Placing a Spread Betting Limit Order
- Placing a Spread Betting Limit Order
- Using Limit Orders to Open Trades or - Spread Betting
- What is a Limit Order? | Definition and Example | IG UK
- Financial Spread Betting with Limit Orders
- Stop Limit Orders and OCOs - Spread Betting & CFDs Guide
How to not get ruined with Options - Part 3a of 4 - Simple Strategies
Post 1: Basics: CALL, PUT, exercise, ITM, ATM, OTM Post 2: Basics: Buying and Selling, the Greeks Post 3a: Simple Strategies Post 3b: Advanced Strategies Post 4a: Example of trades (short puts, covered calls, and verticals) submitted by _WhatchaDoin_ to investing [link] [comments]
Post 4b: Example of trades (calendars and hedges)
Ok. So I lied. This post was getting way too long, so I had to split in two (3a and 3b
In the previous posts 1
, I explained how to buy and sell options, and how their price is calculated and evolves over time depending on the share price, volatility, and days to expiration.
In this post 3a (and the next 3b
), I am going to explain in more detail how and when you can use multiple contracts together to create more profitable trades in various market conditions.
Just a reminder of the building blocks:
You expect that, by expiration, the stock price will …
... go up more than the premium you paid → Buy a call
… go down more than the premium you paid → Buy a put
... not go up more than the premium you got paid → Sell a call
... not go down more than the premium you got paid → Sell a put Buying Straight Calls:
But why would you buy calls to begin with? Why not just buy the underlying shares? Conversely, why would you buy puts? Why not just short the underlying shares?
Let’s take long shares and long calls as an example, but this applies with puts as well.
If you were to buy 100 shares of the company ABC currently trading at $20. You would have to spend $2000. Now imagine that the share price goes up to $25, you would now have $2500 worth of shares. Or a 25% profit.
If you were convinced that the price would go up, you could instead buy call options ATM or OTM. For example, an ATM call with a strike of $20 might be worth $2 per share, so $200 per contract. You buy 10 contracts for $2000, so the same cost as buying 100 shares. Except that this time, if the share price hits $25 at expiration, each contract is now worth $500, and you now have $5000, for a $3000 gain, or a 150% profit. You could even have bought an OTM call with a strike of $22.50 for a lower premium and an even higher profit.
But it is fairly obvious that this method of buying calls is a good way to lose money quickly. When you own shares, the price goes up and down, but as long as the company does not get bankrupt or never recovers, you will always have your shares. Sometimes you just have to be very patient for the shares to come back (buying an index ETF increases your chances there). But by buying $2000 worth of calls, if you are wrong on the direction, the amplitude, or the time, those options become worthless, and it’s a 100% loss, which rarely happens when you buy shares.
Now, you could buy only one contract for $200. Except for the premium that you paid, you would have a similar profit curve as buying the shares outright. You have the advantage though that if the stock price dropped to $15, instead of losing $500 by owning the shares, you would only lose the $200 you paid for the premium. However, if you lose these $200 the first month, what about the next month? Are you going to bet $200 again, and again… You can see that buying calls outright is not scalable long term. You need a very strong conviction over a specific period of time. How to buy cheaper shares? Sell Cash Covered Put.
Let’s continue on the example above with the company ABC trading at $20. You may think that it is a bit expensive, and you consider that $18 is a more acceptable price for you to own that company.
You could sell a put ATM with a $20 strike, for $2. Your break-even point would be $18, i.e. you would start losing money if the share price dropped below $18. But also remember that if you did buy the shares outright, you would have lost more money in case of a price drop, because you did not get a premium to offset that loss. If the price stays above $20, your return for the month will be 11% ($200 / $1800).
Note that in this example, we picked the ATM strike of $20, but you could have picked a lower strike for your short put, like an OTM strike of $17.50. Sure, the premium would be lower, maybe $1 per share, but your break-even point would drop from $18 to $16.50 (only 6% return then per month, not too shabby).
The option trade will usually be written like this:
SELL -1 ABC 100 17 JUL 20 17.5 PUT @ 1.00
This means we sold 1 PUT on ABC, 100 shares per contract, the expiration date is July 17, 2020, and the strike is $17.5, and we sold it for $1 per share (so $100 credit minus fees).
With your $20 short put, you will get assigned the shares if the price drops below $20 and you keep it until expiration, however, you will have paid them the equivalent of $18 each (we’ll actually talk more about the assignment later). If your short put expires worthless, you keep the premium, and you may decide to redo the same trade again. The share price may have gone up so much that the new ATM strike does not make you comfortable, and that’s fine as you were not willing to spend more than $18 per share, to begin with, anyway. You will have to wait for some better conditions.
This strategy is called a cash covered put. In a taxable account, depending on your broker, you can have it on margin with no cash needed (you will need to have some other positions to provide the buying power). Beware that if you don’t have the cash to cover the shares, it is adding some leverage to your overall position. Make sure you account for all your potential risks at all times.
The nice thing about this position is that as long as you are not assigned, you don’t actually need to borrow some money, it won’t cost you anything. In an IRA account, you will need to have the cash available for the assignment (remember in this example, you only need $1800, plus trading fees). Let’s roll!
Now one month later, the share price is between $18 and $22, there are few days of expiration left, and you don’t want to be assigned, but you want to continue the same process for next month. You could close the current position, and reopen a new short put, or you could in one single transaction buy back your current short put, and sell another put for next month. Doing one trade instead of two is usually cheaper because you reduce the slippage cost. The closing of the old position and re-opening of a new short position for the next expiration is called rolling the short option (from month to month, but you can also do this with weekly options).
The croll can be done a week or even a few days before expiration. Remember to avoid expiration days, and be careful being short an option on ex-dividend dates. When you roll month to month with the same strike, for most cases, you will get some money out of it. However, the farther your strike is from the current share price, the less additional premium you will get (due to the lower extrinsic value on the new option), and it can end up being close to $0. At that point, given the risk incurred, you may prefer to close the trade altogether or just be assigned. During the roll, depending on if the share price moved a bit, you can adjust the roll up or down. For example, you buy back your short put at $18, and you sell a new short put at $17 or $19, or whatever value makes the most sense. Assignment
Now, let’s say that the share price finally dropped below $20, and you decided not to roll, or it dropped so much that the roll would not make sense. You ended up getting your shares assigned at a strike price of $18 per share. Note that the assigned share may have a current price much lower than $18 though. If that’s the case, remember that you earned more money than if you bought the shares outright at $20 (at least, you got to keep the $2 premium). And if you rolled multiple times, every premium that you got is additional money in your account. Want to sell at a premium? Sell Covered Calls.
You could decide to hold onto the shares that you got at a discount, or you may decide that the stock price is going to go sideways, and you are fine collecting more theta. For example, you could sell a call at a strike of $20, for example for $1 (as it is OTM now given the stock price dropped).
SELL -1 ABC 100 17 JUL 20 20 CALL @ 1.00
When close to the expiration time, you can either roll your calls again, the same way that you rolled your puts, as much as you can, or just get assigned if the share price went up. As you get assigned, your shares are called away, and you receive $2000 from the 100 shares at $20 each. Except that you accumulated more money due to all the premiums you got along the way.
This sequence of the short put, roll, roll, roll, assignment, the short call, roll, roll, roll, is called the wheel.
It is a great strategy to use when the market is trading sideways and volatility is high (like currently). It is a low-risk trade provided that the share you pick is not a risky one (pick a market ETF to start) perfect to get create some income with options. There are two drawbacks though:
- If the share dropped too much, you are stuck with it.
You will have to be patient for the share to go back up, but often you can end up with many shares at a loss if the market has been tanking. As a rule of thumb, if I get assigned, I never ever sell a call below my assignment strike minus the premium. In case the market jumps back up, I can get back to my original position, with an additional premium on the way. Market and shares can drop like a stone and bounce back up very quickly (you remember this March and April?), and you really don’t want to lock a loss.
Here is a very quick example of something to not do: Assigned at $18, current price is $15, sell a call at $16 for $1, share goes back up to $22. I get assigned at $16. In summary, I bought a share at $18, and sold it at $17 ($16 + $1 premium), I lost $1 between the two assignments. That’s bad.
- If the share goes up too fast, you missed some opportunity for gain, potentially big gains.
You will have to find some other companies to do the wheel on. If it softens the blow a bit, your retirement account may be purely long, so you’ll not have totally missed the upside anyway.
A short put is a bullish position. A short call is a bearish position. Alternating between the two gives you a strategy looking for a reversion to the mean. Both of these positions are positive theta, and negative vega (see part 2).
Now that I explained the advantage of the long calls and puts, and how to use short calls and puts, we can explore a combination of both. Verticals
Most option beginners are going to use long calls (or even puts). They are going to gain some money here and there, but for most parts, they will lose money. It is worse if they profited a bit at the beginning, they became confident, bet a bigger amount, and ended up losing a lot. They either buy too much (50% of my account on this call trade that can’t fail), too high of a volatility (got to buy those NKLA calls or puts), or too short / too long of an expiration (I don’t want to lose theta, or I overspent on theta).
As we discussed earlier, a straight long call or put is one of the worst positions to be in. You are significantly negative theta and positive vega. But if you take a step back, you will realize that not accounting for the premium, buying a call gives you the upside of stock up to the infinity (and buying a put gives you the upside of the stock going to $0). But in reality, you rarely are betting that the stock will go to infinity (or to $0). You are often just betting that the stock will go up (or down) by X%. Although the stock could go up (or down) by more than X%, you intuitively understand that there is a smaller chance for this to happen. Options are giving you leverage already, you don’t need to target even more gain. More importantly, you probably should not pay for a profit/risk profile that you don’t think is going to happen.
Enter verticals. It is a combination of long and short calls (or puts). Say, the company ABC trades at $20, you want to take a bullish position, and the ATM call is $2. You probably would be happy if the stock reaches $25, and you don’t think that it will go much higher than that.
You can buy a $20 call for $2, and sell a $25 call for $0.65. You will get the upside from $20 to $25, and you let someone else take the $25 to infinity range (highly improbable). The cost is $1.35 per share ($2.00 - $0.65).
BUY +1 VERTICAL ABC 100 17 JUL 20 20/25 CALL @ 1.35
This position is interesting for multiple reasons. First, you still get the most probable range for profitability ($20 to $25). Your cost is $1.35 so 33% cheaper than the long call, and your max profit is $5 - $1.35 = $3.65. So your max gain is 270% of the risked amount, and this is for only a 25% increase in the stock price. This is really good already. You reduced your dependency on theta and vega, because the short side of the vertical is reducing your long side’s. You let someone else pay for it.
Another advantage is that it limits your max profit, and it is not a bad thing. Why is it a good thing? Because it is too easy to be greedy and always wanting and hoping for more profit. The share reached $25. What about $30? It reached $30, what about $35? Dang it dropped back to $20, I should have sold everything at the top, now my call expires worthless. But with a vertical, you know the max gain, and you paid a premium for an exact profit/risk profile. As soon as you enter the vertical, you could enter a close order at 90% of the max value (buy at $1.35, sell at $4.50), good till to cancel, and you hope that the trade will eventually be executed. It can only hit 100% profit at expiration, so you have to target a bit less to get out as soon as you can once you have a good enough profit. This way you lock your profit, and you have no risk anymore in case the market drops afterwards.
These verticals (also called spreads) can be bullish or bearish and constructed as debit (you pay some money) or credit (you get paid some money). The debit or credit versions are equivalent, the credit version has a bit of a higher chance to get assigned sooner, but as long as you check the extrinsic value, ex-dividend date, and are not too deep ITM you will be fine. I personally prefer getting paid some money, I like having a bigger balance and never have to pay for margin. :)
Here are the 4 trades for a $20 share price:
CALL BUY 20 ATM / SELL 25 OTM - Bullish spread - Debit
CALL BUY 25 OTM / SELL 20 ATM - Bearish spread - Credit
PUT BUY 20 ATM / SELL 25 ITM - Bullish spread - Credit
PUT BUY 25 ITM / SELL 20 ATM - Bearish spread - Debit
Because both bullish trades are equivalent, you will notice that they both have the same profit/risk profile (despite having different debit and credit prices due to the OTM/ITM differences). Same for the bearish trades. Remember that the cost of an ITM option is greater than ATM, which in turn is greater than an OTM. And that relationship is what makes a vertical a credit or a debit.
I understand that it can be a lot to take in. Let’s take a step back here. I picked a $20/$25 vertical, but with the share price at $20, I could have a similar $5 spread with $15/$20 (with the same 4 constructs). Or instead of 1 vertical $20/$25, I could have bought 5 verticals $20/$21. This is a $5 range as well, except that it has a higher probability for the share to be above $21. However, it also means that the spread will be more expensive (you’ll have to play with your broker tool to understand this better), and it also increases the trading fees and potentially overall slippage, as you have 5 times more contracts. Or you could even decide to pick OTM $25/$30, which would be even cheaper. In this case, you don’t need the share to reach $30 to get a lot of profit. The contracts will be much cheaper (for example, like $0.40 per share), and if the share price goes up to $25 quickly long before expiration, the vertical could be worth $1.00, and you would have 150% of profit without the share having to reach $30.
If you decide to trade these verticals the first few times, look a lot at the numbers before you trade to make sure you are not making a mistake. With a debit vertical, the most you can lose per contract is the premium you paid. With a credit vertical, the most you can lose is the difference between your strikes, minus the premium you received. One last but important note about verticals:
If your short side is too deep ITM, you may be assigned. It happens. If you bought some vertical with a high strike value, for example:
SELL +20 VERTICAL SPY 100 17 JUL 20 350/351 PUT @ 0.95
Here, not accounting for trading fees and slippage, you paid $0.95 per share for 20 contracts that will be worth $1 per share if SPY is less than $350 by mid-July, which is pretty certain. That’s a 5% return in 4 weeks (in reality, the trading fees are going to reduce most of that). Your actual risk on this trade is $1900 (20 contracts * 100 shares * $0.95) plus trading fees. That’s a small trade, however the underlying instrument you are controlling is much more than that.
Let’s see this in more detail: You enter the trade with a $1900 potential max loss, and you get assigned on the short put side (strike of $350) after a few weeks. Someone paid expensive puts and exercised 20 puts with a strike of $350 on their existing SPY shares (2000 of them, 20 contracts * 100 shares). You will suddenly receive 2000 shares on your account, that you paid $350 each. Thus your balance is going to show -$700,000 (you have 2000 shares to balance that).
If that happens to you: DON’T PANIC. BREATHE. YOU ARE FINE.
