From: jeffrey E. <[email protected]> Sent: Monday, June 25, 2018 5:56 PM To: Paul Barrett Cc: Richard Kahn Subject: Re: New Idea for your approval and take small postions for the spy . s On Mon, Jun 25, 2018 at 7:=9 PM, Paul Barrett <[email protected] <mailto:paul@alphagroup=apital.com» wr=te: Jeffrey, New Trade Idea: SPX down 1.50% today on tariff fears= I recommend buying a position in each of the following: • Jul 280 SPY calls for $0.40 • Aug 280 SPY calls for $1.44 • Implied vol at 10%. • Tariff related sell-offs have offered good trading op=ortunities. The risk around retaliation is growing but if we can buy these=calls with a 10% implied vol, I think these could work very well at the first sign of any reconciliatory comments from Washington= I would look to trade out of these if we get a bounce back to 2750 on SPX=this week. If we don't get the bounce by Friday I would sell.</=> Also to further clean up the portfolio I would recom=end the following over the coming days: 1. Sell BUD. It is a small position with too much reli=nce on EM to make a meaningful impact right now. 2. Sell BAC. Also a very small position. Would rather re-allo=ate to KRE (regional bank exposure). 3. MSFT, AVGO and Equinix — part of the data center theme. I thin= this theme has legs but MSFT and EQIX positions too small. Sell those.=/u> 4. JD.Com - sell if it drops below $38= It is the Amazon of China. However it cannot seem to break higher due to =argin concerns. Currently at $39.43. Paul EFTA_R1_01722385 EFTA02561081