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Archive for 2012

The Rebirth of the Actively Managed U.S. Stock Fund

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

 

By Nic Colas of ConvergEx Group

The persistent negative investment flows at U.S. listed mutual funds specializing in domestic stocks is one of the most important long-term trends catalyzed by the Financial Crisis.  AUM has dropped by $473 billion since January 2007 despite the S&P 500 Index’s essentially flat performance over this period.  The news is no better since the beginning of 2012 – despite the ongoing rally in domestic equities – with $6.8 billion of further outflows year to date.  In today’s note Nic Colas, of ConvergEx analyzes what will reverse this trend along two vectors: the desire and ability of individuals to invest.  The rally in risk assets, along with declining actual volatility, is the best hope for a reversal in money flow trends. Offsetting that factor are continued stresses on household budgets and consumer psychology combined with problematic demographic trends.  Bottom line: domestic money flows have likely become more economically sensitive than in previous cycles

 

Like many investment professionals who came up through the ranks as single stock analysts, I turn to time-tested but industry-specific paradigms when analyzing unfamiliar business problems.  In my case, that means pulling lessons from a decade-plus of staring at the U.S. auto industry for clues about how and when individuals choose to spend their money on large purchases like cars and trucks.  These products are typically deeply cyclical in terms of demand.  A good year might see 16 million or more units move off dealer lots.  A bad year would register 12 million or less.  Product pricing follows the same contour; a weak market means more incentives – a polite word for the old Lee Iacocca catch phrase, “Buy a car, get check!”

 

Back in the early 1990s, Chrysler’s chief economist – a talented and gregarious fellow named Don Hilty – walked me through his model for assessing how the American consumer decides it is time to buy a new car.  This calculus was critical for Chrysler, since it had little in the way of overseas operations to buffer the shock of a weak U.S. market.  Getting demand levels correct – and therefore production and dealer inventories – was worth well over $100 million in incremental profits, and Don’s assessment of the market was the lead presentation at every company Board of Directors meeting.…
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“Welfare” – The Great Delusion

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

We have long argued that at its core, modern society, at least on a mathematical basis – the one which ultimately trumps hopium every single time - is fatally flawed due to the existence, and implementation, of the concept of modern "welfare" – an idea spawned by Otto von Bismarck in the 1870s, and since enveloped the globe in various forms of transfer payments which provide the illusion of a social safety net, dangles the carrot of pension, health, and retirement benefits, and in turn converts society into a collage of blank faces, calm as Hindu cows. Alas, the cows will promptly become enraged bulls once they realize that all that has been promised to them in exchange for their docility and complacency has… well… vaporized. It is at that point that the final comprehension would dawn, that instead of a Welfare State, it has been, as Bill Buckler terms it, a Hardship State all along. Below we present the latest views from the captain of The Privateer on what the insoluble dilemma of the welfare state is, and what the key problems that the status quo will face with its attempts at perpetuating this lie.

From The Privateer

The Great Delusion – “Welfare”

For the best part of the last two decades, it has been accepted as an indisputable fact even by the mainstream media that the two great pillars of the welfare state – medicare and social security – will break the government which offers them. Today, every nation in the world makes at least some pretense of providing “welfare” to its citizens. Since the “developed” (or “rich”) nations are those where these systems are most “developed”, these are the nations most at risk of crumbling under their burdens.

Welfare has many antonyms, but “hardship” is particularly apt in this context. Wikipedia’s entry on “welfare” ends like this: “… this term replaces “charity” as it was known for thousands of years, being the act of providing for those who temporarily or permanently could not provide for themselves.” As usual, the defining characteristic is missed. Charity is voluntary. “Welfare” as practised by government is compulsory. This makes the two terms opposites. It also brings about the opposite results. Charity is a voluntary act made by those who have a surplus to assist


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A Wall Street Insider’s Response To Greg Smith

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by ZH reader Sleestak, who sports a 15 year career in the bulge bracket, including GS and the less fortunate Lehman Brothers, as a fixed income trader.

Greg Smith, the Jerry Maguire of Goldman Sachs, has struck a nerve with his New York Times OpEd admonition of the culture at his former firm, the symbol of all that is successful – and wrong – on Wall Street.  What he did was gutsy, if ill-advised.  But his disillusionment at a once-admired business culture gone bad is also almost adorably naïve and, worse, diverts from the real cancer that has metastasized in our banking “culture” during his years in it.