You owe $700k to your broker, but you have roughly the same amount in shares anyway. You are STILL protected by your long $351 puts. If the share price goes up by $1, you gain $2000 from the shares, but your long $351 put will lose $2000. Nothing changed. If the share price goes down by $1, you lose $2000 from the shares, but your long $350 put will gain $2000. Nothing changed. Just close your position nicely by selling your shares first, and just after selling your puts. Some brokers can do that in one single trade (put based covered stock). Don’t let the panic set in. Remember that you are hedged. Don’t forget about the slippage, don’t let the market makers take advantage of your panic. Worst case scenario, if you use a quality broker with good customer service, call them, and they will close your position for you, especially if this happens in an IRA.
The reason I am insisting so much on this is because of last week’s event
. Yes, the RH platform may have shown incorrect numbers for a while, but before you trade options you need to understand the various edge cases. Again if this happens to you, don’t panic, breathe, and please be safe.
This concludes my post 3a. We talked about the trade-offs between buying shares, buying calls instead, selling puts to get some premium to buy some shares at a cheaper price, rolling your short puts, getting your puts assigned, selling calls to get some additional money in sideways markets, rolling your short calls, having your calls assigned too. We talked about the wheel, being this whole sequence spanning multiple months. After that, we discussed the concept of verticals, with bullish and bearish spreads that can be either built as a debit or a credit.
And if there is one thing you need to learn from this, avoid buying straight calls or puts but use verticals instead, especially if the volatility is very high. And do not ever sell naked calls, again use verticals.
post will explain more advanced and interesting option strategies.
--- Post 1: Basics: CALL, PUT, exercise, ITM, ATM, OTM Post 2: Basics: Buying and Selling, the greeks Post 3a: Simple Strategies Post 3b: Advanced Strategies Post 4a: Example of trades (short puts, covered calls, and verticals)
Post 4b: Example of trades (calendars and hedges)
Why the Emperor was right but also in way over his head
submitted by glacialwriter to 40kLore [link] [comments]
In general, when the Emperor is discussed here there often seem to be two camps: Those of people pointing out his flaws and wondering why he made so many mistakes if he is supposed to be so powerful and knowledgeable, and those arguing that all those "mistakes" were actually part of a larger plan of his in some 5D chess move kind of way.
In this post, I simply wanted to offer one further possible explanation for the Emperors actions before and during the great crusade, one that I have rarely heard mentioned on here before but find interesting, and that I would love to hear your opinion on. Tl;dr:
Big E did the best he could, but was in over his head and really just winging it half the time because his task(s) were just that monumental, even to one such as him.
Okay, I hope you do like long, extensive lore discussion, because this is what you´ll get next:
I have recently read Saturnine (don´t worry, I wont post any major spoilers or such stuff) and, well, all I will say is that some characters in the book (as in many other books) criticize big E, for his ambition, his hubris, the speed at which he created genetically modified beings and unleashed them in combat, and so on.
On here as well, He is often criticized for his actions, be it his bad parenting skills, apparent lack of care and compassion, and all that. And while those criticisms are valid, they also seem to often miss an important point, or be based on assumption that I think might be wrong.
Namely that of the Emperor being a near-omnipotent deity. This is the standard he is judged by. People assume he should have been able to see everything, know and understand everything and react perfectly, and whenever he does not do that, he catches flak for it. And this is where I present a different interpretation, that of a powerful, but still limited being, someone with great powers who is nevertheless in over his head, but feels he has no choice but to try.
Okay, so before you call the nearest Inquisitor, hear me out!
The funny thing is that despite all the at least partially valid criticisms (example: Fo and Erda in Saturnine) levelled towards him, especially in-universe, such as the undeniable hubris and flaws and monstrous ambition, the Emperor was, in the most fundamental way, having the right idea. If by accident or through prescience matters a lot from a moral standpoint, but little in practice. And all the proof I need to say he was right in what he tried, can be summarized in 3 words: Orks
Think about it. Imagine if the Emperor had acted like the other perpetuals, trying to influence humanity from the shadows, staying out of the way, doing his own stuff, and left the many fractured human-inhabited planets alone after old night. All those interesting, different and diverse human societies so brutally subjugated and forced into line (or eradicated and replaced) during the great crusade. All the Xeno species so ruthlessly snuffed out. What if they had been left be, no Imperium coming to force them into line?
How long would any of them, Individually, have held out against the great Ork empires? How long until the first re-evolved proto-krork showed up to annihilate or enslave them? Could He have done a better job, been more understanding, learned valuable lessons from those other human societies? Sure he could have, no doubt there. Was he arrogant and ambitious? Absolutely.
But he was on a ticking clock
. The Orks had been held in check by the human federation (DaoT humans) and, most of all, the Aeldari empire of old. Once those two superpowers collapsed, he knew the clock was ticking and the race was on. By the time that he had finally reunited Terra and the forces of the great crusade got to the Ork empire of Octarius, it was almost too late already, to the point where it took multiple legions, primarchs, titan support, the Emperor and all of the legio custodes to end them
. I repeat, this ork empire, only a thousand years or less after the fall of the Aeldari, already had a warboss that would have eaten Horus for breakfast and that, unless He was faking it to bond with Horus, was a struggle for big E to kill.
I cannot stress this enough. There was an Ork there that the motherfucking Emperor was unable to insta-kill. Mister “make 100000 legionnaires kneel with my word”, Mister “banish greater daemons with a gesture”, struggled against this. Not to mention the Orks tech-level being already basically on-pasurpassing the great-crusade era Imperium.
Yeah, good fucking luck stopping those things, dear Interex. Enjoy your extra 30, 40 years of independence and intellectual freedom if no Imperium exists, before those guys show up and buttfuck your entire military in an afternoon.
And that’s only the Orks. Next on the list, the Tyranids. I know, I know, existing lore says they only noticed the galaxy after the beacon on Sotha was overloaded, but in my opinion, that’s dumb. We humans today have no issue building telescopes that can show us distant galaxies, so surely a tyranid hivemind could do the same. Why wait for some specific psychic shockwave that may never manifest? Just send a bunch of scouts to each galaxy you can reach and have em report back what they saw. These things are supposed to have eaten multiple galaxies already, I think they have the hang of it by now.
And once again, anything that’s not a unified, galaxy spanning empire will get eaten faster than that small bag of candy at a kids birthday party.
All those independent human worlds, as tragic as the loss of their culture/freedom was, were untenably vulnerable on their own. They might not have known it, might have believed that seeing as they rode out the storm that was old night, they would be fine in the future, but that was a goddamn foolish assumption, one they lacked the galactic perspective to really understand.
Third, the Necrons. Not sure how much big E knew about them, but seeing how old he is, how powerful, and that aeldari scripture is a thing...who knows, he may have talked with the knife-ears, or just entered a library or two of theirs, be it invited or uninvited, and realized those guys would wake up eventually and decide it was time for red harvest 2, electric boogaloo
. Once again, this is something most of the people, inside the story and outside of it seem to forget, not know or ignore when criticizing him for his actions.
The clock was ticking, on and on towards utter annihilation. Even without chaos getting in the way at all it would have been tricky to plan for, tricky to achieve victory. That, in response to those who criticize his rapid militarization and ruthless conquest, his uncaring attitude and lack of compassion. You are not incorrect, but He had good reasons to hurry as much as he did.
Secondly, his manifold mistakes, for example when interacting with the Primarchs:
Lets set the scene. The great crusade had started, the Primarchs were being found, and most ork empires were gone.
And now here the Emperor was, acutely aware of what was at stake, short on time, with a realm that had lost many millennia of technological advances during old night, fractured and in many places opposed to his rule. He had to, in order of memory:
- Play 5d warp chess with a bunch of immaterial monsters interested in nothing but the preservation and spreading of their influence and food sources
- Project a giant navigation beacon for his fleets to travel by
- Keep the dragon locked on mars with the power of his mind
- Lead the great crusade tactically and strategically,
- Watch over his emotionally unstable, in some cases fundamentally damaged, constantly bickering demigod sons (while still making use of them because well, he kinda needed them)
- Coordinate the webway project, a feat of massively complicated psychic engineering only the old ones had mastered before this
- And, all the while, try to find and hold on to the one perfect potential future among billions through his foresight.
All of this. At once.
Oh, and there are other players too, like the Aeldari, with their groups of powerful, prescient psykers, who are playing their own game of “who can fuck up the future the most?”, not to mention groups like the cabal who also mess with his plans because hey, getting rid of chaos means killing everyone by letting ‘em win so lets go do that!
Taking all that into account, I think its not that far-fetched that he would make mistakes, and loose control of the situation. Could he have been a better father? Sure. More understanding, more merciful? Absolutely. Is he ambitious beyond mortal understanding, and arrogant and ruthless to a mind-boggling degree? You bet your ass he is.
But so many people on here seem to only look at individual scenes in books and, using the power of hindsight and their out-of-universe perspective, criticize the emperor for this or that, and the seemingly simple fixes he should have implemented. I know he is often portrayed as this nearly all-powerful being, so people think he should be able to do it no problem, but my headcanon explanation for his behavior is that maybe, just maybe, he was strained to the absolute breaking point doing all that he did.
I feel like I should say this again: I think he was under a level of stress almost unimaginable to normal humans
, because it would have broken our mind to experience it. I struggle to imagine the level of anxiety it must produce to know that you have this one chance to get it right. It will be difficult and painful and require much sacrifice, but you have to take it, because the other options are so so much worse. And yet you, and most likely you alone (or maybe 1 or 2 others) know just how much depends on getting this right. Whom can you confide in, especially without jeopardizing the plan by getting them all worried and anxious? The Primarchs? Good joke! Most of them are busy enough with their own worries and grievances.
If they find out daddy know it all isn’t as sure as he pretends to be who knows what they will do?
I mean come on, even Horus, who had grown up as daddy’s favourite, was stressed and worried to the point of being open to manipulation and ultimately rebellion just concluding what seemed to be a crusade already mostly won.
Now imagine he had told them how bad it really was.
So whom could he talk to? Malcador, sure. His Custodians? Maybe. Even one of them seems shaken when the Emperor, in some book after the Webway project fails, says he does not know what to do next. Because it is something he has never ever
heard him say.
So there you have it. No claim to completion or correctness, merely an idea I had that could explain some of the stuff that happened:
That the emperor, despite all his skills, all his powers, was in over his head, stressed and worried beyond mortal understanding knowing what was at stake and taxed to (or beyond?) his absolute limit trying to do all that he knew needed to be done, which is why he made the mistakes that he made.
Will the Philadelphia Eagles win OVER/UNDER 9.5 games? By University Stats Prof!
submitted by David-MJ to sportsbook [link] [comments]
The Eagles have been a good model of consistency. Over the past 20 years, they have had just four losing seasons.
It wasn’t always pretty, but Philly managed to secure the NFC East title with a 9-7 record last year. They closed out the regular season with a four-game winning streak to edge the Cowboys atop the division.
Unfortunately, Carson Wentz exited the wildcard playoff game early and the team couldn’t overcome his absence in a 17-9 home loss to the Seahawks.
2. Offensive Position-by-Position Breakdown 2.1 Quarterbacks (QBs)
Carson Wentz needs to be applauded for his 2019 performance.
He had to deal with numerous injuries to his receiving corps and yet, he led the team to a playoff spot and he finished with a career-high in passing yards with 4,039. He threw 27 TD passes versus 7 interceptions, while playing all 16 games for the first time since his rookie season in 2016.
In the season finale, his top targets were Boston Scott, Dallas Goedert, Josh Perkins, Deontay Burnett and Greg Ward. Outside of Goedert, none is an established starter in the NFL. The Eagles still secured the NFC East title with a 34-17 road win in New York.
Philadelphia selected Jalen Hurts late in the second round of this year’s draft. He transferred from Alabama to Oklahoma for his senior year since Tua Tagovailoa was projected to be the starter. Hurst was actually replacing Kyler Murray who had just been taken as the number one overall pick in the 2019 NFL draft by the Cards.
Hurts did not disappoint in his lone season with the Sooners. He completed 237-of-340 passes (69.7%) with 3,851 passing yards, along with 32 TD passes and eight interceptions. He also rushed for 1,298 yards with 20 TDs on the ground!
His weaknesses are an average accuracy, inconsistent decision-making and a tendency to take off as a runner too often (sometimes when a receiver was open). He is likely to be used as a gadget player by Doug Pederson this year.
Nate Sudfeld will compete for the backup job. He missed the entire 2019 season due to a wrist injury he suffered during preseason. He was a sixth-round pick out of Indiana in the 2016 draft. He has attempted just 25 passes in the NFL in four years, so it’s hard to tell what to expect from him.
2.2 Running Backs (RBs)
Miles Sanders’ rookie season was a resounding success. He led all rookies with 1,327 yards from scrimmage.
He carried a heavier workload as the season went on. During the first eight games, he averaged 8.3 carries per game, as opposed to 14.1 over the last nine contests (including the playoff loss to the Seahawks).
Jordan Howard’s injury at midseason contributed to the increased usage of Sanders in the backfield. With Howard gone to Miami, the sky’s the limit for second-round pick out of Penn State.
Darren Sproles retired and Jay Ajayi was waived. That leaves the door wide open for third-year man Boston Scott. He flashed big time last year and unquestionably passed my eye test. The 5’6’’ back is very explosive.
Scott made a name for himself in Week #17 as he had to step in for Sanders who sprained an ankle in the first quarter against the Giants. Scott went on to rack up 138 total yards and three touchdowns.
2.3 Wide Receivers (WRs)
This unit was decimated by injuries last year. DeSean Jackson pretty much played just one game, while Alshon Jeffery and Nelson Agholor missed six and five games, respectively.
Despite playing under his age-32 campaign, Jackson showed he still has field-stretching abilities in his lone meeting last year. He was spectacular with 8 catches for 154 yards and a couple of scores. He hasn’t played a full 16-game season very often in his career though.
Jeffery is another aging receiver coming off a significant injury. He underwent Lisfranc surgery, which requires a long rehab period. He’s questionable for the start of training camp.
Since two outstanding seasons in 2013 and 2014 with the Bears, Jeffery has missed four games per year on average, while showing signs of slowing down on the field as well. His 11.4 yards-per-catch average last year was a career low.
To be honest, I feel like Jeffery’s time in the league is coming to an end soon. Lisfranc injuries can be tricky for wide receivers, and full recovery is even more difficult for guys above 30 years of age.
