The hipster intellectual of the 1960s, Marshall McLuhan, had a wealth of opinions about media and advertising, so much so that his famous phrase, "the medium is the message," became the buzzwords for a generation of great advertising companies through the latter half of the 20th century.
McLuhan also once opined, "Advertising is an environmental striptease for a world of abundance."
If he's right, and he probably is, 21st century advertising is already proving to be a show Cirque du Soleil would be hard-pressed to replicate. With the merging of the technologies of radio, print, TV, the internet, mobile devices and social media, it's of paramount importance today to not only get the message right, but the media as well.
To do so, most companies look for an established Advertising Agency with a track record of successful campaigns, an edgy dynamic and useful understanding of all media technologies.
A print ad in a local newspaper or a radio drive time spot just doesn't cut it anymore, now that people's attention is being diverted not only by television, but by catchy internet sites and messaging through Facebook, Twitter and other social media.
That's why it's important for businesses to seek out not only the best and the brightest, but an agency that "gets it," or, as That! Advertising Agency puts it, one which "gets THAT!"
A continuing shift from the traditional to digital advertising creates an environment perfectly suited to this company, experts not only in creative and placement, but also in the fields of marketing, public relations, design and all of the new media, from the social networks to targeted, trackable internet campaigns.
Today's ad agency has to have focus and vision, plus a background in traditional print, TV and radio with a bent toward the wireless, digitized future.
Sunday, August 28, 2011
Friday, August 26, 2011
Bernanke Speaks, But Who's Buying the Rally?
As expected, Fed Chairman Ben Bernanke gave his highly-anticipated speech at Jackson Hole, Wyoming this morning and did not outline any further Federal Reserve policies - specifically another round of quantitative easing (QE) - that would have signaled not only a weak, struggling economy, but more easy money for bankers, stock traders and the like.
Not that money isn't easy already. The Fed, in its last policy statement earlier this month, specifically stated that they would keep federal funds rates at close to zero until the middle of 2013. In the simplest of terms, the cost of money can't get any lower than zero, so any other stimulative motions would have - as have the last two rounds of QE - essentially been throwing good money after bad.
Wall Street's reaction to the Chairman's relaxed posture on monetary policy was not unexpected, but still a bit obtuse. After falling off precipitously in early trading (the Dow registered a 200+ point loss), stocks gathered momentum, went positive and ended the day - and the week - with broad gains. The only factor missing from the upside move was volume. Today's rally, like many which preceded it during the days of QE2, was rather muffled.
Two events, an ocean apart, will likely have major impacts moving forward into Monday. The Greece rescue plan has run into some turbulence, as Greece has set terms for the level of private participation and Euro nations spar and debate collateral obligations from the Greeks, now that Finland and Austria have secured such from the Greek government.
Along the Eastern coast of the United States, shorelines were being evacuated as Hurricane Irene meanders toward the Mid-Atlantic states of South and North Carolina, Virginia, Maryland and Delaware. The sizable storm is expected to make landfall on Saturday at North Carolina's Outer Banks and proceed with a bee-line path toward the major metropolitan areas of Philadelphia, Northern New Jersey, New York and Boston.
Expected to raise water levels with a storm surge of as much as 20 feet, Irene has the potential to bring devastation to some of the most populated areas of the country.
Traders didn't seem to make much of such turbulent conditions in both the weather and the global economy. They also shrugged off the decline in the second estimate of GDP, from 1.3% to 1.0%, which was announced prior to the opening bell. The University of Michigan's consumer confidence index also rose slightly, from 54.9 to 55.7, but, like Bernanke's speech, the news seemed unimportant.
As it turned out, the major indices put in their first winning week in the last five, a hopeful sign that the averages have encountered only a correction and have not fallen back into bear market territory, even though there's quite a bit of chatter about a resumption of the recession, muted growth prospects and a subtle notion that the FOMC will announce some policy directions at their September meeting, possibly to include some form of monetary easing.
Dow 11,284.54, +134.72 (1.21%)
NASDAQ 2,479.85, +60.22 (2.49%)
S&P 500 1,176.80, +17.53 (1.51%)
NYSE Composite 7,245.82, +96.15 (1.34%)
Despite the exceedingly low volume, advancers slaughtered decliners, 5258-1302. NASDAQ new highs numbered just nine (9), with 106 making new lows. On the NYSE, there were 13 new highs, but 101 new lows. The combined totals of 22 new highs and 207 new lows continue to suggest further downside developments.
