Author Archive for ilene

These three firms own corporate America

 

These three firms own corporate America

Courtesy of Jan FichtnerUniversity of AmsterdamEelke HeemskerkUniversity of Amsterdam, and Javier Garcia-BernardoUniversity of Amsterdam

File 20170509 11015 1ydxdq8

The Big Three.

A fundamental change is underway in stock market investing, and the spin-off effects are poised to dramatically impact corporate America.

In the past, individuals and large institutions mostly invested in actively managed mutual funds, such as Fidelity, in which fund managers pick stocks with the aim of beating the market. But since the financial crisis of 2008, investors have shifted to index funds, which replicate established stock indices, such as the S&P 500.

The magnitude of the change is astounding: from 2007 to 2016, actively managed funds have recorded outflows of roughly US$1,200 billion, while index funds had inflows of over US$1,400 billion.

In the first quarter of 2017, index funds brought in more than US$200 billion – the highest quarterly value on record.

Democratising the market?

This shift, arguably the biggest investment swing in history, is due in large part to index funds’ much lower costs.

Actively managed funds analyse the market, and their managers are well paid for their labour. But the vast majority are not able to consistently beat the index.

So why pay 1% to 2% in fees every year for active funds when index funds cost a tenth of that and deliver the same performance?

Some observers have lauded this development as the “democratisation of investing”, because it has significantly lowered investor expenses.

But other impacts of this seismic shift are far from democratising. One crucial difference between the active fund and the index fund industries is that the former is fragmented, consisting of hundreds of different asset managers both small and large.

The fast-growing index sector, on the other hand, is highly concentrated. It is dominated by just three giant American asset managers: BlackRock, Vanguard and State Street – what we call the Big Three.

Lower fees aside, the rise of index funds has entailed a massive concentration of corporate ownership. Together, BlackRock, Vanguard and State Street…
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Brexit and weak government: a drama lesson from the Greek economy

 

Brexit and weak government: a drama lesson from the Greek economy

Courtesy of Alexander TziamalisSheffield Hallam University

File 20170619 28851 131f99q

EMstudio/Shutterstock

The UK is not the first country to stand on the brink of leaving the EU. It may enjoy a far bigger and more productive economy than that of Greece, but there are alarming structural similarities between the two economies that can’t be ignored. Just like the threat of Grexit, Brexit is predicted to hurt the UK economy. And now, after an indecisive election that weakened the government’s ability to govern, another similarity with troubled Greece is added. A critical one.

Chancellor Philip Hammond insists that the UK economy is “resilient”. But look closer and there are striking similarities with Greece, a country hit hard by recession.

Both enjoyed debt-fuelled prosperity. UK government debt rose even more aggressively than its Greek counterpart. Successive governments in Greece ran deficits for many years. They were committed to public services such as free healthcare and free education. Both countries maintain an expensive army, a large civil service and have spent billions to host Olympic games. The Greek government recently managed to reign in its deficits and currently experiences a structural surplus in its budget. The UK is still waiting.

Mixed blessing. Ververidis Vasilis/Shutterstock

Industry and property

Both countries saw industry decline in the 1980s, sparking greater reliance on the service sector for employment and tax revenues. In Britain, the service sector now accounts for 78% of GDP; in Greece it is 85%. Central to the Greek economy is tourism, the financial sector and real estate. It’s pretty much the same for Britain but in a different order.

The UK and Greece also share a culture of home ownership, boosted by cheap money, which has made real estate critical for both countries. The sharp fluctuations around the financial crisis made clear the risk of asset price bubbles, but this culture also renders the workforce less mobile and less likely to retrain, contributing to the massive…
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Cash is falling out of fashion – will it disappear forever?

 

Cash is falling out of fashion – will it disappear forever?

Courtesy of Bhaskar ChakravortiTufts University

File 20170623 29849 1vrzfri

An Indian man displays new currency notes of 2,000 Indian rupee. AP Photo/Ajit Solanki

On June 27, the ATM turns 50. Former U.S. Federal Reserve Chairman Paul Volcker once described it as the “only useful innovation in banking.” But today, the cash that ATMs dispense may be on the endangered list.

