Bears Are in Control and Shorts Are Paying

Monday, November 17, 2025 Welcome to The Strazza Letter, a free note with market insights from me, All Star Charts Chief Market Strategist Steve Strazza. A few weeks ago, I made the decision to start mixing in some short trades with our longs.   I've grown increasingly cautious on the market, and thought it was prudent to have some bearish exposure in the portfolio for the first time since March.   As it turns out, that couldn't have been more timely.   Right now, shorts are the only thing working.   On October 30th, I bet against two of the most vulnerable areas: Bitcoin and Builders..   One of our vehicles for this was Builders FirstSource $BLDR, which is one of the weakest players in our housing universe. This is what it looked like when we entered.   And here it is now, cracking below the key psychological level of 100 as homebuilders led today's selloff. The stock had been rolling over quietly for weeks, but now the breakdown is accelerating.   The 11/21 $105 puts that we paid $2.80 for are now trading around $6.40 — a clean double from entry.   This is exactly why we started mixing in these shorts – when the market's tone wavers, it pays to be in position early.   Now for Bitcoin…   I grabbed the IBIT 11/21 $57 puts for $1.30.   Today, BTC continued to tumble, and IBIT is currently trading around $52, putting us deep in-the-money.   These contracts hit a max return of 309% today, giving us a 4-bagger.    These trades move fast when downside volatility takes the stage.  We have our eyes on some more bearish setups for the coming days.    Join Breakout Multiplier risk-free today and don't miss out on the next one. Steve Strazza | Chief Market Strategist, All Star Charts All Star Charts emails are a financial publication of general circulation and only offers impersonal advice, not tailored to individual needs of a specific client or group. Any comments or statements made herein do not necessarily reflect those of All Star Charts or its affiliates (collectively, "All Star Charts") and do not constitute buy or sell recommendations. Unless specifically indicated, this message is not an official confirmation of any transaction. The contents of any email communications to or from All Star Charts may be monitored or reviewed at All Star Charts's discretion. All Star Charts accepts no responsibility for any loss or damage arising in any way from the use of this transmission and any attachments; it is the responsibility of the recipient to ensure that they are virus free. If you reply to this email, please note that we are a public investor and do not want any material non-public information. We do not agree to keep confidential any information you provide and do not agree to any restrictions on our trading activity, except pursuant to a written confidentiality agreement executed by All Star Charts. Want to change how you receive these emails? You can manage your preferences here unsubscribe. © 2025 All Star Charts 624 Broadway, Suite 405 San Diego, CA 92101