Archive for 2008

High Stakes Poker Update: Cinderella

Here’s the third installment of the High Stakes Poker Drama, courtesy of Mish. 

High Stakes Poker Update: Cinderella, Merrill Side Bets

This post is an update on the High Stake Poker Game involving Lehman and a consortium of bankers and brokers still in progress. Interestingly, two new side games are forming, one involving Lehman, the other involving Merrill Lynch and Bank of America. More on that in a moment.

Those just tuning can catch up by reading
High Stakes Poker Game In Progress
High Stakes Poker Update: Barclays Refuses To Go "All In"

The State Of the Game

The dealers (the Fed, the Sec, and the Treasury) are getting annoyed that no one is willing to make an "all in" bet. In fact, all the players are just sitting around the table holding their cards close to their vest not willing to make any bets, let alone go all in.

The players all want the dealers to make a bet. But the dealers have insisted they will not have a stake in the outcome. Remember that Lehman itself is the pot (see High Stakes Poker Update: Barclays Refuses To Go "All In")

Side Games Form

It is fitting that side games would start forming given that nothing is happening at the main table for hours. One of the dealers has left the main room and is now dealing a new game in the "Cinderella Pumpkin" side room.

Here is the main condition governing play in the Cinderella Pumpkin Room.

If LEH files for bankruptcy by midnight tonight any trades (bets) made during this session stand, otherwise they’re all broken.

The above information is from a reputable casino source of mine who states "At least a few of our credit sales traders are in the office today. I just spoke with one — they’re having a special 2-hour trading session today from 2-4pm ET. The deal is if LEH files for bankruptcy by midnight tonight any trades done during this session stand, otherwise they’re all broken. Wild."

Another casino employee with awareness of the side game informs me that Credit Default Swaps (CDS) on the investment index are up 50 basis points in this special session. Not being at the Casino, I cannot confirm any of this.

The Merrill Lynch Side Game


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Weekend at Bennie’s

The optimistic view, presented by Adam Warner at Daily Options Report, is that maybe the 3% drop in the futures is not going to get much worse immediately (I think there’s an implicit "immediately" in between the lines) because the Lehman car wreck has been playing out forever, as we’ve been watching, forever.  Note to self:  Ask Adam if he sells bathing suits on the side.

Weekend at Bennie’s

So here’s a combo of events you don’t see often. An up SPX on a Friday AND a higher VIX.

Not that a VIX with a 25 full is particularly high historically, but in 2008 it’s a decent reading.

The reasons were pretty obvious. We closed Friday knowing LEH and maybe Wamu, would see some sort of resolution. And now apparently Merill and AIG need one too.

But is something all that cosmic really going to happen? The LEH car wreck has played out in Super slo-mo forever. And this isn’t BSC at 30 going to $2, LEH and WM were already there. And we’ve seen this movie before over and over again all year.

I try to look at volatility subjectively. An absolute number needs context. Not that 25.6 volatility presages a crash, and not that the news is anything but awful, but we’re getting late in the game to worry about more financial shoes dropping. News Flash: They took down lots of horrendous paper and can’t get it off their sheets without Ben and Hank stepping in. So just wondering aloud whether this is that long-awaited excess Fear that’s been a little slow in forming.

As I type, the futures are signalling a market down something like 3%. So maybe the VIX was just pre-pricing in a gap, much like ahead of an earnings. And maybe once we open and settle in, volatility will dip and it’s back to Complacency Station. It could be nothing more than that.

In any event, should be interesting. Again, if you want to do something bullish, calls or call spreads make the most sense imho.

And yes, mentions of VIX are sponsored by VIX Swimwear and Clear Pepsi "Sure those clear drinks haven’t been popular for 20 years, but that won’t stop the Florida Sun Sentinel from reporting it as new news.

 

 





Bankruptcy for Lehman

More on Lehman’s pending bankrupcy, courtesy of Mark Thoma, at the Economist’s View.  Mark provides excerpts and links to articles by many other market commentators below. 

