Phil's Newsletter

Triple-Top Tuesday – 2,100 and Bust Again on S&P 500?

SPY  5  MINUTEHere we go again!  

Yet another low-volume, BS rally takes us back to the "breakout" level of S&P 2,100 and we get moves like this because TA sheeple are so easy to fool that fooling them has essentially turned into a profit center at many iBanks and Hedge Funds.

After all, what is the value of a stock if not whatever the last idiot paid for it?  Since that actually sounds like a puzzle to most of the people reading it – we Fundamental investors will always have a tremendous advantage in almost any kind of market – EXCEPT THIS ONE!  

This market, like any bubble market, is a fool's paradise that rewards the rats for hitting the BUYBUYBUY button – over and over again.  Train them well enough and, long after the cheese stops coming, the rat will still keep hitting that button, over and over again – until they have no money left to buy with – and then they seem downright surprised when they get dissected at the end of the experiment!  

11-2-2015 6-17-05 PM

Look who "won" the most recent round of S&P madness.  All the most shorted stocks led the rally – almost as if SOMEONE were purposely squeezing the stocks to force people to capitulate and buy some of the worst stocks in the index – just to provide enough energy to get us back over that 2,100 mark one more time.  How manipulated was the action?  So much so that, at 10:35 am, I was able to say to our Members:

As the moment we have Dow (/YM) 17,684 (85 off the recent high), S&P (/ES) 2,085 (9 short), Nasdaq (/NQ) 4,669 (21 shy) and Russell (/TF) 1,166 (down 10).  Figure they make an effort to get those back and a failure at 17,750 or 2,100 or 4,700 or 1,175 are all good potential short entries. 

We hit our targets right on the button so, at 3:05 pm in our Live Chat Room, I said:

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Monday Market Movement – Critical Tests Ahead

Embedded image permalinkI'm not talking about China.

We did that already in our Live Member Chat Room and you can follow this link to find out all about what's going on over there.  China is still conducting their Plenary Meeting this week and we'll get the details of their next 5-year plan by the week's end – no point in speculating but, on the whole, we're expecting disappointment as the reality hits investors that you can't fix a $10Tn economy while simultaneously pretending it doesn't need fixing

You'll hear a lot of people telling you how much Europe's PMI has improved (Asia's was terrible!) in October but, in reality, it still sucks compared to 2011 and, keep in mind, this is the Global Economy WITH over $3Tn in stimulus from China, Europe, the US and Asia – what would it look like without these massive inflows of FREE MONEY?  

There are a lot of moving parts to the Global economy and it's easy to forget the context, especially when we're in year 6 of QE programs, which means there are hundreds of thousands of traders who began their careers post-crash who have never known any other kind of economy.  Sure, 5% of the Global GDP is always used to prop up the equity markets and force down bond rates each year.  It's bound to continue another 5 years.  After all, what can possibly go wrong?

We get our own PMI report this morning at 9:45 followed by ISM at 10.  Tomorrow we'll have Economic Confidence (8:30) and Factory Orders (10:00) and then, on Wednesday, Fed speak begins with Brainard at 5:30, Harker (8:45), Yellen (9:45), Dudley (2:30) and hawkish Fisher (6pm) gets the last word of the day.  Seems like they are afraid of something on Wednesday – probably it's Mortgage Applications at 7am or maybe they are trying to get ahead of Thursday's Productivity Report (8:30) or Friday's Non-Farm Payrolls (8:30).

Whatever it is, it's something as we have Harker again on Thurs (8:30) and Dudley again (8:30), Fisher again (9:10), Evans (10:40), Tarullo (12:45) and Lockhart (1:30) plus Bullard (7:30) and Brainard (4:15) on Friday.  That is, by far, the most
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Spooky Markets – October’s 10% Gains May Lead to November Pains

There's still plenty to worry about.

Despite one of the best months ever for stock market bulls, these stimulus-driven rallies do not tend to have a lot of staying power and now that the Fed has once again not raised rates (and neither has the BOJ this morning) - where is the next catalyst going to be coming from.  What is going to drive us over the Summer highs of 2,132 on the S&P, 18,137 on the Dow, 5,232 on the Nasdaq, 11,032 on the NYSE and 1,296 on the Russell?  

Considering the Russell 2,000 is actually DOWN 35 points for the year at 1,165 and still 10% off it's June highs – one has to wonder what the Hell is wrong with America's small-cap index or, perhaps more correctly, what the Hell is wrong with the Dow, Nasdaq and S&P?  As you can see on this chart, the Russell stocks have not benefitted from the massive QE boost the way the Big Boys in the Big Indexes have – and neither has the broad-based NYSE, which is 6.7% off it's May high and down 2.7% for the year.  

