Archive for 2008

Funda-mental defense

New York’s test for legal insanity:  "a person is not responsible for criminal conduct if at the time of such conduct as a result of mental disease or defect he lacks substantial capacity either to appreciate the criminality of his conduct or to conform his conduct to the requirements of the law."  The mental disease or defect requires a mental diagnosis.  Madoff’s years of secrecy about his actions seems inconsistent with an insanity defense.  Bernard Madoff, DeCrow/AP

Better, perhaps, can Madoff receive a fair trial anywhere in the English speaking world?

Bernie’s funda-mental defense

Published in the Huffington Post.

If you thought Bernard Madoff’s $50 billion investment scheme was audacious, get ready for his alibi. Lawyers for the accused scammer are exploring an insanity defense, we hear.

“Bernie’s family and his attorneys may argue that, somewhere along the line, he had a mental break,” says a Madoff acquaintance. “They may even say he has a multiple personality disorder.”

Madoff’s grip on reality does show signs of slipping. The 70-year-old financier, now a prisoner of his East Side penthouse, wore a weird smile when he was photographed shortly after his Dec. 12 arrest…

“He seems really out of it,” says a source, who believes Madoff’s family fears he’ll follow the example of  Rene-Thierry Magon de la Villehuchet, the Madoff client who slit his wrists last week. “He has a very low affect. Bernie barely speaks… 

He could argue that Madoff committed the fraud during manic, euphoric periods and that he never found the equilibrium to correct his crime. Or that he was so delusional that he convinced himself the investment returns were real. You might also plead that he was incapacitated by some character disorder, like a malignant narcissism stemming from an early-life trauma.

“Insanity defenses rarely work,” Ablow notes. “But if you can influence just one juror, he may stand a chance.”

No doubt people will call him crazy like a fox and recall mobster Vincent (Chin) Gigante, who tried to escape jail by mumbling and stumbling around the streets in his bathrobe.

Top criminal attorney Edward Hayes doesn’t think it will fly: “Madoff admitted to his sons that he knew it was a Ponzi scheme…"

Read more here.

 





WaMu’s Empire

A sandcastle a little to close too the shoreline…

Saying Yes, WaMu Built Empire on Shaky Loans

As a supervisor at a Washington Mutual mortgage processing center, John D. Parsons was accustomed to seeing baby sitters claiming salaries worthy of college presidents, and schoolteachers with incomes rivaling stockbrokers’. He rarely questioned them. A real estate frenzy was under way and WaMu, as his bank was known, was all about saying yes.

Yet even by WaMu’s relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.

Mr. Parsons could not verify the singer’s income, so he had him photographed in front of his home dressed in his mariachi outfit. The photo went into a WaMu file. Approved.

“I’d lie if I said every piece of documentation was properly signed and dated,” said Mr. Parsons, speaking through wire-reinforced glass at a California prison near here, where he is serving 16 months for theft after his fourth arrest — all involving drugs.

While Mr. Parsons, whose incarceration is not related to his work for WaMu, oversaw a team screening mortgage applications, he was snorting methamphetamine daily, he said.

“In our world, it was tolerated,” said Sherri Zaback, who worked for Mr. Parsons and recalls seeing drug paraphernalia on his desk. “Everybody said, ‘He gets the job done.’ ”

At WaMu, getting the job done meant lending money to nearly anyone who asked for it — the force behind the bank’s meteoric rise and its precipitous collapse this year in the biggest bank failure in American history.


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Friedman Would Be Roiled

Are we now in danger of losing Milton Friedman’s legacy to the mindless adoption of a socialistic imperative? 

"When Friedman’s Platonic ideas of free-market virtues are put into practice, they have too often generated a systemic orgy of competitive greed — whose remedies, ironically, entail countermeasures of nationalization,” Marshall Sahlins.Milton Friedman

What do our readers think — has the devastating unraveling of our financial system during this past year changed any of your beliefs?   - Ilene

Friedman Would Be Roiled as Chicago Disciples Rue Repudiation

By John Lippert, in Bloomberg

John Cochrane was steaming as word of U.S. Treasury Secretary Henry Paulson’s plan to buy $700 billion in troubled mortgage assets rippled across the University of Chicago in September. Cochrane had been teaching at the bastion of free-market economics for 14 years and this struck at everything that he — and the school — stood for.

