#CoveredCalls – Still keeping these in the expirations prior to earnings…
Bought to Close REGN OCT 20 2017 460.0 Call @ .10 (sold for 10.65)
Then:
Sold REGN OCT 27 2017 450.0 Call @ 3.50
Author Archives: fuzzballl
TSLA
#ShortStrangles – Yesterday took advantage of the bounce to book an inverted strangle at a decent profit…
Bought to Close TSLA OCT 20 2017 360.0/350.0 Inverted Strangle @ 14.00 (sold for 17.50)
AAOI
#ShortStrangles – At various times this week…
Bought to Close AAOI OCT 20 2017 48.0 Calls @ .01 (sold for 1.20)
Sold AAOI NOV 3 2017 44.0 Calls @ 1.00
Rolled AAOI OCT 20 2017 80.0 Puts to NOV 17 2017 80.0 Puts @ 1.25 credit (basis in these down to 61.08)
GWW
#ShortPuts #IRA – Following @Iceman …. just a couple strikes higher.
Sold 1 GWW APR 20 2018 160.0 Put @ 3.80
ISRG fat finger
#CoveredCalls – Was long stock covered by next week’s 301.67 calls. Was entering an order to close the entire position at 301.50…willing to give up 17 cents to free up the cash a week early and to not have to hold over earnings. Forgot to adjust the darn price and was filled at 300.88. Ended up costing myself 62 cents but with a basis of 299.13 it’s still a winner.
Had this position on for a long time since a previous earnings play where the call side got demolished on a gap and run. Happy to be out and satisfied with the long grinding comeback!
AAPL
#LongCallDiagonals – Watching this week’s 157.5’s to hopefully expire. Selling new batch a couple weeks out and before earnings…
Sold AAPL OCT 27 2017 160.0 Calls @ .80
SVXY
#CoveredCalls – Keeping a little stock for at least a couple more weeks…
Rolled SVXY OCT 13 2017 93.0 Calls to OCT 27 2017 94.0 Calls @ .59 credit
WDC
#ShortStrangles – Just a quickie. I’ll look to re-establish in earnings week.
Bought to Close WDC OCT 20 2017 80.0/92.5 Strangles @ .19 (sold for 1.22)
AAOI
#CoveredCalls – These aren’t covered yet but they might as well be…
Bought to Close AAOI OCT 20 2017 60.0 Calls @ .05 (rolling this profit into my stock basis)
Sold AAOI OCT 20 2017 48.0 Calls @ 1.20
Selling these a little under my basis but should be able to roll up into earnings if needed…
NVDA
#ShortStrangles – Rolling up the put side for some extra premium. Looks like she wants to break out to new highs…. Thanks @geewhiz112 for the reminder!
Rolled NVDA NOV 3 2017 165.0 Puts to NOV 3 2017 180.0 Puts @ 1.60 credit.
New position is NOV 3rd 180.0/215.0 Strangles @ 5.11 credit (this is still the week before earnings)
JILL
More like a #FallingAx
🙂 🙂
VXX adjustment
#LongPutDiagonals – Here’s the latest…adjusting the front month put sales that have (or will be) capping gains.
1. Closed one third of the position using the cash brought in from front month sales. This will open up that part of the 2019 position to continue lower towards zero.
Bought to Close VXX JAN 19 2018 38.0 Puts @ 6.68
2. Rolled the other two thirds of the put positions out and down to 2019.
Rolled VXX JAN 19 2018 38.0 Puts to VXX JAN 18 2019 28.0 Puts @ .31 credit
I made this adjustment after this conversation with TDA this morning:
——————————————————-
10:24 fuzzball: Quick question…any idea when the VXX 2020 LEAPS will be coming out?
10:30 SeanF_TOS: Hello, at the latest I would anticipate them to be issued once the Jan 2018 options expire
10:30 SeanF_TOS: usually they expire the 2018 ones then list the next set the following monday
10:31 fuzzball: Makes sense. I noticed the AAPL 2020’s were already trading. I’m sure it varies from ticker to ticker.
10:34 SeanF_TOS: Yeah they could potentially list them earlier based on trading demand. Exactly there isn’t an exact science to it, we’re usually good at keeping up and putting them on the platform the same day they get listed, but if you ever see them on cboe’s website as available to quote and we don’t have them let us know and we’ll get them listed by the next business day.