Nelson Agholor was a younger WR who could have provided adequate depth, but he signed with the Raiders. The former first-rounder has not lived up to expectations, but he was still a decent pass catcher, albeit his drops were a big issue last year. Maybe a change of scenery will help rejuvenate his career.
Philly drafted Jalen Reagor with the #11 pick overall last April. He’s a smallish deep threat who is at his best on straight routes. He was good with contested catches, but will it still be the case in the NFL given his size? That’s a big question mark.
Reagor opened a lot of eyes by scoring eight touchdowns as a freshman with TCU after being a high recruit out of high school. He followed up with a great 72-1061-9 receiving line as a sophomore.
Reagor’s numbers dropped quite a bit as a junior (43-611-5), but you can attribute that to having a freshman QB at the helm. He’s an electrifying player who can take it to the house every time he touches the ball.
The competition for the number three role is also likely to involve Greg Ward and J.J. Arcega-Whiteside. These two guys have had completely different paths before making it to the NFL.
Ward went undrafted before joining the AAF. He eventually was added to the Eagles’ practice squad, and later on promoted to the 53-man roster until a depleted receiving corps forced him onto the field.
Meanwhile, Arcega-Whiteside had more of a “conventional” journey by being drafted in the second-round of the 2019 draft.
Such resumes would suggest Arcega-Whiteside would be the superior wideout, but that’s not what we saw on the field. He only caught 10-of-22 targets for a disappointing 45% catch rate. He was rarely targeted down the stretch, despite the numerous injuries at the position.
On the other hand, Ward filled in admirably late in the season. Over the final four meetings, including the playoff game, he caught 20-of-25 targets (an 80% catch rate). He clearly deserves a shot as a top reserve for the upcoming season.
2.4 Tight Ends (TEs)
The Eagles have a nice duo at the tight end position with Zach Ertz and Dallas Goedert.
Ertz is a true warrior. He hasn’t missed more than two games in each of his first seven season in the league. Last year, he played with two rib fractures one week after lacerating his kidney. Talk about a tough guy.
His numbers are also staggering. His lowest figures in terms of receptions and receiving yards over the past five years are 74 and 816. That’s truly remarkable! Please note that he’ll be turning 30 years old during the season.
Just like Ertz, Goedert is also a former second-rounder. However, he is four years younger. He caught 58 passes for 607 yards and 5 TDs, all career-highs. He was targeted 4 times per game on average before the team’s bye week versus an average of 7.9 for the remainder of the year. Granted, injuries to other targets probably boosted his numbers, but he still developed nice chemistry with Wentz.
2.5 Offensive Line (OL)
The Eagles have a heck of an offensive line.
You cannot blame Jason Kelce for anything over the past five years. He hasn’t missed any start, while consistently being one of the top centers in the league. As a matter of fact, he was rated as the #1 center in the NFL according to PFF grades last year. He’s now 32 years old.
Left tackle Jason Peters has been just as good as Kelce. He was nominated to nine Pro Bowls in his career and he finished as the number 6 tackle in the league with his 83.4 PFF mark. Unfortunately, the team decided to let the 38-year old hit the free agency market. EDIT: he was re-signed three days ago (this article was written several weeks ago). He is projected to play guard instead of tackle.
Peters will be replaced with 2019 first-round pick, Andre Dillard. Is he ready to take on the full-time job? It remains to be seen, but it will be difficult to fill Peters’ shoes.
As for Lane Johnson, the right tackle finished as the 3rd-best tackle in the league based on the PFF grading system. He’s been very good throughout his seven-year career; the former #4 overall pick has not disappointed at all!
Brandon Brooks also had a huge 2019 season! He ended the year as the top guard in the NFL with a jaw-dropping 92.9 PFF mark. Much like Lane Johnson, Brooks is another player above 30 years old who’s been reliable his entire career.
Left guard Isaac Seumalo started all 16 games for the first time of his career. He’s the one that received the lowest grades on this OL, but finishing 17th out of 81 guards is nothing to be ashamed of! The former third-round pick from the 2016 draft is not as talented as his colleagues, but you could do worse than having him as one of your starters.
The team lost good depth with the departure of Halapoulivaati Vaitai to Detroit. The 2019 season was clearly his best year; it would have been nice to retain him but he signed a huge contract with the Lions.
2020 VS 2019 OFFENSE
When comparing the upcoming 2020 season with last year, there are some positives and some negatives.
Let’s discuss the negative stuff first. I do expect a downgrade on the offensive line. They played at an extremely high level last year with four guys finishing among the 6 players at their respective position (based on PFF rankings). That’s unlikely to happen again, especially with three linemen aged 30 years or above.
Also, second-year man Andre Dillard has good potential, but it will be difficult to match Jason Peters’ 2019 performance. I do expect a drop-off here.
At quarterback and tight end, the situation remains stable.
At the running back position, losing Jordan Howard to free agency won’t hurt too much with the emergence of electrifying Boston Scott. Also, Miles Sanders is expected to take a leap in his sophomore season.
Finally, how could you not expect better production from the WR group? They were hit by the injury bug a lot last year. Agholor’s departure is a moderate blow; getting DeSean Jackson back is a bonus! Hopefully, speedy rookie Jalen Reagor can provide a spark to an offense that sorely missed game breakers last year.
The Eagles offense scored the 12th-highest number of points last year. My final conclusion, based on the arguments above, is that I expect similar production in 2020.
Final call (2020 vs 2019): Stable
3. Defensive Position-by-Position Breakdown 3.1 Defensive Linemen (DLs)
Fletcher Cox is an animal. Plain and simple.
Despite posting his second-lowest sack output of his illustrious eight-year career, he still graded as the 4th-best interior defenders in the NFL based on PFF rankings. On average, he has recorded 6 sacks per year (he only got 3.5 last year)
He has also been very durable; he’s missed just three games out 128. He still has good years to come at age 29.
Tim Jernigan was a decent starter next to Cox, but he clearly wasn’t needed on the team anymore after the Eagles signed stud DT Javon Hargrave. The former Steeler showed steady improvement in each of his first four years in the NFL. His 83.4 PFF mark last year put him in the 8th spot out of 114 DLs.
With Hargrave entering his prime years and Fletcher Cox being a perennial beast, good luck running the ball inside the tackles against the Eagles in 2020.
After playing three years in Indy, Hassan Ridgeway had a below-average season in his first year with the Eagles. He’s more of a rotational player, whom you hope won’t be needed as a starter.
3.2 Defensive Ends (DEs) / Edge Rushers (ED)
Brandon Graham is 32 years old, but he refuses to slow down. He led the team with 8.5 sacks last year, and he has averaged six sacks over an eight-year period!
The guy also finds a way to stay on the field. Can you believe he has missed a single game in eight years! He’s been consistently good and remains a force, both against the run and rushing the passer.
Derek Barnett is a former first-rounder coming off a career-high in sacks with 6.5. However, his 2019 PFF grade was the lowest of his three-year stint in the NFL and he finished as the number 83 edge defender out of 107 qualifiers. He’s an “okay” player.
Vinny Curry played 38% of the snaps last year, but it does not appear like he will be back with the team. At the time of writing, he was still a free agent. He did pick up five sacks last year, but teams seem reluctant to sign him because he’ll be playing his age-32 campaign. He actually played pretty well when called upon.
With Curry gone, the team must hope Josh Sweat will elevate his game. The 2018 fourth-round selection posted his first four sacks of his career last year, but his 62.5 overall PFF mark ranked him as the 76th-best edge defender out of 107 guys.
3.3 Linebackers (LBs)
After playing four years in Buffalo and four years in Philly, Nigel Bradham was cut by the Eagles, mainly for cap reasons. He provided average play at the LB position; he was good in coverage, but he was a liability defending the run.
The team also lost Kamu Grugier-Hill, who signed with the Dolphins. You could characterize him as a decent player, albeit far from being great.
That leaves the team pretty thin at the position.
Nathan Gerry is the lone 2019 starter that is still with the team. He ranked as the 34th-best linebacker out of 89 players. He does not offer much upside, though. It would be stunning to see him crack the top 25 someday.
Can Duke Riley and/or T.J Edwards crack the starting lineup? Neither seem to be an up-and-coming star. Riley was acquired for peanuts prior to last year and he played 35 snaps. As for Edwards, he was an undrafted rookie out of Wisconsin that did well in limited time last year. He proved to be stout against the run.
3.4 Cornerbacks (CBs)
Philly’s back end has been revamped for the upcoming 2020 season.
The Eagles signed one of the best slot corners in the league: Nickell Robey-Coleman. He has received consistently good grades from ProFootballFocus over the past four years. At 5’8’’ he is pretty small, but you couldn’t tell from the quality of his game. He’s a nice addition.
Philly also acquired Darius “Big Play” Slay, who played the first seven years of his career with the Lions. He had a down year in 2019, but I’m not worried he can rebound in a new environment. He’s been covering opponent’s top receivers for a while in this league, and he’s done a good job at it. He has 19 career interceptions.
Ronald Darby’s career has been plagued with injuries recently and he was let go during the offseason. His PFF grade took an enormous drop last year, all the way from a respectable 70.6 in 2018 down to an abysmal 44.8 last year. He signed a one-year deal with the Redskins.
Rasul Douglas and Avonte Maddox are still on the team, but neither has proven to be an impactful contributor. Both graded as very below-average corners in 2019.
3.5 Safeties (S)
Malcolm Jenkins and Rodney McLeod both played the entire 2019 season. They ranked as the 32nd- and 52nd-best out of a bunch of 87 safeties.
The organization and Jenkins couldn’t agree on a deal, so the Eagles had to let him go after six very successful seasons. He picked off 11 passes during his six-year stint in Philly. He signed with the Saints, with which he spent the first five seasons of his career. Even though he wasn’t getting any younger, his present will be missed.
McLeod’s 2019 PFF grade was the lowest he had obtained over the past five years, but he still did a decent job.
Jalen Mills will be one piece of the puzzle in replacing Jenkins. But let’s face the reality: he has been pretty awful throughout his four-year career, except 2017 where he did better.
Another option will be newly acquired Will Parks, who is coming over from Denver. However, he’s clearly not a long-term solution either. He’s pretty versatile, but he’s a below-average player.
2020 VS 2019 DEFENSE
This unit was upgraded quite a bit during the offseason at two positions, but it also suffered a severe downgrade at a couple others.
First, acquiring Javon Hargrave to team up with Fletcher Cox on the interior of the line was big! At CB, getting Darius Slay and Nickell Robey-Coleman will provide much needed help at a position that has caused headaches for years in Philly.
Unfortunately, the defense lost its best safety when Malcolm Jenkins signed with the Saints. Also, even though none of them was a true difference maker, losing linebackers Nigel Bradham and Kamu Grugier-Hill creates a hole.
Since the team acquired some big time players while losing good/average players, I envision a small improvement. In 2019, the Eagles finished in the middle of the pack in terms of points allowed per game (15th out of 32 teams). I envision Philly finishing around the #10-#13 spot this year.
Final call (2020 vs 2019): Small upgrade
4. Regular Season Wins
According to sportsbooks, the Eagles are expected to win 9.5 games this season. Should we bet the “over” or the “under”?
Here is the methodology I used in order to answer this vital question:
- Use BetOnline.ag’s point spreads on all 256 regular season games.
- Convert those point spreads into win probabilities.
- Simulate each of the 256 games, according to those win probabilities, via the R statistical software.
- Repeat the previous step one million times (you get 1M simulated seasons).
- Count the proportion of seasons where the Eagles won more or less than 9.5 games.
Here are the results:
| ||Estimated Probability ||Sportsbook ||Odds ||ROI |
|OVER 9.5 WINS ||42.3% ||FanDuel ||-105 ||-17.4% |
|UNDER 9.5 WINS ||57.7% ||Pinnacle ||-103 ||+13.7% |
: Bet UNDER 9.5 wins Return On Investment (ROI)
: +13.7% Rank
: 19th-highest ROI out of 32 teams Minimum odds required to bet (i.e. ROI = 0%)
Here are BetOnline’s point spreads for the Eagles’ 16 regular season games:
- HOME: +2 vs BAL, -10 vs CIN, -2.5 vs DAL, -4 vs LAR, 0 vs NO, -5 vs NYG, -2 vs SEA, -10.5 vs WAS.
- ROAD: +1.5 @ ARI, 0 @ CLE, +2 @ DAL, +2.5 @ GB, -3.5 @ NYG, +1.5 @ PIT, +5.5 @ SF, -6 @ WAS.
Note: The “Best odds” from the table above were obtained after looking at 13 well-known online sportsbooks on May 18th, 2020.
I invite you to take a look at my other 31 NFL team previews!
Good information if you are involved in fantasy football and/or if you want to be up-to-date on player movement and teams' strengths and weaknesses (for betting purposes)!
What do you mean it goes boom?
Captain Thraxos perused the ship manifest one more time. There was a late entry to join the convoy to Cycria. Cycria was a remote world and had been having a pirate problem with merchant traffic attacked several times over the past two years. As the pirates had got more bold the situation had become untenable and the Galactic Federation had to finally do something about it. submitted by xviila to HFY [link] [comments]
Thraxos was the captain of the light cruiser GFN Duhrel and he had been tasked to escort a merchant convoy from Dilolla to Cycria as deterrence to the pirates. He did not relish the assignment to babysit a motley fleet of civilians, but as GalFed captain he went where he was ordered to.
The final ship to join the convoy was the IMS Antelope. A Human merchanter that had been berthing here at Dilolla even before Thraxos had arrived. Apparently they had had some difficulty in securing new cargo to take on board and looking at the ship’s specs Thraxos could not blame anyone for not wanting to put their valuables on board this old rustbucket. But Cycria was not exactly a prime destination and apparently someone had been desperate enough to contract the Antelope to ferry their cargo to Cycria at the last minute.
IMS Antelope was an Independent Merchant Ship, owned and operated by her captain Robert Nele. Even her designation was thoroughly Human. The Humans had some of the most stringent licensing requirements to own and operate starship class drives which basically put them out of reach of civilian individuals. So, in turn, the independent merchanters had banded together and founded the Independent Merchant Ship company which held the licenses for the starship drives operated by their members with minimal interference from the company itself.
Thraxos scoffed, but the Humans were an upstart species. Perhaps it was for the best that not just anyone could get their hands on potentially volatile technology. That showed more responsibility of them than Thraxos had heard based on their reputation.
The Antelope herself was almost 60 years old and looking through her log she had mostly been operating within or near Human space. This was as far as she had ever been from home. Still, for all the tarnish on her hull, she had passed her latest spaceworthiness inspection only six months prior.
