Tag: Ron Bertino

New Trade Results

I’ve been backtesting 3 variants side by side from 2014-2017 w/ entry during a SPX down day of at least 0.5% and a corresponding VIX spike. The High vol entry makes the management of the trade much easier, the more the spike and down, the easier it is to manage. I’ve been testing the HS1, HS2 and the new fulcrum trade . I am not done yet but it’s close. I will be presenting at a mastermind next week and will be talking about the trades and its results.

So far I’ve not had a loser for the HS1 variant which I manage in a specific way. The drawdown has been less than 400 a unit as well. Very very good. The average days in trade is about 48 so far and the return is about 12.5%. The more higher VOL entries will sometimes get to profit in 8-14 DIT especially in more bearish conditions. Beautiful trade.

Here’s what it looks like at initiation:

Despite what it looks like to the left, in a black swan event, it will pick up and handle it just fine if not at a profit.

Here’s a few of the trade initiated around Aug 24 crash date:

Aug 20, 2015 ENTRY

Aug 21

Aug 24 Crash day


Despite the left side, it does pick up and reach profit target on the 21st AND almost double the profit target on the 24th.

The market moved from 2035 to 1890 and it did just fine.

The same goes for the Jan 2016 slow bear move down. It just crushes.

Yep, it’s a game changer. Horny Communist!?

Spent most of the day backtesting and working with the group on slight tweaks to the new trade as well I looked at parameters for adjusting, profit taking, margin expansion and so on. (Some tweaks are basically using different synthetics to better the greeks and so on IE you can short the market directly or you can create the same thing with a short call and long put at the money. But you then have some benefits re VEGA (vol) if the market falls re the long put) So you play with that stuff to get a better reacting trade while keeping the profiles relatively the same..long story short—>Buh-Bye STT and BSH. This thing is it. I’m saying hi to an old friend named optimism. I was down in trading mood this week and It think it showed. I guess at the same time, I mean, I didn’t have my combos on yet (PC2) and I was still struggling with the financing and so on which there was a light at the end of the tunnel. I just wasn’t feeling it. Now I am.

Like I said in the previous posts and above which might not have been obvious, the bulk of my current trading portfolio was still in individual BSHs, STTs and financing there in, NOT combos. A true struggle it was for me. I had not gone live with combos yet (not with any large amount). Had I, it would be just fine (not close to as good as the new stuff, but good). So I’m still old school and am suffering with poor profits from being unable to finance the BSHs in this environment. My reverse calendar financing DID not do well, my NPs were barely existent in some of my BSH financing and my STTs are suffering from bizarre option skews (OTM puts holding value). This whole thing was kinda a mess and resulted from a lot of things not going my way. Still, I am profitable, I just sucked.

So right now, I mostly kept backtesting the new parameters (when do we take profit, what if we move an option here or there and so on and playing with all sorts of dates to see how to setup the profit taking in the trades and to get a feel for draw-downs and so-on. I couldn’t keep up with the developments in the group and in the trade itself re parameters. So I probably backtested this thing in various small forms across every date possible 🙂 It’s using very familiar parts that I’ve traded a millions times before, so it’s not as if its going to do something unexpected but still diligence is required. I think we’ve nailed it now.

I’ll have a solid basket of 5-6 trades all working together and I am going to go live this upcoming few weeks. I’ll be going from the cumbersome financing BSHs, STT mess skipping over the combos and into the efficient versions of said combos that have accomplish the same things with elegance and ease w/ better profiles and greeks. The key thing is these things will be a blessing to manage. Looking forward!

The title had Horny Communist in it. That might be the name of the trade variant as a member noted that the Leftie tent was so big, he kept thinking of lefties/commies and we added a small tiny horn at the front (stolen from the Rhino trade) hence the name Horny Communist :). I kinda like it. This trade mixes ATM style properties but with built in black swan protection.

Game changer?

