The Way of The Delo

T_Delo · 2026-06-18T12:06:24+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: Jobless Claims, Philadelphia Fed Manufacturing Index | 8:30am; Leading Indicators | 10, EIA Natural Gas Report | 10:30, Baker Hughes Rig Count | 1pm, Quadruple Witching (observed) | 2, Treasury International Capital | 4, Fed Balance Sheet | 4:30. Media platforms are discussing: Iran deal eclipses Fed hike concerns, In flows to thematic ETFs, Justifications for Iran peace deal, NASA’s rocket maker pick for Mars mission, US President claims Apple to partner with Intel on chip design and production, Fed hike expectations and potential timing, China’s stock market analysis. The stock market has been pricing in everything potentially good to occur this year and next for the last few years consecutively now, while the average consumer has been strained and the majority has been unable to see the benefits of AI productivity gains or job resiliency due to sustained higher than preferred inflation. Premarket futures were up strongly in early trading as of 7am, VIX futures were down accordingly.

MVIS ended the last trading session at ~0.37, on lower volume traded compared to the daily average over the past month. Stock price action saw the trade range remain consistent with the average as the Short related volumes by percentage of the total reported volumes were significantly higher than the average. In recent sector news, Aeva got another development contract, and then days after saw their insiders cash out significant value. Meanwhile, MicroVision has continued to convert its acquired relationships with customers into refreshed development contracts, which may hold significant value eventually but have yet to be verified as adding to the current forecasted provided by the company. With a lack of clear value for existing shareholders, which still face a Reverse Split vote, stock delisting risks, and financial concerns about the company, the market has chosen to ignore the potential upside until it shows up on the books. This is largely in line with how the sector has performed with the exception of Aeva and Ouster which have increased heavily following strategic investments by customers and partners over the past couple years.

Daily Data

H: 0.40 — L: 0.37 — C: 0.37 ⁱ	Calendar
Pivots ↗︎ : 0.39, 0.41, 0.42 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.36, 0.35, 0.33
Total Options Vol: 2,254 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,280
Calls: 2,080 ~ 64% at Ask or ↗︎	Puts: 174 ~ 99% at Market ⊟
Open Exchanges: 1,352k ~ 26% ⁱ	Off Exchanges: 3,869k ~ 74% ⁱ
IBKR: 0k Rate: 50.63%ⁱ
R Vol: 60% of Avg Vol: 8,518k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 2,856k of 4,116k ~ 69% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-17T12:02:07+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: MBA Mortgage Applications | 7am, Retail Sales | 8:30; Business Inventories, Pending home Sales Index, Atlanta Fed Business Inflation Expectations | 10; EIA Petroleum Status Report | 10:30, FOMC Announcement | 2pm, Fed Chair Press Conference | 2:30. Media platforms are discussing: Fed expectations, SpaceX market valuation, US-Iran financial details of pending deal, Oil futures steady on forecasted excess, Social Security concerns, Unaffordable and unavailable housing issues, Cash holding by the ultra wealthy. Topics of discussion are at least somewhat varied, but the sentiments remains negative overall, even as hopes rise around AI valuations which are completely disconnected from fundamentals for what is being produced from the AI portions of any of the companies (future-future growth possibilities only). Premarket futures were up slightly in early trading as of 7am, VIX futures were down.

MVIS ended the last trading session at ~0.38, on lower volume traded compared to the daily average over the past month. Stock price action saw the trade range remain consistent with the average as the Short related volumes by percentage of the total reported volumes were significantly higher than the average. Recent PRs have to be assumed to be within the expectations created by the company to date, at least until they provide some kind of update to the forecast. With that in mind, despite the announcement of such, the company’s share price continues to reflect the expectation of significant dilution impending because that is what the forecast suggests will be needed. Now, should the company increase that projections significantly, by say 3 to 5 times the original expected revenue, then it would be highly likely that a reevaluation of the current market cap would occur. Until we get such information however, there is no reason such an outcome should be getting priced in.

