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Phil's Newsletter

Monday Market Uncertainty – Waiting to See Who Runs America

Today doesn't matter.

Tomorrow won't matter either.  Nothing will matter much, trading-wise, until we know what direction the US will be taking for the next 4 years.  Not only do we not usually get such a stark contrast in political viewpoints to vote for but also this is such a critical (and precarious) time for our economy so it's not all that surprising that we've had some wild gyrations leading up to this event.

However, not that for all these ups and downs, we still haven't failed the September lows – other than the AppleDaq while the NYSE, our broadest index, has been making some good progress, matching the S&P and Russell to hold roughly 2.5% above the Must Hold line while the Dow and Nasdaq are below theirs but holding their 200 dmas – for now.

Notice how the indexes ran back to our bounce levels but were soundly rejected there on Friday, where I warned Members in our Morning Alert

Let's keep those strong bounce lines in mind – we got 3 of 5 but not impressive until 5 of 5 as the goals were not very high-bar:  

  • Dow  -  13,170 (weak), 13,300 (strong) – now 13,267
  • S&P  -  1,418, (weak), 1,431 (strong) – now 1,433
  • Nas   –  3,010 (weak), 3,050 (strong) – now 3,026


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Thank Jobs it’s Friday!

We got a good bounce yesterday – let's see if we can keep it going

In yesterday's post, I listed the bounce levels we were looking for and the markets took off right at the open and held the day's highs into the close with the NYSE (8,311) and the Russell (827) both making it over their strong bounce targets of 8,280 and 826 and the S&P falling just 4 points shy at 1,427.  

So our plan to flip bullish was well-timed but we need a third index over that strong bounce line and then we need to see those 50 dmas taken back to confirm a bullish move.  They NYSE is leading us there, well above it's 50 dma of 8,042 but we'll want to see the Russell (832) and S&P (1,434) join it – hopefully on some strong jobs numbers but, with the storm, it's very hard to say how the data will play out.  

Speaking of data – the GOP has certainly jumped the shark and thrown off the thin facade of legitimacy they used to have by turning into essentially a Roman Inquisition, of the kind that forced Galileo to recant his teachings that the Earth was not the center of the Universe by pulling their own "Nonpartisan Tax Report" after the study failed to find negative correlation between higher tax rates and economic growth.  What whipped Conservatives into a frenzy of denial were the reports' conclusions, which clearly stated

Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. Additionally, the top capital gains tax rate was 25% in the 1950s and 1960s, 35% in the 1970s; today it is 15%. The real GDP growth rate averaged 4.2% and real per capita GDP increased annually by 2.4% in the 1950s. In the 2000s, the average real GDP growth rate was 1.7% and real per capita GDP increased annually by less than 1%.

There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth. Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth. However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income


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Thankless Thursday – Still Waiting for that Stimulus to Kick In

Is the Fed losing it's mojo?

Perhaps we are just impatient.  We were discussing this topic in Member Chat yesterday as the so-far weak market action we're seeing since the announcement of QInfinity is beginning to make people wonder how we should position ourselves over the holidays.  

Clearly, so far, QInfinity is having much less effect on the market than it's predecessors but, measured over the short amount of time it's been in place – you can see from this chart that it's really not that far off track – yet.  Also, the Fed naysayers fail to take into account that QE1 ($1.25Tn) was much bigger than QE2 ($600Bn) and that Operation Twist ($400Bn) was barely a stimulus at all but more a move to shift the yield curve.  

Now we have QInfinity, where the Fed has committed $240Bn in Q4 and another $480Bn in 2013 and another $480Bn in 2014 and probably another $480Bn in 2015 so it's a huge amount of QE but it's also stretched over a long period of time so we shouldn't expect the markets to rocket on this type of stimulus but we can assume there's a floor being put in somewhere.

As you can see from the Big Chart, we are putting in a bit of a floor around those 200 dmas – which is what we expected when this drop began back in September and we used the same logic to not be drawn into false hopes as the market "came back" in mid-October – even after QInfinity had been announced.  In fact, the TZA Jan $12/15 bull call spread at $1.50 I had suggested for overall portfolio coverage in that last post, is now 124% in the money with TZA at $15.74, so in-line for a 100% gain if the Russell can't get back over 830,

But we have gotten a bit more bullish – even as we take quick profits on bear plays, like yesterday's DIA Nov $129 puts, which we picked up for $1.10 in our virtual $25,000 Portfolio and later sold at $1.28 (up 16%) at 2:08, when we decided the Dow had bottomed out at 13,050.  The Dow finished the day at 13,096 and we'll short them again if they struggle but, for now, we're looking to see what kind of bounces we can get off our indices.  

