Hi Shoppers,

The 2022 Westminster Kennel Club Dog Show selected a bloodhound for the Best in Show award for the first time ever.

That’s 146 years!

This dog show is the second oldest sport in the US … behind the Kentucky Derby.

The winner’s name is Trumpet and he received a steak lunch at Tavern on the Green in Central Park for his efforts.

He looks pretty pleased with himself …

As he should, he was up against 3,499 other dogs!

Anyone who can pay the $100 entrance fee can compete.

The dog show is a week-long event in Tarrytown, NY. (Yeah, not England, like I thought.)

Apparently, none of our “popular” dogs, labs, golden retrievers, French bulldogs or dachshunds have ever won, either.

The wire fox terrier and the Scottish terrier have taken Best in Show more than 40% of the time.

Unlike the American Kennel Club National Championship which awards $50,000, the Westminster Kennel Club winner doesn’t win any money.

So, if you are considering showing your dog, have a terrier and enter the right competition.

Oh! And, of course, if you’ve never seen Best in Show, schedule it for this weekend. It is hilarious.

On the Block 

Block Inc. (Ticker: SQ) is on a breakout:

After trading down from a high of $149 on March 29, SQ traded a low of $56.01 on June 17.

Yesterday, SQ had a huge breakout, closing at $67.27.

I think SQ can trade back up to $75, which is where my red down trendline is.

Looking at next Friday expiration calls, you can see the out-of-the-money calls are trading at lower implied volatilities than the at-the-money calls:

That is not the setup for buying a vertical spread. Traders want to buy the lower IV and sell a higher implied vol.

I’m thinking of legging into the five point spread and paying around $1.70.

Trade Review

I recommended buying WMT calls in my last writeup and I did buy the July 1 124-strike calls, paying $1.55.

I think WMT can trade back over $128.

Thanks for Reading … See You Next Tuesday.

Licia Leslie