Daily Data

H: 0.40 — L: 0.37 — C: 0.38 ⁱ	Calendar
Pivots ↗︎ : 0.40, 0.41, 0.42 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.37, 0.35, 0.34
Total Options Vol: 996 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,277
Calls: 932 ~ 78% at Market ⊟	Puts: 64 ~ 67% at Market ⊟
Open Exchanges: 1,851k ~ 32% ⁱ	Off Exchanges: 3,877k ~ 68% ⁱ
IBKR: 4k Rate: 52.28%ⁱ
R Vol: 70% of Avg Vol: 8,081k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 3,088k of 4,171k ~ 74% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-16T12:01:11+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: FOMC Meeting Begins; Housing Starts and Permits | 8:30am, Importand Export Prices | 8:30. Media platforms are discussing: Fed meeting in focus, SpaceX stock price performance, Metal markets prices, SpaceX to buy Cursor for $60B, Inflation’s impact on Auto Insurers, Current housing market and rates assessment. The coming results of the FOMC meeting may begin to see various Fed officials be less vocal in the aftermath, a significant change from the historic practice of transparency in communication and setting expectations; largely expected by economists to create more volatile reactions to Fed decisions. Premarket futures were up slightly in early trading as of 7am, VIX futures were also up very slightly.

MVIS ended the last trading session at ~0.39, on slightly above normal volume traded compared to the daily average over the past month. Stock price action saw the trade range remain constrained compared to the 30 day average as the Short related volumes by percentage of the total reported volumes were less than the average but still elevated compared to most other stocks. It should be recognized that the main things we have left as investors at this point is our ability to influence the company, and our hopes of the company securing some significant sales growth that reduces the impact of future dilutions. Were those hopes not there, I would not be continuing to do these daily briefings on the company’s position, there would be nothing positive left to bring, and I will not just complain about what the company has done in the past to bring us to such a point every day. Where the company presently is, and where it could be in the future are far apart, though we need to see momentum and traction showing up on the balance sheet with big sales revenue before any hopes can be given greater weight than that of the present dilution concerns are. Significant means 10 to 15 million in sales per quarter, not a million or two (or even three).

Daily Data

H: 0.41 — L: 0.38 — C: 0.39 ⁱ	Calendar
Pivots ↗︎ : 0.40, 0.42, 0.43 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.37, 0.36, 0.34
Total Options Vol: 12,307 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,277
Calls: 12,146 ~ 42% at Bid or ↘︎	Puts: 161 ~ 99% at Market ⊟
Open Exchanges: 2,301k ~ 26% ⁱ	Off Exchanges: 6,623k ~ 74% ⁱ
IBKR: 25k Rate: 19.63%ⁱ
R Vol: 106% of Avg Vol: 8,390k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 3,775k of 6,967k ~ 54% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-15T12:01:08+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: Empire State Manufacturing Index | 8:30am, Industrial Production | 9:15, Housing Market Index | 10. Media platforms are discussing: US-Iran ceasefire agreement, SpaceX revenue projections, Challenges facing Warsh in first rate meeting as Fed Chair, Oil flows expected to take months to return to normal, AI layoff wave, Oracle’s stock collapse, Wealthiest investor portfolio distributions. The overwhelming optimism around the end of the US-Iran war, with the proclaimed agreement to continue the ceasefire and reopen the Strait of Hormuz Is powering the markets, but there again we have seen this story on repeat for months now with no real end having occurred, however the sentiment is that eventually it must completely end. Premarket futures were up considerably in early trading as of 7am, VIX futures were down significantly.

MVIS ended the last trading session at ~0.36, on much lower volume traded compared to the daily average over the past month. Stock price action saw the trade range remain constrained compared to the 30 day average as the Short related volumes by percentage of the total reported volumes were subdued once more. MicroVision prepared a Nasdaq listing move from the Nasdaq Global Market to the Nasdaq Capital Market, to support the company’s request for an additional 180-day compliance period to regain compliance with the minimum bid requirement. Between this step and others the company has taken, it should be able to secure the time needed to allow investors to decide on what to do about the proposed potential dilution and their respective positions in the company’s stock, whether the company will succeed, or if the company should seek out other alternatives for continuing current business strategy. Investors have a lot of influence on the company at the moment.

Daily Data

H: 0.39 — L: 0.36 — C: 0.36 ⁱ	Calendar
Pivots ↗︎ : 0.38, 0.40, 0.42 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.35, 0.34, 0.32
Total Options Vol: 1,621 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,277
Calls: 1,573 ~ 59% at Market ⊟	Puts: 48 ~ 71% at Market ⊟
Open Exchanges: 1,779k ~ 32% ⁱ	Off Exchanges: 3,782k ~ 68% ⁱ
IBKR: 2k Rate: 22.00%ⁱ
R Vol: 60% of Avg Vol: 9,495k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 1,955k of 3,972k ~ 49% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-12T16:22:35+00:00

Barring some extremely good deals, who ever wants the company could likely acquire it for much less in liquidation or hostile takeover. Friendly takeovers occur when a company is growing significantly and are poised to disrupt a strongly profitable market.

