NBBO: THE DIRECT FEED RACE TO LIGHT SPEED EXECUTIONS

Forex Dealing Break Down (1)  Click on the link to you to open the “pdf” graphic of trade execution flow exchange comparisons between retail traders and High Frequency Trading algorithmic “machine-to-machine” trade executions.

How Slow is the NBBO?

A Comparison with Direct Exchange Feeds

the oracle machine”

Thirty percent of Wall Street’s intraday liquidity is transformed through price formation acceleration, explicitly influenced by high frequency trading thriving in millions of dollars of profits by exploiting the exchange’s trade execution “latency” electronically sent over the Internet ot capture the “best price” trade executions for the consumer trader.

To be efficiently profitable as a predator on incoming bid/ask trades, the HFT servers are set up is co-located server near an exchange/electronic communications network premise and plugged into a ultra-fast bandwidth. Through network stacking, messaging protocols and raw market data processing.

Though the financial media claims HFT brings greater “liquidity” to the market, in reality it is causing price dislocation for the consumer day trader. For example, the NP-Hard can be used as source code applied to the arbitrage decision problem presented by the variance of the bid and ask spread among the exchanges data flows. Here is where the “investors” and “brokers” can virtually integrate the exchanges through their computational technology without “transparency” to the consumer trader.

clock-rate – faster to market”

Likening the linear exchanges to a convex polyhedral geometric, the functional aspect of the HFT algorithm parameter compilers are encoded into proprietary computational complexity that solves the “problem” through polynomial time within the concrete semantics of an oracle machine or “black box”.

The HFT algorithms must be able to reconfigure frequently in a compute-intensive application to efficiently respond to public data order flows, thus HFT platforms have utilized custom-optimized “field programmable gate array” (FPGA) integrated circuits.

Contemporary (FPGA) optimize I/O speed and allow for programmable logic blocks to be wired together. This is key to minimizing data flow through the bandwidth to the exchange. Though time consuming to program these “logic blocks” can be configured to perform complex combination functions.

Moreover, as mentioned above, soft processor cores implemented with FPGA logic are equally robust. Achieving the ability to be re-programmable at “run time” is leading the FinTech pack with these HFT systems; including non-FPGA architectures (

ref: Redline Trading Sources).

Today, FPGAs are being replaced with an “off-the-shelf” processor (Stretch S5000).

Software-configurations based on “clock rate”, such as the Stretch S5000 are an adaptive hybrid of the FPGA. Having software that is configurable within the processor associated with the general-purpose processor (GPPs) and DSPs and application specific processors (ASPs), serving parallelism and flexibility with FPGAs, programmable logic that is completely embedded inside the processor architecture.

Moreover, the Stretch S5000’s patented Instruction Set Extension Fabric (ISEF) is a game changer in the world of being able to program a processor for compute-intensive applications. The sky is the limit now for HFT to overcome and exploit exchange trade executions clock time.

ping bugs”

The “ping” comes from active sonar terminology so named by Mike Muuss in 1983. It is the means of sending a pulse to a target host across the Internet Protocol (IP) network. In consideration of market exchanges, the “ping” represents a “price prob” activated by an application programming interface (API) plugged into a specific market exchange.

Consequently, by using the “ping” proprietary data feeds (expensive subscription access) have a tremendous advantage over “public” (consumer) consolidated data feeds in consideration of trade execution latency. Even though The National Best Bid and Offer (NBBO) is meant to “halt” price dislocations (latency), but it has shown otherwise.

In light of the highly advanced computational algorithm trading systems such as value weighted average price (VWAP) and weighted average price (TWAP), HFT algorithms maintain an informational advantage by remaining constantly plugged into the major exchanges (listed below) to use latency issues to their advantage.

It is no longer the case that the price shown upon trade execution will be the fill price. Maintaining NBBO “best price” is undermined even more are inter-market sweep orders (ISO) and non-transparent dark pools that send a trade execution to multiple exchanges for instantaneous execution, disregarding the “best price” regulation. This is allowed by the SEC.

13 exchanges and nowhere to go”

Wall Street has two trading systems. Registered exchanges and alternative trading systems. The exchanges are regulated to provide the “best price” through the consolidated quotation system (CQS), and must file any rule changes with the Security and Exchange Commission(SEC).

