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Archive for 2010

Bloomberg’s “Chart Of The Day” Warns Of Coming Surge In Wheat, Corn Prices

Courtesy of Tyler Durden

Now that the Chairman’s new mandate is not to prevent disinflation but to generate inflation, he may soon be patting himself on the back… but for all the wrong reasons. As the Bloomberg chart of the day indicates, the world may very soon see a surge in wheat and corn prices, pushing such staples as bread and corn flakes through the roof. The reason, in addition to Bernanke’s flawed monetary policy: “bad weather and a shortage of farmland threaten to create supply shock waves.” As the chart below shows the price of a basket of grains and palm oil has risen almost 50 percent since the 50-day moving average passed through the 100-day line. On the two previous times this occurred the past decade, prices about doubled or tripled over the following two years before peaking. In other words, if history is any indicator, we may see a quadrupling of input prices from here as the last “food inflation” bubble is recreated. Are double digit prices for a loaf of bread in the immediate future for what will soon be a hungry US middle (what’s left of it), and not-so middle class? Quite possibly. Luckily, all their stock gains should more than offset this upcoming price shock. Or not.

More from Bloomberg:

Drought in Russia and other parts of Europe, excessive rains in Canada, dry weather in the U.S. and flooding in Pakistan prompted the UN Food and Agriculture Organization to pare its harvest estimates. The agency forecast a 37.4 million metric ton shortfall in grains production for 2010, which would be the first deficit in at least three years. Global production of grains will be 2.216 billion tons this season, compared with demand of 2.254 billion tons, the FAO said last month.

“Our main concern is the low level of stocks,” Abdolreza Abbassian, secretary of the trade markets division of the agency’s Intergovernmental Group on Grains, said in a phone interview from Rome. “We don’t have enough buffer in the event of a major shortfall in production next year.”

After October and November saw a series of basic staples opening limit up on the commodity exchanges, it appears that the recent brief respite of price moderation may soon be coming to an end:

Wheat futures surged


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Swing trading virtual portfolio – week of December 13th, 2010

This post is for live trades 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

Optrader 

Swing trading virtual portfolio

 

One trade virtual portfolio





Bespoke Finds S&P 500 Most Overbought Since November 2009

Courtesy of Tyler Durden

Following on our earlier observations courtesy of Sentiment Trader that the Nasdaq has hit its the most extreme bullish reading since 2005, and the dumb money confidence is the highest it has been in the same period of time, we now get confirmation from Bespoke that indeed stocks are now merely floating on a see of excess liquidity and nothing else. As Bespoke notes: “The chart below highlights the level at which the S&P 500 has traded relative to its 50-day moving average (DMA) over the last year (measured in standard deviations).  As shown in the chart, today’s close puts the S&P 500 into ’extreme overbought’ territory (2+ standard deviations above 50-DMA) and at its most overbought level since November 2009.” Expect momentum chasers and dumb money speculators to go apeshit and to buy anything and everything in sight on this latest observation.

And while discussing the most euphoric market seen in years, here are John Hussman just released observations on market conditions:

As of last week, the Market Climate for stocks was characterized by an overvalued, overbought, overbullish, rising-yields syndrome that has historically been hostile for stocks. Clearly, we can’t observe what the outcome will be in this particular instance. We can’t rule out the possibility that investors will continue to speculate on the hope of ever larger deficits and some further combination of illegal or irresponsible Fed actions. From our standpoint, the return/risk profile of the equity market is the most negative that we ever observe historically, so we are willing to speculate neither on the hope for government wisdom, nor on the hope for government recklessness. Investors who are convinced that monetary and fiscal actions will drive the market ever higher can easily offset our hedges by establishing exposure to the S&P 500 or more speculative alternatives. What I can’t do on behalf of those investors is violate our discipline and take a speculative exposure in an environment where the historical evidence indicates an extraordinarily hostile return-to-risk tradeoff.

