Tag Archives: Options Strategy
Tarnished Goldman
January 24, 2023
Dear [[firstname]],
Here is your Option Trade of the Week, as given to our Terry’s Tips Insider Members as part of the Saturday Report. With earnings season underway, we’re back to our typical earnings plays with a return to the bearish side.
Before getting to the trade, there’s still time to jump on our huge discount offer to join Terry’s Tips as an Insider Member that lets you trade up to four portfolios. These portfolios use our proprietary 10K Strategy, which has generated average annual gains of 60% for the past five years in actual brokerage accounts (including all commissions). In 2022, our portfolios beat their underlying stock performance by an average of 22%.
We’re still running a special new-year sale that saves you more than 50% on a monthly subscription to Terry’s Tips. For just $98, you’ll get:
- A month of all trade alerts in our four portfolios, giving detailed instructions for entering and exiting positions.
- Four to five (depending on the month) weekly issues of our Saturday Report, which shows all the trades and positions for our four portfolios, a discussion of the week’s trading activity and early access to our Option Trade of the Week.
- Instructions on how to execute the 10K Strategy on your own.
- A 14-day options tutorial on the opportunities and risks of trading options.
- Our updated 10K Strategy white paper, a thorough discussion of the strategy basics and tactics.
- Full-member access to all our premium special reports that can make you a wiser and more profitable options trader.
To become a Terry’s Tips Insider Member, just Click Here, select Sign Up Now and use Coupon Code D21M to start a monthly subscription to Terry’s Tips for half off. You can cancel after a month but, of course, still keep all the valuable reports.
We look forward to having you join us in 2023! Now on to the trade …
Tarnished Goldman
With earnings season now underway, we can focus on companies that have recently reported. Though the docket was sparse this past week, there were a few juicy names to choose from. One was Goldman Sachs (GS), which reported a miserable quarter before the week’s trading began on Tuesday.
Earnings plunged 66% from a year earlier on slower corporate dealmaking and 48% lower investment banking fees. Earnings per share came in at $3.32, far below the expected $5.56. FactSet noted it was the bank’s largest miss in years. Revenue also dropped and missed estimates.
The stock reacted by falling 6.4% on Tuesday, its second-largest one-day, post-earnings decline since April 2009. The week didn’t get any better for GS, as reports came in on Friday that the Federal Reserve is investigating whether the bank had the appropriate safeguards in its consumer business. The stock fell 2.5% on a day when stocks were higher.
The stock’s 8.6% plummet last week pulled it below its 20-day and 50-day moving averages. The 50-day is rolling over into a decline for the first time in three months, while the 20-day appears poised to head lower as well. We are going with a bearish call spread, with the short call strike sitting between the 20-day (blue line) and 50-day (red line) trendlines. However, given the 50-day’s current path, it should fall below this strike and serve as a second potential point of resistance to keep the spread out of the money.
If you agree that GS will continue to struggle, consider the following trade that relies on the stock staying below $360 (green line) through expiration in 6 weeks:
Buy to Open the GS 3 Mar 365 call (GS230303C365)
Sell to Open the GS 3 Mar 360 call (GS230303C360) for a credit of $1.25 (selling a vertical)
This credit is $0.05 less than the mid-point price of the spread at Friday’s $341.84 close. Unless GS falls quickly, you should be able to get close to that price. The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $123.70. This trade reduces your buying power by $500, making your net investment $376.30 per spread ($500 – $123.70). If GS closes below $360 on Mar. 3, both options will expire worthless and your return on the spread would be 33% ($123.70/$376.30).
Any questions? Email Terry@terrystips.com
Testimonial of the Week
I have been a subscriber for about a year. I autotrade in 2 different accounts, all your strategies. I read everything you write on Saturdays. I love your happiness thoughts and everything else. I usually do not communicate at all but I had to tell you how well my accounts with you are doing compared to everything else. You are awesome. Keep up the good work. Thank you.
~ Maya
Any questions? Email Terry@terrystips.com.
Thank you again for being a part of the Terry’s Tips newsletter.
