 Hey everyone, welcome to today's update. Today is Thursday, June 11th. Why did the market crash today is the question? The answer? Because it was overextended. Now the media will have you believe that, you know, there's coronavirus cases, hospitalizations going up, but that's been happening for weeks. Like that's that's nothing specific to today. The media always has to find a reason, but the reason is the market was overextended. I was watching stuff that I think it may have been on tasty trade. They did a study showing the quickest rebound. So they went all the way back to 1929 and said anytime the market has fallen at least 35 percent, which has happened seven times since 1929 and obviously that just happened right here. We saw this big decline. That's over 35 percent. And so the study was how long did these plus 35 percent market drops? How long did they take to recover and the average was about one and a half years? Well, this had recovered in 80 percent recovery. So this had recovered 80 percent in 80 days. They could have been talking about the Nasdaq. I can't remember because the Nasdaq bounced back and it already came back and hit new all-time highs. Regardless, we're talking about the typical recovery period is about a year and a half for this type of loss to get recovered. And this time it happened in less than 80 days. 80 days. I mean here's the previous high of the Nasdaq and yesterday it hit a new high. I mean that that's just that's so fast. You know, we always talk about the market takes the stairs up, but the elevator down. Well, I mean this thing took the elevator down and the elevator up. You know, so I mean this thing is just overextended. I mean, we are seeing an absolute bloodbath in the markets today. I mean, if we look at just our overall stocks that we look at, there's two green stocks on here. One is Kroger grocery stores. I'm sure people are going to be restocking up on toilet paper after today. And the other is Zoom. I mean, how about Zoom? I mean, they just, wow, they've found themselves in quite the situation where they've been able to excel. But everything else is red. In fact, if we look at just, you know, the S&P 500, we've got there's 504 optionable stocks, 503 are declining. Okay. There's one COG is the only one that's basically flat on the day. All of them. I mean, that is an absolute bloodbath. That is what we talk about when, when things really start to go down, everything becomes correlated. Everything is red, right? And so that's what we're seeing today. And so, you know, obviously, if you're a member with us, you know, we've been, we've been carrying this short delta and it's been painful, right? I mean, you know, we, we, we were long down here and we benefited from that, but then we started getting short. We got a little bit more short, a little bit more short. And we didn't get crazy by any means. We did, I think we played it extremely well. And now we're benefiting from that in an extreme way. So hopefully, hopefully you guys had some bunker trades on, hopefully you guys had some, you know, some other short delta plays on because it stays like this and what's going to come as an extension of this is why you need that short delta in place. So hopefully, hopefully that helps. The other thing I want to talk about, let me go back to the S&P. So last Friday, we had that surprise jobs report come out, right? And, and the, and the market just took off. It just, it just rallied. I think the S&P was up 80 or maybe even up to a hundred at some point, but I just remember thinking so. And it was, so it was this day right here, Friday the 5th, the jobs report came out, the surprising increase in employment, better unemployment, and the market took off. And I just, the only thing I could think of is, oh man, is this the thing? Is this this piece, is this the straw that breaks the camel's back? Is this the piece of news that sucks everybody in to think, OK, that's what I needed to hear. Jobs are going to start increasing. That's what I needed. Everything is great. Let's go. And thinking that this market is just going to continue to rip and roar to new highs. And I just remember thinking all day, man, I would not be surprised if this thing just absolutely tanks here soon because this is just a lot of times you'll have that. You'll have something like that that's good, positive. Everybody gets sucked into the upside and then boom, it hits you with a hammer. Now that didn't happen. In fact, the next day, the market continued higher. And I thought, well, maybe this thing, maybe this thing does have some legs to the upside. And then what happened yesterday, the Fed, right, the Fed on Wednesday came out, had their meetings and they said, we are going to not raise rates. We're going to keep them at zero, at least through 2022. What else did they say? They talked about other stimulus and pumping more money into the system. And the market rallied and then ended up down on the day. And I had the same feeling again that, man, is this, is this the news? Is this the, is this the one that sucks all the longs in? Is this the one that sucks all the bulls in and then they just hit him over the head? Wake up this morning, S&Ps down. Cool, Hyundai currently down 182. That was down over 1,800. NASDAQ down 475 or Russell down 100. Let me focus. This is a bloodbath. Now, does this mean it's absolutely going to continue lower? No, but do I think it is? Yeah. And I mean, I don't know if it's going to be as steep of a decline as this and with some little pullbacks, but, you know, I still think we're going to break below those lows. We just, we can't sustain the impact that this whole shutdown and everything else has had on the economy. So that's my thoughts for today. What did we do today in our portfolio? Well, we just continued to sit on our hands, let the short Delta plays work in our favor. We took off one of our weekly double calendars for a nice profit. We've got another one on that if I thought we were in pretty good shape and if price stays right here or even a little bit higher, we will book about 100 and some percent profit in just a few days on that trade. Now, if this thing drops another bar like we're seeing today, then we're not going to be so pretty, but hopefully we can still get out of with a profit, but I'm holding that one till tomorrow. Keeping our short Delta, we're rolling our, you know, some of our vertical spreads that we're short with and we're just going to continue to stay mechanical. Now, we have some iron ducks that this is now already in the duck head that we just put in, put on a couple of days later. So if this thing continues lower, we may have to get out of those and then reestablish. We're going to be able to reestablish with a break even way down here, a much bigger credit. So all good for not only our current positions, but also for the opportunity to put on new positions because this really just spikes implied volatility, spikes the cost of options. And we like to come in and sell them at that point. So hope that's helpful. Everybody have a great evening. Stay small, stay safe. And we'll talk to the pro members tomorrow about all of our alerts, all of our positions and the rest of you guys. I will catch you on Monday. See you.