Cash is being displaced in so many ways that it’s hard to keep track. There are credit cards and electronic payments; apps such as Venmo, PayPal and Square Cash; mobile payments services; cryptocurrencies that operate outside the purview of central banks; and localized offerings such as Kenya’s mPesa, India’s Paytm and Bangladesh’s bKash. These innovations are encouraging cashlessness across communities worldwide.

It’s reasonable to expect cash to follow the path of other goods that have been replaced by digital alternatives, such as photos, music and movies. Will cash – and the ATMs that dispense it – experience a “Blockbuster” moment and disappear from our neighborhoods?

Not so fast. Cash will likely become less popular, thanks to the high cost of using cash and the growing array of alternatives. But I expect it will remain with us forever. The future will be “less cash,” rather than cashless.

The cost of cash

As of 2013, approximately 85 percent of the world’s transactions involved cash.

Reliance on cash is quite uneven across the world. While Singapore, the Netherlands, France, Sweden and Switzerland are among the least cash-reliant countries, in Malaysia, Saudi Arabia, Peru and Egypt, only 1 percent of transactions are cashless. Even some highly advanced countries, such as Japan, are still highly reliant on cash.

Cash usage in the U.S. is still high relative to EU countries. In 2015, cash usage in the U.S. represented 13.1 percent of its GDP, whereas it represented just 7.1 percent in France and 4.5 percent in Switzerland.

Concerns about social equity offer one motivation for lawmakers to push for cashless alternatives. My colleague Benjamin Mazzotta and I have studied the costs of cash across a wide range of countries, with…
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GM Says “Market is Definitely Slowing” Lowers Outlook for Vehicle Sales

Courtesy of Mish

Reuters reports GM Lowers Outlook for U.S. 2017 New Vehicle Sales, but not by enough in my estimation.

General Motors Co now expects U.S. new vehicle sales in 2017 will be in the “low 17 million” unit range, reflecting a widespread expectation that the industry is headed for a moderate downturn, a top executive said on Monday.

“The market is definitely slowing … it’s something we are going to monitor month to month,” Chief Financial Officer Chuck Stevens told analysts on a conference call. “Pricing is more challenging.”

U.S. new vehicle sales hit a record of 17.55 million units in 2016 after a boom that began in 2010. A glut of nearly-new used vehicles is expected to undermine sales this year. Major automakers have reported sales declines for the past three months.

GM had previously announced it expected 2017 new vehicle sales in the “mid-17 million” unit range. Stevens told analysts that sales could fall by 200,000 to 300,000 units this year but that the automaker had “somewhat insulated” itself from a downturn by reducing fleet sales, which lower vehicles’ residual values.

“We are going to remain disciplined from a go-to market perspective,” Stevens said.

He reiterated the company’s target to bring U.S. inventories of its vehicles down to 70 days’ supply by December from 110 days in June.

Reduced Consumer Sales, Reduced Fleet Sales, Reduced Inventories

If sales are down, then reducing inventory-to-sales ratios will require even less production. Durable goods reports do not show that happening.

Questionable Details

This morning I posted Durable Goods: Another Bad Report, Diving Into Questionable Details.

Shipments were supposedly up a total of 1.8% in April-May period. New Orders were supposedly up 1.7% in the same timeframe.

Let’s match this up with auto sales.

  1. June 1: Motor Vehicle Sales Flat, Hope Turns to Second Half: What About Fleet Sales? Incentives?
  2. May 2: Auto Sales Puke Again: Year-Over-Year Totals: GM -6%, Ford -7.2%, Toyota -4.4%, Fiat-Chrysler -7.0%
  3. April 3: Auto Sales Final Numbers: Down 5.7%, Two-Year Low; Don’t Worry, It’s Just a Plateau!

This morning I asked: “Are the auto manufacturers planning a big June and July? If so, why? Revisions anyone?”

