward to being biased
[07:56] higher here is just not very good. You know, I'm going into this week still uh holding that long MEES position, which that is my top tick of the week. That actually has probably the closest I've t
[08:09] since buying those silver calls back in January when I was trying to run up the scoreboard. But uh Elliot, that was my ploy last week. Uh 7602.25 was the high. 76.75 is where the MES position was initiated. So I'm I mean I'm in right
[08:24] now leaning along deltas. Obviously, the weekend news doesn't help, but I'm I'm encouraged to hold on to this position here. Um, treating this like we're seeing the beginning stages of a inverse head and shoulders break across, you
[08:36] know, I say turtles all the way down. I mean, there's on ES little one more marginal one. Here's an even bigger one. I mean, it feels like this thing could explode higher. So, I want to lean long deltas right now. Um, you and I
[08:49] where would be a stopout point? I mean, like, listen, if we find ourselves overnight trading below 7,600, uh, tomorrow morning we get on air and it's like 7550 and all of a sudden it's tomorrow at the close and we're not back
[09:01] on our hands. I may just call this kap put below Friday's swing low here that we had near 7552.75. But that's me, right? MEES is a different story because I'm simply trying to, you know, it's not the Fols
[09:15] something there. With respect to the options positions though, I'm thinking about like RTY for example. It's down half a percent here. But last week on spread because we've been finding a market that's churning through that one
[09:28] >> Yeah. >> And in the past, if you've been selling those dips, you've made out all right. to have a more substantial pullback to the 50. But this feels like the place
[09:42] know, lean in. And if the banks have a good set of earnings on Tuesday, the Russell feels like the place that would be, you know, quite receptive sitting at I think what 40 days to expiration now. 2875 2850 short put
[09:58] spread even here tonight. >> That's the wrong direction. We want to go this way. Um risk >> very thin out here. I'm just looking at >> very thin out here. I'm just looking at how um the best pricing looks. It's it's
[10:11] still real real thin, >> you know, for a lot of these particular if you're not doing ES or NQ gold, so GC or CL in the future >> and like fulls size contracts too. >> Yeah. And ZN, ZB, you're really
[10:25] liquidity and volume perhaps until the next morning. So the spreads may be but thinking about tomorrow morning why at these strikes and we always kind of want to work through the mechanics of this 2875 on the short strike sits below the
[10:38] 50-day moving average which we haven't touched since the end of March right and really shouldn't dip below there and it's giving still at this point a it's giving still at this point a healthy not quite 3:1 but risking one
[10:51] risking we'll call it a th00and to make 300 a little bit better than that at 71% swipe here so that's That's how I'm entering this week. Leaning along deltas and stocks contingent upon breakouts and trends still holding. Um I may have to
[11:04] do some cleaning up on Tuesday depending upon what happens with CPI, but CPI does leave me a little worried. It's definitely one of these things that It's definitely one of these things that could have market moving potential. And
[11:18] it's one of those things where people might look at the headline and go, well, why weren't the markets happy with this? because the expectation is um not really because the expectation is um not really that controversial, but if we look at
[11:32] what's been going on with um the Cleveland Fed's now cast, we find that they're looking for CPI to be a little bit softer. >> They are oil had a big pullback during the reporting window.
[11:47] >> That exactly right. And so you might get some relief at the headline number take that as good news and you go but wait why
[12:00] and I think this is this could very well be that kind of a report because people are looking in a different spot now they're looking at the core and they're trying to see if the economy is under the surface of relatively modest growth
[12:17] the surface of relatively modest growth 2% 2.1% % annualized for the first quarter. Overheating and creating demand destruction because the way it's getting to 2.1% is by overclocking the investment
[12:31] component while the consumer is squeezed by all of the inflation that all of this is throwing off. We had the biggest increase in core services inflation in the last CPI report since well into last year.