NASDAQ Volume 1,860,127,125
NYSE Volume 4,936,341,500
Oil was relatively unchanged for the second straight day, with WTI crude futures posting a gain of just seven cents, closing out the week at $85.37.
Gold roared back against the margin hikes and central bank shorting, posting a wicked gain of $56.20, boosting the price per ounce back to $1827.50. Silver continued its bounce, up 22 cents, to $41.34.
With stocks and precious metals both rising on the day, one questions which group of speculators has the market sentiment measured correctly as the two asset groups are usually polar opposites.
As long as there's more debt being created to pay back already soured debt, you can bet the gold bugs and silver eagles have it right.
Not that money isn't easy already. The Fed, in its last policy statement earlier this month, specifically stated that they would keep federal funds rates at close to zero until the middle of 2013. In the simplest of terms, the cost of money can't get any lower than zero, so any other stimulative motions would have - as have the last two rounds of QE - essentially been throwing good money after bad.
Wall Street's reaction to the Chairman's relaxed posture on monetary policy was not unexpected, but still a bit obtuse. After falling off precipitously in early trading (the Dow registered a 200+ point loss), stocks gathered momentum, went positive and ended the day - and the week - with broad gains. The only factor missing from the upside move was volume. Today's rally, like many which preceded it during the days of QE2, was rather muffled.
Two events, an ocean apart, will likely have major impacts moving forward into Monday. The Greece rescue plan has run into some turbulence, as Greece has set terms for the level of private participation and Euro nations spar and debate collateral obligations from the Greeks, now that Finland and Austria have secured such from the Greek government.
Along the Eastern coast of the United States, shorelines were being evacuated as Hurricane Irene meanders toward the Mid-Atlantic states of South and North Carolina, Virginia, Maryland and Delaware. The sizable storm is expected to make landfall on Saturday at North Carolina's Outer Banks and proceed with a bee-line path toward the major metropolitan areas of Philadelphia, Northern New Jersey, New York and Boston.
Expected to raise water levels with a storm surge of as much as 20 feet, Irene has the potential to bring devastation to some of the most populated areas of the country.
Traders didn't seem to make much of such turbulent conditions in both the weather and the global economy. They also shrugged off the decline in the second estimate of GDP, from 1.3% to 1.0%, which was announced prior to the opening bell. The University of Michigan's consumer confidence index also rose slightly, from 54.9 to 55.7, but, like Bernanke's speech, the news seemed unimportant.
As it turned out, the major indices put in their first winning week in the last five, a hopeful sign that the averages have encountered only a correction and have not fallen back into bear market territory, even though there's quite a bit of chatter about a resumption of the recession, muted growth prospects and a subtle notion that the FOMC will announce some policy directions at their September meeting, possibly to include some form of monetary easing.
Dow 11,284.54, +134.72 (1.21%)
NASDAQ 2,479.85, +60.22 (2.49%)
S&P 500 1,176.80, +17.53 (1.51%)
NYSE Composite 7,245.82, +96.15 (1.34%)
Despite the exceedingly low volume, advancers slaughtered decliners, 5258-1302. NASDAQ new highs numbered just nine (9), with 106 making new lows. On the NYSE, there were 13 new highs, but 101 new lows. The combined totals of 22 new highs and 207 new lows continue to suggest further downside developments.
NASDAQ Volume 1,860,127,125
NYSE Volume 4,936,341,500
Oil was relatively unchanged for the second straight day, with WTI crude futures posting a gain of just seven cents, closing out the week at $85.37.
Gold roared back against the margin hikes and central bank shorting, posting a wicked gain of $56.20, boosting the price per ounce back to $1827.50. Silver continued its bounce, up 22 cents, to $41.34.
With stocks and precious metals both rising on the day, one questions which group of speculators has the market sentiment measured correctly as the two asset groups are usually polar opposites.
As long as there's more debt being created to pay back already soured debt, you can bet the gold bugs and silver eagles have it right.
Is Working Hard an Optimal Concept?
Ever since the Middle Ages, the world's productivity and moral value have been guided by the invisible hand of the Protestant or Puritan Work Ethic.
Imbued with the values of hard labor and fair pay, the work ethic fomented the great industrial revolution of the 19th and 20th centuries and the rise of monolithic corporations and big government.
