Flash Update – March 6, 2020

Published on: March 6th, 2020

Markets are moving extremely fast. Another flash update from Raoul to help you navigate the storm.

Comments

  • TH
    Trina H.
    17 March 2020 @ 02:32
    Okay, novice here. Now that the price has been achieved on the S&P put, I sold it. Was that a dumb rookie mistake or right decision?
    • HM
      Harry M. | Real Vision
      20 March 2020 @ 18:22
      Vol is coming down. Seems an inspired call to me. However the question is what to do next. I hate betting on the end of the world, cos who will you collect from? On the other hand, the estimates of the GDP contraction are between 10-20% Thats pretty extreme.
  • JW
    Jim W.
    18 March 2020 @ 13:05
    I'm trying to figure out whether the eurodollar market has gone from a "definitely pricing in 0%" to "bond vigilantes might come back". What trends would you look for to exit? I've got a good profit even now, and so am reducing position, but don't have a strong feel for this particular market.
    • HM
      Harry M. | Real Vision
      20 March 2020 @ 18:21
      You would have to look way out the eurodollar curve to get a sense of that. Front eurodollars is at 55bps as I write. Fed funds is at 0-25. So there is a risk premium for unsecured libor financing. When I look down the ED curve, I see that we dont get above 1% till Sept 2025. Which, incidentally, seems extreme to me.
  • JW
    Jim W.
    18 March 2020 @ 13:05
    I'm trying to figure out whether the eurodollar market has gone from a "definitely pricing in 0%" to "bond vigilantes might come back". What trends would you look for to exit? I've got a good profit even now, and so am reducing position, but don't have a strong feel for this particular market.
  • JW
    Jim W.
    18 March 2020 @ 13:05
    I'm trying to figure out whether the eurodollar market has gone from a "definitely pricing in 0%" to "bond vigilantes might come back". What trends would you look for to exit? I've got a good profit even now, and so am reducing position, but don't have a strong feel for this particular market.
  • JF
    John F.
    9 March 2020 @ 14:53
    Epic timing indeed on HYG, coming off the heels of the amazing ED call, thanks Raoul!! I've seen your Tweets on the European banks tanking -- any recommended trades to get out ahead of that?
    • HM
      Harry M. | Real Vision
      10 March 2020 @ 19:06
      You wont be ahead of it now. But you might take the view that it has further to fall. The SX7E (an index of European banking stocks) was at 102 on Fed 17. It is now at 65.04. This is the low since 2010. But it does put into perspective just how dangerous credit is right now.
    • RP
      Raoul P. | Founder
      14 March 2020 @ 13:54
      I think the credit trade does that. Being short EU banks only exposes you to short selling bans etc... best avoided.
  • KT
    Kai T.
    11 March 2020 @ 15:02
    Will the market treat bonds as a safe haven over the next few months? (It's the 11th of March).
    • RP
      Raoul P. | Founder
      14 March 2020 @ 13:53
      for the next few weeks, yes. After that we all have to trade the psychology of huge support packages etc so we might see the narrative shift again.
  • JK
    James K.
    7 March 2020 @ 18:57
    Raul, I was wondering if you could give a little color on why you went for June expirations? Could you lay out the factors that got you there? What where you balancing there? Thanks
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:02
      I just think that the next phase - panic and economic realisation hits by June and by then there will be stimulus plans etc and a summer lull in the virus progression. So, finger in the air really. The 1929 chart helps guide me too.
    • MJ
      Matthew J.
      9 March 2020 @ 11:47
      Hi Raoul or others wiser than myself, Following on from James K., I have brought as you suggested, though was wondering if it's worth buying a variety of Puts at different Strike Prices and Expiries (risk management)? Also with regards to selling the Puts for the SPX and HYG, do you have a level you are expecting to see or a strategy in place to exit, are we talking days or weeks (I know Ray Dalio has written about a big effect but one that is short lived)? What happens if the FED does some funny business and stops some of the natural downside you see? Please don't think I'm after the Crystal Ball answer, just curious to your thinking and strategy. I'm new to this game and have been lapping up everything thats been flowing through RV for the last 6 months, thanks for the education.