She was one of the weirdest looking ships Thraxos had ever seen. She was basically a lattice spine on which standard cargo containers were mounted like grapes on a vine. Front end had habitation and docking, the back end had its large engine, ending on a flat plate mounted on what looked like pillars. Curious.
Thraxos studied her engine specifications. Her main engine was of type Thraxos had never even heard of before, something the Humans called ‘orion’ type nuclear pulse thruster and with her mass, impulse and thrust she would be by far the slowest ship in the convoy, only barely scraping over the acceptable lower limit. Her jump engine likewise was an antiquated Type-I, only barely able to do the jumps required for this route. But she was over the bar so Thraxos had to grudgingly accept her to the convoy.
Slightly annoyed, Thraxos sent the engine specifications to his astrogator to have their course and time estimates recomputed to match the Antelope’s slow speed. Then he fired off a message to all ten ships in his convoy to prepare to unberth and meet at the system’s jump point in twelve hours.
At the start of next morning’s shift Thraxos entered the bridge to relieve the nightshift watch officer. It would be two hours until their scheduled jump off time, plenty of time to undock and make their way the 50 000 kilometers over to the jump point.
Captain Thraxos turned to the operations officer of the previous watch. “Anything interesting going on?”
Lieutenant Commander Tarkran shrugged. “Just the Humans, sir. The Antelope cast off six hours ago and has been slowly making their way to the jump point using manoeuvring thrusters only.”
Thraxos was taken aback. “What? Why?”
Tarkran shrugged again. “No idea, sir, but they’ll be arriving at the jump just before the scheduled time.”
Captain Thraxos just shook his head. “Alright, thanks. I have the bridge.”
Tarkran nodded and announced, “Captain has the bridge.” Tarkran turned and left as Thraxos sat down on the command chair.
Captain Thraxos waited for the other stations to complete their watch handover and then turned to communications. “Lieutenant Coccols, request undocking.”
“Aye, sir.” the comm officer responded.
Thraxos then turned to the astrogation officer. “Lieutenant Ulan, please prepare a course plan to take us to the jump point after we’ve moved past the station’s safety perimeter and execute once we have undocking permission.”
Next Thraxos glanced over his executive officer sitting at the operations station. “While we’re en-route, prepare a convoy placement assignment for each ship according to the exclusion zones of their engines. I want us to be in the middle. Hopefully the pirates will think we’re just another fat merchantman until it’s too late.”
Commander Nivek nodded. “Aye sir. I think I can nestle us between GMS Aelat and IXS Naholl. I’ll have to see what we can do with the human ship.”
Lieutenant Coccols turned around. “Sir. Undocking clearance granted, we have 1 minute window.”
Captain Thraxos nodded. “Lieutenant Ulan, undock and execute.”
There was an almost imperceptible shift as the GFN Duhrel unlatched from the station and then pushed itself away from station’s bulk using its manoeuvring thrusters. After thirty seconds they had cleared the station perimeter and they were able to engage their fusion drive. Even at the minimal power that was allowed to be used near stations, it would only take them about 30 minutes to reach their designated staging point.
“Ummm… Captain?” Commander Nivek interrupted after a few minutes. “Have you looked at the exclusion chart for the Human ship?”
Thraxos furrowed his brow. “No, why?”
Commander Nivek hesitated for a moment. “I think you should.”
Captain Thraxos called up the schematic of the Human ship on his terminal. It was still one of the ugliest ships he had ever seen, but he wasn’t here to judge a beauty contest. He switched the overlay layers to the engine exclusion zone.
“What the fuck?” he exclaimed.
For most ships the exclusion zone was a cone behind them a few degrees wide. For IMS Antelope it was a whole half sphere and then some, covering just under 200 degrees of arc and extending all the way to 5000 kilometers, with an advisory zone all the way to 20 000 kilometers.
“I think I know why they’re limping out there with their manoeuvring thrusters only.” Commander Nivek posited. “There’s no way they could have fired up that drive anywhere near the station.” After a moment he continued. “I think the only place we can put them is as the last ship in the convoy with nobody behind them.”
Captain Thraxos shook his head in disbelief. “Do they have a completely unshielded reactor back there or something?”
“I don’t know, I’ve never seen anything like this, but it must be by design and approved, since they’ve passed their inspections.”
Thraxos sighed. “Well, transmit the assigned relative positions to all ships and manoeuvre us into position to wait for them.”
The convoy of all ten merchant ships had taken up their positions around the cruiser GFN Duhrel with the IXS Ikol at the front and IMS Antelope at the rear. All the ships slaved their jump engines to the control of GFN Duhrel and in concert they tore a hole in reality that whisked them to another starsystem a dozen light years away.
The system the convoy appeared in was uninhabited, a puny red dwarf with only a catalogue number as its name. They would then have to traverse the system to the next jump point that would allow them to jump to the next star in the chain to Cycria.
Most of the time in traversing the galaxy was spent moving from jump point to jump point within each starsystem. Some systems were lucky and their jump points were close-by, others had them far apart and it took a long time and a lot of Δv to traverse. The locations of the jump points and where you could jump from them depended on the background arrangement of the dark matter permeating the galaxy which warped the extra dimensions of spacetime.
The convoy would have almost a week ahead of them to traverse to the next jump point in this system, and just over two months to reach Cycria.
Captain Thraxos looked over the monitors and concluded that everything was in order. “Lieutenant Ulan, plot a course to the next jump point.”
The astrogator glanced over. “Already laid in, Captain. Ready to execute on your command.”
“Very good Lieutenant.” Thraxos acknowledged with pleasure. “Signal the convoy to get underway and execute.”
Ten of the ships in the convoy each fired up their fusion torches of various sorts and the convoy started moving, but then behind the eleventh ship, the IMS Antelope, something exploded with nuclear fury.
“CAPTAIN!” Sensor officer Birrai shouted. “The engine of the Antelope just exploded!”
“What?” The captain looked up. Just his luck that the Human rustbucket would have a catastrophic engine failure immediately upon firing up that lethal engine of theirs. “Signal all stop!”
Just as soon as the fleet had started moving the torches died down as each ship ceased accelerating.
Thraxos hit transmit button on his terminal. “This is captain Thraxos of GFN Duhrel to IMS Antelope, do you require assistance?”
Thraxos looked at the sensor scan on his screen as he waited for their reply. At least there didn’t seem to be much debris. Hopefully the Humans didn’t have many casualties.
A calm, if slightly confused, voice came on the speakers. “This is IMS Antelope. Uh, negative on assistance. Why, what is the problem?”
Captain Thraxos looked at his sensor officer, who just spread his arms. Then back to the sensor display, until he finally hit transmit again. “Duhrel to Antelope, did you not just have a catastrophic engine failure?”
“Um. Oh!” There was a sudden realization in the voice on the radio. “Negative Duhrel. That was the detonation of our 50 kiloton nuclear propulsion charge.”
“50 kiloton propulsion?! YOUR SHIP SHITS OUT NUCLEAR BOMBS!?” Captain Thraxos immediately regretted his lapse in decorum, but the sheer insanity of the idea had caught him completely off guard.
“Affirmative Duhrel. Apologies for the confusion. The shaped nuclear charges are used to push against the driveplate at the back of the ship which transfers the momentum imparted to the ship through a staged shock absorber assembly.”
After the convoy had gotten over the shock of the Humans’ propulsion system the rest of the voyage to the jump point had passed quietly. Or as quietly as a fleet trailing a stream of nuclear explosions can go. As had the second and third jumps.
When the convoy appeared in the fourth system on the route, another nondescript nameless star, things rapidly went south. Before the convoy had a chance to start moving a warhead detonated half a million kilometers away from the jump point.
Three pirate cruisers brought up their EM suites and aimed their targeting radars at the merchant convoy. The pirates were well poised about to catch any merchants that chose to try to flee, with each pirate able to cover a large part of the possible trajectories.
An ultimatum was transmitted on all the universal emergency channels. “This is captain Qauk’ats of The Blood Raiders. Stand down your ships and prepare to be boarded. Any resistance will be met with lethal force.”
Captain Thraxos considered his options. The Federation Fleet Command had not anticipated this heavy pirate presence. The previous raids had been performed by single ships each. His light cruiser might be able to take on two of the pirates, depending on how well they were equipped and trained, but all three would be too much. Especially when they were spread out like this, so he would not be able to concentrate his point defences in any single particular direction.
On the other hand he had not yet betrayed that GFN Duhrel was a warship. His ship had been chosen for this because it was roughly the correct size to pass as a medium merchantman. Could he use this to his advantage somehow…
“Lieutenant Coccols, signal the convoy to stand by. Comm laser only, let’s not tip our hands yet.”
Captain Thraxos prayed that none of the merchanters would panic and start running, he was only one ship, he couldn’t be in two places at once to protect everyone.
“Lieutenant Commander Birrai, use passive scanners only. Limit actives to equipment a merchantman could realistically have. Go loud on sensors only if our cover is blown.”
Thraxos was stalling for time and he knew it. He needed something to give him an extra edge somehow. Something, anything. Just one way to neutralize one of the pirate cruisers to even the odds.
On the screen vectors appeared showing the pirate ships starting to accelerate carefully towards the convoy since the convoy seemed to be capitulating. Whatever he comes up with he would have to come up with quickly.
Then the comm officer piped up. “Captain, we have a laser message from IMS Antelope. Captain Nele wants to talk with you.”
Thraxos sighed. Great, he didn’t have time to babysit a panicking merchanter right now. “Signal them to just stand by.”
Few moments later lieutenant Coccols replied. “He’s being very insistent, sir.”
“Fine.” Thraxos grumbled. “Put him on my monitor.”
Captain Thraxos waited until on his screen appeared the image of a middle aged human wearing a black collared suit with a white shirt underneath and a tie around his neck. On his head he had a white hat with a black visor. On the hat was a golden patch with a stylized antelope rimmed with golden stylized ropes.
“Captain Nele, what do you want?” Thraxos tried to hide the annoyance in his voice, but it still leaked through. “We’re kind of busy right now.”
Captain Nele ignored his tone. “Captain Thraxos, I’m sorry to interrupt, but I have a suggestion. Am I correct to assume that three pirate ships are too many for you to handle?”
Nele sighed. “Captain, this is no time for ego. Is it so?” He looked at Thraxos with stern eyes. “Because if it is, then the Antelope can take on one of them.”
Thraxos’ eyes widened. “What? No, out of the question!”
“Captain, the Antelope’s driveplate is designed to withstand repeated nuclear explosions with minimal ablation. It is tougher than battleship hull. And I bet the pirates don’t know that our ship ‘shits out nuclear bombs’ either as you so eloquently put it.” Nele glared at Thraxos. “I’m not planning to die today after a failed last stand, so one more time: do you need help or not?”
Thraxos glanced to the side. As much as he didn’t want to admit it, he did need help. After an agonizingly long moment he turned back to face the other captain. “Yes. You’re right. We can probably take on two, but not all three of them.”
Nele nodded. “Alright. So here’s what I have in mind...”
The control room of the merchantman was spartan compared to the bridge of a warship. Captain Robert Nele was standing next to the sensocomm station looking at the radar plot. His heart raced and he hoped he wasn’t about to do something completely stupid. He glanced around and he knew that the rest of his crew felt the same. But they had to at least try.
He breathed deep once and then exhaled. “Alright Terri, jettison the cargo containers. Arkady, use the azipod thrusters and lets make like bat out of hell.”
The engineer, Terri Grove, hit buttons on her console and a series of thumps echoed throughout the ship. “All containers released.”
Helm officer Arkady Stachowiak used the translation joystick to pull the ship backwards out from between the containers that were now lazily floating in space. “We’re free.” Then he turned the ship to a new heading and fired the azipod manoeuvring thrusters at full. “Batting out of hell.”
The azipod thrusters could be turned to allow the ship to accelerate in almost any direction. They were meant for use near ports for both manoeuvring and mobility where the Antelope couldn’t use her main nuclear pulse engine. Because of this the azipods were unusually powerful for a ship of her size and with the Antelope shed of all her cargo they could give her pretty decent acceleration.
Niels Becker glanced up to the captain standing next to him. “Radio from Duhrel.” He pressed a button to put it on the loudspeakers.
Captain Thraxos’ voice sounded frantic as he yelled at the Antelope. “Get back here Antelope! Didn’t you hear what they said!”
Robert shook himself to get into character. Then he pressed a button on Niels’ station and shouted back in panic. “Fuck that shit! I’m getting the hell out of here! It’s every man for themselves!”
He took a second to steady himself again. “Alright Niels, let’s see which pirate takes the bait. Arkady, once we know who is chasing us, turn us so our driveplate is pointed at them. Make a good show of trying to get away, we need to lure them out far enough.”
“Will do, Bob.” Arkady acknowledged. “I’ll give them a merry chase.”
“Now we just hope they want us disabled and don’t use missiles.” Robert voiced everyone’s concern. “Terri, how are your modifications coming along?”
Without even looking up from her console, Terri replied, “I’ve got the launcher patched. I’ve voided pretty much every warranty we have, but I managed to coax it to load four charges at once. With our biggest bombs that’ll give them a two megaton surprise.”
Robert nodded. “Very good.”
Terri continued, “The bombs turned out to be trickier. I should be able to get their attitude control software overridden, but they also have hardware safeties. I had to send Jonesy to physically bypass them. But that also means he can slap a radio module on them while he’s at it, so we’ll be able to detonate these on command.”
Robert grinned. “Excellent. Great work. Let me know when Jonesy is done with the mods.”
“Aye. Just one last thing. Once we load up any bombs into the launcher, we won’t be able to unload them any more.”
“Alright. Keep the launcher on full manual then and load only on my command for now.”
Niels interjected. “Contact-3 is altering course to intercept. I’ve coloured her pink on the radar plot.”
Robert glanced over at the helm. “Arkady?”
“On it. On our new course they’ll reach weapons range in 52 minutes. By that time we’ll have spent 84% of our manoeuvring propellant.”
Robert noticed it. “What’s wrong, Terri?”
“Oh, I’m just thinking of our next overhaul. The azipods weren’t meant to be used this hard for this long.”
“Good to see you’re still an optimist.” Arkady commented. As Terri glowered at him, he added, “You think we’re gonna live long enough to service them.”
Terri laughed and the rest of the command crew chuckled.
Their moment of mirth was, however, cut short when Niels announced a message from contact-3.
“Antelope, this is captain Mas’ieh of raider Bathed in Blood. Stand down immediately or you will be fired upon. This is your only warning.”
