Trading Higher-Dollar Companies Over Earnings | Trading a Smaller Account | 7-15-22
[Music] good morning and welcome everyone my name is cameron may it is 9 30 eastern standard time on a friday morning that means it's time to get back to the ongoing series of weekly discussions called trading a smaller account i'm filling in for barb armstrong today she's taking a well-deserved day off uh but i'm very much looking forward to today's discussion just like in la in yesterday's discussion we're going to be placing a trade that's based on an earnings announcement but we're also going to be looking to accomplish two things with that trade reduce the cost and reduce the exposure to what we call a volatility crash should be a very interesting discussion looking very much forward to it but let me first of all say hello to all of my very good friends in the uh in the uh chat on youtube i do recognize the vast majority of those names certainly some new names to me but even though i'm the interloper here i recognize just about everybody hello there vijay mansour uh no one is too old ap 514 saul deborah michael chuck e l russell neil marcy jeff paul uh peter on and on this list goes boy great to see everybody i can't say hello to everyone but welcome and welcome back if you're here for the very first time i do want to welcome you as well if you'd like to chat and let me know this your first time one of our live stream discussions i always like to see who the new audience members are and if you're watching on the youtube archive after the fact enjoy the presentation but be aware that you're invited to join us in the live discussion it kicks off promptly opening bell friday mornings and it will be typically barb armstrong or barbara armstrong but boy it is certainly my pleasure to be here today and it's also my pleasure to have my very good friend ken rose alongside he's writing shotgun he's going to be hanging out in the chats answering questions that i can't get to i have a little story about ken uh i actually started my coaching career about 18 years ago and when i first started there was already a gentleman with the company named ken rose and i thought man i noticed pretty quickly this guy has his stuff together he knows what he's talking about so ken thanks for having my back on this and thanks for uh for being a great resource all right but let's get into it very first thing that i want to do is issue an invitation to you if you're not following me and ken on twitter please do ken's twitter handle is at k rose underscore tda mine is at c may underscore tda just as you're seeing right there on your screen and twitter really is the very best place to have that more personal ongoing daily interaction with your favorite instructors we also need to bear in mind that uh risks are real this is important information the content we're about to provide is intended for educational or informational purposes only options are not suitable for all investors it's a special risk inherent options trading may expose investors to potentially rapid substantial loss any investment decision you make in your self-directed account is solely your responsibility all investing involves risks including the risk of loss while this webcast discusses technical analysis other approaches including fundamental analysis may assert very different views and finally because they're short-lived instruments weekly options positions require close monitoring as they can be subject to significant volatility okay so let's uh let's set the agenda for the day as i as i already mentioned we're gonna be doing an earnings trade but there are a couple of uh a couple of facts working against the trader when placing an earnings trade using options and we are going to be using options today so we're going to first of all set the stage with earnings i want to give you a couple of tools that you can use and we discussed these yesterday i'll be a little bit faster with it today but some tools that are available on td ameritrade.com some tools that are available on thinkorswim trading platform that can help you keep track of the progress of earnings season then we're going to build a trade around an earnings announcement and similar to yesterday's discussion where we were selecting an option strategy we bought a long put we're going to be doing a related strategy called long a long put vertical i want to look at how that could be impacted by an earnings announcement how it may accomplish a few things that are positive for a trader with some trade-offs okay and finally we're going to place an example trade so that's the agenda for the day let's get right into it let's pop over to the thinkorswim platform and the very first thing that we're going to we're going to do as a matter of fact i'm going to hit the pause button on think or swim and i'm going to go over to the website let's go to td ameritrade.com and for those of you who were on my selecting an option strategy discussion yesterday i introduced you to a tool a lot of you are already familiar with it a lot of you said nope i hadn't seen this before with 143 people watching the live stream right now i suspect this is going to be new for dozens of people out there and for probably the two or three or four thousand that watch this after the fact but i'm going to pop up here to the research and ideas tab really all that i've done here is logged into an example td ameritrade dot com account and if we go up here to research ideas we can go right to a calendar now how many of you have used this calendar before to track earnings announcements to track economic news uh to track splits ipos all those kinds of things so i'm going to click on the calendar and just as i mentioned there are all sorts of events if you look at this 132 events today right actually there are only 77 events today i was just looking at the calendar so this was 132 events on on uh the fifth okay a lot of events it can get quite cluttery if we don't want to see everything so the first thing we're