Current Outlook: With the mega cap stocks like Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), and Microsoft (MSFT) reporting earnings this week, I anticipate even greater volatility, forcing day traders to focus more on intraday movement than daily trends. This is a very volatile market, and there will be no peace until the Federal Reserve concludes its tightening. Keep calm and trade momentum.

Long The World: Selling puts on any stocks with liquid options chains trading below its liquidation value in the materials and energy spaces. I have at least one in Intrepid Potash (IPI). 

Serious Question: Are they serious about bringing Boris Johnson back to run the United Kingdom? I didn’t enjoy Seasons 3 or 4 of that Prime Minister show. A fifth season would just be bananas.

Current Mood: Trying my best to articulate the insanity of this market since October 13. You’d better “Lose Yourself…”
 

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To say that it’s been a long October would be an understatement. I drove across Alligator Alley six times this month while escaping Hurricane Ian. While my back is feeling marginally better, my eyeballs now hurt after this whipsawing of the S&P 500…

Since October 13, the S&P 500 pushed from a low of about 3,500 – ripped above 3,750, bounced lower, screamed higher, collapsed Friday morning, and then rallied above 3,750 by Friday’s close.

We just had the best week for the S&P 500 since June – up 4.7% - but the markets took a VERY long road up and down to get there.

A record $1.8 trillion in options expired on Friday, and now we’ll look for some normalcy. I don’t expect that we’ll get it.

From 2015 to 2021, I could largely trade based on weekly momentum readings. One-directional plays on breakout stocks had a high win percentage. In 2022, the market effectively shifted and made weekly momentum useless if you didn’t actively trade and manage positions.

Daily momentum became the better alternative, with readings offering a significant advantage in existing before the worst of short-term selloffs kicked in.

But October has made daily momentum trading even harder. 

We now must turn to intraday momentum movement, which requires incredible discipline. Unless you’re sitting in front of screens for seven hours, it makes little sense to move one-directionally over a multi-day period – as short-covering and intraday dumping can wipe out anyone’s hard stops or limits.

My primary comparison would be back in February 2018, when the market experienced a dramatic series of swings after the Fed announced its Quantitative Tightening program for that year.

Then, in late 2018, we experienced a range-bound movement on the S&P 500 from September to November. At the time, the Fed had dramatically increased its QT program from $30 billion per month to a target of $50 billion. The bond markets went haywire in November 2018, and the S&P 500 finally cratered in December 2018. After that, the Fed pivoted, cut rates, and bought bonds.

We may see a similar pattern play out.

I have an impossible time believing that the bottom is in… barring a large pivot by the Fed. There has been chatter about a pause on bond sales ahead of the election, and some speculation that the Fed might create a backdoor QE program through the balance sheets of member bank organizations.   

If that’s the case, I was intrigued by Goldman Sachs’ projection that a melt up could happen through November. This feels about right in the wake of Morgan Stanley’s similar sentiment.

The reality is that there is too much bad news – and it’s hard to put money to work for the long-term in several sectors in this environment without extreme caution. The UK’s crisis remains the canary in the coal mine, and Europe’s energy crisis is only getting started. The pound and the Euro are under their March 2020 lows. The acceleration in tensions with Russia are also enough to create maddening anxiety.

Emerging market bonds and currencies are under March 2020 lows. The same effectively goes for U.S. real wages, consumer sentiment, corporate bonds, and Treasury bonds. The iShares iBoxx $ Inv Grade Corporate Bond ETF (LQD) is now trading where it was when Lehman Brothers collapsed. The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is now just above its March 2020 lows. At that level the Fed bought junk bonds.

How much worse can the situation get? 

It’s unclear… which is why I’m heavy cash.

Dr. Doom, Nouriel Roubini, has now largely predicted the end of the world at a time we see a shortage of anti-depressant medications. I’ll touch on his new book in a little bit…

Why Are We Doing What We’re Doing?

I don’t think President Biden’s energy advisor Amos Hochstein understands how the energy markets work. 

On Wednesday, Hochstein told CNN that while the U.S. government wants more oil production right now - it wants to limit it over the long term to “accelerate the transition” to green energy. 

Never mind that the green transition will be EXTREMELY inflationary and require an almost cartoonish amount of land.