After a moment of silence captain Nele said, “let them eat static.”
It had been a tense half hour as the Antelope had led the pirate raider away from the rest of the group. Once they were too far away for Bathed in Blood to turn back and help his pirate brethren the GFN Duhrel had broken off the convoy and raced to meet the other two pirates.
With all the pieces in motion it was now captain Mas’ieh’s turn to make a choice. He had three choices: continue pressing the Antelope, turn back and attack GFN Duhrel, or turn away and run.
If he turned to attack GFN Duhrel, he would arrive to the battle too late to help Red Mayhem and Dread Rising. If the two ships could not beat Duhrel, then he would face Duhrel on his own and it might go any way depending on how much damage Mayhem and Dread had inflicted on her. If on the other hand Mayhem and Dread managed to destroy Duhrel, then he had just let the Antelope escape for no reason.
If he decided to run, then his chances depended on whether Mayhem and Dread could destroy or disable Duhrel. Duhrel was faster so she would be able to catch up with Bathed in Blood before he could slip out of the system at the next jump point. But if Mayhem and Dread did manage to destroy Duhrel, his attempt to flee would not be looked upon kindly by the leader of the Raiders.
So, no matter what happens his only real option was to press on Antelope. If Mayhem and Dread won against GFN Duhrel, then capturing the Antelope was the most useful thing he could do. If Mayhem and Dread lost to GFN Duhrel, then he was in no better or worse position than if he had turned away from Antelope. He would still have to face Duhrel just the same.
He sent a message to captain Qauk’ats aboard the Red Mayhem with his plan of action to continue chasing the Antelope to make sure she couldn’t escape, and the rationale for taking this action.
What he didn’t mention was that if Mayhem and Dread lost to Duhrel, but damaged her enough for him to destroy her… well, then he would have just become the new leader of The Blood Raiders.
The atmosphere was tense in the control room of the IMS Antelope. Minutes ticked by as the raider Bathed in Blood chased them. Several hundred thousand kilometers away the GFN Duhrel and raiders Red Mayhem and Dread Rising were fast approaching each other.
“Nuclear explosion.” Niels announced suddenly. “The raiders have started firing on GFN Duhrel. I think Duhrel’s point defence got that warhead. It was too far to cause any damage.”
Robert nodded in silence. They could do nothing more to help, that battle was now up to captain Thraxos.
“Two more. This time against contact-2. Their point defence stopped them.”
Thraxos and Duhrel had an advantage. They could fire their magazines empty if they had to without consequence. For the pirates, every missile they shot was invaluable, for they couldn’t just pull in to a naval yard to resupply. But there were still two pirate ships and if their magazines were full, then Duhrel would be in serious trouble.
“No fire for a few moments. I think they were just probing each other at extreme missile range.”
Robert turned to Niels. “How long until Bathed in Blood is in missile range, assuming their range is similar?”
Niels looked at the range plot. “Two minutes.”
Suddenly there was a radiation alarm. Robert looked at Niels with the look of ‘are you sure’ all over his face.
Niels looked at his instruments. “That was ten thousand kilometers away and off to the side. I think it was a warning shot. Negligible radiation dose.”
Robert thought for a moment and weighed his options. “We’ll keep going. Hopefully they won’t waste more missiles on us.”
The uneasy silence returned as more minutes ticked by. Only occasionally broken as Niels reported events of the battle happening far away.
The exchange of fire increased as the combatants got closer. GFN Duhrel was pressing on contact-2, the Dread Rising, and closing the distance as fast as she could. Her point defences were working at near saturation as the two pirates poured missile after missile upon her. But likewise, her missiles pushed the pirate crew aboard the Dread Rising to their limit as well.
“HIT!” Niels exclaimed! “Contact-2 has left behind debris.”
Everyone cheered. A hit was nice, but it wasn’t the end of the battle. Nowhere near. Warships were compartmentalized to the maximum and even a direct warhead hit only crippled them locally.
Soon the flashes of missile warheads were joined by the invisible beams of anti-ship lasers as GFN Duhrel and Dread Rising reached energy weapon range. Both ships took hits to their hull.
Warship armour had diamond threads woven into it, which were as close as you could get to thermal superconductivity. Each time a laser flashed across a panel, the weave would try to spread out the thermal load to try to keep the plating from vaporizing locally where it was hit and hopefully the plate would be able to radiate the heat load away before another hit. But if any plate was saturated by heat, the entire plate would melt all at once.
Niels was able to see thermal spikes on his IR scopes, but his instruments weren’t powerful enough to resolve what effects those hits had. Neither were the instruments of the other merchanters who were relaying their scanner data to the Antelope as well, which let Niels see the Bathed in Blood even though it was in the shadow of their driveplate. Otherwise the plate would have been a blind spot for them, for no sensor could be mounted on it that would be able to withstand the constant bombardment of nuclear fire it was under in normal operation.
They could only guess how the battle was going. Both ships were streaming air and metal behind them. Both ships were hurt, but how badly was anyone’s guess. Then their own trouble started.
Terri frowned. “I think we’ve just been shot at by Bathed in Blood with their lasers. I’m reading an increased thermal load on the driveplate. Activating cooling system.”
Robert swallowed. This was it for them. “Here goes nothing then. Arkady, start jinking with the azipods but make sure the driveplate remains between us. Let’s make it look good and not give them too easy a target.”
“I think we just had a near miss. The driveplate heat load spiked again, but much less. I think only the halo of the laser caught us this time.”
Robert nodded. “Keep going.”
With their overpowered azipods being able to move them laterally in almost any direction the cargoless Antelope was an exceedingly difficult target for the Bathed in Blood to hit compared to a warship. But every jink burned even more of their manoeuvring propellant. They wouldn’t be able to keep this up for too much longer.
“Direct hit on our plate.” Terri announced once more.
“Vent all our airlocks, let’s make them think they hurt us.”
The Antelope shuddered a little as the airlocks blew out a cloud of air around the ship.
“Too bad we didn’t think of loading some junk in them before hand.” Niels commented.
Robert grinned. “Yeah, but this’ll have to do. Terri, load up a 10 kiloton starter charge into the launcher. Next time they score a direct hit, fire it. Arkady, when it goes boom, put us into a spin. Hopefully they’ll think they’ve hit our engines and disabled us.”
“Got it.” Arkady acknowledged.
Terri hit some buttons on her console. “Charge loaded. Arkady, when I say ‘stop’ stop thrusting. I don’t want us to drift out of the driveplate’s shadow before the charge goes off.”
The Bathed in Blood scored a few more near misses and but then the heat on the plate spiked again. A direct hit.
“Stop!” Terri shouted, then hit the button to manually fire the drive once. A few moments later there was a brilliant flash visible to the Bathed in Blood and the Antelope felt the surge of acceleration as the shock absorbers pushed their ship with the momentum of the nuclear explosion in front of them. Arkady immediately used the azipods to give their ship a good bit of spin, making it turn end over end.
This was the moment when Robert bet them all-in. If the pirate cruiser would fire their laser even one more time, they could hull them straight through. For a merchantman had no armour plating cladding it everywhere like a warship did.
The bridge was deathly silent as everyone were holding their breaths. Seconds passed. Then seconds more passed. The recharge time of the pirate’s spinal laser came and went and there was no Earth shattering kaboom. Everyone breathed a sigh of relief and the seconds turned into minutes. The pirates wanted a prize and they thought they had it.
Even as the battle lulled here, in the distance, the battle between Duhrel and the pirates raged on.
Captain Thraxos had managed to break the Dread Rising in the laser exchange. The pirate cruiser was a wreck, hulled straight through in multiple places with a large hole where her main powerplant used to be. But Duhrel had suffered greatly as well. On one side her hull had been scoured clean of her point defences. A number of missile launchers were disabled or destroyed and several compartments were open to space as well. She was streaming air as she turned towards the remaining pirate. All the while they continued exchanging as much missile fire as they could.
But the crew of the Antelope had no time to spectate for long. With them ‘disabled’ and dead in space the raider Bathed in Blood had been able to close the remaining distance much faster and they were getting ready to pull up alongside them.
Captain Nele stood at the sensocomm station and watched the plot with officer Becker. He and Niels kept glancing at each other nervously as the distance closed. Getting the final part of their plan correct was critical, for they would only get one chance. Once their element of surprise was lost, they would be sitting ducks to the missiles of the pirate raider.
“Terri, load up the launcher with four of the biggest charges we have. Arkady, once Bathed in Blood is within 10 kilometers, stabilize us and aim the driveplate at him. Terri, once we’re stabilized go to rapid fire on the launcher with as many of the 500 kiloton charges as you can.”
Robert breathed deep to calm himself. “Detonate the charges when you think is optimal, or if it seems they’ve spotted our ruse. Let’s hope this works.”
Terri nodded and worked frantically on her console to execute the instructions. She would have to program the bombs to rotate to face Bathed in Blood instead of their own driveplate. She’d replaced the normal inertial stabilizing software with her own and uploaded it to the bombs, but she still had to compute the difference based on her best guess where the Bathed in Blood would be in relation to them when the bombs would be triggered. The bombs couldn’t do it themselves, since they had no external sensors, only gyros so they knew their own orientation and nothing else.
“20 kilometers.” Niels announced.
Time seemed to crawl as every person ran on adrenaline.
Arkady held the stick, ready to execute. He had already turned the azipods ready to cancel their rotation, but then he would have to turn to face the pirate cruiser.
“12 kilometers. 11 kilometers. 10 kilometers.”
Arkady waited for a moment more before he pulled on the stick to make sure they would stop as close to the target attitude as possible. The ship heaved as the azipods worked to halt its turn. With the spin nulled, Arkady then rolled the ship so the azipods wouldn’t have to slew to a new direction before he could point the ship towards the pirate. He wanted to shave every second he could.
“On target!” Arkady announced.
Terri hit the button to execute the program. “Launching.”
The whole operation had took only seconds and the pirates were caught completely off guard. The pirate ship took no action as the four little elongated spheres flew toward it from the little hole in the middle of the Antelope’s massive driveplate. A few seconds later another group of spheres flew out and another.
The pirate ship finally stopped their approach with their manoeuvring thrusters and started to turn their spinal laser to point at the not-as-disabled-as-they-thought merchantman to finish them off.
Terri waited until the last moment possible before the first group of nukes would drift past the pirate and put the ship out of the cone of their shaped charges. Then she pressed the fire button. “Firing!”
A dozen 500 kt nukes exploded in unison at point blank range to the pirate cruiser. Six megatons total of nuclear fury. But these weren’t just nukes, they were shaped charges with most of the blast directed forward through a heavy layer of tungsten that was turned into vapour and shot as plasma towards the hapless pirate whose hull did not have the heavy reinforcement the Antilope’s own driveplate did.
At point blank range this barrage could have hulled a battleship.
Then a few seconds later another 2 megaton barrage exploded. Then another.
Bathed in Blood finally finished turning to bring their spinal laser on the merchantman, but it did not stop. It continued to turn, its laser remaining dark. A cloud of air and debris surrounded the hulk of the pirate ship.
Then the fourth barrage of bombs hit their main powerplant and Bathed in Blood split in two as the reactor amidships exploded.
Sound of debris rang all around the Antelope as the explosion pushed against its driveplate, pushing the ship harmlessly away from the destroyed hulk of the pirate cruiser.
“Holy. Fucking. Shit.” Niels mouthed as he looked at his sensor screen.
Captain Robert Nele walked over to his chair and collapsed into it as the tension of the adrenaline in his system disappeared. Everyone on the bridge deflated as if they had been balloons from which the air had been let out.
“Reload the drive with propulsive charges, get us the fuck out of here.” Robert breathed heavy with relief.
Terri fired the last modified charges to clear the launcher. Her hand shook as she hovered over the fire button. She couldn’t bring herself to press it, not any more. The pirate ship was already more than destroyed. She let the nukes drift away past the wreck as she adjusted the loading priority for the launcher and reset it to standard automatic operation.
In few seconds the first 10 kt charge aimed at their own plate fired and pushed them away. Terri let the computer take over and soon the Antelope picked up speed at great rate, galloping away from the broken and hulled wreck of the pirate ship like her namesake. Empty of cargo even the lightest charges accelerated her like she was an olympic sprinter. The direction didn’t matter, as long as it was away.
They’d already forgotten the battle that had been going on elsewhere.
Ten minutes later the numb silence in the control room was broken by a radio call.
“GFN Duhrel to IMS Antelope. Captain Nele, what is your status?”
As IMS Antelope joined back with the convoy, GFN Duhrel pulled up to alongside her. Or what was left of GFN Duhrel. The battle with the pirates had taken a tremendous toll on the light cruiser. There was nary a square meter on her hull that wasn’t scarred by battle damage. There was a large gash along one side and even a hole clear through her. The other side was scoured clean of her hull mounted weapons and sensors and several compartments were open to space. Over third of her crew were dead. It was a small miracle she was still flying at all.
But the pirate fleet had paid even more dearly. All three cruisers floated dead in space as wasted, hulled wrecks. Bathed in Blood lay in twain with her spine broken. Dread Rising was missing an entire quarter of the ship where the powerplant had used to be. And Red Mayhem lay shattered in pieces after multiple missile hits when Duhrel had finally managed to overwhelm her point defences.
There were very few survivors from the pirate fleet, and even fewer who had wanted to be a survivor. Only fifteen lifepods had been launched from the hulks, out of their total crew of a hundred and twenty. The rest had perished in the battle, or chosen to perish in the hulks. The survivors’ pods would be picked up in due time to face justice for their actions.
Captain Thraxos watched the Human ship on his screen and saluted. The Antelope may have been old and tarnished, she may have looked odd and ugly, but right now captain Thraxos was proud to have her and her crew in his fleet. She was no longer part of the convoy, she was one of its protectors. And it was thanks to her that they had triumphed today against insurmountable odds.
Stop Buying Expensive Options On Obvious Plays: How IV Steals Your Tendies
I've seen these trades a few too many times, so I figured it's about time to explain why you should give a damn about 'ivy' and what it means for an option to be expensive. This is a lesson on efficient capital allocation. submitted by bemusedfyz to wallstreetbets [link] [comments]
Where do options come from?
There's no free lunch. The market is not perfectly efficient (it is certainly possible to make money), but it is pretty damn close. What this means is that 'obvious' plays are priced to limit your upside.