With the advance of technology, however, mostly in the past 40 years, the traditional role of labor as capital has been slowly evolving, as machines and computers do much of the heavy lifting and human toil has been reduced significantly. These changes, slow as they may be, have reduced the general value of human labor to a point at which lower and middle classes struggle to keep pace with inflating costs of living.
Thus, human labor, once the hallmark of strong economies, has been reduced as an integral part of the capital/money creating machine of capitalism to a point at which it may be becoming a mere antecedent to the cycle of many productive enterprises.
That is why authors such as Timothy Ferriss have garnered such a huge and expanding following. Ferriss, the founder of the principle known as the "4-Hour Workweek" and author of the 2007 book by the same name and numerous other life-enhancing, labor-shortening ideas (Ferris maintains a blog which promotes many novel tips, concepts and ideas) seeks to maximize human potential while minimizing actual work hours.
The best part of his conceptualization of working smarter, not longer or harder, sets a new paradigm for the structure of society into the 21st century, emphasizing preparation and design to work beyond the utility of brute force.
Ferriss' writings belong on the must-read list of every worker, leader and entrepreneur, alongside such well-intentioned tomes as Dr. Laurence J. Peter and Raymond Hull's "The Peter Principle" and Adam Smith's "The Wealth of Nations."
Anyone seeking to thrive in today's fast-changing economic landscape would be well advised to look into the principles and guidelines which Ferriss continues to promote.
Imbued with the values of hard labor and fair pay, the work ethic fomented the great industrial revolution of the 19th and 20th centuries and the rise of monolithic corporations and big government.
With the advance of technology, however, mostly in the past 40 years, the traditional role of labor as capital has been slowly evolving, as machines and computers do much of the heavy lifting and human toil has been reduced significantly. These changes, slow as they may be, have reduced the general value of human labor to a point at which lower and middle classes struggle to keep pace with inflating costs of living.
Thus, human labor, once the hallmark of strong economies, has been reduced as an integral part of the capital/money creating machine of capitalism to a point at which it may be becoming a mere antecedent to the cycle of many productive enterprises.
That is why authors such as Timothy Ferriss have garnered such a huge and expanding following. Ferriss, the founder of the principle known as the "4-Hour Workweek" and author of the 2007 book by the same name and numerous other life-enhancing, labor-shortening ideas (Ferris maintains a blog which promotes many novel tips, concepts and ideas) seeks to maximize human potential while minimizing actual work hours.
The best part of his conceptualization of working smarter, not longer or harder, sets a new paradigm for the structure of society into the 21st century, emphasizing preparation and design to work beyond the utility of brute force.
Ferriss' writings belong on the must-read list of every worker, leader and entrepreneur, alongside such well-intentioned tomes as Dr. Laurence J. Peter and Raymond Hull's "The Peter Principle" and Adam Smith's "The Wealth of Nations."
Anyone seeking to thrive in today's fast-changing economic landscape would be well advised to look into the principles and guidelines which Ferriss continues to promote.
Thursday, August 25, 2011
Uncle Warren to the Rescue of Bank of America; Jobs Steps Down at Apple
Two luminaries of the corporate world made moves that affected the overall markets, but a couple of stocks in particular.
Late Wednesday, Apple (AAPL) founder and CEO, Steve Jobs, announced that he was, effective immediately stepping down as CEO of the company due to health reasons and will now take up duties as Chairman of the Board.
Jobs' contributions to computing and high tech in general are the stuff of legend. Not since the heyday of Thomas Edison has the world been so influenced by one man's innovations. Jobs was a pioneer in personal computing and communications, first, with the Apple I and II, then the Macintosh, and more recently, the creation of the iPod, iPhone and iPad.
While Jobs will still have a hand in the operation of the company he founded in Cupertino, California (where it is still headquartered today) in 1976, most of the day-to-day operations will be left to newly-named CEO, Tim Cook and his staff.
Today, amid a firestorm of controversy concerning the fiscal health of Bank of America, billionaire Warren Buffett stepped up and injected $5 billion into the bank via a private offering which will net one of the world's richest men a 6% dividend over five years.
Buffett's holding company, Berkshire Hathaway, also received warrants to buy 700 million shares of common stock at just over $7.14 per share, with an unusually long 10-year exercise period.