For example, a 1,000-megawatt nuclear power plant requires about 1.3 square miles of land. To produce that same amount of energy with windmills, you need about 260 to 360 square miles of land. Oh… and you also need all the rare earth materials and massive amounts of batteries to pull it off. China largely owns the solar panel supply chain. We can’t even get a lithium mine off the ground without massive amounts of litigation to protect a rare buckwheat in the desert.

At a time that oil prices are in backwardation, Hochstein told CNN that while we want more oil now - to keep gasoline prices down - they don’t want oil companies making money in the long term. This sounds like bad policy.

He said:

“[I]t is about making a choice between what is the short-term and the medium-term so that we can make sure we have enough oil and gas to support us through the transition, and what are the kind of steps that we don’t want the oil and gas industry to take that would have long-term consequences when we don’t want new major projects that would take 20, 30 years to become profitable.”

The purpose of an oil well is to turn a profit with a shelf life of 20 to 30 years. 

So, what company in its right mind would spend significant sums of money to drill… only to have the government limit its profitability?

Meanwhile, the Biden administration has sold millions of barrels from the nation’s Strategic Petroleum Reserve for months.

Some view it as a political ploy ahead of the election - but the SPR exists for periods of volatility and geopolitical strife. The problem - unfortunately - is that we’re now down to about 20 days of national demand.

We are at the lowest level for the SPR in four decades. 

It’s a national security problem if tensions escalate with Russia or China. And it appears Russia is about to escalate.

It’s also an economic problem as we now only have 25 days of diesel supply here in the United States – and an antiquated policies like the Jones Act that makes it difficult to move product from the Gulf refinery network to Northeast states. 

At some point, the U.S. will also need to refill the SPR.

And that’s where Hochstein loses me.

He says the White House plans to buy back oil in 2023 at $70 per barrel. 

There is much to unpack, around a $70 per barrel projection. 

To reach that number, a few things need to occur. 

Either the dollar continues to surge, putting weight on the value of commodities like oil and natural gas. With the Fed hiking interest rates, a stronger U.S. dollar will play a role in limiting oil prices while raising the cost of capital on production (which is already north of 20% due to ESG provisions, according to Goldman Sachs. 

The Fed’s rate hikes will also crush aggregate demand in the economy. Right now, oil is sitting at $85 per barrel. It’s at that level at a time that U.S. gasoline demand had fallen behind the suppressed levels of 2020 when COVID-19 raged. Meanwhile, China’s COVID lockdowns are also suppressing the demand side of the global energy equation. That demand will come back online.

How bad would the economy need to be for oil to pull back to the $70 level? It’s almost an open admission that our recession will be rocky. 

Meanwhile, this price projection seems to forget that OPEC - the global oil cartel that largely manages global prices - would likely cut production if prices start to fall again. OPEC recently cut output by two million barrels per day. Russia and Saudi Arabia were responsible for about 1.2 million barrels from that tally. 

Logic suggests that something else would need to happen. So, either demand falls sharply - signaling a bad economic environment - or we have a sharp uptick in supply.

But if Hochstein thinks that energy companies are going to ramp up production, why would they do so if the price of oil is going to fall by nearly 20% from today’s levels in 2023?

With that said – I do think that this price floor could be an advantage to certain producers in the Permian turning a profit at $45 per barrel. They could agree to sell 10 million barrels at $70, make a profit, and then use those guaranteed sales to secure additional funding and expansion.

The cost of capital for new oil projects is rising. Not only is it more difficult to drill new projects due to ESG provisions, but the Fed is also increasing the cost of money by raising interest rates at a breakneck pace. 

But – what else could drive the price of oil lower?

There’s only one more thing that I can conceive, although it’s a low-probability event. 

If the U.S. government bans the export of oil to other nations. 

In 2015, the U.S. repealed a law that banned the export of U.S. crude for 40 years. As a result, it’s been good business for U.S. producers and shipping companies. The Energy Department is exploring an order that would reimplement the ban. 

The Wall Street Journal noted earlier this month that the CEO of Exxon, Darren Woods, had to waste his time explaining to bureaucrats the impact of such a rule.  

Doing so would create additional global shortfalls in energy. It would also create shortfalls in various places around the United States. For example, we don’t have enough ships or pipelines to move crude and refined products from the Gulf Coast refinery network to the nation's Northeast. The Jones Act, a shipping law from the 1920s, makes it nearly impossible to move products because ships must be American built, crewed, and owned to move from U.S. port to port. 