[12:49] >> I mean the bonds are certainly so not reflecting it. The bonds are reflecting the week uh as we go into the new week is that with the move higher in oil >> Yeah. >> The 2-year yield the low close of the
[13:04] year is 102 and 28 ticks. We're currently sitting at 102 and 28 ticks >> Yeah. >> So thinking about ZN then which is a here. uh gapping open lower the swing low that you have from June 8th is
[13:18] >> we'll see if we hold it right but you start to break through there all this of the year for notes >> at this level right so you can kind of feel I mean I still have because I >> thinking about the relationship with oil
[13:32] and stocks and yields right now if things go sideways for stocks my big concern is not because of the the the profitability of these companies they're going to be something inflation related that's going to spook group people. Um,
[13:46] despite inflation pressures mean that long and yields might need to go up. So, we'll see what the inflation report says Tuesday, but 108 107 long put spread Tuesday, but 108 107 long put spread here. TP put me into a long at the money
[14:00] put spread last week in ZB because volatility was so low. And it makes a good deal of sense here, Ilia. It could be flipped for a small profit right now for 93 bucks.75. when we went into the trade, it was looking more like risking
[14:15] one to make one, pretty much close to that. Like risking 500 to make 400 or juice that could be squeezed out of this right now. Um, but it does set me up with an idea that, you know, given the fact that bonds ZB here does look like
[14:28] If we start to get a little bit of downside drift in the overnight before the US session opens back up, I may be able to get the 50% profit target and setup. Yeah, I mean I'm I'm still leaning long
[14:42] on the bonds. Um it's starting to kind of get to the place where I would be of get to the place where I would be concerned, but in my mind still we're entering into a place and and I think you kind of got a preview of it
[14:57] last week where oil prices jumped and the bonds would not sell off and gold would not sell off. I think you got a little bit of a preview there of the market going, listen, it's not so much the oil shock that we're worried about
[15:12] here. We're worried about demand destruction. If we see a CPI number that's weak because core services in it are weak, that's not good news. That's not, oh goody, the inflation shock has passed. That's oh no, the consumer
[15:29] passed. That's oh no, the consumer is rolling over. And so I think there's is rolling over. And so I think there's a risk here that you get a CPI number. it's softer for the wrong reasons and the markets go oh no recession.
[15:45] Oh yeah, I want to think about oil here a little bit because as foretold CLZ6 only up 2.95% CLQ6 3.84. So you are getting that you know supply concern however modest it is. But that makes sense when we see how the war has
[16:00] impacted oil prices here. I'm curious though when we're going out to CLZ6. Is there enough I'm trying to square this. So we have like a near 4% rally. All low. The way that this market's behaving off the low, it does feel it's starting
[16:14] again. >> I mean, as you know, I've been long for a while here, >> right? And I want to get this pivot correct. So this is Okay. Right. So we have these former lows throughout March
[16:26] and April. we break down through them, treat them as resistance. Since then, we've bounced back above them, and we've scooped there as support, and now it's start of this week, which is how I ended up being long. Um, I put this on last
[16:40] week. So, it it started to look like it was pushing through those nearterm resist uh support term resistance levels and kind of scooping through. And so, I put on a little call vertical there. And
[16:56] if it continues to make headway like this, I might have to add. >> I mean, I think this is the place where we'd want to do that. And and among I'm ass spread here, particularly in the V6 contract. So, not being front month,
[17:09] it's actually pretty tight already. 10 cents. That's not the worst. >> No, that's really tight right now. Um I do want to add because I have a lot of oil exposure that's rolling off in the next few days, which for this recent
[17:21] bear it. But we do have in the V6 alone here 67 bucks. $67 on the other side of here 67 bucks. $67 on the other side of there, Ilia. there, Ilia. That's decent. You know, risking 720 to
[17:36] make 280 at a probability of profit of 71% and you're generating about >> I mean, that is pretty high. That's pretty high probability of profit. I mean the riskreward there isn't uh obviously very good uh at face value but
[17:50] when you consider that it's 71% uh probability of profit that that changes the landscape quite a bit. >> Yeah. And you know just doing 6667 for now it's 67 days to expiration. Right. Bringing it in there the 32cent credit