Why is this the case? Transactions are symmetric -- whenever you buy an option, someone is selling it to you. Depending on what you're buying, it's either another trader, or a market maker. When trading highly liquid options, it's usually a market maker (think Jane Street or Citadel), whereas if you're trading an unknown, small company, it's probably another trader (Jane Street is not going to bother with Lumber Liquidators). But, irrespective of who is selling it to you, they're in it to make a *profit.
What does this mean? The money-making opportunity is usually priced into the option premium. A 4/9 220p on SPY currently has an IV of 83.44%. A 4/9 30p on RCL (roughly comparable percentage price decrease on the strike) has an IV of 319.70%! Do you think that Royal Caribbean is about to plummet because they have negative cashflow and don't qualify for the bailout? Yeah, well so does the market. It's written right there, in the IV. That's what IV is -- implied volatility, the expected volatility, according to the market. In order to make a huge return from trading the RCL put, RCL would need to drop even more than the market currently expects it to... With an IV of 319.70%, that doesn't seem particularly likely. So, should you buy RCL puts? Probably not... Unless you believe that you know something that the market does not, in which case, your claim would be that the RCL put, despite an IV of 319.70%, is still 'underpriced'. If you think that you have knowledge that justifies more IV than is currently priced in, then enter the trade.
Fundamentally, IV is forcing you to pay for the privilege of profiting from the volatility of the underlying. It has to be set up this way, because option sellers need to be sufficiently incentivised to take the risk of writing an option on something as 'risky' as RCL. Remember, your gain is their loss -- they're only going to enter the trade if you pay handsomely upfront.
Right now, everything has 'high' IV, Vix is through the roof. When Vix eventually drops, everything will be IV crushed. But options on individual stocks still have more/less IV priced in, as dependent on how much the market expects them to move. Picking the 'obvious' candidates with the highest IV is unlikely to result in a very profitable trade. In many cases, simply buying a put on SPY would pay more over the course of a red day.
But I want big gains...
This is why most of the 'real money' from this crash has already been made. The select few who purchased puts when SPY was trading above 300 made out like bandits -- capturing 10-30x returns. They bought their puts before the rest of the market realized that the crash was coming, so they didn't pay for the volatility and the coronavirus repercussions were not yet priced into the option premiums. Is it still possible to make a profit? Definitely. Some believe that the coronavirus crisis is 'overblown', so the market is still pricing uncertainty about further downside into the puts. 3-4x+ gains could still happen. If you buy puts now and enjoy a 200% return, it is only because of all of the entities underestimating the economic damage wrought by the virus. Assuming that the market continues crashing, it will be possible to turn a profit until the last bull capitulates (no coincidence that this is when the crash will end).
So how do you make 'big' (10-30x) plays? You have to know something that the market doesn't yet realize. If betting on SPY, you have buy puts before everyone realizes that the world is burning (too late, unless the damage is significantly more severe than the market has priced in -- SPY 145p, for example). The next big trade will be calling a lower bottom, or calling the trend reversion before anyone else realizes (buy calls at the bottom while hedging vega, or after volatility has dropped). In the realm of individual companies -- you'd have to pick a company that will suffer more than the market realizes, or a company that will thrive in the virus-wracked economy.
So, no, there is no free lunch. Sorry. If you identify a company that is 'sure to plummet', make sure that the market doesn't already know that.
TLDR: If you think a coronavirus play is obvious, check that this isn't already priced into the option's premium. When the market expects a company to swing wildly, it'll be right there, in the premium. This is why SPY puts can pay more on a 4% move than RCL puts would on a 14% move.
*Market makers don't actually profit from betting on trades -- they have an entirely different business model, based on capturing rebates from bid/ask spreads... They earn a commission from facilitating trades, basically. But options that market makers sell are still priced by the market, and thus priced so that the transaction represents 'fair value'.
EDIT: It's come to my attention that I need to add that IV is a core component of option value. When options have high IV, they cost more. If you didn't know this, you should read more about options.
EDIT 2: For the sake of accuracy, I'm adding this to the above: IV is option demand. Think of IV as the difference between the value that an option 'ought to have', based on fundamentals alone, and the price of the option on the market. It's usually back-calculated with an iterative function that determines the 'IV an option would need to have' in order to justify the price it currently trades at. So, when I say that 'when options have high IV, they cost more', it's a little circular -- when options cost more, they have high IV, and vice versa. But either way, high IV = expensive option. Up to you to determine whether or not this market demand is correctly pricing in the opportunity.
Welcome to Gettysburg (Day Three)
Day One Here Day Two Here JULY 3RD A FEW HOURS AFTER MIDNIGHT submitted by mcjunker to TheMotte [link] [comments]
The night fighting on Culp’s Hill was slow and torturous. The Confederate assault from Johnson’s division had to cross rough terrain and a river before it even started going uphill, which at night was an incredibly miserable task even without Union troops firing at them. Union skirmishers played hell with their progress, and after brushing them aside, Johnson bumped into a defensive line that his Union counterpart Geary had spent all day perfecting.
As mentioned yesterday, their only success was to grab tiny footholds on the Union side of Rock Creek, which ran between the two hills.
As the fighting died away and the bone weary soldiers on both sides crashed asleep hard, Lee plotted. He smelled blood; on July 1st, they’d carved up the Union men good and drove them from the field. Yesterday, on the Union left, they’d wrecked a Union corps under Sickles, smashed into the Union center and almost broke it (damn those blue belly reinforcements showing up in the knick of time), and even gained a toehold on the Union right. The men’s morale was high. Lee decided to repeat yesterday’s plan, but better executed.
Simultaneous attacks on both flanks should overwhelm them, and J.E.B. Stuart could make it up to all of them by chasing down the shattered Army of the Potomac to scoop up all the heavy guns and supplies and wounded that could not retreat rapidly. To which end, Lee sent Stuart on a super wide flanking attack around the Union right so as to be in position to strike at the right moment. Lee generated the orders in written form and sent them off by messenger to his corps commanders.
Meanwhile, Meade had another war council face to face with his generals. They decided to stand pat, to neither attack the Confederate positions nor retreat back towards Washington. The terrain massively favored them and Lee would (more likely than not) walk into their gunsights again.
A defensive stance, however, doesn’t mean pure passivity. A few hours after the Confederate assault petered out and Lee’s decision was made, the Union started a counterattack on a small scale.
At dawn, the Union right flared up. Fresh troops had marched in overnight and Meade wanted his damn hill back. The extreme end of the Confederate left flank (which is of course opposite the Union right) found itself getting hammered in front of Culp’s Hill by artillery from the Baltimore Pike. Clearly, such a bombardment was meant to be followed up with an assault to retake the bridgehead.
Johnson, having received his orders from Lee and being under the impression that Longstreet was attacking in tandem a mile and a half away on the other side of the hills, attacked Culp’s Hill again before the Union could attack him first. The plan was what the plan was; pressure here, successful or not, was needed for someone to break through somewhere. But Longstreet wasn’t attacking
. Later on, Longstreet would claim to have never received the order to advance, but the sources I have assert this is untrue- he received the order, he just didn’t do anything about it. Instead of spending the night getting his troops on line to attack Little Round Top and the southern chunk of Cemetery Ridge, he just sat tight and did nothing. Oceans of ink have been spilled over the years speculating as to why. The Lost Cause narrative asserts that Longstreet was a Yankee-loving turncoat who deliberately sabotaged Lee’s plan and lost the battle on purpose. Others think that Longstreet's conviction that attacking here was insane and that they should fall back and look for battle somewhere else on more favorable terms had been strengthened by the results of July 2nd, and as such was dragging his heels trying to not attack again. Or maybe it was just the general haze of Civil War era incompetence taking its toll again.
As Johnson’s men gamely attacked the untakeable Culp’s Hill and were cut down by accurate rifle fire and close range cannon fire, Lee hunted down Longstreet to demand an explanation for his borderline insubordinate refusal to attack.
Longstreet pitched his idea again. He’d spent all night scouting the Union line. The enemy line was unbreakable. They shouldn’t try to attack them here. They should slip around the Union left, south of Big Round Top, to threaten the Union supply lines. Do that, they would make the Union respond to them, fight them on more equal terms. That’s the plan Longstreet had been preparing for all night, not a suicidal-
Lee cut him off with a raised fist. There would be no tricky maneuver around the flank. They would assault the Union line under the present conditions.
To the north, Johnson was still getting his teeth kicked in. Lee sent orders to call off the assault, but it would take a while for the messenger to get there and for Johnson to get word to his brigades to stand down and fall back. Meanwhile, across the way on Cemetery Ridge, Meade stalked his line, double checking all the positions for any confusions or errors to correct, emitting confidence and good cheer.
Lee scoped out the Union center personally, being in the area anyway. His complex double flanking maneuver wasn't working. A new plan was needed.
Lee figured that Meade had reinforced Little Round Top and the surrounding area yesterday, and that those troops hadn’t gone anywhere since. The Union defense at Culp’s Hill has been similarly fierce that morning, fierce enough to threaten Johnson with an offensive. If both flanks were strong... the center must be weak. Yesterday, a small Confederate brigade had crossed the Emmitsburg road under fire and smashed into the Union line on Cemetery Ridge, just south of Cemetery Hill. They had straight up routed
the enemy- had there been more men available to back them up and follow through, that small brigade might have won the battle outright instead of being pushed back as they’d been. Lee was satisfied. The Union center was brittle, undermanned, and the best point to hit it was at that same place.
Meanwhile, J.E.B. Stuart was stepping off on his flanking ride.
———————————————————————— LATE MORNING
Johnson’s last big push up Culp’s Hill was heroic. By that time, all of them knew how strong the Union position was. They surely walked into this with their eyes open.
A three brigade front set up for a shock attack, backed up by four more to exploit the hoped-for opening. Among them was the famous Stonewall Brigade, Jackson's old unit that he’d raised up and trained personally before being tapped for higher command. The Stonewall Brigade was, arguably, the elite of the Confederate army. The year before, they’d outmaneuvered and outfought a Union stab at Richmond coming through the Shenandoah valley.
The charge was cut down and butchered like all the others, and Johnson fell back.
Williams, whose batteries on the Baltimore Pike had kicked things off that morning, got a little overexcited and counterattacked without orders. His orders to attack the Confederate flank left his subordinates sickened with dread, but were obeyed nonetheless. Once the Union counterattack was butchered in retaliation by the entrenched Confederates, combat on the Union right ceased after six straight hours of gory, hopeless combat.
Meanwhile, Confederate artillery under the command of Colonel Alexander set itself up on a mile wide front, all carefully sited and positioned both for protection and for good lines of sight on the Union center. A brief but fierce artillery duel kicked off as each side tried to knock out the other’s firing points before the big moment, but was soon cut off to preserve ammo.
Lee mustered his available forces, bringing in troops that were only now straggling in and combining them with some units that had fought the day before. It was a haphazard and frankly half-assed piece of staff work- veteran units who hadn’t fought at all in the last two days were left in reserve, while exhausted troops who’d already suffered 50% casualties were included. Many of the brigades who were to charge Cemetery Ridge had green colonels in charge because their generals had been killed or wounded the day before. The gap between the northern half of the assaulting force and the southern half was four football fields long, and nobody seemed to notice or care. The division commander to lead the north side of the assault, General Pettigrew, was selected not for any rational consideration or advantage, but because he happened to be standing nearby when the decision was being made. Longstreet, who by this point wanted nothing to do with any of it, was placed in overall command. It took a few hours to organize this clusterfuck into something resembling a coherent unit- three divisions spread over a mile wide front, with Pickett on the left, Pettigrew on the right, and Trimble behind them to provide some depth to the big push.
There is no particularly good reason why the upcoming Pickett’s Charge is known as “Pickett’s Charge”. Pickett was not actually in charge of it, or even in charge of most of it. He was a division commander who had never seen proper combat before- in every battle since 1861, his unit had been held in reserve or absent. This was to be his first chance to get in this war. I suspect it’s known as Pickett’s Charge because he and his men were Virginians, and it was fellow Virginians who would pour over the battle to find out why the wrong side won. Accordingly, they conceived of it as being a Virginian affair, overshadowing the Tennesseans, Alabamans, North Carolinians, and Mississippians who formed the other two-thirds of the attack.
I was surprised to learn that we have a hard time figuring out how many men were actually involved in Pickett’s Charge (this being a basic narrative history, I am sticking with the common name for it despite the inaccuracy); I attribute this to the confusion involved in organizing it. I’ve heard as low as 12,500 men and as high as 15,000. I’m going with 14,000 men because it’s a nice even number that is approximately midway between the upper and lower limit, so don’t mistake my choice as being accurate or even evidence-based per se. Regardless, the agreed upon number of Union defenders is 6,500. The Confederates would outnumber the Union by about 2-1 or greater at the point of contact.
These days, a lot of people show up at the battlefield and stare out from Cemetery Ridge at Spangler Woods where Pettigrew would have emerged from (or stand in Spangler’s Woods and stare out at Cemetery Ridge, same difference) and wonder what the hell was going through Lee’s head. The ground there is now flat and devoid of cover, the exact kind of terrain that time and time again had proven to be a death sentence for infantry assaults. The answer is that the ground changed between 1863 and today. Just before World War One ended in 1918, the field over which Pickett charged was artificially flattened for tank training. Before that, it was the kind of rolling terrain that Buford’s skirmishers had exploited on day one- an observer from a distance would see the troops disappear and reappear as they went over and down each gentle slope. The 14,000 attackers would have some
cover as they advanced- not perfect terrain to keep immune from artillery and bullets, but not explicit suicide either.
———————————————————————— EARLY AFTERNOON
By 1 PM, Alexander had his guns set up the way he liked them. What followed at his command was the single largest coordinated artillery mission that the Western Hemisphere had ever seen.
In the south, cannons at the Peach Orchard suppressed the Union firing point on Little Round Top. All along Seminary Ridge from whence the charge would spring, cannons lined up practically wheel to wheel for a mile, aimed at wrecking Cemetery Ridge.
Longstreet was in what you might call a high stress kind of mood. He was having second, third, fourth, and fifth thoughts about attacking, but orders were orders and he was in charge of this damned charge. As the guns began their bombardment, Longstreet did something that frankly goes beyond the pale of any command decision I’ve ever heard of. The film Gettysburg
and the novel it’s based on cast Longstreet in a very sympathetic light, as a kind of deliberate pushback against the reductive myth that Longstreet was personally responsible for losing the battle and by extension the war, leaving Lee off the hook to stay firmly in the saintly canon of the Lost Cause. But here, Longstreet indisputably abdicates any pretense of the responsibility of command.
