 Hey everyone, welcome to today's update. Today is Thursday, June 4th, starting with the trade hacker question of the day. What is a good risk reward for a trade? I got this question from a newer member and basically trying to figure out, you know, what's a standard risk reward? What should I be looking for from a risk reward on a trade? And the reality of trading is it completely depends on the strategy, right? I mean, if you're setting up an iron condor, you can really set that up to have a very small reward with very high risk and you can set it up to have even a one-to-one risk to reward. So what is a good risk to reward? Well, it all depends on another variable and that is what is your probability of that trade, right? So you can't look at just the risk reward without looking at the probability and you can't look at the probability without figuring out what your risk reward is. And so those two have to go together. You know, the way that we typically like to structure an iron condor is we like to do it so that our max risk is no more than three times our max profit. But we also, when we structured that way, we also typically have over a 60 or around a 60% probability of profit, a 60% chance that at expiration, it would expire profitably. And if we manage it early, it gets even higher than that into the 80% probability of success. So, and speaking of that, I mean, so that makes another point that needs to be taken into account and that is are you planning to hold it all the way to expiration or do you plan to close the trade early? So just ask, just trying to figure out what a good risk reward is, is not the full story. You've got to take into consider probabilities. You've got to take into consideration when you're going to manage the trade, let it expire or close it early. So hopefully that helps in clarifying that question. Let's go to the platform and take a look at what's going on. I think something might be broken on my platform but it looks like stocks are actually down today. Barely, Russell is pretty flat, S&Ps down 16, Dow down 42, Nasdaq down 76. So actually seeing a little blop of red on our screen after this grind hire that we've seen for the last one, two, three, four, five, six, seven, eight days. It seems like 20 days, a couple of reds mixed in here but I mean, this is all we need. I mean, just little, little moves like this, here and there, here and there. We don't need this, we don't need a crash. All we need is a little bit of downside, a little bit of two-sided action every now and then. So much welcome downside that's helping some of our short delta positions. And so what did we do today? We added an iron duck. We added a weekly double calendar. We adjusted one of our short delta positions and so that those are the trades that we made in the portfolio today. And then what's, so what's driving this market? Well, we've been talking about, I talked about yesterday the kind of three main things that we're seeing having major swings from day to day. One is the financials. Financials, up big again today. You know, Bank of America, up three and a half percent. City, up 4%, banks having a big day up. But tech, tech was the second one. I mean, if you look at the Nasdaq, it's leading the way down on a percentage basis. It's down over 0.8%, whereas the S&Ps down about a half percent. So it's down relative more than the other indices. So tech's seeing a little bit of red, Amazon down a little bit. Facebook getting hit down a couple percent. Google down a couple percent. Some of the other chip makers, Nvidia. You know, Nvidia down about a half percent, not too bad. Microsoft down about a percent and a half. So tech definitely taking the brunt. Netflix down a couple percent. So tech is down, banks are up. And then the other one that we talked about was travel. You know, and I'd consider like lift in there up 4%. So travel up pretty sizable today. Expedia pretty flat. If we look at like Delta Airlines, Delta up 13%. So travel definitely up. Travel and financials up big, but tech kind of holding things back. When we've talked about if tech turns, you know, that is going to be some significant downside if we get any follow through there. So those are the different tech sectors kind of driving the market. And then lastly, I just wanted to mention the jobless claims that came out. So it was a little bit worse than expected. So that's going to be kind of weighing a little bit on the markets. Jobless claims came out. Now we've had, I mean, in the last 11 weeks, 42 million jobless claims. 42 million jobless claims. If that, I mean, in the same period in the 2008 financial crisis, it was about a million for that same period. Excuse me. Well, during that like the same 11 week period we're looking at maybe a couple million. We're talking about 42 million. So I just, I don't think these people are just going to get their jobs back and everybody's going to go back to work and unemployment's going to, you know, get anywhere close to what it was, but yet the market does not care. Now, write this down, keep this in mind, make a note, get a tattoo, cross your chest. The market is not the economy. I mean, that is super important to understand too. The market is not the economy. And so you've got to make sure you understand that. So many people make trading decisions based on news, based on headlines, based on economic data. The market is not the economy. And so we want to trade the market as the market, using probabilities, staying mechanical with our trades. And that's what we're going to do. We are keeping some short delta, some short bias in our portfolio though, because I do think this thing is going to see some further downside. Hope that helps. Everybody have a great evening. Tomorrow we'll discuss just with our pro members, current positions, current portfolio, all alerts for the week. And the rest of you, I will catch you next Monday. See you then.