Yesterday, Mitch McConnell told Scott Jennings (CNN — and a former SSG guest) that Senate Republicans were going to knuckle-up and oppose Xavier Becerra’s nomination for Secretary of Health and Human Services. And to be honest, being a Biden appointee on the Senate Majority Leader’s naughty list is a lot like being an ISIS terrorist and being on the CIA’s kill list: it is just not a good thing, no matter how you look at it. So with that in mind, I got a major chubby for this market today (at the time, priced at 85c YES).
…And I started thinking that changing my position (YES on Becerra @ 75 cents) to a NO (15c) could be a great idea, since there would be plenty of opportunities for traders to panic and sell their shares for possible 18, 19, or 20 cents throughout the confirmation process.
But it’s a risky move, so I called Pratik to ask him what he thought. Here’s our conversation, and my official resolution.