“We all wandered the hallway thinking, How could this possibly make sense?” says Cochrane, 51, recalling his incredulity at Paulson’s attempt to prop up the mortgage industry and the banks that had precipitated the housing market’s boom and bust.

During a lunch held on a balcony with a view of Rockefeller Memorial Chapel, Cochrane, son-in-law of Chicago efficient-market theorist Eugene Fama, and some colleagues made their stand.

They wrote a petition attacking Paulson’s proposal, sent it to economists nationwide and collected 230 signatures. Republican Senator Richard Shelby of Alabama waved the document as he scorned the rescue. When Congress rejected it on Sept. 29, Cochrane fired off congratulatory e-mails.

The victory was short-lived. Lawmakers approved the plan four days later, swayed by what Cochrane calls a pinata of pork-barrel amendments.

“We should have a recession,” Cochrane said in November, speaking to students and investors in a conference room that looks out on Lake Michigan. “People who spend their lives pounding nails in Nevada need something else to do.”

Unusual Role

At the University of Chicago, once ascendant free-market acolytes are finding themselves in an unusual role: They’re battling a wave of government intervention more…
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The Chips Are Down

Mish describes how the financial tsunami spreading throughout the global economy is taking the technology sector with it.

When The Chips Are Down, Chipmakers Resort To Other Means

Courtesy of Mish

Economic pain that has been hitting the financial economy and the brick and mortar retailers is hitting Silicon Valley as well. Many chip companies are short of cash and layoffs are increasing. Let’s kick off the review with Hynix Gets 800 Billion Won Aid Package From Creditors.

Hynix Semiconductor Inc., the world’s second-largest maker of computer memory chips, gained 800 billion won ($590 million) of financial support from creditors to stay in business as falling prices threaten a record loss at the company.

Controlling shareholders will provide 500 billion won in fresh loans and extend the maturity of Hynix’s debt until the end of 2009, main creditor Korea Exchange Bank said today. Ichon, Korea-based Hynix will also sell 300 billion won of new stock on the market that creditors will buy if unsold, Korea Exchange said.

Hynix’s creditors have pumped in fresh funds in hopes of recouping the remainder of their $4.6 billion bailout of the chipmaker this decade by selling their stake when the industry recovers.

"With additional funding and a recovery in the second half of next year, the possibility of a liquidity crisis at Hynix is pretty low compared to smaller rivals," Kim Young Chan, an analyst at HMC Investment Securities Co., wrote in a report yesterday. Kim, who has a "buy" rating on Hynix, projects the chipmaker will return to profit in the third quarter of 2009.

The company held about $1 billion in cash as of Sept. 30, Daiwa Institute of Research Ltd. estimated this month. Still, Hynix had net debt of $5.5 billion at the end of September, the most among the eight biggest computer-memory makers, Daiwa said.

Prices of the benchmark dynamic random access memory chip have fallen 59 percent this year to below the cost of production. The DRAM glut will probably persist throughout next year, UBS AG and JPMorgan Chase & Co. predict.

Anyone predicting a recovery in the second half of the year is not thinking too clearly. Extending more loans is throwing good money after…
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Peter Schiff in WSJ

Here’s another piece by Tim Iacono at The Mess That Greenspan Made citing Peter Schiff (who predicted this credit crisis).  Tim and Peter seem to agree that there is no easy way out of a broken economy, while government fixes will only do so much.

 

Peter Schiff’s WSJ op-ed piece

That second to last page in the first section of the Wall Street Journal continues to offer up commentary that you just don’t see elsewhere in the mainstream media.

