Author Archive for Chart School

Regression to Trend: The Latest Look at Long-Term Market Performance

Courtesy of Doug Short’s Advisor Perspectives.

Quick take: At the end of June the inflation-adjusted S&P 500 index price was 82% above its long-term trend, up slightly from 81% the previous month.


About the only certainty in the stock market is that, over the long haul, over performance turns into under performance and vice versa. Is there a pattern to this movement? Let’s apply some simple regression analysis (see footnote below) to the question.

Below is a chart of the S&P Composite stretching back to 1871 based on the real (inflation-adjusted) monthly average of daily closes. We’re using a semi-log scale to equalize vertical distances for the same percentage change regardless of the index price range.

The regression trendline drawn through the data clarifies the secular pattern of variance from the trend — those multi-year periods when the market trades above and below trend. That regression slope, incidentally, represents an annualized growth rate of 1.79%.

Regression to Trend

The peak in 2000 marked an unprecedented 142% overshooting of the trend — nearly double the overshoot in 1929. The index had been above trend for two decades, with one exception: it dipped about 15% below trend briefly in March of 2009. At the beginning of July 2016, it is 82% above trend, within the 69% to 91% range it has hovered in for the past 32 months. In sharp contrast, the major troughs of the past saw declines in excess of 50% below the trend. If the current S&P 500 were sitting squarely on the regression, it would be around the 1146 level.

Incidentally, the standard deviation for prices above and below trend is 40.6%. Here is a close-up of the regression values with the regression itself shown as the zero line. We’ve highlighted the standard deviations. We can see that the early 20th century real price peaks occurred at around the second deviation. Troughs prior to 2009 have been more than a standard deviation below trend. The peak in 2000 was well north of 3 deviations, and the 2007 peak was above the two deviations.

Stanrdard Deviations


Footnote on Calculating the Regression: The regression on the Excel chart above is an exponential regression to match the logarithmic vertical axis. We used the Excel Growth function to draw the line. The percentages…
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Moving Averages: June Month-End Update

Courtesy of Doug Short’s Advisor Perspectives.

Valid until the market close on July 29, 2016

The S&P 500 closed June with a monthly gain of 0.09% which follows a gain of 1.53% last month. All three S&P 500 MAs are signaling “invested” and all five Ivy Portfolio ETF MAs are signaling “invested”. In the table, monthly closes that are within 2% of a signal are highlighted in yellow.

The Ivy Portfolio

Monthly Close Signals

The above table shows the current 10-month simple moving average (SMA) signal for each of the five ETFs featured in The Ivy Portfolio. We’ve also included a table of 12-month SMAs for the same ETFs for this popular alternative strategy.

For a facinating analysis of the Ivy Portfolio strategy, see this article by Adam Butler, Mike Philbrick and Rodrigo Gordillo:

Backtesting Moving Averages

Over the past few years we’ve used Excel to track the performance of various moving-average timing strategies. But now we use the backtesting tools available on the ETFReplay.com website. Anyone who is interested in market timing with ETFs should have a look at this website. Here are the two tools we most frequently use:

Background on Moving Averages

Buying and selling based on a moving average of monthly closes can be an effective strategy for managing the risk of severe loss from major bear markets. In essence, when the monthly close of the index is above the moving average value, you hold the index. When the index closes below, you move to cash. The disadvantage is that it never gets you out at the top or back in at the bottom. Also, it can produce the occasional whipsaw (short-term buy or sell signal), such as we’ve occasionally experienced over the past year.

Nevertheless, a chart of the S&P 500 monthly closes since 1995 shows that a 10- or 12-month simple moving average (SMA) strategy would have insured participation in most of the upside price movement while dramatically reducing losses.

10-Month MA

Here is the 12-month variant:

12-Month MA

The 10-month exponential moving average (EMA) is a slight variant on the simple moving average. This version mathematically increases the…
continue reading





Market Recap Jun 30, 2016

Courtesy of Blain.