going to do is we're going to narrow this down to just the earnings announcements okay so this is going to allow us to keep tabs not only on who has announced and who's about to announce but also how things went and it summarizes it very nicely all right let me pop my snap ticket down for a moment we don't need that in the display area for for the time being and one area that i want to focus on now is right here number of beats versus number of misses this this uh most recent earnings season really it kicked into higher gear just a couple of days ago but it first started last week so i want to roll the clock back to last week that's why i'm looking at the fifth and i want to keep an eye on the number of companies each day that beat expectations versus missed expectations right and we talked about yesterday how um a typical ratio i'm not throw typical in air quotes because with the markets we know that very frequently nothing is typical right but i've been doing this for a long time i've been following these metrics for a long time and i've noted that most commonly we we see about twice as many beats as misses under quote-unquote normal market conditions elizabeth you didn't know about this yeah this is pretty cool right on peter you say you use it after after i showed it to you okay so let's just follow earnings season so far okay the fifth nothing the sixth one beat one missed the ratio already a little bit a little bit more bearish than normal the seventh four beats five misses so we're at five beats total six misses the eighth no beats two misses the eleventh one beat three misses twelve one beat one miss thirteenth two beat two miss fourteenth two beat seven missed what are we seeing so far things are not what we may be used to regarding earnings announcement there are a number of pressures on corporate profits at the moment we have obviously inflation is hitting everybody right so corporate uh profits under the pressure of increased labor costs and increase energy costs increase raw materials costs a lot of issues there there's also higher interest rates so for corporations that are using debt to pursue growth opportunities that's that's becoming a more expensive proposition and and we still have all kinds of supply chain issues that are affecting lots of companies out there now this is not even though we're discussing this today it's not a guarantee that that these factors are impacting a specific company and it's certainly not telling us exactly what's going to happen with each earnings announcement nor is it telling us how shareholders will react whether those earnings are positive or negative relative to expectations however what we're seeing so far in the early goings of this earnings season a lot of big gaps down right boom so we're going to plan a trade based on that assumption we're going to be doing a bearish trade and what we can do now is we can look at uh you know who's announcing in the near future and what i noted is next week we have netflix coming up let me show you something that can clean this up we'll make sure that we've highlighted earnings and that way we can come right down here and note that next tuesday netflix is among the big companies announcing earnings okay there are some smaller companies atlas copco truest financial netflix one of the big ones okay now trading a smaller account netflix maybe may not be accessible for some of those smaller portfolios right because the stock is comparatively expensive and the options also a little bit more on the expensive side it's not as expensive as it has been in the past but uh but it may it may feel out of reach for some accounts we'll talk about that but let's go to netflix here and we're going to analyze we're just going to take a look at what's going on with the chart okay before we do that though i did want to point out if you want to follow the progress of earnings you can also do that here on thinkorswim now it doesn't have the beats misses little tool which i like to see there on the tv ameritrade account i think for some that that can be a useful little tool but if we just if we want to follow who is announcing who has announced we can do that right up here under the market watch tab notice as i hover over that there's a calendar available this one also can be quite cluttery all of those same events dividend announcements stock splits econo day events or just economic events so let me show you another quick way to to uh sort of clear up the un the unneeded information all right let's call it that rather than clutter it's not clutter each bit of information is important to somebody right first thing that we can do is just uncheck this show all box that cleans it up and then just check the earnings announcements right that's good but even here if we go down through the earnings announcements and by the way i have mine set to show a week of events we can also look at just a day or an entire month i'm going to leave this on a week but even if we select a specific day you know let's go to thursday july 14th there's a lot of earnings announcements going on some of these are not terribly big companies some of them are not even optional so how do we clean up that view well here's another nifty little tool you can come right up here and you can filter by watch lists so for example let's just say you only wanted to see the s p 500 companies i can click on that little gear icon go to thinkorswim's public watch list and they maintain one for the s p 500 companies and i'm going to choose the s p 500 there we go now we're just looking on on thursday july 14th at the s p companies and you can see a comparatively small handful right now we can roll roll it forward to next week just click on the calendar over here and we can find netflix on tuesday all right so you'll see that it's right there so that's a nice little tool but let's pop back here to the charts and i want to look at uh at what netflix has done over the last couple of earnings announcements so looking back here in january