Bankruptcy for Lehman

Okay, things are coming together in the Lehman situation, though there are worries about things coming apart more generally as financial markets continue to unravel. Let’s start with John Jansen:

Bankruptcy, by John Jansen: The New York Times is reporting (via Deal Book) that Lehman will file for bankruptcy this evening.

The story notes that the Federal Reserve will take lower quality assets as collateral for loans and a consortium of banks will provide financing to assist an orderly liquidation of the company.

I am not sure that one can have an orderly liquidation of a company which has been around for a century and a half. This is confirmation, proof positive that we live in a most troubled time. One week ago we watched and cheered (I did) as the Treasury rescued FNMA and Freddie Mac.

That effort provided only the briefest interlude of calm in the markets. There is some historic climax to this series of crises lurking just around the corner. At every twist and turn in this year long saga the result which has ensued has always been the worst case scenario. We are, I believe, headed for a very very ugly end to this story.

Government has not been able to hold back the forces which have taken down financial giant after financial giant. Capitalism demands pain. Good risk is rewarded and imprudent risk is punished. We were engaged in an orgy of imprudent risk taking for nearly a decade and now a heavy price will be paid for the violation of so many simple and common sense precepts of trading.

I truly fear for our economy and our system the next several days.

He has thirty years of experience on Wall Street. That last sentence has my attention.

Naked Capitalism:

NY Times: Lehman Filing For Bankruptcy: …update from the New York Times’ Dealbook:

Lehman will seek to place its parent company, Lehman Brothers Holdings, into bankruptcy protection, while its subsidiaries will remain solvent while the firm liquidates its holdings, these people said. A consortium of banks will provide a financial backstop to help provide an orderly winding down of the


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Worst Yet to Come?

Allan (money manager and trader), still worried about the market crashing, is writing more on the subject, and has been buying $QID and $SKF lately.

What If The Worst is Yet to Come?

As unlikely as it seems that I would turn to the mainstream media to support my Crash thesis, this article from Friday’s Washington Post sets out a scenario where, quoting from the last sentence of the article,

"We are nowhere near the resolution of a financial crisis that has been years in the making and that has only begun to have its impact on a newly globalized economy."

Rather then piece meal the author’s ideas with my own, here is the column, posted in the spirit of "I couldn’t have said it better myself" (or, in the spirit of laziness on a Sunday afternoon).

——————————————————————————
A Vicious Cycle, Gone Global

By Steven Pearlstein

Excerpt:  "Oil prices have now dipped back near $100, other commodity prices are in a free fall, interest rates are down, and the dollar is up smartly against just about every currency.

From one angle, that all looks to be good news. Since food, energy and commodities were behind the recent surge in prices, inflation suddenly looks like less of a threat, particularly since a strong dollar also lowers the prices of other imports. Lower energy prices take some of the pressure off such hard-hit industries as autos and airlines, and off households that have been forced to cut back on other expenditures. More growth, less inflation — nothing to complain about there.

But what if it weren’t that simple?

What if what’s really happening is that sky-high energy and commodity prices weren’t a reflection of a fundamental shift in supply and demand, but merely another speculative investment bubble?  [i.e., the thesis here at PSW for many months - Ilene]

And what if that bubble burst because the investment herd finally realized that double-digit annual economic growth in developing countries was not a sure thing — that it was actually unsustainable, the result of underpriced currencies and an investment boom that had created bubbles in asset prices and economic output?

That, of course, would be a very different story. It would explain why prices for just about every financial asset you can think of are now falling all around the world, sending desperate investors fleeing to…
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High Stakes Poker Update

Wondering how’s it going for the Lehman pot, and how the poker game is going?  Here’s an update to his previous article, High Stakes Poker Game, courtesy of Mish.  

High Stakes Poker Update: Barclays Refuses To Go "All In"

Following is an update on the High Stakes Poker Game involving Lehman (LEH), Merrill Lynch (MER), J.P. Morgan Chase (JPM), Goldman Sachs (GS), Citigroup (C), Bank of America (BAC), Barclays, and others.