Over the last month or so, as it has become increasingly clear that our monetary system may be at the root of many of our current problems, there were at least three calls for a new monetary order, all of which involved gold in some way. See the following references from back in November:

(Hmm… maybe I should be more demanding when crafting the titles to these posts – it seems to have had the desired effect.)

Today, Peter Schiff weighs in with some quite sensible arguments regarding the recent mania in economic stimulus programs around the world, figuring that maybe the free market would be better off deciding who wins and loses rather than governments.

There’s No Pain-Free Cure for Recession
Belt-tightening is required by all, including government.
By PETER SCHIFF

As recession fears cause the nation to embrace greater state control of the economy and unimaginable federal deficits, one searches in vain for debate worthy of the moment. Where there should be an historic clash of ideas, there is only blind resignation and an amorphous queasiness that we are simply sweeping the slouching beast under the rug.

With faith in the free markets now taking a back seat to fear and expediency, nearly the entire political spectrum agrees that the federal government must spend whatever amount is necessary to stabilize the housing market, bail out financial firms, liquefy the credit markets, create jobs and make the recession as shallow and brief as possible. The few who maintain free-market views have been largely marginalized.

It is rather remarkable that the only discussion you…
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Treasury bubble talk

Here’s an article on the U.S. debt bubble.  Courtesy of Tim Iacono at The Mess That Greenspan Made.

More Treasury bubble talk

In today’s commentary at Bloomberg, Michael Sesit consults with the "Bond King" on what many call the biggest and baddest bubble of them all – U.S. debt.

To Bill Gross, co-chief investment officer of Newport Beach, California-based Pacific Investment Management Co., the answer is yes. “Treasuries have some bubble characteristics, certainly the Treasury bill does,” Gross said earlier this month. “A Treasury bill at zero percent is overvalued. Who could argue with that in terms of the return relative to the risk? There is no return.”…

The bursting of a bubble in the U.S. government bond market would be a perilous event.

First, it would cause large losses for millions of investors, especially U.S. retirees who regard Treasury securities as the ultimate safe investment.

Second, it might threaten Treasuries’ status as the global “risk-free asset” and would damage the international stature of the U.S. Foreigners, who own about half of all Treasuries, might stop funding the country’s growing trade and budget deficits without an increase in U.S. interest rates.

Finally, a busted Treasury-market bubble could undermine the dollar’s global reserve-currency status, which in turn would spell higher U.S. interest rates, undercutting economic growth.

Big and bad and likely to burst someday…

 





Recovery Plan

Courtesy of Mark Thoma at Economist’s View.

The American Recovery and Reinvestment Plan

Larry Summers outlines the incoming administration’s plans for economic recovery:

Obama’s Down Payment, by Lawrence Summers, Commentary, Washington Post: …President-elect Barack Obama … will face what may well be the bleakest economic outlook since World War II. …

As difficult as these conditions are, however, the Obama administration also inherits an economy with great potential for the medium and long terms. Investments in an array of areas — including energy, education, infrastructure and health care — offer the potential of extraordinarily high social returns…

In this crisis, doing too little poses a greater threat than doing too much. Any sound economic strategy in the current context must be directed at both creating the jobs … and doing the work that our economy requires. … Our president-elect … is crafting a broad proposal, the American Recovery and Reinvestment Plan, to support the jobs and incomes essential for recovery while also making a down payment on our nation’s long-term financial health.

A key pillar of the Obama plan is job creation. In the face of deteriorating economic forecasts, Obama has revised his goal upward, to 3 million. …. The Obama plan represents not new public works but, rather, investments that will work for the American public. Investments to build the classrooms, laboratories and libraries our children need to meet 21st-century educational challenges. Investments to help reduce U.S. dependence on foreign oil by spurring renewable energy initiatives… Investments to put millions of Americans back to work rebuilding our roads, bridges and public transit systems. Investments to modernize our health-care system, which is … key to driving down costs across the board. …

We must focus not on ideology but on drawing the best ideas from all quarters. That is why, for example, in key sectors such as energy, Obama is pushing for both public investments and the removal of barriers to private investment. It is also why his plan relies on both government spending and tax cuts to raise incomes and promote recovery. …

There will be no earmarks. Investments will be chosen … based on what yields the highest rate of return for the economy and monitored closely not just by officials but also by the public…
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Triangle Action

Corey at Afraid to Trade discusses the triangle formations occurring in the major indexes.  He notes the Dow is at a critical cross-roads. 