The electronic communication networks (ECNs) and dark pools, do not provide CQS, but are mandated to match NBBO price quotations. In 2007, the Securities and Exchange Commission established Regulation National Market System (Reg NMS) to protect consumer traders from improprieties of the “best price” execution.

Reg NMS requires the exchanges to provide the quotes to the primary exchanges, such as NYSE. Data that is collected under the Security Information Processors (SIPs) for the NYSE and NASDAQ publish the National Best Bid and Offer (NBBO). Consequently, brokerage houses are required by Reg NMS to give consumer traders the best price at execution.

Out of the 13 exchanges accessed for market trading, the NASDAQ, NYSE, NYSE ARCA, BATS BZX, Direct Edge EDGX and EDGA have approximately eighty-eight percent of the lion’s share in total volumes. Dark pool trades, that are non-transparent account for more than 12% of the trading volume.

 

the larger the latency, the greater the uncertainty”

For consumer traders, this short duration of dislocation of price, becomes costly in commissions while bolstering optimal profits for HFTs. Empirical data comparison from examination of publicly traded market data and data sold directly from exchanges (tapped by High Frequency Trading algorithms) proves the fact that the “latency” of the consumer’s executed trade is picked off by HFTs, monitoring the data flow with direct access to the exchanges.

In one control study between the public NBBO and a synthetic NBBO (Redline Trading Source using a software programmed processor similar to the Stretch S5000) turned up 54,734 price dislocations; tabulated within 6.5 hours of the trading session with the equity Apple (AAPL).

It is estimated that price dislocations happened every 2.34 seconds with the latency lasting as long as 1.5 milliseconds. Consumer trades went to the wrong market exchange 0.175% of the time. The average price dislocation was $0.034.

 

MEASURE YOUR COMPUTER’S TRADE EXECUTION LATENCY

http://www.dukascopy.com/fxcomm/fx-article-contest/?How-To-Measure-The-Latency=&action=read&id=948&language=en

The “packet-switched” network measured either “one-way” or “round trip” is being exploited as a “fixed game”.

 

Royalty Trusts: High Yields Offset Cost Basis

Want to get in on a unique investment?

BPT DIVIDEND INVESTMENT

ONE YEAR CHART – TD AMERITRADE

BP Prudhoe Royalty Trust (NYSE: BPT) closed today at $66.40 – up $1.40 (2.15%) for the day with a trading Delta of 1.36%.  You’ll notice on the far right that recent drop has bottomed (March 16, 2015) and has started to make the second leg in a “corrective move” signaling a bullish trend upwards to $90.00.

BPT is a unique investment tool because you are investing in the “trust” that will eventually deplete your investment (cost basis) but increase your Rate of Return from the dividend payout, thus you can out ahead by the time the “trust” has expired.  Please read a more definitive explanation in Investopedia.  There are many others that you can explore that can bring substantial returns, though the calibrations between gain and loss is complex.

BPT does not have stellar indicators because of past historical ups and downs, but we like the dividend pay out as an “investment” given the back test of 30 days showed 16.97% increase on a hundred share investment. ($5,557 invested made $943 in 30 days.)  It just might be ready to start turning things around.  Currently the Price Value shows that the Bulls are in control.  As “Trust” BPT holds a sustainable future for the short term, so we’re looking at making back a higher yield on our investment against other instruments using the same amount of capital.

What it boils down to is what is going to happen to the price of crude oil in a year from now.  We expect it to go up.

Comparatively, Valero’s (NYSE: VLO) 30 day back test showed a -7.89% loss, with 18.35 million shares shorted.  BPT’s number of shares shorted are 1.39 million, with tells us investors are in for the long haul on this one. Exxon (NYSE: XOM) has shorted 42.34 million with a 7 out 100 market performance over the past 30 days. VLO has 0 of 100 in performance.  BPT has 27 of 100 performance rating.

If you’ve asked yourself what are the headlines going to be 270 days from now, as most financial managers worth their salt do, market turmoil is expected.  BPT can ride out the storm with significant outperforming returns.

Daily Expected Return% – Macroaxis

ONE SIMPLE WAY TO SEE IF AN ASSET IS VOLATILE

This is a “cut-to-the-chase” solution oriented task to find out if your chosen golden asset is volatile enough to make it a profitable option choice and what is its correlation to similar assets within its sector/classification?

