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Big Pharma’s Business Model is Changing

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

Understanding the new normal of a business model is key to the success of any company.  The managment of companies need to adapt to the changing demand, but first they must recognize what changes are taking place.  Big Pharma's business model is changing rapidly, and much like the airline industry, there will be but a handful of pharma companies left at the end of this path.

Most Big Pharma companies have traditionally done everything from research and development (R&D) through to commercialisation themselves. Research was proprietary, and diseases were cherry picked on the back of academic research that was done using NIH grants.  This was in the heyday of research, where multiple companies had drugs for the same target (Mevocor, Zocor, Crestor, Lipitor), and could reap the rewards on multiple scales.  However, in the coming years, this research to commercialization model will no longer work for many organizations. If Big Pharma is to prosper, it will need to reduce costs while improving its R&D selectivity AND productivity.

The mid to late 1990s was the hayday of Big Pharma drug approvals.  Research was humming, treatments for diseases with large populations were rolling out, and pricing was favorable for reaping billions.  Big Pharma saw pharmacy benefit mangers as the wave of the future, as Pharma could sell their 'perferred' drugs through their networks, much like health insurance.  The bigger the PBM, the better off one would be, and Mevco (owned by Merck at the time), was growing rapidly!  Even if a drug was going generic, the PBM's would continue to sell the branded drugs for a premium, their own branded drugs!  All was good in the drug world.  Then the winds of change hit, where 2007/8 caused a backlash not only in the financial world, but also in pharma.  PBMs were sold off, as companies were accused of script manipulation and unfair pricing.  In addition, the margins were shrinking as the likes of TEVA, Dr. Reddy, and others were gaining market share.

Then, the 'Patent Cliff' started rearing its ugly head, and those big revenue streams were drying up.  In 2010, I wrote 'The Calm Before the Storm" article on PSW, noting that the for Big Pharma to continue, it needs…
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About Opko’s recent surge higher…

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

My friend Trevor at Lowenthal Capital Partners entitles his article on Opko Health (OPK) "Why Shorting Opko Health Makes No Sense After The Q1 2015 Earnings Report." So I asked him, "Why that title? Why not just say "Going Long OPK," or "OPK: Finally Earns Bubble Valuation, A Keeper!"? If you examine the key statistics, you will not fall in love with this stock. And one look at the chart explains Trevor's title. ~ Ilene

Six month chart (Yahoo)

But Trevor likes the shares, preferably a little cheaper, and explains why in his article, Why Shorting Opko Health Makes No Sense After The Q1 2015 Earnings Report

Excerpt:

Summary

  • Opko Health continues to impress on many fronts.
  • The Q1 2015 earnings report confirmed key developments related to 4Kscore Test reimbursement and NDA filing for Rayaldee, and the market is taking notice.
  • Management continues to buy shares on the open market. [Go to insider cow, look up OPK.]
  • For these reasons, shorting Opko Health does not seem to be a viable investment strategy.

[...]

I am a buyer of Opko at current price levels, as I believe there is considerable upside ahead. It seems that Opko is entering a period in which any number of developments could create shareholder optimism and spark a rally (which we are seeing now). And given the company's long-term growth potential looks strong, I do not believe establishing a short position in Opko is a viable investment strategy. Perhaps looking for short plays elsewhere in biotech is a safer bet.

There's truly been a lot of insider buying of Opko shares by the CEO indirectly as Frost Gamma Investments Trust. The chart below is from Insider Cow, the blue bars represent insider buying.  

 





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, including JUNO Therapeutics (JUNO), Bellicum Pharmaceuticals (BLCM), Kite (KITE), Immune Design (IMDZ) in 2014.  On the other side, fibrosis can be a side effect of cancer as well as involved in a host of other diseases (IPF, NASH).  Fibrosis is less understood, and therefore can be harder to treat, and yet a number of high flying companies have been bought due to their drugs (GILD buying Arresto, Roche buying Intermune), and therefore fibrosis remains a very hot area.  One company in this space that just IPO'd is Fibrogen (FGEN). 

Cancer Company to Consider

JUNO Therapeutics (JUNO): Juno was founded on the backs of cancer researchers at Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and Seattle Children’s Research Institute.  With more than $300M in funding, the stock IPO'd at 45% above its original midpoint, making it the year's second highest premium behind Castlight Health.  The company raised $265 million, giving it a >$2 billion valuation.  This made it the largest biotech IPO in at least 15 years both by deal size and market cap.  What Dendreon could have done had it picked the right cancer to use its techology!