[18:05] it's about a third of the width of the strikes right. We're going from 66 to 67 here and it's more of a risking two to make one. It's a little bit worse than that profile here. So, I actually really like this. These are really, these are
[18:18] nice markets already. Again, crude, gold, S&P, NASDAQ, uh, notes. Those are usually the tightest markets. The Bidass spreads when the futures reopen. Let's see if we can get filled here already. Um, be curious, but we have that working
[18:32] right now. 7594 here, Ilia. Starting to dip below my entry level on MEES, which never makes me happy. Um, [clears throat] >> So, we're finally restarting earnings season here. Um, before we get into
[18:47] that, I just kind of we we're going into earning season with a little bit of a going into last one. See, last one we really we were down on ourselves. Ilia, >> and everybody and and and the capeex numbers, everybody,
[19:01] >> we're going to spend we're going to spend a gajillion dollars. And then we go into their quarter for, you know, it's now early April and we're talking, okay, we're probably looking at 12% earnings growth [sighs]
[19:13] and then it just kept going and going and going. And so right now, uh, we got above 20% for the last quarter. Um, we're now looking at 23.6%
[19:26] Q2. So this is not like part of the reason why the market was able to rebound so aggressively from those March April lows is because it got the fuel of these fantastic earnings going from 12% margins to 26 or 23% uh in terms of your
[19:41] earnings growth rate. Ilia, it gives you some room to make some mistakes elsewhere. Okay, we're going to maybe have oil higher which is going to lead to inflation higher by 100 basis points. Okay, well we just got 1,400 basis
[19:54] points of outperformance in our earnings growth. We can we can digest that momentarily. The bar is not low this quarter is the point I'm getting. >> No, it's not low at all. It's in fact quite high. And the speculative spirits
[20:08] are animated in a way where >> you could get really good numbers and the markets would go, >> yeah, but it's not exactly this the moon >> yeah, but it's not exactly this the moon and the stars. So disappointment,
[20:21] >> right? And that's where we go into this quarter. 18.8% 8%. That is a very very >> Yeah. >> So that is the backdrop, right? That's the macro level of the earnings. Not like macroeconomics, but like 30,000
[20:35] foot view. And so that brings us into the we'll call it the slew of companies days. We could just take a step back before actually go into the individual companies and go into XLF because that is the ETF that covers most of these
[20:47] that are reporting. Um XLF, the banks have been pretty strong here, Ilia, actually been one of the areas of outperform sense. >> They do benefit from a steeper yield
[21:00] been happening right twos as they've been chopping around. We can see ZT flat and then you go to ZN what's happening there that's tilting over. So net net
[21:12] there that's tilting over. So net net steeper [snorts] yield curve. Um one cares about FB Financial Corporation. Uh but Tuesday you get JP Corporation. Uh but Tuesday you get JP Morgan obviously that's the country's
[21:25] largest bank. Uh Bank of America [clears throat] likewise on Tuesday. there's >> a big day. >> It's a big day. It's the banks that really matter. I mean JP Morgan, Bank of
[21:37] the ones that matter the most. Goldman Sachs obviously has a special place, but uh let's just go there. JP Morgan 30 IVR, Bank of America 20 IVR, Wells Fargo
[21:49] IVR, Bank of America 20 IVR, Wells Fargo 46 IVR, Cityroup 38 IVR. I bring that up because that feels relatively low given the um well single stock volatility that market. So, first things first, I know you're not an earnings guy, but is the
[22:04] volatility, you think, if you were don that cap, if you were an earnings guy and a volatility guy first and foremost around the earnings, is this juicy >> To substant I mean, city's looking for a $6 move either direction through the end
[22:19] of the week. >> Yeah. Nothing. I mean, to me, what this says is that maybe we're not liquid enough yet. Let's see how this looks
[22:32] enough yet. Let's see how this looks once we get the cash open. Let's see where liquidity goes. It's been very thin, so there's not been a lot of liquidity, but let's see where it goes and let's see how these numbers
[22:45] look. And if it still looks like we're not going to get any kind of a response the way the markets are positioned, let's say let's say in the morning and into lunch tomorrow,
[23:00] because these are all coming out Tuesday. These are not these are before the bell releases >> um on Tuesday. So you look at this and you go, "Okay, let's see." And if the market still
[23:16] thinks that there's going to be no V here, >> Okay, so >> because that seems ludicrous.
