Phil's Newsletter

Thank Trump It’s Friday – So Many Things Not To Worry About

Chinese bond yields are up 10% this month.

Since the election they are up from 3.25% to 5.5%, which is up 57% in 180 days.  Generally, that would be a cause for concern but nothing seems to concern this market, including the fact that tens of Billions of Dollars worth of bonds have lost 57% of their value in 6 months.  $560Bn has now been chopped off the Shanghai Stock Exchange in 2017 and the small-cap (non-Government) ChinNext Index is back at its 2015 crash lows.

The G7 Finance Ministers are meeting this weekend and Chinese President Xi Jinping is having his own summit including other World leaders like Putin (no need for Trump if his boss is there), where he is promoting his $500 billion trade-and-infrastructure plan, which is called the Belt and Road Initiative. The summit begins Sunday and will showcase Xi’s plans to remake global trade patterns in China’s favor while the US moves in the opposite direction and closes its borders and taxes trade.  China needs to do something to pull their economy out of a power-dive that's been accelerating since early April:

Meanwhile, Mexico, who is also meeting with China, has put the US Governent on notice that they have other places to export to if NAFTA gets torn up.  "We will use (the China visit) geopolitically as strategic leverage" declared Mexican Economy Minister Ildefonso Guajardo. "It sends the signal that we have many alternatives."

"If NAFTA disappears, I can export cars (to the United States) paying 2.5 percent tariffs. If they want to export yellow corn to me, I can raise tariffs to inaccessible levels," Guajardo said. "But to make that strategy credible, I have to broaden our agreements with Brazil and Argentina."

This is the way a President can destroy the economy, not just for a moment, but for decades to come.  The GOP is fond of pretending that, 25 years later, NAFTA is the reason jobs moved overseas but, if it turns out that, like pretty much everything, that they are lying about that and that all they will accomplish
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Failing Thursday – Democracy and the Bull Market Now on Life Support

Image result for trump fascist"A little whiff of fascism."

That was the quote of the day regarding yesterday's firing of FBI Director James Comey, who the White House now says "threw a stick of dynamite into the Department of Justice, and committed “atrocities” in his handling of the Clinton email saga."  That's just a week after saying Hitler wasn't such a bad guy after all but the Director of the FBI, now HE committed atrocities!  Wow!  Wow!  

Once upon a time, that statement alone would have been all people were talking about but now that's just another day in Washington, barely worth a mention.  Also not getting a mention are reports that Comey told associates that Trump was "outside the realm of normal,” even “crazy."  I guess we can file that under "so what else is new?" but investors are voting with their feet this morning and, as we predicted yesterday, the markets are turning down a bit.

Political turmoil is never attractive to investors and this is not something the President can tweet away (and read the comments under the tweet, they are hysterical).  There are currently 3 separate investigations going on and, while we are focused on the FBI investigation due to Comey's firing, the Senate is investigating this morning and, in fact, Comey was supposed to testify but his timely firing will prevent him from coming today and instead the temporary Director of the FBI will testify to things he did not directly know about.  Just a coincidence that Comey was fired right before he was scheduled to testify, I'm sure…

While Team Trump is hoping for a rubber-stamp from the Senate this morning, the Senate has to at least pretend they are conducting a real investigation or they face severe political backlash as the polls have already turned very much against them.  Republicans would rather sacrifice a President than sacrifice control of the House and Senate and those are the stakes going foward (aside from our Democracy, which has already been sacrificed, of course). 

Not many people have been paying attention to the Senate testimony so far but back in March, we already had a boatload of data from Marco Rubio, who
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Watergate Wednesday – Trump Fires the Guy Investigating Him

Well this is interesting.

The markets are down a bit this morning as news came out last night that Trump has fired FBI director, James Comey, who was heading up the investigation into the administration's coercion with the Russians in stealing the election from Hillary Clinton. Although Attorney General, Jeff Sessions, was forced to recuse himself from the investigation due to his own Russian ties, he "recommended" that Trump fire Comey, who was being more aggressive than the White House wanted digging into Trump's ties with Russia.  

The Republicans were quick to point out the Bill Clinton also fired an FBI director but he fired William Sessons for ethical violations (padding expense reports, etc) and Bill Clinton was NOT being investigated at the time. Trump already fired the previous Attorney General, Sally Yates, along with nearly all the US Attorneys – leaving only Trump appointees to oversee the investigation of Donald Trump and his staff.  