10:35 fuzzball: Thanks!
10:35 SeanF_TOS: You’re welcome! Have a great day!
——————————————————–
So…as soon as the 2020’s come out I’ll be rolling the puts again out and down and probably setting up another batch of synthetic short positions above them. Those (the 2020’s) will be capped to the downside again but the much larger 2019 position will be free to run all the way down.
T
#FallingKnife #IRA – Could be a long term hold. Dividend over 5 percent now with the selloff.
Sold T APR 20 2018 35.0 Puts @ 1.47
AVGO adjustment
#ShortStrangles – Rolling up the put side for additional credit. Original sale was just below the 200 ma. Rolling up to just below the 50 ma.
Rolled AVGO NOV 10 2017 225.0 Put to NOV 10 2017 240.0 Put @ 2.03 credit
New position is Nov 10 240.0/260.0 @ 6.48 credit
AMZN
#LongCallDiagonals – Taking advantage of high IV in earnings week and rolling my front month as high as I can for even. Weekly squeeze and looking like it’s ready to run…
Rolled AMZN OCT 20 2017 975.0 Call to AMZN OCT 27 2017 1000.0 Call @ .13 credit
Almost right back where the whole thing started but…front month premium received of 44.50 during the dip.
SBH and ULTA
#FallingKnife – I’d say SBH is there and ULTA may not be far behind. More AMZN victims?
TLT
#ShortStrangles – Got a little wiggle in TLT on the Fed minutes and my standing order filled. Increasing position size slightly on this #PerpetualRollingStrangles position.
Sold TLT DEC 15 2017 121.0/129.0 Strangles @ 1.55
HIMX lottery ticket
#SyntheticStock #IRA -For lack of anything better to do I’m putting on a cheap long shot that a buddy of mine has been talking about for awhile. It caught a downgrade this morning so pulling back enough for an entry.
Going synthetic long stock with the 2019 LEAPS and buying protection slightly below that. With the skew the initial position was only a .06 debit. Selling front month calls also a couple weeks out.
Bought to Open HIMX JAN 18 2019 10.0 Calls @ 2.49
Sold to Open HIMX JAN 18 2019 10.0 Puts @ 2.99
Bought to Open HIMX JAN 18 2019 5.0 Puts @ .56
That’s .06 out of pocket but still a 5 dollar downside risk if this thing goes to zero….(you never know)
Then:
Sold to Open HIMX OCT 27 2017 10.0 Calls @ .25
Capping my upside slightly but even if HIMX goes nowhere and the front months average .10 it’s still a nice winner by the end of the run…
UVXY
DGX
#FallingKnife – Sold 1 DGX May 18 2018 80.0 Put @ 2.20
From FINVIZ….oversold
There were a few more but they were less than 5 bucks so not interested. DGX seemed to have the most potential here.
$DGX (looks interesting)
$TTS
$TV
$WBA
GIS
#ShortPuts #IRA – Using @Iceman ‘s idea on K but using GIS since I’m a Cheerios fan. 🙂 🙂 This would be a long term hold if I get the stock…
Sold 2 GIS Apr 20 2018 47.5 Puts @ 1.62
AZO
#ShortPuts #IRA -Looks like she might be rolling over after a nice run. Held this all the way through the dip so finally booking it and freeing up a ton of margin…
Bought to Close AZO DEC 15 2017 500.0 Put @ 4.40 (sold for 10.00)
AAPL
#LongCallDiagonals – Looks like a 155 pin today. Not gonna quite get it all so selling slightly higher next week…
Bought to Close AAPL OCT 6 2017 155.0 Calls @ .15 (sold for .95)
Sold AAPL OCT 13 2017 157.5 Calls @ .40
CVS and WBA
#FallingKnife – Could be the beginning. Not sure what the news was…
UVXY
#BearCallSpreads #IRA – I’ve closed a few of these over the last couple weeks. Re-selling a little lower with some starters…
Sold UVXY MAR 16 2018 20.0/30.0 Bear Call Spreads @ 1.56
Sold UVXY JUN 15 2018 25.0/35.0 Bear Call Spreads @ 1.21
EFX
#ShortPuts #IRA – Played the bounce on this thing in a couple different accounts. Pretty happy capturing over half of max in all cases. Going flat now and will be looking for an earnings trade on it.
