Author Archive for Zero Hedge

In Latest Market-Rigging Scandal, ITG Busted For Frontrunning Clients In Its Dark Pool

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Last year, first in the aftermath of NYAG’s lawsuit against Barclays followed promptly by Michael Lewis’ “Flash Boys” (which over a year later is still a better seller than “GS Elevator’s” attempt to be this generation’s Tucker Max) exposing High Frequency Trading for being nothing more than a sophisticated gimmick enabling market rigging and bulk order frontrunning while pretending to “provide liquidity”, the revulsion against HFTs hit a fever pitch that forced Virtu to postpone its IPO.

Several months later, because the market kept going higher, people quickly forgot why they were angry at a bunch of vacuum tubes, and Virtu not only re-IPOed (adding another year without a single trading day loss to its roster) but it was taken public by that “humanitarian” protagonist of Flash Boys, Goldman Sachs itself (which was so aghast at the scourge that is HFT it almost, almost, ended its own dark pool and HFT ambitions… before it decided to double down on HFT).

However, since the market is once again on the verge of a terminal liquidity seizure with its associated side-effects (see China for details), the authorities needed to remind the “market” just who the scapegoat will be when the next crash finally does come. Which is why earlier today in an unexpected “preliminary second quarter guidance” release, ITG, owner of the Posit dark pool, was just busted with a $22.6 million potential SEC settlement for what appears to have been blatant frontrunning of company clients in its own prop trading pod.

From the release:

During the second quarter of 2015, ITG commenced settlement discussions with the Staff of the Division of Enforcement of the SEC (the “SEC Enforcement Division”) in connection with the SEC’s investigation into a proprietary trading pilot operated within ITG’s AlterNet Securities, Inc. (“AlterNet”) subsidiary for sixteen months in 2010 through mid-2011. The investigation is focused on customer disclosures, Form ATS regulatory filings and customer information controls relating to the pilot’s trading activity, which included (a) crossing against sell-side clients in POSIT and (b) violations of ITG policy and procedures by a former employee. These violations principally involved information breaches for a period of several months in 2010 regarding sell-side parent orders flowing into ITG’s algorithms and executions by all customers in non-POSIT markets that were not otherwise


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4 Mainstream Media Articles Mocking Gold That Should Make You Think

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

For those of you who have been reading my stuff since all the way back to my Wall Street years at Sanford Bernstein, thanks for staying along for the ride. I appreciate your support immensely considering that I essentially no longer write about financial markets at all, and for many of you, that remains your profession and primary area of interest.

There are many reasons why I stopped commenting on markets, but the main reason is that I started to recognize I wasn’t getting it right. In fact, in some cases I was getting it spectacularly wrong. Whenever this happens, I try to isolate the problem and fix it. In this case there was no fix, because much of why I was no longer getting it right was rooted in the fact that my heart, soul and passion had moved onto other things. My interests had expanded, and I started a blog to express myself on myriad other matters I deemed important. Providing relevant market information needs intense focus, and my focus had shifted elsewhere. I recognized that I wasn’t intellectually interested enough in centrally planned markets to provide insightful analysis, and so I stopped.

This doesn’t mean I won’t start up again. When central planners do lose control, I may indeed become far more interested in opining on such matters. Time will tell. In the interim, financial markets do still play an important role in the bigger picture of social, political and economic trends I passionately care about. The stability and increase in financial assets (stocks and bonds) is of huge importance to the propaganda machine, in particular keeping the non-oligarchic, non-politically connected 1% in line and believing the hype (see: The Stock Market: Food Stamps for the 1%).

So while I won’t claim to know when the paradigm shift will begin in earnest, I do rely on people who have gotten macro forecasts right, and there is no one better than Martin Armstrong. Years ago, he was saying that nothing goes up in a straight line and that gold would experience a severe correction before beginning its real bull market. We are seeing his prediction unfold before our very eyes. What he also said is that as gold approached the $1,000 per/oz mark or even below, everyone…
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Presenting Jeremy Grantham’s “10 Topics To Ruin Your Summer”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

When last we checked in with Jeremy Grantham, the GMO co-founder was still bubble watching, reiterating his outlook from November that although stocks can always go higher in the “strange, manipulated world” that we call the “new paranormal”, “bubble territory” probably isn’t far off given that the Yellen Fed is “bound and determined” to facilitate the inexorable rise of asset prices. 