Continue reading here…





Amazon Unveils Patented “Behive” Drone Delivery System for Cities

Courtesy of Mish

Amazon fulfillment centers, typically single-story warehouses located in suburbs, do not meet its goal of low-cost deliveries to city dwellers.

Amazon’s patented solution is multi-story, drone-delivery behive center warehouses smack in the middle of major cities.

Will this work?

If Amazon has its way, cities around the US will have vertical drone centers shaped like giant beehives in the middle of downtown districts, allowing the online retailer to coordinate speedy deliveries by unmanned aircrafts.

The company has filed for a patent for so-called “multi-level fulfillment centers” that would accommodate the landing and takeoff of drones in dense urban settings, the latest example of Amazon’s futuristic vision of reshaping the way people receive packages.

The application filed with the US Patent and Trademark Office, which was written in 2015 and published last week, included a number of drawings of drones flying in and out of tall cylinder-shaped buildings that Amazon wants to locate in central metropolitan areas.

The centers could be used to fulfill hundreds of thousands of orders a day, in part relying on a large volume of drones that continually pick up deliveries and can recharge their batteries at the site. The drone centers could also have a “central command” to control flight operations, which would be similar to a flight controller at an airport, Amazon said.

UK Test (Well Sort Of)

Last December, the Guardian reported Amazon claims first successful Prime Air drone delivery.

The trial was open to two customers in the UK who have huge gardens, live close to an Amazon depot and want items that weigh less than 2.6kg (5.7 pounds).

Patent? Why?

I fail to see why a patent was even granted for this concept.

A patent for flying drones out a building? What’s not inherently obvious about that?

Continue reading here…





Trump’s Folly: Oil is a Worthless Commodity and Saudi’s Crown Prince Knows It

 

Trump’s Folly: Oil is a Worthless Commodity and Saudi’s Crown Prince Knows It

Courtesy of Juan Cole, Informed Comment

Crude oil prices are cratering, down 20% this year, in the biggest 6-month free fall in years.

As Annie Pei of CNBC notes, Investment guru Dennis Gartman admitted in an interview with the network that petroleum is “a worthless commodity.”

Gartman said that prices could rally a bit in a couple of weeks, but added “I’ll tell you one thing: in the long run, crude oil is heading egregiously lower. . .” Egregiously here means like shockingly.

Of Saudi Crown Prince Muhammad bin Salman, Gartman said, “He understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity . . . It will be supplanted by something else.”

He is referring to the prince’s Vision 2030 plan for the kingdom, which hopes to get it off dependence on oil imports in only 4 years. That is, the crown prince knows that he is holding lakes worth of a stranded asset.

Some 70% of petroleum is used for transportation. Its use for electricity production in industrialized countries is rare.

The future of transportation is mass transit and electric vehicles. It took a decade for electric cars to reach 1 million on the road, in 2015. But in 2016 they doubled to two million, in just one year.

India, which has very little petroleum of its own, wants to cut down on its import bill, and avoid the kind of mega-smog now blanketing New Delhi. Its environment minister has therefore announced that he would like to see the Indian private automobile fleet be 100% electric by 2030!

India has about 70 million vehicles on the road. To replace them on this schedule, they’d have to buy about 5 million EV’s a year, 5 times more than were bought in the entire world last year. The Indian government says it will subsidize the process. If the Indian government subsidizes the engineering of an inexpensive Indian electric vehicle as well, it could take over the entire Asian market, tout de suite. Chinese EVs are already popular– the Chinese bought half a…
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Durable Goods: Another Bad Report, Diving Into Questionable Details

Courtesy of Mish.

With the second quarter roughly half over (from a data delivery standpoint), we have had three reasonably good or better hard data points, and at least a dozen bad ones.

Today we have another bad data point with Durable Goods Orders down 1.1%  vs an Econoday consensus of -0.4%.

Moreover, April was revised lower to -0.9% from -0.7%.

Aircraft had been the strength but is now the weakness for durable goods which, pulled down by a second straight downswing for commercial aircraft, fell 1.1 percent in May. When excluding transportation, a reading that excludes aircraft, orders actually rose, but not very much at only 0.1 percent which falls 4 tenths shy of Econoday’s consensus. An unquestionable negative in the report is an unexpected 0.2 percent decline for core capital goods orders (nondefense excluding aircraft).