I’ll say it again: Greg Smith has nerve.  He took great risk putting his name to that letter.  He will be getting calls, emails and all else, straight to his person.  He might well face litigation, this from a foe few dare challenge.  And the men at the at the top, CEO Lloyd Blankfein and COO Gary Cohn, are powerful indeed, and Greg Smith has just publicly done them far more damage as individuals than any testimony in front of Congress did.

Still, what did Greg Smith really think he was getting into when he signed up to work on Wall Street?  Perhaps when contemplating his career he saw the ads we all see on television for Morgan or Merrill: “We’ll help you build your future with sound financial knowhow…”  And that does sound nice.  Finance is complicated and “lay” people surely can use a hand from a thoughtful ally in the trenches.  It is charming to think Greg Smith was taken in by such a mission.

But away from the advertising sets, Wall Street always has been a kill-or-be-killed pit of near-violent wills set against each other.  Perhaps a bit less so in the retail businesses that sell to Moms and Pops (though “broker production” is a hotly competitive racket, to be sure), but certainly in the institutional businesses where Greg Smith operated.   In these businesses, in which the banks trade with professional, accredited investors, the customers are often as bloodthirsty as the banks.  Yes, many could use a good salesman’s hand in furthering their interests, but as many – so many – seek the desk that’s sleeping that day and exact a predatory…
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Things That Make You Go Hmmm – Such As $4.00 Gas (Again)

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

 

From Grant Williams’ Things That Make You Go Hmmm

After the attack on ‘speculators’ failed to lower gas prices (here’s a piece of free advice by way of a simple mathematical equation for anybody in the current Administration who may be reading: ZIRP ? Low Gas Prices), it was the turn of the other staple solution to an intractable problem; the US Strategic Petroleum Reserve (SPR):

(Montreal Gazette): A group of Democratic lawmakers in the U.S. House of Representatives is again urging President Barack Obama to aggressively use the threat of releasing oil from emergency reserves to rain on speculators driving up oil prices.

 

The three lawmakers are gathering signatures from others in Congress for a letter to Obama to press him to wield the 696 million barrels of oil that the government stores in salt caverns as a weapon against “rapid price escalations resulting from speculation in the oil markets.”

Last June (the 24th to be precise), it was announced that 60 million barrels of oil would be released from world reserves, with about half of that amount being taken from the SPR. Oil was trading at $91 when the announcement was made but actually rose in price – hitting $97 – before dropping to $88 once the surplus oil was introduced on July 15.

60 million barrels = $3 lower price. Hardly bang for the buck – especially as oil was back above $100 before the end of the year.

As much as the SPR is seen by many to be the panacea for high prices, the lack of available additional supply from the world’s biggest producers is a far bigger concern; one which my friend Ronni Stoeferle from Vienna wrote a fantastic report on recently entitled “Nothing To Spare” (you can email Ronni HERE for a copy of the report which is an incredibly detailed piece of work). In it he took an in-depth look at some of the supply constraints facing the world and his conclusions are, to say the least, troubling:

The still low reserve capacity makes the oil price vulnerable to geopolitical tensions. With the exception of Saudi Arabia, no country holds any significant reserve capacities. But since


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Apple CEO Tim Cook to Host Conference Call Monday 9am EDT to Discuss Plans for Cash Balance

Courtesy of Benzinga.

Tim Cook, Apple’s (NASDAQ: AAPL) CEO, and Peter Oppenheimer, Apple’s CFO, will host a conference call to announce the outcome of the Company’s discussions concerning its cash balance. Apple will not be providing an update on the current quarter nor will any topics be discussed other than cash.

The conference call will take place Monday, March 19, 2012 at 6:00 a.m. PDT/9:00 a.m. EDT.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.





Weekly Market Commentary: Rally Makes New Highs

Courtesy of Declan Fallon

Markets posted new highs within rising price channels, led by a breakouts in the Dow and S&P, as breadth indicators continued to map swing lows. Volume rose in accumulation as money flowed in from the sidelines.

The S&P cleared the 2011 swing high, but has larger resistance at 1,426 from 2008 to contend with. But given the breaks in other indices this should be cleared over the coming weeks.