Bought to Close 1 EFX Apr 20 2018 55.0 Put @ .75 (sold for 2.25)
Bought to Close 1 EFX Apr 20 2018 60.0 Put @ .91 (sold for 2.20)
SPY hedge
#RocketManHedge – Been thinking about this for awhile. Having a great year with account at all time highs. Don’t really want anything crazy to mess up a good year so I’ve been looking at some hedges out towards end of year. Looked at SPX, /ES, VIX, and SPY.
Finally decided on SPY with a synthetic short with defined risk to the upside and protection all the way to zero. It was then just a matter of how much insurance to get. I’m already hedged on a lot of my stuff but there is still some risk there if Rocket Man pulls anything crazy.
Here’s the details:
Sell to Open 2 SPY DEC 15 2017 253.0 Calls @ 4.28
Buy to Open 2 SPY DEC 15 2017 253.0 Puts @ 4.24
Then to cap upside risk:
Buy to Open SPY DEC 15 2017 254.0 Calls @ 3.65
Cost of trade $722 with max loss of $922
Max gain of $49,878 (protection to zero)
Breakeven of SPY 249.39
Questions, comments, criticisms always welcome!
AVGO
#ShortStrangles – Haven’t been in this one in awhile…selling well before earnings.
Sold AVGO NOV 10 2017 225.0/260.0 Strangle @ 4.45
TSLA
#ShortStrangles – Some “expert” gave it a $500 price target this morning so it’s breaking above the 50ma. Rolling my entire strangle up to slightly in the money.
Rolled Oct 20th 345/355 Short Strangle to Oct 20th 360/365 Strangle @ 1.50 credit.
Total premium received is now 15.90 so new breakeven is 344.1 – 380.9
Interesting volatility site…
My brother sent me this earlier today…
http://volatilitytradingstrategies.com/
RIP Tom Petty
#OffTopic – Aw man….saw him a few times. That sucks.
https://chicago.suntimes.com/news/tom-petty-on-life-support-after-being-found-unconscious-tmz/
VXX
#LongPutDiagonals #SyntheticShortStock – Rolling the whole position for now. On this one looking at maybe later on rolling half to 2019 ITM call spreads @ even (possibly around a 20/30 BeCS) and just regular rolling the other half.
Rolled VXX OCT 20 2017 42.0 Puts to JAN 19 2018 38.0 Puts @ .80 credit
UVXY
The #LongPutDiagonals may be slightly disappointing with their performance but these sure aren’t!
Bought to Close UVXY OCT 20 2017 50.0/65.0 Bear Call Spreads @ .08 (sold for 1.20)
UVXY
#LongPutDiagonals #SyntheticShortStock – Taking my medicine on this one…tired of looking at it. Spending some of the front month premium received to roll way out and down.
Rolled UVXY JAN 19 2018 20.0 Puts to JAN 18 2019 10.0 Puts @ 1.47 debit.
Weekly puts had brought in 2.87 so leaving 1.40 in credit on these which caps my gains to the downside at 8.60.
So…synthetic short at 30.00 with max gain capped at 21.40 points with UVXY below 8.60 on the downside.
21.40 max gain minus the cost of the trade of 16.30 leaving a gain of 5.10 per spread. Ok but not great. It was done in a big enough size to definitely make it worthwhile. I think @vxxkelly has the right idea on this one…set it and look at it again in a year without messing with any front month positions.
Hey…what can I say?…LOL It was an experiment that hopefully everyone that tried it makes a little with almost zero stress in the trade!
🙂 🙂
EWW
#PerpetualRollingStrangles – Just another roll for a small credit. Sold against Dec 51 calls…
Rolled EWW OCT 6 2017 56.0 Puts to NOV 17 2017 55.0 Puts @ .15 credit
UAA
#CoveredCalls -What a dog…just gotta keep chipping away at it.