I would say this is a crisis but the Trump's GOP controls both Houses of Congress and the Courts, giving them absolute, unchallenged power to do anything they want, with only the criticism of the press to put any restraints on them at all and, as noted on Monday, Trump's administration is already pulling strings to mop up all media opposition and put it in the hands of his Billionaire buddies – who see, speak and hear no evil when it comes from the White House.  

Even this article, like last Tuesday's, will not by published by most of my syndicators, who more and more hide behind the "controversial" excuse. After publishing 8 years of anti-Obama articles, suddenly they don't want to upset the readers by discussing politics in investment posts. They are hypocrites and cowards but, sadly, it doesn't take a journalism degree to run a media outlet these days – it's all about being a good web portal and maximizing your click rates and, if you stroke a Conservative's ego, you open their wallets as well – that's an Internet tenet!  

Anyway, as I said, it isn't a crisis because, like Climate Change, it's not a crisis if you pretend it isn't and boy oh boy are we pretending what
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Toppy Tuesday – Yet Again

If it's Tuesday we must be testing new highs.  

The S&P 500 finished the day at 2,399.38 to start the week and yes, we're still shorting below the 2,400 line on the /ES Futures (with tight stops above) because it's very rewarding if we get a pullback.  2,400 is a tough line to cross – it's up 200% from where we bottomed in 2009 and up 50% from the highs we made before the crash (1,600).  With almost all of the S&P 500 companies reporting, earnings are indeed up 13% over last year (weak comps, we crashed last year) but are they up 50% from 2006?  

Generally, the answer is no.  In 2006, the S&P 500 companies earned $98.47 per index share and the S&P topped out at 1,600 which was a p/e of 16.24.  Last year, the S&P 500 companies earned $95.48 and, even if we extrapolate a 13% bump to go through the entire year, that's just $107.89 and, at 2,400 – it comes out to a p/e of 22.24 so the market may be up 50%, but we're just paying 37% more for each Dollar of earnings.  I'm not sure that's really progress.  

Still, investor complacency has never been higher, as evidenced by the Volatility Index (VIX), which is back to it's pre-crash lows.  That makes long VIX an interesting hedge at this point and yes, that's been a terrible bet in general but that's what hedges are in a bull market and it's kind of hard to imagine how investors can be any more complacent (VIX is 9.59 this morning) while there's plenty of evidence of it spiking over 20 – even in this downturn and we were in the 60s during the crash.

The VIX has a short ETF (SVXY) that makes for a fun short if we assume the VIX goes higher.  As the SVXY is at $155 this morning, I like the idea of buying the September $145 puts for $16 and selling the Sept $105 puts for $4.50 and that would be net $11.50 on the $40 spread with a potential for $28.50 (247%) of upside potential if volatility spikes and sends SVXY lower.  We can also sell some June $120…
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Just Another Macron Monday – Banksters Win Again in French Election

Putting more Banksters in charge.

That seems to be the direction things are going now that the Top 1% have taken over every aspect of our lives.  In addition to consolidating their hold on our Government, the media continues to consolidate as Sinclair Broadcasting (SBGI) is taking over Tribune Media (TRCO) in a $4Bn deal making Sinclair now the single largest owner of US local TV stations (where you get your news).  

Sincleair is controlled by the Smith Family, with all 4 sons of Julian Smith serving as Executive Directors and David Smith is the CEO – a real family affair.  Sinclair is famous for broadcasting "Stolen Honor," a propaganda documentary that falsely accused John Kerry of causing prisoners of war to be mistreated right before the election – pre-empting their prime-time programming across the country in order to influence the election.  

When Sinclair's Washington Bureau Chief, Jon Lieberman criticized the broadcast, saying: "It's biased political propaganda, with clear intentions to sway this election … For me, it's not about right or left—it's about what's right or wrong in news coverage this close to an election," he was fired.  In 2010, Sinclair aired another "informercial" critical of Barack Obama claiming, among other ridiculously untrue things, that Obama had said "You want freedom? You’re gonna have to kill some crackers! You gonna have to kill some of those babies."

That's right, all this quality programming will soon be coming to a station near you.  In fact, in December 2016,  Jared Kushner, son-in-law of then-President-elect Donald Trump, stated that they had reached deals with Sinclair to give the company extended access to the Trump campaign, in exchange for airing, without further commentary, interviews with the Republican Party candidate on its stations, which Kushner said had a better reach than cable networks such as CNN.  Trump's FCC has now changed broadcast anti-monopoly rules to allow Sinclair to complete this mega-merger. 

There's nothing we can do about it really and there's nothing I can say that wasn't said 40 years ago – and no one listened then and look what happened to us:  

Not to be outdone (or outgunned) in
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Non-Farm Friday – Fed Spins a Weak Economy

Surprise!  