In truth, in much the same way as the 0.01% are making Billions while the bottom 99% are struggling to make ends meet – the Top 1% of our Corporate Citizens are becomming astoundingly wealthy – getting ever-larger slices of the pie while the bottom 9 out of 10 of our Business brothers struggle to survive.  If the US GDP is growing 1.5% and AAPL, MSFT and GOOG grow 20% – where does the other 18.5% come from?  

There is a myth of an ever-expanding pie which is used by Conservative pundits to make excuses for people who have half the pie already to take another big, fat slice but the pie is not growing folks – not that fast anyway and, when they take themselves a bigger slice, that simply leaves less for you.  Well, maybe not YOU – you are reading a stock market report in the morning, so you are a reasonably successful person – much more so than than the bottom 51% of this country, who make less than $30,000 per year.  …
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GDPhursday – Fed Thrill Ride Continues

SPY 5 MINUTEWheeeeeee, what a ride!  

We were doing a Live Webinar for our Members during the Fed excitement yesterday and our short positions into the Fed paid off HUGE – and then they reversed but now our new shorts are paying off HUGE this morning – and who knows what will happen after today's GDP Report (8:30)?  

We took advantage of the silly move up into the close to press our index hedges on SQQQ and SDS in both our Short-Term Portfolio and our Option Opportunity Portfolio which is still drifting around the +15% level as we near the end of our 3rd month.  Our best-timed call of the afternoon came at 3:25, when I said to Members in our Live Chat Room:

19,200 is a bridge too far for /NKD – good short as long as the Dollar is under 98. 

See – Futures trading is FUN!  Early this morning (4:03 am, EST) in our Live Chat, I put up a note for the morning shorting lines on our indexes:

We just lost 2,080 on /ES and 1,175 on /TF, so those are fresh bearish horses (tight stops above) and we're lined up with /YM 16,650 and /NQ 4,665 so make sure all are below if you are shorting. 

Already this morning the S&P is back to 2,075 so our stop is 2,075 for a nice $250 per contract gain that pays for our Egg McMuffins – a nice way to start the day.  They Russell is testing the 1,170 line and that one is good for $500 per contract – maybe croissants this morning!  

It's wonderful to be able to take advantage of silly market moves after hours.  Have you ever read something in the paper and wished you could place a trade but the markets are closed?  Futures trading fixes that problem.  Speaking of trading problems, Jim Edwards at Business Insider just published a list from Credit Suisse of "13 psychological biases that explain why we make terrible financial decisions even though they
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Wednesday Worries – Will a Surprise Fed Rate Hike Spook the Markets?

VIX WEEKLYI'm still the only one expecting this.

The markets are near record highs, China has a 6.9% GDP (our less than exciting GDP report comes out tomorrow), Europe has settled down, the currency markets are calm and investors are back to being complacent.  What better time than today for the Fed to raise rates?  

Remember, the Fed was going to raise rates in July, but they put it off to September and, in that meeting, they said:

After assessing the outlook for economic activity, the labor market, and inflation and weighing the uncertainties associated with the outlook, all but one member concluded that, although the U.S. economy had strengthened and labor underutilization had diminished, economic conditions did not warrant an increase in the target range for the federal funds rate at this meeting. They agreed that developments over the intermeeting period had not materially altered the Committee's economic outlook. Nevertheless, in part because of the risks to the outlook for economic activity and inflation, the Committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated and bolstering members' confidence that inflation would gradually move up toward 2 percent over the medium term.

SPY DAILYThat meeting was held on September 17th and the S&P 500 was at 1,950, having just recovered from the August crash.   The Fed's non-move did not have the desired effect and the market dropped right back to the lows after their announcement that the economy wasn't quite strong enough to handle a rate hike. 

Now we're 5% higher than we were and the Fed is essentially damned if they do or damned if they don't hike rates (which is why we're short the indexes up here) and they do NEED to hike rates – that's very clear from reading the minutes.  So why wouldn't they hike rates today, when the conditions are favorable and the markets can stand a small hit?  Who knows where we'll be on Dec 16th (next meeting) or Jan 27th?  

Aside from this being perfect timing to hike the rates – the Fed
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Tricky Tuesday – More China Easing Spooks the Bears

HANG SENG INDEX (^HSI)Oh this is so ridiculous!  

