Author Archive for Zero Hedge

Liar Loans Pop up in Canada’s Magnificent Housing Bubble

Courtesy of ZeroHedge. View original post here.

Submitted by testosteronepit.

Wolf Richter   www.wolfstreet.com   www.amazon.com/author/wolfrichter

For a long time, the conservative mortgage lending standards in Canada, including a slew of new ones since 2008, have been touted as one of the reasons why Canada’s magnificent housing bubble, when it implodes, will not take down the financial system, unlike the US housing bubble, which terminated in the Financial Crisis.

Canada is different. Regulators are on top of it. There are strict down payment requirements. Mortgages are full-recourse, so strung-out borrowers couldn’t just mail in their keys and walk away, as they did in the US. And yada-yada-yada.

But Wednesday afterhours, Home Capital Group, Canada’s largest non-bank mortgage lender, threw a monkey wrench into this theory.

Through its subsidiary, Home Trust, the company focuses on “alternative” mortgages: high-profit mortgages to risky borrowers with dented credit or unreliable incomes who don’t qualify for mortgage insurance and were turned down by the banks. They include subprime borrowers.

So it disclosed, upon the urging of the Ontario Securities Commission, the results of an investigation that had been going on secretly since September: “falsification of income information.” Liar loans.

Liar loans had been the scourge of the US housing bust. Lenders were either actively involved or blissfully closed their eyes. And everyone made a ton of money.

So Home Capital revealed that it has suspended “during the period of September 2014 to March 2015, its relationship with 18 independent mortgage brokers and 2 brokerages, for a total of approximately 45 individual mortgage brokers,” who’d together originated nearly C$1 billion in single-family residential mortgages in 2014. That’s 5.3% of the company’s total outstanding loan assets, and 12.5% of its total single-family mortgage originations in 2014.

That’s a big chunk. The company, however, didn’t disclose why it took so long to disclose this.

It said an “external source” had warned it about income falsification on mortgage applications submitted by a number of brokers. Its investigation did not find any evidence of falsified credit scores or property values, it said.

It’s not hard for a lender to require income verification. Not requiring it is precisely what US lenders had done before the Financial Crisis. Add a little encouragement from a broker, and that’s how you get perfect liar loans.

Home Capital had already announced on July 10 (Friday afterhours!) that in Q2, originations…
continue reading





Debt Slaves: 7 Out Of 10 Americans Believe That Debt “Is A Necessity In Their Lives”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Michael Snyder via The End of The American Dream blog,

Could you live without debt?  Most Americans say that they cannot.  According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now.  Most of us like to think that “someday” we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this.  That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep us in debt until we die.  Sadly, most Americans don’t even realize what is being done to them.

In America today, debt is considered to be just part of normal life.  We go into debt to go to college, we go into debt to buy a vehicle, we go into debt to buy a home, and we are constantly using our credit cards to buy the things that we think we need.

As a result, this generation of Americans is absolutely swimming in debt.  The following are some of the findings of the Pew survey that I mentioned above…

*”8 in 10 Americans have debt, with mortgages the most common liability.”

*”Although younger generations of Americans are the most likely to have debt (89 percent of Gen Xers and 86 percent of millennials do), older generations are increasingly carrying debt into retirement.”

*”7 in 10 Americans said debt is a necessity in their lives, even though they prefer not to have it.”

Most of us wish that we didn’t have any debt, but we have bought into the lie that it is a necessary part of life in America in the 21st century.

It has been estimated that 43 percent of all American households spend more money than they make each month, and U.S. households are more than 11 trillion dollars in debt at this point.

When it comes to government debt, that is easy for us to blame on someone else, but all of this household debt is undoubtedly something that…
continue reading





Secret Memo Reveals US Was Aware Of Americans Killing Zimbabwe Lions; Only Concern Was Getting Caught

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Over the past 3 days, it appears that the only thing Americans can talk about, whether around the watercooler, in the office or during prime time TV, is the tragic death of Cecil the Zimbabwe lion, and his “monster” killer, Minnesota dentist Walter Palmer. The reality, of course, is that despite engaging in the rather anachronistic pursuit of self-gratification through shooting at animal prey, in this case a bow and arrow, in a day and age of online apps and cyberspace, Palmer, a self-professed avid big-game hunter, did nothing illegal in his opinion having relied on local guides and was said to believe the hunt was legal.