JUNO's technology is chimeric antigen receptor, or CAR-t for short.  CAR-t technology is where the persons own T-cells (a white blood cell) are harvested and modified to fight cancer cells.  The technology has tested positive early…
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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  other drugs must often be used with it adding to the cost.  So, for more convenience and a better response rate….why not go for the best drug out there for HepC?  Other drugs are increasing in price, and the diagram below from Bloomberg shows that even Viagra has gone up in price considerably over the past 7 years.  Big pharma has infrastructure it needs to pay for, as well as investors that like outsized returns.  Biotechs, on the other hand, have drugs in clinic that can make or break the company.  Therefore, doing homework on these companies is critical, and understanding the science is imperative. 

The trend in industry (biotechs especially), is to go after the harder to treat diseases, which then also command a premium IF the drug is successful.  BMY bought Amira Pharmaceuticals for >$370M on the chance that their IPF drug (LPA1 receptor antagonist) works in these patients (life expectancy is 5 yrs).  Gilead bought Arresto for >$200M for the same indication (IPF), but a different mechanism of action (LOXL2 monoclonal antibody).  Both of these companies were finishing Phase 1…which means there was NO efficacy seen!!!  Intermune's drug Esbriet is expected to cost about $60k/yr, so if either of these drugs from BMY or GILD hit, and are better than Esbriet, then one can expect their prices to be higher!

So, which companies should be the focus? Well, one…
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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 when the reward is all about risk.  In our current low interest rates environment, investors are starved for better returns, and the perfect place for those gains are high risk/reward biotechs.  A total of 46 companies went public in 2013 (16 more after my initial write-up), and 80% of them were ABOVE their IPO pricing!  The entire IPO 2013 class was up 48%!  48%! I know that cutting edge science is exciting, BUT when a company is valued for a potential treatment that still have a long way to go for final approval, I want to sell you a wing and a prayer for an idea I have that cures something I cannot tell you about….

Science is an exciting area to be apart of, and it is our hopes in this field to make an impact on a patient's life (for the better of course), but the gradiosity of the market sentiment for these biotechs makes me want to give everyone a Valium!  There is some very good science in the companies that went public, and those were covered in my previous post.  Now, a few more of those fledglings will be discussed.

Entana Pharmaceuticals (ENTA) – is riding the hepititis C wave that has engrossed the pharmaceutical industry the past few years.  Vertex (VRTX), Bristol (BMY), Merck (MRK), Gilead (GILD), JnJ (JNJ), and Abbvie (ABBV) are all in the space.  Even so, a few biotechs…
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Biotech Galore – IPOs and More

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

Come and get it!  Read all about it! Biotechs, biotechs and more biotechs to buy buy buy for your portfolio! To date, almost 30 biotech companies have hit the market.  Most of the time, there are fewer than 10-12!

For the last five years, biotechs have had issues obtaining offer prices above expectations.  In 2013, that trend looks to be broken.  According to BiotechNow, the offer prices are 4% above expectations!  In addition, biotechs are going public with little more than a wing and a prayer (pre-clinical or Phase 1 data only).  Really? What this means is that the drug or technology looks good in mice, rats, or dogs, etc, but there is no smidgen of evidence that it will work in humans. That's what is called an appitite for RISK!

Of the thirty or so companies, several came out of the gate and have done quite well (figures from BiotechNow):

                        

Those are some impressive numbers, but what do the companies have that make them attractive?

Epizyme (EPZM) – One of the 'darling' companies of the IPO market, EPZM has moved into the heavens with its stock price, and a market cap of almost $1B for two Phase 1 programs that look very interesting, but have no validated human data.

The company is working on cancer, and more specifically histone methyltransferases (HMTs referred to hereafter).  This family of enzymes are involved in the winding and unwinding of DNA.  So, in cancer, if the specific enzyme that unwinds DNA is over expressed (more of it), then cancer cells can multiply faster.  EPZM is looking at two specific HMTs, DOT1L and EZH2. 

DOT1L inhibitor, EPZ-5676, is a small molecule inhibitor of created for the treatment of acute leukemias in which the MLL gene is rearranged due to a chromosomal translocation (MLL-r). Due to the translocation, DOT1L is recruited to specific locations in the chromosome where it would not normally be present. As a result, DOT1L causes inappropriate methylation at these locations, which results in the increased expression of genes causing…
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Pet Meds – Still Chugging Along

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

Readers of PSW Chat know that I have long been a fan of pet companies, especially those with branded products that owners pay out of pocket to keep their animals healthy.  The industry continues to expand, whether it is food, supplies, medicines or purchasing animals themselves.  In fact, from 1994 to 2012, the industry has tripled from $17 to $53B.  For 2013, the growth estimates are a modest 4.1%.