The last few days it appears we have found a ‘game changer’ that accomplishes what the STT+BSH trade does but without all of the issues that come with financing BSHs and relying on timing requirements for said financing and BSH initiation :). Basically, the entire thing I failed at doing properly this year due to how crazy the market’s been with both OTM puts holding value in the STT. The BSH financing wasn’t working across expirations via the reverse calendars and I was not getting any significant down days to get on naked puts to finance the opportunistic BSHs I put on. I heard this year was the historically worst year for 0.3% or more down days. There was barely any. Like the environment was with Rhinos, the worst possible, this environment was with this STT+BSH trade. Apparently I have the worst timing. I’ve been checking across option disciplines, it seems any delta neutral strategy has been failing since May due to the OTM puts holding value due to binary event type environment (War w/ NK can start, missiles can be launched on weekends, debt ceiling, Trump idiocy, and so on). This includes M3, Rhino, STTs themselves, combos, time trades etc.

There’s a few groups of trades we work on, one set is based upon cross expiration skew reversions and we call these time trades (TTT, T5 etc) which are usually not model-able in the sense that we can rely on any option software modelling to produce a risk profile of any real value. From backtesting, we know that they have probably the most EV of any trade we’ve done but they also lose on unpredictable internal market events (not market movement) but rather skew changes across expirations. This can cause draw downs of 100-300% though rarely. On the opposite end, they produce 100% returns regularly on an average of 10-12 days in the trade. The group was putting so much time into these trades (no pun intended) but we could only ever use 1-3% of our accounts. These types of trades take a lot of time to get comfortable with and it requires a lot of backtesting various conditions.

Thankfully, the focus of the group shifted to risk profile versions of our base trade…namely the STT and BSH and combos therein. The start of the movement away from relying on BSH financing and timing came with the advent of the PC2 which does really well but requires 45-60 Days in trade,is very cumbersome and requires 2 BSHs, a financing put and a PCS and PDS (STT). That’s a LOT of contracts/commissions, a lot of opportunity for slippage all while the p/L target for the combo itself is quite low. IF there was no alternative, this would be the trade. For me!, I haven’t even started THIS trade live with size yet, I am still trading BSH+STT and financing methods therein. These trade profiles are fairly similar to each other across their iterations. the STT, STT+BSH or the combos that we’ve set forth, usually these are kinda known in how they’ll react and where they’ll have weakness. Then Ben G came up with a similar risk profile of these combos but with far less contracts, no requirement for BSH (it’s built in) and a much better greek profile. Essentially, a slap on trade with like 3 contracts (replacing 7) that is easier to initiate and has a better behavior. He called this the Sail trade (though it has similar profile to a combo, it looks more like a sail). He’s honed this over the last 4 months and realized its weakness is that it needed to rely on specific entries (be it high vol or be it using a trend system where delta is erred). If put on in High vol, it basically doesn’t lose and produces 10% on margin. The trend following one is similar. Ron then produced a trade that again, mimics the profiles of a combo trade but with a MUCH MUCH simpler setup, better greeks, better everything at least compared to the PC2. It’s temporarily called the Fulcrum trade. Basically the last 3-4 days we’ve had people from all over the world back-testing it and Ron’s mentioned it will be the replacer of his entire base trade, namely the STT combos 🙂 I would agree. It’s solid. Though it appears we have a game-changer, it requires very onerous testing to ensure and hone how adjustments are made and where to setup profit taking etc. Now I need to test every single possible date even though I know a trade with this type of profile is docile and has already really been tested in various forms before. I’ve done about 25 different trades and so far the only time its break-even to slight loser is during the last 2 months re binary events and out of the money (OTM) options just not losing much value.

The trade does 5% on margin if its outside tent and 10-20% if it’s inside tent. It will do better if we err starting deltas using a trend system and the average DIT is around 30 from what I’ve seen in my backtesting.

This new trade replaces the STT+BSH combo with a much simpler more powerful setup, it’s a lot less contracts, it can be put on in ANY market condition, it’s an “always-on” type trade. The greek profile is fantastic, it does well through Aug 24 (max profit!), it crushes the Jan 2016 market and it does well in low vol. What more can you ask for! We can do it in futures and we can do it in SPX and possibly RUT. We’ve got scaleability and we’ve got low variance. Can’t wait to test this thing more. I do have 9 units on right now LIVE via ES on Friday. Wanted to test out execution.

I have a feeling the STT+BSH (using financing methods) and the PC2 might have just become an antiquity right now.

Sep 13 Update

Not a whole lot going on,

On the super low vol pump up during the last 13 days, I did enter a bunch of BSHs and set and enter much of the Jan STT at a higher UEL on the one down day we had. So the higher UEL is helping financing some of the BShs but not completely and I wait for ANY return of vol to get them paid off. When will this period end? This is the last time I work BSHs like this. I will enter a BSH factory and do opportunistic STTs, Sails and T5s. I just suck at financing these things.