The panic mongering by the financial media leading up to the Brexit vote was downright embarrassing (and we were mocking it) – and with the benefit of hindsight a week later, it was downright pathetic in light of the way markets have acted.  The S&P 500 gained 1.33% and the NASDAQ 1.36%; zombies and locusts everywhere are very confused.  That said the violence of the move upward even surprises me.

There was more talk today of more central bank intervention which market participants ALWAYS love.   Bank of England Governor Mark Carney said further stimulus measures may soon be needed for the U.K. given the country’s vote to leave the EU.  The European Central Bank is considering changing the rules regarding the types of bonds it can buy as part of its stimulus package amid concerns it could run out of securities to buy under current stipulations, according to Bloomberg News.  (Convenient timing, eh?)

The Chicago PMI reading for June came in at 56.8, well above a May reading of 49.3.  Any reading over 50 signals expansion.

“The market is breathing a big sigh of relief that Brexit didn’t trigger the end of the world,” said Adam Sarhan, CEO of Sarhan Capital.

“We are clawing back from the losses after Brexit as investors realized that it was not the watershed event that they thought it was,” said James Abate, chief investment officer at Centre Asset Management LLC.

The S&P 500 is above all moving averages but bulls want to make sure that 50 day moving average begins to slope back upward.  The NASDAQ still has some work to do but is looking a lot better than 3 days ago of course.

spx

nasdaq

The NYSE McClellan Oscillator is almost in our yellow overbought band…after being in the red oversold band just days ago.

NYMO

The fly in the ointment remains 10 year yields – with this type of rally you’d expect yields to be north of 1.60% at least.

tnx

Shares of Hershey (HSY) surged 16.8% amid talks of a possible takeover bid from Mondelez (MDLZ). However, Hershey’s board unanimously rejected Mondelez’s offer Thursday afternoon.  Mondelez offered to pay $107 for each Hershey share, through a mix of cash and stock.

hsy

mdlz

Shares of Lions Gate Entertainment (LGF)  shed 3.4% following an agreement to be purchased by Starz (STRZA) for $4.4 billion in cash and stock. Starz’s shares popped 5.9%.

lgf

strza





S&P 500 Snapshot: Brexit Selloff Mostly Reversed

Courtesy of Doug Short’s Advisor Perspectives.

As of today’s close, most of the post-Brexit equities selloff has now been erased. The S&P 500 hovered just above the flat line during the first hour of trading and then continued the upward trend of the previous two sessions. It closed today with a 1.36% gain and is a mere 0.68% below its closing high on the 23rd before the Brexit vote count. The index finished the month of June with a fractional 0.09% gain and is up 2.69% year-to-date.

Here is a snapshot of past five sessions in the S&P 500.

S&P 500

Treasuries are less sanguine about the Brexit outcome. The yield on the 10-year note closed at 1.49%, down one basis point from the previous close and is 25 bps off its close before the Brexit vote count.

Here is a monthly chart of the S&P 500, which has been struggling below its record close in May of last year.

S&P 500

A Perspective on Drawdowns

Here’s a snapshot of selloffs since the 2009 trough.

S&P 500 Drawdowns

Here is a more conventional log-scale chart with drawdowns highlighted.

S&P 500 MAs

Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

S&P 500 MAs

A Perspective on Volatility

For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We’ve also included a 20-day moving average to help identify trends in volatility.

S&P 500 Snapshot





RecessionAlert Weekly Leading Index Update

Courtesy of Doug Short’s Advisor Perspectives.

The latest index reading comes in at 7.2, up from the previous week’s downwardly revised 6.5.

RecessionAlert has launched an alternative to ECRI’s Weekly Leading Index Growth indicator (WLIg). The Weekly Leading Economic Index (WLEI) uses fifty different time series from these categories: Corporate Bond Composite, Treasury Bond Composite, Stock Market Composite, Labor Market Composite, Credit Market Composite. RecessionAlert emphasizes that WLEI is a growth index and its data is no more than a week old, as is ECRI’s WLIg.

