Archive for the ‘Chart School’ Category

Richmond Fed: Manufacturing Declines in August

Courtesy of Doug Short’s Advisor Perspectives.

Today the Richmond Fed Manufacturing Composite Index dropped 21 points to -11 from last month’s 10. Investing.com had forecast 6. Because of the highly volatile nature of this index, we include a 3-month moving average to facilitate the identification of trends, now at -3.5, indicates contraction. The complete data series behind today’s Richmond Fed manufacturing report (available here), which dates from November 1993.

Here is a snapshot of the complete Richmond Fed Manufacturing Composite series.

Richmond Fed Manufacturing

Here is the latest Richmond Fed manufacturing overview.

Fifth District manufacturing activity declined in August, according to the most recent survey by the Federal Reserve Bank of Richmond. New orders and shipments decreased this month, while backlogs fell. Hiring increases in the sector expanded modestly across firms, and wage increases were more widespread. Raw materials prices rose at a somewhat faster pace in August, while prices of finished goods rose at a slightly slower pace.

Looking ahead six months, producers anticipated more robust business conditions. Manufacturers expected strong growth in shipments and in the volume of new orders. Survey participants looked for backlogs to rise, and expected longer vendor lead times. Expectations were for increased capacity utilization during the next six months.

Hiring expectations across firms were strong for the months ahead, and producers anticipated future wage increases. Firms expected little change in prices paid, however anticipated somewhat faster growth in prices received in the next six months. Link to Report

Here is a somewhat closer look at the index since the turn of the century.

since 2000

Is today’s Richmond composite a clue of what to expect in the next PMI composite? We’ll find out when the next ISM Manufacturing survey is released (below).

Because of the high volatility of this series, we should take the data for any individual month with the proverbial grain of salt.

Let’s compare all five Regional Manufacturing indicators. Here is a three-month moving average overlay of each since 2001 (for those with data).

Here is the same chart including the average of the five.

Here are the remaining four monthly manufacturing indicators that we track:

Texas Manufacturing Outlook Survey (TMOS)

Kansas City Manufacturing Survey

Empire State Manufacturing Survey

Philadelphia Fed Manufacturing Business Outlook Survey

Regional Fed Overview





FHFA House Price Index Up 1.2% in Q2

Courtesy of Doug Short’s Advisor Perspectives.

The Federal Housing Finance Agency (FHFA) has released the U.S. House Price Index (HPI) for the most recent month. Here is the opening of the report:

U.S. house prices rose 1.2 percent in the second quarter of 2016 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 5.6 percent from the second quarter of 2015 to the second quarter of 2016. FHFA’s seasonally adjusted monthly index for June was up 0.2 percent from May. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. [Link to report]

The chart below illustrates the HPI series, which is not adjusted for inflation, along with a real (inflation-adjusted) series using the Consumer Price Index: All Items Less Shelter.

House Price Index

In the chart above we see that the nominal HPI index is now at its its pre-recession peak of what’s generally regarded to have been a housing bubble. Adjusted for inflation, the index remains well off its historic high.

The next chart shows the growth of the nominal and real index since the turn of the century.

HPI Growth since 2000

For an interesting comparison, let’s overlay the HPI and the most closely matching subcomponent of the Consumer Price Index, Owners’ Equivalent Rent of Residences (OER). Note: For an explanation of OER, see this PDF commentary from the Bureau of Labor Statistics.

HPI versus OER

HPI and OER moved in close parallel from the 1991 inception date of the former until early 1999, when the two parted company and HPI began accelerating into the housing bubble. HPI then fell 20.7% over the next 48 months to its March 2007 trough. Confirmation of the “bubble” designation for house prices is the 40.1% spread between HPI and OER in January 2007.

Is another housing bubble forming? The current spread is 17.9%.


For additional perspectives on residential real estate, here is the complete list of our monthly updates:





Cycle Review – Crude and Small Caps

Courtesy of Read the Ticker.

cycle-review--crude-and-small-capsWhat goes up does come down? Cycles do work, and we must follow the swings!



Cycles are a forecast of the possible support or resistance zones, price and volume action determine if the actual turn is likely. That is the difference between a forecast and the actual event! You can learn more about readtheticker.com cycle logic at our Jim Hurst pages.



Crude Oil up swing running out of juice!



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Crude




Small Caps very extended, near the end, a down swing can be expected.