We’d have a massive regional glut around the refineries and nowhere to put it. This would quickly ripple through the supply chain. As a result, producers would likely cut back on production, new pipeline projects would stall, and the U.S. could lose about $45 billion in GDP in a year. 

But politics are more important than helping businesses these days. It’s staggering to me that the Department of Energy would even consider this – as it’s just more protectionism at a time that the world is in turmoil. It’s bad policy that tends to compound into other protectionist policies when things go wrong. 

The messages out of Washington are so backward that it makes no sense to be in the energy sector right now. The median experience that the President’s 68 top officials have in the private sector is ZERO years. 

They prove it every day.

 

Checking In on Cathie Wood 

I’ve really been impressed by the wealth of knowledge around finance shared daily on LinkedIn. I’ve had very fluid, intelligent conversations that I haven’t at actual financial web communities. I want to give a lot of credit to one market critic/commentator, who has consistently thrown me a few challenging questions and topics over the last few weeks. 

One topic he discussed on Saturday was the challenges at ARK Invest. If you haven’t read my article on ARK Invest (ARKK) and its performance from February 2022, please do.

I have nothing against Cathie Wood. I admire her confidence. I admire her ability to put together a thesis, stick to it, and lead a following in the process.

I’ve just spent enough time in my academic career focused on market momentum and insider buying among executives. As I’ve noted, the insiders tend to do a better job calling the bottom for their stock from the inside of the company than any hedge fund manager could from the outside. 

So, I’ve revisited this…

Let’s analyze insider buying at Cathie Wood-owned companies… We’ll look at the Top Ten holdings, the one-year performance, the one-year insider buying by cash totals, and the one-year amount of insider selling by cash totals.

Remember, this is money going in or out based on Form 4 documents with the SEC.

So, as you can see, the insiders haven’t been buying their stocks – even at these levels. Roku stock is off 84.5% in the last year. Wood has doubled down on the stock.

Yet, the executives haven’t bought a single share in 12 months.

There has been about $86 billion in insider buying (at only two of the Top 10 companies combined.)

Meanwhile, Tesla has $32.3 billion in sales in the last year – largely on Elon Musk.

But add up the rest. There was roughly $727 million in sales.

That’s about a 9 to 1 selling-to-buying ratio.

Do you see the problem with Wood’s portfolio?

If the people who run the companies aren’t buying their stock… why is she?

ARKK likely hasn’t bottomed out. Pay close attention to insider buying at these firms. Shares will likely rally if-when we get a pivot by the central bank. But until then, the Inverse Ark Invest fund – the Tuttle Innovation Fund (SARK) is a fun play.
 

So, Lettuce Just Be Friends… 

Does anyone remember the valentine’s day song from elementary school that used vegetables in the lyrics?

“So, lettuce just be friends. I thank you for your valentine, but lettuce just be friends.” 

“Does your heart ‘beet’ just for me? Do your heart ‘beet’ just for me?”

I swear I’m not making this song up.

I can’t find anything on Google.
 

There’s A Lot of Value Out There Right Now 

Last week, I talked at length about a terrific interview with market historian Russell Napier. I would argue this is probably the most important interview I’ve read this year, and I appreciate anyone who can look backward and recognize a major trend before it starts.

If the trend remains government intervention in the economy, then naturally inflation will remain elevated. Napier had projected a 4% to 6% inflation rate for the years ahead.

With that in mind, I was doing some digging into the small-cap territory. I was specifically looking for companies that make stuff that we need – not that we want.

I’m talking about fertilizer, food, steel products, oil, and other must have things. I was looking at companies with low tangible book values and solid credit scenarios.

And I came up with a few names that just look impossibly cheap.

• Friedman Industries (FRD)
• Intrepid Potash (IPI)
• Franklin Wireless (FKWL)

Dig into the numbers and let me know if you have any objections.
 

I Was Warned… You Were Warned 

Last night, my wife cleaned out a filing cabinet that we hadn’t touched since we first moved to Chicago in 2015.

The cabinet had to go because of the mold damage to the guest room after a pipe burst sometime before Hurricane Ian hit. We discovered that upon our return home post Ian.

In one folder was a large packet of articles I’d written for Modern Trader magazine, including the very first articles. Inside one of the final issues of Futures Magazine (before the name changed), I had two stories.

