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I have a lifelong interest in kitsch. You may not know this, but there was a time in the 1960s and 1970s that celebrities were used as brands for restaurant chains. It would be like, in the modern era, taking your family out to Matt Damon’s Steakhouse or Kim Kardashian’s Creosote Palace. We just don’t see it next (with the possible exception of Wahlburgers).
I stumbled upon this earlier today and got sort of a kick out of it:
Remember when Peloton was the hottest thing on the planet? Pepperidge Farms remembers.
I have two trading accounts. One of them, my small one, is for dabbling in ETF options from time to time. Often it has absolutely nothing in it, and I don’t even bother having a watch list for it. My other account, the “big” account, always has positions, and typically has anywhere from 20 to 30 different put positions on equities, depending on how frisky I am feeling.
At present, my personal account is empty (I took profits on my XLB position this morning, although I am certain I’ll regret it mightily). My big account, which is what my watch list (that premium folks can see) contains, has 24 equity puts and 1 ETF put. I’d like to discuss that ETF put at length here, and the rest of this post will be visible to paying members only.
(more…)Below is Rackspace Technology (symbol RXT, although REKT might be better). I’ve honestly never seen anything skid like this. It’s incredible how much unapologetic garbage got pushed onto the public markets during the insane idiocy of 2020-2021. It’s down about 98%.
A lot of indecision on the markets this week but on the bigger picture SPX remains under major resistance at the monthly middle band and the main support/resistance trendline. There is no obvious reason I can see to think that may break up now, but if bears fail to hold the short term resistance here we might well see a retest of the May high next.
SPX monthly chart:
