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Bulls Rebound but Bears Loom

Monday, January 6th, 2014

9:00am (EST)

The bulls put a feather in their December cap with the indexes ending higher for the 10th time in 12 months in 2013.  The market ended the year at record highs but the bears won the week and are making some noise to start 2014.  (continued…)

E*Trade On The Block

Tuesday, January 19th, 2010


Futures are mixed as we head towards the opening bell this morning.  Dow futures are lower by 20, S&P 500 futures are off by 2 while the Nasdaq futures are up 4 points.

There was plenty of action in E*Trade Financial (ETFC, $1.84, up $0.11) last Friday as over 60 million shares traded hands.  There was a report that the company is in “advanced” talks regarding a sale.

It’s hard to get excited about a company who once dominated the online brokerage industry and a share price at less than $2.  From 1998 through 1999 this was one of the highest of flying stocks as two-for-one splits were common and shares made new highs daily.

There has been a lot of speculation as to who might buy the troubled brokerage firm but E*Trade has brand awareness which should account for some kind of premium.  TD Ameritrade (AMTD, $18.32, up $0.10) and Charles Schwab (SCHW, $19.00, down $0.18) have been in the mix as possible acquirers of E*Trade but we really don’t see an option trade with this one.

Option volume was brisk and the stock already trades like one.  However, we are avoiding options on stocks that trade under $5.00 because of the risk.  That still didn’t stop traders from placing huge bets on the February 2 calls (EUSBF, $0.12, up $0.07) which opened at 4 cents and returned 200% by the closing bell.  Over 10,000 contracts traded.

The April 2 calls (EUSDF, $0.20, up $0.05) traded 3,000 contracts after opening at 14 cents.  Considering this has been an ongoing rumor for some time and the fact that it would be safer to buy the stock, these two call options could expire worthless if no bid comes.  Stay away…

We have updated the Members Area for our current trades and there a few trades we are watching this morning.  If we see something, we will send out an alert. Weekly Wrap for 1/18/10

Monday, January 18th, 2010

8:00pm (EST)

It was a tough Friday for the bulls as the market suffered its worst decline for 2010 despite some solid earnings reports.  

The Dow fell 100 points for the day, erasing all of its gains for the week to close at 10,609.  The index reached a high of 10,767 and came thisclose to hitting our target of 10,800 which we set in August 2009.  For the week, the Dow lost 9 points…

The Nasdaq fell 1.2%, or 29 points, to close at 2,288.  The index had already blown past our target of 2,275, and for the week, the Tech-heavy index fell 30 points after touching a high of 2,326.

The S&P 500 fell 12 points, or 1.1%, and settled at 1,136.  We had set a target of 1,175 in August and the index reached a high of 1,150 this past week. 

Folks, we mention all of this for a reason (not to toot the horn) because it defines some of our trading strategies.  We have done well for our subscribers with the bull market rally that started in March 2009 and at some point the market will correct.  It may be 5%, 10%, or even 20% but no one knows when that will be.  When that happens there will be a time to buy put options and we saw some things on Friday that has made us cautious but it will take more than a 100 point drop to get any real “fear” in the bulls.    

We knew coming into the week there was the possibility of the market heading higher and we where there heading into Friday.  The two companies that we were counting on to take us past our target levels were Intel (INTC, $20.80, down $0.68) and JPMorgan Chase (JPM, $43.68, down $1.01). 

Both companies reported incredible earnings…Intel posted its highest gross profit margins ever, at 65% and JPMorgan earned a $3.3 billion profit in its latest quarter.  The fact that these two market heavyweights blew past Wall Street’s numbers and we could not get a nice rally was very discouraging for the most part.

We still think there’s a chance of a decent pop over the next few weeks as the heart of earnings season will get underway starting on Tuesday but a lot will depend on this week’s action. 

Here is a look at the earnings calendar (quotes are from Friday’s close):

Tuesday:  (Before the bell)  Citigroup (C, $3.42, down $0.09), Fastenal (FAST, $45.86, down $0.44), Parker Hannifin (PH, $58.56, down $0.23), Precision Castparts (PCP, $113.75, down $1.59), TD Ameritrade Holding (AMTD, $18.32, up $0.10). 

(After the bell)  Cree (CREE, $54.01, down $3.84), CSX (CSX, $50.04, down $0.51), International Business Machines (IBM, $131.78, down $0.53), NuVasive (NUVA, $30.68, down $0.28), Tessco Technologies (TESS, $17.51, up $0.25).   

Wednesday:  (Before the bell)  Bank of America (BAC, $16.26, down $0.56), Brinker International (EAT, $15.18, down $0.27), Coach (COH, $36.79, down $0.71), Jefferies Group (JEF, $25.48, down $0.34), M&T Bank (MTB, $73.16, down $2.18), Manpower (MAN, $57.06, down $1.88), U.S. Bancorp (USB, $24.62, down $0.71), Wells Fargo (WFC, $28.08, down $0.91). 

(After the bell)  Dr Reddy’s Laboratories (RDY, $26.98, down $0.14), eBay (EBAY, $22.47, down $0.41), F5 Networks (FFIV, $51.39, down $0.75), Kinder Morgan Energy Partners (KMP, $63.45, down $0.38), Seagate Technology (STX, $17.77, down $0.57), Starbucks (SBUX, $23.27, down $0.28). 

Thursday:  (Before the bell)  Charles Schwab (SCHW, $19.00, down $0.18), Fairchild Semiconductor (FCS, $8.77, down $0.45), Freeport McMoRan Copper & Gold (FCX, $84.30, down $0.78), Goldman Sachs (GS, $165.21, down $3.32), Morgan Stanley (MS, $30.38, down $0.82), PNC Financial Services Group (PNC, $56.68, down $1.16), Southwest Airlines (LUV, $11.28, down $0.18), United HealthGroup (UNH, $33.75, up $0.43), Xerox (XRX, $8.84, down $0.05).

(After the bell)  Capital One Financial (COF, $41.13, down $0.54), Deckers Outdoor (DECK, $108.72, down $0.37), Google (GOOG, $580.00, down $9.85), Intuitive Surgical (ISRG, $308.58, up $0.58).

Friday:  BB&T (BBT, $27.76, down $0.76), Exelon (EXC, $48.60, down $48.60, down $0.48), General Electric (GE, $16.44, down $0.26), Harley-Davidson (HOG, $25.08, down $0.65), Johnson Controls (JCI, $29.31, down $0.53), Kimerbly-Clark (KMB, $62.22, down $0.80), McDonalds (MCD, $62.28, down $0.37), Schlumberger (SLB, $70.83, down $0.46).

As you can see, some of the bigger names will be eBay, IBM, General Electric, Goldman, Google and the Financial stocks.  It is hard to say how the financials will trade over the near-term as Obama is trying to get as much as $120 billion from them as a fee or tax.  

Economic news:  Building Permits, PPI, and Housing Starts on Wednesday and Crude Inventories; Thursday Wall Street gets numbers on Initial Claims, Leading Indicators, and the Philly Fed.

We will be back in the morning with the trade updates and a fresh outlook.  We have updated the 2010 portfolio in the Members Area and hope to have a short video that will be ready on Tuesday as well.

As we head to press, Dow futures are up 32, Nasdaq futures are higher by 10 while the S&P 500 futures are getting a 4 point bump.

Intel Crushes Earnings Estimates

Friday, January 15th, 2010

9:00am (EST)

Intel (INTC, $21.48, up $0.52) blew past Wall Street’s forecast after the bell yesterday and reported some impressive numbers.

The company said it earned a profit of $2.3 billion, or $0.40/ share versus $234 million, or $0.04, in the year earlier period.  Revenue climbed nearly 30% to $10.6 billion as Intel posted its highest gross profit margins ever, at 65%.  Amazing.

The market finished higher on Thursday as the Dow closed with a 30 point gain at 10,710.  The S&P 500 added 3 points and settled at 1,148 while the Nasdaq edged up 9 to 2,310.

For those of you who have been following us since the summer, we set targets for the market back in August that are about to be hit.  Last Sunday we had this to say:

“The Dow added 11 points on Friday and 190 for the week to close at 10,618.  Our near-term target remains 10,800 and this could be the week we take it down.

The S&P 500 gained 3 points to close at 1,145 and for the week the index added 30.  In August, we set our target at 1,175 so we are within spitting distance…

As far as the Nasdaq, we clearly saw the strength in Tech back in the summer and set a year-end 2009 target of 2,275 for the index.  That level was taken out before Christmas.  On Friday, the Nasdaq displayed its muscle once again and had the biggest percentage gain as it added 17 points to close at 2,317.

We remain bullish and our portfolio has consisted of mainly call options since March 2009.  We have added put options as “insurance” along the way but we still feel like the market moves higher from here.  Of course, once our targets are hit that could all change but the beauty of getting a pulse on the market is that it allows you to change accordingly.

If and when we reach those aforementioned targets, we either, continue higher, stay flat, or retreat to lower levels.  The cards to figuring out the next six months on where the market could be headed are being dealt right now.  A lot of investors and traders will be ready to pay the ”big blind” this week as 4Q corporate earnings start to come in.  We will go over this more on Monday morning.” (END)

Folks, it is important to know where the market is headed because once it gets in a groove, trading becomes easier. If and when we reach Dow 10,800 and 1,175 for the S&P we honestly don’t know what happens next.  However, our gut is telling us the market continues higher but we have to wait for the clues to confirm our thesis.

Nobody knows what the market will do from day-to-day but overall the information is out there.  There are times when trading options can get choppy but they key is not to “over trade” your accounts. 

We talk about this in our Welcome Guide which is at the top of the Members Area page.  Obviously, everyone wants to score the big trade but this gig is like all others…you have to grind it out.  And you can’t blow up a $2,000 account by buying 10 or 20 contracts with your first trade.  Try limiting your portfolio to 3%-5% per trade.  In other words, if you buy 10 contracts for each of our trades then you should have a $20,000 account.  If you have $10,000 then trade 5 contracts.

Our trades target $500-$2,000 if you are doing 10 contracts as we profile options anywhere from 50 cents to $2.00.  Obviously, if you are new to trading or you are starting small then go slow and paper trade with us for a while.  And remember, any money you trade options with should be considered “aggressive” and this type of trading is not for everyone.

Options are the most lucrative way to grow a trading account and remember everyone’s results will be different based on your own expectations and risk levels.  Also, you will have winning and losing streaks but the goal is to make a 100% return on each trade.  This allows you the luxury of having 2 losing trades at 50% if all things are equal.  They key is to hit the 400%, 800% and 2,000% trades which we have. 

Our documented track records show we have over a 70% winning percentage for the past couple of years so keep this in mind if you join us for a month and start off with a negative trade.  For 2010 our track record shows we have closed trades for gains of 13%, 90%, 119%, and 150%.  We still have open trades and once we get a few more closed we will start posting the 2010 track record at the end of the month. 

This week has been pretty volatile due to options expiration and today is not historically a good one for the Dow.  The index has traded lower on 9 of the last 11 January option cycles with some major hits of 1%-2% lower.

As we head to press, Dow futures are down 25; S&P 500 futures are lower by 4; Nasdaq futures down 4.5.

Intel on Deck

Thursday, January 14th, 2010

1:45pm (EST)

All eyes will be on Intel (INTC, $21.30, up $0.34) after the bell.  Wall Street expects $0.30 a share and revenue is expected to rise to $10.2 billion from $8.2 billion last year. 

Economic News…For retail sales, Wall Street was expecting an increase of 0.5%, weaker than November’s 1.3% increase.  We came in worse than expected…retail sales for December decreased 0.3%.

For weekly jobless claims, Wall Street had penciled 430,000 new claims, off slightly from last week’s 434,000.  We totaled 444,000.  The latest tally marked a week-over-week increase of 10,000.  Meanwhile, continuing claims retreated to 4.6 million from an upwardly revised 4.8 million.

As we head to press, the Dow is up 21 points to 10,702.  As far as our current trades, they have been updated in the Members Area. We will be back in the morning with a full update.

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    The portfolios can be found in the Members Area as well as past portfolios from 2008-2011. Overall, we are 621-273 on nearly 900 real-time recommendations that equals a success rate of 70%. This means, on average, 7-out-of-10 of our option trade recommendations make you money and we hope to have an even better success rate for 2013.

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Trader Comments:
    I just want you to know that I love the way you write and explain everything. I am new to this, and have lost 50% of my account until I met you guys. Iit is slowly coming back. I will be calling to set up a year of membership rather than the one quarter. Thanks again, and LOVE YOU ALL. REGINA L.