“I have not been contacted by authorities in Zimbabwe or in the U.S. about this situation, but will assist them in any inquiries they may have,” Palmer said but by then the witch hunt was on: not only were crowds of people stalking out his office but investigators have knocked on the front door of Palmer’s house, stopped by his dental office, called his telephone numbers and filled his inbox with e-mails. There is even a petition, with over 155,000 signatures, demanding Palmer be extradited to Zimbabwe where he would “face justice” alongside his two guides who are already said to be in custody.

Not surprisingly, Palmer has prudently disappeared until tempers cool off and/or an arrest warrant is issued for his arrest.

In the grand scheme of things, this is yet another grand, and convenient distraction du jour for the US public to rally around with a cry of fake (or in some TV talk show hosts, almost real) indignation while preaching moral superiority (killing one lion is apocryphal but killing millions of hamburgers and pork burritos every year is, well, meh) while the US economy continues to disintegrate under everyone’s feet.

However, where this particular episode rapidly crossed the surreal threshold, is when news hit overnight that Obama administration officials are offering to help the Zimbabwean government investigate the high-profile killing.

Yes, the president would show the American people just what a humanitarian he is, and do what he does best: dispense “fairness” and “justice.”

Only… this being the US government, what really happened is another grotesque instance of unparalleled hypocrisy promptly backfiring.

Presenting “QUIET DIPLOMACY” SUSPENDS ELEPHANT HUNTING
continue reading





Chinese Stocks Extend Yesterday’s Plunge Despite Regulators “Asking” Insurers To Stop “Net Sales”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Following last night's afternoon session plungefest (with ChiNext's biggest drop in a month), as it appeared the government experimented with 'free' markets briefly, regulators have "asked" insurance companies to be "net sellers" of stocks going forward. With margin debt dropping for the 4th day in a row (to fresh 4-month lows), Markit noted that accusations of foreigners short selling shares is “overblown” by Chinese market regulators and not the cause of a recent rout in the stock market, according to the SCMP. The requests and threats appear to not be working as CSI-300 futures open down 0.7%.

As a reminder, this is how things ended last night…

*  *  *

And tonight we are seeing losses extend…

  • *CHINA'S CSI 300 INDEX SET TO OPEN DOWN 1% TO 3,777.15
  • *CHINA SHANGHAI COMPOSITE SET TO OPEN DOWN 1.4% TO 3,655.67

*  *  *

More measures…

China Insurance Regulatory Commission asked insurers to try their best to avoid net sales of equities in near future, Shanghai Securities News reports, citing an unidentified person from an insurer.

And refutations to China's claims that foreign sellers were "waging economic war"

Accusations of foreigners short selling shares is “overblown” by Chinese market regulators and not the cause of a recent rout in the stock market, South China Morning Post cites financial data co. Markit analyst Relte Stephen Schutte as saying.

  • Official data shows minimal short selling of individual shares with shorting of domestic ETFs at only 1.2% of total domestic ETFs under management, Schutte is cited as saying

*  *  *

On a more sombre note, the first major casualty of the Chinese stock market disaster has happened as Caixin reports well-known fund manager, Liu Qiang, a 36-year-old fund manager at Ruilin Jiachi,  jumped to his death from a high-rise in downtown Beijing, angry the government intervened in the stock market rout, people who knew him say…

Several people close to Liu said he suffered from depression and returned to work in April after spending three years in the southwestern province of Yunnan where he was seeking treatment for depression. "He has had a very tough time in recent years," one of Liu's friends said.

Some of Liu's friends said he had been very frustrated by the government's efforts to 


continue reading





“Greed Is King” – What We Learned Talking To Chinese Stock Investors

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Authored by J.J. Zhang, originally posted at MarketWatch.com,

Though Greece has dominated the news recently, its overall market impact has been surprisingly muted. Instead, the real market mover and shaker for the last couple of months has been China.

By now, many are familiar with the facts and numbers of the Shanghai market situation. But recent events have also shed a light on a less well known dynamic — the individual behavioral habits and viewpoints of Chinese market participants.

During a short stay in Shanghai a few weeks ago on unrelated business, I had an opportunity to witness the ground zero of the China market frenzy at its peak and its nascent plunge. Chinese retail investors make up 85% of the market, a far cry from the U.S. where retail investors own less than 30% of equities and make up less than 2% of NYSE trading volume for listed firms in 2009.