    • HM
      Harry M. | Real Vision
      11 March 2020 @ 22:27
      There is a lot to be said for buying puts with different strikes and expirations. Of course there is a risk that the authorities will seek to "save" markets. In many respects its exactly what they should be trying to do. The question is whether they can succeed. I think one answer is yes, but they will need to adopt measures which are ideologically at odds with Americas self-image. That might well delay the necessary measures.
  • AS
    Arpat S.
    9 March 2020 @ 13:53
    Raoul, Great call! HYG, SPY puts bought last week are up nicely - optimal sizing not big positions. Is there enough juice left to add more today?
    • AS
      Arpat S.
      9 March 2020 @ 14:14
      Just saw your comment below that it feels right to chase.
    • HM
      Harry M. | Real Vision
      11 March 2020 @ 22:21
      At time of writing HYG is down at 80.84. I would argue it still has room to fall further. The situation in financial markets is, if anything, far worse than the superficial appearance, which is pretty bad. The situation with Covid19 in the US is also far worse, than the general understanding.
  • AA
    Andrew A.
    9 March 2020 @ 14:12
    How much of todays dramatic market move is down to the dramatic fall in the oil price and how much Covid-9? My view is that the oil price move gazumped the much anticipated market response to Covid-9 BUT the Saudi/Russia oil price war is a response to a supply and demand squeeze cause by Covid-9!
    • HM
      Harry M. | Real Vision
      11 March 2020 @ 22:18
      IMHO, Covid19 is responsible for 80% by a cumulative process of slowly undermining confidence in the growth prospects of stocks. The collapse in oil prices hurt hedge funds who were involved in oil. That would have damaged some funds ability to take risk elsewhere. Its also true that a sizable proportion of the US economy is involved in oil extraction. Not as much as in the past but a fair amount still.
  • RG
    Robert G.
    11 March 2020 @ 03:46
    Hi , I am having trouble finding the exact put options HYG and SPX could you be so kind as to leave the ISIN numbers or WKN so I can be assured they are the correct ones.
  • RG
    Robert G.
    11 March 2020 @ 03:46
    Hi , I am having trouble finding the exact put options HYG and SPX could you be so kind as to leave the ISIN numbers or WKN so I can be assured they are the correct ones.
  • RG
    Robert G.
    11 March 2020 @ 03:46
    Hi , I am having trouble finding the exact put options HYG and SPX could you be so kind as to leave the ISIN numbers or WKN so I can be assured they are the correct ones.
  • am
    alexander m.
    10 March 2020 @ 10:45
    With the VIX this high, would selling deep OTM calls be a good strategy here?
    • HM
      Harry M. | Real Vision
      10 March 2020 @ 19:03
      If you can find a "tail" of the distribution you are happy to sell then yes. At least more so than before. One thing high vol does do is it makes strategies like spreads or ladders more attractive. I might be tempted to sell a call ladder on the S&P or a call spread. The latter has limited downside. However I would be quite nervous to sell a put ladder on the S&P. I can see how things might work out much worse than many expect.
  • SN
    SAT N.
    10 March 2020 @ 16:31
    What and how soon should we expect from fed and government stimulus? How big of a risk that is to our short positions (HYG and ES)? Can they skip deflation and go right into inflation?
    • HM
      Harry M. | Real Vision
      10 March 2020 @ 18:59
      Forgive me for answering for Raoul, but I really don't think so. So lets just assume we have a significant infection rate in the US. The policy response would need to offset a serious slowdown in Main Street. But definitionally, that (social distancing) is precisely what will be required to slow the transmission of the virus. It may not be obvious in the first few weeks, but many businesses will eventually lose a certain amount of revenue because of social distancing. Its unlikely that government can fully compensate for it. That implies an inevitable degree of credit deterioration. Fed stimulus wont fix it cos they cant get money to Main Street. Government stim will only partially compensate (at best) and probably requires some degree of bipartisan cooperation. How soon can this happen? Well, the announcement can be very rapid. But implementation will be much slower and much more uncertain. The President has already mentioned a possible payroll tax which is already being played down by his staff. Expect more of the same. Getting new stuff done is hard in Washington cos of the coming elections. If you ask me, there is probably a stealth run on credit already underway. It might explain some of the pressure on money markets that is being reported.
  • JS
    J S.
    6 March 2020 @ 14:55
    SPX Puts are so expensive, still buy @ 40% vol?