The deal answers the question of whether Bank of America (BAC) was indeed in need of additional liquidity with a resounding "yes." Otherwise, Buffett's offer would have been turned down, as it is somewhat expensive for the bank.
The deal really solves none of BofA's liquidity and solvency issues. They are highly-levered, beset on all sides by the mortgage mess that has evolved since their purchase of Countrywide Financial in 2008, and in need of funds to meet new capital requirements. A paltry $5 billion from a rich uncle isn't going to cut it, and Buffett's bold maneuver may turn out to be another bad bet. Buffett made similar deals at the height of the financial crisis, taking out stakes in Goldman Sachs (GS) and General Electric (GE).
Inital reactions to both events were highly-charged. Apple stock fell nearly 7% in after hours trading on Wednesday, but, by the market close on Thursday, the stock was only down 2.46, or less than 1%.
On the news of Buffett's investment, Bank of America stock spiked as high as 8.80, after closing Wednesday at 6.99. At the end of the Thursday session, most of the froth had been sold off, with the nation's largest bank by deposits closing at 7.65, nearly a 10% gain.
The broader market fared less well, putting an end to the three-day winning streak which began on Monday. Uncertainty over just what Fed Chairman Ben Bernanke will say in his Friday morning speech at Jackson Hole had traders on the edge of their seats, with many deciding to take a wait-and-see position.
Bernanke is scheduled to give his keynote address at 10:00 am EDT.
On Friday morning, prior to the Chairman's speech, the government will announce its second estimate of second quarter GDP, which is expected to be revised down to 1.0% after the initial reading of 1.3%.
Most analysts are not expecting Bernanke to make any great policy pronouncements, though some are still clinging to hopes that he will announce another round of quantitative easing.
For the most part, traders were selling off positions in advance of the speech.
Dow 11,149.82, -170.89 (1.51%)
NASDAQ 2,419.63, -48.06 (1.95%)
S&P 500 1,159.27, -18.33 (1.56%)
NYSE Composite 7,149.67, -123.46 (1.70%)
In a broad retreat, declining issues outpaced advancers, 5044-1552. The NASDAQ had just eight (8) stocks making new highs, with 65 hitting new lows. Over at the NYSE, there were 14 new highs and 53 new lows. The combined total of 22 new highs and 118 new lows continues to signal risk to the downside. Volume was light.
NASDAQ Volume 1,812,493,625
NYSE Volume 5,741,944,000
Oil gained 14 cents, to $85.30. Gold, in a dramatic reversal, picked up $22.20, to $1773.50, but silver was the big winner, adding $1.39, to $41.08.
Despite Buffett's "calming effect" markets are still very shaky, as none of the issues which ignited the volatility of the past two weeks have been resolved. Bernanke's speech will likely only add some fuel to the fire, especially if, as many believe, he will not open the door to QE3. On top of all that, Wall Street is bracing for a water-logged Monday, as Hurricane Irene races along the US Eastern seaboard.
The outlook for days and weeks ahead is still quite uncertain.
Late Wednesday, Apple (AAPL) founder and CEO, Steve Jobs, announced that he was, effective immediately stepping down as CEO of the company due to health reasons and will now take up duties as Chairman of the Board.
Jobs' contributions to computing and high tech in general are the stuff of legend. Not since the heyday of Thomas Edison has the world been so influenced by one man's innovations. Jobs was a pioneer in personal computing and communications, first, with the Apple I and II, then the Macintosh, and more recently, the creation of the iPod, iPhone and iPad.
While Jobs will still have a hand in the operation of the company he founded in Cupertino, California (where it is still headquartered today) in 1976, most of the day-to-day operations will be left to newly-named CEO, Tim Cook and his staff.
Today, amid a firestorm of controversy concerning the fiscal health of Bank of America, billionaire Warren Buffett stepped up and injected $5 billion into the bank via a private offering which will net one of the world's richest men a 6% dividend over five years.
Buffett's holding company, Berkshire Hathaway, also received warrants to buy 700 million shares of common stock at just over $7.14 per share, with an unusually long 10-year exercise period.
The deal answers the question of whether Bank of America (BAC) was indeed in need of additional liquidity with a resounding "yes." Otherwise, Buffett's offer would have been turned down, as it is somewhat expensive for the bank.