The Percentage of S&P Stocks above the 50-day MA rose sharply after spiking at a low in the 50s, but is off past swing highs in the 90s. The one concern is the ‘sell’ trigger in the MACD which may suggest the top in the S&P is closer than expected.

The S&P Bullish Percents slow burn a swing high, but this is not necessarily bearish for the S&P; in 2009 the S&P added another 10% after the breadth indicator topped at 88%.

The Dow was able to take the Large Cap rally a stage further. It cleared the 2008 high by Friday’s close.

The Nasdaq posted a new multi-year high, but unlike Large Cap indices was unable to do so on higher volume accumulation. Bears may look to broadening wedge resistance as an opportunity to take profits or launch a short attack, although the first point of support is just below 2,900.

While the Russell 2000 is working on a challenge of 825, but has larger resistance at 868 to consider.

For the coming week, bears are likely to turn up the heat on the Nasdaq. If they can turn it away from broadening wedge resistance it will add supply into the market and see other indices fall in sympathy. But any decline will quickly run into support, making it a better environment for profit taking than for aggressive shorts.

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St. Patrick’s Weekend Trading Jobs

Courtesy of Declan Fallon

Searching for the pot of gold at the end of the rainbow; try applying for some of these trading jobs:

Electronic Execution Broker
Project Manager, Decision, Risk Management
Project Manager, Risk Management
CI/Portfolio Manager
Citi Retail Services – VP, Credit & Portfolio Manager
Compliance Manager with Futures Experience at Investment Co! $80-120K
Consultant, Hedge Fund Administration
Investment Operations Specialist; $45-60K
Sr Technician, Alternative Investments
Treasury Specialist
Compliance – Leading Hedge Fund
Consultant, Hedge Fund Administration (Investor Services)
Investor Center Investments Representative – Santa Monica, CA
Broker Trainee Program
Administrative Associate – Investment Sales Group (126-377)
Investment Consultant – Salaried plus bonus!
Securities/Mergers & Acquisitions Associate ($130-200K)
Equities Trader
Senior Trader – Proprietary
Quant/Trader
Index Arbitrage / Delta One Trader
Forward Desk Trade
Index Traders – London and Hong Kong
Single Stock and Index Options Traders
Portfolio Trader ($45-60K)
Jr. Trader – Equity Products Bilingual Japanese ($100-125K)
Active Trader VIP Specialist

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Will Apple Announce “The Dividend” Tomorrow?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Minutes ago Apple announced that first thing tomorrow it will “host a conference call to announce the outcome of the Company’s discussions concerning its cash balance. Apple® will not be providing an update on the current quarter nor will any topics be discussed other than cash.” As a reminder, Apple has just about 100 billion in cash. Everyone expects a dividend. So what happens when everyone finally gets what they have been expecting for so long? Will it mean the end of the growth phase and the advent of the “MSFT” anti-growth curve? Also, which bank will claim the commission for advising Apple on how to spend a cash amount that while nearly a third of Greek GDP, is less than half of the US February budget deficit (in other words, Apple could fund just 12 days of the US spending burn rate in February)? Finally, was the pre-election administration at all involved in the making of this decision – remember the company was expected to announce a cash-related decision a month ago, and nothing happened. Why now? All shall be revealed tomorrow at 9 am.

From the press release:

WHAT: Tim Cook, Apple’s CEO, and Peter Oppenheimer, Apple’s CFO, will host a conference call to announce the outcome of the Company’s discussions concerning its cash balance. Apple® will not be providing an update on the current quarter nor will any topics be discussed other than cash.

WHERE: Via conference call. The dial-in number for press is (877) 616-0063 (toll-free) or (719) 219-0041. Please enter confirmation code 592016.

WHEN: Monday, March 19, 2012 at 6:00 a.m. PDT/9:00 a.m. EDT

REBROADCAST: The conference call will be available as a continuous rebroadcast beginning Monday, March 19 at 9:00 a.m. PDT/12:00 p.m. EDT through Monday, April 2 at 9:00 a.m. PDT/12:00 p.m. EDT. The dial-in number for the rebroadcast is (888) 203-1112 (toll-free) or (719) 457-0820. Please enter confirmation code 6274937.