netflix netflix was already trending down and then clearly shareholders not terribly happy with the news that they received on that january earnings announcement and there was a large gap down stock went from 508 dollars to 395 dollars that was over a hundred dollar move to the downside okay that's a big move leave it on a 500 stock that's 20 drop then it tooled along we approached the next earnings announcement it closes uh trading right the day before at basically 350 bucks open trading the next day at 245 bucks and closed at 226 so once again we're looking at better than a 100 point move in a single day now when when traders observe that sort of volatility around an earnings announcement some right some are spooked by it others see opportunity now how many of you look at this and you think well geez that seems like there may be some potential there now again this is not a sales pitch for doing any specific strategy on any specific security i'm only illustrating a concept but i'm what i what i think every trader is trying to do is crawl into the heads of other traders and say what is it they're looking for well this might be one of those things that some traders are looking for right that kind of activity so what do we have coming up again we can see these little icons right here there's an earnings announcement by the way if you don't know how to set your chart up like mine just come up here little gear icon and make sure under equities you've checked the box for show corporate actions that shows the icons for earnings and under time access make sure that you've you've checked the box for show expiration friday that shows these red red vertical lines which are the expirations for the traditional third friday uh the monthly contracts okay and then finally make sure that you've set your expansion area up to give you enough space off to the right here so that we can look out and see at least you know the next the next cycle of monthly options expirations so that typically is about 30 days you might have to crank it out to 40 days these are these are number of bars in other words trading days okay all right so what do you think a trader might be thinking sort of putting all the all the puzzle pieces together right now boy we have a rough earnings season underway so maybe they have a bearish bias we have a company that has a tendency to really move on negative news like netflix maybe we're going to buy a put on this right so let's start to set up an example trade let's get rid of yes well this isn't even yesterday's trade that was from an earlier discussion but our example trade is going to be a bear put spread it's also known as a long put spread that's okay just different title for the same thing and it starts with it it conceptually starts with buying a put so if we go to the trade tab let's maybe i'm going to look at buying a put now the difficulty with a small account is that options can be expensive on these stocks that are a little bit higher price this is nearly a 200 stock and if we were to look at let's look at the 19th of august options these are expiring after the earnings announcement so it's positioning us to potentially take advantage of of an anticipated move if it occurs right obviously the earnings could go up as well right there could be a positive surprise that's certainly a possibility but let's suppose the trader is looking at this they're looking at that 19th of august contract and they're thinking well what if i buy the at the money well geez that's a 15 nearly 16 trade we'll call it 15 and a half on one contract that's gonna set that investor back about fifteen hundred fifty dollars right so that can be a little bit expensive how can we make this less expensive well we might look further out of the money let's look at let's look at for today's example trade what if we go to a 160 put i'm going to buy as the example the 19th of august 160 put and that looks like instead of costing us about fifteen hundred dollars it's getting us under a thousand between nine ten and nine thirty we'll call it 920.
okay so even in a smaller account maybe they have it has the capacity to um to afford a an option of this particular expense and so let's discuss the pros and the cons of that okay so going into an earnings announcement if that earnings goes um surprisingly poorly tomorrow what could happen could this see another big big another big gap down yep and if it got another big gap boy if we got a hundred dollar gap now this is a hundred dollars would really be that would the stock would have to fall by half is that likely it'd have to fall by more than half probably unlikely right so rather than expecting a hundred dollar move maybe we look at more like the percentage move twenty percent something in keeping with the last couple of uh moves down that would be about a thirty five dollar move to the downside interestingly that's actually what the markets are pricing in right now have you are you familiar with this plus minus over here well this is just a simple it's a mathematical extrapolation of the current pricing of options i know that was a bit of a mouthful but basically um based on the demand for options on netflix right now if there's very strong demand that means it likely implies that that traders are expecting a big move if there's comparatively weak demand it's maybe maybe implies that traders aren't expecting much okay so that can actually be calculated out mathematically to project potential moves to the upside or the downside and right now about 35 bucks is what the market is priced for based on the current pricing of options uh gene i'm guessing is that genie we have some jeans and some genies in my family so i don't know which one you are but uh are we looking at a 30 or so delta i didn't do that deliberately in this case we're just talking about a less expensive option however the delta definitely is going to figure into this discussion right but let me just uh let me just quickly finish this thought so if we got a 35 