Just for fun bought an oversize amount of this week’s 25 puts for .10 this morning. Up 150 percent so far…not sure how far to push this one. Maybe through the jobs report?
Author Archives: fuzzballl
NUGT…rolling and getting smaller
Rolled this week’s short calls down from 20 to 19 for 1.00 credit. Used proceeds to buy back 28, 31, 32 puts that were DITM. Still preserving premium on all the original rolls. So far so good…still concerned a good jobs number on Friday will cause a further drop.
SPX…my first Wed expiration
Bought to Close SPX AUG 31 2016 2190/2195 Bear call spreads @ .20 (sold 24 hours ago for 1.05)
OMM…I’m moving on
With mixed emotions I’ll be letting my OMM subscription expire in October. Been there since the beginning but not really getting much value out of it anymore. Dan’s trades don’t really fit my style and I was real good at only taking the losers…LOL. I’ll be taking my educational dollars elsewhere simply for a fresh look at option selling.
I’ve watched this guy for awhile and have done a couple trials over the years. He was running an awesome special last week so I signed on for a year. He’s a little more aggressive so I’ll be treading lightly until I get a feel but you can’t argue with his performance. Various portfolios up 50-75 percent YTD. If you see me posting an odd looking trade (for me) you can probably guess where it came from…LOL
NUGT…still reducing size
Using weekly call premium to buy back some DITM puts. By using weekly call sales to buy these back in I’m able to preserve all the premium received over the last few weeks on the put sales and rolls. Would love to see this thing grind around in this area for a month or so.
Bought to Close NUGT SEP 16 2016 28.0 Put @ 7.00
Bought to Close NUGT SEP 16 2016 31.0 Put @ 9.80
NUGT….whew!
Can’t believe how lucky I’m getting here. Right at the close yesterday sold a boatload (an NS term…LOL) of 22 strike calls for today @ 1.05. Only in my wildest dreams would I think that 22 would be anywhere close after the “Uncle Janet piehole situation”. Apparently J-hole is a no go but the market is still concerned keeping gold confused. I’m looking to roll staying aggressive with the 22 strike to protect my Sep ITM puts. Building a nice cash cushion here to decide what to do with the puts at Sep expiration.
NUGT inversion update
Sorry about another update…LOL Skip to the next post if you’re sick of these. 🙂 🙂
OK…here we go. Have to admit I wasn’t expecting a 40 percent drop in a week (although I knew it was possible) but here we are. The price fell through my entire inverted and regular strangles obviously putting the puts deep underwater. Due to the upcoming “Uncle Janet piehole situation” I was reluctant to roll down any calls to help with the long deltas so the calls are basically all gone now. I’ll wait for tomorrow and hope for a bounce to sell calls but in the mean time I bought some GDX puts in case the “J-Hole is a go”…LOL
Also today to help a little with the deltas and to simplify things I rolled all the puts out and slightly down so they are all in the same month. (Sep monthly for now). Paid a little debit but that can come out of this week’s call profits.
So currently: (all split adjusted)
Sep 28 puts @ 2.20
Sep 31 puts @ 3.70
Sep 32 puts @ 6.65
Obviously DITM but breakeven is a little lower. My goal now is to keep the premium received so far while getting these puts to a more reasonable level. So what to do? I’ll keep selling the weekly premium but what should I do with it?
1. Pocket it and keep rolling the puts each month? That’s risky the way this thing can tank.
2. Use the premium to roll the puts down each week? Seems reasonable especially if I take them out to October.
3. Use the premium to buy back some puts to reduce size? A possibility for sure.
4. Use one week’s worth of premium and buy some put spreads for protection? Maybe…
5. Close it all for a manageable loss? That would be a lot of work down the drain…LOL
Whaddya guys think? Lesson learned so far is to be careful with the depth of your inversion…although NUGT could just as easily have been at 200 yesterday instead of 100 so it’s toss up there. Sure has been an interesting experiment…so far!
NUGT…rumor
Heard they were announcing a reverse split even before the forward split happens…LOL! Looks like massive panic selling setting in. Crazy!
CMG…taking a shot
Talked about doing this last week and trading it similar to NUGT. Wish I would’ve so jumping in now. Weekly options with decent premium. Staying small and slightly closer to the money and adjusting if needed. Skewing this starter slightly to the upside.
