Author Archive for Zero Hedge

The “Revolving Door” Goes Full Retard: SEC Hires Goldmanite Who Previously Worked At The SEC

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Just when you thought the US regulators may have finally become less tone deaf to the shame of the revolving door, especially following last year’s latest scandal confirming Goldman runs the New York Fed (and every other central bank), here comes the SEC with an absolute shocker, not only proving once and for all that when it comes to regulatory capture, there is nobody in charge quite like Lloyd Blankfein, but unveiling what may have been the first ever double revolving door in SEC history, after the SEC announced it had hired as its new chief of staff a former Goldman worker who had previously worked at… the SEC. And with that the we have gone not only full circle but full retard as well.

From the SEC:

The Securities and Exchange Commission today announced that Andrew J. “Buddy” Donohue has been named the agency’s chief of staff.  Mr. Donohue will replace Lona Nallengara who will leave the agency in June.

As chief of staff, Mr. Donohue will be a senior adviser to the Chair on all policy, management, and regulatory issues.

“I am thrilled that Buddy will be returning to the SEC to provide his extensive knowledge and expertise to the agency,” said SEC Chair Mary Jo White.  “Buddy is a seasoned professional whose previous SEC and private sector experience will be invaluable in advancing all aspects of the agency’s mission.  His deep knowledge of asset management will be especially useful as the Commission advances its rulemaking agenda for addressing potential risks in asset management and considers a uniform fiduciary standard.”

But she is mostly thrilled because her new employee will be able to provide a birds eye view of everything that happens at the SEC to his former employer, none other than Goldman Sachs:

Most recently, Mr. Donohue has been managing director, associate general counsel, and investment company general counsel at Goldman, Sachs & Co. in New York, where he was primarily responsible for legal matters related to its registered investment companies.

This is what he said back in October 2012 when he joined Goldman:

Donohue said he decided to make the change because he believes he can make more of an impact in-house. “I like being part of the discussions with management about


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More and More Outlets Are Suggesting a Carry Tax on Physical Cash

Courtesy of ZeroHedge. View original post here.

Submitted by Phoenix Capital Research.

A carry tax… or tax on physical currency… is coming.

The Fed and other Central Banks literally took the nuclear option in dealing with the 2008 bust. Collectively, they’ve printed over $11 trillion and have cut interest rates to zero for nearly six years.

All of these efforts were focused on driving in trashing cash and forcing investors/ depositors into risk assets.

But these policies have failed to generate growth.

Rather than admit they are completely wrong, Central Banks are reverting to more and more extreme measures to destroy cash and force investors to move into risk against their will.

Things went into hyperdrive last June when the ECB cut interest rates to negative, thereby CHARGING depositors to keep their money in cash.

Since that time, Denmark, Switzerland and other nations have followed suit.

The banks are following in their footsteps. Julius Baer, JP Morgan, and other firms have begun to charge large account holders for parking in cash. JP Morgan openly stated it wanted to LOSE $100 billion in deposits.

This is just the beginning. More and more we’re seeing hints that Central banks are planning on charging individuals who sit on cash… or possibly even banning physical cash entirely.

Now comes the interesting part. There are signs of an innovation war over negative interest rates. There’s a surge of creativity around ways to drive interest rates deeper into negative territory, possibly by abolishing cash or making it depreciable

As long as paper money is available as an alternative for customers who want to withdraw their deposits, there’s a limit to how low central banks can push rates.

 

http://www.bloomberg.com/news/articles/2015-04-23/negative-interest-rates-may-spark-existential-crisis-for-cash

The old adage says “you can lead a horse to water, but you cannot make him drink.” The Fed and other Central Bankers lead the horse to the water. The horse wouldn’t drink. So now they’re talking about holding the horse’s head underwater until he does.

Again… a carry tax is coming. The Fed and other Central Banks are going to do everything they can to incinerate cash going forward. In Europe over 40% of sovereign bonds are NEGATIVE in nominal terms (meaning investors are paying to own these bonds).