Combined with the highest trading frequencies in the world and one of the lowest educational levels, describing China’s market as immature is an understatement. As many readers know, mental irrationality is often cited as the No. 1 cause of poor returns.

Using the opportunity to interview some China market participants, both in Shanghai and elsewhere, here are a few observations of how they think and act — and the potential lessons that await.

Bubbles can be surprisingly predictable

During the housing bubble run-up and subsequent recriminations, a common excuse was the impossibility of predicting and diagnosing bubbles. However, bubbles can often be characterized by several irrational behaviors and metrics and the recent China bubble is no exception. Almost everyone in the financial industry knew the Shanghai market was in a bubble. Interestingly, from my interviews with everyday participants, they knew it as well, many agreed that the market was crazy and was likely in a bubble. It was not a question of if, but when, the bubble would pop.

Chasing bubbles in China isn’t new

An interesting counterpoint to the bubble awareness is that, frankly, Chinese participants are used to chasing bubbles. Whether a cultural phenomenon or something else, over the last decade there’s been a continual hopping of investment from one big money-making scheme to the next. Whether it was real estate a decade ago, gold half a decade ago or wealth-management…
continue reading





Donald Trump’s Soaring Popularity “Is The Country’s Collective Middle Finger To Washington”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Paul Brodsky, via Macro-Allocation.com,

Donald Trump’s ascendance as the early GOP front-runner is symbolic of a greater global trend: growing pushback against institutional political and economic power.

To many centrist politicians and mainstream political observers, Donald Trump is a boastful, insensitive egomaniac spouting populist rhetoric. Whether such a characterization is true is not worthy of debate, which may explain why the rantings of enraged career political pundits have no impact on Mr. Trump’s popularity among Republican voters in Iowa, New Hampshire, and across America. It seems no amount of ink or air time spent tarring and feathering Trump’s reputation sticks; in fact it seems to help Teflon Don in the polls, where he leads a crowded field of career politicians.

Donald Trump is a threat not only to the nattering nabobs in the press corps and the Republican Party. His day in the sun may be symbolic of a broader dynamic: the declining power held by historically powerful institutions. Ask yourself if Trump’s campaign is making a mockery of the political process or exposing the mockery that the political process has become. A not-insignificant percentage of Americans away from the coasts, are looking past his utter lack of decorum and political savvy to hitch their wagons to his outrage.

Let’s forget, for a moment, about our personal politics, preferred policies, and individual candidates we may be excited to elect. Are we supposed to forget that the Supreme Court, through its 2010 decision that corporate donors should be treated legally as individual donors under the First Amendment, effectively subordinated individual voters into mere supporting targets to which political aspirants have to appeal? Most importantly, are we supposed to nod our bobble heads in agreement with the heads of the national parties to choose a candidate they find acceptable based on which will appeal to the best funded special interests?

Is anyone really polling in favor of Donald Trump or is he conveniently filling the role of the not-so-quiet counterfactual?

I recently texted one of the premier Sunday morning political pundits with these thoughts and he texted back:

“That’s what I am arguing internally. This is the country’s collective middle finger to Washington.”

As an investment strategist and consultant observing our current global economy and markets, it is difficult not to extrapolate this sense
continue reading





China Says US “Militarization” Of South China Sea Shows Washington “Wants Nothing Better Than Chaos”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

If you follow geopolitics you’re well aware that China has become a magnet for maritime conflict and controversy over the past six or so months. 

It all started earlier this year when satellite images showing the construction of what appeared to be a 10,000 foot runway (long enough to accommodate military aircraft) atop a newly constructed island in the contested waters of the South China Sea touched off an international firestorm as the US and its allies accused Beijing of seeking to redraw maritime boundaries and expand its naval capabilities at the expense of regional security.

China vigorously denied the accusations, pointing to the fact that other nations had undertaken similar land reclamation efforts in the Spratlys. 

The situation escalated meaningfully when the PLA threatened a US spy plane, prompting Washington to remind Beijing that artillery stationed on “sand castles” would certainly not be enough to deter the US Navy from navigating wherever it chooses whenever it chooses to do so.