Sold 1 CMG SEP 16 2016 385/435 Strangle @ 5.68
NUGT straddle
Was sitting on a 160/160 straddle for this Friday. Sure looks like the market is pricing in a Sep. rate hike. Who woulda thought that a quarter point could devastate the miners…LOL. I would normally be rolling calls down but with Janet showing up Friday I’m gonna wait. If no Sep. hike will we see a bounce?
Bought to Close NUGT AUG 26 2016 160.0 Call @ .20 (part of 160 straddle @ 18.15)
Bounce or not, I’ll eventually roll the call out a couple weeks and down as far as I can for even…then sell whatever call(s) that will bring in 8-10 dollars. For now it’s looking like the new position will be somewhere around Sep 9th 155/130 inverted @ 27.00
The experiment continues…occasional little drawdowns but cash balance consistently increasing…
BBY…thanks to the “Earnings Slayer”
Thanks Tony V over at tastytrade and thanks rknight52 for getting it on my radar yeterday!
Closed my 31/33.5/35 super bull for 1.44. Got nearly the whole thing already. NIce surprise this morning since I had a few more than one!…LOL
🙂 🙂
NUGT roll
Rolled Sep monthly 185 calls down to 170 for 2.50 credit.
New position is now 140/170 strangle @ 11.10
FEYE covered calls
Sold FEYE Sep 16 2016 17.0 Calls @ 0.31
It’s that time again…Mizzou
Starting the big move today for the sophomore year. I’ll be in and out…have a great weekend everyone!
NUGT…amazing
Oct monthly 70/260 strangle going for 8.20…wow. That’s the high and low strikes.
NUGT roll
Rolled Aug 26 170 call down to 160 for 3.00 credit (now 160/160 straddle @ 18.15) One of these will go away then we roll and adjust
Rolled Sep 2 175 call down to 160 for 4.50 credit (now 160/170 inverted @ 36.70) Should be a lot of maneuvering room with this one…
NUGT inversion roll
Position was 180/155 inverted @ 28.70 for this Friday. Using the wild swing today and rolling out 2 weeks and actually getting un-inverted…(is that a word? LOL!)
Closed call side earlier on the selloff and re-sold out in Sep 2nd expiration on the bounce.
Sold NUGT SEP 2 2016 175.0 Call @ 7.00
Rolled 180 put to Sep 2 2016 170 put @ even.
All factored in the new position is now a normal 170/175 strangle for a nice 32.20 premium captured so far. I’ll wait and look to adjust later on. A single strangle next week also that I’ll look to roll out 2 weeks when (if) the time comes. Seems to be working nicely on the staggered 2 week roll schedule.
NUGT…back in on the call side
Not counting the scalp on the calls this morning…I’ll book those.
Sold NUGT AUG 26 2016 170.0 Call @ 5.00
Paired with 160 put for 15.15 total premium on the strangle…
XIV SVXY VIX…
Volatility dropping…did they leak the “no hike” decision? LOL…they wouldn’t do that!
Sosnoff said something interesting…
The other day he talked about how there are certain tickers that he ALWAYS has a position in. Said he makes the bulk of his money carrying these all the time and constantly adjusting and collecting theta. Most of the ones he mentioned were all the usual suspects….big and liquid.
Seemed like an interesting idea to me. That’s almost how I’ve been trading NUGT lately. Not so worried about selling and expiring….trading it for bigger premium with smaller positions and just planning on doing that indefinitely…(as long as premium stays elevated).
With all this in mind, I’d like to try it in a regular stock. Looking at CMG since it’s not crazy expensive (see PCLN) and offers weeklies. What do you guys think of his theory?
NUGT getting perky?
First multiple time frame buy signal of the day…
NUGT calls
KInda risky but taking advantage of the drop to close some calls sides of strangles. I’ll re-sell ’em at some point but this is too nice a selloff not to do something…
Bought to Close NUGT AUG 19 2016 155.0 Call @ 3.50 (I’ll re-sell it out in Sep when I roll inverted put side)
Bought to Close NUGT AUG 26 2016 180.0 Call @ 2.75 (sold yesterday for 6.40)
NUGT….gotta love this thing!
Any chance it closes flat on the day? Dan at OMM says ain’t no way, not even a possibility rates get raised. Gonna be fun to watch!