My year is pretty crappy, I’m positive but it must be around 10% or so max thus far. I guess I can’t complain but I feel like I am just waiting for some sort of vol to happen so I can get out of my Dec STTs and start entering all the new setups I have (which all require some volatility to enter). The whole year went to shit re returns from the original Rhinos I had on in Jan-Mar and my poor payoff of BSH financing (RC’s didn’t work well enough and my over-patience for high vol entries of NPs didn’t go as planned). All of the poor performance is to do with my poor financing and using archaic strategies that we no longer use (it was all we had at the time). I attribute this year as a final year to my on-going learning and setup of the dream trading portfolio 🙂 If I can’t break 50% next year, I will question everything. I know that sounds crazy.

I did put on a small Rhino the other day but the up move has it in negative currently. I am still trying to get out of my T5 which I am seeing some value come back in.

As I mentioned, I am convinced that a BSH factory is a great core trade and pairing it with some opportunistic STTs, some Sail trades (High Vol entries and trend following entries with bias) will be the move going forward. I’ve been backtesting it like mad and I am getting crazy returns on any date I enter for the BSH factory, within 6 months or so. It’s a great income trade, but I can only use a fraction of the account on it re initial risks at the beginning. We have exposure for like 10-20 days. I will likely try to tool old structures I have on to compensate this risk so I can put on more and more.

I am back in Cayman now, boredom is starting to set in more regularly but I am getting a lot more work done 🙂

PC2 – This week

I’m in London making my way back home to Cayman. I don’t think I’ll be traveling for at least a year in any major way (more than a week). During the travels, I had a lot of downtime due to newborn naps etc and during that time I’ve been backtesting PC2 and other things like the variants of T5. Probably put in 200-300 hours total of backtesting. Lots of dead-ends but came up with a solid plan for the rest of the year. It was kind of a necessary evil.

Going to start full deployment into the PC2 this week for all my accounts. I am content with the backtesting, the risks and well the no, literally 0, recorded losses 🙂 I’ll be adding one long put at 12% to help with margin and act as a real hedge on a down move. I’ll sell enough NPs to cover that and the black swan hedges. I have to add in another portion of backtesting as I want to switch how I manage it on the downside (might do bearish STTs). But I’ll do that next week and switch when satisfied.

Slow ass year but I hope the next 3-4 months with the combo boost up the returns and gives me a good end to the year and a 2018 that does 5% a month plus. I’ll be doing opportunistic T5s at a very small amount to boost some of the PC2 returns. As I get further down the rabbit hole, the amount of return I reasonably think I can return on large accounts goes further down, there’s just no free-lunch w/out risk and I don’t really like risk anymore 🙂 Non-compounded I am guessing it’s closer to 45-50% a year for the core PC2 trade after slippage and all that. Compound that and it’s eventually going to crush anyways. Three years at 45-50% and you’re at 225% or 75% annually ish. The T5 should add in a lot of boost and maybe we can get up to 75% non-compounded, who knows. We’ll see!

Had a really rough mid-Aug with starting the T5 trade at the worst possible time (before the NK issues) and back month vol sky rocketed. I had a max draw down of 3k a unit (and I had lots of units on) but I’ve recovered nearly all of it since. Back to all time highs but that’s been stagnant for the last 6 months.

I played in the Barcelona tournament, I did get to add a Spanish flag to my Hendonmob profile by getting 102nd out of 782 in the 2k NL tournament. I exited that one with AK vs 66 and the board was AK6xx. Too bad, had I got that one, I’d have had a shot at the final 20 and a much bigger cash. In Bahamas last year I had AA vs AK and the guy flopped KKT. That was a big one, the hand itself was worth 40k in cash no doubts re payout ladder. Ah Poker…

Aug 8 Trade and Travel Update

I am on my very last 2 day leg with my family in Milan. On Aug 10, I’ll drive up to Munich to meet some friends and do a beer tour around Germany and probably Pilsen (Czech) and maybe Krakow, Poland. On the 19th, I’ll be in Barcelona to play a big poker tournament and then I’ll be heading home to resume normal life. I think this will be the last EU tour for a little while. We’re building a house in Canada next year and I think we’ll use that as our summer base and slow down the EU tours as I think I’ve seen most of it now. It’s not as exciting as it first was and it’s been more of a drain than a rejuvenation. As my account grows, I need to fully concentrate on trading and take only brief breaks on weekends etc.