The “conflict” subsided briefly after a propaganda campaign by Beijing put a humorous spin on the entire ordeal, but China found itself right back in the spotlight last week after Japan essentially accused it of stealing natural gas by positioning rigs too close to a demarcation line that separates the two countries’ exclusive economic zones. 

For the latest on China’s seaborne exploits we go to Reuters, who notes that Washington and Beijing are back at each other’s throats over the Spratly issue, only this time it’s China which is accusing the US of militarizing the region. Here’s more:

China’s Defence Ministry on Thursday accused the United States of “militarizing” the South China Sea by staging patrols and joint military drills there, ramping up the rhetoric ahead of a key regional security meeting in Malaysia next week.

China has been angered by U.S. navy and air force forays through waters it claims as its own, especially this month, when U.S. Navy Admiral Scott Swift said he joined a routine surveillance flight.

The United States has also stepped up military contacts, including drills, with regional allies such as the Philippines, which also has claims in the South China Sea.

The United States was hyping up the “China threat” and attempting to sow discord between China and other claimant countries, Defence Ministry


continue reading





Least Transparent Ever: IRS Used “Wholly Separate” Message System To Hide Communications

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

Barack Obama promised to have the “most transparent administration ever,” but as with pretty much every other promise he’s made over the years, the exact opposite is what has occurred.

From Hillary Clinton using her own private email server while Secretary of State, to the latest revelations that the IRS (which intentionally targeted American citizens based on their political views), used a “wholly separate” instant messaging system in order to conceal their internal communications. Of course, not only is there no transparency, but as is the case with all shady and undemocratic “elite” behavior, there is no accountability.

In the latest bit of information to emerge, we learn from Americans for Tax Reform that:

The IRS used a “wholly separate” instant messaging system that automatically deleted office communications, according to documentation released by the House Oversight Committee on Monday. The system appears to have been purposefully used by agency officials responsible for the targeting of conservative non-profits, in order to evade public scrutiny.

The system, known as “Office Communication Server” or OCS was used by IRS officials, including many in the Exempt Organizations (EO) Unit, which was headed by Lois Lerner.

As the Oversight Committee report states, the instant messaging system did not archive any communications, so it is not possible to know what employees of the EO unit discussed on it.

However, in an email uncovered by the Committee Lerner warns her colleagues about evading Congressional oversight:

“I was cautioning folks about email and how we have had several occasions where Congress has asked for emails and there has been an electronic search for responsive emails – so we need to be cautious about what we say in emails.”

Lerner then asks whether OCS is automatically archived. When informed it was not, Lerner responded “Perfect.”

While it is possible to set the instant messaging system to automatically archive messages, the IRS chose not to do so, according to one employee interviewed by the Committee.

This is not what freedom looks like.





This Is The 714 Sq. Foot Hovel In LA That Can Be Yours For Just $1.1 Million

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submittted by Dr. Housing Bubble

Venice is an interesting place.  I’ve always enjoyed the unique atmosphere and it can be argued that Venice was one of the leading hipster enclaves in Southern California.  It was cool before it was cool to be cool.  Similar to San Francisco, old homes are being sold for ridiculous amounts of money.  We recently featured a home in Venice that had 0 beds going for over $1 million.  That is how crazy things are getting in SoCal.  But there is definitely more of a feeling of “get out at the top” versus “I’m buying to ride some more appreciation” sentiment.  Venice has gotten wildly expensive.  Even just a few years ago visiting friends in Venice you were entering questionable neighborhoods where it didn’t seem safe.  But hey, who needs safety when you can live the life of luxury in a crap shack?  Is it any wonder why there is a steady migration out of California by the middle class?  Let us take a look at a home in Venice and get your thoughts on it.

Venice in California

Perception is everything when it comes to real estate.  Beverly Hills was able to garner fame and notoriety because at least the homes looked nice.  At least you were getting a home that looked like a million dollars.  Right now the big marketing push is “up and coming” neighborhoods.  Get in before you are priced out forever and are destined to a life of eating out of food trucks.

The home we are going to look at today was built back in 1904.  You read that correctly.  1904, as in 111 years ago.  Let us take a look at this place:

1130 Electric Ave, Venice, CA 90291

1 bed 1.5 baths 714 sqft

I love places that have more restrooms/bathrooms than actual bedrooms.  This place has 1 bedroom and is listed at 714 square feet.  I love the first few lines in the ad:

“Old School Venice living at its finest! Don”t miss the opportunity to own one of the most unique properties off Abbot Kinney! This bright happy bungalow is loaded with charm and character in one of the most desirable locations around.”