drop to the downside that would position a stock at about 140 bucks and if we have this put we now have the right to sell shares for 160 that conceptually if they drop to 140 awesome that that is now a 20 intrinsic value to that put now back to is it janie that's what i thought okay yep because the e the n n e at the end yep okay so but i'm glad genie brought up the delta because does this does this trade appear on the surface to have a very uh very high probability of success well if we're looking to hold this till expiration it looks like there's only about a 30 percent probability this this contract will even retain one penny of value however if we were to get a repeat really to even a modest a comparatively modest extent of what we've seen over the last two earnings announcements it could blow those those uh probabilities out of the water a probability really is just a probability it's not it's not an absolute right so um for some and for some investors they may they may look at this at this probability and they may apply a little mental asterisk okay 30 probability but i also have that earnings announcement that could help it's not guaranteed to help but it certainly could right so maybe this is adequate what we did in yesterday's discussion of selecting an option strategy we just went right ahead with buying a put but for other inves but we also discussed a fact that is quite typical of of the way that options are priced right before earnings announcements are right after earnings announcements what typically happens right before and right after an earnings announcement it doesn't happen to every stock it doesn't even happen to every uh it doesn't even happen every time on stocks where it tends to happen but generally the pricing of options goes up before an earnings announcement and then it goes right down after an earnings announcement it's not related to price movement but what i'm talking about is the time value of those options can inflate right before an earnings announcement and then collapse so let's look at that i'm going to come here to my eddie edit studies icon and i'm going to look at something abbreviated to imp volatility stands for implied volatility i'm going to add that to the chart click apply and click ok and i just want to look at these last uh these last few earnings announcements and what we'll see is that we have this green line and for some reason the green line tends to go up leading up to an earnings announcement you see that and and i can't draw it onto this one but you can just envision very likely going up right before this this earnings announcement back here in july of last year and what this is reflecting is an increase in demand for options and an overall increase in pricing for options so what some uh traders will do is they'll look at this that this green line and the direction of that line is telling general direction of the pricing of options on this stock specifically so on netflix so generally speaking for netflix there's a pretty pronounced tendency for options prices to go up right up to an earnings announcement and then pretty much collapse you'll see right after an earnings announcement we see these lines going down here it didn't go down as much right but we have a name for that it's called the volatility crush what happens here is options speculators and hedgers are demanding lots of options going right into an earnings announcement right where they get the earnings announcement in the rearview mirror and they get rid of all their speculative positions or a good portion of them they and they then they offload a good portion of the hedging positions the demand goes down prices go down and that pricing affects the time value of an option and it can squish that value of an option overall okay that's the basic concept here so what could happen to this option that we're considering buying right now out of the money an out of the money option is purely time value that's how it's priced so we are particularly exposed to this volatility crush so how how might we minimize the impact of that volatility crush not entirely eliminate it maybe but minimize it significantly and at the same time reduce the cost of the trade here's what we're going to do at the same time we buy this 19th of august 160 put what if we also sell let's sell one that's a little bit less expensive let's go for the 19th of august 155 put one and let's let's update our pricing because it's changed right now the 160 is between 945 and 970 let's call it 955. okay and if we sell that 19th of august 155 put that looks like it's trading between 785 and 805. let's call it 795. so what have we just done here well one thing that we've done we bought a put we sold a put this put that we sold has brought premium back into our portfolio so we spent 9.55 but at the same moment we also receive 795 both of these are obviously hypothetical until an order is filled right what does this do the net to the net cost of the trade what is the net debit well now it's only about a dollar and 60 cents four hundred and sixty dollars on these standard options contracts so in a smaller portfolio you can see why this could be attractive for some who might not feel that this was quite an accessible trade just buying the put we went from a 955 dollar investment to 160 investment now another thing that this has done and this is a little bit more subtle it's getting a little bit deeper into the into the we're sorting the starting to sort of finesse the trade what has it done to the volatility crush exposure well let's look at that let's look at our 160 put that we bought it has a vega of 19 meaning that if volatility were to drop one percent it could have a negative impact of 19 on this trade of our 955 dollar investment in that long option right can we say ouch yeah that's one percent move down do you think apple has the ability apple netflix has the ability to go down further than one percent it certainly could here it went down more like 10 here it went down went from 