NUGT inversion for this week
180/155 inverted strangle for Friday…There’s only about 4 dollars of premium left in it. Wondering how far to push my luck before (or if) rolling. Since both sides are in the money I may do something a little sooner. These would be perfect for someone to hit me with an early exercise. On the bright side the entire position is sitting at breakeven.
Looking back this thing started out around 80/120. Rolled both sides up for awhile staying fairly even each roll. Finally got to the point where premium couldn’t keep up with roll cost and had to invert. So far so good. I’m gonna be stubborn and keep the trade going and try to “un-invert” it eventually…LOL
EDIT…the advantages of staying small allows this in an account my size. Thanks to TT for beating that into my head over and over!
NUGT…next week again
Little bounce there and needing some short deltas…gets all the strangles balanced again.
Sold NUGT AUG 26 2016 180.0 Call @ 6.40
NUGT…next week
Sold NUGT AUG 26 2016 190.0 Call @ 6.00
Paired with 160 put…position is now 160/190 strangle @ 12.50.
A little narrower than I would like but the put side was a reverse roll from last week. Debating whether to leave it by itself but decided what the neck…pair it up and see what happens.
NUGT inversion experiment update
What started out as a strangle with the short call getting killed this thing still has a chance. Went further inverted today. Position was next week’s 165/155 inverted strangle @ 21.70 credit. Rolled the 165 put up to 180 put for another 7.00 credit.
Position is now 180/155 inverted @ 28.70. As long as the credit received is more than the inverted width it will make money. Goal is to still have the stock price be inside the strangle at expiration. Pay the width of the strangle for the position to go away and keep the difference. If nothing else it has a lot better chance than if I would’ve let the original 100 put (or whatever it was…don’t remeber) just sit there.
NUGT…this week’s strangle
Was sitting on a 155/170 strangle for this week. 155 put almost worthless so reverse rolling the 170 call out 2 weeks to the put side.
Bought NUGT AUG 12 2016 170.0 Call @ 9.75
Sold NUGT AUG 26 2016 160.0 Put @ 9.15
Paid .60 debit but that’s ok…I’ll look to sell the call side at some point…or maybe not at all and just reduce my size a little.
SHAK earnings
Haven’t decided yet if I’ll do it. Iron fly 2.5 wide for 1.90. Risk 60 to make 190. MMM of 2.75. Could also widen to 3 for not much more risk…
/ES eminis hedge
Yesterday:
SOLD 2 Sep futures @ 2176.75
SOLD 2 Aug 17 2170 puts @ 9.75
Bought 4 Aug 17 2195 calls @ 4.45
After looking a lot closer at this last night I decided the max loss wasn’t worth the potential gain so closed it all this morning for a scratch. Watching TT last night a couple guys on there had what I felt was a much better hedge. Lower cost and higher reward than what I was trying. They were going out to Sep and just buying VIX 15/20 call spreads. Only paying about 85 cents so much better R/R than my futures trade.
I haven’t bought those yet but might if we get a pullback in VIX closer to 11…
DIS KORS YELP earnings
DIS 93.5/96/96/98.5 iron flies @ 1.93 (closed for 1.20)
KORS 46.5/50/50/53.5 iron fly @ 2.70 (closed for 1.55)
YELP 29.5/32.5/32.5/35.5 iron flies @ 2.39
YELP outside the move so waiting a little on it. Could get out at .50 loss right now. Since max loss is only .61 I’ll watch it awhile. Like to get out at a scratch but even if taking max loss the 3 trades combined are profitable. Could possibly roll the calls or take short position in the stock while waiting for reality to set in for YELP…LOL
Earnings…can we predict the move?
Interesting…
https://www.tastytrade.com/tt/daily_recaps/2016-08-09/episodes/reversals-after-earnings-08-09-2016
KORS anyone?
By the way…I’ve been a long time supporter of the hometown brewery but recently switched to the silver bullets…so gotta do this. Just one fly…
Sold this week’s 46.5/50/50/53.5 iron fly @ 2.70
Risk 80 to make 270 and once again needing a slightly less than MMM…
DIS earnings
Was just getting ready to adjust the strikes up a half point when it filled…
Sold this week’s 93.5/96/96/98.5 iron flies @ 1.93
Risk 57 to make 193. MMM is currently 2.94 so need something slightly less than that…
YELP earnings
Sold this week’s 29.5/32.5/32.5/35.5 iron flies @ 2.39
Risk 61 to make 239. MMM is currently 3.82 so need something slightly less than that…
Eminis…transgender trade?