The deal really solves none of BofA's liquidity and solvency issues. They are highly-levered, beset on all sides by the mortgage mess that has evolved since their purchase of Countrywide Financial in 2008, and in need of funds to meet new capital requirements. A paltry $5 billion from a rich uncle isn't going to cut it, and Buffett's bold maneuver may turn out to be another bad bet. Buffett made similar deals at the height of the financial crisis, taking out stakes in Goldman Sachs (GS) and General Electric (GE).
Inital reactions to both events were highly-charged. Apple stock fell nearly 7% in after hours trading on Wednesday, but, by the market close on Thursday, the stock was only down 2.46, or less than 1%.
On the news of Buffett's investment, Bank of America stock spiked as high as 8.80, after closing Wednesday at 6.99. At the end of the Thursday session, most of the froth had been sold off, with the nation's largest bank by deposits closing at 7.65, nearly a 10% gain.
The broader market fared less well, putting an end to the three-day winning streak which began on Monday. Uncertainty over just what Fed Chairman Ben Bernanke will say in his Friday morning speech at Jackson Hole had traders on the edge of their seats, with many deciding to take a wait-and-see position.
Bernanke is scheduled to give his keynote address at 10:00 am EDT.
On Friday morning, prior to the Chairman's speech, the government will announce its second estimate of second quarter GDP, which is expected to be revised down to 1.0% after the initial reading of 1.3%.
Most analysts are not expecting Bernanke to make any great policy pronouncements, though some are still clinging to hopes that he will announce another round of quantitative easing.
For the most part, traders were selling off positions in advance of the speech.
Dow 11,149.82, -170.89 (1.51%)
NASDAQ 2,419.63, -48.06 (1.95%)
S&P 500 1,159.27, -18.33 (1.56%)
NYSE Composite 7,149.67, -123.46 (1.70%)
In a broad retreat, declining issues outpaced advancers, 5044-1552. The NASDAQ had just eight (8) stocks making new highs, with 65 hitting new lows. Over at the NYSE, there were 14 new highs and 53 new lows. The combined total of 22 new highs and 118 new lows continues to signal risk to the downside. Volume was light.
NASDAQ Volume 1,812,493,625
NYSE Volume 5,741,944,000
Oil gained 14 cents, to $85.30. Gold, in a dramatic reversal, picked up $22.20, to $1773.50, but silver was the big winner, adding $1.39, to $41.08.
Despite Buffett's "calming effect" markets are still very shaky, as none of the issues which ignited the volatility of the past two weeks have been resolved. Bernanke's speech will likely only add some fuel to the fire, especially if, as many believe, he will not open the door to QE3. On top of all that, Wall Street is bracing for a water-logged Monday, as Hurricane Irene races along the US Eastern seaboard.
The outlook for days and weeks ahead is still quite uncertain.
Wednesday, August 24, 2011
The Chairman and His Golden Stick
Stocks took the path of least resistance on a lazy Wednesday afternoon, rising gently most of the day as investors, traders and analysts await the all-important speech from Fed Chairman Ben Bernanke at the Jackson Hole confab on Friday.
Last year, Jackson Hole was the scene for the chairman's announcement of QE2, and many in the financial community are expecting a repeat performance, though considering how the markets have behaved this week - gaining in a somewhat orderly fashion - those who believe Bernanke will embark on further money printing may, in fact, be disappointed.
Since QE2 didn't work very well and created a rash of inflation in many commodities, and while most banks have pretty much stabilized their balance sheets over the past two-and-a-half years, there may not be a need for further stimulus. Besides, QE1, 2, and all the rest of the Fed-inspired fixes didn't put Americans back to work, nor solve the housing decline.
So, this little ramp up on the prospects of more easy money (isn't money easy enough already, with the 10-year note below 2.5%?) may be a serious head fake.
Dow 11,320.71, +143.95 (1.29%)
NASDAQ 2,467.69, +21.63 (0.88%)
S&P 500 1,177.60, +15.25 (1.31%)
NYSE Composite 7,273.13, +63.54 (0.88%)
Advancing issues smothered decliners, 4272-2269. There were 7 new highs and 54 new lows on the NASDAQ, and 16 new highs with 31 new lows on the NYSE, making the combined total 23 new highs and 85 new lows, still a slightly negative bias. Volume was lame, back to mid-summer levels.
NASDAQ Volume 1,859,268,750.00
NYSE Volume 5,275,260,000
WTI crude oil dropped 28 cents, to $85.16.
