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Archive for May, 2011

EU: Politics Financialized, Economies Privatized

Courtesy of ilene

Courtesy of Michael Hudson

Breakup of the euro?

Is Iceland’s rejection of financial bullying a model for Greece and Ireland?

This article is an excerpt from Prof. Hudson’s upcoming book, “Debts that Can’t be Paid, Won’t Be,” to be published later this year.

Last month Iceland voted against submitting to British and Dutch demands that it compensate their national bank insurance agencies for bailing out their own domestic Icesave depositors. This was the second vote against settlement (by a ratio of 3:2), and Icelandic support for membership in the Eurozone has fallen to just 30 percent. The feeling is that European politics are being run for the benefit of bankers, not the social democracy that Iceland imagined was the guiding philosophy – as indeed it was when the European Economic Community (Common Market) was formed in 1957.

By permitting Britain and the Netherlands to blackball Iceland to pay for the mistakes of Gordon Brown and his Dutch counterparts, Europe has made Icelandic membership conditional upon imposing financial austerity and poverty on the population – all to pay money that legally it does not owe. The problem is to find an honest court willing to enforce Europe’s own banking laws placing responsibility where it legally lies.

The reason why the EU has fought so hard to make Iceland’s government take responsibility for Icesave debts is what creditors call “contagion.” Ireland and Greece are faced with much larger debts. Europe’s creditor “troika” – the European Central Bank (ECB), European Commission and the IMF – view debt write-downs and progressive taxation to protect their domestic economies as a communicable disease.

Like Greece, Ireland asked for debt relief so that its government would not be forced to slash spending in the face of deepening recession. “The Irish press reported that EU officials ‘hit the roof’ when Irish negotiators talked of broader burden-sharing. The European Central Bank is afraid that any such move would cause instant contagion through the debt markets of southern Europe,” wrote one journalist, warning that the cost of taking reckless public debt onto the national balance sheet threatened to bankrupt the economy.[1]Europe – in effect, German and Dutch banks – refused to let the government scale back the debts it had taken on (except to smaller and less politically influential depositors). “The comments came just as the EU authorities were…
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Big Trouble In Little Goldman's VPN Firewall?

Courtesy of Tyler Durden

This evening’s latest NYT Story-Morgenson Joint Venture story about Goldman beats a well-beaten drum: the question, which has been discussed extensively on Zero Hedge and elsewhere before, of just how ridiculous and ludicrous is the notion, used by Goldman in both Congress and before the SEC, that Fabrice Tourre, then a midlevel 28 year old whose story has been told millions of times, worked completely and entirely alone when perpetrating the Abacus CDO “transgression” (for which Goldman neither admitted nor denied guilt). Obviously this is such BS that nobody but an entity as entitled (and for the implications of perceived infinite self-entitlement look no further than DSK or David Sokol) as Goldman (and hence the SEC which needs Goldman for future employment prospects) could possibly believe it. There is however, a link in the story that is so weak, that it raises extensive questions about either the credibility of the entire narrative, or the complete worthlessness of Goldman’s IT security and VPN firewall, two possibilities that demand further inquiry.

Here is the relevant extract from the NYT article:

In their Oct. 10 response to the S.E.C., Mr. Tourre’s lawyers, including Pamela Chepiga of Allen & Overy, made an argument that they have not emphasized publicly. They contended that “singling Mr. Tourre out for criticism regarding the content of this clearly collaborative effort is unreasonable.”

So far so good. But here is where it gets downright ridiculous:

These legal replies, which are not public, were provided to The New York Times by Nancy Cohen, an artist and filmmaker in New York also known as Nancy Koan, who says she found the materials in a laptop she had been given by a friend in 2006.

The friend told her he had happened upon the laptop discarded in a garbage area in a downtown apartment building. E-mail messages for Mr. Tourre continued streaming into the device, but Ms. Cohen said she had ignored them until she heard Mr. Tourre’s name in news reports about the S.E.C. case.  She then provided the material to The Times. Mr. Tourre’s lawyer did not respond to an inquiry for comment.