DIY
Take the past history of the “asset” for the last 40 days (it’s metaphysical) from Google or Yahoo finance’s prices.

Paste into an excel spreadsheet workbook. Copy only the close price and paste into the second spreadsheet. Leave an empty cell above so you can put in the ticker symbol

Next to the price column, starting on the second cell below the first price, put in the Excel =stdev(First Price;Second Price) formula.

Fill out the remaining cells to obtain the standard deviations.

Take the “Line Graph” and use “Lines Only”.

Fill in the graph with the STDEV outcomes.

Here’s an example comparison between AAPL and IBM.

IBMTOAAPLSTDEVVOLATILITY COMPARISON

The blue line is AAPL and IBM is the orange line.  My take away is that IBM and AAPL would be a good selection for a portfolio.  Why?  They are diversified enough as you can see, they nearly move in opposite directions that translates into protecting your asset allocated profits.   IBM surprisingly to me is more volatile so there might be more option premium volatility versus AAPL.  This is something I’ll need to look into.

Meanwhile, keep the excel spreadsheet handy.  You can check just one asset to get a reality check on its percentage moves and volatility characteristics that will save you a lot of headache in tying up your occurrences with marginal volatility.

 

Peace.

Rich

 

 

JAN 7 – TGT SETS RECORD HIGH – OPTION PLAY – FYI: FOMC

(Disclaimer:  This post is for educational purposes only.  I am not making any trading recommendations nor can held liable for one’s losses.  It is entirely up to you to decide what makes sense.  The take away here is a template formula that you can use for your own strategy building model.)

S&P 500,  DOW and NASDAQ are all bullish currently.  FOMC meeting minutes will be released at 2PM (EST).

Symbol Price Offer Net Chng P Act IV 15D SV SD P Target
TGT 76.56 76.81 2.59 0.2118 0.1455 0.50 1.26 79.682

Target (TGT) climbed during extended trading yesterday after the closing bell, only to skyrocket this morning breaking its previous 52 week high.  The trajectory peaked at $76.93 before the jet pack ran out of fuel.

We’re in a mid-day session pull back and flattening out at $76.61(-0.12%).

TGT started its Bull Run on November 11, 2014, after a long dry spell caught in a sojourning price range.   If you missed the November 18, 2014 entry point to capture the final leg up, then it’s pretty much a done deal for anymore excitement.

What could have carried TGT to a new high are two items:  The Christmas Ugly Sweater competitions and the announcement that Google (GOOG) partnered up with TGT on their latest “Art, Copy, & Code” interactive, in-store mobile experience designed to thrill Target consumers of all ages.

Context and Analysis

The  JAN 15 with 9 days left to expiration.  The IV (Implied Volatility) Rank is 65% and the HV (Historical Volatility) Rank is 45%. In our strategy rule book that’s a “SELL” signal.  Currently, the Price range standard deviation is 1.26, which in offsets the “SELL” signal because it’s higher than the HV.

The JAN 15 option chain Implied Volatility is 26.59%.  We can recalculate the Implied Volatility using a matrix equation that determines the “true” IV with a preset of percentages applied to specific days.  This formulary comes from the team at Tastytrade/Dough.

We’ll use the 0.577% (7 DAYS) to adjust the current IV: .2659 x 0.577 = .15%

This tells us that there is a 15% IV potential of premium movement up to the day of expiration.

On the Call side: There are +10K open interests at the 76 Strike with a net change of +1.06 gain on the premium.  The current Mark is 1.49, pulling back from a 1.55 high.

On the Put side: comparatively there’s not much open interest to be seen, except a +2K at the 75 Strike.  Net change is -1.07, comparatively to the Call net gain.

Contrarian Play

TGT historically doesn’t hold its new high price levels.  More of a range bound price formation trait, We’re going to watch TGT to wait for a “reduced cost basis” PUT premium price on the JAN 15 option chain at the 76 Strike price that is currently hovering around .95 with a day high of 1.04.

That means we’re watching for another price move upwards into an already overbought scenario ; the underlying target price is $75.50 – first red arrow – (34 Exponential Moving Average – EMA) to the breakout from the EMA consolidation – second red arrow – as shown on the chart below.  If TGT returns to the EMA consolidation breakout (that might become its new support price, we’ll have a 3% move on the premium.  One PUT contract will bring an estimated profit of $144.