Orders for commercial aircraft fell a rounded 12 percent for a second straight month with orders for defense aircraft, which are always volatile, also hurting May, down 31 percent. Shipments of core capital goods, like orders for this category, are another weakness in the report, down 0.2 percent and when combined with April’s tiny 0.1 percent gain, don’t point to any punch at all for business investment in second-quarter GDP.

But there are positives in the report including a solid 0.6 percent jump in machinery orders, a category that helped limit the monthly dip in capital goods. Vehicles are also a positive with a strong 1.2 percent gain that follows a 0.5 percent rise in the prior month. Shipments of vehicles are on a similar climb.

Other readings include a 0.8 percent gain in total shipments that follows, however, two prior declines and an unwanted 0.2 percent decline in total unfilled orders which is once again back in the contraction column. Inventories rose 0.2 percent which is about in line with the rate of general activity.

This report isn’t all bad but the capital goods readings are a tangible disappointment for the second-quarter outlook, pointing to lack of confidence in business prospects. The data contrast sharply with the ongoing strength in regional surveys. But in actual government data, the factory sector isn’t having a breakout year as some had hoped.

Regional Surveys

The regional surveys are a joke. They have not matched actual hard data for over a year.


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Lawyers Representing Bernie Sanders Supporters Fear for their Life

Courtesy of Pam Martens

Jared Beck of Law Firm Beck & Lee Trial Lawyers of Miami, one of the Law Firms that Brought the Lawsuit Against the DNC and Debbie Wasserman Schultz

Jared Beck of Law Firm Beck & Lee Trial Lawyers of Miami

Jared Beck is not a lawyer likely to file a frivolous motion in Federal court. He’s an honors graduate of Harvard Law School, where he was an editor of the Harvard Law Review, and a Phi Beta Kappa and summa cum laude graduate of Harvard College. Prior to setting up his own practice with his equally impressive wife, Elizabeth Lee Beck, he worked for two prominent corporate law firms where he represented clients like Cadbury, General Motors and Snapple.

Jared Beck is one of the lead lawyers representing supporters of Senator Bernie Sanders in a Federal lawsuit that charges that the Democratic National Committee (DNC) and its former Chair, Debbie Wasserman Schultz, engaged in overt acts to undermine the Sanders’ presidential primary campaign while boosting the prospects of Hillary Clinton as the Democratic Presidential nominee. The lawsuit makes charges of fraud, negligent misrepresentation, deceptive conduct, unjust enrichment, breach of fiduciary duty, and negligence. Under the DNC’s bylaws, it must act in a fair and impartial manner to all Democratic candidates during the primaries.

The lawsuit on behalf of Sanders’ supporters was filed on June 28, 2016. In less than two months, two young men who were potential witnesses in the case were dead. Seth Rich was a 27-year old DNC employee who was shot to death in Washington D.C. on July 10, 2016. Police continue to work on the theory that the murder was a botched robbery, despite the fact that nothing was taken from Rich’s body.

Less than a month after Rich was found dead in the street, Shawn Lucas, the 38-year old who was the process server of the DNC lawsuit, was found dead on his bathroom floor on August 2, 2016. Lucas would have been called as a witness because the attorneys for the defendants claimed his service of the lawsuit had been “insufficient service of process.” Three months after his death, the Chief Medical Examiner’s office determined the cause of death to be: “Combined adverse effects of fentanyl, cyclobenzaprine, and mitragynine.” The manner of death was listed as an “Accident.” See our report on the findings here.


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The Dynamics of Depletion

Courtesy of The Automatic Earth



Paul Klee Ghost of a Genius 1922

The Automatic Earth has written many articles on the topic of EROEI (Energy Return on Energy Invested) through the years, there’s a whole chapter on it in the Automatic Earth Primer Guide 2017 that Nicole assembled recently, which contains 17 different articles.