So let’s get this straight: someone, i.e., Ms. Cohen’s friend, found one (supposedly corporate) notebook belonging to Tourre, back in 2006, “discarded in a…
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Big Trouble In Little Goldman’s VPN Firewall

Courtesy of Tyler Durden

This evening’s latest NYT Story-Morgenson Joint Venture story about Goldman beats a well-beaten drum: the question, which has been discussed extensively on Zero Hedge and elsewhere before, of just how ridiculous and ludicrous is the notion, used by Goldman in both Congress and before the SEC, that Fabrice Tourre, then a midlevel 28 year old whose story has been told millions of times, worked completely and entirely alone when perpetrating the Abacus CDO "transgression" (for which Goldman neither admitted nor denied guilt). Obviously this is such BS that nobody but an entity as entitled (and for the implications of perceived infinite self-entitlement look no further than DSK or David Sokol) as Goldman (and hence the SEC which needs Goldman for future employment prospects) could possibly believe it. There is however, a link in the story that is so weak, that it raises extensive questions about either the credibility of the entire narrative, or the complete worthlessness of Goldman’s IT security and VPN firewall, two possibilities that demand further inquiry.

Here is the relevant extract from the NYT article:

In their Oct. 10 response to the S.E.C., Mr. Tourre’s lawyers, including Pamela Chepiga of Allen & Overy, made an argument that they have not emphasized publicly. They contended that “singling Mr. Tourre out for criticism regarding the content of this clearly collaborative effort is unreasonable.”

So far so good. But here is where it gets downright ridiculous: 

These legal replies, which are not public, were provided to The New York Times by Nancy Cohen, an artist and filmmaker in New York also known as Nancy Koan, who says she found the materials in a laptop she had been given by a friend in 2006.

The friend told her he had happened upon the laptop discarded in a garbage area in a downtown apartment building. E-mail messages for Mr. Tourre continued streaming into the device, but Ms. Cohen said she had ignored them until she heard Mr. Tourre’s name in news reports about the S.E.C. case.  She then provided the material to The Times. Mr. Tourre’s lawyer did not respond to an inquiry for comment.

So let’s get this straight: someone, i.e., Ms. Cohen’s friend, found one (supposedly corporate) notebook belonging to Tourre, back in 2006, "discarded in a garbage area in a downtown apartment building." Not only was this notebook…
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[Belated] Memorial Day: Enter Hitler, Release 2.0

Courtesy of James Howard Kunstler 

     As the sage Robert Crumb once remarked about our homeland: "You can’t make this shit up." 

    Sarah Palin entered the race for president this week (without stating it in so many words) with a national bus tour, itself kicked off with a motorcycle parade through Washington.

By PHILIP ELLIOTT, Associated Press – Sun May 29, 5:57 pm ET

WASHINGTON – Sarah Palin rumbled through Washington on the back of a Harley as she and her family began an East Coast tour Sunday, renewing speculation that the former Alaska governor would join the still unsettled Republican presidential contest.

     Wearing a black leather jacket and surrounded by a throng of cheering fans, Palin and family members jumped on bikes and joined thousands of other motorcyclists on the Memorial Day weekend ride from the Pentagon to the Vietnam Veterans Memorial…. 

     "How do you wear all this leather and stay cool?" she asked one woman. Palin asked others to show off their tattoos as she took off her own leather jacket and worked her way through a crush of fans, photographers and reporters. 

 
Palin 2.jpg

     Adolf Hitler liked leather and crypto-military costumes, too, and the build-up to the Third Reich was all about colorful pageantry. Make no mistake – to borrow a favored presidential locution, if I may – Sarah Palin’s campaign is all about shame, about being a nation of losers and feeling bad about it. Adolf Hitler’s career was all about him feeling like a loser at a peculiar moment in history when his whole country felt like a loser nation. His feelings resonated with the crowd’s. Germany had just lost the First World War. The victors (England, France, The USA) had imposed a harsh peace, including massive cash reparations. Germany was broke, demoralized, and humiliated. Hitler had fled to Germany from his own loser homeland, the fading empire of Austria, after a shiftless decade in Vienna of living in rented rooms and homeless men’s shelters, having failed twice to get into the national arts college.