Please consider Lehman to be the pot. Lehman is not a player, Lehman is being played for. The other players around the table are deciding how much that pot is worth.

The Fed, the Treasury, and the SEC are acting as the dealer (or if you prefer the carnival barker). The role of the carnival barker is to get the amount bet as high as possible. The preferred scenario was to goad Barclays and the Bank of America to go "all in".

The problem with the "all in" scenario is there is a "side pot" to consider (i.e. the bad bank). In this case the "side pot" has negative value. The other players at the table would have to fund the bad bank while not sharing in the main pot.

Furthermore, only Bank of America and Barclays have enough chips to bet on the Lehman main pot, but they are reluctant to do so unless the value of that pot is guaranteed by the dealer.

The dealer, however is adamant that it will not have a stake in either the main pot or the side pot. This topic was discussed in detail in Paulson’s Claim Of "No Government Sponsorship" Reviewed.

Lehman Heads Toward Brink As Players Refuse To Bet Chips

Now that we have identified the players let’s look at the current state of the game as described by the New York Times in Lehman Heads Toward Brink as Barclays Ends Talks.

Unable to find a savior, the troubled investment bank Lehman Brothers appeared headed toward liquidation on Sunday, in what would be one of the biggest failures in Wall Street history.

But Barclays, considered the leading contender to buy all or part of Lehman, said Sunday that it could not reach a deal without financial support from the federal government or other banks, making a liquidation


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Test of Wills at Boeing

Missed this one on Friday by Mish on Boeing.

Test Of Wills At Boeing

Going on strike just as the global economy is headed into a recession is simply not a good idea. But that is exactly what happened Boeing. On September 6th Boeing Machinists Start Strike, Jeopardizing 787 Plan.

Sept. 6 (Bloomberg) — Boeing Co.’s machinists went on strike today, seeking improved pay and job security as the planemaker benefits from record orders and tries to keep its 787 Dreamliner schedule from slipping further.

The union’s 27,000 members in Washington, home to Boeing’s Seattle-area manufacturing hub, Kansas and Oregon began the strike at 12:01 a.m. local time today. Machinists make parts and assemble planes for the Chicago-based company, which trails only Airbus SAS in commercial planemaking.

"We’re out here for a lot of reasons," including built-up resentment over previous contracts and workers’ hopes for job security and higher pensions and starting wages, said Don Grinde, 51, as he picketed outside Boeing’s Everett, Washington, wide- body factory, where he’s a crane operator. "The first step for us is to hit the ‘delete button’ for all the take-aways, and then we can start from there" with a new contract.

The walkout may jeopardize Boeing’s customer relations amid unprecedented demand from airlines for newer, more fuel- efficient planes and keep the 787, its most successful new aircraft, from flying this year. A monthlong strike would shave 31 cents a share off Boeing’s earnings and cost $2.8 billion in lost revenue, Merrill Lynch & Co. analyst Ronald Epstein of New York estimates.

The International Association of Machinists and Aerospace Workers members rejected Boeing’s three-year contract offer on Sept. 3, and leaders delayed the strike until today so the two sides could work with a federal mediator. The extended talks also failed because "the Boeing company did not address our issues," the union said yesterday on its Web site.

Boeing on Aug. 28 issued a final proposal that it called the best in the industry, offering an 11 percent pay raise over three years and higher pension payments. The company refused union demands to limit the use of outside contractors for work the machinists have traditionally done. Boeing also asked that workers pay higher medical co-pays and deductibles.


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Sunday, No Bailout?

Here’s an excerpt from Barry Ritholtz’s brief article at The Big Picture, commenting on

A Sunday Without a Bailout? How Novel!

"Asian markets are now open, and nary a Lehman bailout in site.