Our objective remains to significantly outperform our benchmarks over the complete market cycle, with smaller periodic losses. I recognize that it has not been satisfactory simply to lose less than the S&P, but with smaller drawdowns, since the 2007 peak. Still, it would be an understatement to say this has been


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Great Atlantic And Pacific Supermarket Chain Files Chapter 11, Cites Excess Leverage And Margin Pressures Among Bankruptcy Causes

Courtesy of Tyler Durden

And another one bites the dust. Montvale, NJ based grocery chain Great Atlantic and Pacific has filed for bankruptcy, pretty much as had been expected for the past week. The 101-year-old operator of 395 supermarkets and other stores, filed for bankruptcy after failing to turn around its business amid increased competition from wholesale clubs and drugstores. A&P, based in Montvale, New Jersey, listed assets of $2.5 billion and debts of $3.2 billion in its Chapter 11 filing today in U.S. Bankruptcy Court in White Plains, New York. The company has 41,000 employees, 95 percent of whom are covered by union agreements, according to the filing. And among the reasons for the filing, most notably ridiculous leverage incurred with the stupid purchase of Pathmark 3 years prior, is, you guess it: margin pressure. “Margin pressure imposed by declining operating cashflow has amplified the bottom line effects of the Debtors’ leveraged balance sheet and significant legacy costs….A&P, like many supermarket operators, continues to cope with the recent economic decline and reduced customer spending while running on narrow profit margins and facing intense competition.” What? Reduced consumer spending? Margin pressure? Huh? Not according to the Chairman, who says inflation and margin collapse is merely in the eye of the beholder: the economic central planners would never allow this, and any bankruptcies that prove the contrary should be ignored and promptly forgotten.

Expect some serious weakness in grocery and supermarket stores tomorrow as a little piece of reality creeps it way into what we earlier classified as one of the most overbought markets in the five years.

Full first day affidavit below. Read it closely – many more such comparables will soon come to the fore as the Chairman succeeds in pushing input costs higher.

 





Weekly Review And Upcoming Events Calendar

Courtesy of Tyler Durden

A look at the week ahead

US stimulus and activity The Senate votes on the fiscal package Monday at 3:00 pm. Assuming it passes, the House of Representatives is likely to vote later in the week. Congress plans to adjourn for the year December 17. Fiscal policy remains very important for the medium term USD outlook due to the building tension between stronger demand and potentially widening twin deficits. There will also be some focus on the Philly Fed and Empire surveys next week, which sent a very divergent message on US manufacturing activity last month. Also next week, there will be $24 worth of Fed-given liquidity courtesy of 4 POMOs on every day except Tuesday.

Central banks Following the Fed’s resumption of QE in November, this week’s FOMC meeting will be quiet. Elsewhere, central banks meetings are taking place in Chile, Colombia, India, Norway, Sweden and Switzerland. Both the CBC in Chile and the Riksbank in Sweden will hike by 25 bps, in line with consensus, reflecting a desire by these central banks to continue normalizing policy rates given relatively strong growth. Central banks in Colombia, India, Norway, and Switzerland will remain on hold, with the SNB especially important to watch given that EUR/CHF is close to its historic lows on the back of ongoing tensions in the Euro zone.

EU Summit EU leaders aim to agree a limited EU treaty change in order to set up a permanent rescue mechanism for countries in financial difficulty. Foreign affairs ministers meeting in Brussels on Monday and Tuesday (13-14) under various formats will prepare the summit’s draft conclusions.

Monday 13th

United States Senate The Senate votes on on the fiscal package Monday at 3:00 pm. Assuming it passes, the House of Representatives is likely to vote later in the week. Congress plans to adjourn for the year December 17.

Tuesday 14th

India WPI (Nov) We expect WPI inflation to come in at 7.6%, above the consensus expectation of 7.5% but significantly lower than the 8.6% in October, mainly due to base effects.

UK CPI (Nov) We forecast 0.2% mom inflation in November, a decline from the 0.3% mom pace in October. Consensus expects inflation to remain unchanged from its October level.

US retail sales (Nov) Consensus calls for a MoM change of 0.6% for headline retail sales, down from the very strong 1.2%…
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Who’s Buying Corporate Bonds, And Why Did The Household Sector, Contrary To Expectations, End Up Dumping $130 Billion In Bonds In Q3?