 
Palin - Hitler - Leather.jpg

     Hitler loved the First World War. It energized him. The German army was the first club he was comfortable being in. When the war was over, he stayed on the army’s payroll as long as possible, even as he became active in Munich’s post-war


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Weekly Gasoline Update: A Second Week of Price Declines

Courtesy of Doug Short

Here is my weekly gasoline chart update from Department of Energy data with an overlay of West Texas Crude (WTIC). Gasoline at the pump declined for the second consecutive week: regular and premium are both down 1.4%. Year-to-date, the average price for regular has risen 74 cents, down 17 cents from the interim high three weeks ago. Meanwhile, WTIC is 9.6% off its interim high of 113.94 on April 29th.

As I write this, GasBuddy.com shows 6 states (and DC) with the average price of regular above $4. That’s the same number as last week.

Click to View
Click for a larger image

The price increases in crude oil and gasoline were reflected in the latest Consumer Price Index data for February and more recently in Personal Consumption Expenditures. For additional perspective on how energy prices are factored into the Consumer Price Index, see What Inflation Means to You: Inside the Consumer Price Index.

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Click for a larger image

The chart below offers a comparison of the broader aggregate category of energy inflation since 2000, based on categories within Consumer Price Index (commentary here).

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Stock Markets Rally On Bad Economic News

Courtesy of John Nyaradi

Stock Market Bad News

Stock Market News Was Terrible!

Major markets shook off bad news to rally into resistance but finish May down for the month.

Major stock indexes and ETFs (NYSE: DIA) (NYSE: SPY) shook off bad economic news to rally into resistance but the DJIA finished May -1.9% while the S&P 500 finished the month down -1.4%. To see  how this fits into the “big picture,” go here:  DShort.com

On the financial news front, it was a three strikes and you’re out kind of day:

May Chicago PMI takes a huge tumble from 67.6 to 56.6

Consumer Confidence falls to 60.8 from 65.4

Case/Shiller Housing Index down 5% year over year, confirming a double dip in housing.

However, markets rallied based on the hope that the Greece problem would be solved later this month.  Amazing times in which we live.

In tonight’s overnight market, China reported further slowing in their economy as their PMI dropped to 51.6, barely above recessionary levels and at lows not seen for nearly a year.

ETF Technical indicators are not convinced that there is any kind of rally in the offing, and neither is the bond market as Treasuries were flat to higher. As the old saying goes, “neutral is not positive.”

Click here to learn more about John’s book and for a free membership to Wall Street Sector Selector





Stock Market Bulls and Bears Face Off This Week

Courtesy of John Nyaradi

Stock Market Bad News

Stock Market News Was Terrible!

Major markets shook off bad news to rally into resistance but finish May down for the month.

Major stock indexes and ETFs (NYSE: DIA) (NYSE: SPY) shook off bad economic news to rally into resistance but the DJIA finished May -1.9% while the S&P 500 finished the month down -1.4%. To see  how this fits into the “big picture,” go here:  DShort.com

On the financial news front, it was a three strikes and you’re out kind of day:

May Chicago PMI takes a huge tumble from 67.6 to 56.6

Consumer Confidence falls to 60.8 from 65.4

Case/Shiller Housing Index down 5% year over year, confirming a double dip in housing.

However, markets rallied based on the hope that the Greece problem would be solved later this month.  Amazing times in which we live.

In tonight’s overnight market, China reported further slowing in their economy as their PMI dropped to 51.6, barely above recessionary levels and at lows not seen for nearly a year.

ETF Technical indicators are not convinced that there is any kind of rally in the offing, and neither is the bond market as Treasuries were flat to higher. As the old saying goes, “neutral is not positive.”