The first was a piece about former Buffalo Bills quarterback E.J. Manuel, who sold a stake in his future expected income on a Sports Exchange (that was brilliant by him. He hasn’t been in the league since 2019)…

The second was an interview with a U.S. Senator. I don’t want to say the person’s name just yet – because I know that you will read this quote with bias for or against this politician. 

It was 2014. Long before the European Central Bank fueled the global rush of bond purchases and rejected austerity. Long before QE 3. Long before QE 4 and the great COVID helicopter money escapade. One question and one answer really stand out looking back…

The question was: What are your thoughts on plans by the Federal Reserve to taper stimulus plans and eventually raise interest rates? (Remember… this wouldn’t happen until 2018.) Here is his answer...

"The main thing is from a historic perspective we ought to ask the question: Are we proud of an agency that has lost 96% of the value of the thing the Fed is supposed to protect? Would that be a success or failure.

Have we had more or less upheaval, greater or fewer panics or crashes since the Federal Reserve or before the Federal Reserve? There is an objective argument that we did have problems before the Federal Reserve, but we still continue to have problems with the Federal Reserve.

The fundamental question about the Federal Reserve and monetary policy in general that we should ask is “How important is it that the market should decide prices?”

If you ask most free-market economists, they’d say “Absolutely. The price of bread, the price of computers, the price of labor, all that should be free and open to the marketplace.”

However, their one inconsistency is they think interest rates should be set by government.

It’s amazing that so many people who favor free markets and free pricing supports a completely centralized, completely arbitrary setting of the price of money. This led to the great housing bubble and the great housing crash.

In a normal marketplace, as things began to heat up and you had more builders and more people borrowing money, as the demand rose for money, so would the price in the form of interest rates. The rising price of money would slow down the economy, and you’d have a reversal.

But you wouldn’t get to a point where you reached insane levels of housing prices, where people were doubling and tripling their house’s price every year or two. This craziness of that doesn’t happen under capitalism. It doesn’t happen under a free-pricing mechanism.

The debate we ought to have in this country is” Should the price of money be arbitrarily decided by one central authority? Or should the price of money be decided by a marketplace?”

It’s a very important question – and one that we didn’t ask then, and we still haven’t asked now. If we had asked this question – would we have experienced this problem with inflation?

Would we have experienced this market downturn this year? And will we continue to operate in an environment – without reform – that has fueled FOUR massive financial downturns in the last 20 years? 2001-02, 2008, 2020, and 2022.

And other sharp reversals like we had in 2018.

The quote – by the way – is from Senator Rand Paul.

 

Speaking of Warnings… 

Nouriel Roubini has absolutely gone to the extremes in his new book. The NYU professor nicknamed Dr. Doom believes that most of Florida will be underwater at some point soon.

And that’s one of his rosier predictions a new book, “MegaThreats: Ten Dangerous Trends That Imperil Our Future, And How to Survive Them.”

When asked for his economic and political outlook, Roubini told the New York Post:

“I remember the ’70s and they were a nightmare. But more realistically, we’re heading into a period that’s more like what happened between 1918 and 1945, where we got two world wars, nationalistic military regimes, the Spanish flu, total financial collapse, and the Holocaust. I would take the ’70s over that any day.”

I will read the book, so you don’t have to. Writes the New York Post: “A mere seven pages of the book explores how the future might not result in our extinction.”

Reread that sentence. Only seven pages in the book don’t project that we’ll end up in a Mad Max style hellscape.

This feels like the ultimately stocking stuffer… as you’ll probably want to stuff yourself into the walls after reading it.

 

Congratulations, Lettuce 

You knew where this was going the entire time…

Lettuce celebrate, and “beet” the drum.

Chart Party 

You don’t have to bring your own chart (BYOC). I’ve got five great ones for this week.

CHART NO. 1: META’S MEGA TROUBLES

There was a time when changing the name of your company was a good idea to put a past crisis behind you. WorldCom changed its name to MCI after an accounting scandal.

Well, this name change – and focus on the Metaverse – hasn’t worked out too well for Facebook (META). 

Shares have fallen off a cliff from the peak in late 2021. The stock has effectively fallen out of the Mega cap names – plunging 60% and dropping the market cap to about $350 billion.
 

CHART NO. 2: Will October Be the End of The Bear?

