Green Day tomorrow confirmed pic.twitter.com/6QVT2Jetqi

— Nick (@NStocks96) August 3, 2021

BREwmaster said:

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leoj said:

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Feels like $BIGC vol. underpriced for earnings this week, at critical juncture here consolidating

Never really liked it, mainly due to $SHOP being so superior, but like their recent partnerships

Skew remains inverted, Aug 70/75 call spreads only cost 1.50 pic.twitter.com/TXrfjCLLI4

— Joe Kunkle (@OptionsHawk) August 3, 2021

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you had me at "spread"... but the 75/80 looks more tempting. You can go net free at $75 on any expiration (not so with the 70/75). Plus the max gain is a bit more.
August is usually bearish though, so I probably shouldn't touch em!

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You're becoming a master of the call spreads.

When is the class/zoom seminar?

Had to share

Senator Lois Kolkhorst (a TCU alum): "What's your athletic budget?"

UT President Jay Hartzell: "Probably $220-225."

...Kolkhorst: "And that's without a winning football team... 3-7 against the Horned Frogs." pic.twitter.com/rcJawSpr06

— Mike Leslie (@MikeLeslieWFAA) August 3, 2021

That's funny. F them.

Also, did you all see someone is creating a fade Cathie ETF? The ticker is going to be SARK.

Before anyone asks, no, I am not going to buy it.

Tuesday Macros

Treasuries Lower...Mild Risk On....Tapering Talk...Short Covering...Flows Quiet

Treasuries have backed off from the rally yesterday that took the 10 year through the 1.18 resistance all the way to 1.148... While it did back off, and did not hit the low of 2 weeks ago of 1, it was the lowest yield close for the 10 year since February.... Convexity buying and some short covering were the culprits yesterday as mortgage traders bid on GNMA 11 1%... The buying did not last, but the backup from the lows and the rally yesterday, has been on light volumes. The news that the world's largest pension fund has reduced its treasury allocation from 47% to 35% was considered old news.

Fed speak yesterday and this morning was focused out of St Louis, where Waller said last night that tapering should start in October, and Bullard this morning, in a Reuters interview, said that the Fed should start tapering in the fall and end in March of 2022... Similar to what he said last Friday... He added that a "new regime" may have arrived where the Fed will have to cope with faster change and more frequent shocks... Meanwhile the RBA (Aussie CB) said this morning that they are proceeding with their 20% tapering as scheduled next month, even though a good chunk of their country is under lock-down... As more talk about reductions of treasuries makes the round, the more talk about tapering sooner than later is increasing, or their won't be new treasuries to buy...

Are things bad?... We continue to focus on corporate markets and corporate spreads and the ease of issuance...8 billion was priced yesterday. In junk three companies sold 5.25 billion of debt.. CDX HY spreads widened from Monday to Monday of 12 basis, but still within the 20 basis range of 280-300... Which we view as steady. Junk (CCC) yields remain a tad under 6% at 5.97 and HY under 4% at 3.88... This tells us that any slowdown will be mild and that the economy, with all its supply chain issues and inflation, should continue to chug along without much interruption... We will see.

The mountain of liquidity held in the banking system and by investors continues to hold major market implications (from a colleague). Bank America calculates that the time it takes for equities to recover from sell-offs of two standard deviations has fallen to historic lows. Instead of taking weeks, full recoveries have averaged just 2.5 sessions this year and in July, it took just one day... This fits in with the Bullard comments this morning in his Reuters interview.

10 years range today is 1 to 1.22... Still think the big move is Friday

ATHING MU TAKES THE GOLD! 🥇

She is the first American woman to win the 800m since the 1968 Mexico City Games. #TokyoOlympics pic.twitter.com/WmJq2dYulr

— #TokyoOlympics (@NBCOlympics) August 3, 2021

Looks like RIG is broken