As for the trades, well, the market is in a historic area right now. The DOW has made 9 all time highs in a row and the VIX (and thus option premium) is at all time lows. It’s a bad time (the worst) to be an option premium seller. It’s the worst time for strategies I used and the plan I had 🙂

I saw this graph of VIX futures and it really sings a song.

Anyways, I know a lot of people are being challenged right now. It’s been a rough 20 months for trading these types of strategies. Slow. I started trading the Rhino (which really likes any market other than a 5% up market in a 45 day period) and as soon as I initiated that trade at full volume, the market had like 15 months where 9 of them (RUT) went up 5% or more 🙂 I have terrible timing. I think the RUT moved up 50%+ in the last 15-20 months. The SPX went from 1828 to 2475 in what 16 months? Incredible move. So I had low’ish returns for that trade over the course of 2016 (I was positive just meh, I think 20%-25% overall). Then 2017 came along, and I had started the STT full on but still had Rhinos on from previous. The rhinos got decimated in the environment and is still affecting my overall return for 2017. This environment for the STT can still be done well I just wasn’t able to kill it this summer. As to do well, you really had to be perfect in timing for paying off the BSHs and for initiating the STT. It took a certain plan and without knowing how the market would have gone, it would be hard to do well in that environment sans Combo trades (the combos would have crushed). The vol has been so so so low that I’ve been dragging heels on initiating new STTs. I mean, you’re a net seller of vol and vol is at historic lows, you haven’t gotten a worse price on this ever. So I wasn’t excited about initiating new trades. I know it can be done if you arrange a + UEL and if you are very prudent at paying off those BSHs but that’s not easy. On big up moves, I’d initiate BSH and RC (RC pays off about half of the BSH) and I’d wait for some vol to enter in STTs. That vol never came (ever!, it’s so damn crazy how low the vol is..we haven’t had 0.3% daily moves in record times) and I was stuck putting on STTs in low vol(Crappy prices) and when my BSH/RC combo was down. Still it profited but just nothing much at all. Typically, the plan was this: Put on RC/BSH as the market has a big up day, wait for down day and enter an STT. In ANY normal market, or any market that’s not this market, you’d have that opportunity. Down days are fairly common…just not this year. That all said, poor (slightly profitable) results because of the management/plan I chose for the year. That’s got me a bit bummed out but at the same time I haven’t been more excited for what is coming in my trading career.

The combos that we are working in the group and the testing that we’ve done suggest very very consistent results. I’m showing a result of 8.75% on margin in 45 DIT. Thats 5.833% per month on margin used. We use only about 65% of balance, so total balance return would be 3.8%. Not that exciting when looked at as a single component. However, If we combine this with a T5 (TTT555) trade the margin reduces significantly. My goal is to get it to 5% a month on whole account for the STT combo alone. The T5 trade has gone from 1200 to 20k in 2.5 years in backtesting. That thing returns 100% 70% of the time within 10 days and loses equivalent 30% of time. You obviously can’t do too much of these as you’d wipe yourself out psychologically (and 30% of your balance) if you had 3 losing months in a row but the boost and the margin reduction makes it very attractive. My goal is to have the combo, the BSH factory and the T5 trade working together to provide a total account return of 100%. That’s exciting but it’ll be a lot of work, a lot of organisation and diligence in process. Further to that, we’ve got a T5 timer that helps immensely with entries and exits. Unfortunately, I went about 40 units in for the T5 before the timer exists and I entered at a shitty time, it’s down at them moment but the risk profile looks great. Like I said, I have the worst timing for everything and I have to create a life and trading plan that negates my awful cursed timing 🙂

I was asked to do a presentation on the PC2 trade but I am on my last two days with the family and I just can’t sacrifice the time w/ them without having a very angry wife so I am hoping I can just do it early September instead.