According…
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Back to Work Wednesday

Forget the insurance companies.

Yesterday they were saying $20Bn in damages but the NYC subway system alone may have more than $20Bn in damage.  Who's insuring it, I have no idea, but things like that and the devastation along the Jersey shore, where single homes are worth well over $1M and 100 miles of home-filled coastline was hit with record flooding means we could, ultimately, be looking at $50-$100Bn worth of total (not all insured) damage from hurricane Sandy.  

So we're not going to go bargain-hunting for insurance companies – it's a very hard group to pick winners and losers in but some segments, like title insurers, tend to sell off with the group – even though they don't even write that kind of insurance – and those can make for some good fishing once the dust settles.  

At the moment, the futures are up slightly (8am), but only because the Dollar took a dive to 79.75 as the Euro broke over $1.30 but it remains to be seen if the Dollar will stay under 80 and the Euro will stay over $1.30 – otherwise we'll be back on the downward path very quickly.  The oil inventory report has been postponed until tomorrow and oil is back up at $86.35 but, with 1/3 of the country not driving or flying for a few days – don't expect a lot of fuel to be used in the NEXT report – this one only covers through Saturday.

Over in Europe, Unemployment remains stubbornly high at 11.6% for September, up from 11.5% in August with both Spain and Greece topping 25% unemployment.  Spain, for it's part, seems to have narrowed their deficit to 4.39% of GDP from 4.77% just a month ago, mainly on an increase in VAT taxes doing their trick and increasing revenues for the Government (but didn't Romney say that raising taxes would lower revenue – was he lying or just completely wrong?).  The 5% drop in the deficit in the first month of a tax increase bodes very well for Spain and gives credibility to the Government's resistance to the EU bailouts and their draconian terms (ie. the Paul Ryan budget).  

We get our own Unemployment Report with the Non-Farm Payrolls on Friday morning and we're expected to have added 130,000 jobs in October, which would leave Unemployment…
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Post-Traumatic Tuesday, US Markets Remain Closed

Are we ready for the zombie apocalypse?

Maybe more than we think.  I was very encouraged yesterday by how well my kids coped without their usual forms of entertainment as Sandy stripped away 100 years of technological progress in minutes – and we're still without power this morning in northern NJ.

While we have yet to be forced to hunt our own food, it's interesting to see how many things in our home become instantly useless without electricity. Even the design is poor as our heat, for example, relies on an electric control to turn on – so we all gathered by the fire, which we were lucky to have.

Overall, it looks like the storm did about $20Bn in damage and that may sound like a lot but there are a lot of insurers who were priced for worse, so well be looking at that space tomorrow, when the markets reopen and the 21st century is restored.  

Asian markets pulled back a bit as stimulus out of Japan was less than hoped for and stimulus from China is also getting routine.  Europe is turning up a bit this morning despite rising German Unemployment or, maybe, because of it because something has to convince them that austerity is not a solution.   





Monday Markets Closed Due to Sandy

Hurricane Sandy has cancelled the markets today.

Perhaps tomorrow as well as the storm, as you can see from the map, doesn't really hit us until Tuesday morning.  So, unless it veers further south than projected, NYC and the exchanges will be smack in the middle of the storm tomorrow morning.  

This estimated $11-18Bn storm (in damages) is hitting insurance companies hard and that's dropping exchanges across the globe – even the Futures are shutting down at 9am this morning and we won't know until 4pm whether or not they will even open for overnight trading.  

What a great time to point out why we have disaster hedges.  Aside from riding out the obvious potential dips in the market, having a few disaster hedges protects us from unexpected and unknowable events like natural and man-made disasters.  Just last weekend we got nervous enough about a market drop to put up a special post suggesting "5 Plays that Make 500% if the Market Falls" and we're off to a great start on those, with the market giving up 250 Dow points last week and we're down another 90 in the Futures this morning.  The DXD Jan $49/55 bull call spread jumped from net .85 to $1.40 – up 65% already on just a 2% drop in the Dow.  

That means, if you had $100,000 worth of long trades that were well-indexed to the Dow, you'd be down about 2% and all you would need to be totally even would be a $3,000 hedge – which would have been 35 contracts for $2,975, now worth $4,900 and right on the money with DXD at $48.90 and still with room to pay out in full up to $21,000 (up 600%) if DXD hits $21 and holds it through January expirations.  