Happy trading,
Terry
Trade of the Week – Attention Shoppers
January 9, 2023
Dear [[firstname]],
Here is your Option Trade of the Week, generated by our trading team, for your consideration. We’re going with another ETF this week, but this time back on the bearish side.
Before getting to the trade, there’s still time to jump on our huge discount offer to join Terry’s Tips as an Insider Member that lets you trade up to four portfolios. These portfolios use our proprietary 10K Strategy, which has generated average annual gains of 60% for the past five years in actual brokerage accounts (including all commissions). In 2022, our portfolios beat their underlying stock performance by an average of 22%.
We’re still running a special new-year sale that saves you more than 50% on a monthly subscription to Terry’s Tips. For just $98, you’ll get:
- A month of all trade alerts in our four portfolios, giving detailed instructions for entering and exiting positions.
- Four to five (depending on the month) weekly issues of our Saturday Report, which shows all the trades and positions for our four portfolios, a discussion of the week’s trading activity and early access to our Option Trade of the Week.
- Instructions on how to execute the 10K Strategy on your own.
- A 14-day options tutorial on the opportunities and risks of trading options.
- Our updated 10K Strategy white paper, a thorough discussion of the strategy basics and tactics.
- Full-member access to all our premium special reports that can make you a wiser and more profitable options trader.
To become a Terry’s Tips Insider Member, just Click Here, select Sign Up Now and use Coupon Code D21M to start a monthly subscription to Terry’s Tips for half off. You can cancel after a month but, of course, still keep all the valuable reports.
We look forward to having you join us in 2023! Now on to the trade …
Attention Shoppers
With earnings reports non-existent, we’re sticking with ETFs again this week, this time on the bearish side with the retail sector. The SPDR S&P Retail ETF (XRT) is a broad-based, equal-weighted index of around 100 retail stocks. No stock is worth more than 1.5% of the portfolio and the top 10 holdings are littered with small niche names, some of which I’ve frankly never heard of (Sally Beauty, Franchise Group, Leslie’s). Amazon and Costco, on the other hand, make up a mere 2.2% combined.
XRT had a rough 2022, losing about a third of its value. That puts it on par with tech stocks, which it is not, and trailing the broader market. Should we expect a rebound in 2023? I won’t hazard a guess. But we know the Fed will continue to raise rates to tame inflation. Many expect some sort of recession. The outlook appears muddy at best and bearish at worst.
XRT has staged a mini-rally to start 2023, gaining 3.8% in the first week. But the ETF is now bumping into its 50-day moving average. However, the 50-day hasn’t provided much resistance or support for the past several months. Of greater concern is the overhead 200-day moving average, which has been declining for more than a year. This trendline marked a top in August and kept XRT in check in November, allowing just two daily closes above it.
This bearish trade is a play on XRT once again faltering at the 200-day, which sits 3.7% above the Friday closing price. Note that the short call strike of our spread (red line) sits above the 200-day (blue line), meaning this resistance will need to be broken to move the spread into the money. Options traders have a similar outlook, pricing puts higher than equidistant out-of-the-money calls.
If you agree that XRT will fail to overtake the 200-day, consider the following trade that relies on the ETF staying below $66 through expiration in 6 weeks:
Buy to Open the XRT 17 Feb 69 call (XRT230217C69)
Sell to Open the XRT 17 Feb 66 call (XRT230217C66) for a credit of $0.85 (selling a vertical)
This credit is $0.05 less than the mid-point price of the spread at Monday’s $62.46 close. Unless XRT drops quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $83.70. This trade reduces your buying power by $300, making your net investment $216.30 per spread ($300 – $83.70). If XRT closes below $66 on Feb. 17, both options will expire worthless and your return on the spread would be 39% ($83.70/$216.30).
Testimonial of the Week
I have been a subscriber for about a year. I autotrade in 2 different accounts, all your strategies. I read everything you write on Saturdays. I love your happiness thoughts and everything else. I usually do not communicate at all but I had to tell you how well my accounts with you are doing compared to everything else. You are awesome. Keep up the good work. Thank you. ~ Maya
Thank you again for being a part of the Terry’s Tips newsletter. Any questions? Email Terry@terrystips.com
Happy trading,
Terry
Option Trade of the Week: A Put (Spread) of Gold
January 3, 2023
Happy New Year!