More specifically, bubble territory for Grantham is around S&P 2250, and because “the Greenspan/ Bernanke/Yellen .. Fed historically did not stop its asset price pushing until fully- fledged bubbles had occurred, as they did in U.S. growth stocks in 2000 and in U.S. housing in 2006,” there’s no good reason to think we won’t reach a bubble-defining two sigma event before all is said and done, even if that means launching QE4 in the event liftoff’s first 25bps baby steps result in a 1937 redux.

Grantham also bemoaned the lack of capex spending and the myopia exhibited by corporate management teams, noting the “current extreme reluctance to make new investments in plant and equipment (how old-fashioned that sounds these days) rather than [plowing money] into stock buybacks, which may be good for corporate officers and stockholders, but bad for GDP growth and employment.”

In GMO’s latest quarterly missive, Grantham is back with another dose of inconvenient truthiness, this time in the form of “ten quick topics to ruin your summer.”

In short, this is a list of what Grantham – who points out how fortunate he is to “have an ideal job [with] no routine day-to-day responsibilities [which leaves him] free to obsess about anything that seems both relevant and interesting” – thinks you should worry about going forward:

  1. A new era of lower trend GDP growth
  2. Resource scarcity
  3. Oil
  4. The environment
  5. Food shortages
  6. Income inequality
  7. The death of “majoritarian electoral democracy” 
  8. The Fed
  9. Asset bubbles
  10. The limits of humankind 

Here are some excerpts from Grantham’s thoughts on each topic:

*  *  * 

From GMO

1. Pressure on GDP growth in the U.S. and the balance of the developed world: count on 1.5% U.S. growth, not the old 3% 

  • Factors potentially slowing long-term growth:
  • Slowing growth rate of the working population
  • Aging of the working population


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Hillary Saves Capitalism!

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Bill Bonner via Bonner & Partners,

The Fed’s EZ money is creating hard times. It led to overconsumption… then overproduction… and now to a big bust.

Just what you’d expect.

And what you’d expect next is more crashing, sliding, and busting up in the world’s markets… followed by more EZ money.

Eventually, it will explode into consumer price inflation. But that could still be far in the future.

*  *  *

We keep our political coverage balanced at the Diary. On the Republican’s side, there is an unusually rich assortment of fools and knaves. And on the Democrat’s side, there is Ms. Clinton.

We don’t know what we would do without her.

How would we know, for example, how long we should hold an investment without her to tell us?

She seems to believe that today’s average holding period is too short. It causes an obsession with short-term results that she calls “quarterly capitalism.”

CNBC reports:

Screen Shot 2015-07-28 at 12.17.04 PM

How will “working to end short-termism” help working families?

How many months of holding an investment is acceptable to the Democratic Party’s front-runner?

A Crony Unmasked

Why would anyone even think that Ms. Clinton – who has never held an honest job in the private sector – could possibly have any idea about how to save capitalism… or how long an investment should be held?

These questions leave us panting, sweating… and in need of a drink.

All Ms. Clinton knows about capitalism is what the cronies tell her when they are slipping her cash. Wall Street is a major financial contributor to her campaign. They know she can be bought. She won’t disappoint them.

Hillary still has to grandstand for the benefit of the Democratic masses. But she’s clearly on the side of the cronies and the zombies. And they both hate capitalism.

Why?

Because capitalism is a zombie killer.

Capitalism is not a wealth distribution system, as supply-side economist and techno-utopian guru George Gilder makes clear in his latest book, Knowledge and Power. It’s an information system… a knowledge system… in which entrepreneurs take risks and find out what works.

They learn how to build better things… putting old zombie manufacturers out of business. They figure out how to cut costs and increase quality, too… squeezing out the cronies and forcing the zombies to get to…
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Hillary Does It Again: What “Everyday American” Would Pay $600 For This Haircut?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

There are plenty of 'everyday Americans' out there with perfectly good haircuts, styled by perfectly good hairdressers, in perfectly good Main Street salons… so why is self-proclaimed populist person-of-the-everyday-American Hillary Clinton getting a $600 haircut at Bergdorf Goodman's Fifth Avenue store in NYC?

As PageSix reports,

Hillary Clinton put part of Bergdorf Goodman on lockdown on Friday to get a $600 haircut at the swanky John Barrett Salon.

Clinton, with a huge entourage in tow, was spotted being ushered through a side entrance of the Fifth Avenue store on Friday.