He fired an order off to Colonel Alexander, telling him:
If the artillery fire does not have the effect to drive off the enemy, or greatly demoralize him, so as to make our effort pretty certain, I would prefer that you should not advise General Pickett to make the charge. I shall . . . expect you to let General Pickett know when the moment offers.
Allow me to reiterate in case you were reading this on autopilot. Longstreet, the man in charge of the whole offensive, was telling a lowly artillery colonel that the decision when and if
to attack was on him and no one else.
Alexander was a subject matter expert on artillery and not infantry for a reason. This order hit him from out of left field. He wrote back for clarification, and the professional in him mentioned that since the plan is to use every single artillery shell they can spare, if there is any alternative plan to charging Cemetery Hill at the end of the bombardment then they’d better tell him before
he runs out of ammo. And Longstreet reiterated his first order
. He told Alexander to advise General Pickett whether or not to attack. And with that on his shoulders, Alexander gave the order to open fire. All told, somewhere between 150 and 170 guns opened up at the same moment.
The 75 Union cannons they had on hand briefly engaged in counter-battery fire, before being ordered to go quiet and save ammunition for the infantry assault to come. For about an hour, the Union troops just had to sit still and take what the Rebel had to give them.
What Lee was doing was classic Napoleonic tactics. Massing artillery against the weakest point on the enemy line was literally by the book soldiering. The problem, as was noted here before, was that technology had changed. Napoleonic could bring his cannon close to the frontline with the reasonable expectation that they wouldn’t be shot, since smoothbore muskets are basically harmless from 200 yards away. But that was no longer the case. The long stand off distance that the enemy rifles dictated meant that the cannonfire was proportionally less accurate and devastating. The smoke covering the field concealed the truth from the Confederates- their artillery fire was off. Most of the shells flew high overhead and exploded behind Cemetery Ridge. Some
shells hit the target area- Union men did die screaming by the score. But the positions on Cemetery Hill were only lightly damaged, and the units manning them were intact and cohesive. Most of the damage done was to the rear echelon types- surgeons, supply wagoneers, staff officers, that kind of thing. Such men were massacred as the shells aimed at men a quarter mile away arced over and found marks elsewhere. Meade, of course, was on hand, showing a brave face and cracking some jokes about a similar moment in the Mexican-American War 15 years back.
Throughout the hour, as his line endured the steel hailstorm, Meade’s engineer mind was working. He’d already suspected that Lee was about to hit his center- he’d predicted as much the night before- and now the shot placements confirmed it. He was already ordering troops into position, getting ready to reinforce the line on Cemetery Ridge if needed. He hedged his bets, putting them in a position to relieve Cemetery Hill as well, just in case. Little Round Top became somewhat less defended as men marched out, using the high ground to mask their redeployment.
Irresponsible and insubordinate though Longstreet was at that moment, he was right. Lee’s improvised plan had already failed, though it hadn’t happened yet. Pickett’s Charge wasn’t going to slam into a fragmented and demoralized Union line. It was heading into a mile long, mile wide kill zone backed up by a defence in depth.
———————————————————————— Pickett’s Charge
Confederates were getting mangled before the charge even started. Union artillery fire reached out and touched out them in Spangler’s Woods, rolling solid iron shot and explosive shells into their huddled ranks.
Longstreet rode the line, exposing himself to the artillery fire to set an example of courage. The men didn’t need such an example- or rather, they’ve seen such examples in a dozen battles over the last two years and have already learned valor as a second language- but there’s something to be said for showing the groundpounders that their boss is in the wrong end of the shooting gallery the same way that they are.
Just before 2 p.m., Alexander decided if it’s gonna happen, it’d have to be now. He needed at least a small reserve of shells to function after the battle and he’s running out fast. He dashed off a note to Pickett telling him to step off. In keeping with the standard of Confederate comms thus far, Pickett then took Alexander’s note to Longstreet in person for confirmation, because nobody had told him
that Longstreet was trying to dodge the responsibility of command.
Longstreet was desperate for an out, and in one crazed leap of illogic he thought he found one. Alexander was low on shells, with only a tiny reserve of ammunition left over for self-defense! Longstreet issued orders to halt in place and delay some more, so that they could replenish their ammo chests from their strategic reserves.
I really feel for Alexander, man. I've had bosses like that too. Alexander had to break the news to Longstreet that there was no strategic reserve, he already told him, they were shooting every round they got
. Longstreet was shocked- apparently nobody on Lee's staff had been paying attention to how fast they'd been burning through their artillery rounds. (Meade's staff paid attention to such banal details- that's why they now had tons of ammunition standing by their guns on Cemetery Ridge, patiently waiting for something valuable to shoot at). Even then, Longstreet couldn’t bring himself to actually say the words to order the attack. He just nodded, mute and numb.
At 2 p.m., the attack started. 14,000 men rose up and walked forward, a giant line of infantry one mile across. In lieu of specific instructions about where they were going and how to get there, the order was to aim for a copse of trees on the objective- an easy visual marker that was easy to remember. As long as you kept the trees in sight and kept moving forward, you were right.
(Miles and miles away, J.E.B. Stuart’s flanking maneuver was being countered by an equal force of Union cavalry. Their clash had one of the few cavalry-on-cavalry battles of the Civil War; fun fact, this was one of the fights that put Custer’s career on the map, until getting killed off by the Cheyenne at Little Big Horn 13 years later. The battle was intense, but a draw; Stuart couldn’t break through. Even if Pickett’s Charge worked, there’d have been no way to follow up and finish Meade off for good. Lee’s plan was well and truly fucked.)
Things immediately stopped being clean and neat, as per the usual. The center of Pickett’s Charge sprang up and walked before the flanks did, but the brigades on the south and the north of them set off late, leading to a kind of droopy effect where the center bulged out unsupported.
When the Union soldiers manning Cemetery Ridge saw the Confederate advance begin, they began to chant “Fredericksburg! Fredericksburg! Fredericksburg!” Just a little “fuck you” from one set of veterans to another; at Fredericksburg eight months before, Union General Burnside had ordered several such suicidal attacks on prepared defenses which the Confederates had gleefully blasted into chunky salsa. 70 odd guns opened up on them all.
To give a sense of the skill involved, the artilleryman in charge of the Union guns, Colonel Hunt, had written the book on artillery- literally, because his work Instructions for Field Artillery
was the go-to manual for the US Army- and at West Point had personally taught most of the Confederate artillery officers across the way everything they knew about the big guns. One must not mistake this as just plopping down the cannons and pointing them in the right direction. Hunt was an artist with his weapon systems, and the pattern of explosions that snaked into the advancing infantry had been painstakingly designed by a master craftsman.
At the distance of a mile, it was iron shot and shell that carved bloody little holes into the line. The Confederates took the beating, closed ranks, and pushed on. On the south, the cannons on Little Round Top delivered particularly hideous effects from the flank, driving their line into disorder; some brigades cut in front of other brigades, and what should have been a line became a muddled column. On the north, a brigade under General Brockenbrough bumped into a small detachment of 160 Union men who were jutting out north of the road. The Union men fired a small but devastating volley that raked them from the side and broke their nerves. Brockenbrough’s men ran- the first to break, but not the last.
Similar small detachments of skirmishers dotted No Man’s Land between the armies. Between their vicious little ambushes and the massive shock of massed artillery, Pickett’s Charge slowed down. Slowing down just left them in the kill zone for that much longer.
When Pickett’s Charge reached the Emmitsburg Road, they were further delayed by the stiff fencing that lined it. As they clambered over it, Union infantry opened fire at long range. The casualties skyrocketed as the Confederate line absorbed the fire. If you want to know what it was like under fire, picture the start of a rainstorm. The water droplets go taptaptap tap taptaptap taptaptaptaptap taptaptaptaptap taptap taptaptaptaptaptap taptaptaptaptaptaptaptaptap
... that's how the survivors described the musketry that pelted the fence they were trying to climb over. One small contingent of Davis’ brigade (you recall how roughly they were manhandled on July the 1st) accidentally got ahead of everybody else and found itself standing right in front of the Union line all alone. The guys closest to the Union defenses surrendered as one; the rest got shot up bad and ran for their lives.
Pickett’s Charge was pure chaos by then- their mile wide front that had surged forth from Spangler’s Wood had shrunk down to about a half mile, partly from taking casualties, partly from brigades running away after the shock of massed fire, and partly from bridges shifting north away from flanking fire from their right side.
From the fence line on the Emmitsburg to the stone wall that protected the Union defense was about two hundred yards. This is a long shot for a rifle, especially under pressure- that’s the whole point to volley fire, so that everybody shooting at once will create a sort of probability cloud of danger even at long range. Some Confederates, desperate to hit back after enduring hell, shot anyway. Their fire was ineffective. It is a very, very
short shot for an artillery piece, even under pressure. A battery of cannons placed just behind the Union line switched to canister and blasted massive bloody holes in the bunched up Confederates.
A lot of Confederates huddled up behind the fencing and stayed put. It is marginally safer than moving two feet forward past the wooden railings, and the spirit had been knocked out of them by the mile long charge and the mile long shooting gallery they’d been subjected to. The left side of the attack had been stopped dead and turned back; the right side pushed on, disregarding any thought but closing distance. 1,500 men blitzed those last 200 yards to the stone wall
Scores of them died from rifle fire as the cannons reloaded.
The surviving Confederates, running on pure adrenaline, reached the stone wall at a place called the Bloody Angle. The Union line was disjointed, with the Northern section slightly back from the southern section. The Angle was the little joint that connected the two walls; it was also right by the copse of trees that everybody was racing towards.
A fierce firefight broke out once the Confederates reached the wall. Most of them stayed behind the wall; like their buddies to the west still behind the fence on the Emmitsburg pike, they’d finally found a few square feet that was sorta kinda safe, and every instinct they had in their brains screamed at them to stay there. The Union troops were outnumbered at the point of impact, and backed off in good order.
Reserve regiments were already marching up to plug the gap that didn’t exist yet. Units north and south of the Bloody Angle shifted in place to fire at the beachhead. Behind the Confederates on the Angle, there was a small ocean of blood on the ground and a mile long procession of silent, mangled dead and writhing, screaming wounded... but no follow on reinforcements to help exploit the breakthrough.
General Armistead, the only Confederate General there still on his feet, still believed in all that chivalrous Walter Scott romantic nonsense, still thought that raw valor and heart could somehow beat a superior enemy. He stuck his hat on his sword as a makeshift battle flag and rallied his men to leave the safety of the Bloody Angle and close distance.
Just as the pitifully few Confederates got on the east side of the wall, the cannons shot canister again and puked metal death all over them. After shooting, the artillerymen ran back to safety before the rebels could stagger up to them.
Hundreds of men surged forward by inertia; hundreds out of the 14,000 that they’d started with. They drove off the understrength Union regiments with the bayonet and capture those hated big guns, turning them around to use against the inevitable counterattack. This failed; there was no more ammo left for the guns. Colonel Hunt had measured out the number of rounds needed for the job at hand with the utmost precision.
The counterattack was messy and bloody for everybody involved, for the brawl saw everything available used as a weapon- bullets, bayonets, rifle butts, pistols, knives, rocks, boot heels, bare hands. But the Confederates all just dissolved after a short while. Nobody ordered a retreat; nobody was alive and of sufficient rank to order a retreat. Thousands just plopped down where they stood and waited for Union men to come out and collect them. They were too numb and exhausted to walk anymore. Others streamed back to safety in ones and twos.
For every Confederate who died, four more were maimed and crippled. For every wounded man, another was taken prisoner. It was an unmitigated disaster for the Confederate cause, and correspondingly it was a triumph of humanity as the stalwart defenders of the slave plantations died in droves. Remember, like I said, we’re rooting for the Union.
The battle wasn’t over, not really. Not was the campaign. But it certainly was decided.
———————————————————————— RIGHT SO
Interestingly, at first it was kind of ambiguous who won.
Meade got fired from the job after Lee got the Army of Northern Virginia home intact. Lincoln was seething that Meade hadn’t shown some aggression and had failed to destroy Lee’s army as he had been ordered. Meade, however, didn’t have much of an army at that point, just a diverse collection of units that had suffered 50% casualties and were in no condition to do anything. Moreover, there had been no way to bring the retreating Lee to battle without taking a lot of risks that might see all the good done at Gettysburg undone. Still though. Meade was out, and Grant, riding high after his conquest of Vicksburg, was in. Lee initially claimed victory in the Richmond papers, and it was hard to gainsay him at first. He had indisputably invaded north and thrashed the living shit out of the Army of the Potomac so bad that they could not invade again in 1863, which was indeed partly the point of the strategy.
But soon the facts of life made themselves clear. Lee had holes in his ranks that simply could not be filled anymore. Southerners didn’t want to die in a losing war, and coercing in them into the ranks through State violence only gave him shitty recruits who would desert the second they were put on guard duty. In contrast, tens of thousands of men poured into training depots across the nation, all armed and clothed and fed by the grandest industrial base in the world. Thousands of experienced veterans re-upped their contracts in Gettysberg’s wake to become these new recruits’ NCOs and commanding officers. Lee has gone north to break the will of the Union to continue the fight. Gettysburg had, if anything, demoralized the Confederacy and reinvigorated the Union instead. I do not believe that Gettysburg started this trend, but I do think it sped it up significantly. Patterns that might have taken a year to come to fruition instead took months.
Gettysburg, in my opinion, is significant not because of any great gains or losses on the material level, but because of its effects on the minds of voters and soldiers and politicians in the North and the South. To crib C. S. Lewis really quick, what matters was not whether a given action would take a specific hill, or seize a certain road; what matters is whether a given action pushes people to either dig their heels in and seek victory at any personal cost, or whether it pushes them to back down and seek a safer compromise. Gettysburg pushed all of the American people in the directions they were already heading down, that’s all. Any conclusion beyond that is on shaky ground, I feel.
Having said that, I shall now irrationally contradict myself; Gettysburg can also act as a Rorschach test with symbols and images and stories in lieu of the ink blots. Like I said, it’s a place of religious significance to me to an extent far beyond appreciation for its historic value.
I just don’t think it’s possible for that many people to die in such a short period of time, in so compact an area, and with such blunt contempt for the foreseen probability of violent death, and not leave an indelible and ineffable mark on the land itself. Like, if humanity went extinct and Earth got colonized by Betelgeusians a hundred years after, I am certain that the aliens would somehow feel a chill in their exoskeletons when they walk over the soft leaves and through the bare trees of Herbst Wood, or tromp around the south side of Little Round Top, or poke about on the steep slope of Culp's Hill, or splash across the Plum River in the Valley of Death.