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SMALL CAP








NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net



Investing Quote…



…”I did not know then what I learned later, what made me fifteen years later, wait two long weeks and see a stock on which I was very bullish go up thirty points before I felt that it was safe to buy it. I was broke and was trying to get back, and so I waited. That was in 1915.”…



Jesse Livermore





..”Until an hour before the Devil fell, God thought him beautiful in Heaven”..



Arthur Miller, “The Crucible”

 [Contrarian Investing]











..”Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception”..



George Soros





..”October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.”..



Mark Twain





..”If past history was all there was to the game, the richest people would be librarians”..



Warren Buffett











Market Recap Aug 23, 2016

Courtesy of Blain.

Reminder: This will be the last week of nightly recaps as we move to a weekly (Sunday night) format, and roll out monthly reviews of other financial websites across the interwebs.

Indexes gapped up modestly at the open, and held some of those gains into the close in yet another very non volatile day!  The S&P 500 added 0.20% while the NASDAQ rallied 0.30%.   The S&P posted its 32nd straight session without a greater than 1% move on a closing basis.  Raymond James’ Jeff Saut said “the past 30 days have been the least volatile in over two decades.”

“What we’re seeing since Brexit, … is a relentless underlying strength in the market,” said Adam Sarhan, CEO at Sarhan Capital. “The market refuses to fall.”  (No zombies for you!)

New home sales for July unexpectedly surged, reaching their highest level in almost nine years.

Same old same old for the 2 major indexes but the Russell 2000 has been showing some nice life.

spx

nasdaq

rut

The NYSE McClellan Oscillator has tried repeatedly to get over 0 of late but just can’t pull it off.

NYMO

Best Buy (BBY) shares soared after beating expectations on both earnings and revenue.

bby

Toll Brothers (TOL) jumped 9% as the home builder reported a 58% rise in third-quarter profit.

tol

Pretty nasty reversal in Twilio (TWLO) today as it tried to break upward and instead closed near a low.  Still holding the 10 day moving average but it’s one to watch if it fails to break upward again.

twlo

Acacia Communications (ACIA) had a similar bad day so it’s interesting to see these two IPO darlings suffer like this on the same day.

acia





S&P 500 Snapshot: A Modest Gain on Weak Investor Participation

Courtesy of Doug Short’s Advisor Perspectives.

The S&P 500 rallied at the open and hit its 0.49% intraday high about 30 minutes into the session. It then slowly sold off to a narrow trading range after the lunch hour and then sold off to its 0.20% closing gain in the close vicinity of its intraday low. The mixed spurt of economic news at 10 AM, strong New Home Sales and weak Richmond Fed Manufacturing didn’t seem to be much of a factor in today’s trade. The general view among the pundits is that the market mavens (who aren’t on vacation) are awaiting the Friday flavor of Fed Chair Yellen’s speech at Jackson Hole.

The yield on the 10-year note closed at at 1.55%, unchanged from the previous close.

Here is a snapshot of past five sessions in the S&P 500.

S&P 500

Here is daily chart of the SPY ETF. Trading volume declined even further on today’s modest gain.

S&P 500

A Perspective on Drawdowns

Here’s a snapshot of selloffs since the 2009 trough.

S&P 500 Drawdowns

Here is a more conventional log-scale chart with drawdowns highlighted.

S&P 500 MAs

Here is a linear scale version of the same chart with the 50- and 200-day moving averages.

S&P 500 MAs

A Perspective on Volatility

For a sense of the correlation between the closing price and intraday volatility, the chart below overlays the S&P 500 since 2007 with the intraday price range. We’ve also included a 20-day moving average to help identify trends in volatility.

S&P 500 Snapshot





Gasoline Volume Sales and our Changing Culture

Courtesy of Doug Short’s Advisor Perspectives.

The Department of Energy’s Energy Information Administration (EIA) monthly data on volume sales is several weeks old when it released. The latest numbers, through mid-June, are now available. However, despite the lag, this report offers an interesting perspective on fascinating aspects of the US economy. Gasoline prices and increases in fuel efficiency are important factors, but there are also some significant demographic and cultural dynamics in this data series.

Because the sales data are highly volatile with some obvious seasonality, we’ve added a 12-month moving average (MA) to give a clearer indication of the long-term trends. The latest 12-month MA is 3.4% below the all-time high set in August 2005 but better than the -8.9% interim low set in August 2014.