A source said, “Staff closed off one side of Bergdorf’s so Hillary could come in privately to get her hair done. An elevator bank was shut down so she could ride up alone, and then she was styled in a private area of the salon. Other customers didn’t get a glimpse. Hillary was later seen with a new feathered hairdo.”

Clinton regularly sees salon owner John Barrett, who charges regular mortals $600 for a cut and blow-dry. Hair color can cost an extra $600.

And let’s not forget that her husband, Bill Clinton, was famously caught up in a 1993 controversy known as “Hairgate” when he got a $200 haircut on Air Force One as it was idling for an hour at LAX, shutting down two runways and diverting numerous flights.

Read more here…

*  *  *

Maybe she should ask for her money back?

The "Something About Mary" look?

Still could be worse…





1 In 5 US Stocks Now In Bear Market

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

With the major US equity markets within 1-2% of their record highs, Gavekal Capital notes that underneath the headline indices, stock markets are extremely tumultuous. Rather stunningly 21% of MSCI USA stocks are at least 20% off their recent highs, and 68% of Canadian stocks are in bear markets, but the real carnage is taking place in Emerging Markets.

This is only the third time since the summer of 2012 that this many stocks are in a bear market. The most interesting aspect of this internal correction is the fact that the headline index is a mere 1.8% off the 200-day high. On October 10, 2014 when 21% of MSCI USA stocks were in a bear market, the headline MSCI USA index was 5.4% off the 200-day high. And on November 8, 2012 when 21% of the MSCI USA stocks were in a bear market, the headline index was 6% off the 200-day high.

image

The pain felt in US stocks is nothing compared to many markets around the world. Just a reminder that this all based on USD performance.

Canadian stocks have been getting pummeled. 68% of Canadian stocks are in a bear market. This is the greatest percentage of stocks in a bear market since 2011.

30% of MSCI Hong Kong stocks are in a bear market and 29% of MSCI Singapore stocks are in a bear market as well.

image

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The true carnage is taking place in the emerging markets, however, where nearly 2/3 of all EM stocks are at least 20% off its 200-day high.

Some of the worst countries in EM are Brazil (82%), China (82%), Indonesia (77%), and Russia (81%).

image

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Source: Gavekal Capital





The War On Cash: Why Now?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Charles Hugh-Smith via The Mises Institute,

You’ve probably read that there is a “war on cash” being waged on various fronts around the world. What exactly does a “war on cash” mean?

It means governments are limiting the use of cash and a variety of official-mouthpiece economists are calling for the outright abolition of cash. Authorities are both restricting the amount of cash that can be withdrawn from banks, and limiting what can be purchased with cash.

These limits are broadly called “capital controls.”

Why Now?

Before we get to that, let’s distinguish between physical cash — currency and coins in your possession — and digital cash in the bank. The difference is self-evident: cash in hand cannot be confiscated by a “bail-in” (i.e., officially sanctioned theft) in which the government or bank expropriates a percentage of cash deposited in the bank. Cash in hand cannot be chipped away by negative interest rates or fees.

Cash in the bank cannot be withdrawn in a financial emergency that shutters the banks (i.e., a bank holiday).

When pundits suggest cash is “obsolete,” they mean physical paper money and coins, not cash in a bank. Cash in the bank is perfectly fine with the government and its well-paid yes-men (paging Mr. Rogoff and Mr. Buiter) because this cash can be expropriated by either “bail-ins” or by negative interest rates.

Inflation and Negative Interest Rates

Mr. Buiter, for example, recently opined that the spot of bother in 2008–09 (the Global Financial Meltdown) could have been avoided if banks had only charged a 6 percent negative interest rate on cash: in effect, taking 6 percent of the depositor’s cash to force everyone to spend what cash they might have.

Both cash in hand and cash in the bank are subject to one favored method of expropriation, inflation. Inflation — the single most cherished goal of every central bank — steals purchasing power from physical cash and digital cash alike. Inflation punishes holders of cash and benefits those with debt, as debt becomes cheaper to service.

The beneficial effect of inflation on debt has been in play for decades, so it can’t be the cause of governments’ recent interest in eliminating physical cash.

