Author Archive for Zero Hedge

Recession Concerns Grow After Gasoline Demand Slides Most In 16 Years

Courtesy of ZeroHedge. View original post here.

Two weeks ago, we reported that when Goldman observed the latest gasoline demand data, it said that either something must be wrong with the data, or the US is in a recession: as the firm’s commodity analyst Damien Courvalin put it, such a steep drop in in US gasoline demand “would require a US recession.” He added that “implied demand data points to US gasoline demand in January declining 460 kb/d or 5.2% year-on-year. In the absence of a base effect, such a decline has only occurred in four periods since 1960 during which time PCE contracted.”

Bloomberg’s Liam Denning confirms that “big dips in U.S. gasoline demand, especially of 5 percent or more, are almost unheard of outside of a recession or oil crisis.” Goldman then adds that “to achieve the 5.9% decline suggested by the weekly data, our model requires PCE to contract 6%, in other words, a recession.”


At this point Goldman – which naturally was aghast at the possibility that there is an under the radar consumer recession taking place at a time when the bank was predicting three rate hikes – quickly pivoted and explained that a far more likely explanation is that the latest weekly report was an aberration, and that there was simply something wrong with the data.

Our analysis identifies weekly yield and exports as systematically deviating from their final values and such biases suggest that demand could be revised higher by 190 kb/d. The EIA’s real-time export data still includes estimates and we see potential for the recent shifts in the Mexican gasoline market to exacerbate the overstatement of US exports by an additional 185 kb/d given (1) lower PEMEX refinery turnarounds, and seasonally lower demand exacerbated by the January 16% hike in prices. Adjusting for these lower exports points to US gasoline demand declining only 85 kb/d yoy in January, in line with our macro model.

After chosing to ignore the data, Goldman then reiterated its fudged, rosy outlook based on its own fudged data:

Looking forward, we reiterate our outlook for strong global demand growth in 2017 and view the recent US gasoline builds as reflective of transient regional shifts in gasoline supply instead. Given our

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Reconsider Holding Those ‘Dividend Aristocrat’ Stocks

Courtesy of ZeroHedge. View original post here.

Submitted by Simon Black via,

On May 23, 1719, one of the greatest financial bubbles in the history of the world kicked off when the Compagnie Perpetuelle des Indes was granted a monopoly by the French monarchy over all the trading rights of all French colonies worldwide.

The company’s stock price quickly soared, from 300 livres per share to more than 1,000 just a few months later.

It was quite a jump. But the enthusiasm continued for more than 18-months.

In fact there was such a frenzy to buy shares that it wasn’t uncommon for the stock price to double in a single day.

By November, share price had surpassed 10,000.

Based on modern-day calculations, a share price of 10,000 livres would have valued the company at more than the entire GDP of France at the time.

That would be like Google or Amazon having a $20 TRILLION stock market capitalization today. Insane.

As with all bubbles throughout history, that one burst as well… quickly and violently.

Call it ‘reversion to the mean’. Stein’s Law. Or just plain old common sense.

It’s pretty simple– there are certain anomalies that are too absurd to last. And nature always finds a way to correct them.

While it’s nowhere near as extreme as the Compagnie Perpetuelle des Indes, the market today is also in a completely unsustainable position.

I’ll show you what I mean–

Take a look at Exxon Mobil; it’s one of the largest companies in the world and a favorite among investors due to its 3.7% dividend yield.

Quarter after quarter, Exxon Mobile has been paying dividends to its shareholders without fail for decades, even at the peak of the financial crisis.

Not only that, but the company has generally increased its dividend each year as well.

To stock investors, that kind of consistency is a gold mine. But there’s a small problem.

For the last several years, Exxon has been borrowing money in order to maintain its dividend payments.

Last month, for example, the company reported $26.4 billion in cashflow from its business operations during 2016.

But in order to maintain the business, the company had to spend $16.7 billion on what’s known in finance as “capital expenditures” or “capex”.

Capex is critical to a big business like Exxon Mobil; every year they have to

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Bannon Lashes Out At The Media: “They’re Not Going To Give The Country Back Without A Fight”

Courtesy of ZeroHedge. View original post here.

