Someone please pick my jaw up from off the floor.
Did I really hear the White House Press Secretary say the administration is working with social media platforms to make sure no “misinformation” is put out there regarding Covid-19?
“We are flagging problematic posts for Facebook that spread disinformation,” the not-creepy-at-all Jen Psaki said last week.
AND she wants people removed from all platforms once they have been deemed misinformation spreaders on one platform.
“You shouldn’t be banned from one platform and not others for providing misinformation out there,” Psaki said.
She went on to say that there are about a dozen people spreading 65 percent of the misinformation regarding vaccines.
Does the government now have files on those twelve people?
Are they being watched?
Psaki further added that the government has ramped up its tracking and disinformation research.
The Biden administration has been meeting with social media platforms, including Facebook, Twitter, YouTube, Snapchat and Pinterest, since the presidential transition.
So … what? People aren’t smart enough to decipher what could be real or true versus what could be misinformation … ?
Where does this end?
What else can the “tracking and disinformation research” be used for?
Winston Churchill asked back in 1936, “Does the government exist for the individual or do individuals exist for the government?”
He answered with, “I hold that governments are meant to be, and must remain, the servants of the citizens … The true right and power rest in the individual.”
Such a wise man.
Where are the wise people now?
I’ll tell you where …
They’re reading my trade idea in Facebook (Ticker: FB).
My Facebook Trade
I have reviewed the Facebook (Ticker: FB) stock chart and I think it is going to go lower this week:
As you can see above, the stock is sitting at near-term support.
If FB opens and trades lower today, I will buy the July 23 340-strike puts with an implied volatility of 22.90 and sell the 330-strike puts with an implied vol of 25.30.
I like the July 23 expiration because I think the stock can trade down quickly and FB is reporting earnings on July 28.
So, I am avoiding higher volatility caused by earnings and paying less.
The July 23 340-strike puts’ implied vol is 22.90, while the July 30 340s are trading at an implied volatility of 38.93.
I will watch for FB to open and trade lower this morning and I will pay up to $2.75 for this 10-point spread.
I will exit and take my losses if the spread trades down to $1.90, and I’ll begin profit taking at the $4 level.
And that’s not misinformation.
Thanks for Reading … See You Next Tuesday!