by ilene - April 26th, 2015 12:20 am
The "War On Cash" Migrates To Switzerland (Acting-Man)
Banks Increasingly Refuse Cash Withdrawals – Switzerland Joins the Fun
The war on cash is proliferating globally. It appears that the private members of the world’s banking cartels are increasingly joining the fun, even if it means trampling on the rights of their customers.
Yesterday we came across an article at Zerohedge, in which Dr. Salerno of the Mises Institute notes that JP Morgan Chase has apparently joined the “war on cash”, by “restricting the use of cash in selected markets, restricting borrowers from making cash payments on credit cards, mortgages, equity lines and auto loans, as well as prohibiting storage of cash in safe deposit boxes”.
Xiaomi is one of the hottest smartphone companies out there. Just five years old, it has rapidly grown to become the world's most valuable tech startup, worth about $46 billion (£30.9 billion), which is more than Uber, Snapchat, or SpaceX.
Xiaomi, founded by CEO Lei Jun, is often referred to as the "Apple of China," not least because of the famed devotion of its fans. The company holds worldwide flash sales for its customers and throws them parties in expensive nightclubs — and they love the company for it.
To be sure, we’ve had our share of laughs at the expense of China’s margin-fueled equity mania. First there was the realization that more than 4 million new stock trading accounts were created in China last month alone — the country is now adding nearly that many each week. Then we discovered that if statistics are to be trusted, around one in three of those millions of new accounts likely belongs to someone with an elementary school education or less. Finally, we learned that the rally has minted an army of day trading housewives, security guards, and most recently, banana salesmen who last Monday traded so much that they literally overwhelmed the Shanghai Exchange’s volume-tracking software.
by phil - April 25th, 2015 8:24 am
Take this review with a grain of salt as we went back to cash on most.
Still, it's good to take a look at what worked and what didn't – especially since those that didn't are often some of our best new opportunities! It's been a crazy market envioroment but we try to find at least one Top Trade each week for our Alert subscribers (and, of course, our Premium Members). I don't force them – I either like a trade enough to feature it or I don't.
Top Trade Alerts are sent out once or twice a week via EMail and Text Message from our Basic and Premium Live Member's Chat Room. These trades are just a very small portion of what we discuss during chat each day, but hopefully a good representative sample of the dozens of trade ideas we share with our Members each week in our Live Member Chat Room as well as our Weekly Live Webinars (Tuesday's replay can be seen here).
Keep in mind these are just snapshots of trades as of today – it's up to you to take good trades off the table and cut the losses (or make adjustments) on ones that go bad. We're always discussing adjustments in our Live Member Chat Room – join us there for follow-ups.
2/20 – GOGO was our pick around lunchtime as we liked the story on the provider of WiFi services for airplanes. GOGO was a part of our Income Portfolio before we cashed that out and it was just starting to rally back from the low end of the range and we didn't want to miss the breakout. I wrote quite a dissertation about why I liked them and our new trade idea was:
So, for the LTP, let's sell 10 2017 $15 puts for $4.40
by ilene - April 25th, 2015 1:01 am
In Shenzhen's famous Huaqiangbei electronics shopping district, you won't need to stand in any lines or make an appointment for these smartwatches.
At 299 yuan—that's less than $50—you can pick up a smartwatch that looks quite similar to Apple's own creation, complete with replica Digital Crown and touch screen. Like the Cupertino original that went on sale today for seven times the price, the generic offering spotted in this bustling Chinese city features an activity tracker, chat apps, Web browser, and Bluetooth connectivity. A brief demo unveiled shortcomings in the browser with only the text loading on screen.
Spurred by the advent of fracking and other high-tech ways of getting at North America’s fossil fuel reserves, the oil and gas industry has, for the past decade, been drilling at an astounding rate of 50,000 wells per year.