    • KG
      Kos G.
      6 March 2020 @ 17:47
      *If you assume that volatility is going down soon. But what if it stays there for a month or two? What if this price elevation is a new norm?
    • RP
      Raoul P. | Founder
      6 March 2020 @ 20:12
      You have to pay to play in a market like this...
    • HM
      Harry M. | Real Vision
      9 March 2020 @ 18:21
      40% vol implies about 2.5% move per day. That has been markedly less than the markets actual moves. Agreed its a lot in the broader context.
  • MM
    Michael M.
    7 March 2020 @ 02:18
    Raoul or Harry - I observed the 2000 and 2008 end of the business cycle. One think that was consistent was small to medium size companies with alot of debt would start to grind lower daily along with the overvalued tech names before the Fed started cutting. For whatever reason this time with a recession imminent they seem agnostic to the market drops, one in particular is an Apple supplier and has actually gone up almost 20% since last Friday and still near its high. A lot of these stocks behave differently before a recession and I cant seem to make sense of it. Another example was a pool distributor that is trading with a rich PE, a huge debt load and it went up 12% since last Friday and is almost unchanged from the peak. Thoughts? Some of these companies are part of the Russell and Nasdaq and nothing phases them. You would think these companies would be the first to be sold with a recession looming.
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:06
      Im too macro to be very well placed to answer this Im afraid.
    • HM
      Harry M. | Real Vision
      9 March 2020 @ 18:17
      Yes. Im very bearish smaller companies in the US because there is no mechanism to funnel money or assistance to them like in Japan. I would keep an eye on BIZD, as an index of credit performance in the space. Its not something I would short cos a) Its moving. b) its very high carry, but maybe I am too conservative. Its definitely one of the epicenters of credit deterioration. I suspect these companies are relatively tightly held and dont have a lot of speculative interest, which is why they are not breaking down as quick. That and you cant sensibly short them.
  • DD
    Donal D.
    7 March 2020 @ 09:28
    Hi I was wondering if anyone else has seeen the following. I put on the HYG PUT position as suggested by Raoul using my broker Schwab in Hong Kong. I then got an email the following day saying that these shares have been classified as hard to borrow ( see below) Has anyone else seen this or have any idea of what they type of fees that may be involved Thanks for any input or advice. Donal. Shares underlying option position are hard-to-borrow. If the option position(s) in the security(ies) shown below results in a short position(s) through option assignment or exercise, a stock borrow fee may be charged because the underlying shares are currently classified as hard-to-borrow. When a stock borrow fee will not be charged A stock borrow fee will not be charged when option assignment or exercise does not result in a short position, such as with a covered call strategy or if the option is held in an IRA or cash account. Also, if a short position is created and the stock is reclassified as easy-to-borrow before assignment or exercise, a fee will not be charged. Ticker/CUSIP: Security Description: HYG 07/17/2020 75.00 P ISHARES IBOXX HIGH YIELD
    • JS
      Jim S.
      7 March 2020 @ 14:26
      I put them on on Thursday but at 85, didn’t have a problem with it though. There might not be a lot on open interest at 75... I don’t think that HYG has been below 75 for at least the past 3 years
    • MP
      Mate P.
      7 March 2020 @ 14:43
      Unlucky... Try IB, I Had No problems putting it on.
    • LM
      Lawrence M.
      7 March 2020 @ 18:09
      Merrill gives me a similar message, on occasion, so I use my interactive brokers account when it pops up. I called Merrill, they said it fluctuates and occurs when they don’t have sufficient volume. I suggest calling your broker, they’ll help you.
    • lD
      lance D.
      7 March 2020 @ 19:08
      could try sjb i was told the hyg was unborrowable so bought sjb
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:04
      Try JNK too. It means that many hedge funds have the same idea and are trying to short the stock. Option market makers need to borrow the stock to hedge against you buying the puts..
    • HM
      Harry M. | Real Vision
      9 March 2020 @ 17:58
      You wont have an issue with a long put position unless you keep the short beyond exercise. The market maker who sold you the put might have a problem, although one would hope he works for the firm who sponsored the ETF, which would mean he would have no problem running a short hedge.
  • BS
    Bevyn S.
    9 March 2020 @ 13:33
    Epic timing with those HYG puts Raoul!!!
