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Archive for 2011

Guest Post: Banks Face Renewed Headwinds

Courtesy of Tyler Durden

Submitted by MacroStory.com

Banks Face Renewed Headwinds

In the fall of 2010, there was no shortage of news regarding faulty foreclosure processes, aka “robo-signing.”  Bank stocks took a hit and the threat of a nationwide foreclosure moratorium appeared imminent.  Then came  the concept of put back risk to the big banks claiming violations of reps and warranty agreements or pooling and servicing agreements (PSAs). Since that time the media has gone rather quiet on the subject and the price action in the bank stocks would imply all is well.  BAC settled for pennies on the dollar with one of the GSEs and the stock rocketed that very day as investors were no longer “worried about the uncertainty.” 

The story may have gone cold but the lawsuits, court rulings, class actions, investigations have only heated up and continue to grow.  In fact they have grown to the point where keeping up with all of it was next to impossible.  Banks have tried to downplay any of these threats in their most recent earnings releases and conference calls but suddenly things seem to have changed.  Recent SEC filings by JPM, earnings restatements by BAC, a quick departure of Howard Atkins from WFC and regulators investigating CDO transactions by C have begun to turn the spotlight back to the banks and the balance sheet risk they face.

MERS was recently sued by a small county in Massachusetts for $22 million for failure to pay recording fees.  This is just one small county in one state.  The warning shot has been fired. States face hundreds of billions in budget gaps.  States have been defrauded of legal recording fees by MERS who will argue their electronic system of registration was a more efficient process in a fast moving mortgage market.  MERS was created by the real estate finance industry (per their website) and should these floodgates open, the banks who used MERS to transfer mortgages may ultimately be liable.

“Citigroup, the third-largest U.S. bank by assets, also said U.S. regulators are examining how it structured and sold collateralized debt obligations as part of an investigation into mortgage-related businesses.” – Bloomberg

The Obama administration as part of the ongoing 50 attorneys general investigation of robo signing is proposing a $20 billion settlement whereas proceeds will be used for principal reductions for those underwater in their mortgages.  The…
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Swing trading virtual portfolio – week of March 7th, 2011

This post is for live trades and daily comments. Please click on "comments" below to follow our live discussion. All of our current virtual 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





Goldman’s Hatzius Launches Pre-Emptive Mea Culpa

Courtesy of Tyler Durden

One of our key predictions from early this year has been that Goldman Sachs’ formerly crack economic team (and now considered by some to be nothing but a propaganda team on crack) will in the coming weeks and months materially downward revise its dramatic economic upgrade from early December (just coincidentally coinciding with the minute the Fed released previously secret bank bailout records), which ended the firm’s skeptical stance on the US economy, and launched it into all out Kool-Aid mode on nothing but one-time adjustments courtesy of a last gasp attempt at fiscal stimulus. While we are still scratching our heads why Hatzius would totally discredit himself by doing nothing more than what momentum traders do at an inflection point, and calling for a paradigm shift in his outlook when the most recent bout of gains is not driven by any recurring fundamental improvements, frankly we don’t care. What we do know is when Goldman turns outright bearish again, some time in late March, early April, it will be time to buy QE3 with both hands, following a dinner or two between Hatzius and Bill Dudley at the Pound and Pence. Tonight, Hatzius issued his first and very vague intro to the coming mea culpa: “The increase in oil prices is emerging as a more meaningful downside risk to growth later in the year.  At this point, we emphasize that this is just a risk, not a change in the forecast, as our commodity strategists expect part of the near-term price increase to reverse if the situation in the Middle East stabilizes.  But we are now clearly moving into riskier territory” and “eventually, fiscal policy will need to tighten anyway because the current structural deficit is much too large to be sustained over the longer term.  But if this tightening occurs more quickly than expected, that would likely weigh on near-term growth and, in turn, reduce the likelihood of tighter monetary policy.” We are certain that today’s note is the first whisper to those who read between the lines on what is coming from Goldman as soon as a few weeks from today, perfectly in line with Zero Hedge expectations. To be certain, it wouldn’t be a Goldman report without the now traditional comic interlude: “Going forward, we expect employment to continue growing at a healthy clip, but participation is likely
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Egypt Paper Plunges On Latest Stock Market Reopening Delay, 266 Day Bond Hits 12.47% Following Partial Auction Failure