This may be a large continent, but their impact on the landscape is nonetheless enormous. The industry’s total operations, say researchers at the University of Montana, Missoula in a new study, occupy land area three times the size of Yellowstone National Park, “transforming millions of hectares of the Great Plains into industrialized landscapes” that are rarely converted back after the drillers have gone on.
Elaine Wynn lost her bid for re-election to the board of Wynn Resorts Ltd. after failing to win over enough shareholders to back her dissident campaign.
Wynn, 72, was asking investors to keep her on the board of the casino company co-founded by her ex-husband, Chairman and Chief Executive Officer Steve Wynn, after other directors declined to renominate her. They said a legal dispute between the two over her voting rights is influencing board decisions.
Nomura Forecast: Q1 GDP at 1.0% (CalculatedRisk)
Adverse weather conditions, West Coast port disruptions, the stronger dollar and the decline in crude oil prices all likely hurt economic activity in
by ilene - April 24th, 2015 10:05 pm
Presented with no comment… ok well one! WTF!?
No comment… not one… seriously.
by ilene - April 24th, 2015 1:42 pm
Advances in EBay Inc. and Microsoft Inc. propelled the Nasdaq Composite Index past its all-time closing high, leaving the gauge at the brink of a record for the first time since the dot-com crash in 2000.
Unequal, Yet Happy (NY Times)
THE gaping inequality of America’s first Gilded Age generated strong emotions. It produced social reformers like Jane Addams, anarchist agitators like Emma Goldman, labor leaders like Eugene V. Debs and Progressive politicians like Theodore Roosevelt. By the 1920s, sweeping legislation regulating food and drugs and breaking up corrupt trusts had been passed. The road to the New Deal was paved.
But our current Gilded Age has been greeted with relative complacency. Despite soaring inequality, worsened by the Great Recession, and recent grumbling about the 1 percent, Americans remain fairly happy.
Deadly bird flu swelled in the poultry industry in Minnesota and neighboring Wisconsin amid speculation that winds may be carrying virus particles into facilities housing turkeys and chickens.
“This is a catastrophe for both the turkey and the egg industries,” William Rehm, the president of Daybreak Foods Inc., said after his company’s farm in Jefferson County, Wisconsin, with 800,000 egg-laying hens was infected by bird flu. “Some USDA veterinarians are starting to believe the virus is spreading from particulates in the air,” he said Wednesday in a telephone interview. (More)
Canadian Imperial Bank of Commerce (CM.TO) is in talks with several U.S. companies on a potential $2 billion wealth-management and private-banking acquisition, its top executive said in an interview.
The Reasons for a Meandering Market (Bloomberg)
During the past few years, I have referred to market breadth as one of the more important metrics of the stock market's health. As we close in on new highs in the cumulative advance-decline line, it is time to revisit
by phil - April 24th, 2015 8:28 am
What is Kaisa?
Kaisa Holdings is #1638 on the Hong Kong Stock Exchange and is currently trading at 50% of it's 2014 price at $1.50 per share. That may make it seem unimportant but, in the Wacky World of Chinese Stocks – it's an $1Bn+ company. Kaisa specializes in large-scale real estate projects and has borrowed $10.5Bn for various projects but, unfortunately, just went into default for lack of $52M as it also delayed the release of 2014 financials.
Already the company's $800M worth of 8.875% 2018 bonds have dropped to 55 cents on the Dollar and 2020 notes are no fetching just 29.9% of face value and that's going to look generous as this situation rapidly spirals out of control. It is estimated that, in a full default, Kaisa's bond-holders can expect about 2 cents on the Dollar because the company has generated no real value for them after spending $10.5Bn of other people's money.
If you are an investor in Chinese notes or Chinese stocks, consider this a warning. I will remind you that these are slow-rolling crises that take quite a long time (in the timeframe of the average investor) to unwind. Well, maybe not so slow as this morning Glorious Property Holdings, who just had their debt cut to Ca (junky junk) is struggling to come up with $19.5M of the $300M it must provide on 13% notes due Oct 25th. Since the end of last year,…