Here is an excerpt from the description:

Being a weekly growth index, it provides data with at most a 1-week lag, which is far more timely than the lag found on monthly economic indicators. Additionally, it is published on Thursday afternoons, a full 18 hours before the widely known ECRI Weekly Leading Index.

As with all weekly indices though, the data is far more volatile than monthly or quarterly indicators and the WLEI components are therefore subject to more false positives (calling recession when one does not occur.). The WLEI is heavily weighed toward financial market data, but the obvious advantage of this is that data revisions are minor and isolated to the Labor Market Composite and small portions of the Credit Market Composite.

RecessionAlert plans to add to the WLEI as they believe the categories are not broad enough to accurately predict all recessions. Link to description

The first chart uses data going back to 1973 and includes recession starts.

RecessionALERT WLI

Here we’ve zoomed in to the turn of the century and added in the ECRI WLIg for comparison. As you can see, the ECRI indiciator has repeatedly shown conspicuous contractions between recessions, enough to make an erroneous recesison call while the WLEI did not trigger such a call. The recent slow growth and market volatility is clearly evident in the WLEI, but not necessarily the WLIg. However, both indicators are in currently agreement in their directions of movement.

RecessionALERT and ECRI WLI Growth

Let’s look at the comparison with GDP growth since 1970. As you can see, not all negative GDP and slow growth has been matched by the WLEI, but all recessions match.

RecessionALERT and ECRI WLI Growth

Check back weekly as we watch this new indicator unfold and track economic health.





The Big Four Economic Indicators: Real Personal Income for May

Courtesy of Doug Short’s Advisor Perspectives.

Note: This commentary has been updated to include this yesterday’s release of the May data for Real Personal Income Less Transfer Receipts.


Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about as close as they get to identifying their method.

There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process. They are:

  • Nonfarm Employment
  • Industrial Production
  • Real Retail Sales
  • Real Personal Income (excluding Transfer Receipts)

The Latest Indicator Data

Personal Income (excluding Transfer Receipts) in May rose 0.25% and is up 4.1% year-over-year. When we adjust for inflation using the BEA’s PCE Price Index, Real Personal Income (excluding Transfer Receipts) rose 0.08%. The real number is up 3.1% year-over-year.

A Note on the Excluded Transfer Receipts: These are benefits received for no direct services performed. They include Social Security, Medicare & Medicaid, Unemployment Assistance, and a wide range other benefits, mostly from government, but a few from businesses. Here is an illustration Transfer Receipts as a percent of Personal Income.

The Generic Big Four

The chart and table below illustrate the performance of the generic Big Four with an overlay of a simple average of the four since the end of the Great Recession. The data points show the cumulative percent change from a zero starting point for June 2009.

Current Assessment and Outlook

The US economy has been slow in recovering from the Great Recession, and the overall picture has been a mixed bag for well over a year and counting. Employment and Income have been relatively strong. Real Retail Sales have been weak at best over the past eleven months, and Industrial Production has essentially been in a recession.

The next update of the Big Four will be our first look at the June data, namely, the numbers for Nonfarm Employment.

Background Analysis: The Big Four Indicators and Recessions

The charts above don’t show us the individual behavior of the Big Four leading up to the 2007 recession. To achieve that goal, we’ve plotted the…
continue reading





Chicago PMI Rebounds in June

Courtesy of Doug Short’s Advisor Perspectives.

The Chicago Business Barometer, also known as the Chicago Purchasing Manager’s Index, is similar to the national ISM Manufacturing indicator but at a regional level and is seen by many as an indicator of the larger US economy. It is a composite diffusion indicator, made up of production, new orders, order backlogs, employment, and supplier deliveries compiled through surveys.

The June report for Chicago PMI came in at 56.8, a 7.5 point increase from last month’s 49.3, it’s highest since January 2015.

Here is an excerpt from the press release:

Chief Economist of MNI Indicators Philip Uglow said, “June’s sharp increase in the MNI Chicago Business Barometer needs to be viewed in the context of the weakness seen in April and May. Looking at the three-month average provides a better guide this month to the underlying trend in the economy with activity broadly unchanged between Q1 and Q2. Still, on a trend basis activity over the past four months is running above the very low levels seen around the turn of the year.”