After opening down 200 points (1%) the PBOC boosted the Chinese markets with yet another announcement of easing monetary policy.  This time the PBOC cut borrowing cost on reverse REPOs

The PBOC reduced its one-year lending rate to 4.35 percent from 4.6 percent effective Saturday, while the one-year deposit rate was cut to 1.5 percent from 1.75 percent. Reserve requirements for all banks were lowered by 50 basis points, with an extra 50 basis-point reduction for some.

"Now that the deposit rate is entirely liberalized, the market is more focused on the rates in open-market operations," said Cici Wang, an analyst at Citic Securities Co. in Beijing who expects the seven-day repo rate to fall to about 2.2 percent. "Deflationary pressure became more marked this year.”

Embedded image permalinkCLEARLY the PBOC is terrified of another market correction and will do ANYTHING to support it – even look like idiots as they add more stimulus measures the next market day after they announced another fresh batch.  This is not economic policy – this is micro-managing the markets and you don't micro-manage things you aren't very concerned about, do you?

Keep in mind, in the big picture, the Shanghai is still down 35% from 5,200 just a few months ago, so whether it goes up or down 1% in a single session should not be something China's Central Bank should be fussing with, yet they are TERRIFIED of any sign of weakness.  And well they should be – 40% off or more from the highs is NOT where you want to finish your year and China certainly doesn't want the market collapse to mar their 13th Plenary Session this week. 

Indeed, just like in the US, everything is AWESOME in China – at least according to the state-controlled media (theirs, not ours – well, ours too).  In fact,…
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Monday Morning Market Notes – Mapping the Week Ahead

Not much reaction to China's rate cut on Friday: 

Embedded image permalink

Up 0.5% after a surprise rate cut on Friday when we're still 35% off the highs is NOT what you want to see in an "improving market" – especially one that is "growing at a 6.9% annual pace."  Oh sorry – I had to take a break to fall off my chair laughing…  That's right – there are STILL people out there who believe China's GDP numbers are real.  Personally, I'm bored discussing them so let's leave them to their delusions and take advantage of our chance to short China's ETF (FXI) as it retests $40.

SPX WEEKLYOur own markets have been much more exciting anyway, with the S&P blasting up 200 points (10.6%) in just 4 days last week.  This is, of course, perfectly normal in an $18.5Tn index.  After all, according to the Money Flow index, a whole net $73Bn flowed into the S&P last week, so doesn't it make perfect sense for the index to gain $1,800Bn in value?  

ALL it's going to take is another 24 weeks like that and the flow of money in will catch up to the implied gain in value – that should be no problem, right?  I know I have at least $10Bn laying around somewhere to throw into the pot, chasing after all these overpriced stocks – how about you?

As I noted on Friday, Google (GOOG), Microsoft (MSFT) and Amazon (AMZN) alone added $100Bn (5%) of the S&P's market cap gains and the rest was pretty much other stocks following their lead.  As you can see from the performance chart, Healthcare and Basic Materials got left behind but it was a huge week for Industrials and Technology and even Consumer Goods, Financials and Services joined the party.  

As nicely summed up by Dave Fry:

The ECB is rumored, due to little bond supply to buy stocks with their QE program. Doing so

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TGIF – Stop the Rally, We Want to Get Off!

Now China has lowered their lending rates – again!  

That's right, first thing this morning, the PBOC announced another 0.25% rate cut at 7:30 this morning along with a 50 basis point reduction in reserve requirements AND completely removed the bank deposit rate ceiling.  That, of course, sent our Futures flying and, as I noted yesterday, is surely more proof that China's 6.9% GDP growth numbers are legitimate – Central Banks always panic with massive quantitative easing when their economy is growing 6.9% per year, right?  

Fortunately, we had flipped long on the Russell (/TF) futures into yesterday's close at 1,155 and those punched up $1,000 per contract gains but, unfortunately, we were short on the S&P (/ES) futures at 2,050 and those are down $1,000 per contract at 2,070.  So, what do we do?  We take the profits from /TF and buy more /ES shorts at 2,070, of course!  By the way, the replay of Tuesday's Live Futures Trading Webinar is HERE.  

Our weekly live trading webinars are occasionally fee (Tuesday's was) but are part of the service provided to followers of our Options Opportunity Portfolio over at Seeking Alpha.  Even though we got this week "wrong" by working our way into neutral (down $300 since last weekend's review) it's because we are protecting what are now $18,645 in gains (18.6%) on closed positions since our August 8th inception date:  

Many of these may seem familiar to readers of our morning posts, as we often discuss similar position in our morning reports but it's inside the Member Site where we mark the actual trades, live, while the markets are open and then track them in virtual portfolios like this one.  Oddly enough, the ultra-short Nasdaq ETF (SQQQ) has been one of our biggest winners but it's also our biggest current loser on the open side.  We'll be repositioning those this morning on the super-spike back to 5,000 (about 4,625 on /NQ). 