Courtesy of Tyler Durden

That is the question BofA’s Hans Mikkelsen tries to answer looking at last week’s Z.1 statement. It is well known by now that the biggest beneficiary of the persistent equity outflows have been inflows into corporate bonds, primarily of the Investment Grade variety, as investors continue to distrust the equity markets. Yet to its surprise, BofA finds that the biggest source of capital for corporate and foreign bonds was not the household sector, but rather commercial banks, and specifically foreign banking offices. As to the “household” sector, which is the key place where retail is traditionally hidden, due to its status as a placeholder plug: it was the biggest seller of corporate bonds selling an annualized $541 billion of paper in Q3. How this number makes any sense in light of all the other data we have been getting recently is yet to be explained. Yet was is even more surprising is that corporate stocks, which ended Q3 about 10% higher than at the start of the quarter, saw net sales of over $80 billion annualized… How that led to an increase in prevailing prices is a riddle, wrapped in mystery, contained inside the Fed’s ES/SPY purchasing JV with Citadel.

More from BofA:

Commercial banks emerged as the biggest (by far) net purchaser of US corporate and foreign bonds in Q3, according to Fed Flow of Funds data. Within commercial banks, foreign banking offices in the US accounted for the bulk of purchases ($440bn annualized, or roughly $110bn during Q3) while bank holding companies purchased the rest. We doubt that foreign banks were this active in corporate bonds and conjecture that a good portion of these purchases took place in foreign assets such as (non-US) US$ sovereign and supranationals (these are included in the category “corporate and foreign bonds”), where net issuance spiked in September. Mutual funds and life insurance companies continued to accumulate significant amounts of corporate and foreign bonds while Households, funding corporations and money market funds were the biggest sellers. Life insurance companies stepped up their purchases of corporate and foreign bonds significantly in Q3 while reducing their purchases of equities. Mutual funds significantly increased their purchases of all debt asset classes in Q3 while Pension funds continued a relatively unchanged strategy of purchasing mainly Treasuries and some corporate and foreign bonds while selling


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The Big Shrink

Courtesy of Michael Panzner at Financial Armageddon

An interactive feature at The Atlantic, "This Is What America’s Manufacturing Story Looks Like," shows just how much things have changed in what used to be the world’s industrial powerhouse.

Manufacturing

We’re number…5! We’re number…5!

Another reason to buy stocks? [Editor's note: lol].





Weekly Perma-Rosiness From Erik Nielsen

Courtesy of Tyler Durden

Below is Erik Nielsen’s latest dose of European permabullishness. At this point it is pretty much pointless to keep track of who is who at Goldman – the last attempt to reignite “The Ponz” is going gull blast, and every single person has forsaken their credibility in order to pitch the propaganda line. How Goldman’s strategists pretend to be even remotely relevant any more is a mystery to anyone. The bottom line, and cutting through all the bullshit, is that Germany will do almost everything to keep the Euro, and thus import the periphery’s monetary weakness, keeping its exports cheep, absent a fiscal union, no matter what the petrified bureaucrat Schauble says. Luckily Angela Merkel gets it… for now. Which is why all those who were expecting the WSJ interview with the German finance minister to push the EURUSD higher in Monday trading are in for a disappointment judging by the early action in the pair.

From Erik Nielsen

Happy Sunday,
 
It’s a beautiful winter day here in Chiswick today: cold and crisp and high blue sky.  For Northern Europe, you couldn’t ask for more in mid-December.  And Europe is still standing; here’s the way I see it:

  • Merkel’s and Sarkozy’s statements on Friday provide a welcome return to the German-French leadership of Europe.
  • Whatever scepticism one might have had, one cannot doubt the political commitment to the European project – and we haven’t yet seen even half the intrusive measures implemented elsewhere.
  • Last week provided a mixed bag of data – still strong, but less clear-cut than expected.
  • The European Commission has – finally – come around to accept a more appropriate accounting of payments to pension funds.  Good for – particularly – Central Europe.
  • Lots of great feedback on our numbers for Euro-zone financing needs in Thursday’s European Weekly Analyst; but look out for the definitions used.
  • Next week will see the last EU summit of the year; we’ll get approval on the permanent rescue mechanism.
  • The Irish parliament is scheduled to debate the overall package (the conditionality) on Wednesday.
  • Euro-zone data this coming week will focus on the PMIs; they should move slightly higher.
  • UK data this coming week includes inflation (3.1%) and unemployment numbers.
  • The Swiss National Bank is likely to leave rates unchanged at their meeting this week; their monetary policy assessment is likely to be


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Deflationists Take Note: Bernanke Succeeds In Offsetting Shadow Banking Collapse

Courtesy of Tyler Durden

The biggest piece of news in Thursday’s Z1 statement was not that consumers continue to deleverage, that corporate cash levels are at $1.9 trillion (of which $1 trillion is financial and half of the rest is held offshore: maybe instead of copying Zero Hedge charts, the WSJ could have actually focused on the story behind the headlines) or that the stock market continues to be the only manipulated delta in household net worth (even as wealth in real terms is dropping). A far more relevant and important data highlight has to do with the only thing that actually matters for the reflation of the monetary bubble: namely the fact that the contraction in the shadow banking system is continuing. Or so was the conventional wisdom. As of September 30, Bernanke has successfully stopped the net decline of monetary aggregates even when including the massive shadow banking system.