This is definitely old school.  Take a look inside:

This place screams…
continue reading





Does This Look Like An Accidental Relationship To You?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Ben Hunt via Salient Partners Epsilon Theory blog,

I figure not one Epsilon Theory reader in a thousand has seen “Suddenly, Last Summer”, but let me tell you … it’s got everything. Katherine Hepburn in a phenomenal performance as bizarro Aunt Vi. Elizabeth Taylor cavorting in the surf. Montgomery Clift. Lobotomies. Pedophilia. Cannibalism. Honestly, it’s kind of what you would expect if Gore Vidal took a Tennessee Williams script and just went gonzo with it. Which, in fact, is exactly what happened.
 
The subtext, as with so much of Southern Gothic in general and Tennessee Williams in particular, is mendacity and its crushing psychological damage.
I found this quote, where Katherine Hepburn is trying to convince Montgomery Clift to lobotomize Elizabeth Taylor so that she’d forget her former life and be less fearful and anxious … less volatile, in other words … to be an eerily apt description of what Central Bankers have tried to do with markets.
 
We endured an event last summer that, just as in the movie, ultimately brings all the mendacity out of the shadows and into the open. When Yellen declared last summer that the Fed had now firmly embraced a tightening bias, followed by the rest of the world declaring that they were doubling down on extraordinary monetary policy easing, the entire world was set on a path where all of the political fragmentation – all of the deep fissures within and between countries – would be inexorably revealed. Suddenly last summer, the mask of global monetary policy cooperation was ripped away, and the investment world will never be the same.
 
Here are two Bloomberg charts that show what I mean. On the top is a 5-year chart of DXY – the trade-weighted dollar index. On the bottom is a 5-year chart of WTI crude oil spot prices. Does this look like an accidental relationship to you? Can we just stop with all the hand-wringing about how there’s suddenly too much oil in the world, or how the Saudis are trying to crush US shale production, or any of the other spurious supply-and-demand “explanations” for why oil prices have collapsed? Seriously. Can we just stop?
 
Monetary policy divergence manifests itself first in currencies, because


continue reading





 
 
 

ValueWalk

A Wealth of (Managed Futures) Common Sense

By Attain Alternative Blog. Originally published at ValueWalk.

Via Attain Capital

If you haven't had chance to check out the work of Ben Carlson over on his blog, “A Wealth of Common Sense,” we highly suggest it. We've written about his thoughts and ideas a couple times (here and ...



more from ValueWalk

Phil's Favorites

IMF Reiterates Greece Disqualified for Bailout, Participation Depends on Debt Relief and Reforms

Courtesy of Mish.

Once again the IMF is back in the news in regards to Greece.

The IMF staff told the board of directors Greece Disqualified from New IMF Program.

Yet, Germany insists IMF be a part of the program. The reason for the latter is Germany will have to pony up lots more money if the IMF is not involved. The staff presented this message to the board this week, along with the message eurozone bailout lenders first need to agree on "debt relief".

From the above link (Financial Times) ...
The International Monetary Fund’s board has been told Athens’ high debt levels and poor record of implementing reforms disqualify Greece from a third IMF bailout of the country, raising new questions over whether the fu...



more from Ilene

Market News

News You Can Use From Phil's Stock

 

Financial Markets and Economy

The U.S. Economy's Top Speed Has Probably Been Overestimated for Years (Bloomberg)

Revisions to the U.S. gross domestic product since 2011 reinforce the shift to a slower era of economic growth and underscore the difficulties the Federal Reserve faces in gauging just when to inch interest rates away from the zero-lower bound.

Alpha Bankruptcy Plan Shows Mines Must Die for O...



more from Paul

Zero Hedge

Liar Loans Pop up in Canada's Magnificent Housing Bubble

Courtesy of ZeroHedge. View original post here.

Submitted by testosteronepit.

Wolf Richter   www.wolfstreet.com   www.amazon.com/author/wolfrichter

For a long time, the conservative mortgage lending standards in Canada, including a slew of new ones since 2008, have been touted as one of the reasons why Canada’s magnificent housing bubble, when it implodes, will not take down the financial system, unlike the US housing bubble, which terminated in the Financial Crisis.