No, not the fact that the Republicans in Congress (not a single Democrat voted for this) yanked away your health care yesterday (while keeping Obamcare for themselves) and not the fact that your parents will soon be moving in for you as Republicans also rescinded small-business retirement plans so they could give their money to richer people too.  No the surprise I'm talking about is the US Macro Surprise Index which hasn't fallen this hard and fast since 2008 – another fun thing to ignore in market utopia

The Citi U.S. Economic Surprise Index measures actual data readings are how they compare with expectations.  A reading above zero means that the data on balance are coming in above expectations, while a negative reading indicates an economy that is underperforming and, suddenly, we're at -20, down 80 points in a month!  That decline began with last month's horrific Non-Farm Payroll reading of just 98,000 but on Wednesday, the Fed indicated in their statement that they didn't think it was a trend and the Atlanta Fed, in their GDP Now Forecast, are pegging Q2 growth (and we're halfway through it) at 4%.

But the Citi index says they are idiots – or Economorons, as I like to call them.  The indications we've been getting in April have, time after time after time, indicated growth is slowing (and last Q we only grew 0.8%), not speeding up and Corporate Profits, though strong, are being goosed by a weaker Dollar, weak comps and earnings that are simply divided by less shares due to buybacks.

There is A LOT of financial engineering in earnings reports these days.  The gap between GAAP and Non-GAAP earnings has never been higher, with Q3 GAAP earnings coming in almost 25% lower than the Non-GAAP earnings they use to come up with the "official" S&P earnings.  We're not even in the ballpark of reality here – yet traders (I won't call them investors for they know not what they are doing) keep BUYBUYBUYing – no matter how ridiculous the valuations get.  

As we've discussed in the past, to some extent – money simply has nowhere else to go.  You
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Tesla’s Earnings Miss – Emperor Musk has no Clothes!

www.philstockworld.comDon't say I didn't tell you so.

A month ago, on April 4th, I wrote:  "Tuesday Turmoil – Tesla Valuation Reaches Peak Insanity" in which I noted how ridiculous it was to value Tesla (TSLA), who struggle to make and sell 25,000 cars in a quarter, at the same price as GM (GM) or Ford (F), who each make 25,000 cars PER DAY, (that's 90 times more).  The companies are not even playing in the same ballpark (though they are playing the same game, so investors get confused) – it's like betting your son's undefeated little league team can take on the Yankees – there are other factors involved than just their record against other children. 

Still the masters of spin, Tesla's shareholder letter, which looks more like an advertisement for their cars, touts "Record vehicle production" and rightly assumes that the average TSLA investor can't do math (or they would not be TSLA investors) and that 25,051 is only 169 cars more than last quarter's 24,882 and it's getting really, REALLY hard to see a path that gets them to 200,000 cars by the end of this year.  Also, as I noted to our Members in our Live Chat Room this morning:

Last Q they said they had "short-term production challenges starting at the end of October and lasting through early December from the transition to new Autopilot hardware" as an excuse for their lack of significant growth from Q3 but now, 169 more cars is a proud record, which is really interesting since last Q they claimed that 6,450 cars from Q4 were "in transit" and would be counted as deliveries in Q117.  If that's true, then did Q1 orders drop by 6,300 cars?  Will we ever know the truth with this company?

Not only are sales a major disappointment but the purchase of Solar City from Elon's cousin is causing more expenses and more losses and also something no one is discussing but should be – dilution!  That's right, last year, TSLA only had 132,676,000 shares outstanding and now they have 162,129,000 shares outstanding, that's 23% more shares than last year – not to mention all the warrants attached to their debt offerings.  That's the…
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Which Way Wednesday – Fed Decision on Market Bubble Imminent

Image result for gdp by quarterHow quickly they forget.  

It was just two months ago that the Fed directly told us (at S&P 2,280) they were concerned there was an equity bubble yet already, after just one rate hike and a 100-point additional gain (5%), the general consensus is that the Fed will not be hiking at today's meeting.  Granted Trump's first Jobs Report was a disaster, falling 50% below Obama's average of creating 200,000 jobs per month for 8 straight years (15M+) but hey, you can't go calling the President a complete and total failure just because of one horrible jobs report, right?  

We'll get another jobs report on Friday but, meanwhile, the Atlanta Fed has already pumped up their forecast for Q2 GDP to 4%, looking to repeat the huge rebound we had between Q1 and Q2 of 2014 and that was good for a 100-point S&P rally – but back in those days we used to wait for the actual improvement to take place before rallying the markets – now we rally on rumors of GREAT things to come!  