Before you start congratulating the powers that be over their restraint, understand why there is no such rescue plan in place. My comments earlier this week in Slate:

To be eligible for a bailout, firms must also demonstrate a particular genius for screwing up. Before it went bust, Bear Stearns had a monstrous $33 of debt for every dollar of capital, and hedge funds it owned destroyed hundreds of millions of dollars of clients’ cash. It got a bailout. Lehman Brothers, which has taken painful measures to reduce its risk, is perversely less likely to get direct government help. "The worst Lehman can do is destroy the firm," said Barry Ritholtz, CEO of Wall Street research firm FusionIQ and author of the forthcoming Bailout Nation. "Bear Stearns, on the other hand, set up the firm so that if they screwed up, they could threaten the entire financial system." That may explain why Treasury Secretary Paulson has thus far resisted providing federal succor to Lehman."

More here.





Political Post of the Week

Here’s an amazing US export:

U.S. Weapons Abroad

So far, this year alone, the DOD has agreed to transfer more than $32Bn in weapons and other military equipment to foreign governments.  That’s up from $12Bn in 2005.  According to the NYTimes: The trend, which started in 2006, is most pronounced in the Middle East, but it reaches into northern Africa, Asia, Latin America, Europe and even Canada. “This is not about being gunrunners,” said Bruce S. Lemkin, the Air Force deputy under secretary who is helping to coordinate many of the biggest sales. “This is about building a more secure world.

Gee, it does sound a lot like gun running though, doesn’t it?  Sales are also booming for Russia, who competes with us to arm nations like India and Brazil with fighter jets. Less sophisticated weapons, and services to maintain these weapons systems, are often bought directly by foreign governments. That category of direct commercial sales has seen an enormous surge as well, as measured by export licenses issued this fiscal year covering an estimated $96 billion, up from $58 billion in 2005, according to the State Department, which must approve the licenses.

“Sure, this is a quick and easy way to cement alliances,” said William D. Hartung, an arms control specialist at the New America Foundation, a public policy institute. “But this is getting out of hand.”   Howard L. Berman, chairman of the House Committee on Foreign Affairs, said: "This could turn into a spiraling arms race that in the end could decrease stability.” Saudi Arabia, this fiscal year alone, has signed at least $6 billion worth of agreements to buy weapons from the United States government — the highest figure for that country since 1993, which was another peak year in American weapons sales, after the first Persian Gulf war.  The US has moved from supplying 40% of the world’s arms in to 52% in 2006 so if someone, somewhere is being killed, it’s very likely by our stuff!

This is great stuff for our top defence contractors (2006 figures) like LMT ($36Bn – 91% of revs), BA ($31Bn – 50%), NOC ($24Bn – 78%), RTN ($20Bn – 96%), GD ($19Bn – 78%), LLL ($10Bn – 80%) and UTX ($8Bn – 16%) but what does it say about our foreign policy?  We supply both India and Pakistan with weapons – a neat trick since they each maintain more troops at each other’s boarder than we have in
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Gasoline Shortages

Here’s an article on gasoline shortages and prices, courtesy of Mish.

Gasoline Shortages And Higher Prices Likely Headed Your Way


There is an excellent discussion of the Implications of a Ten Day Refinery Outage on The Oil Drum. I encourage everyone to take a look. The comments are good too. Here are a few snips.

Insight 4. It is likely that we will have product shortages for at least the next three to four weeks, because of shut in refinery capacity and reduced refinery runs.

We have said that it is likely to take a week or two to get refinery production up to pre-Ike levels. Suppose it takes 10 days. Adding 10 days to the date of the hurricane (September 12) brings us to September 22. If it takes an average of 18.5 days to get product from Texas to New Jersey by pipeline, it will take until approximately October 10 before supplies are back to normal. It could be a little shorter than this, or quite a bit longer.

Insight 5. One of the biggest refined product pipelines, Colonial Pipeline, is now reported to be shut down, because of lack of refined product input.

Colonial pipeline is one of the largest pipelines, with a capacity of 2.4 million barrels a day. It serves the Southeast and the East Coast.


Figure 3. Colonial Pipeline Route

Until Colonial pipeline is back to carrying full capacity of gasoline, diesel, and other refined products, there are likely to be shortages along the gulf coast and the Southeast. The Northeast may also begin to see shortages.