Canada is different. Regulators are on top of it. There are strict down payment requirements. Mortgages are full-recourse, so strung-out borrowers couldn’t just mail in their ke...



more from Tyler

Chart School

Markets Remain Near and Above, Yesterday's Highs

Courtesy of Declan.

Tech indices finished strong after they overcame the opening half hour of selling. The Fed statement was greeted favorably, although market breadth is not looking pretty. The Nasdaq still has a distance to travel to make back all of its losses, but has done well to hold up against Semiconductor weakness.


The Semiconductor Index is struggling to make inroads against past losses as the Nasdaq and Nasdaq 100 push respectable gains. I find it hard to see how this scenario can continue, ...

more from Chart School

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...

more from David

Kimble Charting Solutions

Travel indicator being put to critical tests

Courtesy of Chris Kimble.

The American Economy is driven a good deal by the consumer.

The table below reflects that nearly 70% of GDP is based consumption.

CLICK ON CHART TO ENLARGE

The 4-pack below looks at consumption with a focus on the travel and leisure sector, by looking at Avis (CAR), Hertz (HTZ), Expedia (EXPE) and Priceline (PCLN).

CLICK ON CHART ABOVE TO ENLARGE

While many seem to be occupied by the news abou...



more from Kimble C.S.

Sabrient

Sector Detector: Lackluster earnings reports put eager bulls back into waiting mode

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

Courtesy of Sabrient Systems and Gradient Analytics

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 offer up some actionable trading ideas, including a sector rotation strategy using ETFs and an enhanced version using top-ranked stocks from the top-ranked sectors.

Corporate earnings reports have been mixed at best, interspersed with the occasional spectacular report -- primarily from mega-caps like Google (GOOGL), Facebook (FB), or Amazon (AMZN). Some of the bul...



more from Sabrient

OpTrader

Swing trading portfolio

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 ...



more from OpTrader

Digital Currencies

Gold Spikes Back Above $1100, Bitcoin Jumps

Courtesy of ZeroHedge. View original post here.

Gold is jumping after the overnight double flash-crash...testing back towards $1100...

Bitcoin is back up to pre-"Greece is Fixed" levels...

Charts: Bloomberg and Bitcoinwisdom

...

more from Bitcoin

Pharmboy

Baxter's Spinoff

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

Baxter Int. (BAX) is splitting off its BioSciences division into a new company called Baxalta. Shares of Baxalta will be given as a tax-free dividend, in the ratio of one to one, to BAX holders on record on June 17, 2015. That means, if you want to receive the Baxalta dividend, you need to buy the stock this week (on or before June 12).

The Baxalta Spinoff

By Ilene with Trevor of Lowenthal Capital Partners and Paul Price

In its recent filing with the SEC, Baxter provides:

“This information statement is being ...



more from Pharmboy

Mapping The Market

An update on oil proxies

Courtesy of Jean-Luc Saillard

Back in December, I wrote a post on my blog where I compared the performances of various ETFs related to the oil industry. I was looking for the best possible proxy to match the moves of oil prices if you didn't want to play with futures. At the time, I concluded that for medium term trades, USO and the leveraged ETFs UCO and SCO were the most promising. Longer term, broader ETFs like OIH and XLE might make better investment if oil prices do recover to more profitable prices since ETF linked to futures like USO, UCO and SCO do suffer from decay. It also seemed that DIG and DUG could be promising if OIH could recover as it should with the price of oil, but that they don't make a good proxy for the price of oil itself. 

Since...



more from M.T.M.

Promotions

Watch the Phil Davis Special on Money Talk on BNN TV!

Kim Parlee interviews Phil on Money Talk. Be sure to watch the replays if you missed the show live on Wednesday night (it was recorded on Monday). As usual, Phil provides an excellent program packed with macro analysis, important lessons and trading ideas. ~ Ilene

 

The replay is now available on BNN's website. For the three part series, click on the links below. 

Part 1 is here (discussing the macro outlook for the markets) Part 2 is here. (discussing our main trading strategies) Part 3 is here. (reviewing our pick of th...

more from Promotions

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!




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 >>


As Seen On:




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 >>