  • RP
    Raoul P. | Founder
    8 March 2020 @ 12:42
    All - This oil news is massively bearish US credit. The shale guys are going to blow up and the credit markets are already shutting down. If you aren't short HYG or JNK, you need to act pretty fast. Also, I do not see how the equity market holds up with this going on too. This is as dangerous a situation as Ive ever seen... ever.
    • IB
      Ivan B.
      9 March 2020 @ 10:35
      Raoul, with the market in limit down soon after opening, do you chase shorting opportunities in S&P 500 Futures or you wait for things to settle down a bit? It feels like the right thing to chase...
    • RP
      Raoul P. | Founder
      9 March 2020 @ 11:14
      Ivan - It feels right to chase...agreed.
  • DD
    Douglas D.
    9 March 2020 @ 02:25
    I am heavy in the precious metals miners. Should I be concerned that even as gold and silver move up the precious metals miners are engulfed in the sell-off;. and second peripheral question - will the large cap miners hold up better than the small? You expressed some doubt about gold - hence my question.
    • RP
      Raoul P. | Founder
      9 March 2020 @ 11:14
      Im afraid i just don't know... its to ugly a market to be long ny equities at all I think.
  • BS
    Bernd S.
    6 March 2020 @ 15:46
    New to macro, love the advice though based on such clear analysis. Two questions: HYG: Any thoughts on allocation? Made the rec'd trade, but only with a 1% allocation. For reference: Made the previous ED trade with 3%. SPX: Trader Work Station says "Floor Trading only". Doing something wrong or is this nothing for amateurs like me?
    • AM
      Aengus M.
      6 March 2020 @ 17:10
      Try SPY for etf, or ES for futures on IB
    • JL
      J L.
      6 March 2020 @ 17:15
      SPY options are the most liquid, I play ES mostly as not allowed to trade SPY underlying either long or short as European retail (but we can go short a naked option total bonkers)
    • HM
      Harry M. | Real Vision
      6 March 2020 @ 21:27
      One point I would make is to consider best and worst case analysis. Imagine if HVG reverts to its pre-CV19 level. How much would you lose? Is that loss one you are prepared to accept? If it is then fine. If it isnt then adjust the position till you can accept the worst case loss. Bear in mind there are no absolute answers.
    • BS
      Bernd S.
      9 March 2020 @ 09:51
      Thanks gents, really appreciate your input, was very helpful. I feel it's almost late for the SPX/SPY trade, but I went ahead and created a limit order for SPY and ES options.
  • JS
    J S.
    9 March 2020 @ 02:38
    What do you think of the short 3x leveraged etfs (eg SPXU etc)?
  • JF
    John F.
    8 March 2020 @ 19:29
    Raoul, given fast moving dynamics, I may want to jump in and sell e-mini S&P futures when the market opens tonight 6 pm ET. I wasn't sure if you were recommending to sell S&P futures front month or the June expiration. Spread on the June expiration is 50 points so not very liquid... Any clarification would be greatly appreciated.
    • JF
      John F.
      8 March 2020 @ 22:24
      Bid/ask spread on ES June closed up as soon as market opened so please ignore my novice question...
  • JS
    Jim S.
    7 March 2020 @ 14:31
    Anyone have an idea on how to play this idea.... if the Fed starts buying equities. Rosengren Says Fed Should Consider a Wider Range of Assets https://www.bloomberg.com/news/articles/2020-03-06/rosengren-says-fed-should-be-able-to-buy-a-wider-range-of-assets
    • IB
      Ivan B.
      8 March 2020 @ 14:18
      I got the similar message when I tried to add to my short JNK position on Friday. I trade with Schwab too. Not sure if this trade might be too crowded already. Is shorting individual stocks from JNK list which are most probably will be downgraded is another way to play it?
    • IB
      Ivan B.
      8 March 2020 @ 14:19
      Sorry this was supposed to be for the comment below
  • FT
    Fabian T.
    7 March 2020 @ 14:39
    Hi Raoul, thank for the great work. I was short 2y US futures and switched on Monday into a 2y10y steepener trade, as I was thinking of a potential short term reversal in 2y yields after that hard move and felt "more comfortable" in the spread trade. I now think, if the market starts to price in a real doom scenario, the spread might not work and even the 10y yield might ultimately go to zero (2y yield to zero is my assumption anyway). Any views on the steepener trade are highly appreciated. Thanks.