Today we bring you our Option Trade of the Week, an idea generated by our trading team, for your consideration. We’re going in a slightly different direction this week, playing an ETF that easily outperformed the market in 2022.
Before getting to the trade, I want to remind you that our proprietary 10K Strategy has generated average annual gains of 60% for the past five years in actual brokerage accounts (including all commissions) carried out for our subscribers. In 2022, our portfolios beat their underlying stock performance by an average of 22%.
And now, for our Option Trade of the Week subscribers only, we’re running a special new-year sale that saves you more than 50% on a monthly subscription to Terry’s Tips premium service. For just $98, you’ll get:
- A month of all trade alerts in our four portfolios, giving detailed instructions for entering and exiting positions.
- Four to five (depending on the month) weekly issues of our Saturday Report, which shows all the trades and positions for our four portfolios, a discussion of the week’s trading activity and early access to our Option Trade of the Week.
- Instructions on how to execute the 10K Strategy on your own.
- A 14-day options tutorial on the opportunities and risks of trading options.
- Our updated 10K Strategy white paper, a thorough discussion of the strategy basics and tactics.
- Full-member access to all our premium special reports that can make you a wiser and more profitable options trader.
To become a Terry’s Tips Insider Member, just Click Here, select Sign Up Now and use Coupon Code D21M to start a monthly subscription to Terry’s Tips for half off. You can cancel after a month but of course still keep all the valuable reports.
We look forward to having you join us in 2023! Now on to the trade …
A Put (Spread) of Gold
With no earnings reports to trade in the past week, we turn more macroeconomic with a bullish play on gold. And the easiest way to play gold is to trade the SPDR Gold Trust ETF (GLD), which, according to ETF.com, “tracks the gold spot price … using gold bars held in London vaults.” It doesn’t get much more straightforward than that.
The World Gold Council – admittedly a biased source – projected a “stable but positive performance for gold” in 2023. However, their annual outlook cited “an unusually high level of uncertainty surrounding consensus expectations for 2023.” The report cited the greater likelihood of a severe downturn or mild recession for the global economy, which would be good for gold, versus the downward pressure from a soft landing.
On the charts, GLD had a flat 2022 (technically down 0.8%), which is far better than any stock index. After hitting a 2-1/2-year low in early November, the ETF has gained more than 12%. The rally has ridden the support of the 20-day moving average, which hasn’t allowed a single daily close below it since the uptrend began. Note that the short put strike of our bullish put spread is sitting just below the 20-day.
While the Gold Council may be hedging its bullish bets, options players clearly are not. Looking at option prices in the 17 Feb series, calls are priced significantly higher than equally out-of-the-money puts. In fact, the 175 call is priced 50% higher than the 164 put. I like seeing where traders are putting their money rather than what they say on TV. And this tells me that options traders see substantially more risk to the upside.
This trade is based on GLD’s rally continuing along the 20-day moving average (blue line) for at least the next couple of months. If you agree that there’s more upside for GLD, consider the following trade that relies on the ETF staying above $167 (red line) through expiration in 7 weeks:
Buy to Open the GLD 17 Feb 165 put (GLD230217P165)
Sell to Open the GLD 17 Feb 167 put (GLD230217P167) for a credit of $0.60 (selling a vertical)
This credit is $0.02 less than the mid-point price of the spread at Friday’s $169.64 close. Unless GLD surges quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $58.70. This trade reduces your buying power by $200, making your net investment $141.30 per spread ($200 – $58.70). If GLD closes above $167 on Feb. 17, both options will expire worthless and your return on the spread would be 42% ($58.70/$141.30)
It’s in the Genes
December 20, 2022
Moderna (MRNA), the company of COVID vaccine fame, announced this week that a cancer vaccine, in combination with a Merck (MRK) drug, showed positive results in a trial on melanoma patients. The stock jumped 20% on the news but then pulled back amid the overall market swoon.