Sold UAA APR 20 2018 22.5 Calls @ .40
REGN
#ShortPuts – Nice bounce today. Instead of rolling my 470 put I’ll be taking stock at a basis of 447 covered with an Oct 460 call sold early a couple weeks ago. Wild swings in this thing! Earnings estimated to be Nov 3rd…
ISRG
https://www.fool.com/investing/2017/08/20/intuitive-surgical-stock-split-everything-you-need.aspx
SVXY
#CoveredCalls – Keeping a little stock for at least a couple more weeks…
Rolled SVXY SEP 29 2017 91.5 Calls to OCT 13 2017 93.0 Calls @ 1.73
AAPL
#LongCallDiagonals #SyntheticStock -Yesterday…been waiting for some sort of a pullback to get in this long term Whiz style. With the 2020 Leaps now available and the stock dropping a little I put on a starter position at one third size. Hoping to get some chances to add…possibly closer to the 200ma.
Bought to Open AAPL JAN 17 2020 155.0 strike #SyntheticStock (buy the calls and sell the puts)
Bought to Open AAPL JAN 17 2020 145.0 Put for disasters (I would take put profits and add to the long position)
Net debit of 19.20 for the Jan 2020 position.
Sold AAPL OCT 6 2017 155.0 Calls @ .95
With 120 weeks to run only need to sell .16 per week to cover the cost. Any more than that goes to the bottom line even if AAPL goes nowhere. Worse case scenario would be they discover iPhones cause cancer and the stock goes to zero. Max loss at that point would be 29.20. To offset that scenario a weekly sale of .24 will be needed.
Edited for clarity of synthetic stock…
VXX
#LongPutDiagonals – Yesterday…
Rolled VXX SEP 29 2017 43.5 Puts to OCT 20 2017 42.0 Puts @ .22 credit
WYNN
#ShortStrangles – Still rolling around collecting premium for eventually taking some stock. Rolled short calls up and out and selling aggressive weekly puts…
Bought to Close WYNN SEP 29 2017 145.0 Puts @ .01 (sold for 2.15)
Sold WYNN OCT 6 2017 152.5 Puts @ 4.65
Spending a little of the weekly premium to roll the ITM calls…
Rolled WYNN SEP 29 2017 127.0 Calls to NOV 17 2017 130.0 Calls @ 1.68 debit
TAP
#ShortPuts #IRA – Thanks @Iceman !
Sold TAP Jan 19 2018 77.5 Put @ 2.05
Sold TAP Jan 19 2018 75.0 Put @ 1.42
Sold TAP Apr 20 2018 75.0 Put @ 2.64
Sold TAP Apr 20 2018 70.0 Put @ 1.53
October Surprise
#SyntheticShort – Just throwing this out there…
Whiz, FWIW, is really getting concerned about the market going into October. I understand he’s always trying to act like a big shot know it all guy but supposedly his connections he still has in the Navy from his Top Gun days are getting worried. He says…”something is coming” and it’s gonna be bad. Obviously he says he may be wrong but who knows.
He’s throwing around all sorts of hedge ideas but most have about 5k risk for limited protection (unless outright buying of puts). I threw this idea out there to him and waiting for a response. How’s this look for a hedge that will work all the way to zero for limited risk? It’s similar to just buying the puts but with little to nothing out of pocket up front.
How about synthetic short Nov SPX at 2500 (sell call and buy put). Then buy a protective call at 2550 in case we get a rip your face off rally. Net cost out of pocket of about a buck. This hedge should make money all the way to SPX zero with max loss capped at 2550 to the upside. What am I missing? Still risking the usual 5 grand but with unlimited protection to the downside. Sort of a reverse long call diagonal but on a much shorter time frame…
TSLA
#ShortStrangles – Another small adjustment…
Rolled TSLA OCT 20 2017 365.0 Call to OCT 20 2017 355.0 Call @ 2.32 credit
Currently sitting at Oct 20th 345/355 @ 11.37 credit
WDC
#ShortStrangles – Starter position just prior to earnings…
Sold WDC OCT 20 2017 80.0/92.5 Strangles @ 1.22
TSLA
#Shortstrangles – Another busy week away from the market but still getting a couple trades in.
Started with 345/435 strangle and have been rolling the 435 down. Rolled to 380 earlier and today rolled down to 365 for additional credit.
Currently sitting at Oct 20th 345/365 @ 9.05…
This is still in the week before earnings. Saving earnings week in case a roll into high IV is needed.
NVDA URI WDC WYNN
#401k #IRA – Going thru some long term positions that were more delta plays as opposed to theta. Clearing the decks just a little to make room for some #Earnings possibilities or the occasional #FallingKnife opportunity.
