BITK paid it’s second dividend yesterday…..

Another wild ride, they tried to sell the market off early, it briefly went positive, to only close slightly negative. Interestingly, SPY held at the 50 day, but bumped up against the 21 day…..

Something has to give here, either we move below the 50 day, which could be a short entry, or undercut and rally at the 21 day, which could be a long entry. I took profits from Monday’s gains just in case it’s the former.

Speaking of the bearish case, we interviewed Mark Spiegel on the podcast yesterday….

He’s a value investor, so he doesn’t like this market and he’s short. Just to be clear, he’s been short a while. He also doesn’t like TSLA, as he points out in great detail. His comments about NVDA where also real interesting. NVDA was down big yesterday, and if it breaks the 50 day could be shortable….

It seems as if NVDA may have some competition on it’s hands. This article is a couple of months old but it drives home the point….

Thursday October 23rd 2-3PM EST

Covered call ETFs are everywhere — and everyone thinks they’ve found a “safe” way to collect yield in a sideways market.

The truth?
Most of them suck.

They cap your upside, mislead investors with “yield” that’s really your own money coming back, and often trail just owning the stock by a mile.

Join me for a brutally honest breakdown of how these funds actually work — and what you should be doing instead.

🔥 Why “high yield” covered call ETFs are often just returning your own capital
📉 How most call-writing strategies quietly destroy compounding
🚫 Why owning covered calls in bull markets is like running a marathon in a weighted vest
💡 The simple structure that can fix these problems — and where the real daily income opportunities are hiding

Thesis: The OpenAI–Broadcom (AVGO) pact is bold but execution-, funding-, and margin-risk heavy. It asks the market to finance massive custom ASIC systems (10 GW from AVGO alone; ~26 GW across AVGO/NVDA/AMD) on a demand curve that may normalize as chips get more efficient. Analysts are split: skeptics flag OpenAI’s lack of silicon pedigree and over-hyped capacity needs; bulls model $150–$200B multi-year AVGO revenue. (MarketWatch)

Bear case (why “not all it’s cracked up to be”):

Winners (base case):

Losers / Risk buckets:

How I’d trade it: If long AVGO, pair with puts or put spreads into big funding/production headlines; keep a core AI-power stack sleeve (ETN/ABBNY/CEG/VST/EQIX) that wins regardless.

Setup: The VIX jumped above 22 intraday (highest since May) on renewed U.S.–China trade tensions, then faded back near/just over 20 by the close—classic shock → reversion behavior. Futures curve isn’t screaming “prolonged stress.” (Reuters)

Your edge (reiterated): On VIX spikes, I prefer buying puts on VIX ETPs (e.g., UVXY, VIXY), because the VIX needs a reason to stay elevated. When the catalyst cools, term-structure & roll decay resume, and those ETPs leak.

Quick playbook:

What happened: The U.S. framed a $20B currency-swap lifeline and bought pesos to stabilize Argentina—explicitly tied by President Trump to Milei’s midterms. “If he loses, we’re gone.” Markets read it as a conditional policy put with geopolitical intent (countering China). Merval dropped >4% on the headline. “Stargate Argentina” ($25B OpenAI DC) is reportedly on the talking list. (The Wall Street Journal)

What it means for stocks:

Tickers & angles (tactical):

My take: I have a small YPF position until we see the vote map and swap terms. If Milei adds seats, I’d scale energy + infra first, financials later. If not, keep it a trader’s market (event-driven).