Shortly after taking center stage at CPAC, Steve Bannon once again unleashed on the media, quickly calling the press the “opposition party” as he did in his infamous NYT interview, during his conversation with Reince Priebus.

“If you look at the opposition party, how they portrayed the campaign, how they portrayed the transition, how they portray the administration, it’s always wrong,” Bannon said.  “If you remember, the campaign, by the media’s description, was the most chaotic, the most disorganized, most unprofessional, had no idea what they were doing. And then you saw [the media] all crying and weeping” on election night.

“It’s not gonna get better, it’s gonna get worse,” Bannon said.

“They are corporatist globalist media who are diametrically opposed to the economic nationalist agenda that President Trump presents. “[Trump] is going to continue to press his agenda as economic conditions get better, as jobs get better, they are going to continue to fight. If they think they are going to give you your country back without a fight, you are mistaken. Every day, it is going to be a fight.”

“It’s not only not going to get better, it’s going to get worse everyday… they’re corporatist, globalist media,” Steve Bannon says

— CBS News (@CBSNews) February 23, 2017


The Trump administration has taken center stage at this year’s Conservative Political Action Conference (CPAC) which infamously kicked out Milo Yiannopoulos earlier this week, leading to the rapid fall from grace for the outspoken conservative.

Moments ago Trump’s two right hand men, chief strategist Steve Bannon, and chief of staff, Reince Priebus, started speaking at CPAC.  Later in the day, VP Mike Pence will give a major address at 7:30 pm.

Earlier in the day, far right-winger Richard Spencer was escorted out of the Conservative Political Action Conference.

Spencer reportedly spoke with reporters in the lobby of the conference for nearly 45 minutes before he was kicked out.

Some reporters tweeted that Spencer was escorted out by security while still speaking with journalists.

A spokesman for CPAC told NBC that Spencer was removed because the organization finds his views “repugnant.”

According to The Hill, American Conservative Union Chairman Matt Schlapp attempted to distance the conference from Spencer, who

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Kellyanne Conway Blasts CNN Reports That She’s Been “Benched” From TV Appearances

Courtesy of ZeroHedge. View original post here.

Earlier this week “fake news” CNN, citing White House ‘sources’, reported that Kellyanne Conway had been “benched” from making TV appearances after she gave an interview last week in which she said that Genereal Michael Flynn enjoyed the “full confidence” of President Trump just hours before he was dismissed from his post. 

But, appearing on the Hannity TV show last night (which would be difficult if she were actually banned from TV appearances) Conway blasted the CNN reports saying simply that “somebody’s trying to start up trouble.”  Per The Hill:

“I’m not,” she said when asked on Fox News’s “Hannity” if she had been benched. “I mean, somebody’s trying to start up trouble.”

“About 5 percent of what I’m being asked to do in this White House counselor role is TV,” Conway told host Sean Hannity. “And I think that’s about right.”

“I’ve also gobbled up a lot of TV opportunities, so there’s some resentment there on the outside, I believe, and folks trying to use me for clickbait and headlines.”

“We don’t need to be out there all the time,” she said of administration officials. “I don’t think I have to explain myself if I’m not going to go on TV for a week.”

Here is the full interview with Conway (forward to the 17:30 mark for the relevant exchange):

Of course, the questioning from Hannity followed reports from CNN that Conway had been benched for being “off message” and that “having Kellyanne off television” was helping the Trump administration. Per The Hill:

Conway, who was recently a regular fixture on TV news, hasn’t appeared for an on-air interview since early last week. That Monday, she argued that then-national security adviser Michael Flynn had the “full confidence” of President Trump.

Flynn resigned from his post later that day amid revelations that he misled Vice President Pence about the nature of his conversations with the Russian ambassador.

Conway was “off message,” a White House source told CNN.

“Clearly they’re having much more of a drama-free week,” CNN quoted the source as saying. “Having Kellyanne off television is helping them.”

And here is the original clip from MSNBC in which Conway confirmed that

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Live Feed: Riot Police And Humvees Move In To Remove Last Remaining Standing Rock Protesters

Courtesy of ZeroHedge. View original post here.