Our strategic rule on this one is when the asset skyrockets in one day, they’ll be a 50% retracement back down from the highest high.  The hypothetical price target posted in the graph at top gives us an idea of the potential of price move still left in the underlying before entering our Long Put on the JAN 15 76 Strike.

 

PEACE.

Skokie

tgtputtrade

JAN 5 – VXX CYCLIC MOVE VALIDATIONS

Overwhelmingly, there are too many opportunities to short options this morning and or go Long on Puts.  Today’s volatility presents an opportunity to show one of our favorite plays for those not qualified for option spreads, yet can trade Covered Calls and Longs.

As mentioned in my previous post with the VXX, we trade it make up on drawdowns, or to exploit for day trade scalps.  Here is the strategic formulary. Overall, you can use the fundamental parameters of this strategy on any asset that has high Standard Deviation ratios I will be posting an example later).   AAPL is a prime example, and you’re probably enjoying a huge profit if you just went Long on the JAN 15 Puts this morning.

VXX – SIX DEGREES OF PERCENTAGE PROFIT – JAN 5

 VXX6macd

This is a viable trading strategy that is Risk Averse for the Day Trader.

Using the TOS platform, I put in the the following parameters on the Trade tab for options: Bid, Ask, Implied Volatility, Net Change, Mark and Last X with Strikes set at “8”.  This gives me the best “reduced cost basis” limit order entry point; though in such a market as today, I’m flying by the seat of my pants with discretionary executions.  My computer has overheated, just trying to keep with my Black Box calculations because of the massive amount of trading today. 

VXX – OPTION SCALP ALGO

  • Expect a +4 to +5% move up – so you can use your Analysis Tab on TOS to see what the price target will be.  Once this is hit, I close out that position (Long Call, two legs up from the opening price.)
  • Target the highest Volume and Open Interest Strike Prices; correlative to the percentage move.
  • Use the Analysis Tab to determine the “price target” in relationship to the Premium’s earning potential
  • Watch the Last X price – relative to the Mark for the lowest, “best entry” point.
  • Execute
  • Pull back is about -1.5%.  On the chart I put the INTRADAY SUPPORT AT $32.80.  VXX retraced back to this point.
  • I moved up two more legs to the highest volume and open interest (provides greater volatility move on the premium; and entered a Long Call on the JAN 15 when there was a slight pull back in the Last X price that gave me a “reduced cost basis” entry – thus I was in “profit” when my limit order was executed.
  • I held this position for the final run up that is typically +1 to +2% or $33.57 and then closed.

However, the caveat, is that you don’t have access to our Option’s Black Box that provides a greater in-depth insight that exceeds Level II by a thousand miles in signal based trend to price formation.

This table snapshot below was posted at 12:30 (EST)

Ticker Current Offer % Change Net Change Price Action MoC NPAMC
VXX $33.56 33.56 5.10% 2.570 1.1300 0.13 11.0988
TLT $129.02 129.04 0.78% 1.700 0.5901 0.14 8.0903
AAPL $106.51 106.54 -1.67% -2.820 -1.2366 0.68 -2.3142

MoC – What is this?  The Measure of Certainty is a new formulary that is Lambda based on variance and co-variance price formation. The NPAMC is the ratio of the Net Change, Price Action and Measure of Certainty.  The higher the number the more robust it is in validation, comparable to the F-Test.   Notice that AAPL, which has made a dramatic drop today, has a NPAMC of -2.3142 and an MoC at .68.   Each trading instrument has a specific MoC numerical range, that can be translated into binary code for a signal based algorithm trading program.  The NPAMC is the “adaptive agent” in the algorithm.

With an hour and half left in the trading session, VXX is currently:

Ticker Current Offer % Change Net Change Price Action MoC NPAMC
VXX $33.31 33.36 4.38% 2.320 0.8800 0.09 15.8810

The MoC has decreased signaling a decrease in net share trading; the NPAMC shows us a “consolidation” of inventory.  If you were still in the VXX on a JAN 15 Long Call, you’d be kicking yourself for not getting out sooner.  (Having closed out VXX, one could have jumped the shark to AAPL entering on the JAN 15 Strike price of 107 for a +$1.70 premium move!)