Other major outages have also been reported. Explorer pipeline, carrying 700,000 barrels a day of petroleum products from Texas/LA to Indiana, is completely shut down. Plantation pipeline, carrying 600,000 barrels a day of petroleum products from Louisiana to Virginia, is operating at reduced rates.

Insight 10. Because some areas are likely to be very short of supply, it is likely that gasoline prices would need to rise to $10 a gallon or more in those areas, to cut back demand sufficiently.

In some areas, there may be temporary shortfalls of 25% of more of gasoline supply. To allocate such short supplies would take a very high price. Government officials are not likely to let this happen. Instead, we are likely to see many


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Deal to Buy Bad Assets

Here’s an update on the Lehman deal being worked out this weekend.

Fed, Street Draft Deal To Buy Lehman’s Bad Assets

By Charlie Gasparino, at CNBC

Excerpts:  "A deal has been drafted to buy Lehman Brothers’ bad assets and clear the way for an eventual sale of the troubled firm, CNBC has learned.

CNBC.com

Under the terms of the proposal, which could still blow up, all the major Wall Street firms would pitch in $30 billion total to purchase Lehman’s bad real estate assets and create what’s knows as a "bad bank."

The proposal is being drafted Saturday night and will be discussed Sunday morning, according to sources close to CNBC. If Wall Street agrees on the terms, which would amount to around $3 billion per firm, it would clear the way for the sale of Lehman Brothers itself to one of several suitors, including Bank of America, Barclays Plc and HSBC.

Executives remained less than pleased with the proposal as they left the New York Federal Reserve around 6 p.m. to convene again Sunday morning. Contingency planning for no deal getting done, potential bankruptcy and defaults continues as Lehman continues its search for a buyer.

"Why should we give up capital so Barclays and Bank of America can buy a clean bank," said one Wall Street executive.

Despite the grumbling, those in the know expect the deal to get done Sunday, with Barclays in the lead to buy the rest of Lehman, including Neuberger. No price has been set just yet.

One Wall Street executive involved in the meetings put it this way: "I’m thinking logically; if they do nothing it’s Armageddon. That means they do a deal. It will be announced at 6 p.m. (ET) Sunday."..

…But with firms like Bank of America and Barclays refusing — at least so far — to budge on their position that they will only buy Lehman without the beaten down real estate assets, and the street balking on the government plan, which calls on the big firms to chip in a total of around $3 billion to purchase the Lehman assets, people with direct knowledge of the meeting say a deal may not get done."…

Full article here.  

Please keep ignoring the 48-hour delay box.  No delays here, and check backup site for blogroll and comments for this section.  Thanks!   – Ilene

 





 
 
 

Zero Hedge

Final Q2 GDP Comes At 1.4%: US Set To Grow At Slowest Pace Since Financial Crisis

Courtesy of ZeroHedge. View original post here.

While the second quarter is now ancient history and the debate is how much the predicted rebound in Q3 GDP will fade into Q4 which is set to begin in just three days, moments ago the BEA released its final revision for Q2 GDP, according to which real GDP increased 1.4% in the second quarter of 2016, 0.3 % higher than the “second” estimate released in August, and fractionally higher than the 1.3% expected. In the first quarter, real GDP rose 0.8 percent.

...



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ValueWalk

Here's Why The Pundits Are Wrong About Warren Buffett

By VW Staff. Originally published at ValueWalk.

Here’s Why The Pundits Are Wrong About Warren Buffett via Roger Lowenstein, Fortune

]]> Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

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It takes a lot of cherry-picking to make him look bad.

Norman Pearlstine, the vice chairman and longtime editorial soul of Time Inc., which publishes Fortune, once said that every feature story fit into one of three archetypes: &...



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Phil's Favorites

India Raids Pakistan, Claims "Significant Casualties" Inflicted: Don't Worry It's Just a "Surgical Strike"

Courtesy of Mish.