Oddly, the stock received a downgrade and a target price increase from the same analyst after the news. I guess he wants to cover his bets. But that reflects the opinion of the greater analyst community, where only half the recommendations are a buy or better. Moreover, the average target price is just $210, which is a mere 8.6% above Friday’s close. That’s closer than most stocks, meaning analysts will likely not hit the stock with damaging target price decreases to compensate for not lowering their target throughout the bear market. In other words, the target price is perfectly reasonable, unlike most stocks.
On the chart, MRNA had been trading sideways for a month amid an intermediate-term uptrend that pulled the shares 50% higher. But the big pop this week shot the stock up to its highest level since January. In addition, the shares pulled away from their rising 20-day moving average, a trendline the stock had been clinging to.
This trade is based on MRNA continuing to gain on the heels of its trial report. This is consistent with the options market, where out-of-the-money (OTM) calls are more expensive than equally OTM puts. Note also that the 20-day (blue line) sits above the strike of our spread’s short put at $175 (red line). If you agree that MRNA will continue its rally – or at least remain atop the 20-day – consider the following trade that relies on the stock staying above $175 through expiration in five weeks:
Buy to Open the MRNA 20 Jan 170 put (MRNA230120P170)
Sell to Open the MRNA 20 Jan 175 put (MRNA230120P175) for a credit of $1.35 (selling a vertical)
This credit is $0.02 less than the mid-point price of the spread at Friday’s $193.29 close. Unless MRNA surges quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $133.70. This trade reduces your buying power by $500, making your net investment $366.30 per spread ($500 – $133.70). If MRNA closes above $175 on Jan. 20, both options will expire worthless and your return on the spread would be 37% ($133.70/$366.30).
Market Like Mongo
December 12, 2022
Market Like Mongo
Database platform provider MongoDB (MDB) reported earnings after the close on Tuesday that topped estimates on all accounts. Adjusted earnings were up sharply from a year earlier, and easily topped the analyst estimate. Revenue was up nearly 50% from a year ago and beat expectations by nearly 10%. And for good measure, the company raised guidance for Q4 and fiscal 2023, with both metrics beating the consensus analyst forecast.
Despite hitting the trifecta on beating estimates, analysts were mixed in their response. The stock received one upgrade, but target price changes were both up and down. But that’s been the pattern with most stocks, as analysts are finally lowering their ridiculously high targets after stocks have slumped this year. Even so, MDB’s average target price is $273, 42% above Friday’s close. Analysts have some work to do before the target price can be taken seriously.
On the chart, MDB dropped 76% from its December 2021 high before rallying 42% in just the past month. Most of the strength came after earnings, when the stock soared as much as 29% the day after earnings. That was MDB’s largest post-earnings maximum move in its brief five-year history. The price spike also pulled the stock above its now-rising 20-day moving average and flattening 50-day moving average.
This trade is based on MDB continuing its rally on the heels of a strong earnings report, or at least staying above the 50-day moving average (blue line). Note that the short put strike of our spread (red line) is below the 50-day. If you agree that MDB will remain atop the 50-day, consider the following trade that relies on the stock staying above $170 through expiration in six weeks:
Buy to Open the MDB 20 Jan 165 put (MDB230120P165)
Sell to Open the MDB 20 Jan 170 put (MDB230120P170) for a credit of $1.40 (selling a vertical)
This credit is $0.05 less than the mid-point price of the spread at Friday’s $191.75 close. Unless MDB surges quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $138.70. This trade reduces your buying power by $500, making your net investment $361.30 per spread ($500 – $138.70). If MDB closes above $170 on Jan. 20, both options will expire worthless and your return on the spread would be 38% ($138.70/$361.30).
ULTA is More than Skin Deep
December 5, 2022
Ulta Beauty (ULTA) reported impressive earnings on Thursday after the bell that beat estimates on all counts. Earnings came in more than a dollar higher than expectations, while revenue beat by more than 4%. Same-store sales came in a whopping 60% above the analyst number. Moreover, ULTA raised full-year guidance for both earnings and sales. Significantly, the common complaints of supply chain constraints and slower consumer spending were absent from ULTA’s report and follow-up call.
Analysts cheered the news, hitting the stock with several target price increases, though there were no rating upgrades. Even so, the consensus price target is just a mere 4% above ULTA’s Friday close, while more than half the covering analysts rate the stock a hold. This suggests that future upgrades and target increases are possible, which could give the stock a boost.