[23:28] IVR is a really good starting point for folks >> uh because it's going to give you a ranking of where volatility has been do two things. You want to take a look at the IVR and if it's high enough, you
[23:42] then want to go check your raw volatility. So IVR of 20 here in Bank of America. Okay, maybe that's um maybe that's an artificially low V number, right? Like you go to crude oil and it's a 20 IVR, but the raw volatility is 46%
[23:56] >> Yeah. >> So not all IVRs are created equal is the point I'm getting at. But even doing that check here, Ilia, IVs, raw volatility in the 20% range right now, that's usually not the juice
[24:10] that people are trying to squeeze. No, I mean you you would you would only have to think if this were pricing that was kind of in line with the event risk.
[24:23] It's thin. The liquidity isn't there yet to to to reflect where the market's um to to to reflect where the market's um best guess is yet. But also, that the markets just don't care about this set of earnings and really all they
[24:37] want to see are the big mag seven names and they just they're just not laying out exposure in these contracts. I don't I mean I I really don't think people are Usually for these earnings, you're playing for you know like a V crush
[24:52] scenario. Right now the JP Morgan implied move. Yeah, it's $18 in either direction. That works out to 3.29% 29%. recently, Ellie, where it's like, yeah, the expected move is like plus or minus
[25:05] >> Yeah. >> So, you mentioned, you know, V crusher possible on the other side of this. You could strap on your short iron condor trades, but I mean, the fact that the V is already priced so low, if you're
[25:19] neutral, you really got to do it risky. short strangle, short straddle ceiling, expansion >> or play for the reverse iron fly, I >> or play for the reverse iron fly, I guess. I mean, you could do that, which
[25:33] guess. I mean, you could do that, which r say rarely ever works out for me. Um, you'd have to get a move in either way basically through the end of the week. above 347 and a half in order to generate your
[25:47] your profit. And like Ilia, we just talked about that crude oil trade where you're generating a $1.94 a day in theta. You notice this here? It's minus $2046. If this thing is pinned after earnings,
[26:01] you're kaput. You're screwed. >> Yeah. >> So like that's the play. You actually you have to play for volatility and for That's right. How often do banks surprise to the upside on earnings?
[26:14] >> that's the thing is is you have to go and if you're going to do anything here, and if you're going to do anything here, you have to believe that the market is complacent and that the banks are going to say something that the market isn't
[26:29] to say something that the market isn't ready for. But that's a difficult thing ready for. But that's a difficult thing to want to do and tie up capital doing because if that's what it is, then number one, you're going to have echo
[26:42] into the indexes and the indexes become a better vehicle. Uh but if that's what is really going to happen, there's two things you have to take into
[26:54] account. The first thing is that something bad surprises markets. And the second thing is the markets care that something bad surprises markets. >> And I don't think that second one is a given because they might just be sitting
[27:09] here waiting for the big Mac 7 names to come out and tell them how much money is come out and tell them how much money is going to get spent next goound. confirm and send at the end of last week was u you know we have this new ADR into
[27:26] IPO for SK high nicks again on on Friday it was SKHY V now it's just SKHY come trading on Monday but the question was do you avoid Monday but the question was do you avoid trading uh these new option listings
[27:41] um until you know volumes mature or is early uncertainty the opportunity effectively is what they were getting at um first off SpaceX and SKH Highix really deserve to sit in a league of their own 25 billion in their IPOs. The
[27:55] threshold is after a green shoe the banks basically issue more stock is Alibaba. So this is these are not these are not normal IPOs. These are not normal options markets. So do you stay away from them? I mean I typically try
[28:11] to stay away from new stocks IA but the question here is is there opportunity in if there's something to look at in the options chain I know you and I spoke but let's just look over here for example