Gasoline Volume Sales

The next chart includes an overlay of real monthly retail gasoline prices, all grades and formulations, adjusted for inflation using the Consumer Price Index (the red line). We’ve shortened the timeline to start with EIA price series, which dates from August 1990. The retail prices are updated weekly, so the price series is the more current of the two.

Sales versus Price

As we would expect, the rapid rise in gasoline prices in 2008 was accompanied by a significant drop in sales volume. With the official end of the recession in June 2009, sales reversed direction … slightly. The 12-month MA hit an interim high in November 2010, and then resumed contraction. Since September of 2014, sales have been on the rise, most likely due to the drop in gasoline prices. The moving average for the latest month is 3.1% below the pre-recession level and 0.2% off the November 2010 interim high.

Some of the past shrinkage in sales can be attributed to more fuel-efficient cars. But that presumably would be relatively small over shorter time frames and would be offset to some extent by population growth. For some specifics on fuel efficiency, see the Eco-Driving Index for new vehicles developed by the University of Michigan Transportation Research Institute. However, if we look at Edmunds.com for data on the top 10 best-selling vehicles, energy efficiency doesn’t seem to be the key decision factor, to judge from the percentage of pickup trucks and of SUVs.

Average Daily Volume Sales Per Capita

The next chart adjusts the 12-month MA…
continue reading





Richmond Fed: Manufacturing Declines in August

Courtesy of Doug Short’s Advisor Perspectives.

Today the Richmond Fed Manufacturing Composite Index dropped 21 points to -11 from last month’s 10. Investing.com had forecast 6. Because of the highly volatile nature of this index, we include a 3-month moving average to facilitate the identification of trends, now at -3.5, indicates contraction. The complete data series behind today’s Richmond Fed manufacturing report (available here), which dates from November 1993.

Here is a snapshot of the complete Richmond Fed Manufacturing Composite series.

Richmond Fed Manufacturing

Here is the latest Richmond Fed manufacturing overview.

Fifth District manufacturing activity declined in August, according to the most recent survey by the Federal Reserve Bank of Richmond. New orders and shipments decreased this month, while backlogs fell. Hiring increases in the sector expanded modestly across firms, and wage increases were more widespread. Raw materials prices rose at a somewhat faster pace in August, while prices of finished goods rose at a slightly slower pace.

Looking ahead six months, producers anticipated more robust business conditions. Manufacturers expected strong growth in shipments and in the volume of new orders. Survey participants looked for backlogs to rise, and expected longer vendor lead times. Expectations were for increased capacity utilization during the next six months.

Hiring expectations across firms were strong for the months ahead, and producers anticipated future wage increases. Firms expected little change in prices paid, however anticipated somewhat faster growth in prices received in the next six months. Link to Report

Here is a somewhat closer look at the index since the turn of the century.

since 2000

Is today’s Richmond composite a clue of what to expect in the next PMI composite? We’ll find out when the next ISM Manufacturing survey is released (below).

Because of the high volatility of this series, we should take the data for any individual month with the proverbial grain of salt.

Let’s compare all five Regional Manufacturing indicators. Here is a three-month moving average overlay of each since 2001 (for those with data).

Here is the same chart including the average of the five.

Here are the remaining four monthly manufacturing indicators that we track:

Texas Manufacturing Outlook Survey (TMOS)

Kansas City Manufacturing Survey

Empire State Manufacturing Survey

Philadelphia Fed Manufacturing Business Outlook Survey

Regional Fed Overview





July New Home Sales Soar to 12.4% Month-over-Month, Surprises Forecast

Courtesy of Doug Short’s Advisor Perspectives.

This morning’s release of the July New Home Sales from the Census Bureau came in at 654K, up 12.4% month-over-month from a revised 582K in June. Seasonally adjusted estimates for April and May were revised. The Investing.com forecast was for 580K.

Here is the opening from the report:

Sales of new single-family houses in July 2016 were at a seasonally adjusted annual rate of 654,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.4 percent (±12.7%)* above the revised June rate of 582,000 and is 31.3 percent (±19.9%) above the July 2015 estimate of 498,000.

The median sales price of new houses sold in July 2016 was $294,600; the average sales price was $355,800. The seasonally adjusted estimate of new houses for sale at the end of July was 233,000. This represents a supply of 4.3 months at the current sales rate. [Full Report]

For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed’s FRED repository here. We’ve included a six-month moving average to highlight the trend in this highly volatile series.