Read more from Wall Street Sector Selector here

 

Disclosure: Wall Street Sector Selector actively trades a wide range of ETFs and positions can change at any time.

Click here to learn more about John’s book and for a free membership to Wall Street Sector Selector





Réal Desrochers to Head CalPERS Private Equity

Courtesy of Leo Kolivakis

Via Pension Pulse.

Marc Lifsher of the LA Times reports, CalPERS names new private equity investment executive:

The California Public Employees’ Retirement System, the country’s largest public pension fund, has named an investment executive to run its $49-billion private equity investment portfolio.

 

Real Desrochers, who spent a decade doing a similar job for the California State Teachers’ Retirement System, replaces Leon Shahinian, who resigned in August after being caught in a spreading CalPERS corruption scandal.

 

Private equity generated annual returns of more than 17% for the teachers’ fund under Desrochers’ leadership in the decade before 2009, CalPERS Chief Investment Officer Joseph Dear said.

 

Earlier in his career, Desrochers worked for Canada’s largest pension fund, Caisse de Depot of Quebec. After leaving CalSTRS, he advised a number of investors, including Blackstone Capital, J.H. Whitney, Texas Pacific Group, Permira and China Renaissance Industries. He also was chief investment officer for the Saudi Arabian Investment Co.

 

Desrochers joins CalPERS as the country’s largest public pension fund, with $236 billion in assets, is clawing its way back from losing $100 billion between late 2007 and early 2009. The fund reached an all-time high of $260 billion in October 2007 before the Great Recession hit.

 

CalPERS currently faces more than financial difficulties. The 2,300-person agency, which serves 1.6 million state and local workers, their families and retirees, also is facing a morale crisis as it seeks to deal with a so-called pay-to-play scandal that has touched three former board members, a former chief executive and a number of outside investment consultants and managers.

 

Shahinian was mentioned in a 2010 state attorney general’s lawsuit for taking gifts of luxury travel to New York City to attend a charitable dinner honoring the chairman of Apollo Global Management, Leon Black.

 

Alfred J.R. Villalobos, a former CalPERS board member turned middleman dealmaker, picked up most of Shahinian’s tab on behalf of his client, Apollo. The gifts to Shahinian were not reported as required by state law.

 

Shahinian later recommended that CalPERS purchase a 9% stake in Apollo.

Neither Shahinian nor Black have been charged with any wrongdoing.

Let me take this opportunity to publicly congratulate Réal. I had the immense pleasure of meeting him in 2005 when I
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MERS ACTION ALERT!!! | Oregon Fraudclosure “Fix” Postponed but Effort Appears in Jeopardy

Courtesy of 4closureFraud

 

Okay all. You need to get on the phones and send emails on this one ASAP.

This can not be passed. This can not be the framework for things to come.

Spread the word! Email it, facebook it, digg it, stumble it, tweet it, repost it, etc.

If you live in Oregon, get over to the hearing and make some noise.

This is absolutely unacceptable!

MERS foreclosure fix postponed but effort appears in jeopardy, legislator says

A bid by major financial institutions to retroactively waive Oregon recording requirements blocking foreclosure sales appears in jeopardy but will get at least one more day, a legislative leader says.

The Oregon House Judiciary Committee today postponed until Wednesday a hearing on Senate Bill 519 which largely deals with publicly subsidized housing in foreclosure. But an amendment to that bill introduced last week would relieve lenders of ensuring a property’s ownership history is properly recorded in public records before foreclosing outside a courtroom.

Committee co-chair Jeff Barker, D-Aloha, said after today’s hearing that the committee supports the bill, which protects affordable housing financing in units under foreclosure. A "dash-six" amendment to the bill, allowing public agencies to buy subsidized housing in foreclosure, also garners support, he said.

But Barker said he did not find support to pass a "dash-seven" amendment put forth Thursday at the financial industry’s request. That would rid the recording requirement that has hung up foreclosures across the nation involving the Mortgage Electronic Registration System, or MERS. Federal judges in Oregon have blocked such foreclosures, saying MERS failed to record them properly.