This is just the beginning.

It sounds like absolute insanity, but we can assure you that Central Banks take…
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Poroshenko Threatens To Declare Martial Law In Ukraine Within Hours “To Demonstrate Readiness For War”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

In the case of any advance of Ukrainian army positions – and who is to say whether there is or not – Ukraine's President Poroshenko says he will declare martial law across his country within hours. As RT reports, Poroshenko added that Ukraine will "demonstrate its readiness for war, for victory, for defense and for peace."

For martial law to be enacted, the parliament has to approve a corresponding ruling by the Ukrainian president. It can be declared in the whole country or selected regions. And as RT reports,

[Poroshenko]  said he would sign a decree introducing martial law immediately, should there be an offensive against Kiev's army in the east of the country: "My key position: if the ceasefire is broken now, if the line of confrontation is crossed, if an advance against the Ukrainian armed forces is organized, at that very moment I will sign the decree on introducing martial law and pass it to parliament.

"I have no doubt that within hours, martial law will be enacted," Poroshenko continued, saying that it will allow Ukraine to "demonstrate its readiness for war, for victory, for defense and for peace." The Ukrainian president claims that during his term the martial law protocol was significantly "improved."

The latest edition does include a number of new features.

One of those is the extrajudicial detention and forced relocation of citizens of a "foreign country that threatens or undertakes aggression towards Ukraine." This might be any Russian since Russia is considered an "aggressor state" at an official level. Kiev believes it to be supporting anti-government fighters in eastern Ukraine, which Moscow vehemently denies.

Apart from the forced relocation of foreigners, martial law allows the authorities to confiscate private property, take full control of any media and ban any political parties and organizations that are deemed a threat. It will also be able to prohibit any and all rallies and mass gatherings.

*  *  *

The death toll in the Ukraine conflict has exceeded 6,000 people. Over 15,000 have been injured, according to UN estimates.





It’s Official: Austria Repatriates Gold, Confirms Loss Of Faith In Bank Of England

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

One week ago, the world was not exactly shocked to learn that after Germany and the Netherlands, one more country had unofficially joined the ranks of nations who have seen this all before and know how it ends, when reports emerged that Austria would repatriate 140 tons of gold from the Bank of England (appropriately immortalized in “this is what happens when you hand your gold over to The Bank of England for “safekeeping“.) As of today, it is official.

Earlier today the Austrian Central Bank confirmed the Kronen-Zeitung report, and said that by the year 2020, it would hold 50%, or 140 tons, of its gold domestically, up from 17% currently. This means that Austria will withdraw some 140 tons of gold from the BOE which holds 80% of Austria’s gold currently (and will soon hold only 30%) and send 92.4 tons back home to Vienna with another 47.6 tons being sent to Switzerland.

Which is also the biggest news: Austria is explicitly demonstrating a lack of confidence in the “pro-western” system of which the Bank of England is a critical cog, and instead opting for “neutral” Switzerland, which will hold nearly 50 tons of the gold formerly located at the Bank of England.

Why?

As AFP notes, the central bank said it took the decision after recommendations made by the Austrian Court of Audit in February, which warned of a “heightened concentration risk” linked to storing the majority of its reserves in Britain. At the time, the bank had argued the policy was warranted because London was a major international centre for the gold trade.”

Well, London still is a major international center, but in the past three months the bank surprisingly changed its mind after reviewing the court’s advice to diversify storage locations.

Vienna confirmed it would begin to gradually repatriate 92.4 tonnes this summer. A further 47.6 tonnes will be transferred from Britain to Switzerland.