So, it's kind of doubtful the Fed, who are about 50% above the general consensus of where Q2 (you're soaking in it) will be over the next 58 days, are thinking Friday's Non-Farm Payroll Report will be another bomb and, if that's the case, why wouldn't they be looking to raise rates another quarter point since the last quarter-point hike did nothing to deter investors and it did nothing to change the yield curve either as rates are lower now than they were at the last meeting (3/15).  

In theory, the Fed cares about jobs and inflation but recently they've been talking about stock bubbles and they are very wary of causing a housing bubble and home prices are back at their 2006 bubble peak when the Fed regrets not having taken action before allowing the entire economy to collapse and almost destroying life as we know it.  Do you think they feel lucky this time or just forgetful?

Inflation is certainly on target over the Fed's 2% level and, in fact, the Urban CPI is getting…
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Toppy Tuesday – Can Earnings Sustain S&P 2,400?

What a short, strange trip it's been.  

As you can see from Afraid to Trade's S&P chart, we are once again flirting with 2,400 on the S&P with about 1/3 of the companies having reported.  Last time we tested the top was March 2nd, and that did not end well and was followed by 3 weeks of selling but it was all "fixed" in less than a week (on 1/5th the volume) after Team Trump rolled out their "tremendous" tax breaks.  One of our Members just mentioned not taking profits on AAPL, which is up 20% into earnings – in anticipation of lower taxes if he holds.  How many trading decisions are being based on this and have nothing to do with market fundamentals?

Another thing I pointed out to our Members in Live Chat this morning is that, yes, the S&P is up 6% since Jan 1st but the Dollar (which the S&P is priced in and which earnings are calculated in) is down 3.5% since the start of the year:

So we have companies reporting earnings in weak Dollars, which makes them look like they are doing better than they actually are and then we price the shares in weak Dollars, which makes them look like they are more expensive than they actually are and PRESTO! the market delusion is complete!  Add to that some budget-busting tax promises and a very gullible population and you have everything you need to rally a market well past its proper valuation.  

Next comes my favorite part of the bubble, where companies use their overseas money to buy back their own stock at all-time highs along with a slew of very poorly timed M&A actions that boost sector after sector as companies that have no idea what to do with their cash seek acquisitions to make it look like they are growing and lock in that fat CEO paycheck for another few years (which, after all, is all that really matters).  

Image result for m&a at the top of a bubbleRemember a few years ago, when there was a relentless wave
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Trump Error, Day 100 – What Have We Accomplished?

Image result for trump 100 daysWell, here we are.

And I say that with some amount of surprise because who thought we'd survive 100 days of the Trump Presidency?  Fortunately, so far, we've only escalated tensions with North Korea, Yemen, Syria, Iraq, Iran, Somalia and the US News Media and we've only actually bombed Iraq and Syria, so we'll call that restraint, so far.  

As you can see from Trump's own agenda, we have not actually accomplished anything so far and it's kind of hard to blame the "obsructionist Democrats" when they don't have the power to obstruct anything.  The President, of course, does not let facts get in his way and he held a "victory rally" Saturday, in Harriburg, PA – essentially counter-programming against the White House Correspondent's dinner which even President Reagan phoned into from a hospital bed after he was shot.  

Speaking to the coal miners, Trump vowed to cancel the US's payments to the UNs Green Climate Fund, a financial program intended to help poorer countries mitigate the effects of climate change and his budget blueprint includes “eliminating U.S. funding related to the Green Climate Fund,” but the proposal has yet to be enacted.

Trump did take credit for creating 600,000 new jobs but the 216,000 that were recorded as added in the January 6th jobs report came before he was actually President.  That made the February figure (216,000 jobs) for the Monday of January 2/3 Obama's jobs but certainly, in March, the jobs number was all Trump's doing – all 98,000 of them.  We'll see on Friday how he did in April, maybe there's 500,000 jobs coming?  

Image result for trump 100 days cartoonDuring President Trump’s first 100 days in office, he did sign 28 bills into law and the Senate confirmed his nominee for Supreme Court justice.  Trump had not signed into law ANY of the 10 pieces of major legislation in his 100-day plan. The White House has also pointed to Trump’s rollback of Obama-era regulations, but the OMB did a massive study that showed the benefits of these regulations outweighed the costs and the long-term damage Trump is doing by dismantling them could be immeasurable. At the same point, President
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Zero Hedge

Three Leakers Of Classified White House Information Said To Be Identified, Expected To Be Fired

Courtesy of ZeroHedge. View original post here.