    Rick, I appreciate the advice. I think I will just sit back and utilize your selections only for awhile. This will obviously save me a great deal of money in commissions. I have gone thru your entire site including the video on money management. This has brought me to the stark realization that I have been trading too much for too little. I definitely have not been "swinging for the fences", but I also think I have been getting impatient with trades and getting out too fast. This has no doubt caused me too trade too much. I like, and definitely agree on, the advice on money management. Thanks for the help. STEVE T.

    Thank you!!! I held on to the NFLX position since Nov. 13 at a cost of $1.89. Sold ½ on April 14th for a 540% return and the other ½ upon earnings for 702% return. Total profit of $11,615 a 621% return. Keep the recommendations coming and thanks to you and your team for the service you provide. SCOTT H.

    Rick & Team, GREAT Call on NKE for my two trading accounts:
    1) Entry at .65, out at 1.45, 1.55 Profit = $415
    2) Entry at .60, out at 1.75, 1.50 Profit = $485 PETER G.

    Hey Rick! Here is an update on what your picks have done in my accounts.

    1) Great call on the JoyG March 55. I bought when you said, then bought again on one of the dips. Booked 80+% profit. Made enough to pay for your service for years to come.

    2) Also booked profits on your Berk Feb 74 (80%) and threw a major chunk of change at the March 75’s (190+%). I would have never known that Buffet's stock had split if it weren’t for your service. Bought the shares also for the long haul. Won’t look at them for another 20 years. Great job on getting us in before the indexes did.

    3) Took profit on your Imax March 12.5. 20 cent trailing stop at 1.90 yesterday. Not sure what the profit on that was, but profit is profit.

    I see that you took a loss on some of these. It’s all good. I look to trade your “ideas” not your exact calls. I THANK YOU! For your ideas and commentary. Keep up the good work. And keep those ideas coming. LAWRENCE O.

    Loving this subscription so far! I got into the BRK feb 76 calls the day you talked about right before the up over 300% (0.70 to 2.475)! Keep the good picks coming and let's see some OSIS and EMC upside soon! Just wanted to share my positive enthusiasm on your gives us individual investors great ideas on not only the options market, but also the broader equity market! Case in point is BRK...I can't always read the breaking business news but its easy to read your twice daily updates on my smartphone...helped me get some BRK shares immediately after the split which I will hold for the long haul! Thanks again! C.J.

    Aloha Rick - Thank you so much for the great CL pick. I am not sure if there was buy-out/merger news or what but at 3PM today Colgate-Palmolive absolutely EXPLODED to the upside, and my calls turned into green candy when they went from 1.40 to 3.8 in a matter of seconds! I even sold a few for over 4.0! Much thanks and keep the solid picks up my friend, honestly. Only a fool would scoff at 267% gains... Peace! SHAUN

    I like the fact that you ask for comments from subscribers. Good customer service. By the way, am enjoying the service so far. Some good profitable calls. Keep up the good work. MICHAEL K.

    Woo hoo! Out for 50% on WMT this am. Making up for my depression for getting out of pcln for a 30% gain monday :( you the man! any word on the manual? My friend Mike ( who I sent to your service) told me he emailed you about your integrity in reporting fills. I echo that sentiment big time.. keep it up! Cheers!
    PARAG P.

    Hi Rick, as a new member all I can say is, 'show off' LOL, with PCLN. JAY P.

    Rick, I am a new subscriber to your service, and I want to say I am impressed. I am impressed by your results, but more than that I am impressed by your reporting of your fills. You could have easily said you got that Wal-Mart call today for 80 cents, instead you reported 98 cents! Good job and keep it up, I watched the reporting of the fills first, and then I subscribed. Thank You. MIKE

    Hi, good morning. I jumped the gun a little on this one (PCLN). But still made $1,675.00 profit!! Very happy!! Keep up the good work!! Thanks. TRISH D.

    Hi there, I have joined recently, and I am very happy to tell you that I am up over $10,000 on your picks in a month. I started on 10/7 with the Intel pick. I'll be your member for life. Please don't quit on us. Also, I am learning a lot about options. I didn’t get in your recent APOL and that gold trade and only had one loss on CHK. I appreciate all the DD you do. I enjoy your market commentaries. Best advice site period, and I have tried a few here and there. Again, you guys rock! MIN L.