  2012 2013
U.S. Pet Industry Expenditures (from APPA) in $B
Food 20.6 21.3
Supplies/OTC Meds 12.7 13.2
Vet Care 13.7 14.2
Animal Purchase 2.2 2.3
Pet Services (Grooming/Boarding) 4.2 4.5

Getting a foold suppliment or additive is not really that hard in the industry, but the branded medications/vaccines/antiboitics are much like the human path to the market.  Rigid clinical trials are done, and today over 300 products are approved for use in companion animals (dogs, cats and horses).  With most of the revenues coming from out-of-pocket funds, the market is ripe for smaller competitors to enter and be swallowed up by larger companies.

In the past few months, Pfizer (PFE) has spun off their animal health division Zoetis (ZTS), and a pet biotech Aratana Therapeutics (PETX) went public.  Merck, Eli Lilly, andSanofi have their pet divisions as well, and David Krempa (Morningstar) calls the animal health industry “a really attractive business to be in, more so than human pharma.”

It is time to look at a few of these public companies, and at PSW (in member chat), positions were intiated in ZTS and PETX.

Zoetis (ZTS) – is a global manufacturer of >300 medicines and vaccines products and currently has a market cap of about $15.3B (forward P/E is…
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Give Them an Inch, They Will Take a Mile

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

Well, well, well….it is good to know that there are others in the scientific arena who believed that YMI Bioscience's data (cough – Gilead) is a better drug than Incyte's Jakafi.  Now, the definitive data are still unknown, but there was enough evidence from a Phase 2 trial to take a small risk for a huge reward.  So, let's forget about Apple (AAPL), and do nothing but biotechs from now until Congress passes universal health care coverage for prescriptions….and drive the prices down so that research and development is no longer feasible to conduct in the US. Even Seattle Genetics (SGEN) has been on a tear as of late, and I expect more from it in the future. Its future may be short lived, as it is my premise that it will be bought out for its technology and pipeline.

At PSW we continue to sell premium against a position.  We have been doing this for many months, especially against a basket of biotechs that we have been buying and holding (CRIS, PLX, EXEL, and others). 

Let's take a look at a few other companies pipelines, and see if they are worthy of our funds.

Merrimack Pharmaceuticals (MACK) – the company was founded in 2000 and went IPO at the end of March 2012 for $7.  The IPO, in which all outstanding shares of Merrimack's convertible preferred stock were converted into 66,255,529 shares of common stock and in which Merrimack issued 15,042,459 new shares of common stock, yields a market cap of $591M.  Cash and equivalents on hand were about $80M, and a loan guarantee they note should get them into 2014, but raising money is something that Biotechs do on a regular basis.  So, we will not hold our breath.  In the last six months, insider ownership has increased by 2.8%, while institutional ownership has increased by a staggering 34% (here).

 

The company's lead drug is MM-398, which is a nanoliposomal encapsulation of the conventional chemotherapy Camptostar (irinotecan; Pfizer). 

is put in to make it last longer in the body as well as potentially attain drug concentrations required for optimum therapeutic efficacy in the target site while minimizing adverse effects on healthy cells and tissues. …
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Monoclonal Antibodies (Part 2)

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

Monoclonal Antibodies (Part 2)

(See also: Monoclonal Antibodies Part 1)

Courtesy of 

In Part 1 of Monoclonal Antibody Companies, I highlighted a leader in the field, Seattle Genetics (SGEN). It's technology incorporates monoclonal antibodies (mAb), and also allows for having a drug ‘tagged’ on the mAb, so that when the mAb attaches to a cell, it is ‘ingested’ into the cell, and the drug is released. The antibody-drug combination is called an antibody-drug conjugate (ADCs). ADCs are "empowered" antibodies. They are designed to use the targeting ability of the antibody to precisely deliver the toxic drug where it's needed, increasing its effectiveness and decreasing side effects.

Think of the technology as a bunker buster bomb, that is guided by a laser, hits its target, penetrates, and then destroys all from within.  Seattle Genetics has licensed its technology to several companies. Other companies are involved in this kind of research as well.

Antibodies are used by the immune system to clear pathogens from the body. The antibody protein is in the shape of a Y, where the trunk is the effector region (similar in most antibodies) and the ends of the Y are the variable regions (paratope) that bind the pathogen (antigen).