Bought to Close NVDA JAN 19 2018 110.0 Put @ .81 (sold for 2.50)
Bought to Close NVDA JAN 19 2018 120.0 Put @ 1.39 (sold for 4.25)
Bought to Close URI JAN 19 2018 75.0 Put @ .35 (sold for 2.30)
Bought to Close URI JAN 19 2018 80.0 Put @ .48 (sold for 3.10)
Bought to Close URI JAN 19 2018 85.0 Put @ .64 (sold for 4.20)
Bought to Close WDC JAN 19 2018 70.0 Put @ 1.43 (sold for 2.70)
Bought to Close WDC JAN 19 2018 75.0 Put @ 2.43 (sold for 3.95)
Bought to Close WYNN JAN 19 2018 100.0 Puts @ .62 (sold for 2.70)
SVXY
#ShortPuts – Closed a lot of these last week. Coming back in with one but a little higher…
Sold 1 SVXY NOV 17 2017 65.0 Put @ 2.63
SVXY
#IRA #ShortPuts – Taking off my highest strikes for nice profits. After this, 35 is my highest strike still sitting out there.
Bought to Close SVXY DEC 15 2017 50.0 Put @ 1.72 (sold for 4.40)
Bought to Close SVXY DEC 15 2017 45.0 Put @ 1.32 (sold for 3.63)
Bought to Close SVXY DEC 15 2017 40.0 Put @ 1.00 (sold for 2.77)
IRBT ICPT
#FallingKnife to keep an eye on…no idea why they’re falling. Just throwing them out there as a couple big losers today.
SVXY
#CoveredCalls #IRA – Still trading around a few shares…
Bought to Close SVXY SEP 22 2017 90.0 Calls @ .03 (sold for .60)
Sold SVXY SEP 29 2017 91.5 Calls @ 1.03
Actual trade was a roll up 1.5 points for a 1.00 credit. Picking up 2.50 of upside…
AAPL
#IRA #ShortPuts – No position in this thing so starting one well below the 200ma.
Sold AAPL JAN 19 2018 140.0 Put @ 3.83
Sold AAPL FEB 16 2018 135.0 Put @ 3.70
Sold AAPL APR 20 2018 130.0 Put @ 3.56
NVDA
#ShortStrangles – Back into one of my favorites. Selling the week before earnings…
Sold NVDA NOV 3 2017 165.0/215.0 Strangles @ 3.51
EFX
#ShortStrangles – Busy week away from the market but one fill today. Had this just for a trade going for 50 percent of max.
Bought to Close EFX OCT 20 2017 75.0/105.0 Strangle @ 2.70 (sold for 5.40)
UVXY
#LongPutDiagonals – She’s tanking and I’m rolling. The next one will be to 2019 if needed.
Rolled UVXY OCT 20 2017 26.0 Puts to JAN 19 2018 20.0 Puts @ .13 credit
Also:
With these short puts providing some upside protection for a possible volatility spike (yea right… 🙂 ) I’m rolling up the 2019 disaster calls for a credit. Slightly increases max loss if UVXY spikes to 60 and stays there until 2019 🙂
Rolled UVXY JAN 18 2019 40.0 Calls to JAN 18 2019 55.0 Calls @ 1.15 credit. This in effect lowers the cost of the initial trade entry.
So what’s the big picture? I eventually will have to roll these front month short puts to 2019…probably around a 10 strike. They’ve brought in a total of 3.00 so far…
Synthetically short at 30 so using 10 as a target that’s 20 points of gains. Trade entry was 16.30 debit so max gain is looking like 20.00 – 16.30 + 3.00 + residual value of disaster calls when I decide to close the trade. So possibly a 10 point winner if I’m lucky. Not what I had hoped but still a position that had a low enough risk that it allowed me in at a decent size. I think Jeff is right…just buy the puts and wait with the occasional scalp of a front month…or just synthetic short with a very loose disaster call (based on account size and appetite for risk) and not even sell any front month.
Overall it’ll be a good trade. Happy with the experiment. It’s just hard to fight the never ending lack of volatility.
XIV vs SPY and margin increases
All addressed in this article…
https://seekingalpha.com/article/4107433-xiv-vs-s-and-p-500-4-eras-2-calm-2-turbulent?app=1&auth_param=582at:1crpvjp:8982d3d242a79212e91d1182f551ab27&uprof=45&utoken=c139c4af499fb0eb008aa829e69993f6
ISRG
#CoveredCalls -An old earnings trade that was converted to a covered call. Can’t get a pullback in this thing so I just keep trickling up the call. A LOT of downside protection in this one so might as well hold and keep rolling for a few points per month.