Sorry about the National Enquirer headline…
What I meant to say is I’m taking an Emini trade where I won’t really care which way it goes…LOL It’s in a squeeze but hard to say which way it will go so taking a shot here.
SOLD 2 Sep futures @ 2176.75
SOLD 2 Aug 17 2170 puts @ 9.75
Bought 4 Aug 17 2195 calls @ 4.45
Makes money on any down move and makes money on anything above 2195…unless it gets there quickly before the calls decay. Then call side could make money slightly lower. It’s a loser on anything between 2177 and 2195. If it settles in up in that range I could roll the put side up for a little extra premium.
NUGT…back on track
Sold NUGT AUG 12 2016 170.0 Call @ 3.00
Paired with this week’s 155 put. Back in the routine now…selling a fairly aggressive strangle in this week and next week. That allows a 2 week rollout of the current week if needed and still collecting big theta while only requiring small margin.
VXX reverse split
Posted this last week. Maybe effective after the close today? Not seeing it yet.
VXX…destiny
http://sixfigureinvesting.com/2013/08/next-vxx-reverse-split/
PCLN…can’t win ’em all (unfortunately)
Yesterday:
Sold weekly PCLN 1305/1355/1355/1405 iron fly @ 42.00. Risking 8 to make 42
Obviously stock blasted through the entire call side so by the close today that side would be at full 50 loss unless there is a massive pullback. At the open today my goal was to close that side for anything less than 50. Anything less than 50 would reduce max loss by that amount. Managed to close the call side for 48.50, reducing max loss down to 6.50. Then, sold a weekly 1405 put for 2.00. Watching that now…if it expires max loss would then be reduced to 4.50. Not bad for an awful trade. Combined with all the other earnings plays so far it’s been a banner earnings season.
I’m now a PCLN bull for the day! LOL
PCLN…pushing my luck
It’s been a record setting earnings season so I’m pushing it one more time…
Sold weekly PCLN 1305/1355/1355/1405 iron fly @ 42.00. Risking 800 to make 4200. Short strikes centered at about the mid point of today’s range. MMM has dropped a little today so selling just inside that. 50 wide with a 66 move priced in. Win or lose I’ll be smiling!
Also…protective wings at a cluster of moving averages on the downside and the year high on the upside. Still, all bets are off with this thing! Could go anywhere…
Bill Gross…funny!
Saw this on Seeking Alpha:
http://www.cnbc.com/2016/08/03/investing-in-gold-big-players-put-money-into-the-precious-metal.html
Guess it’s time to sell gold if his track record is any indication. LMAO!!
http://www.aol.com/article/2009/02/26/bill-gross-the-747-billion-bond-man-declares-the-death-of-equ/1472266/
Notice the date he declared equities dead…about a week before the bottom…hahaha!
NUGT inversion
As an experiment I went inverted on my NUGT August monthly position a few days ago. Can’t remember what it started out as but I’ve been rolling the put side up all along against a short 155 call. Finally took the inverted plunge just to see how it works.
Position is now 165put/155call inverted strangle for net premium of 21.70. I can see a few different scenarios so here’s what I’m considering:
1. Stock closes outside the strangle then one side will expire. At that point I’ll roll the other side up or down as far as I can for even and then sell the other side. Hopefully can get the entire thing “un-inverted” and have credit jacked up close to 30.
2. If the stock closes in between the strikes I’ll let the position go for 10 bucks and pocket the remaining 11.70 that I’ve already collected.
3. Possibly close it at any point in time for something less than 21.70 and then reload a new strangle somewhere else.
PCLN…still debating
After the selling today MMM is down to 67 dollars. I’m looking at something like this:
Weekly 1300/1350/1350/1400 @ 43.00 Risking 700 to make 4300. 50 wide with a 67 move so not sure. Could widen it for better odds but a little higher max loss. No position yet…
REGN put spread
Sold REGN SEP 16 2016 400/375 Bull put spread @ 5.20
Went with the spread for this reason:
A series of proposals from the U.S. Centers for Medicare & Medicaid Services related to reimbursements could lead doctors to favor the use of rival eye drugs Avastin and Lucentis, made by Roche Holding AG, Regeneron executives said on a post-earnings conference call.