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:03
      Im struggling with it in the same way you are. You can't have a steeper curve without negative rates. If that is the case just buy 100 strike Eurodollar options. They are priced for a speculative bet but its highly speculative...
    • CH
      Corey H.
      8 March 2020 @ 05:21
      Chiming in from S.E. Asia. Agree re Fabian's point above; however, I keep coming back to the conclusion that all roads should lead to EDZ 100. Reason being--as Raoul put it, "the reaction function of policy makers". This is the first time since 1918 flu (when no traders in NYC/CHI, etc. nor policy makers were alive) where the US faces a structural and systemic shock--pandemic. We "Americans" do have great individual doctors/ labs (CDC)/ specialists, etc. but we do not have a great cohesive system. Historically, during Ebloa, Lassa fever, SARS, MERS, etc. our great doctors (and traders from afar) could fly-in assist the locals and fly out. Thus, we could be specialists for the discrete problem--we never had to deal w/ the large scale infrastructure and gov. policy response part of the equation. Fast forward to today --we have the specialists, but the rest of the necessary parts have "never actually played on the field" so to speak and I think this is what is playing out. Couple this w/ the first time that any financial professionals sitting in NYC/ CHI/BOS/SF/LA etc. will have to grapple with "their" mom, dad, wife, son, daughter, etc being subject to some exotic virus and walking out of their own home/flat/condo--into a martial law scenario---I think the market is nowhere near pricing in the hit to the "psyche"/reaction function of the people on the ground because this is the first time---in a long time--that the American people are the "people" on the ground.
    • RP
      Raoul P. | Founder
      8 March 2020 @ 12:41
      Corey - I agree. But I think there is a lot of juice in HYG and SPX puts too.
  • IB
    Ian B.
    8 March 2020 @ 07:22
    S&P Puts with this vol is a bit aggressive... Don't you think?
    • RP
      Raoul P. | Founder
      8 March 2020 @ 12:40
      They are cheap if the move I expect comes - or just sell futures..
  • JS
    Jim S.
    6 March 2020 @ 20:02
    Hey Raoul, Thanks for the update. Just wondering if you think that TLT is cooked... I thought it is was getting close at 158, but today has been insane.
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:07
      Who the hell knows! It is a different world that none of us has death with before...
  • JF
    John F.
    6 March 2020 @ 23:37
    Raoul or Harry, a couple questions on the trade recommendations: Sell S&P Futures Buy SPX June 2600 Puts Is that an either/or? Are they not more or less the same trade (assuming you mean S&P Futures June 2600 contract)? Also, re Sell S&P Futures, would buying e-mini S&P futures put options June 2600 be an equivalent trade? Thanks in advance.
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:07
      Both, or either or. Im showing here that I have high conviction.
  • JC
    Justin C.
    6 March 2020 @ 23:55
    Raoul - Do you have a preference for $HYG over $JNK? Thanks you again for your prescient calls on what is playing out here. I hope you and your family remain safe.
    • JC
      Justin C.
      6 March 2020 @ 23:55
      Sorry, saw the same question answered below. Cheers!
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:06
      Nope or IG CDS if you are institutional...that should work too.
  • J
    Jim .
    7 March 2020 @ 02:37
    Thanks Raoul, quick question the Fed is clearly panicking with Rosengren (who dissented twice last year due to financial stability concerns) now calling for the Federal Reserve Act to be amended to allow the Fed to buy other assets (equities, high yield and corporate bonds) besides USTs and MBS. This is with IG OAS at +128 bps and +494 bps both (below their L/T averages). This is insane. How much downside to IG and HY do you see before the Fed starts buying everything in the “Everything Bubble” of the Fed’s creation. Thanks!!!
    • J
      Jim .
      7 March 2020 @ 03:39
      HY OAS +494 bps (apologies)
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:05
      Good question. I think IG gets to 250 before the Fed has to panic in. They might do it via injecting money into state pension plans.
  • PM
    Philip M.
    7 March 2020 @ 02:40
    Correct to assume point 27 on the previous Domed House chart is the ideal entry point for these recommendations, i.e. the next lower high (should it come)?