Courtesy of Tyler Durden

Remember when Egypt said that March 6 is the latest, guaranteed stock market reopen, or else? Well, the day has come and gone, and no Egypt stock market (all those who have been buying the EGPT ETF are forgiven for feeling like total idiots right about now). What however is trading are Egyptian bonds, which have plunged as a result of the ongoing total and complete chaos in the revolutionary country, which is now seeing a second wave of reactionary violence as fighting escalates between the police and protesters in Alexandria. As BusinessWeek reports: “Egypt’s borrowing costs are rising to the highest in more than two years and stocks listed overseas are tumbling as the Cairo exchange’s five-week shutdown and new rules on shareholder disclosure keep investors away. The Ministry of Finance sold 3 billion pounds ($509 million) of bonds yesterday, 1.5 billion pounds less than planned, as yields on 266-day notes climbed 31 basis points from the last auction to 12.47 percent, data compiled by Bloomberg show. Global depositary receipts of Commercial International Bank Egypt SAE sank 15 percent in London last week to the lowest level since July. Orascom Telecom Holding SAE traded 5.2 percent below its Jan. 27 close, when the Egyptian Exchange shut down.” Our advice: don’t expect Egypt to reopen any time soon, and certainly not before the situation in Libya is under control, which won’t be for a long time. In the meantime the flight to safety trade (read gold, silver and crude) is raging overnight. And if and when it reopens, look for nothing less than freefall: “The EGX30 may drop another 10 percent when it eventually reopens, said Slim Feriani, London-based chief executive officer of Advance Emerging Capital Ltd., which manages $750 million in frontier and developing nation stocks including Egyptian shares.”

From BusinessWeek:

Egypt’s bourse delayed indefinitely the reopening planned for yesterday citing the resignation of Prime Minister Ahmed Shafik in a March 3 statement. Regulators said last week they may require investment funds to disclose their shareholders as part of a probe of officials linked to ousted president Hosni Mubarak. The new rules and the bourse’s closure are deterring foreign funds and may spur selling when trade resumes, according to F&C Asset Management Plc and ING Investment Management.

“The fact that Egypt’s market


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You Call This An Economic Recovery?

44 Million Americans On Food Stamps and 10 Other Reasons Why The Economy Is Simply Not Getting Better

Courtesy of Michael Snyder at Economic Collapse 

When Barack Obama, the Federal Reserve and the mainstream media tell us that we are in the middle of an economic recovery, is that supposed to be some kind of sick joke?  According to newly released numbers, over 44 million Americans are now on food stamps.  That is a new all-time record and that number is 13.1% higher than it was just one year ago. 

So how many Americans have to go on food stamps before we can all finally agree that the U.S. economy is dying?  50 million?  60 million?  All of us?  The food stamp program is the modern equivalent of the old bread lines.  More than one out of every seven Americans now depends on the federal government for food.  Oh, but haven’t you heard?  The economy is showing dramatic improvement.  Corporate profits are up.  The stock market is soaring.  Happy days are here again.

It just seems inconceivable that anyone can claim that the economy is improving when the number of Americans on food stamps continues to set a brand new record every single month.  But the food stamp program is not the only indicator that the economy is still having massive problems.  The following are 10 more reasons why the U.S. economy is simply not getting any better….

#1 Some recent statistics actually indicate that the number of unemployed Americans is still going up.  According to Gallup, unemployment in the United States rose to 10.3% at the end of February.  That is the highest number Gallup has reported since early last year.

#2 The housing industry is still a complete and total disaster.  In fact, new home sales in the U.S. in January were 11.2% lower than they were in December.  Not only that, the number of new home sales in January was18.6% lower than the number of new home sales in January 2010.  That is not a sign of improvement.

#3 There wouldn’t even be much of a housing industry at all at this point if it was not for the U.S. government.  Right now the U.S. government is either writing or guaranteeing well over 90 percent of all mortgages in the United States.  So what would the housing market look like in 2011 if the government was not


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What’s Driving the Surge in Auto Sales?

Courtesy of MIKE WHITNEY

Originally published at CounterPunch

Subprime is back!

Only this time it’s popped up in the auto market where it’s triggered an impressive surge in sales. According to Marketwatch, General Motors February sales topped 45% to a robust 207,028 vehicles, way above analysts expectations. But soaring car sales have less to do with the allure of those gussied-up Silvarados than they do with "easy financing" for people with less-than-stellar credit. Here’s a clip from an interview on Wednesday’s Nightly Business Report with Autonation’s President Michael Maroone that helps to explain what’s going on.