Embedded image permalinkAs you can see, our other big winner was Dow ETF (DIA) longs.   We're just as happy to make money on the long side as the
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Draghi Fever Thursday – Aren’t You Fed Up with the BS Yet?

I've got Draghi fever, she's got Draghi fever

We've got Draghi fever, we're in debt

She's gone Dollar crazy, I've gone Euro hazy

Ain't no thinking maybe, we're in Debt

Are we still taking this GS puppet seriously?  

Well, someone is as the Global Markets are anxiously waiting to hang on every word Draghi says in his speech following the ECB rate non-decision (you heard it here first) at 8:30.  The truth is that the Central Banksters are running out of ammunition and have now begun to ask the Governments to reverse the austerity programs they demanded to now stimulate the economies before deflation begins to erode the value of the Bankster's assets, which would collapse their loan to value ratios and lead to BIG TROUBLE in very short order.  

The ECB is already running a $1.2 TRILLION bond-buying program, providing up to $70Bn in MONTLY artificial support for Sovereign Debts.  Without this backstop – one has to wonder what the real interest rates in Europe would be.  All that this form of QE actually accomplishes is allowing countries with very risky credit to borrow more and more money while the population of savers is underpaid on their retirement accounts.  

Did I say underpaid?  That's an understatement as rates have now gone NEGATIVE as some banks are now charging fees to depositors and paying no interest at all!  The official rates in Switzerland, Sweden and Denmark have already gone negative as Governments are pulling out all the stops to get their people to throw their retirement accounts into the stock market or, in the very least – to go spend it on something.  

Does that sound insane?  Insanity is defined as doing the same thing over and over again and expecting different results.  Along with the ECB decision…
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Whipsaw Wednesday – Fake Futures Move Makes Great Short Entries

What an insane market!  

At 4 am, just after Europe opened, the Futures blasted off for no particular reason.  It wasn't too surprising as they were the same long lines we played in yesterday's Live Futures Trading Webinar – so great money to be made by the early risers but now we're back to the lines we shorted earlier yesterday, at 11:10, when I said to our Members:

Lines of the moment are /YM 17,200 (below), /ES 2,035 (below), /NQ 4,450 (below) and /TF 1,165 (below) with /ES at 2,028.5 playable short with a stop over 2,030 (or any of the others going over) and then short the laggard if we're back at 2,035.  

This morning we're right back at 17,200, 2,030, 4,445 and 1,165 so of course we're back in the saddle again – taking our short entry on the Russell as we follow our shorting rules, which are:

I do like shorting our majors this morning at 17,200, 2,035, 4,450 and 1,165 – ONLY ON CROSSES BELOW by the 3rd of 4 and out if ANY of the 3 cross back over and needing to quickly see the 4th index confirm the drop.  

Follow those simple rules and, as we demonstrated in yesterday's webinar, you can limit your losses while waiting for that big victory when things break your way.  We made about $200 live for our Webinar participants – who else gives a webinar where the attendees come out ahead?  

As you can see from Declan's S&P 500 chart from PSW's Chart School, 2,050 is a major line of resistance but 2,035 (see yesterday's post) is the 5% line on our Big Chart and that has been unbreakable during the live sessions so the market manipulators are now pulling out all the stops to push us over the line in the thinly traded futures to keep the retailers thinking Everything is AWESOME – even when the data shows that it clearly is not.  

We're not going to complain about the blatant market manipulation because we're part of the Top…
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Zero Hedge

The Case For Brexit

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

With the market still strongly disagreeing with the polls over how BREMAIN is a done deal...

TrueSinews' Sean Corrigan explains why in his contrite "case for Brexit"...

‘Dear True Sinews, what are your thoughts on Brexit? Roger Bootle wrote a piece in the Telegraph yesterday suggesting that just because everyone is saying one thing, it doesn’t necessarily follow they are right Curren...

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Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

It hasn't been this bad for US manufacturing since the financial crisis (Business Insider)

The manufacturing recession may not have ended yet.

American companies are 'masking' a $6.6 trillion mountain of debt (Business Insider)

Debt can be a good thing. It gets the wheels of the economy moving.


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Phil's Favorites

IMF Demands "Unconditional" Debt Relief for Greece (Mish Says "Prove It")

Courtesy of Mish.