The Stock Traders’ Almanac shows that October has produced the bottom for bear markets dating back to 1946. This seasonality matter is one reason why I wouldn’t be surprised to see a bear rally through November. However, my expectation for a market bottom lies in March given that it’s still unclear if the Fed will need to move interest rates to that 5.5% to 6% level to get inflation under control.

It's clear that the only path to 3,200 lies in a collapse in the mega cap stocks. I’m not sure that big funds will dump the mega cap names like Apple as it creates a billion-dollar problem on where to reallocate the money. 

That said, the Swiss National Bank still owns about $20 billion in Apple, Amazon, Alphabet, and Microsoft. At some point, the bank will likely liquidate those positions.

CHART NO. 3: America’s Natural Gas Dominance

It’s very fascinating to listen to people project a future where we don’t use natural gas. We’re pumping nearly one trillion cubic metres of the fuel – and we will likely need to increase output to help Europe navigate this crisis.

As you can see, it’s the U.S. against Russia, Iran, and China. America’s natural gas output remains a critical tool for a stable manufacturing base. Keep an eye on Saudi Arabia – as it is reportedly exploring a relationship with the BRICS nations. 

CHART NO. 4: Wash, Rinse, Repeat

The Merrill Lynch Options Volatility Estimate show that we’re seeing bond volatility that rivals 2020. While we’re nowhere near the levels we saw in 2008-09, the trend remains negative.

It’s worth noting that some big bets (or hedges) on volatility are being made. As Bryan Bottarelli told me on Thursday, someone spent nearly $1 million on 150 calls for the CBOE Volatility Index at about $0.19 a contract. While the trader doesn’t need volatility to spike to that level, such a bet reflects increasing bearishness for the first quarter. A reading of 150 on the VIX would far out pace the 80 levels we saw in 2008 and 2020. 

CHART NO. 5: Happy Birthday, Mr. Marshall

Last week, Marshall Mathers (a.k.a. Eminem) turned 50 years old… making me feel like I am going to need orthopedic shoes very soon. I found this chart out there on Reddit. It’s accurate.

This song is 20 years old; I’ve heard it hundreds of times at sporting events, in the movie 8 Mile, and elsewhere. 

All I can remember half the time is the lyric “Mom’s Spaghetti.”

 

The Time I Was Banned from Yelp – Postcards from the Florida Republic 

It’s been nearly eight years since my wife’s family, and I went to lunch in St. Augustine. We were two months from our wedding, and a short family vacation was in order. That weekend, we drove around forever looking for food, and ultimately settled on a restaurant called The Floridian.

This review that I wrote got me banned from Yelp. The policy that I violated was a “personal attack” on someone. That someone was my father-in-law… and not the horrible server whose name we could not remember, but were sure began with an S.

The premise here was that we were revolutionary socialists who tried to get lunch and plan to overthrow the St. Augustine city center, but due to the poor service at the restaurant, we grew too tired and simply gave up.

Enjoy.

The Floridian Review – January 7, 2015

My family wanted to shake bad vibes and munch on gnarly grub.

Having driven a sanguine stretch of Interstate 95 for two hours, my belly needed fulfillment from east Florida's premiere glutton-free, dolphin-friendly, anti-war, locally sourced refuge where revolutions start in a drum circle and end with a side of cilantro mayo.

From the moment we approached this leafy tabernacle, we knew we might finally tear down the corporations. The menu promised pulled pork and green tomatoes, served on toasted bread with an ironic, yet lifeless stare from our waitress, StarPhish. 

We arrived at 1 p.m. 

There, a young couple - still unbroken by the capitalist machine - just sat down at a high top.

The five of us sat, the only other customers on the patio. 

StarChaser arrived six minutes later, gifting sacramental water and iced tea. Soon, flocks of tourists anchored to nearby patio tables. Another dyad sauntered in with the same unruly swagger of expats in Managua, unhinging our vibes and puncturing our resolve. Minutes later, SwashBuckle returned. Our water levels were now un-chill, so we beckoned another helping from the rain gutter.

Then, SnapDragon, using a vegan pen, manicured our order across a hemp pad: First, an appetizer of green tomatoes. The main courses: two orders of BBQ pork sandwiches, a swag metaphor for us literally devouring capitalist swine. Next, two salads, simple gifts from organic farm co-ops. 