NBR’s Susie Gharib: Another dose of good news today from the auto world, a day after Detroit`s big three reported strong February sales. Autonation, the country`s largest seller of new and used cars, reported a big jump in its numbers. New vehicle sales rose 29 percent compared to a year ago. And U.S. brands made up 40 percent of sales. GM models were especially popular….. Mike, what about any kind of special deals or incentives to entice consumers to buy?

Maroone: Well, almost every day there`s a new incentive. They`re used in a very tactical manner. The incentives are relatively flat with prior periods. But today we saw GM announce zero percent financing, up to 72 months on specific models. We`re seeing Honda increase their incentives. Nissan`s got a very aggressive program. Toyota has been aggressive. So almost every manufacturer has something and it varies tremendously. It`s certainly tactically driven and it is stimulating business.

Gharib: What about on the credit side, for someone that does need financing, is it getting easier to get a loan or is it still pretty tough?

Maroone: Susie, it`s gotten much easier. The big driver of the recovery in 2010 was the restoration of credit. The change in 2011 is we`re now seeing an improving environment for sub-prime. So last year prime and near prime were more normal and this year we`re starting to see the sub- prime segment come along and that`s very important for our industry. (The Nightly Business Report)

Repeat: "72 months zero percent financing" to people with dodgy credit. Sound familiar?

But why would the big car dealers want to get caught up in another enormous subprime meltdown? How do they benefit from issuing loans to people who may not be able to repay the debt?

Ahh, that’s…
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An Ugly Breakup — A Look at the Relationship Between Oil and Stocks

By Bespoke Investment Group

From the start of the bull market back in March 2009 until just recently, oil and the stock market had a seemingly wonderful relationship.  Most of the time, when stocks moved higher, oil moved higher as well.  On the rare occasion that equities headed lower, oil tagged along to the downside.  This wonderful relationship has recently become strained, however, and the two have seemingly chosen to go their separate ways.

Below is a chart highlighting the rolling 1-month correlation between the S&P 500 and oil (using daily % changes) since the start of the equity bull market on March 9th, 2009.  The higher the number on the positive side, the more closely the two are moving together.  The lower the number on the negative, the more the two are moving in the opposite direction.  As shown, the correlation between the stock market and oil remained positive up until just recently, but the breakup between the two has been swift and extreme.  At the moment, the one-month correlation between the two stands at -0.70.

Continue here: Bespoke Investment Group – Think BIG – An Ugly Breakup — A Look at the Relationship Between Oil and Stocks.

50 Ways to Leave your Lover – Paul Simon





Bill Buckler On How The US Morphed From A “Global Beacon Of Freedom” To A Symbol Of Political And Economic Repression

Courtesy of Tyler Durden

In his latest edition of the Privateer newsletter, Bill Buckler confirms that he is one of the premier politco-economic commentators, with one of the most devastating expositions on how America, once the land of the brave and the home of the free, and truly a beacon of freedom for the rest of the world, has entered the death spiral of its cilivizational curve, which “beginning of the end” started in 1913 with the introduction of the income tax and the ascent of the Federal Reserve, and now, a century later, has morphed into what can poetically be called the “ending of the end.” Recent events in the Middle East and Africa only underscore how rapidly the sun is setting on the world’s once undisputed superpower. That China is merely biding its time before it disconnects its mutual life support system to the US (which contrary to conventional wisdom, is far more important to the US than vice versa, now that the Fed is by the far the biggest owner of US debt), and ends its symbiosis with US fiscal and monetary policy, should not be a reason for optimism to anyone. With each passing day, Chinese superiority is becoming ever more palpable (even despite the massive loan bubble currently in process in China), even as desperate US attempts to cling to the last trace of its former superpower status are getting increasingly ignored by virtually everyone. If Buckler is correct, the final nail in the US superpower status coffin could come as soon as the unwind of events in MENA, where the people have made it all too clear the US is no longer welcome. What happens next will indicate just how rapidly the complete fall from grace for the US will transpire: “The Middle East is again in strife. This time, the conflict is between the regimes which have been installed and supported by the US government in their march to empire and the people who those same regimes have ruled with an iron fist. To these people, the US is not looked upon as an “exemplar” of anything – except political AND economic repression.

There is much more in this week’s full Privateer newsletter, but the following segment should be read by all

“They Hate Us For Our Freedom”:

There are two supremely


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Silver Bullet…

Courtesy of Chris Kimble

In the chart below, Silver stocks (ETF) looks to have broken from its sideways channel.  Both had a nice relative strength day this past Friday! See performance results in the chart below.