Rolled ISRG SEP 22 2017 902.5 Call to OCT 20 2017 905.0 Call @ 2.90 credit
Picking another 5.40 of upside with stock at 1040. 3 for 1 split on the 29th this month…
TEVA
#BullPutSpreads – It’s recovered back above the 21 ema. Playing for a bounce up to the 50ma resistance. Low risk high reward…risk 24 to make 226.
Sold TEVA OCT 20 2017 22.5/20.0 Bull Put Spreads @ 2.26
UVXY
TSLA
#ShortStrangles – Would like to see this pull back a little so giving it something to shoot at on the downside. This should be before next earnings…
Sold TSLA OCT 20 2017 345.0/435.0 Strangle @ 6.26
EFX
#ShortPuts #IRA – Adding 5 points lower than yesterday at slightly higher premium.
Sold 1 EFX Apr 20 2018 55.0 Put @ 2.25
WYNN adjustment
Started out a year ago as a #ShortStrangles position but has turned into a nicely performing #PerpetualRollingStrangles position.
Currently running along inverted. 145/125 inverted @ 12.15 credit. Ideally in these inverted positions you’d like total premium received to be greater than the width of the inversion for it to be profitable. I’m not quite there yet so rolling to decrease the inversion. Out two weeks and squeezed it in by two points. Really wanted the 145 puts to expire today but not quite there.
Rolled WYNN SEP 15 2017 145.0/125.0 Inverted Strangles to SEP 29 2017 145.0/127.0 Inverted @ .15 credit
AMZN
#LongCallDiagonals #IRA – She’s looking like she wants to go higher here. Making an early roll of my front month sale to a much higher strike and into the week before earnings. This leaves earnings week for a nice roll into the high IV if needed.
Rolled AMZN SEP 29 2017 975.0 Call to OCT 20 2017 990.0 Call @ .46 credit
TSLA
#ShortStrangles – Same as NVDA. Instead of rolling the puts up I’m booking the whole thing at a decent profit and looking to re-sell more centered.
Bought to Close TSLA SEP 29 2017 300.0/400.0 Strangle @ 2.27 (sold for 4.20)
NVDA
#ShortStrangles – An upgrade to $250…wow. Booking the strangles while the call side still has some profit in it.
Bought to Close NVDA OCT 6 2017 150.0/185.0 Strangles @ 1.47 (sold for 2.75)
EFX
#ShortStrangles – Sold a naked put in the #IRA yesterday. Selling this in the regular account. Strikes slightly modified from TT this morning.
Sold 1 EFX OCT 20 2017 75.0/105.0 Strangle @ 5.40
SVXY
Sosnoff buying 86/83 put spreads….wow. Need some luck for that to work.
UVXY
Final #LongPutDiagonals #SyntheticShort roll…
Rolled UVXY SEP 22 2017 29.0 Puts to OCT 20 2017 26.0 Puts @ .07 credit
VXX
Another #LongPutDiagonals #SyntheticShort roll of the front month sale. 2019 positions looking great…
Rolled VXX SEP 15 2017 45.0 Puts to VXX SEP 29 2017 43.5 Puts @ .25 credit
NUGT
#LongPutDiagonals #IRA – Gonna go ahead and roll this now. 2019 #SyntheticShort looking good.
Rolled NUGT SEP 15 2017 40.5 Puts to SEP 29 2017 38.5 Puts @ even
Off Topic
#IRMA – Offline all day as I slowly make my way south. Took a little time for some sightseeing today. I’m not necessarily a big college football fan but got a thrill today. Stopped in to snap a photo and ran into an Alabama fan. In spite of everything being closed we still found a way! LOL what a strange feeling in an empty stadium that must seat over 100k!
EFX
VXX
#LongPutDiagonals – Trying not to let the weeklies get in too much trouble. Closing a batch at breakeven and selling more a little lower. Staying in this week…
Bought to Close VXX SEP 15 2017 47.5 Puts @ 1.95 (sold for 1.95)
Sold VXX SEP 15 2017 45.0 Puts @ .36
