<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, June 25, 2018 5:56 PM</td></tr><tr><td>To:</td><td>Paul Barrett</td></tr><tr><td>Cc:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: New Idea for your approval</td></tr></table>

and take small postions for the spy . s

On Mon, Jun 25, 2018 at 7:=9 PM, Paul Barrett <paul@alphagroupcapital.com <mailto:paul@alphagroup=apital.com» wr=te:

Jeffrey,

New Trade Idea: SPX down 1.50% today on tariff fears=

* I recommend buying a position in each of the following:

	• Jul 280 SPY calls for $0.40

	• Aug 280 SPY calls for $1.44

	• Implied vol at 10%.

• Tariff related sell-offs have offered good trading op=ortunities. The risk around retaliation is growing but if we can buy these=calls with a 10% implied vol, I think these could work very well at the first sign of any reconciliatory comments from Washington= I would look to trade out of these if we get a bounce back to 2750 on SPX=this week. If we don't get the bounce by Friday I would sell.</=>

Also to further clean up the portfolio I would recom=end the following over the coming days:

	1. Sell BUD. It is a small position with too much reli=nce on EM to make a meaningful impact right now.

	2. Sell BAC. Also a very small position. Would rather re-allo=ate to KRE (regional bank exposure).

3. MSFT, AVGO and Equinix — part of the data center theme. I thin= this theme has legs but MSFT and EQIX positions too small. Sell those.=/u>

4. JD.Com - sell if it drops below $38= It is the Amazon of China. However it cannot seem to break higher due to =argin concerns. Currently at $39.43.

Paul

Paul Barrett

Alpha Group Capital LLC

142 W 57 <https://maps.google.com/?q=142+W+57&=entry=gmail&source=g> th Street, 11th<sup> Floor, New York, NY 10019

646-876-5277 (o) 646-342-6930 (c) <1=>

paul@alphagroupcapital.com <mailto:paul@alphagroupcapital.com>

=/span>

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