From the Austrian Central Bank:

In May 2015, the gold reserves held by the OeNB amounted to 280 tons, having remained unchanged since 2007. Austria’s gold reserves are fully owned by the OeNB, which maintains and manages them with utmost care. In line with the OeNB’s current gold storage policy, 17 % of its gold holdings are at present


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ECB Cracks A Joke, Says It Will “Publicly” Respond To Allegations It Privately Leaks Market-Moving News

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Earlier today the European obudsman Emily O’Reilly finally caught up with the ECB’s “market moving” news from a week ago, namely that ECB personnel selectively leak market moving news to hedge funds in so called “Chattam House” rules closed meetings, ahead of proper public disclosure to everyone: easily the biggest sin a central bank, even one which clearly manipulates markets and monetizes debt, is capable of, one that clearly reveals who a central bank really works for.

The ECB promptly blamed the leak on an “internal procedure error” without clarifying just what the error was that allowed Benoit Coeure to leak ECB strategy 10 hours before it was made public.

As a result, O’Reilly sent the ECB the following letter:

Letter from the European Ombudsman to the President of the European Central Bank concerning a speech delivered by a member of the ECB Executive Board on 18 May 2015

Re: speech delivered by a member of the ECB Executive Board on 18 May 2015

Dear Mr President,

It has come to my attention that, in a speech delivered by a member of the ECB Executive Board on 18 May 2015 in London, potentially market sensitive information appears to have been disclosed to a limited audience.

I asked my services to contact the ECB Compliance and Governance Office to obtain further information. The Compliance and Governance Office replied, notably by drawing our attention to a number of press articles.

I note from these press reports that the ECB has explained that the delay between the delivery and publication of the speech in question resulted from an “internal procedural error” and that the ECB had taken steps to ensure that there would be no repeat of the problem.

I should be grateful if the ECB could provide a more detailed account of the incident in question and in particular of the measures it has taken to avoid a similar incident occurring in the future, so as to enable me to ascertain whether there is any need for action on my part. The more detailed account could also help both the Bank and the Ombudsman to respond promptly and effectively to any complaints that may be made about this matter

I would be grateful to receive a reply from the ECB within the next fortnight.


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Crude Prices Bounce On Inventory Draw Despite Biggest Production Spike In 19 Months

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Following last night's surprise inventory build (as reported by API), as one trader noted, "inventory declines are expected this time of yr and more or less expected, we need to see inventory draws accelerating," and DOE didn't disappoint reporting a 2.8 million barrel draw (against expectations of a 2 million barrel draw). Inventories remains massively high though and Crude Production soared 3.28% – the biggest rise since Oct 2013. Crude prices initially ripped on the inventory news but are fading.

4th week in a row of inventory draws

For some context as to what this inventory change means…

But production exploded by the most in 19 months… Lower 48 States increased production at an average of 209,000 barrels per day

Crude prices ramped into the data after legging down all morning… spiked on the news but perhaps the machines have not seen the production data yet.

Charts: Bloomberg





“The Greek Endgame Is Here”: Probability Of IMF Default Now 70%, Says Deutsche Bank

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

As the farcical negotiations between Greece and its creditors unfold ahead of a June 5 IMF payment and as Alexis Tsipras is forced to spread false hope just to avoid a terminal bank run, a picture of the Greek endgame has emerged. 

We’ve discussed the political implications of both an agreement or a Grexit and we’ve also taken an in-depth look at what a missed IMF payment means for the country’s EU creditors. On the political front, the troika is intent on sending a strong message to leftist political parties (such as Spain’s Podemos and Portugal’s “ascendant” socialists) that using the threat of a euro exit as a way to extract austerity concessions is not a viable negotiating strategy. What this amounts to is an attempt on the part of the “institutions” to subjugate the political process to economics. In terms of skipping a payment to the IMF — who, as a reminder, effectively paid itself earlier this month by allowing Greece to tap its SDR reserves to pay the bills — there are a number of cross acceleration concerns which you can review by referring to the following graphic:

Now, amid accelerating deposit outflows and an hourly flow of conflicting headlines, Deutsche Bank is out with a fresh take on the Greek endgame including an analysis of both the political wrangling that would need to take place in order for parliamentary approval of concessions to creditors and the mechanics of a default to the IMF. 