Yesterday we noted that, after nearly a year of continuous protests, eviction day had finally come for the last remaining members of the Standing Rock Sioux Tribe protesting the Dakota Access Pipeline in North Dakota. 

That said, and quite unsurprisingly we might add, a number of Standing Rock protesters apparently decided that the North Dakota Governor’s eviction notice, which went in effect yesterday at 2pm, was merely a suggestion and overstayed their welcome on federal lands.  As such, riot police and Humvees have now been called in to facilitate their immediate departure.

Of course, as most are acutely aware at this point, the standoff in North Dakota revolves around Native American opposition to the Dakota Access Pipeline (DAPL), a project the Standing Rock tribe said crosses over land that belongs to them pursuant to the Treaty of Fort Laramie from 1868.

According to RT, roughly 100 protesters remained in camp this morning as riot police moved in to clear the grounds.

Live-streams from across the Cannon Ball River showed police, including state troopers from Wisconsin, and what looked like National Guard troops entering the mostly abandoned encampment on Thursday morning, accompanied with armored vehicles and construction equipment.

About 100 protesters remained in the camp on Wednesday, defying the deadline for evacuation ordered by North Dakota’s governor.

Here is a live feed of today’s festivities:

* * *

For those who missed it, here are scenes from yesterday as the Governor’s eviction notice took effect.

After nearly a year of conflict, today may mark the last stand at Standing Rock as authorities’ begin their final eviction of protesters, also known as water protectors, from their camps.

The standoff in North Dakota revolves around Native American opposition to the Dakota Access Pipeline (DAPL), a controversial initiative the Standing Rock tribe says crosses over land that belongs to them pursuant to the Treaty of Fort Laramie from 1868.

The #NoDAPL movement gained widespread attention in 2016 after videos and reports emerged showing law enforcement’s brutal militaristic crackdown on protests. Hundreds of water protectors have been arrested and injured — some critically.

The eviction, expected imminently today, stems from an executive order signed by Governor Burgum.


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LME Hands Gold Banks License to Print Money

Courtesy of ZeroHedge. View original post here.

The Banks Will Not Be Denied Franchises and are Buying Into Exchanges

written by Soren K. for MarketSlant

The US Government has essentially declared war on the OTC markets. This is the banking industry life blood. Banks are not going to go down easily. We have said so here in the past. Since the US government has essentially declared it wants exchanges to be the depositories for risk instead of Banks, the Banks are going to start buying exchanges. What ICE, (originally formed by Goldman and other banks) did for oil, EOS intends to do for Gold. That is ensure that if banks are disintermediated, at least they will own their replacement. ICE is the second largest oil exchange behind the CME now. And ICE is no longer bank owned. Hence the banks are creating a new vehicle to capture lost business, this one is in Gold. And its goal is to get in the middle of every Gold deal being bought in the East. And they are smart to do it.From a previous post, the problem for banks can be easily seen. Banks know this and are not going down without a fight.

TBTF = Too Big to Exist

The Federal Government’s policies post the 2007 crash have done nothing to reduce the concentration of systemic risk in our markets. They have in fact concentrated power in a smaller number of counterparties’ hands. Price discovery is less reliable. Transparency of price is better, but less reliable. We like this statement made today on transparency, diversity in market participants and our growing systemic risk.

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Is An Inflation Comeback In The Works?

Courtesy of ZeroHedge. View original post here.

Authored by Bonner & Partners Bill Bonner, annotated by Acting-Man’s Pater Tenebrarum,

Exterminating Angel

Amid all the sound and fury of the Trump news cycle, hardly anyone noticed. There is a specter haunting this economy. It is the specter of inflation…

See, if you want to whip inflation now, you don’t need to do any of the really difficult things, such as printing less money… or God forbid, return to honest, market-chosen money (shudder!). All you need is intelligent nutrition!