    Thanks be to Momentum Options Trading for providing me with some fantastic wins. I just started with this service and am up nearly 50% in less than a month. There have been losses, but if I manage them properly, I will continue the best efforts given on the blog (in which there are no complaints). What a great cause for humanity. I feel more confident about my trades and continue to play the wins. Best of all, I am now keeping my regular paychecks in the bank! Thank you! JOE G.

    Rick - I wanted to say thanks for getting me started on the right foot with your service. I have made six trades since starting on October 22, 2009. Five are winners and One loser netting me $6,245. Thanks again and keep the trade recommendations coming. GREG F.

    I got into the Nike 60 Call at 1.85, sold at 5.00, also bought a 55 put at 1.05, but got stopped out at .35. What a ride! $2830.00 in the black even with the put. It's right at 100% return. I hope earnings season coming up is going to look like this trade. NOEL

    Nice call on Nike. I think I'll go buy a pair with my profits! : ) I did the straddle for safety but still made 62% on the trade. Not bad for less than 24 hours. If Goldman is right, then the Nov 70s or 75's could be a steal today. TODD F.

    What a sweet way to get introduced to Momentum. My first trade based on your picks and it a 2X. Thank you! PAUL H.

    “Limit order was set at 1.60 on RIMM so it sold. I may have left some money on the table but you can't go broke making a profit. That was a fun trade. Thank you. Good call. I’ve been watching and trading Rick's advice since March. It’s usually a fun ride, but I give him heck when it's wrong to. :) ” NOEL

    “Your service rocks! I made bank on Dendreon last week! The other thing I have to say is that it took me quite a while to find a REAL options trading service like yours. Most of what’s out there is 99% scam and very sketchy. Momentum Options Trading is the first service I found that I can trust and seriously make money with.” CHRISTIAN

    “I made $420.00 on ANF in 2 days. Thanks for the trade and updates on getting out of the trade.” JOHN

    “I did follow a lot of your trades with 1-2 contracts per trade and YTD I’m up 108%. I try not to follow blindly by not entering all of your trades and sometimes entering the ones you don’t. I entered AIG a few weeks ago against recommendation – that one hurt.” CHARLES M.

    “I have been following you for several months and am interested in the new service. I hate to see the free service go away but as they say, “all good things must come to an end”. My ability to join will be greatly influenced by the monthly fee so I’m very curious to see the new prices. Thanks for making April a great month for me and my family.” BRYAN C.

    “I have really enjoyed the past month since finding your blog. You have made some great calls. I would appreciate info. on the new options mentoring program. Thanks.” JOHN H.

    “Hi Rick, I have been following your blog for several months now and I would like to be including on the list for your new service and to receive more information about it. And yes I was a Dendreon winner with your tips. Turned $280 into $7700, and literally saved my butt.” JEFFREY

    “I made over 6k on your Dendreon trade, and I’m very interested in learning how you pick and trade options. Sign me up.” ED

    “Rick – Wow what a day! I got in at the Dendreon calls at $2.25. Thanks to for your advice. I appreciate that. This company has a lock on this type of therapy and no one else in the world is close. Kind of reminds me of the type of companies that Peter Lynch and Warren Buffet suggest that investments be made in. Companies that can build a moat around their business model, that allows them to charge a premium for their product or service. In other words - a monopoly.” GREG

    “Hi Rick, Thank you so much for the Dendreon trade, I made almost $10,000 with that trade with a little over $2,000 investment. You have shown me the power of options trading. Again, thank you so much for all your inputs.” KEN

    “Hi Rick, thanks for the encouragement to play the dendreon calls! did freaking great! Got in the first lot at $1.44 on 3-24-09, sold at $2.45, 70% not bad. Bought it back at $2.30 on 4-7-09 closed out on 4-14-09 for 454% gain! Wow! I love it when that happens. So, thanks the encouragement to get back in when others were saying sell, sell, sell. Keep up the good work.” GARETT

    “Rick – Thanks for Dendreon – it has made all the headlines today! I missed on RIMM earlier, but I’ve been holding onto DNDN calls since 3rd week March. Of course today it all paid off today, as DNDN rocketed up.” TERENCE

    Jan. 31 2012
    Rick, new member...Studied all current trades, did some chart work,picked ZNGA, PEP, MGM...Sold on Feb. 2 for $3600.00 profit...Cost for 1-year membership to your newsletter was less than $1000.00..All I have to say..Thank you. John H –