Border skirmishes between India and Pakistan have been going on for years. But with social mood darkening everywhere, and with India making the claim ‘Significant casualties’ inflicted on ‘launch pads’ for militant attacks, one can’t help but wonder when this erupts in a major way.

The Financial Times reports India launches ‘surgical strikes’ on Pakistan terror targets.

India said it had carried out “surgical strikes” overnight across its disputed border with Pakistan to target groups of militants that were allegedly planning to carry out terror attacks on Indian territory.

...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Just as it's been announced, US oil producers may readying to thwart OPEC's plan (Business Insider Australia)

While the specifics over how it will be achieved are as yet unknown, and there are already signs that some members are uncomfortable with the decision, it appears that OPEC will reduce oil output for the first time in eight years when the grou...



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Mapping The Market

The Industry That Was Crushed By The Obama Administration

By Jean-Luc

Good riddance – cleaned up a lot of frauds there:

The Industry That Was Crushed By The Obama Administration

In early 2009, the seven largest publicly traded college operators were worth a combined $51 billion. Today, they’ve been all but wiped out.

When Barack Obama took office, America’s seven largest publicly traded college operators were worth a combined $51 billion, with more than 815,000 students enrolled at campuses spread across the country. The schools were flooded with with people seeking shelter from the recession, returning to school to pick up new skills.

Almost eight years later, the industry has been decimated. The seven largest listed operators are worth just over $6 billion, and the most valuable co...



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Kimble Charting Solutions

Japanese YEN testing triple breakout level

Courtesy of Chris Kimble.

Below looks at the Japanese Yen over the past 20-years.

For the majority of the time, the YEN has remained inside of rising channel (A). Now a big test is in play, after breaking support.

CLICK ON CHART TO ENLARGE

The Yen remained inside rising channel (A) from the mid 1990’s until 2014, where it broke below rising support. The rally that has taken place since the lows ...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker.

Please review a collection of WWW browsing results.



Date Found: Saturday, 26 March 2016, 02:36:15 PM

Click for popup. Clear your browser cache if image is not showing.
Comment: ZH: Its a BULLARD market, the FED jaw boning is keeping the market up!



Date Found: Sunday, 27 March 2016, 02:31:30 PM

Click for popup. Clear your browser cache if image is not showing.
Comment: RTT: World trade near 2008/09 lows. SP500 near all time highs. PLACE YOUR BETS! Roll up! Roll up!



Date Found: Tuesday, 29 March 2016, 02:42:11 PM

Click for popup. Clear your browser cach...



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OpTrader

Swing trading portfolio - week of September 26th, 2016

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Members' Corner

Market Liquidity and Macroeconomic Bullshit

 

Market Liquidity and Macroeconomic Bullshit

Courtesy of The Nattering Naybob

STJL - "Apparently macroeconomics is all bullshit – ROFL! Paging Naybob now… Famous Economist Paul Romer Says Macroeconomics Is All Bullshit."

The Nattering One muses... Macroeconomics as practiced by academics and those in charge is pure voodoo. Better to chant over goat blood, bird feathers and scattered entrails...

As for reality, overnight CNH HIBOR (...



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Digital Currencies

Gold, Silver and Blockchain - Fintech Solutions To Negative Rates, Bail-ins, Currency Debasement and Cashless

Courtesy of ZeroHedge. View original post here.

By Jan Skoyles

I was so pleased yesterday by the announcement that I have joined the Research team at GoldCore as it meant that I could finally start talking about it and was back in a role that lets me indulge in my passion by researching and geeking out on all things gold, silver and money.

...



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Biotech

Epizyme - A Waiting Game

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Promotions

PSW is more than just stock talk!

 

We know you love coming here for our Stocks & Options education, strategy and trade ideas, and for Phil's daily commentary which you can't live without, but there's more!

PhilStockWorld.com features the most important and most interesting news items from around the web, all day, every day!

News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.   

If you are looking for non-mainstream, provocatively-narrated news and opinion pieces which promise to make you think -- we feature Zero Hedge, ...



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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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