WEBCAST: Apple will provide live audio streaming of its conference call using Apple’s industry-leading QuickTime® multimedia software. The live webcast will begin at 6:00 a.m. PDT on March 19, 2012 at www.apple.com/quicktime/qtv/call31912 and will also be available for replay for approximately two weeks thereafter. The webcast is available on any iPhone®, iPad®, iPod touch® or any Mac® or PC running…
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World Markets Weekend Review: The Rally Strengthens

Courtesy of Doug Short.

The 2012 worldwide rally reignited last week, with six of the eight indexes in our basket finishing with a weekly gain — the reverse ratio from the previous week. Germany’s DAXK was the top performer with a gain of 4.03%. France’s CAC 40 finished second with a gain of over 3%. The S&P 500 finished in third, but its gain of 2.43% was enough to make it the sole index to set a new interim high. The SENSEX and Shanghai Composite were the two indexes posting weekly losses, with the Shanghai as the biggest loser, down 1.42%.

The adjacent table shows the 2012 year-to-date performance of our gang of eight. At this point six markets are holding double-digit gains at the end of eleven weeks, but the S&P 500 is a new member of the 10% plus club, replacing the Shanghai Composite. But even the worst year-to-date performer, the FTSE 100, is up over 7%.

A Closer Look at the Last Four Weeks

The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. I’ve also included the average for each week so that we can evaluate the performance of a specific index relative to the overall mean and better understand weekly volatility. The colors for each index name help us visualize the comparative performance over time.

The chart below illustrates the comparative performance of World Markets since March 9, 2009. The start date is arbitrary: The S&P 500, CAC 40 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAX on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day and measuring the percent change, we get a better sense of the relative performance than if we align the lows.

Click to View
Click for a larger image

A Longer Look Back

Here is the same chart starting from the turn of 21st century. The relative over-performance of the emerging markets (Shanghai, Mumbai, Hang Seng) is readily apparent.


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Guest Post: Who Is Really Paying The $25 Billion TBTF Mortgage Settlement

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by David Schawel of EconomicMusings.com

Who Is Really Paying The $25 Billion TBTF Mortgage Settlement

The surprising tale that I will attempt to pen in this blog entry has a very familiar cast of characters; the Obama Administration, the Housing Bubble, “Toxic Mortgages”, and Too Big To Fail “TBTF” Banks among others.  While the headline of TBTF banks in a $25bil mortgage settlement is known to many, the underlying details of the settlement are less known and quite appalling when you pull back the covers.

The wounds on past and present homeowners are still fresh from the housing crisis.  As Jonathan Laing points out in this weekend’s Barron’s cover story, “five million of the country’s 76million mortgage holders have lost their homes to foreclosure or lender ordered short sales since 2006, and an estimated 14million more own more on their homes than their properties are currently worth.  In all, some $7.4 trillion in homeowners’ equity has been destroyed according to Mark Zandi…” 

Cries for Accountability

While blame deserves to be cast upon numerous parties for the housing bubble, Americans have rightly called for accountability on the TBTF banks.  Accountability for what? Among other faults, robo-signing became prevalent among TBTF banks as they forged mortgage documents in order to ensure proper paperwork was done to foreclose on properties.

Details of the $25bil Settlement (in the words of HUD) & Public Lauding

“On February 9, the Department of Justice, the U.S. Department of Housing and Urban Development, other federal agencies, and 49 state attorneys general announced the largest federal and state settlement agreement in history with the five major mortgage servicers for their mortgage servicing practices. The agreement has the potential to help nearly two million American homeowners through a variety of means, including loss mitigation tools such as principal reduction and refinancing of loans for borrowers who owe more on their house than it is worth (“underwater” homeowners), payments of billions of dollars to federal and state parties, and payments directly to individuals who lost their homes to foreclosure and meet certain other criteria.” The public seemed to buy right into this news.  After all, $25bil being paid by the bank sounds pretty tough right? Upon news of the $25bil Mortgage settlement many media members gushed over President Obama’s “accountability” of
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Phil's Favorites

Tesla: Bonfire of the Money Printers' Vanities

Tesla: Bonfire of the Money Printers’ Vanities

By David Stockman, Former Director of the Office of Management and Budget

David Stockman needs no introduction, but I’ll give him one anyway. He’s a former US Congressman who, upon assuming responsibility as Ronald Reagan’s budget director in 1981, became the youngest presidential cabinet member of the 20th century.

Following a 20-year career on Wall Street, David is now an outspoken critic of government stupidity. He argues on behalf of outdated notions like a balanced budget, free markets, and for the government to just plain leave us alone.