Still, since EROEI is the most important energy issue there is at present, and not the price of oil or some new gas find or a set of windmills or solar panels or thorium, it can’t hurt to repeat it once again, in someone else’s words and from someone else’s angle. This one comes from Brian Davey on his site CredoEconomics, part of his book “Credo”.

It can’t hurt to repeat it because not nearly enough people understand that in the end everything, the survival of our world, our way of life, is all about the ‘quality’ of energy, about what we get in return when we drill and pump and build infrastructure, what remains when we subtract all the energy used to ‘generate’ energy, from (or at) the bottom line.

Anno 2017, our overall ‘net energy’ is nowhere near where it was for the first 100 years or so after we started using oil. And there’s no energy source that comes close to -conventional- oil (and gas) when it comes to what we are left with once our efforts are discounted, in calories or Joules.

The upshot of this is that even if we can ‘gain’ 10 times more than we put in, in energy terms, that won’t save our complex societies. To achieve that, we would need at least a 15:1 ratio, a number straight from our friend Charlie Hall, which is probably still quite optimistic. And we simply don’t have it. Not anymore.

Also, not nearly enough people understand that it has absolutely nothing to do with money. That you can’t go out and buy more or better energy sources. Which is why we use EROEI instead of EROI (Energy Return on Investment), because the latter leaves some sort of financial interpretation open that doesn’t actually exist, it suggests that a financial price of energy plays a role.

First, here’s Nicole from the…
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Dear Barry Ritholtz, Can We Please Discuss Illinois?

Courtesy of Mish.

Bloomberg columnist Barry Ritholtz is a firm believer that government knows better how to spend your money than you do.

Ritholtz is on another tirade now, this time crowing loudly The Kansas Supply-Side Experiment Unravels. Ritholtz’s solution, as always, is more tax hikes.

Let’s take Ritholtz’s observations, complaints, and analysis and apply them to Illinois.

Ritholtz says Governor Sam Brownbacks’s “Tax cuts were supposed to spur growth, boost revenue and create jobs. The results were the exact opposite.”

When did the problems start?

Barry provides the answer “Kansas was one of the highest outbound migration states in 2014, 2015 and 2016. As recently as 2012 and 2011, Kansas didn’t make the lists of states with high migratory outflows.”

Blasting economically illiterate socialists is an easy game so there is not much of a story here so far.

However, Ritholtz made a story with this paragraph.

Have an exit strategy: Because Kansas didn’t focus on specific and measurable benchmarks, it had no way to know when to pull the plug. This is important, as the legislature was forced to wait until things were unequivocally bad and getting worse before taking steps to end the experiment. An exit strategy based on specific goals would have saved a lot of unnecessary austerity-induced pain for the people of Kansas.

Oil Considerations


Continue reading here…





 
 
 

Phil's Favorites

What Jeff Bezos gets wrong (and right) with his populist philanthropy

 

What Jeff Bezos gets wrong (and right) with his populist philanthropy

Courtesy of Ted Lechterman, Stanford University McCoy Family Center for Ethics in Society

Jeff Bezos, the world’s second-richest person, trails his peers when it comes to generosity. His family’s donations to hospitals, museums and universities rarely make headlines, and he hasn’t signed the ...



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ValueWalk

Rapid rise of Chinese debt

By Dan Steinbock. Originally published at ValueWalk.

Despite seemingly mixed messages, China’s great shift from easing to tightening has begun. While growth will continue to decelerate, it can still remain on the deceleration track, even as deleveraging has begun.
In May, Moody’s Investor Service downgraded China’s credit rating. But it took less than a day for Chinese financial markets to recover from the downgrade. Recently, index giant MSCI announced the partial inclusion of China-traded A-shares in the MSCI Emerging Market Index. After all, China is currently under-represented in global equity indices relative to its economic influence. The inclusion is predicated on a long and gradual move.
In brief, Moody’s believes that the rapid rise of Chinese deb...