Despite the solid report, ULTA was flat on Friday. Perhaps this is because the stock is on an impressive 26% rally since late October. In fact, ULTA hit an all-time high on Friday. This rally has been tracked by the 20-day moving average, although the trendline has not been tested for the past month. We are going with a safer trade this week, going further out of the money than usual with the short strike that is sitting right on the 20-day, as shown in the chart.
This trade is based on ULTA continuing its rally on the heels of a strong earnings report. That said, we are giving the stock about 7% of downside room before the spread moves into the money. If you agree that ULTA will continue its rally – or at least remain atop the 20-day (blue line) – consider the following trade that relies on the stock staying above $440 (red line) through expiration in seven weeks:
Buy to Open the ULTA 20 Jan 435 put (ULTA230120P435)
Sell to Open the ULTA 20 Jan 440 put (ULTA230120P440) for a credit of $1.00 (selling a vertical)
This credit is $0.05 less than the mid-point price of the spread at Friday’s $471.33 close. Unless ULTA surges quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $98.70. This trade reduces your buying power by $500, making your net investment $401.30 per spread ($500 – $98.70). If ULTA closes above $440 on Jan. 20, both options will expire worthless and your return on the spread would be 25% ($98.70/$401.30).
Cutting Back on Meds
November 28, 2022
Medical-device maker Medtronic (MDT) reported earnings this week that hardly impressed the Street. Quarterly sales and earnings fell from a year earlier, with revenue falling short of analyst expectations while profits met projections. The company also cut its full-year guidance, citing the usual supply-chain disruptions and a slower recovery in medical procedures postponed due to the pandemic.
MDT’s report was met with a couple of downgrades along with a heavy dose of target price declines. Nevertheless, the average price target sits above $94, about 19% higher than Friday’s close. That leaves room for more price target cutbacks.
The stock price has been sliding from more than a year, falling 42% from a record high reached in Sep. 2021. Since April, MDT has displayed a pattern of lower highs and lows with the 50-day moving average keeping a lid on brief rallies. The 50-day currently sits at $83, which is also the strike of the short call in our credit spread. This trade is thus based on the current downtrend continuing, with the declining 50-day providing resistance and keeping our spread out of the money.
If you agree that MDT will continue to trade beneath the 50-day moving average (blue line), consider the following trade that relies on the stock staying below $83 (red line) through expiration in six weeks:
Buy to Open the MDT 6 Jan 85 call (MDT230106C85)
Sell to Open the MDT 6 Jan 83 call (MDT230106C83) for a credit of $0.40 (selling a vertical)
This credit is $0.03 less than the mid-point price of the spread at Friday’s $79.12 close. Unless MDT falls quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $38.70. This trade reduces your buying power by $200, making your net investment $161.30 per spread ($200 – $38.70). If MDT closes below $83 on Jan. 6, both options will expire worthless and your return on the spread would be 24% ($38.70/$161.30).
A Stock With Some Bite
November 14, 2022
Oil and gas producer Diamondback Energy (FANG) – which may have the best ticker symbol in finance – reported earnings on Monday that beat analyst expectations on both the top and bottom lines. Higher oil prices led to huge jumps in net income (+82%) and revenue (28%) compared to a year earlier. For the record, the average price of oil jumped 32% from last year’s third quarter.
Analysts were bullish on the results, reacting with several price target increases. The average price target now stands 9.6% above Friday’s close, which seems reasonable for an energy stock.
FANG had traded mostly flat in 2022 … until late September. That’s when the stock went on a major rally that has covered 48% in just seven weeks. In fact, a late-week surge allowed the stock to post all-time intraday and closing highs on Friday. The stock has been riding above the support of its 20-day moving average since closing above this trendline in early October.
This trade is based on FANG continuing its rally or at least not pulling back below the 20-day (blue line), which will cross above the short strike of our put spread (red line) within the next couple of days. Note that FANG’s strike prices are unusual (155.35 and 152.7), though that should have no impact on the trade or profit potential.