"From the people I’ve talked to, there’s consensus to move the dash six amendments but not the dash sevens," Barker said.

Co-chair Wayne Krieger, R-Gold Beach, could not immediately be reached for comment.

Thursday’s amendment has drawn opposition from the National Association of Independent Title Agents and 90 percent of more than 900 readers voting over the weekend on an OregonLive.com poll.

Representatives of the Oregon Financial Services Association, the Northwest Credit Union Association and the Oregon Land Title Association support the bill, saying the fix is needed to remove a cloud on many foreclosure sales and lift the housing market. The American Land Title…
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Measuring the Performance of the Ivy Portfolio

Courtesy of Doug Short

I’ve been posting a monthly moving average update for the five ETFs in featured in Mebane Faber and Eric Richardson’s Ivy Portfolio since the spring of 2009, when I featured my review of the book.

In addition to the monthly updates, I’ve also made a couple of generic studies of momentum investing with moving averages.

Investing strategies are not the primary focus of my website, and I don’t personally track the performance of the Ivy Portfolio other than to highlight the monthly signals. For ETF performance tracking and backtesting, I use ETFReplay.com, an excellent website for analyzing the performance of individual ETFs and ETF portfolios based on customized moving-average strategies. There are many free tools on ETFReplay.com. However performance backtesting of portfolios does require a paid subscription.

The image below illustrates my research on the Ivy Portfolio since 2007. If you click the image, you’ll open a HUGE version that also shows the monthly performance over the complete range as compared to SPY (SPDR S&P 500 Index). For cash, I’ve used SHY (Barclays Low Duration Treasury (2-yr).

Click to View
Click for a HUGE image

Now, the portfolio in this illustration doesn’t *exactly* match the Ivy five. I picked 2007 as my starting point to show the performance from before the market peak in the Fall of that year. Thus I was forced to make one substitution for the Ivy ETFs — EFA (iShares MSCI EAFE Index Fund) in place of VEU (Vanguard FTSE All-World ex-US ETF), which was launched in early 2007 and didn’t produce a 10-month signal until December of that year. But the substitution presumably understates the all-Vanguard IVY portfolio: I make this assumption because VEU has outperformed EFA since the March 2009 market low (122.2% versus 103.7% as of May 31).

For anyone interested in researching momentum investing with ETFs, the ETFReplay.com website is an outstanding resource, one that I’m pleased to include in my dshort.com Favorites.





 
 
 

Phil's Favorites

Hoisington Investment Management Quarterly Review and Outlook

Outside the Box: Hoisington Investment Management Quarterly Review and Outlook, First Quarter 2014

By John Mauldin

In today’s Outside the Box, Lacy Hunt and Van Hoisington of Hoisington Investment have the temerity to point out that since the Great Recession officially ended in 2009, the Federal Open Market Committee (FOMC) has been consistently overoptimistic in its projections of US growth. They simply expected QE to be more stimulative than it has been, to the tune of about 6% over the past four years – a total of about $1 trillion that never materialized.

Given that dismal track record, our authors ask why we should believe the Fed’s prediction of 2.9% real GDP growth for 2014 and 3.4% for 2015 – particularly with QE being tapered into nonexistence. ...



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Zero Hedge

James Clapper Begins Propaganda Tour After Students Identify Edward Snowden As "Personal Hero"

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Mike Krieger of Liberty Blitzkrieg blog,

Kevin Gosztola over at Firedoglake does some excellent work, and his latest story about the recent activities of perjuring Director of National Intelligence for the U.S., James Clapper, is no exception. To provide a little context, the Washington Post ...



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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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Chart School

Dead-Cat Bounce Over for the Housing Market?

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

I have been saying this for a while: You can't have a housing recovery unless actual home buyers are involved.

We are very far away from seeing the housing market reach its 2005 highs ... and as time passes, it becomes clearer that this generation may never see them again.

How can I say that?