54 down to 41 that's a 13 drop here it went from 41 down to 27 14 drop so that could be painful right well at the same time though what would the what would that volatility drop do for the option that we sold well when we sell an option a drop in volatility is potentially beneficial to that option all right i think we're back in business okay so i just had to quickly reboot my streaming software seems to address to have addressed the issue but what we see here is by uh by selling that short option it can benefit from that volatility crest crush post earnings and that can largely offset the exposure on that long option so for the for the trader who just doesn't like to see that crush it seems to be so predictable this can this can largely remove that from the equation doesn't eliminate it but certainly minimizes that now the other thing is we've we've certainly cut down the cost of the trade gone from a 955 investment to a 160 net investment and again for a smaller account this can make this trade more accessible now we also have to be aware this is these are some of the the pros or the potential advantages of the trade what are the cons what's the trade-off well when we sell that option well actually let's just explore it this way when we buy this 160 put it gives us the right to sell shares for 160. however when we sold the 155 now we have an obligation to buy those same same shares at 155. so if they gap down to 140 if we get that 35 drop on earnings the gaps to 140 well that's nice but we still have to potentially pay as much as 155 for these for the for the stock shares to sell them at 160. so it does cap the
potential gain at five dollars a theoretical maximum gain would be five dollars if this were a free trade it's not a free trade it's a trade that cost us a dollar sixty so that leaves three dollars and forty cents of uh theoretical maximum gain okay so let's spell that out a little bit more explicitly there's our theoretical maximum gain so this is a trade that is costing us a dollar sixty net with the potential to make three dollars and 40 cents so if we get a strong move to the downside we could actually be essentially tripling our money uh making a 200 profit if we get that move and once again the the probability of that doesn't look strong if we look at the uh steve says why not buy ourselves closer to the money wouldn't it raise the probability of success it certainly could steve anytime we raise the probability of success what probably happens with the potential for reward it can go down substantially so this is not an argument this is that this is the only vertical spread pairing that we could have done if we go closer to at the money for example the probability of success goes up but you'll also notice the cost of the trade goes up so there's lower reward potential higher risk potential and that that greater risk for for a smaller account might be untenable this is a trade where where we stand to make twice as much as we stand to lose if we were closer to the at the money that would certainly not be the case so that's a good question there steve there are pros and cons to both of those right okay but it but as we look at the probability here if we just look at delta bottom line what we really need from this stock is for the stock to go below 155 and be there at expiration for this to be our best case outcome on this trade right what's the likelihood of that well delta would propose about 26 percent for some traders though they look at an earnings announcement that's pending like this and they may suspect that they have stronger odds than than those numbers would uh mathematically predict we'll see only the earnings no we don't know how this earnings is going to go i just know if we if we get a gap down if we can get below that that 155 level and if it helps to visualize let's do this i don't need this implied volatility anymore let me pop up here to the top let's take off implied volatility and let's create a little extra space down below this chart you can actually just come over here to the right to the right margin click anywhere it doesn't matter where just start dragging this up and down i don't know if you knew you could do that and it can just give you extra extra space okay here here we are at 176.80 let's draw on a line at 155. this is where we need to get actually let's go to the current day i think it just makes it a little bit more relatable draw a line out to here okay this is where we need to be for our trade to be in maximum gain territory that theoretical maximum gain and we have until august 19th to get there with an earnings announcement in between does that look like like netflix has to travel a great distance nope obviously it could go up in which case that 160 is now at risk okay so i do want to i do want to explore just quickly how the trade could could we we've talked mostly about how it could work if we're going to get a nice gap down if the stock goes below 155 well then particularly at expiration most likely scenario is the 155 put gets assigned we buy the shares at 155 we exercise our 160 puts when we sell at 160 that's a five dollar profit minus the 160. i should just say it's five dollars of revenue maybe minus the 160 that's our 340 maximum gain that's if we get that gap down what if the stock gaps up on earnings announcement well our 160 is at risk because now both of those contracts are under threat of just expiring worthless in which case we lose our 955 while retaining the nine of the 795 sort of as a consolation prize and we could lose that that 160. okay so um one other thing that i that i think in particular when we have that smaller portfolio what if we have to buy those shares what if this short option gets assigned before expiration is that a possibility what if we get a gap down or even even if the contract is still out of the money let's say it's at 157 or 162 even if the contract is still out of the money could this investor get a wild hair and say you know what i'm going to sell the shares to cameron at 155 anyway they could at any time well the nice thing is is as for the duration of this trade if these shares get put put to us at 155 we know that very worst case scenario we could sell those same shares at 160 that is our contractually guaranteed right to sell those same shares to 160 for 160.