Let’s take a look at the Chicago PMI since its inception.

Chicago PMI

Here’s a closer look at the indicator since 2000.

Chicago PMI since 2000

Let’s compare the Chicago PMI with the more popular national ISM Manufacturing Index. Both indicies clearly follow one another with the ISM falling slightly lower on average. Note the ISM Manufacturing indicator is through the previous month.





Weekly Unemployment Claims: Up 10K from Last Week, Worse Than Forecast

Courtesy of Doug Short’s Advisor Perspectives.

Here is the opening statement from the Department of Labor:

In the week ending June 25, the advance figure for seasonally adjusted initial claims was 268,000, an increase of 10,000 from the previous week’s revised level. The previous week’s level was revised down by 1,000 from 259,000 to 258,000. The 4-week moving average was 266,750, unchanged from the previous week’s revised average. The previous week’s average was revised down by 250 from 267,000 to 266,750.

There were no special factors impacting this week’s initial claims. This marks 69 consecutive weeks of initial claims below 300,000, the longest streak since 1973 [See full report]

Today’s seasonally adjusted 268K new claims, up 10K from last week’s downwardly revised 258K, was above the Investing.com forecast of 267K.

The four-week moving average is at 266,750, unchanged from last week’s revised number.

Here is a close look at the data over the past few years (with a callout for the past year), which gives a clearer sense of the overall trend in relation to the last recession and the volatility in recent months.

Unemployment Claims since 2007

As we can see, there’s a good bit of volatility in this indicator, which is why the 4-week moving average (the highlighted number) is a more useful number than the weekly data. Here is the complete data series. This is the 69th consecutive week under 300K, the longest streak since 1973.

Unemployment Claims

The headline Unemployment Insurance data is seasonally adjusted. What does the non-seasonally adjusted data look like? See the chart below, which clearly shows extreme volatility of the non-adjusted data (the red dots). The 4-week MA gives an indication of the recurring pattern of seasonal change (note, for example, those regular January spikes).

Nonseasonally Adjusted Claims

Because of the extreme volatility of the non-adjusted weekly data, we can add a 52-week moving average to give a better sense of the secular trends. The chart below also has a linear regression through the data. We can see that this metric continues to fall below the long-term trend stretching back to 1968.

Nonseasonally Adjusted 52-week MA

Annual Comparisons

Here is a calendar-year overlay since 2009 using the…
continue reading





Moving Averages: Month-End Preview

Courtesy of Doug Short’s Advisor Perspectives.

Here is an advance preview of the monthly moving averages we track after the close of the last business day of the month. At this point, before the close on the last day of the month, all three S&P 500 strategies are signaling “invested” — unchanged from last month’s triple “invested” signal. Four of five Ivy Portfolio ETFs — Vanguard Total Stock Market ETF (VTI), iShares’ Barclays 7-10 Year Treasury (IEF), PowerShares DB (DBC) and Vanguard REIT Index ETF (VNQ), — are signaling “invested”, changed from last month’s all invested signal.

Month-End Preview

If a position is less than 2% from a signal, it is highlighted in yellow.

Note: Our inclusion of the S&P 500 index updates is intended to illustrate a popular moving moving-average timing strategy. The index signals also give a general sense of how US equities are behaving. However, for followers of a moving average strategy, the general practice is to make buy/sell decisions on the signals for each specific investment, not based on a broad index. Even if you’re investing in a fund that tracks the S&P 500 (e.g., Vanguard’s VFINX or the SPY ETF) the moving average signals for the funds will occasionally differ from the underlying index because of dividend reinvestment, which is not factored into the index closes.

The Ivy Portfolio

The second of the three adjacent tables previews the 10-month SMA timing signals for the five asset classes highlighted in The Ivy Portfolio.

We’ve also included (third table) the 12-month SMA timing signals for the Ivy ETFs in response to the many requests to include this slightly longer timeframe.