Bloomberg has the report:

The U.S. cost of living increased in January by the most since February 2013, led by higher costs for gasoline and other goods and services that indicate inflation is gathering momentum. The consumer-price index rose a larger-than-forecast 0.6% after a 0.3% gain in December, Labor Department figures showed Wednesday. Compared with the same month last year, costs paid by Americans for goods and services rose 2.5%, the most since March 2012.

French investment bank Natixis makes a related observation:

The return of inflation in the euro zone with the rise in the oil price will drive the European Central Bank to give up QE […] Our estimate is that an end to QE would raise interest rates by 110 basis points.

Wait – inflation is what the Fed has been looking for. And the latest numbers reveal it may have already reached the Fed’s target of 2%. If you’ll recall, the Fed set itself two targets: Unemployment would have to fall below 5%. And inflation would have to rise above 2%. Reaching those two targets would prove that the economy was healthy enough to allow the Fed to raise rates.

Higher rates of inflation – higher prices – signal more consumer demand. And more labor demand, too. It suggests there are more people with more money ready to spend it. How could that ever be a bad thing? And now, with the Fed’s key targets hit, we’re ready to return to the good ol’ days, right? Oh, dear, dear reader – if it were only that simple!

Year-on-year change rates of TMS-2 (broad true US money supply, black line), M1 (red line), CPI (blue line)

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Mediocre Demand For “Tailing”, 7Y Treasury

Courtesy of ZeroHedge. View original post here.

If Tuesday’s 2Year auction surprised to the upside thanks to trading rather special in repo, and yesterday’s 5Y auction was poorly received with no repo tightness, then today’s 7Y auction of $28 billion in Treasuries was set to be the most disappointing of all, after it was trading at a generous +0.50% in the repo market.

And, predictably, when today’s 7Y printed at 2.197%, the lowest yield since October (if above the previous six auction average of 1.883%) it tailed the WI of 2.196% by 0.1bp, as once again there were few overhanging shorts to squeeze.

The internals were average at best, with the Bid to Cover printing at 2.49, above last month’s 2.45 but below the 6MMA of 2.50. Indirect demand dipped, with foreign official buyers taking down 63.8%, below the 72.8% in January, and the lowest since October; it was however in line with the 6 month average of 64.8%. Like yesterday, the Direct Bid picked up, and was left with 11.4% of the allottment. As a result, Dealers were left holding 24.9% of the auction, the most since October.

Overall, a mediocre auction, which however was fractionally better than its tailing headline would suggest.

David Einhorn Gets A Divorce, Shorts Sovereigns, Is Bullish On Gold

Courtesy of ZeroHedge. View original post here.

First it was Ken Griffin, then Bill Ackman, now it’s David Einhorn’s turn.

Perhaps eager for a complete “change of scenery” after years of moribund returns, some of America’s most prominent hedge fund managers are taking the metaphorical knife to their personal lives, and wives.

According to the Post, David Einhorn is separating from his wife of 24 years, Cheryl Strauss Einhorn, and the pair is heading for divorce. The billionaire Greenlight Capital founder, whose stock picks have moved markets, if perhaps a little less in recent months, has separated from Cheryl, whom he married in 1993 before he made his fortune, now estimated at $1.55 billion.

Among the possessions at stake in the upcoming divorce is the 10,000-square-foot home in Rye, NY, and supposedly Einhorn’s rumored vault of gold stashed at a secret location in New York City. He has said the gold is used by his fund as a hedge against inflation.

Cheryl, with whom David has three children, is an award-winning financial reporter and media consultant who has also taught at Columbia University Graduate School of Journalism and Columbia Business School. According to the Post, she is also credited with coming up with the name “Greenlight” when he launched his fund in 1996. The couple is well-known in New York for their philanthropic work. In 2002, they established the Einhorn Family Charitable Trust, “with the vision of building a more peaceful and harmonious society,” according to its website, which features numerous photos of Cheryl and David.

He also serves on the boards of City Year, the Michael J. Fox Foundation for Parkinson’s Research, and as chair of the Robin Hood Foundation’s board of directors.

It is not clear what precipitated the split.