As reported over the weekend, having returned from his first foreign trip president Trump is preparing a "war room" in response to the barrage of Russian news blanketing the media, and plans to restructure the White House communications strategy and possibly staffing.

There have been rumors around Washington that press secretary Sean Spicer's job is in danger (and that ...



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Phil's Favorites

Market Moving News

 

Financial Markets and Economy

A definitive breakdown of the gloomy state on Wall Street (Business Insider)

While Wall Street bank revenues appeared to bounce back in the first quarter of 2017, with banks posting strong results in fixed income trading in particular, industry-wide revenues were still down on the same period from 2012 to 2015. 

Vietnam's Prime Minister Says He's Confident of 6.7% Growth Goal (Bloomberg)

Vietnamese Prime Minister Nguyen Xuan Phuc said he is confident economic growth this year will meet a goal of 6.7 percent without adding ...



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ValueWalk

Jesse Livermore - 21 Investing Rules That Have Stood The Test Of Time For 77 Years

By The Acquirer's Multiple. Originally published at ValueWalk.

Before the modern day tweeter @Jesse_Livermore, there was a famous investing legend also called Jesse Livermore. The original Livermore was born in 1877 and died in 1940. Livermore was famous for making and losing several multimillion-dollar fortunes and short selling during the stock market crashes in 1907 and 1929. Livermore was an investing genius who unfortunately could not stick to his own rules – Which is why one of his rules – “The human side of every person is the greatest enemy of the average investor or speculator”, is so relevant to every investor.

]]> Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in ...



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Chart School

Weekly Market Recap May 28, 2017

Courtesy of Blain.

Another winning week for the bulls, in a year full of them!  Things kicked off with a bang with a gap up Monday as the after shocks of the Comey removal – the one thing that seemed to shake this market for 24 hours – passed in the night.   Wednesday, minutes of the Federal Reserve’s latest policy meeting showed broad agreement on plans to begin shrinking the central bank’s balance sheet and also pointed to a likely rate increase next month, as widely expected.   Another gap up to start the day Thursday and serenity was found for the week.  Every day was up for the S&P 500 to book a weekly finished of +1.4% while the NASDAQ raced ahead +2.1%.

The minutes of the early May meeting showed that members were ...



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Digital Currencies

Visualizing The Expanding Universe Of Cryptocurrencies

Courtesy of Zero Hedge

Bitcoin is the original cryptocurrency, and its meteoric rise has made it a mainstay of conversation for investors, media, and technologists alike.

In fact, as Visual Capitalist's Jeff Desjardins details, the innovation of the blockchain is changing entire markets, while causing ripples with central banks and the financial industry. At time of publication, the bitcoin price now hovers near US$2,200, a massive increase from this time last year.

But the true impact of Bitcoin is actually far more reaching than this – it’s a...



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Market News

Market Moving News

 

Financial Markets and Economy

Hedge Fund Billionaire Paul Singer: If Trump Agenda Fails, a Recession Could Follow (Fortune)

Market watchers who thought the stock market would drop if Donald Trump were elected were burned following his win: markets rose to new highs instead.

U.S. inflation path since 2012 is worrisome, policymaker says (Reuters)

The current level of U.S. prices is noticeably lower than what it would be if the Federal Reserve had delivered on its 2-percent inflation target, St. Louis Federal Reserve President James Bullard said, calling the trend "worrisome."

...



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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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OpTrader

Swing trading portfolio - week of May 22nd, 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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Biotech

Beyond just promise, CRISPR is delivering in the lab today

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

Beyond just promise, CRISPR is delivering in the lab today

Courtesy of Ian HaydonUniversity of Washington

Precision editing DNA allows for some amazing applications. Ian Haydon, CC BY-ND

There’s a revolution happening in biology, and its name is CRISPR.

CRISPR (pronounced “crisper”) is a powerful technique for editing DNA. It has received an enormous amount of attention in the scientific and popular press, largely based on the promise of what this powerful gene e...



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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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Mapping The Market

Bombing - Right or Wrong?

Courtesy of Jean-Luc

I am telling you Angel – makes no sense… BTW:

Republicans Love Bombing, But Only When a Republican Does It

By Kevin Drum, Mother Jones

A few days ago I noted that Republican views of the economy changed dramatically when Donald Trump was elected, but Democratic views stayed pretty stable. Apparently Republicans view the economy through a partisan lens but Democrats don't.

Are there other examples of this? Yes indeed. Jeff Stein points to polling data about air strikes against Syria:

Democr...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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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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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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