Then there was Tim. 

He ordered a hamburger, which raised eyebrows from proximate herbivores. "Was he one of us?" I thought. "Maybe not? No." StarBucks, with her slim spectacles and dull gaze, rushed to the belly of the restaurant, where I assume, she mocked Tim for requesting a cattle's slaughter for his dietary pleasure. 

For years, I knew Tim was not one of us. I'm sure of his floral-patterned polo was quilted by child labor. Our server SnapChat also knew Tim lacked a desire to overthrow the system and replace paper money with a currency of hand signals. 

SnaggleTooth returned with a pile of green tomatoes, layering a loaf of slumbering glutton. SnoreWagon asked if we needed anything, and I asked for a second iced tea, which was rationed by her pregnant rival, Volkswagon.

Five more minutes turned to ten, which turned to 15. Exhausted, we soon noticed diners at nearby tables had already eaten their meal and departed. The capitalist swine that entered after us had already received a meal. Tim growled, distracted. He looked to SmashMouth, who was taking an order from the same table where the first couple had just departed. 

"It's coming soon," SmartPhone said. "We're very busy today." Another table that arrived after us now called SharkShow for the check.

As we questioned the work ethic of our brethren at this St. Augustine speed bump, my fiancé began to consider cannibalism as a final option. The desperation of our preferred economic system had quickly revealed itself. We wondered how long it took to chop a salad, pull pork from a metal bowl and mount it on a bread slice, or flip raw cattle over an open flame.

It was now 1:48. We had ordered 39 minutes ago. Another table ordered. As SlugWorm hollowly glanced at us, she raised a twisted finger: "Your ticket is next in the window."

After 40 minutes of watching the meals we ordered arrive at other tables, we would feast. Nourished, we would storm the St. Augustine fort, overthrow the lady park ranger, fill the moat with our enemies' skulls, and begin the revolution.

But time ticked: one minute, two minutes, three minutes, four. My disillusion with the Floridian accelerated. I felt the same regret as former presidents. I felt how many Cubans felt years after the Revolution. I now knew the pain of Dostoyevsky.

Then, Tim growled ten words that doomed our movement: "If someone else gets our food before us, we're leaving." 

Weak from undernourishment, I agreed. It was now 1:54, and I regretted not eating the green tomatoes on the bread coffin. 

A busboy opened the door seconds later, holding a pulled pork sandwich and a salad. "VICTORY," I cried. I prayed SnakeCharm would soon exit holding my comrades' other plates.

But the bust boy pivoted to the two-top table that entered 25 minutes after us. 

There, he redistributed my pulled pork to the masses.

We stood, spiking the allergy-free napkins we'd been given by StraggleBox, and scaled the potted plants. When I approached, the manager seemed distracted and snickered something about not having to pay for the tomatoes. I assume he took our food, cut it in equal portions, and distributed it among the workers. 

To add insult, Volkswagon thanked us for coming, even though they never served us. 

Our plan for revolt was crushed by poor service, a lack of customer care, and an inability to cook basic foods on a deadline.

We soon visited a chain restaurant with a functioning kitchen, a trained wait staff, and an abundance of sugar. 

In the future, we'll give capitalism a chance.

The Week Ahead 

I do anticipate that this will be another volatile week.

We have earnings from the big four – Apple, Amazon, Alphabet, and Microsoft.

I align with Chamath Palihapitiya on the issue around these four stocks. About 25 cents of every $1 pumped into the S&P 500 last year were in those four stocks.

There is a serious problem for hedge funds and pension funds if they dump these crowded stocks. What will they do with hundreds of millions or even billions in cash? Is the Swiss National Bank going to dump the $20 billion it owns in these four companies?

I struggle with the logic of this market and the box that everyone has been pushed into. I don’t see any selling these companies from large institutions this week.

It would require an external force to batter these stocks. A credit crisis. A pronounced margin call. Concern about the energy that pushes crude north of $120.

Since it's the only positive weekly sector, I’ll focus on energy now.

I have no idea what is coming this week. I can only react. I hope you navigate this week safely because it will likely be a manic five days.

Have a great Sunday,

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More By This Author:

Postcards From The Florida Republic - Labor Day Edition
Three Overvalued Tech Stocks To Sell Right Now
Two Stocks to Sell First Thing This Morning - Zoom Video And Peloton Interactive