Here’s the current chart of VXX that validates my Proof of Concept.  The support price at the 50% Fibonacci is being respected.  We’re sidelined until the “witching hour” when the market makers will start dumping inventory into the market that will cause a mean reversion price surge.  The current aggregate market performance is -1.84%, just below -2% which is the lowest overall percentage.  Only once have we seen a -4% drop during the day,

VXXmoc

 Below is the VXX compared to the SPX on the 5MIN Chart.  They are nearly equal percentage moves, offset by 0.02%. If you wanted an entry point, the crossover would be your validation.

vxxspxcomparejan5

TAKE AWAY:

You have seen validation of our contextual “percentage move” strategy on trading Long Calls and Puts using the VXX as a day trade opportunity for profitable outcomes.  It’s not a perfect science, and one must intuit their own trade execution, but overall VXX has proven this pattern more than 80% of the time when market performance is -1% overall, with high sell off volatility.

Time to buy GOLD.

PEACE!

SKOKIE

Disclaimer:  I’m not predicting or recommending you make these trades.  It is purely for educational purposes to provide you with a sharper image of how the market works so you develop your own strategic plan.

JAN 2 – SKOKIE’S BACK WITH 15 TRADING SETS UPS FOR 2015

01/02/15 04:49 PM

 

Symbol

Price

Offer

Net Chng

P Act

IV 15D

SV

SD

Trend

LST>OPN

52WK

1

TSLA

219.31

219.01

-3.10

-0.4475

0.2752

0.69

4.19

<

FALSE

-24.74%

2

HD

103.43

103.14

-1.54

-0.3575

0.1214

0.46

1.27

<

FALSE

-2.44%

3

UNG

14.96

14.88

0.19

-0.0820

0.3167

0.74

0.34

<

FALSE

-46.36%

4

LOW

67.70

67.47

-1.10

-0.2750

0.1265

0.47

0.86

<

FALSE

-2.69%

5

TWTR

36.56

36.65

0.69

0.0660

0.3243

0.75

0.49

>

TRUE

-48.09%

6

PWRD

19.25

19.37

3.49

0.1095

0.1762

0.55

1.47

>

TRUE

-26.65%

7

FB

78.45

78.46

0.43

-0.0235

0.1995

0.59

0.48

<

FALSE

-4.53%

8

AAPL

109.33

109.09

-1.05

-0.3180

0.1939

0.58

1.70

<

FALSE

-8.70%

9

FDX

172.45

172.32

-1.21

-0.2460

0.1256

0.47

1.67

<

FALSE

-6.03%

10

JNJ

104.52

104.46

-0.05

-0.1365

0.1096

0.44

0.55

<

FALSE

-4.54%

11

WFM

50.13

50.04

-0.29

-0.1195

0.1716

0.55

0.49

<

FALSE

-13.21%

12

GME

33.80

33.78

0.00

-0.0345

0.3123

0.74

0.35

<

FALSE

-32.40%

13

VXX

30.99

30.92

-0.52

-0.0870

0.4659

0.90

1.06

<

TRUE

-43.88%

14

TLT

127.32

127.54

1.40

0.1275

0.0876

0.39

0.77

>

TRUE

-0.31%

15

YHOO

50.17

50.12

-0.34

-0.0750

0.2452

0.65

0.53

<

FALSE

-4.66%

About this graphic*:  At the very top of is the “Time Stamp”, then starting at the left we have the Number ID, Ticker Symbol, Close Price, Calibrated Price Offer, Net Change of the Day, Price Action of the Day, a calibrated Implied Volatility for a 15 day horizon, Statistical Volatility, Standard Deviation of the Price Range Set (Open, Current, Close, Day High/Low; Intraday Trend Directional Move, Boolean Logic (TRUE means current price is above the opening price of the day, FALSE means it’s below); the the price position percentage relative to the 52 WK High.  What more could you ask for in statistical, fuzzy logic analysis?

Context: What this shows as an aggregate picture is whether the asset is viable enough to trade  for a reasonable profit, proving insight to the directional move and price anomalies (PWRD).  We can compare pair correlations (FB and TWTR: Price Action is the leading indicator) and track “pull backs” during intraday trading (AAPL has a high Statistical Volatility).  We like to scalp VXX so here we see a disparity between the Net Change and Price Action that signals a change in direction along with the high Statistical Volatility meaning the price range is spread out.