Via Deutsche Bank:

Little has changed in terms of developments on the ground. Despite a number of reports that negotiations may be split into separate chapters and disbursements with more difficult issues left for September, this remains unlikely. The consistent European position has been that a full staff-level agreement between the institutions – inclusive of the IMF – and Greece is required to unlock funding. Talks in this direction has been progressing in stop-start fashion over the last few weeks, with the Brussels Group (former Troika) reconvening again yesterday to continue negotiations. But progress remains slow, with multiple European and IMF officials over the last twenty four hours stating that more needs to be done to reach agreement…

The Greek government’s liquidity position will ultimately drive the timelines over the next few


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Gold Capped As Soros Warns Of “Threshold Of A Third World War”

Courtesy of ZeroHedge. View original post here.

Submitted by GoldCore.

Gold Capped As Soros Warns Of “Threshold Of A Third World War”

- War “inevitable” if U.S. meddles in South China Sea – Global Times
- Senior NATO official warns that “we’ll probably be at war this summer”
- Soros warns of ‘New World Order’ and war with China
- Soros warns could be “on the threshold of a Third World War”
- Many countries in Pacific lay claim to strategically important and mineral rich islands
- Tensions between U.S. and China and Russia escalating
- War would have many facets including cyberwarfare and currency wars

George Soros
George Soros

The ‘war’ word is being increasingly heard internationally as the U.S., EU, Russia and China adopt provocative postures over various disputes including Ukraine and in the Pacific.

War with the U.S. is “inevitable” if the U.S. involves itself in the dispute which has arisen over the Spratley Islands in the South China Sea according to China’s state controlled newspaper the Global Times.

“If the United States’ bottom line is that China is to halt activities, then a US-China war is inevitable in the South China Sea” according to an editorial in the popular government paper.

China has since last year been taking over a greater part of the long-disputed Spratleys and has begun land reclamation projects to make the archipelago a part of its sovereign territory. The move angered many of its neighbours like the Philippines and Vietnam who also claim the islands.

Geographically, the archipelago is close to the Philippines, Malaysia, Brunei and the Philippines. However, China has maintained a presence in the region on and off for centuries which is the basis for its claim.

The islands are believed to be located over large reserves of undersea oil and are also strategically vital as a shipping corridor through which vast amounts of goods are shipped. The islands also provide a platform from which China could project military power into the afore-mentioned countries.

Tensions between the U.S. and China, while low-key in other regards, have been escalating with China responding angrily to U.S. reconnaissance flights in the region.

goldcore_chart2_28-05-15

The Global Times suggests that China is not daunted by a military conflict with the U.S. – “We do not  want a military conflict with the United States, but if it were to come, we have to accept it.”…
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Oil Prices Drop To 7-Week Lows – Here’s Why

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

WTI Crude hit new 7-week lows, dropping below $57 (front-month) for the first time since April 15th’s ‘inventory draw’ rip. In addition to reports from Reuters of leaked details about OPEC not expectated to cut production (did anyone really expect that), a combination of renewed inventory builds (as reported by API last night) and reports that Iraq is increasing its supply to new record highs is forcing futures prices to catch down to physical markets.

Weakness driven by…Iraq supply concerns…(as RT reports)

Iraq is ready to increase its crude exports to a record 3.75 million barrels per day in June, continuing OPEC’s strategy of ousting US shale producers from the market.

The extra oil from Iraq comes to about 800,000 barrels per day, more than from another OPEC member, Qatar, said Bloomberg, referring to Iraq’s oil shipments schedule.

Iraq is increasing oil exports in two directions. The first is in the Shiite south, where companies such as BP and Royal Dutch Shell work. The second is Nothern Iraqi Kurdistan, whose government last year received Baghdad’s consent to independent oil deliveries.

In April, Iraq exported almost 3.1 million barrels of oil per day, which is a record.