Triangle Action in the DIA

Corey Rosenbloom, at Afraid to Trade.com

There’s much discussion occurring regarding the triangle formation occurring in the major US Equity Indexes.  Let’s focus for a moment on the DIA (Dow Jones ETF) and see this triangle in action.

DIA Daily chart:

The structure is still the same – price is in a confirmed downtrend with price making lower lows and lower highs, and the orientation of the key daily moving averages is in the most bearish position possible (20 beneath the 50 which is beneath the 200).

There are two interesting divergences playing out and perhaps resolving:  First is the positive momentum divergence that set-in on the November price lows which preceded the current ‘rally,’ while the second divergence is the non-confirmation from volume into the recent rally – albeit we are experiencing “holiday volume” which throws off volume analytics for the time being.

The 50 day EMA continues to supply price resistance, while price meanders through its flat 20 day EMA.  Moving averages have less significance generally when they are ‘flat,’ or the market is in a consolidation phase (as is evidenced by the current price contraction which resembles a triangle formation).

It would be significant if price could break above the $90 level or beneath support at the $80 level.

Let’s pull the perspective back and add in a key possible Elliott Wave count.

DIA Weekly Chart (with selected Elliott Waves):

I’ve simplified this chart because I want you to focus closely on the triangle pattern that has formed on the chart – it’s much more evident in the weekly chart than the daily.

Whatever you want to call this move, it is clear that it is a consolidation pattern that can also be known as a “corrective” or ‘counter-trend’ structure.

Going back to the price structure, price remains in a persistent downtrend which is confirmed by the structure of the key weekly moving averages (again, now in the ‘most bearish orientation’ possible).

This Elliott Wave count assumes that we are still in the larger scale Wave 3 down which has been horrendously destructive to investors, and that fractal Wave 5 is perhaps yet


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The SEC has Failed Us

Jacob Zamansky argues that the SEC’s chronic failure to act in the Madoff case is a call for new regulation promoting transparency, full disclosure and an end to conflicts of interest. 

The SEC has Failed Us: What now?

Courtesy of Jacob Zamansky

The alleged Ponzi scheme perpetrated by Bernie Madoff should be the death-knell for the SEC. The SEC ignored numerous red flags waved by investors going back ten years. It was a not-so-well-kept secret across Wall Street that Mr. Madoff’s reported returns were fictitious and in 2001, Barron’s published a story entitled, “Don’t Ask, Don’t Tell; Bernie Madoff is so secretive, he even asks investors to keep mum.”

The signs were there. Period. And the SEC decided to lazily ignore the problem and is continuing to claim jurisdictional road blocks. It argued that Mr. Madoff didn’t register as an investment advisor, but that is not true. He was registered in 2006 and the SEC was required to examinie his operation then, and every five years thereafter.

In light of its recent performance, to make excuses at this point this is nothing less than insulting to investors.

Our financial regulatory system has failed. Therefore, steps must be taken to correct the problem now. If the United States wishes to remain the financial capital of the world, we must take a leadership role immediately.

Many factors such as securitization, leverage, asset bubbles, conflicts and outright fraud contributed to the economy’s downfall. But in general, I believe that it is self-regulation and inadequate oversight that provided the essential glue for the confluence of issues that have led to the economy’s collapse. One needs to not look any further than the fact that Bernie Madoff himself presided over the NASDAQ, which at the time served as one of the key financial regulators overseeing him and those of his ilk. Moreover, he was able to perpetrate his alleged schemes knowing the SEC was asleep at the wheel.