After the end-of-month market close, we’ll update the monthly moving average feature with charts to illustrate.

The bottom line is that these moving-average signals have a good track record for long-term gains while avoiding major losses. They’re not fool-proof, but they essentially dodged the 2007-2009 bear and have captured significant gains since the initial buy signals after the March 2009 low.





Market Recap Jun 29, 2016

Courtesy of Blain.

Remember when CNBC told us for 2 weeks that Brexit was going to lead to the end of humanity as we knew it?  Well the stock market finished today nearly where it was 7 trading days ago.  The zombies that came out to eat us alive are confused, and all the food in our bomb shelter 600 feet below ground level (where our servers are) is untouched.  BOOOOOORING.

entertained

Meh.  I’ve had better crisis than this Russell.  Give me some sweaty CNBC anchors in Greece, give me some synthetic mortgages backed by air, give me Cisco at 150x earnings, give me Pets.com valued at 88x revenue.  This?  Lame.

Far more interesting was the fact that “Brexit” passed “Porn” as the most searched term on google last week.

The S&P 500 gained 1.70% and the NASDAQ 1.86%.  In economic news, consumer spending rose 0.4% in May. Personal income increased 0.2%.

“It will take a long time for Britain’s relationship with the EU to be resolved, but it will take a short time for people to realize this is primarily Britain’s problem,” David Kelly, chief global strategist at JPMorgan Funds said.

The S&P 500 is back to just below the 50 day moving average which is beginning to slope downward – which probably is the bigger issue technically.  The NASDAQ rallied back to both the 100 day moving average and our trendline in blue which connects major lows of recent years.

spxnasdaq

From a positive reading to a -50 and back to a positive reading… all in 4 trading sessions.  Now that’s volatility!

NYMO

Here is the kicker – the FTSE is actually UP from where it closed pre-vote!

ftse

Despite the sharp 2 day rally, yields on the 10 year are not normalizing which still strikes as suspicious and “bearish”.

tnx

General Mills (GIS) climbed 3.2% after posting fiscal fourth-quarter adjusted earnings and revenue that topped Wall Street’s expectations. The maker of Cheerios cereal, Yoplait yogurt and other foods raised its quarterly dividend as well as its target for cost savings. This was actually a VERY nice chart even going into earnings as “boring stocks” have been where people have been hiding apparently.

gis

Tesaro (TSRO) more than doubled after the biotech company’s late-stage trials of an ovarian cancer treatment met primary endpoints.

tsro





 
 
 

Zero Hedge

German Stocks Facing Must-Hold Level

Courtesy of ZeroHedge. View original post here.

Via Dana Lyons' Tumblr,

Like many equity markets globally, the German DAX is testing critical trend support stemming from the 2009 lows.

Another day, another mega-trendline being tested in the global equity markets. Considering the bevy of trendline encounters around the world, it has become Trendline Week here on the blog and on Twitter (@JLyonsFundMgmt). And we’re not talking about obscure markets either. For example, we’ve already ...



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Phil's Favorites

Diving Into Deutsche Bank's "Passion to Perform" Balance Sheet

Courtesy of Mish.

Deutsche Bank shares have collapsed to lows deep under crisis lows and collapse of Lehman in the Great Financial Crisis. What’s going on?

An investigation of Deutsche Bank’s “Passion to Perform” balance sheet provides the clues.

The above clip from Deutsche Bank’s First Quarter 2016 Statement.

Details in red from page 61 (PDF page 63) of the 126 page report.

Key Liabilities

  • €559 billion deposits
  • €562 billion negative derivatives
  • €151 billion long term debt
...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

The world’s losers are revolting, and Brexit is only the beginning (Washington Post)

The world has enjoyed an unprecedented run of peace, prosperity and cooperation the last 25 years, but now that might be over. At least when it comes to those last two.

A Sober Economy Can Handle the Brexit Hit (Bloomberg View)

One of the main signs of the health of the global and U.S. economies is its ability to absorb a blow, and shake it off. At least tha...