If you agree that FANG will continue to respect the 20-day moving average, consider the following trade that relies on the stock staying above $155.35 through expiration in five weeks:
Buy to Open the FANG 16 Dec 152.7 put (FANG221216P152.7)
Sell to Open the FANG 16 Dec 155.35 put (FANG221216P155.35) for a credit of $0.75 (selling a vertical)
This credit is $0.05 less than the mid-point price of the spread at Friday’s $164.35 close. Unless FANG surges quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $73.70. This trade reduces your buying power by $265, making your net investment $191.30 per spread ($265 – $73.70). If FANG closes above $155.35 on Dec. 16, both options will expire worthless and your return on the spread would be 38% ($73.70/$191.30).
ABBV Not Immune to a Pullback
October 8, 2022
Pharmaceutical giant AbbVie (ABBV) reported mixed results in its recent earnings report. While earnings beat the consensus estimate, revenue fell short. Notably, the company’s immunology portfolio, which includes popular TV-ad drugs such as Humira, fell short of expectations. ABBV’s CEO cited the usual (and seemingly generic) “economic headwinds” as hurting the company’s aesthetic business (ABBVIE makes Botox).
While analysts didn’t hit ABBV with any downgrades, there was a flurry of target price decreases. The average estimate is now $157, about 8% above Friday’s close. That doesn’t seem unreasonable, nor is the average analyst rating, which has been slipping into the buy-hold region.
On the charts, ABBV’s earnings knocked the stock below its 200-day moving average, a trendline that has provided solid resistance to any rally attempts other than a brief spurt prior to earnings. This trade is thus a bet that the stock will continue to trade sideways as it has for the past six months, with the 200-day defining the upper rail of the trading range. Note that the short call of our spread is above the 200-day, so the stock will have to break this resistance to move the spread into the money.
If you agree that ABBV will continue to respect the 200-day (blue line), consider the following trade that relies on the stock staying below $150 (red line) through expiration in six weeks:
Buy to Open the ABBV 16 Dec 155 call (ABBV221216C155)
Sell to Open the ABBV 16 Dec 150 call (ABBV221216C150) for a credit of $1.98 (selling a vertical)
This credit is $0.02 less than the mid-point price of the spread at Monday’s $148.10 close. Unless ABBV falls quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $196.80. This trade reduces your buying power by $500, making your net investment $303.20 per spread ($500 – $196.80). If ABBV closes below $150 on Dec. 16, both options will expire worthless and your return on the spread would be 65% ($196.80/$303.20).
Go With VLO
October 31, 2022
Go With VLO
Oil refiner Valero Energy (VLO) reported earnings this week that either missed or beat both profit and revenue estimates, depending on the source. I won’t quibble with who’s right or wrong. What’s important is that revenue and profits soared above the figures from a year ago. Moreover, VLO’s CEO said that product demand surpassed 2019 levels.
The report was met with target price increases from several analysts. What’s interesting about VLO compared to most stocks, though, is that the average target price is only 9% above Friday’s closing price. In other words, it’s reasonable. To me, that adds some weight to the price increases we saw this week.
On the charts, the stock is down a bit since earnings. But the month-long uptrend remains intact, assisted by the 20-day moving average. The shares have not closed a day below this trendline in October, a period that includes a pullback that tested support. Based on this support, we’re going with a put credit spread with the short put strike sitting right on the 20-day (blue line) and will soon be below it. Thus, the stock will have to break through the trendline to move the spread into the money.
If you agree that VLO will continue to respect the 20-day, consider the following trade that relies on the stock staying above $120 (red line) through expiration in seven weeks:
Buy to Open the VLO 16 Dec 115 put (VLO221216P115)
Sell to Open the VLO 16 Dec 120 put (VLO221216P120) for a credit of $1.65 (selling a vertical)
This credit is $0.02 less than the mid-point price of the spread at Friday’s $125.98 close. Unless VLO surges quickly, you should be able to get close to that price.
The commission on this trade should be no more than $1.30 per spread. Each spread would then yield $163.70. This trade reduces your buying power by $500, making your net investment $336.30 per spread ($500 – $163.70). If VLO closes above $120 on Dec. 16, both options will expire worthless and your return on the spread would be 49% ($163.70/$336.30).
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