Antibodies are produced by B-cells and used by the immune system to identify and neutralize foreign material such as bacteria and viruses. There are several types of antibodies made for the defense of the body. (More here)

ImmunoGen, Inc. (IMGN, $12.92) was a pick several years ago…
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Biotechs Galore – A Few For Consideration

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

Biotech Corner: Monoclonal Antibody Companies (Part 1)

From The latest Market Shadows newsletter: A Failure to Communicate: Numbers, Rates & Lies

By Pharmboy

Biotech stocks are my passion. My alter-ego is a scientist, working in the field of biotech, and I love it.

The days of becoming the next Genentech or Amgen are over. Big Pharma will become the juggernauts that will sell and market the drugs, while smaller companies will fill the pipelines and keep the juggernauts running.  Premiums being paid to buy phase 1 compounds are increasing. Phase 1 includes all preclinical testing. The larger companies are paying 100M for phase 1 compounds, whereas it only takes about 25M to get to phase 1. (Phase 1 compounds are those that have completed very early trials, but for which there is no efficacy data yet.)

Typically, biotechs are more efficient than Big Pharma companies. The return on investments for biotech companies, if they are efficient and successful, is north of 300%. That is not a bad return….but biotechs are high risk and often have many failures that eat into those potential gains.

I am going to focus on a few companies that have a communal relationship to a technology – the monoclonal antibody (mAb) technology. Monoclonal antibody technology had its first success in 1986, when muromonab was approved for transplant rejection. mAb’s are specific to a particular target.  When a mAb binds to its target, it stimulates an immune response. The immune system then attacks the target and ‘kills’ the target.

Monoclonal Ab technology has exploded, with ‘tags’ now being attached to the mAb. Those tags can be radionucleotides, anti-neoplastic agents, other antibody-drug conjugates (ADC), and other proteins.  All of these tags are released when the mAb binds to its target, the conjugates then perform their actions. There is a very good review here.

 

 

There are several companies that have employed the technology of attaching a drug (ADC) to their specific mAb. One company that has both in-house and licensed-out technology is Seattle Genetics (SGEN, $25.31). SGEN is poised for growth – IF a few of its mAb’s prove to be effective in treading various blood cancers. The company licenses out its technology to Roche (Genentech), Celldex (CDLX), Progenics (PGNX), Abbott (ABT), Astellas and many other companies for various types of cancer.…
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Zero Hedge

OBAMAS MaSSiVe FiGHT WiTH WaLL STReeT...

Courtesy of ZeroHedge. View original post here.

Submitted by williambanzai7.

.

 

Our banks have admitted to crimes

And sentenced to pay a few dimes

While profits they see

Front-running QE

We're living in interesting times

The Limerick King

...

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Phil's Favorites

Another US Foreign Policy Success: Isis Controls Half of Syria after Palmyra Seizure

Courtesy of Mish.

Congratulations are in order for team Bush and team Obama for another stunning US foreign policy success: Isis Controls Half of Syria after Palmyra Seizure. Fighters from the Islamic State of Iraq and the Levant (Isis) have seized the Syrian city of Palmyra, home to a Unesco world heritage site, putting nearly half of Syrian territory in the jihadi group’s hands and sparking fears that treasured antiquities may be destroyed.

Isis announced it had “complete control” of the city on Thursday, and state television said President Bashar al-Assad’s forces had withdrawn from the city, which is known to most Syrians by its Arabic name Tadmur.

Ancient Palmyra is known to the world for its iconic avenue ...



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Chart School

STTG Market Recap May 21, 2015

Courtesy of Blain.

Another quiet session in a week full of them.  The S&P 500 gained 0.23% and the NASDAQ 0.38% as morning weakness was bought.  This is a good sign again, but these gains are of a grinding nature.  Existing home sales for April fell 3.3%, missing an expected 1% gain to 5.24 million units. Earlier in the week, reports showed home builder sentiment fell in May, but housing starts for April came in much better than expected.

Perhaps we have a nice little bull flag forming on the S&P 500 here after a breakout of a very long range.

...



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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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Kimble Charting Solutions

Red Hot Shanghai pushed above another resistance level

Courtesy of Chris Kimble.

When it comes to Red Hot stock markets the Shanghai index fits the bill. Below looks at the Year-To-Date performance of the Shanghai, DAX and S&P 500 indices.

CLICK ON CHART TO ENLARGE

As you can see the S&P 500 is lagging big time this year and even though the DAX is having a great year, the Shanghai is up twice as much.

