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Time for the Pullback?

Courtesy of Declan.

Sellers were going to make an appearance at some point and today was the day they paid a visit. Whether a larger pullback emerges will depend on events over the coming days, but today’s selling did occur at some natural attack points for shorts.

The S&P finished with a ‘bearish cloud cover,’ but it did manage to hold declining resistance turned support. The 20-day MA has also entered the fray as an area for bears to work. But this wasn’t the most bearish of the indices, and today’s finish actually gives bulls a long play tomorrow (for a bounce off support).  Technicals also suggest a bounce.


While the S&P may give bulls something tomorrow, the Dow Jones Index is playing to bears. The rejection of the 200-day MA coincided with a failed test of former support turned resistance. An undercut of 16,350 would effectively confirm the retest of 15.855.

The Nasdaq 100 offers a more attractive entry level for shorts. There is a clear declining resistance level which was rebuffed on today’s action.  Technicals have sided with bulls, so shorts shouldn’t linger if such resistance is broken to the upside.

The Russell 2000 is in an odd position. It experienced the most bearish action on the day with its bearish engulfing pattern. This suggest further downside tomorrow, but given the strength of the October bounce it probably has the best support options, first of which will be the 20-day MA.  A weak finish on Thursday may offer a value play here.

Bulls should also watch the Semiconductor Index. I’m still liking the ‘Island Reversal’, but for it to stay true, Tuesday’s breakout gap can’t close. It will have the 200-day MA to help bulls tomorrow, although it may not be enough to protect in morning action.

For tomorrow, the Nasdaq 100 is perhaps the index to watch for shorts with the best risk:reward. Longs can look to the Russell 2000 if there a second day of selling, but if bulls come bursting out of the gates then the S&P might be the better long play.

Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.





Understanding the CFNAI Components

Courtesy of Doug Short.

The Chicago Fed’s National Activity Index, which I reported on earlier today, is based on 85 economic indicators drawn from four broad categories of data:

  • Production and Income
  • Employment, Unemployment, and Hours
  • Personal Consumption and Housing
  • Sales, Orders, and Inventories

The complete list is available here in PDF format.

In today’s Chicago Fed update, we learned that three of the four broad categories of indicators that make up the index made positive contributions to the index in September, and three of the four categories increased from August. Personal Consumption and Housing continues to be the significantly underperforming category. Let’s now take a look at the historical context, focusing on the less volatile 3-month moving average of the components.

A chart overlay of the complete multi-decade span of all four categories, even if we use the three-month moving averages, is quite challenging for visual clarity:

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So here is a close-up view since 2000:

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But a snapshot of the 21st century contains only two recessions, so it’s unclear how the individual components have behaved in during the seven recessions since the 1967 starting point for this data series.

Here is a set of charts showing each of the four components since 1967. Because of the highly volatile nature of the data, the charts are based on three-month moving averages, a smoothing strategy favored by the Chicago Fed economists. I’ve also highlighted the values for the months that the NBER subsequently identified as recession starts.

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There’s a lot to digest in the individual charts. Clearly the first two (Production and Income and…
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Conference Board Leading Economic Index Increased in September

Courtesy of Doug Short.

The Latest Conference Board Leading Economic Index (LEI) for September is now available. The index rose 0.8 percent to 104.4. August was revised downward to 103.6 percent (2004 = 100). The latest number came in above the 0.6 percent forecast by Investing.com.

Here is an overview from the LEI technical notes:

The Conference Board LEI for the U.S. increased in September after no change in August. The financial components, along with initial claims for unemployment insurance and ISM® new orders, made the largest positive contributions this month. In the six-month period ending September 2014, the leading economic index increased 3.5 percent (about a 7.1 percent annual rate), faster than the growth of 2.7 percent (about a 5.6 percent annual rate) during the previous six months. Also, the strengths among the components became more widespread than weaknesses in the past six months. [Full notes in PDF]

Here is a chart of the LEI series with documented recessions as identified by the NBER.

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And here is a closer look at this indicator since 2000. We can more readily see that the recovery from the 2000 trough weakened in 2012 but began trending higher in the latter part of the year.