In other Greenlight-related news, Bloomberg reports that along with his newly found personal freedom, Eimhorn is also redoing his portfolio, and has joined numerous other hedge fund managers, among which Kyle Bass and Jeff Gundlach in betting on declines in government debt, as well as a rebound in gold to protect against the risk of inflation under Trump.

“We made several changes to the macro portfolio in response to the election,” Einhorn said Thursday in a conference call discussing results for Greenlight Capital Re Ltd., the Cayman Islands-based reinsurer

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Sweden Has Another Problem – It’s Collecting Too Much Tax

Courtesy of ZeroHedge. View original post here.

Submitted by Mike Shedlock via,

As a direct result of Sweden’s tax laws in conjunction with negative interest rates by the central bank, Sweden’s citizens now purposely overpay their tax bills in record amounts as a savings vehicle.

Here’s the peculiar result: The Swedish Government Complains it Collects Too Much Tax.


Data released on Wednesday showed Sweden’s government generated a budget surplus of SKr85bn ($9.5bn) in 2016, with approximately SKr40bn coming from tax overpayments. The government will have to repay more than £3.5bn to businesses and individuals who purposely paid too much tax in 2016.

The government wants to discourage further overpayments but the national debt office has admitted its efforts will probably not be enough.

While bank interest rates plummeted, Swedish tax rules meant that excess deposits in taxpayers’ payment accounts continued to earn a minimum of 0.56 percent annual interest, leading many people to use them like makeshift bank accounts.

Most governments would be pleased with an annual budget surplus more than twice the forecast size. But Stockholm has complained that this “involuntary borrowing” from residents will cost it around SKr800m more over 2016 and 2017 than if they had borrowed the money at market rates.

Unfortunately for the debt office, there is little chance that the problem will go away anytime soon. At its latest policy meeting last week the central bank said it was more likely to cut rates further into negative territory than increase them in the short term.

Given negative interest rates, even if Sweden paid zero percent on overpayments, the Swedish government would lose money vs. borrowing from the central bank.

I suppose the government could charge money for excess payments, but officials might be worried about voter backlash.


Zero Hedge

Recession Concerns Grow After Gasoline Demand Slides Most In 16 Years

Courtesy of ZeroHedge. View original post here.

Two weeks ago, we reported that when Goldman observed the latest gasoline demand data, it said that either something must be wrong with the data, or the US is in a recession: as the firm's commodity analyst Damien Courvalin put it, such a steep drop in in US gasoline demand "would require a US recession." He added that "implied demand data points to US gasoline demand in January declining 460 kb/d or 5.2% year-on-year. In the absence of a base effect, such a decline has only occurred in four periods since 1960 during which time PCE contracted."

Bloomberg's ...

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Standing Rock Protesters Face Mandatory Evacuation Deadline

By insidesources. Originally published at ValueWalk.

A camp that began for the water ended in flames on Wednesday afternoon as law enforcement moved to close the Dakota Access Pipeline protest camps. Prior to the mandatory evacuation deadline, protesters set fire to many of their remaining structures, arguing that this ceremonial destruction was the only way to prevent the area from being desecrated by law enforcement. A mandatory evacuation deadline had been set for 2 pm, but nearly two hours later, law enforcement remained on the perimeter, encouraging protesters to leave on their own.

The mandatory evacuation deadline was the final stage in process that had begun on Tuesday, when law enforcement set up a roadblock near the camp’s southern gate. At that time, they shut down traffic into the ca...

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Phil's Favorites

Cincarious Research's outdated note on FireEye, posted at Zero Hedge

Note: Cincarious Research contributed the article LifeLock Willing To Give FireEye $16 Per Share In Takeover Offer - Sources to Zero Hedge. It appears to be fake - or at least old - news.

Read this: Who or what is “Cincarious Research?”

Cincarious Research writes,

LifeLock is looking to revamp itself with a purchase of FireEye according to a few of our sources in the security space that are privy to the on-going conversation. We were told the company is seeking to expand offerings and the added cyber-security depth from FireEye on the government level is what LifeLock wants, badly. The deal is set for $16 per share for a total va...

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Kimble Charting Solutions

Gold & Silver; Knocking on breakout door again!

Courtesy of Chris Kimble.