And Iran remains a worry…

And inventory builds reappear…

And leaked details of OPEC’s report suggests no cut in production… (via Reuters)

OPEC is not expected to cut oil production at its meeting in June, and the meeting is expected to be a short one, Saudi Arabia’s Al Hayat newspaper quoted an unnamed OPEC source as saying on Thursday.

Saudi Arabia will continue producing oil to meet customer demand, and its output is now at about 10.3 million barrels per day in light of growth in demand from China and India, the source added.

*  *  *

It appears, as we noted here, that futures prices are catching down to the phsyical markets’ reality.





Pending Home Sales Jump Most Since September 2012 To Highest Since 2006, Driven By The Northeast

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Following the March pending home sales report which saw growth moderate after February’s 3.6% surge to 1.1%, the flurry of contract signings, not actual purchases, in April rebounded by 3.4% – the biggest jump since September 2012 – far above the 0.9% consensus estimate and 14% higher than a year ago, pushing the pending home sales index to 112.4, the highest level since 2006. The driver: pending sales in the Northeast, which soared 10.1% from the month before, and 9.4% from a year ago.

Quote NAR’s chief economist Larry Yun:

“Realtors are saying foot traffic remains elevated this spring despite limited — and in some cases severe — inventory shortages in many metro areas,” he said. “Homeowners looking to sell this spring appear to be in the driver’s seat, as there are more buyers competing for a limited number of homes available for sale.”

Adds Yun, “As a result, home prices are up and accelerating in many markets.”

He is hopeful the jump in contract signings means a comparable increase in actual existing home sales:

Following April’s decline in existing-home sales, Yun expects a rebound heading into the summer, but the likelihood of meaningful gains will depend on a much-needed boost in inventory and evidence of moderating price growth now that interest rates have started to rise.

“The housing market can handle interest rates well above 4 percent as long as inventory improves to slow price growth and underwriting standards ease to normal levels so that qualified buyers — especially first-time buyers — are able to obtain a mortgage.”

In other words, those buying continue to be mostly all-cash foreigners, money launderers, or home flippers who are competing with each other for a very limit amount of housing inventory, like Hanergy, like CYNK. As for interest rates “well above 4%”, the housing market may be able to handle them, but nothing else will.

The regional breakdown:

  • The Northeast bounced back solidly (10.1 percent) to 88.3 in April, and is now 9.4 percent above a year ago.
  • The Midwest the index increased 5.0 percent to 113.0 in April, and is 13.3 percent above April 2014.
  • The South rose 2.3 percent to an index of 129.4 in April and are 14.8 percent above last April.
  • The


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Zero Hedge

The "Revolving Door" Goes Full Retard: SEC Hires Goldmanite Who Previously Worked At The SEC

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Just when you thought the US regulators may have finally become less tone deaf to the shame of the revolving door, especially following last year's latest scandal confirming Goldman runs the New York Fed (and every other central bank), here comes the SEC with an absolute shocker, not only proving once and for all that when it comes to regulatory capture, there is nobody in charge quite like Lloyd Blankfein, but unv...



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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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Phil's Favorites

8 Ways Robots Are Taking Over Our Jobs and Our World

Courtesy of 

Yves here. One of the high potential areas for robot substitution that I see on the list below is staffing of fast food restaurants (as in cooking). Fast food restaurants have limited menus and pre-set, highly specified procedures, making them prime candidates for labor substitution. But notice also the high end professional on the list.

I have to differ a little with the cheery, “Better policy will create new/different jobs.” What passes for our leadership believes in the mantra of more education and more skilled workers as the answer. In fact, America is going in reverse in this category, as educational attainment has fallen and college and higher education costs rise into the stratosphere. Moreover, the notion that there is a raft of highly technical jobs with lots of unmet demand is a canard. A...



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Kimble Charting Solutions

Dow Jones- 4th tightest trading range in 115 years is about to end!

Courtesy of Chris Kimble.