I’m not saying I’m right, of course. But I am saying how I feel.
Will the Green Bay Packers win OVER/UNDER 9 games? By University Stats Prof!
submitted by David-MJ to sportsbook [link] [comments]
Matt LaFleur’s first season as Green Bay’s head coach has to be considered a success. He led the team to a 13-3 record, which secured the NFC North title.
The Packers held off the Seahawks to a 28-23 home win in the first round of the playoffs, but were ousted by the Niners in a brutal 37-20 thumping (a game in which the Packers dugged themselves into an early 27-0 hole).
2. Offensive Position-by-Position Breakdown 2.1 Quarterbacks (QBs)
Aaron Rodgers will be entering his 16th NFL season. He had another excellent year with a 26-to-4 TD-to-INT ratio and over 4,000 passing yards. He finished as the 7th-best QB in the league according to PFF ratings.
At 36 years old, he is likely to have a few good years left. After all, Drew Brees and Tom Brady posted nice statistics in their late thirties.
Rodgers has been very durable throughout his career, but he’s not invincible either. Tim Boyle was the backup plan last year, and the team needed to upgrade the position while starting to think about the post-Rodgers era.
Still, drafting Jordan Love was the most questionable and talked-about pick in this year’s draft. People expected the Packers to go with a veteran backup QB. Rodgers has mentioned several times he wants to play in his forties; he can still offer a good five years of solid play in the frozen tundra.
Love has possesses great size, throws with velocity and he’s very mobile. The main knock on him is the decision-making and inconsistency.
As a sophomore, he threw 32 TD passes versus 6 interceptions. He regressed a lot last year by posting a mediocre 20:17 TD:INT mark. Granted, his surrounding cast was very weak and he had to go through a coaching change.
Love can throw from many different arm angles; he reminds people of Patrick Mahomes in this regard. He can throw a fastball or a soft touch pass.
Quick note: he almost quit football when he was 14 years old after his dad committed suicide. However, he knew his dad would want him to keep playing, so he did just that.
2.2 Running Backs (RBs)
Aaron Jones is a top running back in this league. Along with Jamaal Williams, they form a lethal duo.
Including the playoffs, Jones ended up scoring 23 touchdowns in 18 games. His 19 regular season scores were the second most in Packers history. His numbers have increased in each of his first three years as a pro. He is also excellent as a pass catcher.
Despite playing in the shadow of Aaron Jones, Jamaal Williams still finished as the 17th-best RB based on PFF rankings. He does not seem like a lead back, but he’s a perfect change-of-pace guy. Much like Jones, he can do some damage as a receiver as well.
Williams has been a steady performer thus far in his career. He has rushed for 450-550 yards in each of his three seasons, while catching a minimum of 25 balls. He has 15 total TDs over this three-year span.
If you thought GM Brian Gutekunst made a strange move by drafting QB Jordan Love in the first round, he doubled down with another head scratcher in the 2nd round when he took A.J. Dillon.
Message to Mr. Gutekunst: Aaron Rodgers needed pass catchers, not a third running back! I really don’t get this pick either. I’m not saying Dillon won’t be good in the NFL; only time will tell. However, it clearly wasn’t a position of need for the Packers.
Dillon is a power back who rarely breaks off huge runs. He racked up big numbers in three seasons in Boston College. He’s unlikely to become a three-down starter, especially since he’s not a good pass catcher. He will likely be used sporadically as a rookie.
2.3 Wide Receivers (WRs)
Davante Adams is one of the best at his position. He had a streak of three straight seasons with at least 10 TD receptions snapped last year, but he still caught 83 passes for 997 yards in 12 games (he missed four games because of a toe injury).
Outside of Adams, all pass catchers appeared lost on the field. None of them developed a good chemistry with Rodgers.
Marquez Valdes-Scantling was a huge disappointment last year. He showed promise as a rookie with over 500 receiving yards. Here’s a jaw-dropping statistic: after Week #7, MVS did not get more than 19 receiving yards in any meeting. That’s awful.
One of the guys benefiting from Valdes-Scantling’s poor play was Jake Kumerow. He got more playing time than expected, but still only caught 12 passes. He is closing in on 30 years of age and is limited as an athlete, so he’s not a long-term answer for sure.
Allen Lazard was also thrown into action far more than expected. He finished second in terms of receiving yards for Green Bay, but let’s face the reality: the undrafted guy remains more of a #3 or #4 WR for any team.
Geronimo Allison was another bust last year. His top performance over the last 12 games (including the playoffs) was a meager 33 receiving yards. He left for another NFC North team, the Detroit Lions.
In other words, the #2 role is wide open. The team hopes newly acquired Devin Funchess can step into that role. The former second rounder had his best season in 2017 with the Panthers with a 63-840-8 stat line. He signed with the Colts last year, but played just one game before breaking a collarbone. He will be 26 years old this season and provides an interesting prospect for the Packers.
2.4 Tight Ends (TEs)
We’re not done talking about 2019 busts. Jimmy Graham was one of them. He clearly looks washed. He received the lowest grades of his 10-year career, and deservedly so. The Packers released him and he signed a few days later with the Bears (a horrible mind-boggling two-year, $16 million contract).
Marcedes Lewis received surprisingly good marks from PFF. If you look into the numbers, the good grade occurred mainly because of efficient run and pass blocking. He’s not much of a pass catcher and he will be 36 years old when the season begins.
Robert Tonyan will also be in the mix, but the guy that has the best chance to break out as a receiver in 2020 only caught three passes last year (all in the playoffs): Jace Sternberger. Taken in the third round of the 2019 draft, Sternberger was a threat at Texas A&M in college. He missed most of the regular season because of injuries, but the door is wide open with Graham’s departure.
We might also see third-round rookie Josiah Deguara. He has a great motor and plays extremely hard. He’s undersized as a tight end, though.
2.5 Offensive Line (OL)
The Packers had a pretty solid offensive line in 2019. All five starters managed to play at least 84% of the offensive snaps. And they all finished above-average according to PFF ratings!
The bad news, however, is the Bryan Bulaga left for the Chargers. Despite turning over 30 years old, he still played at a high level.
The Packers decided to replace him by signing Rick Wagner, formerly of the Lions. Wagner’s PFF grades from 2016 to 2018 were as follows: 74.0, 75.2 and 71.4. Last year, his play deteriorated a lot and he was tagged with a 59.0 grade. He finished as the #61 tackle among 81 guys.
I like the fact that the team is returning four out of five guys, but replacing Bulaga with Wagner has to be viewed as a downgrade.
2020 VS 2019 OFFENSE
The Packers offense finished in the middle of the pack in points scored per game. Barring major injuries, I expect about the same production in 2020.
The QB and RB situations remain the same.
Adding Funchess is not a huge move, but it won’t hurt. The team clearly needs someone to step up opposite of Davante Adams. At tight end, losing Jimmy Graham means close to nothing since he was so ineffective. Sternberger might bring a nice contribution, but we can hardly expect him to be a game-breaker.
Finally, the OL will take a dip with the loss of Bulaga. I don’t believe Rick Wagner can do better than him.
All in all, I view the additions/departures as a slight negative for Green Bay, but having so many starters returning to the lineup for a second straight season is always a good thing in the NFL. For these reasons, I expect a similar output as 2019 from this unit.
Final call (2020 vs 2019): Stable
3. Defensive Position-by-Position Breakdown 3.1 Defensive Linemen (DLs)
Kenny Clark had a fantastic season! He is one of the best interior rushers in the NFL. He recorded six sacks for the second straight year, and PFF ranked him as the 13th-best interior linemen out of 114 qualifiers.
The same nice comments cannot be made about Dean Lowry. He had the worst season of his four-year career as a pro. He did not post a single sack and wasn’t great against the run either.
Reserve Tyler Lancaster is only there to provide some depth. He isn’t particularly good in any aspect of the game.
The team did not make any move regarding this position during the offseason.
3.2 Defensive Ends (DEs) / Edge Rushers (ED)
During the last offseason, the Packers acquired two Smiths: Za’Darius and Preston. They burst onto the scene and got 13.5 and 12 sacks, respectively.
Obviously, both received high marks for their pass rushing abilities, but Preston finished as an average linebacker overall because of mediocre run defense and poor coverage.
Kyler Fackrell was a huge disappointment in 2019. After racking up 10.5 sacks in 2018, he only got one in 2019! He signed a one-year deal with the Giants.
First-round pick Rashan Gary wasn’t necessarily impressive during his rookie season. He played 23% of the snaps, while obtaining two sacks but very pedestrian marks from PFF (an overall 55.8 grade, which is near the bottom among edge defenders).
3.3 Linebackers (LBs)
Green Bay lost its leader in tackles from the past three years, Blake Martinez. After starting 61 of the last 64 Packers games, Martinez decided to join the New York Giants. He had the second-most tackles in the league last year, but don’t be misled by that number. Martinez still finished slight below-average (52nd out of 89 LBs) because of poor play against the run.
The Packers also lost some depth at the position when B.J. Goodson left for Cleveland.
Green Bay picked up a linebacker from the Browns roster: Christian Kirksey. He was picked in the 3rd round of the 2014 before being involved in all 16 games from his first four seasons in the NFL. However, he has been plagued with injuries over the most recent two years; he played 7 games in 2018 and only 2 games in 2019.
He is also capable of racking up tackles, as shown by his 2016 and 2017 seasons where he obtained 146 and 138. His PFF grades during his first four seasons varied between 61.9 and 69.3. Just to give you a rough idea, a 65.0 rating would have been good for 29th place out of 89 LBs.
3.4 Cornerbacks (CBs)
Jaire Alexander has done the job as the #1 corner. He has obtained 72.4 and 71.2 marks from PFF during his first two seasons, which is well-above average. He’s so-so defending the run, but his coverage skills are very good.
The number two corner, Kevin King had five interceptions last year after getting just one over his first two years as a pro. He did show some improvement after two rocky years. He finished 2019 as a middle-of-the-pack corner.
Tramon Williams played 74% of the snaps and had a surprisingly good season despite his age. He will be 37 when the 2020 season begins. He is currently a free agent and it remains to be seen if the Packers bring him back or not.
In summary, Alexander and King are both pretty young and could still be improving, but Tramon Williams provided quality play and it’s uncertain if someone else can pick up the slack.
3.5 Safeties (S)
Adrian Amos and Darnell Savage were the top two guys here.
Along with Za’Darius and Preston Smith, the Adrian Amos was another excellent signing by the Packers during the 2019 offseason. Amos had been a reliable guy in Chicago for four seasons, and he continued to excel in the frozen tundra.
After being selected as the #21 overall pick in the 2019 draft, Darnell Savage did show some flashes as a rookie last year. He finished as the #47 safety among 87 qualifiers, which is very satisfying for a rookie. He earned nice marks in coverage (77.4), but horrible ones against the run (37.7).
Will Redmond will be back as the number three safety. He’s not starter material for sure.
2020 VS 2019 DEFENSE
Most of the starters are returning in 2020. That’s the good news.
The team lost their leader in tackles, Blake Martinez, as well as pass rusher Kyler Fackrell and CB Tramon Williams.
The only acquisition worth of note is Christian Kirksey. Him not having played very much during the last two seasons brings some question marks.
The Packers defense struggled against the run last year, and there’s no reason to believe that will change in 2020. Green Bay still finished 9th in points allowed, which was a very acceptable result.
Unfortunately, a decrease in effectiveness is expected and I predict this unit will end 2020 as a middle-of-pack defense (12th – 19th in points allowed).
Final call (2020 vs 2019): Small downgrade
4. Regular Season Wins
According to sportsbooks, the Green Bay Packers are expected to win 9 games this season. Should we bet the “over” or the “under”?
Here is the methodology I used in order to answer this vital question:
- Use BetOnline.ag’s point spreads on all 256 regular season games.
- Convert those point spreads into win probabilities.
- Simulate each of the 256 games, according to those win probabilities, via the R statistical software.
- Repeat the previous step one million times (you get 1M simulated seasons).
- Count the proportion of seasons where the Packers won more or less than 9 games.
Here are the results (excluding the simulated years where the Pack won exactly 9 games, since in those cases your bet would have tied):
Tip: Bet OVER 9 wins
| ||Estimated Probability ||Sportsbook ||Odds ||ROI |
|OVER 9 WINS ||51.4% ||bwin ||+115 ||+10.5% |
|UNDER 9 WINS ||48.6% ||Heritage Sports ||+100 ||-2.8% |
Return On Investment (ROI): +10.5%
Rank: 25th-highest ROI out of 32 teams
Minimum odds required to bet (i.e. ROI = 0%): -106
Here are BetOnline’s point spreads for the Packers’ 16 regular season games:
HOME: -6 vs ATL, -10 vs CAR, -4.5 vs CHI, -6.5 vs DET, -11.5 vs JAX, -3 vs MIN, -2.5 vs PHI, -3.5 vs TEN.
ROAD: 0 @ CHI, -2 @ DET, 0 @ HOU, +2.5 @ IND, +3 @ MIN, +5.5 @ NO, +6.5 @ SF, +2.5 @ TB.
Note: The “Best odds” from the table above were obtained after looking at 13 well-known online sportsbooks on May 18th, 2020.
TOMORROW: I'll talk about the team whose ROI is the 24th-highest in the league, the Pittsburgh Steelers!
Did you like this write-up? If so, comment below! I'd like to know YOUR opinion on what to expect from the Packers' 2020 season!
A limit order is where you specify the price where you want to buy or sell. A limit order is particularly useful when attempting to capture or protect your profit in a certain spread trade. You can set a limit order of say 250p and when the sell price reaches that level the trade will close automatically. A limit order is an instruction to execute a trade at a level that is more favourable than the current market price. There are two types of limit orders: entry orders (that open a new position) and closing orders (that terminate an existing position). In spread betting, a trader’s psychology is a key factor in whether they ultimately turn a profit or a loss. Spread bettors literally watch live as their profits or losses evolve with the underlying market, and this can be tough on the emotions. With this in mind, limit orders can be an invaluable way of removing some of the pressure. A LIMIT order is one in which you will only be filled at your order price or better. Both can be used for either entering or exiting a position. For instance, you may have a long position in Marks & Spencer at 327p. In the world of trading the limit order is the brother to the stop loss, but their prime use is to ensure you take your spread betting profits at a level that you have pre-selected. Similar to the stop loss, the limit order automatically closes your position once the stock price hits a certain value and the limited order can usually be changed