Aug 3 – Trade update and plan for the year

I’ve just arrived to Arona, the final leg of the trip with my family. The last 2 road trips, we use this as a rest and catch-up stop (so I’ll be backtesting and working like mad). There’s not much else to do but that 🙂

I’ve had a very slow summer re P/L as the market has been the lowest vol possible and I am a net seller of premium and premium hasn’t been cheaper 🙂 I’ve been sidelined a lot waiting for high vol entries for the STT and it’s never come. The trades on entry do prefer a higher vol (STT) and while the BSHs love a low vol entry, I’ve been using RCs to pay for them but it’s not keeping up on the pay-off. I try to have a positive UEL on the STT at initiation to compensate but I haven’t put on enough STTs! So I have too many BSHs to STTs right now as I am sure most of us do. You put these things on in low vol and get them paid for so that when you get your higher vol entry for an STT, you’re nice and hedged. I wait for two days of vol or down days to get into additional PCS to help pay for them OR I set the STT at higher UEL (basically same thing as adding PCS right) but we just haven’t had that. It’s incredible really. Frustrating market. So in essence, the market has been pretty much the worst for the trades…at least the worst ‘now’ seems to be just slow profit. On Jul 27th, we had a single large vix spike and down day and the balances jumped super high, I liked that..but it lasted a few hours lol. I am sure vol is coming soon..just waiting it out. My Dec trades have a negative UEL right now and I am waiting for one larger down day to get that fixed..maybe I should just do it soon..vol is so cheap though, I’d be getting paid crap 🙂 The trials and tribulations of decision making. The combo trade I am discussing below should fix all of this for me.

    Combo Trade

I’ve been developing a combo trade that can be put in on ANY market type and will profit an average of 8.5% on margin per 45 day period (and I haven’t seen a loss in 30 months of backtesting). I had previously posted returns for one version of it on this blog. I’ve tweaked it a bit and and am finishing it up and will post those results as well. I think the mastermind group is dedicating 1.5 hours next week to investigating and talking about the combo trades. I am very hopeful that this is the base trade going forward, it’s not had a loss yet in backtesting and survives Aug 24 w/ large profit.

I’d probably slap them on via the IB desk as one large order. It’s completely hedged in a black swan and can be scaled high. The average draw down is ~$700 per unit(very rare) and the profit target is $350.

I’ve been testing this combo since May in various forms and I had abandoned it when I incorrectly calculated the margin in May. Stupid mistake. Had I not, I’d have had them on for the summer most likely and they’d have reached profit target. Instead, I was doing STTs, BSHs and RCs separately. I’ve done poorly paying off the BSHs via the RCs due to the environment and I’ve got caught with the STTs a bit with negative UEL issues waiting for a down day. Frustrated but I have to wipe the slate clean and start fresh for the year though and get these combos and 555s going and aim to close off the year with good profit.

    Returns

As mentioned, it does about 8.75% on margin per 45 day period. So its a 6% a month trade but we always have 35% of our balance available so it’s more or less like a 4.5% return per month nen-compounded. That said, I am mixing in 10% of the account with the TTT(555) trade which reduces margin drastically thus boosting that return on margin and also provides really good returns in and of itself. The plan is to go live with the PC2 and TTT(555) trade soon and start bringing in the returns that’s been lacking this year so far as this exploration and trial for finding the perfect trade starts coming to an end ‘ish.

    TTT(555)

The TTT(555) trade was developed by Ron (Trading Dominion) and was a take on a previous trade that took advantage of skew dynamics across expirations. Essentially selling the part of the curve that at it’s highest and buying the part of the curve at it’s lowest across expirations. The margin requirement is the minimum and if you have other trades like the STT on, it would actually reduce overall margin heavily. The average days in trade is 10 and the profit is typically 100% of margin in 10 days (about 67% of the time) and the other 33% of the time you lose similar. The equity curve from 2015-to date was 1k turning into 22k. Incredible returns. For more information, join the mastermind group! If it isn’t obvious, I am just a member, I don’t make anything from the recommendation except hopefully leveraging the ideas you add to the group 🙂 Ron only charges I think $30 a month to keep the lights on for the group (site, organising the mastermind sessions etc).

Here’s the direct link to extra details about the course dealing with the Space Trip Trade, Foundations, and the Black Swan Hedge. Once you get through that, join the mastermind and that’s were we’re discussing all these trades. Invaluable.

https://academy.tradingdominion.com/pmtt/

Results from PC3

Here was the backtest results for the PC3 original adaption which sold a static amount/value of NPs at a delta regardless of actual cost of BSH. It of course did well in up years (and handled Aug 24 well) but during Sep 2014 it did poorly (The only negative month). Adjusting this to just enough NPs to cover cost of BSH was also backtested but I don’t have the results on this computer. It did better during markets like 2014 Sep/Oct.