Nearly at every turn there are examples of Wall Street’s influence over regulation:

For example, in 2002 Wall Street successfully lobbied the SEC to adopt directives that would be “equivalent” to proposed European Union (E.U.) regulation that would have put the big five U.S. investment banks under the umbrella of E.U. regulatory authority. In response, the SEC, perhaps unwittingly, created as


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Don’t Ask, Don’t Tell, Bernie

As far back as 2001 questions were being raised about Madoff’s funds and alleged performance but apparently not by the SEC.  The questions made it to Barrons.  Here’s the article.  H/T to Michael Covel.

BARRONS, Monday, May 7, 2001

Don’t Ask, Don’t Tell, Bernie Madoff is so secretive, he even asks investors to keep mum

By ERIN E. ARVEDLUND

Bernie Madoff might as well hang that sign on his secretive hedge-fund empire. Even adoring investors can’t explain his enviably steady gains.

Two years ago, at a hedge-fund conference in New York, attendees were asked to name some of their favorite and most-respected hedge-fund managers. Neither George Soros nor Julian Robertson merited a single mention. But one manager received lavish praise: Bernard Madoff.

Folks on Wall Street know Bernie Madoff well. His brokerage firm, Madoff Securities, helped kick-start the Nasdaq Stock Market in the early 1970s and is now one of the top three market makers in Nasdaq stocks. Madoff Securities is also the third-largest firm matching buyers and sellers of New York Stock Exchange-listed securities. Charles Schwab, Fidelity Investments and a slew of discount brokerages all send trades through Madoff.

Some folks on Wall Street think there’s more to how Madoff (above) generates his enviable stream of investment returns than meets the eye. Madoff calls these claims “ridiculous.” But what few on the Street know is that Bernie Madoff also manages $6 billion-to-$7 billion for wealthy individuals. That’s enough to rank Madoff’s operation among the world’s three largest hedge funds, according to a May 2001 report in MAR Hedge, a trade publication.

What’s more, these private accounts, have produced compound average annual returns of 15% for more than a decade. Remarkably, some of the larger, billion-dollar Madoff-run funds have never had a down year.

When Barron’s asked Madoff Friday how he accomplishes this, he said, “It’s a proprietary strategy. I can’t go into it in great detail.”

Nor were the firms that market Madoff’s funds forthcoming when contacted earlier. “It’s a private fund. And so our inclination has been not to discuss its returns,” says Jeffrey Tucker, partner and co-founder of Fairfield Greenwich, a New York City-based hedge-fund marketer. “Why Barron’s would have any interest in this fund I don’t know.” One of Fairfield Greenwich’s…
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Phil's Favorites

What Jeff Bezos gets wrong (and right) with his populist philanthropy

 

What Jeff Bezos gets wrong (and right) with his populist philanthropy

Courtesy of Ted Lechterman, Stanford University McCoy Family Center for Ethics in Society

Jeff Bezos, the world’s second-richest person, trails his peers when it comes to generosity. His family’s donations to hospitals, museums and universities rarely make headlines, and he hasn’t signed the ...



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ValueWalk

Rapid rise of Chinese debt

By Dan Steinbock. Originally published at ValueWalk.

Despite seemingly mixed messages, China’s great shift from easing to tightening has begun. While growth will continue to decelerate, it can still remain on the deceleration track, even as deleveraging has begun.
In May, Moody’s Investor Service downgraded China’s credit rating. But it took less than a day for Chinese financial markets to recover from the downgrade. Recently, index giant MSCI announced the partial inclusion of China-traded A-shares in the MSCI Emerging Market Index. After all, China is currently under-represented in global equity indices relative to its economic influence. The inclusion is predicated on a long and gradual move.
In brief, Moody’s believes that the rapid rise of Chinese deb...