So now we return to the question: Why are


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What Is The Fair Value Of Gold?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Having detailed yesterday the manipulation in the precious metals markets that implies the bear market in bullion is an artificial creation, we thought the following 'rational' chart effort at 'valuing' gold may provide some frame of reference for the level of riggedness occurring…

Gold fair value, measured by a GDP-weighted average of global central bank's balance sheet expansion, as of Jul 2015

Source: @CarpathiaCap

As we concluded previously,

Clearly the demand for physical metal is very high, and the ability to meet this demand is constrained. Yet, the prices of bullion in the futures market have consistently fallen during this entire period. The only possible explanation is manipulation.

The manipulation of the gold price by injecting large quantities of freshly printed uncovered contracts into the Comex market is an empirical fact.

The sudden debunking of gold in the financial press is circumstantial evidence that a full-scale attack on gold’s function as a systemic warning signal is underway.

It is unlikely that regulatory authorities are unaware of the fraudulent manipulation of bullion prices. The fact that nothing is done about it is an indication of the lawlessness that prevails in US financial markets.

Today, there is no “official” price for gold, nor any “gold-exchange standard” competing with a semi-underground free gold market.

There is, however, a material legacy of “real versus pseudo” gold that remains a terrible menace. Buyer beware of the pivotal difference between the two.





Congress Proposes Fraudulent New Law To “Fix” Social Security

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Simon Black via SovereignMan.com,

On January 31, 1940, the very first Social Security check ever delivered went to Ms. Ida May Fuller, a former legal secretary who had recently retired.

Ms. Fuller had spent just three years paying into the system, contributing a total of $24.75 to Social Security.

Yet her first check was for nearly that entire amount. Quite a return on investment.

She went on to live past 100, collecting a total of $22,888.92, over 900 times the amount she contributed to the program. Her story is quite the metaphor.

If you’re not familiar, Social Security is comprised of two primary trust funds: Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI).

Essentially, all of the taxes paid in to Social Security end up in one of these two trust funds.

The trust funds then ‘manage’ the money to generate a rate of return, and then pay out distributions to program recipients.

Now, the funds are overseen by a Board of Trustees which is obliged to submit an annual report on the fiscal condition of the program. It ain’t pretty.

The Disability Insurance (DI) fund is particularly ugly. In fact, the trustees themselves wrote in the 2015 annual report that

“[T]he DI Trust Fund fails the Trustee’s short-range test of financial adequacy. . .”

and,

“The DI Trust Fund reserves are expected to deplete in the fourth quarter of 2016…”

In other words, one of the two Social Security trust funds is just months away from insolvency.

When people think about Social Security, they think that all the problems are decades away.

Wrong. This is next year.

The other trust fund, OAS, is projected to “become depleted and unable to pay scheduled benefits in full on a timely basis in 2034.”

Which means that if you’re 47 or younger, you can kiss Social Security goodbye.

Bear in mind, these aren’t my calculations. Nor are they any wild assertions. They’re direct quotes from the trustees themselves.

And, just who are these trustees? The Secretary of the Treasury of the United States of America. The Labor Secretary. The Secretary of Health and Human Services.

Some of the most senior officials in the US government sign their name to an official report stating that these funds are nearly insolvency– one of them…
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If Varoufakis Is Charged With Treason, Then Dijsselbloem Should Be As Well

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

In the aftermath of this weekend’s infamous leak of Yanis Varoufakis audio recording with members of OMFIF in which the former finmin admitted to asset managers that in his tenure as a finmin he had engaged in preparations for a return to the Drachma, Greece has been gripped by a media frenzy debating whether Varoufakis will be charged with treason for daring to even contemplate how an exit from the EMU would take place.

To be sure, Varoufakis may have poured the initial gasoline on the fire when he admitted to Ambrose Evans-Pritchard shortly after the recording surfaced that “the context of all this is that they want to present me as a rogue finance minister, and have me indicted for treason. It is all part of an attempt to annul the first five months of this government and put it in the dustbin of history.”

His concerns were certainly justified: yesterday Kathimerini reported that Greek Supreme Court prosecutor Efterpi Koutzamani on Tuesday took two initiatives in the wake of revelations by former Finance Minister Yanis Varoufakis that he had planned a parallel banking system: she forwarded to Parliament two suits filed against the former minister last week by private citizens and she appointed a colleague to determine whether any non-political figures should face criminal charges in connection with the affair.

The legal suits were filed last week by Apostolos Gletsos, the mayor of Stylida in central Greece and head of the Teleia party, and Panayiotis Giannopoulos, a lawyer. Giannopoulos is suing Varoufakis for treason over his handling of talks with Greece’s creditors. Gletsos, for his part, accuses Varoufakis of exposing the Greek state to the risk of reprisals.