What we have seen in the housing market since then, but mostly since 2012, in my opinion, is nothing more than a dead-cat bounce scenario -- an increase in prices after a massive decline. The chart below shows how far off we are from the housing prices of 2005.


Chart courtesy of www.StockCharts.com

One of the key indicators I follow in ...



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Insider Scoop

GM Said It Has Shipped Thousands of Replacement Ignition Switches

Courtesy of Benzinga.

General Motors on Wednesday said it has shipped "thousands" of kits needed to repair the defective ignition switches linked to at least 13 deaths.

Partner content partner content url:  http://www.foxbusiness.com/industries/2014/04/23/gm-said-it-has-shipped-thousands-replacement-ignition-switches/?cmpid=prn_benz

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

...

http://www.insidercow.com/ more from Insider

Market Shadows

Soy Numero Uno

Soy Numero Uno

By Paul Price of Market Shadows

Bunge Limited (BG) is the world’s largest processor of soybeans. It is also a major producer of vegetable oils, fertilizer, sugar and bioenergy.

When commodities got hot in 2007-08, Bunge’s EPS shot up and the stock followed, rising 185% in 19 months.

The Great Recession took its toll on operations, dropping EPS to a low of $2.22 in 2009.  Since then profits have recovered.  They ranged from $4.62 - $5.90 in the latest three years. 2014 appears poised for a large increase. Consensus views from multiple sources see BG earning $7.04 - $7.10 this year and then $7.83 - $7.94 in 2015.

...



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Option Review

Casino Stocks LVS, WYNN On The Run Ahead of Earnings

Shares in Las Vegas Sands Corp. (Ticker: LVS) are up sharply today, gaining as much as 5.7% to touch $80.12 and the highest level since April 4th, mirroring gains in shares of resort casino operator Wynn Resorts Ltd. (Ticker: WYNN). The move in Wynn shares appears, at least in part, to follow a big increase in target price from analysts at CLSA who upped their target on the ‘buy’ rated stock to $350 from $250 a share. CLSA also has a ‘buy’ rating on Las Vegas Sands with a $100 price target according to a note from reporter, Janet Freund, on Bloomberg. Both companies are scheduled to report first-quarter earnings after the closing bell on Thursday.

...

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Sabrient

What the Market Wants: Market Poised to Head Higher: 3 Stocks to Consider

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

Courtesy of David Brown, Sabrient Systems and Gradient Analytics

Yesterday, the market continued its winning ways for the fifth consecutive day.  The S&P 500 closed within 1% of its all-time high, and the DJI was even closer to its all-time high.  Healthcare, Energy and Technology led the sectors while Financials, Telecom, and Utilities finished slightly in the red.  All three sectors in the red are typically flight-to-safety stocks, so despite lower than average volume, the market appears poised to make new highs.

Mid-cap Growth led the style/caps last week, up 2.87%, and Small-cap Growth trailed, up 2.22%. This week will bring well over 100 S&P 500 stocks reporting their March quarter earn...



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OpTrader

Swing trading portfolio - Week of April 21st, 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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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 PSW user name and password, or sign up for a free trial.

...

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Digital Currencies

Facebook Takes Life Seriously and Moves To Create Its Own Virtual Currency, Increases UltraCoin Valuation Significantly

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow ...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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Pharmboy

Here We Go Again - Pharma & Biotechs 2014

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

Ladies and Gentlemen, hobos and tramps,
Cross-eyed mosquitoes, and Bow-legged ants,
I come before you, To stand behind you,
To tell you something, I know nothing about.

And so the circus begins in Union Square, San Francisco for this weeks JP Morgan Healthcare Conference.  Will the momentum from 2013, which carried the S&P Spider Biotech ETF to all time highs, carry on in 2014?  The Biotech ETF beat the S&P by better than 3 points.

As I noted in my previous post, Biotechs Galore - IPOs and More, biotechs were rushing to IPOs so that venture capitalists could unwind their holdings (funds are usually 5-7 years), as well as take advantage of the opportune moment...



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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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