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For a more details on the latest data, here is an excerpt from the press release:

“The LEI picked up in September, after no change in August, and the strengths among its components have been very widespread over the past six months,” said Ataman Ozyildirim, Economist at The Conference Board. “The outlook for improving employment and further income growth are expected to support the moderate expansion in the U.S economy for the remainder of the year.”

“The financial markets are reflecting turmoil and unease, but the data on the leading indicators continue to suggest moderate growth in the short-term,” said Ken Goldstein, Economist at The Conference Board. “Meanwhile, the weak advances in the housing market remain a bigger risk to the outlook than short-term financial gyrations.”

For a better understanding of the…
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New Jobless Claims: Lowest 4-Week Average Since May 2000

Courtesy of Doug Short.

Here is the opening statement from the Department of Labor:

In the week ending October 18, the advance figure for seasonally adjusted initial claims was 283,000, an increase of 17,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 264,000 to 266,000. The 4-week moving average was 281,000, a decrease of 3,000 from the previous week’s revised average. This is the lowest level for this average since May 6, 2000 when it was 279,250. The previous week’s average was revised up by 500 from 283,500 to 284,000.

There were no special factors impacting this week’s initial claims. [See full report]

Today’s seasonally adjusted number at 283K was very close to the Investing.com forecast of 282K.

Here is a close look at the data over the past few years (with a callout for the past year), which gives a clearer sense of the overall trend in relation to the last recession and the volatility in recent months.

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As we can see, there’s a good bit of volatility in this indicator, which is why the 4-week moving average (the highlighted number) is a more useful number than the weekly data. Here is the complete data series.

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Occasionally I see articles critical of seasonal adjustment, especially when the non-adjusted number better suits the author’s bias. But a comparison of these two charts clearly shows extreme volatility of the non-adjusted data, and the 4-week MA gives an indication of the recurring pattern of seasonal change in the second chart (note, for example, those regular January spikes).

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Because of the extreme volatility of the non-adjusted weekly data, a 52-week moving average gives a better sense of the secular trends. I’ve added a linear regression through the data. We can see that this metric continued to fall below the long-term trend stretching back to 1968.


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Chicago Fed: Economic Growth Picked Up in September

Courtesy of Doug Short.

“Index shows economic growth picked up in September”: This is the headline for today’s release of the Chicago Fed’s National Activity Index, and here are the opening paragraphs from the report:

Led by improvements in production-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +0.47 in September from –0.25 in August. Three of the four broad categories of indicators that make up the index made positive con- tributions to the index in September, and three of the four categories increased from August.

The index’s three-month moving average, CFNAI-MA3, increased to +0.25 in September from +0.16 in August, marking its seventh consecutive reading above zero. September’s CFNAI-MA3 suggests that growth in national economic activity was somewhat above its historical trend. The economic growth reflected in this level of the CFNAI-MA3 suggests limited inflationary pressure from economic activity over the coming year.

The CFNAI Diffusion Index, which is also a three-month moving average, increased to +0.24 in September from +0.18 in August. Fifty-eight of the 85 individual indicators made positive contributions to the CFNAI in September, while 27 made negative contributions. Fifty-six indicators improved from August to September, while 29 indicators deteriorated. Of the indi- cators that improved, 12 made negative contributions. [Download PDF News Release]

Investing.com was looking for a headline reading of -0.01.

Background on the CFNAI

The Chicago Fed’s National Activity Index (CFNAI) is a monthly indicator designed to gauge overall economic activity and related inflationary pressure. It is a composite of 85 monthly indicators as explained in this background PDF file on the Chicago Fed’s website. The index is constructed so a zero value for the index indicates that the national economy is expanding at its historical trend rate of growth. Negative values indicate below-average growth, and positive values indicate above-average growth.

The first chart below shows the recent behavior of the index since 2007. The red dots show the indicator itself, which is quite noisy, together with the 3-month moving average (CFNAI-MA3), which is more useful as an indicator of the actual trend for coincident economic activity. I’ve added a high-low channel for the MA3 data since 2010. After hitting the top of the channel in April, it has slipped to the upper mid-range.