That's not a bad way to have piece of mind over the Holidays, is it?  Also, if played well, against a position you have also hedged, it can be a powerful combination.  For example, lets say you have 500 shares of GE at $21.10 ($10,550) and you have sold the Jan $21 puts and calls for $1.80 ($900) – that right these pays for almost 1/3 of the hedge on your whole portfolio and, of course, when we get to January, we have an excellent chance of rolling those short positions out to 2014 and collecting even more money…
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Thank GDP It’s Friday – AAPL on Sale for 10x Earnings!

AAPL WEEKLYFinally all that silliness is over!

After falling from $705 all the way to $585 on the initial announcement last night, common sense was re-established and AAPL floated back to $610 after hours – down a nasty 13.4% from the top (see Dave Fry's chart) but still up 50% for the year and, since we began the year at $400, ran up to $700 (+300) and then did a nice 33% retrace to $600 – we're not at all uncomfortable loading up on AAPL here.  

Sure people were disappointed that they "only" made $8.67Bn this quarter and that they project to "only" earn $11.7Bn next quarter but their market cap is down to "just" $571Bn but that includes $121Bn in cash and marketable securities so really they are being valued at $450Bn, which makes the projected $45Bn worth of income for 2012 a 10% return on your AAPL investment while next year's projected $52Bn (15% bottom-line growth) will drop the p/e to 8.65 after taking that cash hoard into account.  

Maybe I'm old-fashioned but that seems kind of cheap – especially when compared to something like AMZN's generous p/e estimate (because they are actually losing money at the moment) of 271.  In fact, AAPL lost AMZN's ENTIRE market cap in this drop, which is really amazing because AAPL makes more in profits than AMZN ha in total sales last year ($48Bn) yet AMZN is priced at over 30 times AAPL's value.  I'm not going to badmouth AMZN (because we sold short puts on them!) but I will just put it to you that you might want to consider that AAPL may be slightly under-priced at $600 (we're long on them too).  

To that end, at PSW we have decided to initial and AAPL Money Portfolio.  Much like our very successful and very popular FAS Money Portfolio, we'll be setting up a virtual portfolio aimed at taking a long-term bullish position on AAPL and then collecting a weekly income by selling front-month (or front-week) puts and calls as we move up and down in the channel, which should stabilize a bit now that we've finally had some earnings.  

Speaking of channels – I mentioned on Wednesday morning that we had no reason to turn bullish until and unless our weak bounce levels held and we made if over our strong bounce levels and yesterday, despite…
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Thrilling Thursday – The Appleconomy Reports Tonight!

Good golly what a mess!

As you can see from the big chart, it's been 4 days of Hell for the markets, which is why, this weekend we had our "5 Plays that Make 500% if the Market Falls", which followed Friday and Wednesday's TZA hedge (now 100% in the money) and followed-up with Monday's DIA $135-131 bear put spread which is also 100% in the money and up 47% in 3 days already.  

If you want to get fancy, the DIA $135 puts are $5.20, which is more than their max pay-off so it can be turned bullish on a bounce by pulling some or all of the long puts and leaving some of the short puts naked (tight stops, of course).  The same goes for the TZA Jan $12 calls, which are $4.10 and the spread was only $3 max at close and we paid $1.90 so up over 100% if the short puts expire worthless. 

Again, don't think of these as all or nothing moves, you can exercise a lot of control by buying back a few and selling a few more as the market gyrates – just as we work our AAPL position in the $25KPs.  We gave up on AAPL short-term (too risky with earnings) but remain long-term bullish and will buy more if they fall this evening (and BBY and CROX should be good entries as well when they're done falling from poor reports today).  I mentioned our bottom fishing expeditions in yesterday's post and, in yesterday's Member Chat – we drew a bit of a line in the sand as the Transports tested 5,000, which is nicely coinciding with the 200 dmas on the Nasdaq (2,972) and the Russell (805) although we might see Dow 13,000 before we're done – we would hate to see S&P 1,375 and NYSE 7,968, which is still far away.  

SPY 5 MINUTEAs you can see from Dave Fry's SPY Chart, The S&P had a rotten day yesterday as it plowed towards our 2.5% line at 1,400 but look at that MACD line at the bottom – if that's not oversold, I don't know what is.  While we've had some very poor earnings reports this week and we continue to get a lot of negative guidance, the fact is that 69% of the S&P companies that have reported so
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Which Way Wednesday – Is the Appleconomy Over?

AAPL is a total disaster.  

