“No Coke, Pepsi!"
If you’re older, you probably do.
It’s a classic from Saturday Night Live, when it was really funny. (And it’s relevant to my trade idea, but more on that in a minute.)
“Cheeseburger, cheeseburger!” John Belushi would bellow.
Every member of that original cast was a phenomenal comic on their own …
SNL was the highlight of the weekend when we were kids. Along with Happy Days on Tuesdays and The Waltons on Thursdays.
Based on the Billy Goat Tavern restaurant here in Chicago, we all knew the “Cheeseburger Cheeseburger” sketch and loved it!
The Billy Goat actually had a location right down the street from the Chicago Board Options Exchange in the South Loop when I traded there.
Sadly, almost every restaurant around the exchanges is now closed.
There aren’t any people anymore.
Even before Covid, the South was struggling as the trading pits emptied at the Chicago Board of Trade, Cboe and the Mercantile Exchange.
Makes me want to cry. It was so vibrant with huge walking around.
Here is a picture of LaSalle St on July 20, 2020, at 8 a.m.
By contrast, check out the real estate in markets in any Florida town or Austin, Texas, or Charleston, South Carolina.
It is insane!
The good news is traffic is picking up here, restaurants are opening back up and people are out again.
We are actually going out to listen to live music on Saturday night!
Anyhoo, let’s bring this back in, but be sure to check out the Jane Curtain and Dan Akroyd skit “Point/Counterpoint." It’s hilarious!
Ready for some refreshment with a great trade idea in Pepsico (Ticker: PEP)?
Looking at the stock chart I see a doji at the top of the last rally from $128.32 to a high on the doji of $147.80 on Wednesday.
I think PEP will trade down near $140. I like buying the May21 145 puts with an implied volatility of 13.71 and selling the 140 puts with an implied vol of 15.76.
I would pay $1.30 for this five point put spread with 28 days until expiration.
I will take my loss on this spread if it trades down to $.90. I will begin to take profits at the $2.30 and above level.
From comedy, to Covid, to cities it’s crazy how much things have changed.
Thanks for Reading … See You Next Tuesday!