[28:25] bid ass spreads are tight there's a lot of trading volume across the board here in SpaceX there is a great deal of open interest across strikes at the 150 strike 40,000 on the put >> a deep market
[28:37] pull up another name right now that's been trading for a long time. I'm just CRNX. Uh, Krenetics Pharmaceuticals. Not sure why I picked that. Ilia, these spreads are ridiculously wide. We can
[28:54] market's open. Wait until like 10 a.m. Eastern time to check this out. But you're going to see wide spreads. Do you see there are more I mean at the five days to expiry there might be more SpaceX open interest in that 150 strike
[29:06] than all of the open interest across all strikes in this July 17th expiry for CRNX combined. >> Sure skex on Tuesday is probably going to have a deeper more liquid options market than CRNX. So the question isn't
[29:19] maturity is that you have tight bit ass spreads, you have a lot of volume, you those things exist around the strikes that you are trying to operate, then be tick agnostic. Who cares if it's trading for a week or a month or 50 years,
[29:33] right? That's all it comes down to. >> But SpaceX and SpaceX and SKHilia, right? >> We're going to get anthropic open AI, but these type of IPOs like this this didn't happen with Coree. This didn't
[29:48] happen with Sarabus, right? These the options markets took some time to interest in them. So that's just the metric. You don't time doesn't really matter. Are people trading it where you're trading it?
[30:01] >> Yeah. I mean, you you have to look at You're right. You have to look at the market as it presents itself. Anytime you try to create for yourself these rules of thumb, you're gonna end up getting hamstrung in your thinking
[30:14] getting hamstrung in your thinking because one thing is not like the other >> I mean, yes, you can have sort of general ideas of what you're looking for in an asset. So saying, okay, well, look, it looks
[30:27] So saying, okay, well, look, it looks deep, spreads look tight. Do I have a directional edge? Do I have an edge in trade construction? Do I have a reason to trade this other than saying I traded SpaceX?
[30:44] And if you do and it's deep and it meets your criteria, who cares what it's called? Who cares what it's called? Indeed. Uh Ilia, we're going out the door here in 30 seconds. But before we do, uh Glor,
[30:57] can we just throw quickly a referral friend? Hey, while you're here, like and course, but head over to tastyrade.comreferfriend, as I've been told. Uh, tasty.com/refer friend. $100 for you, $100 for the
[31:13] referee. Your friend, that is Ilia. Uh, we wind this down 7595 here on a softer open after those weekend headlines about the US and Iran going back to oil up about 3.4 3.3% or so here out of the gate. Added a
[31:29] here, Ilia, in the V6 contract to kick things off. Again, futures markets. We're talking what? Gold, oil, S&P, NASDAQ notes. Really, the things that or Friday night. >> My brain's there. No, Sunday night so
[31:45] tomorrow. We're going to see the audience tomorrow morning. Tune back in 8:30 Eastern, 7:30 Central time. Live programming resumes. I'll be on with the into the morning show. So, be sure to check us out as we look at unusual
[31:59] options activity on the tape. Mike, Jamal, Liz, Dr. J, we're all here. So, catch us tomorrow morning live here on Tasty Live. Until then, good luck trading, Ilia. See you later. See you there, everybody.
[32:42] best ways you can help us or by liking the video or subscribing to the channel. Either one of those guys would really help us out a ton. So, how do you trade a runaway bull market? If you're watching this video when it was released
[32:55] in June of 2026, it's like, man, this is the market that we are in right now. and a couple of downdrafts and what have you, but man, it has been incredibly strong to the upside. Well, the truth is our biggest risk as a premium seller is
[33:11] away from us, whether it be to the upside or the downside. So, whether you're trading a runaway bull market or a runaway bare market, everything we're going to talk about today for the next, you know, two or three or 27 minutes
[33:24] applies to both of those guys. So, let's dive right in. and let's go to let's go through three things that you can do to help protect yourself against a runaway bull market or a runaway bare market. All right. So, dayto today I'm going to
[33:38] All right. So, dayto today I'm going to say you may or may