There's no denying it now, they had their IPad Mini event yesterday and investors charged out of the stock, dropping it from a high of $633 (which is already 10% off the Sept highs) to close at $613 and that was finally weak enough to get us to capitulate and roll back our AAPL positions to longer-term trades that have less upside but, more importantly, less downside as we are no longer confident they'll be able to turn it around on Friday.   

Notice how silly it seems to talk about how poorly AAPL is performing when the chart on the right pretty clearly indicates it's the greatest stock on Earth but that would be the logical conclusion for a company that's on track to earnings $43Bn this year, which is $81,811 a minute – more even than what they were tracking to make last month, when I set out bottom target at $600 (and that spread is an even better buy now) AND, only 68% of what they are projected to make next year!    

We didn't really think it would hit $600 – that was our worst-case but here we are – at the worst case and, since we are no longer able to say with conviction that it can't get any worse, we had to back our short-term plays to something that buys us more time.  In that same post we liked HPQ at $14.30 and at least they are holding that line and we also had a nice spread on that stock in the same post, which is still holding up as a new spread.  

In that post I mentioned (as usual) our primary hedge being TZA and the straight-up April $15 calls mentioned there have gone up another .40, from $2.50  to $2.90 off our $2.10 entry (up 38%) – not bad against just a 15-point drop in the Russell (down 2%). 

Yesterday, with our hedges already in place (see last Wednesday's TZA hedge and this Monday's DIA hedge) we had the luxury of doing some bottom-fishing yesterday with long trade ideas on TIVO at $9.78, USO at $31.75, AAPL at $623, CMG at $238 and our last trade idea for the day was SQQQ at $41.20 (that one, of course, is another hedge – always look for BALANCE!) – just
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Terrible Start to Tuesday – Will Apple Save the Day?

The Futures have given back all of yesterday's last-minute gains and then some.  

After hours last night, Moody's downgraded 5 Spanish regions "driven by the deterioration in their liquidity positions, as evidenced by their very limited cash reserves … and their significant reliance on short-term credit lines."

While Asia shrugged it off and finished more or less flat, Europe is freaking out – about that and the continued terrible earnings reports that are hammering the point home that the economy is certainly worse than it was last year.  Why then, are the markets up over 10% from last year – well, since there's no easy answer to that – down they go!  

The Euro fell down to the $1.30 line (where we went long in early morning Member Chat) and oil futures fell to $87.28 (and make a good buy over $87.50 on /CL) and gold took a pounding to $1,710 while gasoline fell below the $2.60 line, where it's also a good long play on /RB as it's unlikely the Euro fails $1.30 for very long or the Yen goes above (weaker) 80 to the Dollar (now at $79.85) and it's also not likely the Dollar breaks 80 today (now 79.93) – so, overall, this is a nice spot to go long in the Futures. 

It's over an hour to the open but let's call it Dow 13,200, S&P 1,416, Nasdaq 2,980, NYSE 8,250 and Russell 810 and, as you can see from our Big Chart – we're barely holding our Must Hold levels with the Nasdaq crashing us below and we can't even blame AAPL today, which is holding up pretty well so far at $630 – after putting up a $15 gain yesterday (2%).  

As we expected yesterday morning, the Nasdaq held 3,000 like a champ and rallied 20 points off that line into the close before dropping back a few but today will be harder with the Nas gapping well below 3K – painting a terrible technical picture before most people have a chance to make their first trade.  

Has anything changed since yesterday?  Not really – we knew Spain was a mess, we knew Q3 earnings would suck but, apparently, seeing the actual numbers is really spooking investors.  In reality, only 10 of 40 companies missed yesterday but 5 of those guided down and only two companies (HSTM…
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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!

 
 

Zero Hedge

Goldman, Morgan Stanley Warn European QE, While Fully Priced In, Is Neither Imminent Nor Likely

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

On balance, Morgan Stanley feels that broad-based QE, (i.e. large-scale purchases of government bonds) is further away for the ECB than the market currently believes. Presently they only assign a subjective 40% probability to such a step being taken; whereas the euro rates market is already pricing in the ECB resorting to a broad-based purchase programme with a very high probability of 80-100%. Goldman agrees warning specifically that "Sovereign QE is not imminent... and indeed may never happen." It appears no matter what, disappointment is guaranteed for the market.

 

As Morgan Stanley ...



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Chart School

Moving Averages: Month-End Preview

Courtesy of Doug Short.