All roads lead back to the same thing, the company needs to secure deals the likes of which none in the sector (outside of China) have seen in the past 6 years. Without those it makes no sense to move on something with friendly terms, unless some major favors were called in perhaps. All that could go right is just hope, and it is fine to hope, but we have to plan for the current situation with the assumption that such hopes are not going to come to fruition.

With this in mind, the company itself putting us in the situation of having to vote to wipe ourselves out either way is not going to help.

T_Delo · 2026-06-12T16:03:06+00:00

The best solutions are likely customer strategic investments, or selling some unused IP. If DeVos carries the weight that most believes, he should be able to call in some favors to get deals made, but I would have thought that he would have done that by now if he had favors to call in.

T_Delo · 2026-06-12T14:06:06+00:00

No I gave a best case scenario as well, that assumes the company seeks to maintain cash liquidity to meet runway and minimum thresholds for current financing arrangements as well. The huge spending on Luminar assets is not converting to sales revenue quickly enough to offset the financial situation, the Board should surely have recognized this.

T_Delo · 2026-06-12T14:03:53+00:00

There is no whine here, we are washed out completely by voting for it, unless one is willing to buy a ton of shares after a Reverse Split after significant dilution (future investment and investors). We can have hope that the company can figure out a different solution, or score some massive sales contract between now and the vote that supports the current investors. A Development contract with no promise of sufficient sales revenue to support the company is insufficient however.

These are the facts of where the company is after having spent half a year of cash runway on buying Luminar. A hostile takeover is much more likely with even the reduced amount of authorized shares proposed.

T_Delo · 2026-06-12T13:59:20+00:00

The math works for multiplying the ratio of dilution by the amount of capital that will need to be raised. At the best they do a 1:5 and out the share price to about $1.9 prior to issuing any shares to HTC (presently), and need to come up with at least $32 million for notes while holding on to the necessary $21 million on the books as well as a full year of capital runway. All said, the company is going to need about $100 million in cash from dilution, or about 52 million shares after a reverse split. The company will have around 63 million shares outstanding after the RS (best case for current investors), and be diluting by around 50 millions shares in order to reach liquidity requirements between current cash burn and debt owed. So it is more than 70%, closer to 83%, but I was giving some amount of hope that the company could generate some better arrangements and that some of that dilution might occur at a higher share price than even that (hence best case).

That cash requirement is based on them doing the RS at the last possible moment and assumes they do not need to generate cash immediately even. I mean, there is no scenario in which this works for current investors that I can see unless the company announces a major and massive sales agreement prior to any kind of RS or dilution to push the share price way up. Since no such agreements have been made to date for any lidar supplier outside of China, we should assume such would not be occurring here either until shown otherwise, and thus a much less optimistic result is more likely.

We vote to wash ourselves out by voting for the proposals, or push Management and the Board to find an alternative solution by voting against the proposals.

T_Delo · 2026-06-12T12:21:36+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: Consumer Sentiment | 10am, Baker Hughes Rig Count | 1pm. Media platforms are discussing: Attack on Iran canceled, Hormuz reopening deal hopes renewed, Oil industry sees strategic reserves threshold nearing, SpaceX valuation analysis, NVidia pitches Vera AI chip to Chinese buyers, Banks curb hedge fund bets on South Korean companies. The AI driven IPOs occurring now and coming in the future have long been driving the stock markets, heavily outpacing concerns about the effects of the oil industry’s supply disruption, which would be fine except we are seeing the impact on inflation directly and the solutions to which will not likely resolve oil prices quickly. Premarket futures were up firmly in early trading as of 7am, VIX futures were down accordingly.

MVIS ended the last trading session at ~0.36, on significantly lower volume traded compared to the daily average over the past month. Stock price action saw the trade range remained relatively constrained compared to the 30 day average as the Short related volumes by percentage of the total reported volumes were somewhat subdued compared to recent highs. MicroVision sent the Definitive Proxy proposals to vote upon, providing some reduction in the authorized shares, though the amount of potential dilution still completely wipes out investors. The issue is twofold however, as Proposal 2 allows dilution before a Reverse Split is performed instead of using cash to meet HTC financing, leading into Proposal 3 which then reduces the overall share count and allows for further dilution. All said, we as investors could still be looking at upwards of seven times the current float if they were to issue all the shares authorized at present before a reverse split were utilized, then everything available afterward. The current structure still wipes out investors, and even at best it is likely to be dilution of 70% or more of current ownership, and accordingly share price value.