Silver and Gold have continued to head lower since highs reached back in 2011. Is the 6-year bear market nearing an end?

Below looks at the Silver/Gold ratio over the past decade. To be long and strong Silver and Gold, the preference would be for this ratio to be heading higher.


The ratio has formed a clean falling channel (series of lower highs and lower lows) inside of (1). Three different times it knocked on the underside of falling...

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Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

Oil Sands Batter Major Explorers' Reserves as Rout Sinks Value (Bloomberg)

Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers.

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

Don't be fooled by the strong rebound in Wall Street trading revenues at the end of 2016: Investment banks still had a lousy year.


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Chart School

Market Pause

Courtesy of Declan.

Nothing really to add to yesterday. Markets took minor hits, but there was little intraday spread. The biggest spread was in the Russell 2000 which was underperforming heading into today's session. It reversed most of yesterday's gains, but it has some way to go before it begins challenging the breakout

The New Lows and Highs is in a secular bullish pattern, and it will take continued pressure in spike lows to generate a sustained sell off - none of which is happening here.


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Digital Currencies

It's Time To Beat Up On Credit Suisse and Their Woefully Misinformed Bitcoin Advice

Courtesy of Reggie Middleton at Zero Hedge

Credit Suisse has been posting cryptocurrency advisories over the last few weeks. They are quite one-sided, although couched in the appearance of objectivity. To explain why it's couched in the appearance of objectivity, and not actually objective, let me give you some background. 

The Obama administration enacted a law known as the Fiduciary Rule, as per Investopedia

The Department of Labor’s definition of a fiduciary demands that advisors act in the best interests of their clients, and to put their clients' interests above their own. It leaves no room for advisors to conce...

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Members' Corner

Lumber Liquidators Leukemia?

Courtesy of The Nattering Naybob

Phil – LL –   "I can see the ad campaign now: "Our lumber hardly kills you!" 

We Nattered... Today Feb 23, 2016 down -19.5% premarket from $14.21 to $11.27.   

Somebody forgot to convert feet to meters. The CDC said it made an ERROR in the Feb 10th report and had used an incorrect value to calculate ceiling height, which meant its estimates of the airborne concentration of cancer-causing formaldehyde were about three times lower than they should have been. 

Considering myeloid leukemia, some cancers and formaldehyde are linked at the hip, wonder if overexposure had anything to do with the CEO's leukemia?  

LL subsequently went to $19.67 on Sept 30th and has since cooled down to $15....

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Swing trading portfolio - week of February 20th, 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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Mapping The Market

NSA May Be Withholding Intel from President Trump

By Jean Luc

These GOP guys were so worried about Hillary's email server and now we find out that we had something close to a Russian mole in the White House. In the meantime, Trump keeps on using his unsecured phone, had high level conversation in his resort in front of dinner guests! It's getting so bad that rumors are now circulating that the NSA is not sharing information with the WH:

NSA May Be Withholding Intel from President Trump


….Our spies have had enough of these shady Russian connections—and they are starting to push back….In light of this, and out of worries about the White House’s ability to keep secrets, some of our spy agencies have begun withholding intelligence fro...

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Phil's Stock World's Las Vegas Conference!

Learn option strategies and how to be the house and not the gambler. That's especially apropos since we'll be in Vegas....

Join us for the Phil's Stock World's Conference in Las Vegas!

Date:  Sunday, Feb 12, 2017 and Monday Feb 13, 2017            

Beginning Time:  9:30 to 10:00 am Sunday morning

Location: Caesars Palace in Las Vegas


Caesars has offered us rooms for $189 on Saturday night and $129 for Sunday night but rooms are limited at that price.

So, if you are planning on being in Vegas (Highly Recommended!), please sign up as soon as possible by sending...

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The Medicines Company: Insider Buying

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

I'm seeing huge insider buying in the biotech company The Medicines Company (MDCO). The price has already moved up around 7%, but these buys are significant, in the millions of dollars range. ~ Ilene




Insider transaction table and buying vs. selling graphic above from

Chart below from


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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...

Learn more About Phil >>

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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.

Market Shadows >>