New Home Sales

Over this time frame we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.

The Population-Adjusted Reality

Now let’s examine the data with a simple population adjustment. The Census Bureau’s mid-month population estimates show a 72.4% increase in the US population since 1963. Here is a chart of new home sales as a percent of the population.

Population Adjusted

New single-family home sales are about 10.7% above the 1963 start of this data series. The population-adjusted version is 35.8% below the first 1963 sales and at a level similar to the lows we saw during the double-dip recession in the early 1980s, a time when 30-year mortgage rates peaked above 18%. Today’s 30-year rate is around 4%.

For another perspective, here are the median new home sale prices back to 1963, inflation adjusted.

Here’s a zoomed in look since 2000.



continue reading





Markit Manufacturing PMI: Further Improvement, But Softer Than July

Courtesy of Doug Short’s Advisor Perspectives.

The preliminary August US Manufacturing Purchasing Managers’ Index conducted by Markit came in at 52.1, down from the 52.9 July final. Today’s headline number came in below the Investing.com consensus of 52.7. Markit’s Manufacturing PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

Here is the opening from the latest press release:

U.S. goods producers saw a further upturn in overall business conditions during August, though the rate of improvement was softer than seen in July. While output continued to rise markedly, total new work rose at a slower pace and employment expanded at the weakest rate in four months. Meanwhile, companies reported near-stagnant price trends overall, with input prices rising only marginally and companies leaving their prices charged unchanged from the previous month. [Press Release]

Here is a snapshot of the series since mid-2012.

Markit Manufacturing PMI

Here is an overlay with the equivalent PMI survey conducted by the Institute for Supply Management (see our full article on this series here).

Markit and ISM Manufacturing PMI

The next chart uses a three-month moving average of the two rather volatile series to facilitate our understanding of the current trend.

Markit and ISM Manufacturing PMI

The two moving-average series began diverging in early 2015. The ISM index dipped into contraction in the third quarter of 2015 but then reversed directions in 2016 to its current level of modest expansion. The Markit series has trended more steady downward from its interim high early in the second half of 2014. We may be seeing a bit on an uptick in the Markit series from its interim low in May.





Vehicle Miles Traveled: Another Look at Our Evolving Behavior

Courtesy of Doug Short’s Advisor Perspectives.

The Department of Transportation’s Federal Highway Commission has released the latest report on Traffic Volume Trends, data through June.

“Travel on all roads and streets changed by 3.2% (8.6 billion vehicle miles) for June 2016 as compared with June 2015.” The less volatile 12-month moving average was up 0.27% month-over-month and 3.1% year-over-year. If we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) is up 0.19% month-over-month and up 2.0% year-over-year.

Here is a chart that illustrates this data series from its inception in 1971. It illustrates the “Moving 12-Month Total on ALL Roads,” as the DOT terms it. As we can readily see, the Great Recession had a substantial impact on our driving habits.

Vehicle Miles Traveled

The rolling 12-month miles traveled contracted from its all-time high for 39 months during the stagflation of the late 1970s to early 1980s, a double-dip recession era. The most recent decline lasted for 85 months, the trough in November 2011, 48 months from the previous high. The latest data point is another all-time high.

The Population-Adjusted Reality

Total Miles Traveled, however, is one of those metrics that should be adjusted for population growth to provide the most meaningful analysis, especially if we want to understand the historical context. We can do a quick adjustment of the data using an appropriate population group as the deflator. Let’s use the Bureau of Labor Statistics’ Civilian Noninstitutional Population Age 16 and Over (FRED series CNP16OV). The next chart incorporates that adjustment with the growth shown on the vertical axis as the percent change from 1971.

Population Adjusted Age 16 and Over

Clearly, when we adjust for population growth, the Miles-Traveled metric takes on a weaker look. The nominal 39-month dip that began in May 1979 grows to 61 months, slightly more than five years. The trough was a 6% decline from the previous peak.

The population-adjusted all-time high dates occurred a decade ago in June 2005. The latest data is 5.03% below the 2005 peak, but off the -8.62% post-Financial Crisis low in March of 2014. Our adjusted miles traveled based on the 16-and-older age cohort is about where we were as a nation in January of 1998.

About that Population Adjustment…

Why use the CNP16OV data for the population adjustment? Wouldn’t it make more sense to limit the population…
continue reading





 
 
 

Kimble Charting Solutions

Gold & Silver Miners potentially kissing resistance

Courtesy of Chris Kimble.