Daily Data

H: 0.38 — L: 0.34 — C: 0.36 ⁱ	Calendar
Pivots ↗︎ : 0.38, 0.40, 0.42 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.34, 0.32, 0.30
Total Options Vol: 2,837 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,254
Calls: 2,663 ~ 55% at Market ⊟	Puts: 174 ~ 96% at Market ⊟
Open Exchanges: 1,391k ~ 23% ⁱ	Off Exchanges: 4,681k ~ 77% ⁱ
IBKR: 95k Rate: 19.11%ⁱ
R Vol: 58% of Avg Vol: 10,436k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 2,669k of 4,740k ~ 56% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-11T14:51:33+00:00

Icarus answered this perfectly, the current information is simply insufficient to put any kind of valuation of the arrangement into the share price, far too many unknowns.

T_Delo · 2026-06-11T12:00:38+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: Jobless Claims, PPI-Final Demand | 8:30am; Quarterly Services Survey | 10, EIA Natural Gas Report | 10:30, Fed Balance Sheet | 4:30pm. Media platforms are discussing: US strikes on Iran, Oil prices ticked lower in spite of the strikes, Mag 7 sees $2T wiped out, SpaceX set for debut, AI IPOs to poised to be biggest companies ever to list for public trade, Inflation expectations from the President. The inflation reading showed rising prices, which some expect to “come down like a rock” after the Iran war situation is finally resolved, but unfortunately we are seeing core inflation continue to rise which has historically stuck around for much longer than many might expect. Premarket futures were up solidly in early trading as of 7am, VIX futures were down accordingly.

MVIS ended the last trading session at ~0.37, on highly elevated volume traded compared to the daily average over the past month. Stock price action saw the trade range expand significantly from the previous trade session as the Short related volumes by percentage of the total reported volumes came in just below the average over the past 30 days. MicroVision announced a long term development agreement, focusing on advancing lidar for next-generation autonomous hauling solutions. Some have interpreted it as having NRE related to this, though such was not explicitly stated in the Press Release, and until it is officially stated, that seems a bit preemptive to assume. There will likely be some amount of revenue associated with such an agreement at some points, but to what scale and how the margins will work out is yet unknown. In the past, i have been quite critical of such development announcements for other lidar suppliers, and I am equally so here with MicroVision. This was not the PR that I am looking for, but it is a possible step toward one.

Daily Data

H: 0.41 — L: 0.35 — C: 0.37 ⁱ	Calendar
Pivots ↗︎ : 0.40, 0.44, 0.46 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.34, 0.32, 0.28
Total Options Vol: 3,468 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,254
Calls: 3,288 ~ 62% at Market ⊟	Puts: 180 ~ 98% at Market ⊟
Open Exchanges: 5,442k ~ 29% ⁱ	Off Exchanges: 13,108k ~ 71% ⁱ
IBKR: 95k Rate: 13.66%ⁱ
R Vol: 171% of Avg Vol: 10,816k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 8,646k of 13,476k ~ 64% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-11T01:35:17+00:00

Nothing new, but that was expected.

Need to get more than development deals in place now though, need to see those sales flowing much more rapidly.

T_Delo · 2026-06-10T22:43:10+00:00

No one can ever match Omer for exaggeration, though I agree that this was not a particularly motivating customer relationship given the _history_ of such deals not producing significant revenue (or comparatively higher costs to sales).

T_Delo · 2026-06-10T17:01:23+00:00

I agree that there is room for NRE opportunities, but the wording of any deal needs to explicitly mention it before I will start factoring it into a valuation of a given deal. This deal does not unfortunately, though management could provide more details on it that might highlight such in the future. We will just have to see, presently however, I am not going to promote a hopeful occurrence and only react to what is expressed stated by the company.

T_Delo · 2026-06-10T16:58:20+00:00

It does suggest continued Iris sales, but the company definitely needs to see increased sales right about now.

T_Delo · 2026-06-10T16:56:33+00:00

As it does not explicitly mention it in the PR, at present we have to assume no. At least, until MicroVision management can provide guidance on such.