Just look at those results.

I managed the STT separately once launched. I’d do the standard adjustments which are – rolling if close to structure, adding ICs to flatten deltas in down moves, adding PDS alone, or adding in PCS (harvesting as well) on big up moves against profit bubble.

Jul 21 STT + BSH Update

Since April/May, I was working on combos (known in the group as PC2 and PC3 (Patricks Combo) where the 2 represents 2 BSH and the 3 represents 3 BSH. The results from those backtests are mind bogglingly good re consistency and no-loss. Due to a silly assumption/mistake, I miscalculated the margin requirements on them and had assumed it much higher than it actually was. So instead of a 4 maybe 5% return on 65% of the account where 35% is dormant, it’s actually more like 9-10% on the 65% within 40 days in the trade. Due to this false assumption, I had put them on the back burner and went down various other rabbit holes re variations of the GA/VM trades, TTT trades and LTE STTs. I am excitedly re-examing the combos and after further testing I will put them live as the base trade for my accounts. I probably have 1-2 more weeks of testing left.

The reason I bring this up is that I am underwhelmed by the live results since January. The STTs are doing great, they have been since January. The BSHs were poorly paid off up until April and I am down on a big set of them right now. Further, I had big losses in the old Rhinos till March/April. Lately I’ve been having a really tough time paying off the other BSH funding due to the constant grind up and poor timing of “pay off” strategies after the RCs are removed. I always have 1:1 RC to BSh but that only covers half the cost. Suffice to say, its extremely slow profit lately. The trades all still like SOME volatility and some down moves and we’ve not gone down more than 2.8% this year. I got a brief taste of big profits a month or so ago on that big down day but since then its slow and grinddy and underwhelming. I think a lot of people are experiencing the same thing with STT+BSH combos. Just slow, profitable, but slow. It’s not like this with the combo trades and hence why I am very relieved that I can reinvestigate and start ramping it up. The backtest results for the last 3 years were incredible (I showed some of my friends back about 3 months ago).

All that said, I am in a mixed mood, I am meh on the slow results but I am looking forward to combo trades that work in all environments and that will cut out the issues I have with the BSH performing underwhelming to the STT(which doesn’t quite producing good returns). Along with that, I am slowly moving towards the BSH factory. The goal is to end the summer with a complete BSH factory that not only pays for itself but produces income. This would leave with with three things BSH Factory + Combo Trades + STT LTE where each one is producing income and requiring less opportunity/timing. I guess patience. But it seems like a lot of that lately.

We left Stockholm yesterday and have arrived in Gdansk. I’ve got 5 days here then we hit Poznan and Berlin.

Jul 19 – Trading Plan STT + BSH

A confluence of resistance is at ES 2475 (Yearly and weekly resistance pivots) and there’s a 77% chance of a new high according to Cobra so I gather that’s the target. Typically once it touches the yearly pivot it’ll move go down to the yearly support. IMO it’s not the time to add long positions. We have the confluence of resistance and we always have big pullbacks in Aug,Sept or October of 5-10%. W/ Vix at 9.8, it doesn’t feel like risk is being priced properly. I have only about 25% of margin used right now as I removed lots of Sept PCS and with the VIX at 9.8 I just can’t justify getting into new STT positions just yet. It doesn’t makes sense from a margin perspective either. If the market doesn’t move down at all, it could be a slow summer of returns for me. I’ll be looking at adding more GA trades and maybe some mechanical combos of the STT trades. And like I said, on any decent pullback, I’ll add some STTs so I can get the account maximised. I’ll also be entering in new BSHs w/ RCs until I can get this factory fully formed.

We leave tomorrow for Gdansk and we’ll start making our way by car towards Arona, Italy, we’ll stop in Poznan, Berlin, Bamberg and likely somewhere in the Alps before reaching Italy. We will spend 7 days in the B&B and another 4 days somwerhe else and the family trip will be over. I then meet friends from Aug 11-20 for a small guys trip and on Aug 20 I play 7 or so poker tournaments in Barcelona and call it a summer!