As we have long claimed, every action by the Fed, every attempt at reflation, every bond purchase directly, and ES purchase indirectly courtesy of Citadel, have had the sole goal of counteracting the impact of the collapsing shadow banking liabilities. Compared to shadow liabilities, which topped out at $21 trillion in March of 2008, all other monetary aggregates are irrelevant: this includes both their representation in bank balance sheets, such as traditional banking liabilities and the broadest representation of money stock tracked by the Fed, M2 (since as of 2006 M3 is no longer tracked due to the egregious costs of keeping track of this data). And the biggest, and so far most credible, argument that deflationists have had, is that the shadow banking system, and its reconstructed M3 proxy is plunging far faster than Bernanke is reflating other parallel aggregates. Well, that is now over. As of Q3 2009, the sequential change in shadow and traditional bank liabilities was net positive by $3.8 billion: this is the first time this number has posted an increase since December 2008! This fact should send a wedge of terror into the hearts of all those, both deflationists and inflationsts, who realize the significance of this inflection point: it appears that Bernanke has finally succeeded at offsetting the drop in the shadow banking system.

Up until now the one and only defense that those who anticipate continued asset price declines was that on a net basis, the monetary system…
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Bankers Secretly Meeting to Control the World?!? Yawn…

If you want to know why the powers that be hate the New York Times – read this!

"The Paper of Record," one of the few remaining news entities not controlled by Rupert Murdoch or some other Billionaire or major corporation, still has the guts to tell it like it is as they are actually pointing a finger right at the Gang of 12 (well 9 of them) and those not-so-secret meetings they have been having for years where they sit down and think of new and exciting ways to control the World.  It takes a lot of guts to write an article like this, especially one which actually names ICE (I got my ass handed to me with legal BS when I dared mention them in conjunction with the word "manipulation."  Fortunately they straightened me out and we now know that clearly there is no manipulation in the energy markets – can I have my Grandma back now?).  

Anyway, those fools at the NY Times have thrown caution to the wind without naming specific names using the phrase "giants LIKE JPM, GS and MS" – something I have learned to do as well because, if you don’t – THEY WILL GET YOU!  And what are they saying about our friendly Banksters?:

In theory, this group exists to safeguard the integrity of the multitrillion-dollar market. In practice, it also defends the dominance of the big banks. The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available. Banks’ influence over this market, and over clearinghouses like the one this select group advises, has costly implications for businesses large and small,

According to the Times, the marketplace as it functions now “adds up to higher costs to all Americans,” said Gary Gensler, the chairman of the Commodity Futures Trading Commission, which regulates most derivatives. More oversight of the banks in this market is needed, he said.  Big banks influence the rules governing derivatives through a variety of industry groups. The banks’ latest point of influence are clearinghouses like ICE Trust, which holds the monthly meetings with the nine bankers in New York.  

Really?  Gosh, I had no idea.  The ICE people told
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Zero Hedge

Why The US Is About To Be Flooded With Record Oil Production Due To Plunging Oil Prices

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

One would think that plunging oil prices and the resulting mothballing (or bankruptcy) of the highest-cost domestic producers would lead to a collapse in US oil production. And sure enough, if looking simply at headline data like the Baker Hughes count of active rigs in the US, then US oil production grinding to a halt would be all but assured. However, what will actually happen, even as the highest-cost producers and those with the weakest balance sheets are taken to their local bankruptcy court, is that as ...



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Phil's Favorites

Spain to Abolish Rent Controls; 20,000 Small Businesses May Close; Good Thing or Not?

Courtesy of Mish.

Abolition of rent controls in Spain this month have prompted some landlords to increase fees by tens of thousands of euros. The Guardian claims Spanish rent changes ‘could close 20,000 small businesses’.