The tug of war between the bulls and bears has created an unusual situation this year, a historically tight trading range! The chart below reflects that the Dow Jones has traded within a 6.68% high to low trading range this year. That is the 4th tightest trading range through May, in the past 115 years.

CLICK ON CHART TO ENLARGE

The inset table to the right looks at future performance of the Dow following narrow trading ranges through May. As you can see, most of the time the market has ended the year to the upside. Will it be different this time?

The chart below shares that the S&P 500 i...



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Chart School

STTG Market Recap May 27, 2015

Courtesy of Blain.

Wednesday’s action was almost a 180 degree turn from Tuesday’s with the S&P 500 up 0.92% and the NASDAQ 1.47%.  Sone vague belief in (yet another) resolution in Greece seemed to be the catalyst.   Greek Prime Minister Alexis Tsipras said on Wednesday the negotiations are on the “final stretch” towards a positive deal, Reuters reported.   Later in the day, German Finance Minister Wolfgang Schaeuble said there was not much progress in the Greek debt talks and he was surprised by the upbeat tone from some Greek government officials.  Athens must make a 300 million euro payment to the International Monetary Fund on June 5, ahead of several other payments due to the IMF later in the month, for a total of 1.6 billion euros.

We’ll see if yesterday’s move was the head fake or today’s was shortly.

...



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Sabrient

Sector Detector: Stocks provide a tepid breakout as Fed greases the skids. So now what?

Courtesy of Sabrient Systems and Gradient Analytics

Early last week, stocks broke out, with the S&P 500 setting a new high with blue skies overhead. But then the market basically flat-lined for the rest of the week as bulls just couldn’t gather the fuel and conviction to take prices higher. In fact, the technical picture now has turned a bit defensive, at least for the short term, thus joining what has been a neutral-to-defensive tilt to our fundamentals-based Outlook rankings.

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 t...



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OpTrader

Swing trading portfolio - week of May 24th, 2015

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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Pharmboy

Big Pharma's Business Model is Changing

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

Understanding the new normal of a business model is key to the success of any company.  The managment of companies need to adapt to the changing demand, but first they must recognize what changes are taking place.  Big Pharma's business model is changing rapidly, and much like the airline industry, there will be but a handful of pharma companies left at the end of this path.

Most Big Pharma companies have traditionally done everything from research and development (R&D) through to commercialisation themselves. Research was proprietary, and diseases were cherry picked on the back of academic research that was done using NIH grants.  This was in the heyday of research, where multiple companies had drugs for the same target (Mevocor, Zocor, Crestor, Lipitor), and could reap the rewards on multiple scales.  However, in the c...



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Digital Currencies

Nasdaq's bitcoin plan will provide a real test of bitcoin hype

 

Nasdaq's bitcoin plan will provide a real test of bitcoin hype

By 

Excerpt:

Bitcoin, the virtual digital currency, has been called the future of banking, a dangerous fad, and almost everything in between, but we're finally about to get some solid data to help settle the debate.

On Monday, the Nasdaq (NDAQ) stock exchange said it would ...



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Market Shadows

Kimble Charts: US Dollar

Which way from here?

Chris Kimble likes the idea of shorting the US dollar if it bounces higher. Phil's likes the dollar better long here. These views are not inconsistent, actually, the dollar could bounce and drop again. We'll be watching. 

 

Phil writes:  If the Fed begins to tighten OR if Greece defaults OR if China begins to fall apart OR if Japan begins to unwind, then the Dollar could move 10% higher.  Without any of those things happening – you still have the Fed pursuing a relatively stronger currency policy than the rest of the G8.  So, if anything, I think the pressure should be up, not down.  

 

UNLESS that 95 line does ultimately fail (as opposed to this being bullish consolidation at the prior breakout point), then I'd prefer to sell the UUP Jan $25 puts for $0.85 and buy the Sept $24 call...



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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...



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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...

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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!




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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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About Ilene:

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

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