I LOVE J.P. MORGAN!!!!!!!!!!
(no, not their shares!)
Global stock exchanges are where the big boys play.
It's the promised land of riches... but many ppl die terribly, in order for that few victors to stand in glory and drenched with the stench of wealth.
Mind you, this is not the arena for safety or caution, there're so many dirty tricks being played, with the retail investor usually ending up on the hook.
To date, I've communicated (aka comforted) 2 separate US investors, who have wiped out their portfolios worth several millions, just on the back of a couple of positions that totally went the other way, and they stuck to their guns (conviction, they say!), until it's too late....
TTI shorted BYND going into the earnings:
And continued shorting.
Nobody would disagree that I've been, at least approximately, right here...
but ironically, I was wishing it didn't tank THIS fast (Despite being short).
This is because I'm short by selling naked calls, and I hope to continue rolling over more and more and more calls when they expire, sort of "compounding" my premiums, ending this beautiful crescendo by the time the lock up expiry comes in November 2019.
That'd be a magnificent finale to a "shorting crescendo"!
What a plan!
But if it's falling THIS fast, what room is there to sell more calls? My window of opportunity shrinks real fast. A slow gradual decline would suit me best.
ENTER JP MORGAN!
Re-rating BYND from neutral to overweight, the share price just popped almost 10% earlier (it's now at like 8% as I type this).
GOSH. What are the reasons that JPM can give for this ridiculous valuation, when literally the WHOLE WORLD knows it's IMPOSSIBLE (hehe being naughty here, get the joke?) to fulfill?!
"JPMorgan takes Beyond Meat (NASDAQ:BYND) to an Overweight rating from Neutral as it points to the potential for the company to acquire new food service customers. The analyst team also makes the case that valuation on Beyond Meat is attractive on a long-term view.
The firm is also positive on the near term with new chains selling Beyond Burger products. "We thus think the potential for sales to keep beating consensus estimates is legitimate," advises JP."
I'd quote the last paragraph:
"Goldman Sachs & Co. LLC, J.P. Morgan and Credit Suisse are serving as lead book-running managers for the offering, expected to close on or about Aug. 5."
Having just recently collected fees for underwriting the secondary offering at USD 160, they have now unloaded most of their shares to either the dumb retail investor or their clients. (man, I really think someone has to be the EPITOME of stupidity to buy into the secondary offering. Sky high valuation aside, the fact that the management is selling to you instead of waiting for the lock up to expire?! Come on people! Anyone who bought the secondary should seriously be banned from pro creating.)
Since the secondary offering just 2weeks + ago, the share price has continued dropping precipitously, such that prior to today, it's trading way below the secondary offering price of USD 160. (About 20% below)
This means that JPMorgan is on the hook for the shares they have underwritten and NOT sold to the dumb public (not enough people THAT dumb), and/or they sold to clients and home offices that are now banging on their tables and demanding an explanation.
Que in their analyst. "Issue the bloody OVERWEIGHT CALL now!"
I'm quite amazed the markets really reacted to the analyst buy call.
I still have a tiny bit of faith in humanity's basic intellect, so I'm guessing that everyone knows it's bullshit, but it's just a bunch of traders trying to jump in for a quick profit. TA guys seeing it rise, so also jumping in for a quick ride, with their mere jumping in creating the impetus for a further jump in the share price.
Dumb as hell if u ask me, but... I'm not complaining.
Thanks to JPM, TTI gets to pile on the shorts again tonight.
Selling calls so fast, that my laptop actually hung and I had to reboot. (See attached)
Total premiums collected tonight: USD 11,703.10
As I type this, all options sold are in the money. (green)
If it goes up even more tomorrow night, who knows, I might finally get to buy some of those puts that I've been eyeing.
JPM ah JPM, you piece of corn cob (con job), TTI is calling your bluff!!!
No wonder Burry and Eisman (portrayed as Baum in the movie) feel so angry with the system during the GFC, despite making a massive fortune for themselves.
These global financiers are just a bunch of crooks scamming off the general public. It happens every day, to different extent, and in so MANY different ways... but it doesn't stop.
US financial markets is just the tool, the game, where the average Joe dies ugly, without knowing why.
TTI ain't as noble as Burry or Eisman, I just want to win... but even I sometimes........ can't bear to look.
Edit: sold yet more calls as I type this, but lazy to reupload the image.
ThumbTackInvestor - Stock Estimation on $BYND
$BYND Shorted again, prior to ER. End is near. Actual vested position... Read more at InvestingNote.com