Is this a good thing? Ponder that question for a moment, but also consider a few snips from the article.
Up to 20,000 small Spanish businesses could be forced to close when rent controls are abolished at the end of this month, according to the self-employed workers union. Many of the closures will be emblematic shops that shape the urban landscape in cities such as Madr...



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All About Trends

Mid-Day Update

Reminder: David 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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Insider Scoop

Oppenheimer Initiates Coverage On Twitter, Believes Stock Is Appropriately Priced At Current Levels

Courtesy of Benzinga.

Analysts at Oppenheimer initiated coverage of Twitter Inc (NYSE: TWTR) Friday by issuing a Perform rating and setting a $36.00 price target. Twitter is a global social networking platform with over 280 million active users.

The Numbers

While Oppenheimer analysts fully recognize the strength in Twitter as a company, they believe that Twitter’s stock is appropriately priced at current levels. “While TWTR is the best Internet platform for real-time content discovery, we believe that the stock’s current valuation of 10x 2015E sales, a 52% premium to peers, fully reflects future prospects based on current growth rates.”

Insider Dumping

Between November and December 2014, Twitter insiders have sold more than $...



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Chart School

Relief Bounce in Markets

Courtesy of Declan.

Those who took advantage of markets at Fib levels were rewarded.  However, this looked more a 'dead cat' style bounce than a genuine bottom forming low.  This can of course change, and one thing I will want to see is narrow action near today's high. Volume was a little light, but with Christmas fast approaching I would expect this trend to continue.

The S&P inched above 2,009, but I would like to see any subsequent weakness hold the 38.2% Fib level at 1,989.


The Nasdaq offered itself more as a support bounce, with a picture perfect play off its 38.2% Fib level. Unlike the S&P, volume did climb in confirmed accumulation. The next upside c...

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Digital Currencies

Chart o' the Day: Don't "Invest" in Stupid Sh*t

Joshua commented on the QZ article I posted a couple days ago and perfectly summarized the take-home message into an Investing Lesson. 

Chart o’ the Day: Don’t “Invest” in Stupid Sh*t

Courtesy of 

The chart above comes from Matt Phillips at Quartz and is a good reminder of why you shouldn’t invest in s...



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OpTrader

Swing trading portfolio - week of December 15th, 2014

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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Sabrient

Sector Detector: Energy sector rains on bulls' parade, but skies may clear soon

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

Courtesy of Scott Martindale of Sabrient Systems and Gradient Analytics

Stocks have needed a reason to take a breather and pull back in this long-standing ultra-bullish climate, with strong economic data and seasonality providing impressive tailwinds -- and plummeting oil prices certainly have given it to them. But this minor pullback was fully expected and indeed desirable for market health. The future remains bright for the U.S. economy and corporate profits despite the collapse in oil, and now the overbought technical condition has been relieved. While most sectors are gathering fundamental support and our sector rotation model remains bullish, the Energy sector looks fundamentally weak and continues to ran...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly.

Click here and sign in with your user name and password. 

 

...

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Option Review

SPX Call Spread Eyes Fresh Record Highs By Year End

Stocks got off to a rocky start on the first trading day in December, with the S&P 500 Index slipping just below 2050 on Monday. Based on one large bullish SPX options trade executed on Wednesday, however, such price action is not likely to break the trend of strong gains observed in the benchmark index since mid-October. It looks like one options market participant purchased 25,000 of the 31Dec’14 2105/2115 call spreads at a net premium of $2.70 each. The trade cost $6.75mm to put on, and represents the maximum potential loss on the position should the 2105 calls expire worthless at the end of December. The call spread could reap profits of as much as $7.30 per spread, or $18.25mm, in the event that the SPX ends the year above 2115. The index would need to rally 2.0% over the current level...



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Market Shadows

Official Moves in the Market Shadows' Virtual Portfolio

By Ilene 

I officially bought 250 shares of EZCH at $18.76 and sold 300 shares of IGT at $17.09 in Market Shadows' Virtual Portfolio yesterday (Fri. 11-21).

Click here for Thursday's post where I was thinking about buying EZCH. After further reading, I decided to add it to the virtual portfolio and to sell IGT and several other stocks, which we'll be saying goodbye to next week.

Notes

1. th...



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Pharmboy

Biotechs & Bubbles

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

Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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