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Mapping The Market

The App Economy Will Be Worth $6 Trillion in Five Years

Courtesy of Jean-Luc

This would be excellent news for AAPL and GOOG to a lesser extent although not inconsequential:

The App Economy Will Be Worth $6 Trillion in Five Years 

In five years, the app economy will be worth $6.3 trillion, up from $1.3 trillion last year, according to a report released today by app measurement company App Annie. What explains the growth? More people are spending more time and -- crucially -- more money in apps. While on average people aren't downloading many more apps, App Annie expects global app usership to nearly double to 6.3 billion people in the next five years while the time spent in apps will more than double. And, it expects the...



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OpTrader

Swing trading portfolio - week of June 26th, 2017

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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Insider Scoop

Mid-Day Market Update: Crude Oil Up Over 2%; Xenon Pharmaceuticals Shares Slide

Courtesy of Benzinga.

Midway through trading Tuesday, the Dow traded up 0.10 percent to 21,430.46 while the NASDAQ declined 0.29 percent to 6,228.91. The S&P also rose, gaining 0.03 percent to 2,439.75.

Leading and Lagging Sectors

Energy shares rose by 0.67 percent in the US market on Tuesday. Top gainers in the sector included Zion Oil & Gas, Inc. (NASDAQ: ZN), Teekay Offshore Partners L.P. (NYSE: TOO), and SunCoke Energy Inc (NYSE: SXC).

In trading on Tuesday, technol...



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Zero Hedge

Seattle Min Wage Hikes Crushing The Poor: 6,700 Jobs Lost, Annual Wages Down $1,500 - UofW Study

Courtesy of ZeroHedge. View original post here.

Just last week we noted that McDonalds launched plans to replace 2,500 human cashiers with digital kiosks like the ones below (see: McDonalds Is Replacing 2,500 Human Cashiers With Digital Kiosks: Here Is Its Math):

Of course, no matt...



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Chart School

Kelly Heros Sgt. OddBall philosophy to read stock charts

Courtesy of Read the Ticker.

Sgt OddBall said these famous words "Don’t hit me with them negative waves so early in the morning!".



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readtheticker.com PnF charts allows the chart reader the judge price waves of both positive and negative.

Waves are judged 3 (power), 2 (significant), 1 (above average). Blue is up, Red is down.

For each PnF wave you should judge: breaking into new ground or not, thrust, volume, net volume, strength (3, 2 or 1).

In an uptrend (mark up): You wish to see blue positive 3s and 2s controlling the trend, breaking into n...

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Biotech

We have a vaccine for six cancers; why are less than half of kids getting it?

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

 

We have a vaccine for six cancers; why are less than half of kids getting it?

Courtesy of Electra D. Paskett, The Ohio State University

Early in our careers, few of us imagined a vaccine could one day prevent cancer. Now there is a vaccine that keeps the risk of developing six Human Papillomavirus (HPV)-related cancers at bay, but adoption of it has been slow and surprising low.

Although it’s been available for more than a decade, as of 2014 only 40 percent of girls had received the full three doses of the vaccine, while only ...



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Digital Currencies

Bitcoin Buyer Beware

Courtesy of Zero Hedge

Entrepreneurs have a new trick to raise money quickly, and it all takes place online, free from the constraints of banks and regulators. As Axios reports, since the beginning of 2017, 65 startups have raised $522 million using initial coin offerings — trading a digital coin (essentially an investment in their company) for a digital currency, like Bitcoin or Ether.

One recent example, as NYT reports, saw Bay Area coders earn $35 million in less than 30 seconds during an online fund-raising event...



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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Members' Corner

Robert Sapolsky: The biology of our best and worst selves

Interesting discussion of what affects our behavior. 

Description: "How can humans be so compassionate and altruistic — and also so brutal and violent? To understand why we do what we do, neuroscientist Robert Sapolsky looks at extreme context, examining actions on timescales from seconds to millions of years before they occurred. In this fascinating talk, he shares his cutting edge research into the biology that drives our worst and best behaviors."

Robert Sapolsky: The biology of our best and worst selves

Filmed April 2017 at TED 2017

 

p.s. Roger (on Facebook) saw this talk and recommends the book ...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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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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FeedTheBull - Top Stock market and Finance Sites



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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