Here is a preview of the monthly moving averages I track after the close of the last business day of the month. All three S&P 500 strategies are now signaling "invested" -- unchanged from last month. Two of the five of the Ivy Portfolio ETFs, the PowerShares DB Commodity Index Tracking (DBC and the Vanguard FTSE All-World ex-US ETF (VEU), are signal cash "cash" -- also unchanged from last month.

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


Note: My inclusion of the S&P 500 index updates is intended to illustrate a popular moving moving-average timing strategy. The index signals also give a general sense of how US equities are behaving. Howe...



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Phil's Favorites

Why Mitochondria Matter

Patrick starts by reviewing what a "broken record" is. (Sadly, I know and you probably do too.) He notes that biotechnology has undergone more enormous changes than the music delivery industry, and that most people do not have a proper appreciation of how big this "biotech transformation" is. Then, he reviews what mitochondria are, how they work and why they are so important to us.

Within all the cells of our bodies, microchondria produce energy - the energy supply needed to run the cells' activities. Without the ability to take nutrients and convert them to energy, via these little cellular machines, we are dead. And that, in brief, is why mitochondria are important. 

Illustration of a Mitochondrion by Kelvinsong, modified by ...



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All About Trends

Mid-Day Update

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

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Insider Scoop

Jennings Capital Downgrades Ballard Power Systems

Courtesy of Benzinga.

Related BLDP Lake View: Ballard Power Systems 'Making Progress' Morning Market Movers

Jennings Capital downgraded Ballard Power Systems Inc. (NASDAQ: BLDP) in a report issued Thursday from Buy to Hold and lowered its price target from $5 to $3.

Analyst Dev Bhangui noted that the company "reported Q3/14 results that were below our and consensus estimates. EPS were ($0.02) versus JCI and consensus of ($0.01). Revenue and gross margin m...



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Sabrient

Sector Detector: Bullish conviction returns, but market likely to consolidate its V-bottom

Courtesy of Sabrient Systems and Gradient Analytics

Bulls showed renewed backbone last week and drew a line in the sand for the bears, buying with gusto into weakness as I suggested they would. After all, this was the buying opportunity they had been waiting for. As if on cue, the start of the World Series launched the rapid market reversal and recovery. However, there is little chance that the rally will go straight up. Volatility is back, and I would look for prices to consolidate at this level before making an attempt to go higher. I still question whether the S&P 500 will ultimately achieve a new high before year end.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then o...



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OpTrader

Swing trading portfolio - week of October 27th, 2014

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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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's the latest Stock World Weekly. Enjoy!

(As usual, use your PSW user name and password to sign in. You may also take a free trial.) 

 

#455292918 / gettyimages.com

 

...

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Market Shadows

Bill Ackman's Big Pharma Trade Is Making Wall Street A Super Awkward Place

 

#452525522 / gettyimages.com

Intro by Ilene

If you're following Valeant's proposed takeover (or merger) of Allergan and the lawsuit by Allergan against Valeant and notorious hedge fund manager William Ackman, for insider trading this is a must-read article. 

Linette Lopez describes the roles played by key Wall Street hedge fund owners--Jim Chanos, John Paulson, and Mason Morfit, a major shareholder in Valeant. Linette goes through the con...



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Option Review

LUV Options Active Ahead Of Earnings

There is lots of action in Southwest Airlines Co. November expiry call options today ahead of the air carrier’s third-quarter earnings report prior to the opening bell on Thursday. Among the large block trades initiated throughout the trading session, there appears to be at least one options market participant establishing a call spread in far out of the money options. It looks like the trader purchased a 4,000-lot Nov 37/39 call spread at a net premium of $0.40 apiece. The trade makes money if shares in Southwest rally 9.0% over the current price of $34.32 to exceed the effective breakeven point at $37.40, with maximum potential profits of $1.60 per contract available in the event that shares jump more than 13% to $39.00 by expiration. In September, the stock tou...



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Digital Currencies

Goodbye War On Drugs, Hello Libertarian Utopia. Dominic Frisby's Bitcoin: The Future of Money?

Courtesy of John Rubino.

Now that bitcoin has subsided from speculative bubble to functioning currency (see the price chart below), it’s safe for non-speculators to explore the whole “cryptocurrency” thing. So…is bitcoin or one of its growing list of competitors a useful addition to the average person’s array of bank accounts and credit cards — or is it a replacement for most of those things? And how does one make this transition?

With his usual excellent timing, London-based financial writer/actor/stand-up comic Dominic Frisby has just released Bitcoin: The Future of Money? in which he explains all this in terms most readers will have no tr...



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Pharmboy

Biotechs & Bubbles

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

Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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