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Mapping The Market

The App Economy Will Be Worth $6 Trillion in Five Years

Courtesy of Jean-Luc

This would be excellent news for AAPL and GOOG to a lesser extent although not inconsequential:

The App Economy Will Be Worth $6 Trillion in Five Years 

In five years, the app economy will be worth $6.3 trillion, up from $1.3 trillion last year, according to a report released today by app measurement company App Annie. What explains the growth? More people are spending more time and -- crucially -- more money in apps. While on average people aren't downloading many more apps, App Annie expects global app usership to nearly double to 6.3 billion people in the next five years while the time spent in apps will more than double. And, it expects the...



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OpTrader

Swing trading portfolio - week of June 26th, 2017

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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Insider Scoop

Mid-Day Market Update: Crude Oil Up Over 2%; Xenon Pharmaceuticals Shares Slide

Courtesy of Benzinga.

Midway through trading Tuesday, the Dow traded up 0.10 percent to 21,430.46 while the NASDAQ declined 0.29 percent to 6,228.91. The S&P also rose, gaining 0.03 percent to 2,439.75.

Leading and Lagging Sectors

Energy shares rose by 0.67 percent in the US market on Tuesday. Top gainers in the sector included Zion Oil & Gas, Inc. (NASDAQ: ZN), Teekay Offshore Partners L.P. (NYSE: TOO), and SunCoke Energy Inc (NYSE: SXC).

In trading on Tuesday, technol...



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Zero Hedge

Seattle Min Wage Hikes Crushing The Poor: 6,700 Jobs Lost, Annual Wages Down $1,500 - UofW Study

Courtesy of ZeroHedge. View original post here.

Just last week we noted that McDonalds launched plans to replace 2,500 human cashiers with digital kiosks like the ones below (see: McDonalds Is Replacing 2,500 Human Cashiers With Digital Kiosks: Here Is Its Math):

Of course, no matt...



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Chart School

Kelly Heros Sgt. OddBall philosophy to read stock charts

Courtesy of Read the Ticker.

Sgt OddBall said these famous words "Don’t hit me with them negative waves so early in the morning!".



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readtheticker.com PnF charts allows the chart reader the judge price waves of both positive and negative.

Waves are judged 3 (power), 2 (significant), 1 (above average). Blue is up, Red is down.

For each PnF wave you should judge: breaking into new ground or not, thrust, volume, net volume, strength (3, 2 or 1).

In an uptrend (mark up): You wish to see blue positive 3s and 2s controlling the trend, breaking into n...

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Biotech

We have a vaccine for six cancers; why are less than half of kids getting it?

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

 

We have a vaccine for six cancers; why are less than half of kids getting it?

Courtesy of Electra D. Paskett, The Ohio State University

Early in our careers, few of us imagined a vaccine could one day prevent cancer. Now there is a vaccine that keeps the risk of developing six Human Papillomavirus (HPV)-related cancers at bay, but adoption of it has been slow and surprising low.

Although it’s been available for more than a decade, as of 2014 only 40 percent of girls had received the full three doses of the vaccine, while only ...



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Digital Currencies

Bitcoin Buyer Beware

Courtesy of Zero Hedge

Entrepreneurs have a new trick to raise money quickly, and it all takes place online, free from the constraints of banks and regulators. As Axios reports, since the beginning of 2017, 65 startups have raised $522 million using initial coin offerings — trading a digital coin (essentially an investment in their company) for a digital currency, like Bitcoin or Ether.

One recent example, as NYT reports, saw Bay Area coders earn $35 million in less than 30 seconds during an online fund-raising event...



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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Members' Corner

Robert Sapolsky: The biology of our best and worst selves

Interesting discussion of what affects our behavior. 

Description: "How can humans be so compassionate and altruistic — and also so brutal and violent? To understand why we do what we do, neuroscientist Robert Sapolsky looks at extreme context, examining actions on timescales from seconds to millions of years before they occurred. In this fascinating talk, he shares his cutting edge research into the biology that drives our worst and best behaviors."

Robert Sapolsky: The biology of our best and worst selves

Filmed April 2017 at TED 2017

 

p.s. Roger (on Facebook) saw this talk and recommends the book ...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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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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FeedTheBull - Top Stock market and Finance Sites



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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