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Chart School

Regression to Trend: The Latest Look at Long-Term Market Performance

Courtesy of Doug Short's Advisor Perspectives.

Quick take: At the end of June the inflation-adjusted S&P 500 index price was 82% above its long-term trend, up slightly from 81% the previous month.

About the only certainty in the stock market is that, over the long haul, over performance turns into under performance and vice versa. Is there a pattern to this movement? Let's apply some simple regression analysis (see footnote below) to the question.

Below is a chart of the S&P Composite stretching back to 1871 based on the real (inflation-adjusted) monthly average of daily closes. We're using a semi-log scale to equalize vertical distances for the same percentage change regardless of the index price range.

The regression trendline drawn through t...



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ValueWalk

John DeVoy, Former Baupost Director Hired By Loomis Sayles

By Jacob Wolinsky. Originally published at ValueWalk.

John DeVoy, a long time analyst at Seth Klarman’s Baupost Group has left the hedge fund for a position at Loomis Sayles. Devoy formerly worked at Loomis before spending close to ten years at the Boston based hedge fund. The news was announced via a press release from Loomis.  The statement says that DeVoy will be returning to the company “as a dedicated credit strategist for the flagship full discretion team.”

Also see Will Baupost Follow Its Own “North Star”

Baupost Group’s Seth Klarman Sees ’50 Shades of Value’

Devoy was a managing dir...



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Kimble Charting Solutions

Follow this leading indicator closely, resistance test in play

Courtesy of Chris Kimble.

Below compares the prices of Crude Oil and the New York Stock Exchange Index (NYSE) over the past couple of years.

Once Crude peaked in 2014, the NYSE Index make little upward movement after than, even though the trend for the prior few years was clearly up.

Over the past year (black rectangle box), the correlation has been quite high.

CLICK ON CHART TO ENLARGE

Are Crude Oil and the NYSE, both creating an inve...



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OpTrader

Swing trading portfolio - Week of June 27th, 2016

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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Mapping The Market

Thoughts on Brexit

I have mixed feelings about Brexit today. Clearly the European institution need reforming. The addition of so many countries in the last 20 years has created a top heavy administration. The Euro adds more complexities to the equation as the ECB policies cannot fit every country's problem. On the other hand, a unified Europe has advantages as well – some countries have benefited from the integration.

For Britain, it's hard to say what the final price will be. My guess is that Scotland might now vote for independence as they supported staying in Europe overwhelmingly. Northern Ireland might be tempted to leave as well so possibly RIP UK in the long run. I was talking to some French people and they were saying that now there might be no incentive for France to stop immigrants from crossing over to the UK like they do now and simply allow for travel there and let the UK deal with them. The end game is not clear to anyone at the moment....



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Digital Currencies

Bitcoin Tumbles 10%

Courtesy of ZeroHedge. View original post here.

One week ago, when bitcoin first crossed above $700 on the seemingly insatiable Chinese buying which we forecast last September (when bitcoin was trading at $230) would take place as a result of China's capital controls (to much pushback by the "mainstream" financial media), we tried to predict what may happen next. We said that "it could go much higher. That said, anyone who bought last September when the digital currency was trading at $230 may be advised to take some profits, and at least make...



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All About Trends

Mid-Day Update

Reminder: Harlan 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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Biotech

This Is Why Biotech Stocks May Explode Again

Reminder: Pharmboy and Ilene are available to chat with Members.

Here's an interesting article from Investor's Business Daily arguing that biotech stocks are beginning to recover from their recent declines, notwithstanding current weakness.

This Is Why Biotech Stocks May Explode Again

By 

Excerpt:

After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.

...



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Promotions

PSW is more than just stock talk!

 

We know you love coming here for our Stocks & Options education, strategy and trade ideas, and for Phil's daily commentary which you can't live without, but there's more!

PhilStockWorld.com features the most important and most interesting news items from around the web, all day, every day!

News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.   

If you are looking for non-mainstream, provocatively-narrated news and opinion pieces which promise to make you think -- we feature Zero Hedge, ...



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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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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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