    Rick, I purchased 10 contracts of the Nike March 85 puts Thursday afternoon for $2.00. Thing is, I was upset because the puts went down to $1.60 or so before the market closed. Well, needless to say Nike didn’t impress Wall Street and when I turned on the computer this morning the puts were worth $7.10! Sold them for a $5,100 profit!. Thanks again, you are the MAN. Chuck J-

    Hi Rick,

    I will start off with a thank you for your time and dedication to all
    the research you and your team commit yourself to. This is not me just being excited about the profits I have accumulated aka (bank) ! You have helped me get back to the passion I had of researching stocks/options. Keith N-

    Hi Rick,

    I want to share my great results on GMCR. Based on your comments on February 15th, I bought 20 options at $0.28. They closed today at $7.00, which is a 2,300% gain. My $560 dollars turned into $14,000 in less than a month. In decades of trading, this is my single best trade ever. Thank you! By the way, the Dow was down 228 points today and I could care less. What a great trade. It proves the amazing power of options. I am so grateful for your service, which calls it straight all the time, your options trading manual, and most of all, your amazing skill
    at finding winning trades. I have attached a copy of the trade from
    my brokerage screen.

    Hi Rick,

    Wow!! my account it up 70% since i joined last month and market is going the opposite direction. Really appreciate your service. I just wanted to drop a note to say THANK YOU. Hope to be with you guys for a very long time. Mel


    Great call on Fosl I bought the may 120 puts for 3.70 yesterday morning just sold for $32.00 today
    Keep up the great work
    Thank you, Henri

    Rick –

    I bought 10 Deckers Outdoor (DECK) May 55 puts at $0.50 on 4/26/12 and sold them on 4/27/12 for $1.65. I made $1150 in one day. Thanks. I knew something good would happen sooner or later.
    HOW THE HECK did you know Green Mountain Coffee (GMCR) was going to go down 20 points???!!!! I bought 10 of the May 35 puts at $0.49 and then 5 more at .30. I sold them at 5.80. Thank you again.
    You have made a believer out of me. Alan

    Rick –
    I have only been a member for about 6 weeks but I have done well on most of the trades. My first two were QQQ and SPY a month ago and since then I've gotten into the groove and been doing well.
    I try to execute the trades that you recommend as soon as you send them out, sometimes I can't and I miss the Entry price. However, sometimes when I miss the Entry, the price goes down and I get a better price.
    That's exactly what happened with GMCR.
    You recommended it at around $.81 I think, but by the time I got to it, the price was $.27. I bought 100 Puts on Wednesday May 2, 2012 and sold half of them 24 hours later at $5.95 for a nice 2,203% gain. As per your recommendation, as GMCR went above $30 I sold the remaining 50 Puts at $5.50 for a slightly less 2,037% gain.
    On average that one trade netted me a 2,120% gain, entirely based on YOUR recommendation (and a little bit of luck). To put this in real terms, I risked $2,700 on Wednesday and pocketed $54,550 just 24 hours later.
    So uhh, let's do that again real soon!!
    Feel free to use my name. The tax guys have me on speed-dial already anyway. Dennis

    That was awesome on your GMCR pick, I know how risky it can been holding into earnings but you pulled it off. 
    I just started my autotrading with you today and am in on your QQQ play. I look forward this service. 
    I have a busy career and I have tried to follow and trade throughout the day and found it too hard. I hope you continue to have a great year, I plan to go along for the ride. I am starting slow but will pile more in once I have secured some profits. 
    Keep up the good work your trading has been spot on. I am sure you paid your dues to get this point in your career. Anthony


    Great call on GMCR!  I have been trading for about 15 years actively.  This may be the best trade I ever made.  Got in on Monday, April 30 and the stock was up from when you recommended it.  It went up further after I got in.  Here are the facts:
    Monday, April 30th: Bought 15 June 37's at $1.25= $1900 approx
    Thursday, May 3rd: Sold 15 June 37's at $9.30=$13,950
    Gain for the week: $12,050.
    I understand you will not get them all right.  It’s important to ride those winners and as you could tell from my selling price, I sold when the stock went to $28.10, so left a little on the table.  Who can complain.
    Keep the suggestions coming, looking for another jump on your FSLR, one that I have been riding very hard.
    Best regards, Bob

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