Below looks at the oldest miners index in the states, XAU index, over the past decade. The XAU index looks to be kissing potentially important resistance levels at this time.

CLICK ON CHART TO ENLARGE

All mining indices are up strong this year and all remain well below 2011 levels. Is the rally this year, nothing more than a counter trend rally in a long-term down trend? Not ...



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Chart School

Richmond Fed: Manufacturing Declines in August

Courtesy of Doug Short's Advisor Perspectives.

Today the Richmond Fed Manufacturing Composite Index dropped 21 points to -11 from last month's 10. Investing.com had forecast 6. Because of the highly volatile nature of this index, we include a 3-month moving average to facilitate the identification of trends, now at -3.5, indicates contraction. The complete data series behind today's Richmond Fed manufacturing report (available here), which dates from November 1993.

Here is a snapshot of the complete Richmond Fed Manufacturing Composite series....



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Zero Hedge

Demographic HomeMageddon Underway... Will Last Until At Least 2035

Courtesy of ZeroHedge. View original post here.

Submitted by Chris Hamilton via Econimica blog,

91% of all US home buying is done by those aged 20-69yrs/old, according to NAR data.  In 2015, Millennials (20-35yrs/old) made up 35% of home purchases, Gen X (36-50yr/olds) bought 26%, Boomers (51-70yr/olds) 31%, and the Silent Generation (70+yrs/old) 9%.  I'm no great fan of the NAR, but this makes basic sense as most homebuyers need an income to be homebuyers and most 70+yr/olds a...



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ValueWalk

Benefits Of Utilizing A Stock Screener

By Chris Gilbert. Originally published at ValueWalk.

Benefits Of Utilizing A Stock Screener

Generating investment ideas can be tough. If you’re looking for ways to accomplish this task I wrote a whole article on the subject here, but with this post I want to focus on one way in particular, stock screeners. A stock screener can be an excellent way to generate investment ideas in an objective, unbiased manner.

]]> Get The Timeless Reading eBook in PDF

Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

...

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Phil's Favorites

US Election: What's in Store for Equities and Gold?

Courtesy of Mish.

As we head into the final stages of the the US 2016 presidential election, one has to wonder: Does it matter at all who wins? And what are the implications for equities and gold?

James Grant discusses election and equity questions Fed is Now Hostage to Wall Street.

James Grant, Wall Street expert and editor of the investment newsletter Grant’s Interest Rate Observer, warns of a crash in sovereign debt, is puzzled over the actions of the Swiss National Bank and bets on gold.

Mr. Grant warns of today’s reckless hunt for yield and spots one of the biggest risks in governmen...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

J.M. Smucker Sinks 7% As Coffee Prices Slam Top Line (Forbes)

With Folgers and Dunkin Donuts packaged coffee in its brand portfolio, the J.M. Smucker Company is both the biggest coffee roaster in the U.S. and one of the companies that is best-positioned to reap the profits from America’s caffeine addiction.

"It's Gone" - Why Foreign Demand For US Treasu...



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Biotech

Epizyme - A Waiting Game

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

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...



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OpTrader

Swing trading portfolio - week of August 22nd, 2016

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

Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust

 

Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust 

By  at Bloomberg

Excerpt:

Stefan Thomas, who introduced millions of people to bitcoin, has had a change of heart.

Blockchain, the ledger software that makes the digital currency possible...



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Mapping The Market

Illusion of Choice

From Jean-Luc:

Looks like we are down to about 10 companies for our consumer goods:

http://www.visualcapitalist.com/illusion-of-choice-consumer-brands/

Just like banks, airlines and cable companies! 

The Illusion of Choice in Consumer Brands

Explore the full-size version of the above graphic in all its glory.

If today’s infographic looks familiar, that’s because it originates from a well-circulated report that Oxfam International puts together to show consolidation i...



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All About Trends

Mid-Day Update

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

Click here for the full report.




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

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Promotions

PSW is more than just stock talk!

 

We know you love coming here for our Stocks & Options education, strategy and trade ideas, and for Phil's daily commentary which you can't live without, but there's more!

PhilStockWorld.com features the most important and most interesting news items from around the web, all day, every day!

News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.   

If you are looking for non-mainstream, provocatively-narrated news and opinion pieces which promise to make you think -- we feature Zero Hedge, ...



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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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