Not everyday, well, never have we ever had a 2,000 point DOW down day till today. Crazy market times for sure and hard to really say if we get that panic “whoosh” move that I and likely many expect to happen. Either way I do think we get some sort of a relief bounce tomorrow after the open. Oil’s plunge and the names it took with it was something you will rarely, if ever, see in the markets.

Stay nimble out there and watch your sizings. Market already starting to float up after hours here and who really knows where we will be at at the open but trade what you know and you should all be fine. I am still focused on the cruise lines for now and it’s getting sketchy if they will even survive this at this point.

RCL – Pretty unreal and I am down 50% on some longs I planned on never selling. I really am not sure but am leaning towards possible BK on all these names at this point. The cash runways on all are getting scary with what I assume is complete dead bookings right now. Maybe $40 washout tomorrow for possible long bounce. If these all bounce it will have to be on a COVID headline or some sort of backstop by government at this point.

CCL – $20 washout for long.

NCLH – Capitulation day but they needed to borrow 650m from JPM so that just tells you how much these are all in trouble. Ideally $17 washout long tomorrow.

TLT – Think this was the top here today, dabbled a few times short but missed the big washout end of the day. If we get any decent ramps back to 178s tomorrow will look to lean short on it.

NOVN – Huge ramp after hours and will be main cheapie to watch on the open for a dip play. Covid play so can easily be an offering mid day as well so be aware of that for the risk.

ATHX – Big ramp today and calls traded on it. Will look for that 1.50 reclaim tomorrow and possible continuation.