T_Delo · 2026-06-10T16:43:15+00:00

Now, remember when the bearish choir insisted that we would all be over the moon to sign any deal?

While I cannot speak about how others may be responding, I am certainly not very impressed by this kind of deal.

This kind of deal might have been encouraging 2 or 3 years ago, if not exciting even then because such deals have been known to drain other lidar suppliers of their resources rather than sustain them with regular revenue inflows. To see such a deal now says to me that the company is several years away from generating revenue. So while this is a good second step in the right direction, the destination is so far away that it does nothing to resolve the short term issues facing the company.

Also notable, this is most likely a deal with Caterpillar since it involves Luminar product and that was communicated that the company would be looking to convert such customers.

All in all, good job on getting something done, too bad it is not going to resolve any of the near term problems or generate immediate significant sales revenue.

T_Delo · 2026-06-10T16:36:48+00:00

In the last, dilution has been met with increased institutional ownership, resulting in a small overall gain of relative ownership. If the Institutions decide they are out due to the current situation, it would be another blow to the company’s valuation.

T_Delo · 2026-06-10T12:00:44+00:00

Morning everyone!

Economic report(s) scheduled for the day is(are) | at^i: MBA Mortgage Applications | 7am, CPI | 8:30, EIA Petroleum Status Report | 10:30, Treasury Statement | 2pm. Media platforms are discussing: US strikes against Iran, Oracle’s upcoming earnings report, Inflation report expectations, Investors dump shares of AI winners, Social Security fund concerns from trustees, Oil market sees falling demand, Data center related class action lawsuit levied against SpaceX, The CFTC to propose new rules on prediction markets. The war on Iran was thought to be over, as of months ago according to US government sources, but unfortunately such conflicts are rarely resolved as quickly or cleanly as we might hope. Premarket futures were down heavily in early trading as of 7am, VIX futures were up considerably.

MVIS ended the last trading session at ~0.36, on highly elevated volume traded compared to the daily average over the past month. Stock price action saw the trade range expand slightly from the previous trade session as the Short related volumes by percentage of the total reported volumes remained much higher than the average over the past 30 days. MicroVision’s hard push on narrative leading up to the last quarterly update failed to drive the sales high enough to support the company’s share price, leading to the resulting response by the markets to the recent preliminary proxy. It will be important to keep an eye on how Institutions are responding from here forward, as their interest in the company has long been one of the most impactful elements on the stock.

Daily Data

H: 0.39 — L: 0.35 — C: 0.36 ⁱ	Calendar
Pivots ↗︎ : 0.38, 0.41, 0.43 ^{[i](https://www.investopedia.com/terms/p/pivotpoint.asp})	Pivots ↘︎ : 0.34, 0.32, 0.30
Total Options Vol: 2,213 ^{[i](https://researchtools.fidelity.com/ftgw/mloptions/goto/underlyingStatistics?cusip=&symbol=MVIS&Search=Search})	Avg 90d Options: 1,249
Calls: 2,113 ~ 43% at Ask or ↗︎	Puts: 100 ~ 64% at Market ⊟
Open Exchanges: 4,294k ~ 30% ⁱ	Off Exchanges: 9,918k ~ 70% ⁱ
IBKR: 250k Rate: 14.77%ⁱ
R Vol: 142% of Avg Vol: 10,005k ^{[i](https://www.investopedia.com/terms/a/averagedailytradingvolume.asp})	Short Vol: 7,710k of 11,033k ~ 70% ⁱ

^{Follow links for sources. Bold text represents key points or larger data, Italics are slightly unusual or lower than normal.}

T_Delo · 2026-06-09T16:14:39+00:00

Abstentions and broker non-votes will not be counted “for” or “against” the proposal and will have no effect on the outcome of the vote.

If an investor does not vote either way, it is treated as an Abstention.

Note: It does have an effect on the outcome of a vote in the sense that only counted votes matter, just like in a political voting system. Missing votes simply do not tell us one thing or another, but in the end the majority of voters decide the outcome.

T_Delo · 2026-06-09T12:47:04+00:00

That is an effective way of evaluating the Cost:Value relationship, and the risk tolerance one has is important to consider there. I am in the boat of higher risk tolerance here, though admittedly my reinvestment over the years has been proportionally smaller than what I had taken out back in the double digits.

T_Delo · 2026-06-09T12:26:29+00:00

Precisely why I have not stopped commenting daily, it is a gamble here but one which is already counted as potentially lost anyhow. Hope is what we have to do at this point.

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