Below, David shares a scathing financial analysis of Tesla… and that’s putting it nicely. He argues that Elon Musk’s company is a crony capitalist creation that owes its very existence to government handouts and bailouts.

Dan St...



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Zero Hedge

$4 Million In Gold Bars Stolen In 11th Largest Heist In History

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Long-time Zero Hedge readers may remember the rather surreal moment towards the beginning of the long-running German tungsten/gold repatriation saga, when Bundesbank Executive Board member Andreas Dombret assured the NY Fed that Germany wasn’t afraid of Simon Gruber (or Goldfinger for that matter) “masterminding gold heists in U.S. vaults.” 

Well, since it now appears Germany is all set to ramp up its repatriation efforts (see the NY Fed’s November ...



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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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OpTrader

Swing trading portfolio - week of March 2nd, 2015

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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Chart School

Crestmont Market Valuation Update

Courtesy of Doug Short.

Quick take: Based on the February S&P 500 average of daily closes, the Crestmont P/E is now 98% above its arithmetic mean and at the 98th percentile of this fourteen-plus-decade monthly metric.

The 2011 article P/E: Future On The Horizon by Advisor Perspectives contributor Ed Easterling provided an overview of Ed's method for determining where the market is headed. His analysis was quite compelling. Accordingly I include the Crestmont Research data to my monthly market valuation updates.

The first chart is the Crestmont equivalent of the Cyclical P/E10 ratio chart I've been sharing on a monthly basis for the past few years.

...

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Insider Scoop

Wunderlich Securities Downgrades Markwest Energy Partners LP On Current Valuation

Courtesy of Benzinga.

Related MWE Credit Suisse Lowers Price Targets On 8 MLPs Stephens & Co. Upgrades MarkWest Energy Partners To Overweight MarkWest Energy Partners Is A Perfect Income Growth Play (Seeking Alpha)

In a report published Monday, Wunderlich Securities analyst Jeff Birnbaum downgraded the rating on Markwest Energy Partners LP (NYSE: ...



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Market Shadows

Kimble Charts: Coal

Kimble Charts: Coal

By Ilene 

Chris Kimble's chart for KOL shows a recently beaten down ETF struggling to pull itself up from the ashes. As the chart shows, KOL has recently drifted down to levels not seen since the financial crisis of 2008-9.

Bouncing or recovering with energy in general, coal prices appear to have stabilized in the short-term. Reflecting coal prices, KOL has traded between $13.45 and $19.75 during the past year. Bouncing from lows, KOL traded around 2% higher yesterday from $14.26 to $14.48 on high volume. It traded another 3.6% higher in after hours to $15, possibly related to ...



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Sabrient

Sector Detector: Sector rankings stay neutral with few bullish catalysts on horizon

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

Courtesy of Sabrient Systems and Gradient Analytics

Stocks are hitting new highs across the board, even though earnings reports have been somewhat disappointing. Actually, to be more precise, Q4 results have been pretty good, but it is forward guidance that has been cautious and/or cloudy as sales into overseas markets are expected to suffer due to strength in the US dollar. Healthcare and Telecom have put in the best results overall, while of course Energy has been the weakling. Still, overall year-over-year earnings growth for the S&P 500 during 2015 is expected to be about +8%.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 cha...



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Digital Currencies

MyCoin Exchange Disappears with Up To $387 Million, Reports Claim

Follow up from yesterday's Just the latest Bitcoin scam.

Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim By  

Reports are emerging from Hong Kong that local bitcoin exchange MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds.

If true, the supposed losses are a staggering amount, although this estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($129,000) each.

...



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Pharmboy

2015 - Biotech Fever

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

PSW Members - well, what a year for biotechs!   The Biotech Index (IBB) is up a whopping 40%, beating the S&P hands down!  The healthcare sector has had a number of high flying IPOs, and beat the Tech Sector in total nubmer of IPOs in the past 12 months.  What could go wrong?

Phil has given his Secret Santa Inflation Hedges for 2015, and since I have been trying to keep my head above water between work, PSW, and baseball with my boys...it is time that something is put together for PSW on biotechs in 2015.

Cancer and fibrosis remain two of the hottest areas for VC backed biotechs to invest their monies.  A number of companies have gone IPO which have drugs/technologies that fight cancer, includin...



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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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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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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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