CLICK ON CHART TO ENLARGE 

Gold may be getting the headlines of late, yet when it comes to commodity/portfolio performance, Silver/Silver stocks is the clear winner over the past 30 days.

CLICK ON CHART TO ENLARGE

Game Plan…remain overweight Silver Futures/Silver ETF (SLV) and owners of Silver Stock ETF (SIL). Will remain using the breakout as the stop loss.





QE2: An Unmitigated Disaster?

Courtesy of asiablues

By Dian L. Chu

There was a debate recently between Rick Santelli of CNBC and James Bullard, President of the Federal Reserve Bank of St. Louis regarding the inflation effects of the QE2 initiative.

Bullard, the economist, cited the core inflation rate, and even the headline inflation rate as illustrative of a lack of serious inflation pressures in the US economy. Santelli, on the other hand, talked the trader`s perspective of inflation wanting to use the CRB Index (Fig. 1) as a true indication of inflation effects since QE2 was brought up at Bernanke’s Jackson Hole Speech in August 2010.

So let us compare two scenarios and ask ourselves would the US economy be doing better without the QE2 initiative?

Pre-QE2 Prices:

  1. 2.50-2.70% 10-Year Treasury Yield  
  2. $2.64 US Gasoline Price (August 2010)  
  3. Cotton Prices at $85 (Contract Size 50,000 pounds)   
  4. S&P 500 Index 1100   
  5. Copper Prices $3.25 a pound  
  6. US Dollar Index at 83.00  
  7. Lumber Prices at $200 (Futures Contract –Contract Size 110,000 board feet)  
  8. Sugar Prices at $17.50 (Futures Contract-Contract Size 112,000 Sugar #11)  
  9. Cattle Prices at $92 (Futures Contract-Contract Size 40,000 pounds)   
  10. Milk Prices at $14 (Futures Contract-Contract Size 200,000 pounds Class III)

QE2 Effects So Far:

  1. 3.50% 10-Year Treasury Yield  
  2. $3.50 US Gasoline Price  
  3. Cotton Prices at $215 (Futures Contract -50,000 pounds)  
  4. S&P 500 Index 1320  
  5. Copper Prices $4.50 a pound  
  6. US Dollar Index at 76.40  
  7. Lumber Prices at $303 (Futures Contract)  
  8. Sugar Prices at $30 (Futures Contract)  
  9. Cattle Prices at $114 (Futures Contract)  
  10. Milk Prices at $19.50 (Futures Contract)

About That Unemployment Rate…

This just gives a snapshot of some of the inflationary effects for the US consumer.  I cannot think of any argument where higher interest rates resulted from QE2 are good for the housing sector, which is the most troubled part the US economy.

Nevertheless, I must add that the unemployment rate is better, and we have created more jobs since QE2 but with a highly fluctuating job pool where workers give up looking and leave the labor market it is hard to gauge the real unemployment numbers.

Plus how much of the job creation is due to other factors…
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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!

 
 

Zero Hedge

Why Global Growth Is So Disappointing

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Salient Partners' Epsilon Theory blog,

Take your instinct by the reins
You'd better best to rearrange
What we want and what we need
Has been confused, been confused

– REM, “Finest Worksong” (1987)

The politics of dancing
The politics of oooh feeling good

– Re-flex, “The Politics of Dancing” (1983)

The fault, dear Brutus, is not in our stars, but in ourselves.
– William Shakespeare, “Julius Caesar” (1599)

In theory there is no differenc...



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Chart School

S&P 500 Snapshot: Record Intraday and Closing Highs

Courtesy of Doug Short.

With yesterday's gaming of the FOMC statement and press conference behind us, the S&P 500 got back into the business of setting new highs. Today's half-percent gain, 0.49% to be precise, set a record close just below its intraday high, which was also a record.

The yield on the 10-year Note closed at 2.63%, up bp from yesterday's close. It is now 29 bps above its 2014 low.

Here is a daily chart of the index. Volume was close to its 50-day moving average.

Here is the SPY ETF. After yesterday's Fed-triggered trading game, volume returned to the vicinity of its average.

For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

...