    • PM
      Philip M.
      7 March 2020 @ 02:45
      Or is point 27 where we are currently on the adjacent crash pattern chart?
    • RP
      Raoul P. | Founder
      7 March 2020 @ 22:04
      We are there... the is the crash point if it plays out
  • MW
    Marco W.
    7 March 2020 @ 07:03
    Just stick my neck out under this volatile environment. This is from John Hussman “Containment includes any and all forms of reduced contact and transmission. Many of these are everyday actions that need not grind society to a halt, but they should be taken seriously. If there’s a node of local cases, reduce your exposure to crowds, and avoid groups if you’re feeling under-the-weather". While I expect containment to be implemented, like it or not (as in Italy), I don't expect the society ground to a halt due to this particular virus. Better avoid any excitement to chase momentum.
    • KG
      Kos G.
      7 March 2020 @ 12:49
      BTW!!!! I would love to see John Hussman on Real Vision!
  • JV
    Jared V.
    7 March 2020 @ 06:13
    Raoul and the RV Team, Thanks so much for your recent updates. When 2008-2009 came, I was just entering the job market really and so while I knew things were bad, I didn't know what to do in the situation or even what to do after. Lots of opportunities missed and I promised myself that next time history rhymed with itself, I'd be ready. Thanks to you and others, I feel like I'm ready. Still, I'm learning the ropes, so I have a question. While I've traded futures for a couple of years now, I've always traded the front months since those are typically the most liquid. In this situation, is it okay to sell futures dated further out or should I continue trading in the front months and just roll forward as the next months come along? Thanks for your advice.
  • jy
    jingdong y.
    7 March 2020 @ 03:03
    First off, thank you Raoul. ED call is amazing. I am new to macro and trading, have been addicted since RV journey, using both gmi and hedgeye to risk manage. ED futures options are extremely liquid so i was comfortable piling in big in terms of position size. options pricing was easy to understand with regards to rates. QN: but i am confused to pricing of options with regards to spx/ equity/ etf shorts im looking to try/ as put options premiums/timing premium is all confusing to me. QN: any advise on books/videos on options pricing and strategy? thx for all the work.
  • TH
    Tom H.
    6 March 2020 @ 14:04
    It is working for me.. Thanks for the update Raoul. I have taken profits on most of my Eurodollar trades (December 2020 99 Calls and December 2021 98.375 Calls) however still have some remaining. Is it worth closing those trades completely and rolling the additional capital into the SPX and HYG June Puts to make those positions larger?
    • RP
      Raoul P. | Founder
      6 March 2020 @ 20:13
      Its tricky to know, just do what you are comfortable with but the bigger Risk reward is being short equities and credit right now...
    • HM
      Harry M. | Real Vision
      6 March 2020 @ 21:25
      I cant comment on risk management. I can tell you that there are a substantial number of rate cuts priced into the ED curve. Bear in mind that there are scenarios where the policy response is shockingly big (zero rates) which rescues markets like HYG, at least in the short term. https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html
    • JC
      Justin C.
      6 March 2020 @ 23:57
      I still like calls on treasuries on bounces - I made a killing doing that this week. That said, RP is right that equities have not even reacted to this bond moves, so there’s a lot of upside in that short trade.
  • KG
    Kos G.
    6 March 2020 @ 16:49
    Question to everyone! (but also to Raoul and Julian) Both Raoul and Julian suggest HYG, but not JNK. Why?
    • RP
      Raoul P. | Founder
      6 March 2020 @ 20:11
      Im indifferent. I just chose HYG...
  • MR
    Milton R. | Founder
    6 March 2020 @ 14:28
    https://drive.google.com/file/d/1gApQuLCsvQba46coCW6h-SBvN0yzaWoh/view?usp Sorry folks please use this to view.
    • SA
      Saad A.
      6 March 2020 @ 15:01
      Thank you
  • dm
    daryl m.
    6 March 2020 @ 14:22
    The old format would be much appreciated so we can download and print these articles.
  • MR
    Milton R. | Founder
    6 March 2020 @ 14:03
    https://drive.google.com/file/d/1gApQuLCsvQba46coCW6h-SBvN0yzaWoh/view?usp=sharing Sorry folks, issue will be fixed next week.