Most political and financial demands are nothing but bluffs or lies.

For example, on May 14, I noted Greece “Demands” Debt Relief, Owes Troika €11+ Billion by July.

That “demand” lasted one week. On May 22, I wrote Despite Depression, Greece Forced to Hike VAT, Add New Taxes.

Today the IMF demanded Europe to Give Greece ‘Unconditional’ D...

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Chart School

Market Recap May 23, 2016

Courtesy of Blain.

Monday was a choppy but quiet session with a bout of selling into the close pushing the S&P 500 down 0.21% and the NASDAQ 0.08%.    Fed Chair Janet Yellen is due to speak Friday afternoon, and again on June 6 so markets will wait to see if it’s the normal “dovish” Janet or “hawkish” Janet makes a rare appearance.  Always bet on dove until otherwise proven.

“I think the real focus is on the Fed. With the economic numbers continuing to improve I think the chances of a Fed rate hike continue to grow,” said Peter Cardillo, chief market economist at First Standard Financial.   “The market is probably just going to stay within a tight trading range here,” he said.

Indexes remain in tepid condition.


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Bayer Offers to Purchase Monsanto for $62 Billion

By Jacob Wolinsky. Originally published at ValueWalk.

On Monday, German conglomerate Bayer AG finalized its $62 billion takeover offer for American agrochemical company Monsanto (MON). The acquisition would create the largest agrochemical company in the world. Here is what the sell-side is saying.

Monsanto- Bayer – deals, deals, deals


At $122/share for Monsanto and no disposals the deal would require BASF to issue equity (Bayer issuing ~25% of the deal value) and would imply a deal ROIC in FY5 of 8.5%, 40bps below their WACC of 8.9% and below the buyback equivalent ROIC of 8.8%. The deal, however, would imply €4.55/share in FCF accretion in FY5 enabling BASF to delever to 0.5x net debt/EBITDA in the same time frame. If they levered back to 1.5x in FY15, we estimate EPS would reach €10.20/share.


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Kimble Charting Solutions

Gold & Silver Mining stocks facing triple kiss of resistance test

Courtesy of Chris Kimble.


The XAU Index is the oldest Gold & Silver mining index in the states, as it started keeping track of Gold & Silver mining stocks in the early 1980’s.

With this index having such a long history, it allows any of us to do pattern analysis going back 30-years. This chart looks at the XAU index over the past 20-years.

Miners have experienced a strong rally so far in...

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Insider Scoop

Benzinga's Weekend M&A Chatter

Courtesy of Benzinga.

The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday May 20 through Sunday May 22, 2016:

Report Yahoo Bid Expected to Bid Only $2B-$3B for Core Business

The Rumor:
Verizon Communications Inc. (NYSE: VZ) and others are expected to bid around $2 billion to $3 billion for Yahoo Inc.'s (NASDAQ: YHOO) core Internet business, according to sources as reported by the Wall Street Journal on Friday. That's about 50% of the previous estimates of $5 billion to $8 billion.

Last week Quicken Loans founder Dan Gilbert, with backi... more from Insider

Digital Currencies

The Biggest Bitcoin Arbitrage Ever?

Courtesy of Chris at CapitalistExploits

Do you remember when you were growing up and all your friends were allowed Atari game consoles but you weren’t?

Well, I do and the things seemed as foreign to me as Venus. Mostly because the little time I managed to spend on the gaming consoles when my friends weren’t hogging them I found it all a bit silly. I never “got” computer games, and to this day still have poor comprehension of things like Angry Birds.

I suspect that many people around the world view Bitcoin in the same way as I view Angry Birds: with mild amusement and a general lack of understanding as to what the hell all the fuss is about.

I was thinking of this since a buddy of mine recently started ...

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Swing trading portfolio - week of May 16th, 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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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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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



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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Mapping The Market

About that debate last night

Although we try to stay focused on finding and managing promising trade ideas, the comments in the comment section sometimes take a political turn (for access, try PSW — click here!). So today, Jean Luc writes,

The GOP debate last night was just unreal – are these people running to be president of the US or to lead a college fraternity! Comparing tool size? The only guy that looks semi-sane is Kasich. The other guys are just like 3 jackals right now. 

And something else – if Trump is the candidate, that little Romney speech yesterday is probably already being made into a commercial. And all these little snippets from the debate will also make some nice ads! If you are a conservative, you have to be scared now. 

Phil writes back,

I was expecting them to start throwing poop at each other &n...

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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! 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 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.

Thank you for you time!

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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