No matter what happens my worse case scenario is getting the stock 19.80 below current price. Let’s say this passes and REGN drops to 200. With the put spread I’d close the long put at a big gain and take the stock at a big loss but net basis in the stock would only be 219.80. If it doesn’t tank then it’s a nice return.
NUGT mining
Bought to Close NUGT AUG 5 2016 155.0 Put @ .70 (sold for 5.40 after multiple roll ups to capture additional premium)
REGN
Anyone looking at a put or put spread sale on this thing?
TSLA earnings
Bought to close TSLA 210/225/225/240 iron fly @ 6.23 (sold for 10.90)
Interesting…I was watching some tastytrade replays last night and at one point they were showing the TSLA options chain earlier in the day. This particular position was going for over 12 bucks. They commented this morning about how volatility was coming out of TSLA all afternoon…still feel like normally you’re better off waiting until last minute to set these to keep them centered…
TSLA iron fly
Sold 210/225/225/240 @ 10.90. Risk 410 to make 1090. On my phone so not sure if I’m liking this but can’t resist. Lol
Good luck!
Fun with NUGT
Bought stock at 163.50 on the morning drop. Sold for 167.50 on the bounce. Seems like this thing always recovers a little after an opening drop…
EA earnings
Out most of the day today so bought back the iron flies for 1.60. Sold for 2.40. I’ll take it for a little overnight quickie. Hoping to get a chance to do something in TSLA or PCLN later.
tastytrade iron fly research…
Quite a few segments on these. Think I’ll review a few tonight.
https://www.tastytrade.com/tt/learn/iron-fly
FIT earnings
Trying for the weekly 11/13/13/15 iron fly @ 1.30. Risking 70 to make 130 per fly. Expected move of 1.55 so selling just outside that. Possibility of a huge IV collapse on this one.
EA earnings
Trying for the weekly 74/77/77/80 iron fly @ 2.45. Risking 55 to make 245 per fly. Expected move of 3.90 but selling 3 wide so need a small move.
NEM…hey Jeff check it out
Similar to what we were talking about the other day…is this trade too late?
NEM Oct 2016 $45/$49 Diagonal Call Spread for $2.60 or better when NEM was trading at 45.44
Stop: 37.8 Stock Below (Stop at 37.8 )
Legs:
Buy 1 Oct 21 45 NEM Call
Sell 1 Sep 16 49 NEM Call
SRPT…premium too good to pass up
As thomberg pointed out this morning…premium is through the roof on this thing. I’ve gotta give it a shot but defining my risk (remember CLSN or was it CLDX?)
Sold SRPT SEP 16 2016 12/10 Bull put spreads @ .80
UVXY…no naked for Fuzzy
Promised myself I wouldn’t go naked on these anymore. Got squeezed pretty hard in Aug 2015 and a little last January. Didn’t like the feeling and it caused me to miss some really good opportunities in other places (like shorting VIX futures). Keeping these in an IRA and spreading a little closer to the money but no margin issues even if this thing goes to 100 again. Rolling strategy is to leave enough room to roll and widen slightly to allow a credit roll. This worked great during the Aug 2015 spike. Held a Dec 50/60 through that entire thing with no worries at all. Only regret was not selling more while they were in the money.
Sold to Open UVXY OCT 21 2016 40/50 Bear call spreads @ 1.00
I’ll sell more at the same strikes as UVXY rises…margin required is still the same so might as well be more aggressive on the sales.
PCLN and TSLA
Maybe this volatility coming in will help with earnings trades premium tomorrow. Today looks better than yesterday now. PCLN iron fly selling for 55 bucks on a 70 wide. Risking 15 to make 55 on a slightly less than expected move. MMM now showing 78. Maybe super wide iron condor the safer play? Still looking at TSLA….hopefully Jeff will take a look at these before the close tomorrow.
UVXY…I was mad
Did this as an anger trade…LOL (not really…just irritated). Was starting to look like this thing was gonna go right back to single digits without a chance to do anything. Right after the split I sold Sep 35/45 bear call spreads for 1.55 on a rare uptick.