so it can it can feel intimidating to maybe have to buy 100 shares of netflix at you know 155 bucks that's a 15 500 expense but we could con we could exercise our other con our long contract and sell for sixteen thousand dollars early assignment could just lead to maximum gain faster than we expected okay but i still want to talk about that the short option can be assigned at any time got to be aware of that okay so let's go place the trade how do we place the trade here's a quick way to do it up here where it says spread single i'm going to change that to vertical i'm going to click on that change that to vertical and that just pairs up each strike with the next one and so we can come down to our 155 160 vertical spread and it looks like it's now trading between 135 170 we might be able to do this for a little less than 160 but maybe maybe we'll just shoot for 160 because that was our example so let's click on the ask price to buy this vertical remember it's a net debit it's a purchase transaction net um this looks like it's only buying one contract let me move this over so you can see there's actually 10 contracts being purchased 10 contracts being sold that that would be 160 ish let's set our debit let's go ahead and lock that in at 160 that we're willing to spend even though the mid is more like oh it just moved to 158. in any case that'd be 160 expense for one contract 10 contracts would be 1600 okay all right so let's uh go ahead and confirm and send this order we will look it's moving on us the contracts these are becoming more expensive which would be good if we were already in them not so good because it's not so good that we're not in them already okay so let's click confirm and send anytime there's a limit i might even need to nudge this up let's call let's do 170 why not there we go what that does is it reduces the cost of the trade so that's going to eliminate some of the maximum gain of the trade if we wind up spending a dollar 70. instead of having 340 that we could make it'll be 330. so let's click confirm and send we're buying 10 of these contracts with a smaller portfolio we'd buy fewer contracts obviously the trader needs to assess for themselves how much they think they can afford that would give us a maximum profit of 3 300 maximum loss of 1700 13 transaction fee in this example trade and i'm going to send that order off there we go and actually look at that after all of that we filled at 160 which is exactly what we originally calculated so really all of our numbers are just in alignment with with what we with what we had discussed okay peter says barb's typical account risk is 500 so we might have just done three contracts right ap 514 because the amount spent on this long on this net long option position is the maximum the theoretical maximum loss so we always say theoretical maximum loss because if we get in there and tinker around with it that maximum loss can increase also if the short option gets assigned and for whatever reason we just allow our long option to expire or whatever we we could wind up owning some shares that we didn't intend to and that can introduce a different level of risk right all right well hey i was looking over here in the chats i noticed already what is that 30 people 36 people have already dropped a like on the webcast thank you that's very much appreciated i consider that sort of my form of applause so i really appreciate it everybody but we've accomplished everything that i set out to do today when we kicked things off just uh 42 minutes ago i wanted to talk through earnings how do we follow those earnings announcements see what's what's been the trend of this earnings season then we built a trade around an earnings announcement uh discussing the pros and the cons of a of a bear put spread and then we actually placed that trade so we don't just talk about the theory of investing here or trading options we also show you how to go in and push the buttons in your paper money portfolio so you start to get some repetition with it so hope you enjoyed that discussion i'm really glad that i got this opportunity to fill in for barb anytime i get the chance you know i'm going to do it i'm going to jump on that everybody if you if you haven't done this yet come down here click on this little subscribe button if you're enjoying these webcasts and you just want to follow them the more readily click the subscribe button it literally takes a fraction of a second to get that accomplished and it just cuts through all the youtube clutter helps you follow your favorite webcast series your favorite instructors more more easily it certainly also helps out our channel so that's a bonus additionally if you're not following me and ken on twitter please do that see this little lighter green bar right down here off to the far right it says uh follow me on twitter at cma underscore tva and and that's that's the very best place to have a more personalized uh daily interaction with me and with ken kenz is at k rose underscore tda so thanks ken for helping out time for me to set everybody loose as you go remember that risks are real we did use real examples in today's discussion it's not a recommendation or endorsement of those securities or those strategies i have other webcasts if you enjoy my presentation style if you like learning about options i talk about options three days of the week every week monday tuesday wednesday thursday i have something new in my in my own webcast series so you can look me up on the calendar and i'd love to see you there i'll certainly be looking for you on twitter but hey whenever i see you again until that moment arrives i want to wish you the very best of luck happy trading bye you