What would stop this Shanghai? Could it be a key Fibonacci level? The chart below looks at the Fibonacci 61% level, based upon its 2007 weekly highs and the financial crisis lows in 2008.

...



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Insider Scoop

Salesforce Fair Value Now $76/Share

Courtesy of Benzinga.

Related CRM 10 Must Watch Stocks for Today Williams-Sonoma, Salesforce.com, Deckers Outdoor Lead Wednesday's After-Hours Movers Wall Street Breakfast: PMI Data Weighs On Global Markets (Seeking Alpha)

In a report published Thursday, Brean Capital analysts maintained a Hold rating on salesforce.com, inc. (NYSE: ...



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Pharmboy

Big Pharma's Business Model is Changing

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

Understanding the new normal of a business model is key to the success of any company.  The managment of companies need to adapt to the changing demand, but first they must recognize what changes are taking place.  Big Pharma's business model is changing rapidly, and much like the airline industry, there will be but a handful of pharma companies left at the end of this path.

Most Big Pharma companies have traditionally done everything from research and development (R&D) through to commercialisation themselves. Research was proprietary, and diseases were cherry picked on the back of academic research that was done using NIH grants.  This was in the heyday of research, where multiple companies had drugs for the same target (Mevocor, Zocor, Crestor, Lipitor), and could reap the rewards on multiple scales.  However, in the c...



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Sabrient

Sector Detector: Bullish technical picture appears to trump cautious fundamentals

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

Courtesy of Sabrient Systems and Gradient Analytics

By Scott Martindale

Stocks closed last week on a strong note, with the S&P 500 notching a new high, despite lackluster economic data and growth. I have been suggesting in previous articles that stocks appeared to be coiling for a significant move but that the ingredients were not yet in place for either a major breakout or a corrective selloff. However, bulls appear to be losing patience awaiting their next definitive catalyst, and the higher-likelihood upside move may now be underway. Yet despite the bullish technical picture, this week’s fundamentals-based Outlook rankings look even more defensive.

In this weekly update, I give ...



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OpTrader

Swing trading portfolio - week of May 18th, 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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Digital Currencies

Nasdaq's bitcoin plan will provide a real test of bitcoin hype

 

Nasdaq's bitcoin plan will provide a real test of bitcoin hype

By 

Excerpt:

Bitcoin, the virtual digital currency, has been called the future of banking, a dangerous fad, and almost everything in between, but we're finally about to get some solid data to help settle the debate.

On Monday, the Nasdaq (NDAQ) stock exchange said it would ...



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Market Shadows

Kimble Charts: US Dollar

Which way from here?

Chris Kimble likes the idea of shorting the US dollar if it bounces higher. Phil's likes the dollar better long here. These views are not inconsistent, actually, the dollar could bounce and drop again. We'll be watching. 

 

Phil writes:  If the Fed begins to tighten OR if Greece defaults OR if China begins to fall apart OR if Japan begins to unwind, then the Dollar could move 10% higher.  Without any of those things happening – you still have the Fed pursuing a relatively stronger currency policy than the rest of the G8.  So, if anything, I think the pressure should be up, not down.  

 

UNLESS that 95 line does ultimately fail (as opposed to this being bullish consolidation at the prior breakout point), then I'd prefer to sell the UUP Jan $25 puts for $0.85 and buy the Sept $24 call...



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Mapping The Market

An update on oil proxies

Courtesy of Jean-Luc Saillard

Back in December, I wrote a post on my blog where I compared the performances of various ETFs related to the oil industry. I was looking for the best possible proxy to match the moves of oil prices if you didn't want to play with futures. At the time, I concluded that for medium term trades, USO and the leveraged ETFs UCO and SCO were the most promising. Longer term, broader ETFs like OIH and XLE might make better investment if oil prices do recover to more profitable prices since ETF linked to futures like USO, UCO and SCO do suffer from decay. It also seemed that DIG and DUG could be promising if OIH could recover as it should with the price of oil, but that they don't make a good proxy for the price of oil itself. 

Since...



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Promotions

Watch the Phil Davis Special on Money Talk on BNN TV!

Kim Parlee interviews Phil on Money Talk. Be sure to watch the replays if you missed the show live on Wednesday night (it was recorded on Monday). As usual, Phil provides an excellent program packed with macro analysis, important lessons and trading ideas. ~ Ilene

 

The replay is now available on BNN's website. For the three part series, click on the links below. 

Part 1 is here (discussing the macro outlook for the markets) Part 2 is here. (discussing our main trading strategies) Part 3 is here. (reviewing our pick of th...

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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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