The only major development of the day was the wipe-out in the price of precious metals, another signal that Bernanke may not be plotting the further destruction of the dollar with more quantitative easing.
Gold was pounded down with incredible speed, losing $67.90, to $1761.30. Silver got whacked as well, dropping $2.10, to $39.70. Margin hikes and the departure of hot money (profit-taking) caused the steep sell-off.
One commentator put it into perspective, saying, "gold should go back to being a store of value, instead of a risk asset played for quick profit."
Following yesterday's late afternoon exchange over the future prospects of the Bank of America, I actually laid out a strategy on a message thread over at another financial blog. Here, in all it's simple glory, is my strategy for the next six to eight weeks:
Last year, Jackson Hole was the scene for the chairman's announcement of QE2, and many in the financial community are expecting a repeat performance, though considering how the markets have behaved this week - gaining in a somewhat orderly fashion - those who believe Bernanke will embark on further money printing may, in fact, be disappointed.
Since QE2 didn't work very well and created a rash of inflation in many commodities, and while most banks have pretty much stabilized their balance sheets over the past two-and-a-half years, there may not be a need for further stimulus. Besides, QE1, 2, and all the rest of the Fed-inspired fixes didn't put Americans back to work, nor solve the housing decline.
So, this little ramp up on the prospects of more easy money (isn't money easy enough already, with the 10-year note below 2.5%?) may be a serious head fake.
Dow 11,320.71, +143.95 (1.29%)
NASDAQ 2,467.69, +21.63 (0.88%)
S&P 500 1,177.60, +15.25 (1.31%)
NYSE Composite 7,273.13, +63.54 (0.88%)
Advancing issues smothered decliners, 4272-2269. There were 7 new highs and 54 new lows on the NASDAQ, and 16 new highs with 31 new lows on the NYSE, making the combined total 23 new highs and 85 new lows, still a slightly negative bias. Volume was lame, back to mid-summer levels.
NASDAQ Volume 1,859,268,750.00
NYSE Volume 5,275,260,000
WTI crude oil dropped 28 cents, to $85.16.
The only major development of the day was the wipe-out in the price of precious metals, another signal that Bernanke may not be plotting the further destruction of the dollar with more quantitative easing.
Gold was pounded down with incredible speed, losing $67.90, to $1761.30. Silver got whacked as well, dropping $2.10, to $39.70. Margin hikes and the departure of hot money (profit-taking) caused the steep sell-off.
One commentator put it into perspective, saying, "gold should go back to being a store of value, instead of a risk asset played for quick profit."
Following yesterday's late afternoon exchange over the future prospects of the Bank of America, I actually laid out a strategy on a message thread over at another financial blog. Here, in all it's simple glory, is my strategy for the next six to eight weeks:
While not exactly ludicrous, a JPM takeover of BAC is a long shot. I would be more inclined to see a Latin American or Far East involvement in a forced sale, liquidation or major buyout. Gotta figure that there's real money out there in less-developed nations who might see a move into BAC as a nice grab, maybe even China, as a hedge against their ugly UST position.
Since the rumor mill is so strong and the denials even more pronounced than ever, it looks like a matter of less than a month we'll see BAC taken out. It's been in the plans for a long time. Everybody from Bernanke on down knew CW was crap, Merrill was another boatload of shit and they'd throw money into it until it no longer made economic sense.
That said, look for major volatility (the VIX is still around 40 last I checked) beginning with Bernanke's non-eventful Jackson Hole speech and continuing through October.
The timeline goes something like:
Friday, Aug. 26 - Bernanke offers no QE, markets sell off, Dow down 300.
Monday, Aug. 29 - More fear, but some stability into end of day.
Friday. Sept. 2 - With a three-day weekend ahead and another poor jobs report behind (range: -25K - +35K NFP) nobody wants to hold, sell off, Dow -200-400 points.
After that it just gets worse as BAC is destroyed, Europe goes through another round of crisis, sending markets lower.
My personal positions haven't changed in four years. I'm out of everything except cash, silver and tools of trades. However, I am strongly considering a short market position, my favorite trade being the DIA, which tracks the Dow.
I see Dow 10,200 by October 5 at the latest, confirming a bear market. So, I'm seriously considering putting on some OCT DIA 102 and/or 98 puts before Friday. May even consider SPY puts on more volatility.
I seldom make calls, but this one is lining up nicely for late summer - early fall carnage.
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