As there is a law protecting ministers, the judiciary cannot move directly against Varoufakis. It is up to Parliament to decide whether his immunity should be lifted so he can stand trial. The first step would be to set up an investigative committee.

A third suit was expected to go to Parliament after a group of five lawyers said they were seeking an investigation into whether any non-political figures should face criminal charges in connection with the Varoufakis affair. The charges would involve violation of privacy data, breach of duty, violation of currency laws and belonging to a criminal organization.


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ValueWalk

Lost In The Crowd? Identifying And Measuring Crowding Strategies And Trades

By VW Staff. Originally published at ValueWalk.

Lost In The Crowd? Identifying And Measuring Crowding Strategies And Trades by MSCI

Mehmet K. Bayraktar, Stuart Doole, Altaf Kassam, Stan Radchenko

Executive Summary

The “quant meltdown” of August 2007 and the subsequent unfolding of the global financial crisis highlighted the risks of crowded investment strategies. The rapid growth of “smart beta” indexes and their use in ETFs has added to the need for scrutiny. Accounting for crowding risk is necessary for any investment strategy because it may explain a substantial portion of strategy risk and performance during certain periods, especially during times of excessive market volatility.

In this paper, we propos...



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Zero Hedge

The Energy Layoffs Resume: Shell Fires 6,500, Whiting Cuts 2015 Budget 2 Weeks After Raising It

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Yesterday it was US and Italian energy giants Chevron and Saipem which announced a total of over 10,000 new job cuts in the aftermath of oil sliding back under $50 and resuming its downward trend. This is how we framed it: "in Q2, after the price of oil staged a substantial rebound of about 50% from the year to date lows in the $40's, energy-related layoffs trickled to a halt as corporations hoped the worst is behind them, and as a result would merely bide their time before redeploying their workforce toward exploration and production. Alas, this was n...



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Phil's Favorites

Police State "Ministry of Truth" Hits Spain; Man Fined for Calling Police "Slackers" on Facebook

Courtesy of Mish.

On July 1, the Spanish Government went to "Full Police State", with enactment of law forbidding dissent and unauthorized photos of law enforcement.
Spain's officially a police state now. On July 1st, its much-protested "gag" law went into effect, instantly making criminals of those protesting the new law. Among the many new repressive stipulations is a €30,000-€600,000 fine for "unauthorized protests," which can be combined for maximum effect with a €600-€300,000 fine for "disrupting public events."

This horrible set of statutes has arisen from Spain's position as a flashpoint for anti-austerity protests, the European precursor to the Occupy Wal...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

The bull market is coming to an end (Business Insider)

No one knows to what still crazier level this stock market is headed, or what kind of decline – if any ever, the bulls say – it will experience. But we all have our signs and signals that we keep our eyes on, hoping to get the drift in time.

No one wants to go through another crash like the last three (1987, 2000, and 2008 which all occurred during my investing years) with any significant amount money tied up in stocks (not to speak of bonds).

Post-Coup Thailand Sees Economic Slump Putting Press...



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Chart School

Second Day of Gains

Courtesy of Declan.

Another round of buying swept through Large Cap indices, but other indices didn't enjoy the same level of interest.

The S&P had the best of it. Since the middle of July it has enjoyed a strong advance relative to Small Caps and Technology indices, but it may be time for it to revert to mean. Technicals are a little scrappy, but are holding to the bearish side, but one more day of gains could swing it back in bulls favour.


The Nasdaq banked a small gain, but it's up against the big red candlestick from last week. The 'bull trap' is still in play. Technicals are mixed here too.

...

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Insider Scoop

Williams-Sonoma Upgraded To Overweight At JP Morgan, Firm Thinks 26% Upside Is Possible

Courtesy of Benzinga.

Related WSM Oppenheimer Upgrades Williams-Sonoma, Says Housing Backdrop Still Improving Credit Suisse Discusses Home Furnishings Stocks, Notes Low Expectations And Negative Investor Sentiments

In a report published Wednesday, JP Morgan analyst Tami Zakaria upgraded the rating on Williams-Sonoma, Inc. (NYSE: WSM) from Neutral to Overweight, while raising the price target from $81 to $103...



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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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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...



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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...



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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 ...



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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

...

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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 ...



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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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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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