Bought ’em back today for 1.05 since they are a little too close for comfort and volatility looks to be perking up a little. Made some beer money and looking to re-load higher…
NUGT reverse roll
Next week expiration:
Bought 1 180 call and sold 2 155 puts for 1.52 credit. Overall NUGT position still short but playing this breakout with shorter term puts. Still strangles for Aug and Sep with calls that are in the money now. I’ll see how these puts play out before any aggressive rolls on the put side of those strangles…
NUGT…inverted?
Great review of the tastytrade inverted strangle strategy this morning. May try it on one of my NUGT positions…
NUGT TOS Active Trader tab
Lost 33 dollars playing with NUGT in the TOS Active Trader tab. Seems like some interesting possibilities once you get the hang of it…
NUGT roll
Was short this week’s 155/165 strangle from a roll last week. Don’t want to let the call get in the money so rolled to next week’s 180 call for even. Leaving this week’s 155 put where it is for now. Position is about delta neutral. Watching for now…
NUGT…another crazy day
Quick flipper:
Sold NUGT AUG 5 2016 130.0 Puts @ 3.00
Bought NUGT AUG 5 2016 130.0 Puts @ 1.70
Roll: (this is getting old)
Rolled this week’s 145 call (sold for 6.10 net so trying to keep that) into next week’s 155/165 strangle for even.
Back to work now…have a great weekend everyone!
IBB…managing winners
Looking a little weak here at the top of it’s range for last 6 months so booking these.
Bought to close IBB Aug 19 2016 260 Put @ .86 (sold for 4.00)
Bought to close IBB Sep 16 2016 250 Put @ 1.80 (sold for 4.10)
AMZN earnings play
Bought to close weekly 700/750/750/800 iron fly @ 15.00 (sold for 40.25)
Can’t believe it worked this well. Weakness at the open allowed for a nice exit. In the trade for 16 minutes of “market open” time…LMAO . What’s that annualized? After scratching iron flies in FB and NFLX this earnings cycle, finally got something inside the expected move.
AMZN earnings….gulp
Here goes…putting all my CMG earnings profits on the line. (by the way…thank you Ramie for that awesome CMG trade!)
Sold AMZN 700/750/750/800 iron fly @ 40.25. Risking 9.75 to make 40.25. Anything inside the 45 dollar expected move would be nice. Otherwise it’s back to breakeven for earnings season!
CMG…??
One of the founders of CMG is a tastytrader…ripoff!
http://www.streetinsider.com/Corporate+News/Chipotle+Mexican+Grill+(CMG)+Confirms+Burger+Restaurant+Tasty+Made/11874563.html
IBB…watching closely
Is that a quadruple top on the daily? Short some puts so watching it….may not try to squeeze it all out of these. Aug 260 and Sep 250 both up almost 75 percent of available premium.
AMZN or GOOGL earnings?
Waiting until 2:30 central time to see what Tony V. (the earnings slayer…LOL) at tastytrade is doing. He now has a 2 minute segment at 2:30 each day on an earnings play. He went with the double diagonal super bull on FB yesterday. Guessing he’ll talk about one of the biggies today.
FEYE…following DAN at OMM
Sold FEYE Aug 19 2016 17.0 Puts @ .90
NUGT put
Not even messing with this…unless I get a chance to sell it again!
Bought to Close NUGT JUL 29 2016 125.0 Put @ .20 (sold for 2.30)
FB…my earnings attempt
Was doing this quickly yesterday afternoon on my phone. Wasn’t sure of the exact expected move either. I would’ve liked to have waited until closer to the close to center it better but didn’t have time.
Sold the weekly 117/122/122/127 iron fly for 4.40. Risking 60 to make 440. Obviously a bigger move than this but with the massive volatility crush was able to exit the entire thing at 4.30 today. Made a dime so calling it a scratch and moving on. Doesn’t anything ever move inside the expected move any more?…LOL
Busy week…
Just checking in….keep an eye on Jumpin’ Janet for me. LOL! Crazy week at work so not much happening. Tiny Nuggets this week for fun. Good luck!
SVXY…more covered calls
I’ll plan on buying these back on the next volatility spike. If we don’t get it then they’re covered.
Sold SVXY JAN 20 2017 70.0 Call @ 6.50
Sold SVXY JAN 20 2017 75.0 Call @ 4.72
Sold SVXY JAN 20 2017 80.0 Call @ 3.30
Options Bistro 