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Phil's Favorites

Dot Com Bubble 2.0--Lunacy By The Numbers

Dot Com Bubble 2.0—–Lunacy By The Numbers

Courtesy of  

Thanks to the money printing mania of the world’s central bankers, the Wall Street casino has gone global. Accordingly, mindless speculation and momentum chasing have reached new absurdities, as exemplified by the red hot roster of international high flyers below.

The financial data for the top name on the list, Twitter, is all that is required to remind us that once again markets are trading in the nosebleed section of history, rivaling even the madness of March 2000. Currently, Twitter (TWTR) is valued at $31 billion.That’s 18X revenue, but the catch is that the revenue in question is it’s lifetime...



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Market Shadows

Selling PVD

Selling PVD

Administradora de Fondos de Pensiones Provida S.A. (PVD) shares will not be trading on the NY Stock Exchange after today. Tomorrow, shares will be harder to sell. Strangely, I wasn't able to find information on the internet, but Paul just sent me a copy of the email he received from Interactive Brokers.

We're selling PVD out of the Virtual Portfolio today at $87.18. 

More details:

From: Interactive Brokers   dated July 18, 2014

Holders of AFP Provida S.A. American Depository Receipts (ADR) are advised that the Company has elected to terminate the Deposit Agreement effective 2014-09-18.

As of the te...



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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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Promotions

Last Chance! See The 'Google-Like' Trading Algorithm 'Live' TODAY

Traders and Investors,

RSVP NOW to attend a special presentation TODAY at Noon or 9:00 pm ET, where you’ll see a powerful trading algorithm that’s been tested and proven to return phenomenal results on a consistent basis. 

In fact, it has an 82% win rate…

And had you only traded the conservative alerts recommended by the algorithm since inception, you would have experienced portfolio gains of more than 200%!

Register NOW and secure your virtual seat for one of Today’s LIVE presentations.

When you register for the webinar, you’ll also get instant access to following trading videos:

  • Instant access to FOUR Quick-Start Expectancy...


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Insider Scoop

Nomura Cautious On Netflix, Inc. Estimates

Courtesy of Benzinga.

Related NFLX Netflix, Inc. Technicals Suddenly Weakening UPDATE: Netflix Teams with Legendary Television for 'Love' Get Ready for a Hot September for Stocks (Fox Business)

Analysts at Nomura lowered their fiscal year 2015 and 2016 EPS estimates for Netflix, Inc. (NASDAQ: NFLX) due to greater-than-expected interna...



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Sabrient

Sector Detector: Bulls go down swinging, refusing to give up much ground

Courtesy of Sabrient Systems and Gradient Analytics

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down easily. In fact, they’re going down swinging, absorbing most of the blows delivered by hesitant bears. Despite holding up admirably when weakness was both expected and warranted, and although I still see higher highs ahead, I am still not convinced that we have seen the ultimate lows for this pullback. A number of signs point to more weakness ahead.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy using ETFs and an enhanced version using top-r...



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OpTrader

Swing trading portfolio - week of September 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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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 the latest Stock World Weekly. Enjoy!

[Sign in with your PSW user name and password, or take a free trial here.]

Image courtesy of Business Insider, Jay Yarow's This Is The Best Description Of How Apple's Business Works Right Now.

 

...

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Option Review

Big Prints In VIX Calls

The CBOE Vix Index is in positive territory on Friday morning as shares in the S&P 500 Index move slightly lower. Currently the VIX is up roughly 2.75% on the session at 13.16 as of 11:35 am ET. Earlier in the session big prints in October expiry call options caught our attention as one large options market participants appears to have purchased roughly 106,000 of the Oct 22.0 strike calls for a premium of around $0.45 each. The VIX has not topped 22.0 since the end of 2012, but it would not take such a dramatic move in the spot index in order to lift premium on the contracts. The far out-of-the-money calls would likely increase in value in the event that S&P500 Index stocks slip in the near term. The VIX traded up to a 52-week high of 21.48 back in February. Next week’s release of the FOMC meeting minutes f...



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Digital Currencies

Making Sense of Bitcoin

Making Sense of Bitcoin

By James Black at International Man

Despite the various opinions on Bitcoin, there is no question as to its ultimate value: its ability to bypass government restrictions, including economic embargoes and capital controls, to transmit quasi-anonymous money to anyone anywhere.

Opinions differ as to what constitutes "money."

The English word "money" derives from the Latin word "moneta," which means to "mint." Historically, "money" was minted in the form of precious metals, most notably gold and silver. Minted metal was considered "money" because it possessed luster, was scarce, and had perceive...



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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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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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About Ilene:

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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