THE TRADING TABLE

1TSLA:  Bounced off the Fib 50% (202.48) for a text book pull back to the 38% (220.88) then headed south again.  On our graph – it’s a bearish trend at -24.74% below its 52 WK High.

2) HD: Since early August HD has been on a tear north.  Peaking with gains at +30.91%, we have a SELL signal now, as it dropped -2.44% from its 52WK High going into 2015.  Trading volume has been light, but we expect HD to head south with the current cold snap jet stream plaguing most of the Midwest.  HD is headed to 101.48 so lean into the Puts spreads for the final days of the JAN options.

3) UNG: With another Polar system blanketing much of the Midwest and Eastern seaboard in the US, UNG has dropped -37.6% since before November’s Thanksgiving day, over -408% for the year, and -46.36% from it’s yearly high, we think it’s hit bottom at $14.77 showing a glimmer of reality pricing.  Since 2008 UNG has dropped -485% below freezing; breaking its low of lows in 20911 ($15.74).  We don’t usually trade UNG, but it caught our eye today.  Going into the first quarter UNG typically is a bullish play.

4) LOW:  We threw it in just to compare to HD. Your call.

5) & 7)L TWTR & FB:  We expect a diversification of directional moves here.  TWTR is headed north and FB is headed south simply because one is overbought and one is oversold. Do the historical price comparison to the see the diversion. FB is right now squared off on the 62% Fib or $78.40 (Close was $78.48, but that splitting hairs).  We have a near perfect Triangle formation, that is split at the middle, meaning a new pivot price level.  But gravity is going to make its play on  FB so hang on to your hats as the market roller coasters is going to make a roller coaster drop on Monday’s opening.  FB will follow with at least a $2 buck loss (great – “break even” – Long Put set up for a short play on the JAN 15 options) to the 50% Fib or $77.35.  Make this a priority play in your game book, and signularly the best profit maker in the coming week along side AAPL and HD.

6) PWRD:  This is an example of a High Frequency Trade price dislocation that you’re not told about on CNBC.  Absolutely “front running” illegal “quote stuffing” ping driven nanosecond machine driven algorithms manipulating price setting.  If you didn’t know, HFTs now have algorithms that scan the market and geopolitical headlines for “high impact nouns, adjectives” that translated into designated binary coded syntax calibrated to the their trading algos that will trigger trade executions even before you’ve gotten the news on Twitter. Talk about having your finger on the “pulse” of everything.  Consequently, HFTs simply overwhelm the market makers at the opening and you just put a hundred million dollars in your offshore account.

8) AAPL: (or should it be Macintosh?): We could make a living just off of AAPL.  Gotta love it’s volatility and measure of uncertainty these days.  Our last trade, JAN 15 Long Put limit price entry was $113.04 on December 29, 2014 with a target price of $109.18.   In two days we gained 4.31% in price move on our JAN Long Put at the $113 Strike.

13)  VXX:  Our “player”.  It gained about 6% in the first half of trading, retreated, then bumped up as the S&P 500 dropped a smug +53% going into the close.   We’re in lots of welcomed volatility on this one so it’s staying on our radar for scalp option trades.  We use VXX to cover any drawdowns when the picking is ripe, and it usually is during some point in time during the trading session.

9, 10, 11, 14, 15):  FDX is going to remain bearish.  JNJ is undecided.  WFM is not a buy and hold asset.  Oh, wow, CNBC said WFM is up a whooping +817%… since 2008. That doesn’t tell me where its headed. The WFM, SFM and TFM: an exercise in correlative asset allocation.  TLT can be a robust player when the market has a a lot of bearish volatility, and a back up to VXX.  So we threw it in the basket.  YHOO is predictability transparent.

We put in a deep in the money Long Call with the JAN 15 option chain back in October, 2014. The peak price target of the underlying asset was $53.54 by the time NOV option expiration came around.  Ah, gee we were off by $.14 cents!  YHOO is caught in a sojourn range since hitting a support price of $48.85, this one has an earnings report coming out 11 days after the JAN 15 option expiration so expect some pickup in volatility  YHOO has been unusually quiet (low volumes) since Christmas Eve. YHOO exhibited a typical 7-day cyclic run north, then just fell like a rock, nearly going back to the previous low.  

When we see a stock struggling to tread higher price levels, it’s a signal that a bearish play is formulating.

Peace.

Skokie