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Time for the Pullback?

Courtesy of Declan.

Sellers were going to make an appearance at some point and today was the day they paid a visit. Whether a larger pullback emerges will depend on events over the coming days, but today’s selling did emerge at some natural attack points for shorts.

The S&P finished with a ‘bearish cloud cover,’ but it did manage to hold declining resistance turned support, and the 20-day MA has entered the fray as an area for bears to work. But this wasn’t the most bearish of the indices, and today’s finish actually gives bulls a long play tomorrow (for a bounce off support).  Technicals also suggest a bounce.


While the S&P may give bulls something tomorrow, the Dow Jones Index is playing to bears. The rejection of the 200-day MA coincided with a failed test of former support turned resistance. An undercut of 16,350 would effectively confirm the retest of 15.855.

The Nasdaq 100 offers a more attractive entry level for shorts. There is a clear declining resistance level which was rebuffed on today’s action.  Technicals have sided with bulls, so shorts shouldn’t linger if such resistance is broken to the upside.

The Russell 2000 is in an odd position. It experienced the most bearish action on the day with its bearish engulfing pattern. This suggest further downside tomorrow, but given the strength of the October bounce, it probably has the best support options, first of which will be the 20-day MA.  A weak finish on Thursday may offer a value play here.

Bulls should also watch the Semiconductor Index. I’m still liking the ‘Island Reversal’, but for it to stay true, Tuesday’s breakout gap can’t close. It will have the 200-day MA to help bulls tomorrow, although it may not be enough to protect in morning action.

For tomorrow, the Nasdaq 100 is perhaps the index to watch for shorts with the best risk:reward. Longs can look to the Russell 2000 if there a second day of selling, but if bulls come bursting out of the gates then the S&P might be the better long play.

Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.





S&P 500 Snapshot: Four-Day Rally Ends

Courtesy of Doug Short.

The S&P 500 got off to a reasonably good start following the pre-market Goldilocks inflation data (not too hot, not too cold), and retirees learned they would get a 1.7% Social Security COLA for 2015. The index hit its 0.41% intraday high about two hours after the open. It then began drifting lower with some accelerated selling the final hour. It closed with a -0.73% loss, just off its -0.74% intraday low, and snapping a four-day rally.

The popular press, always ready to explain market behavior (e.g., CNBC), seized on the gunfire near Canada’s Parliament and the plunging price of oil as prime causes of the selling.

The yield on the 10-year Note closed at 2.25%, up 2 bps from yesterday’s close.

Here is a 15-minute chart of the past five sessions.

Volume on today’s decline was relatively unremarkable — about the same as yesterday’s advance.

A Perspective on Drawdowns

How close were we to an “official” correction, generally defined as a 10% drawdown from a high (based on daily closes)? The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.

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For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

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What If Chained CPI Had Been Used to Calculate COLAs Since 2002?

Courtesy of Doug Short.

Note from dshort: I’ve updated this commentary to include the 2015 Social Security COLA announced this morning that will take effect in December.


Each year the Social Security cost-of-living adjustment (COLA) is calculated based on the change from the Q3 average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Q3 average of the previous year, rounded to one decimal place. If the average for the most recent year is below the previous high, there is no adjustment, as was the case in 2010 and 2011. Note that for 2011, the Q3 average was indeed higher than the 2010 average, but it was still below the 2009 average, hence no COLA. For the official announcement of the calculation on Social Security website, click here.

Last year, President Obama’s 2014 proposed budget recommended that, starting in 2015, COLAs should be calculated with the Chained Consumer Price Index for All Urban Consumers (Chained CPI). In this year’s proposed budget for 2015, the President abandoned the proposed shift to the Chained CPI for Social Security adjustments.

Let’s look at what the effect would have been over the years for a typical Social Security recipient if the Chained CPI had been used since its inception.

The earliest Q3 of Chained CPI data we have is for the year 2000. So the first COLA we can calculate would be for 2002 based on the change from Q3 2000 to Q3 2001. Here is a table showing the actual COLAs since 2002 and the hypothetical COLAs if we substitute the Chained CPI. I’ve illustrated the difference with a case history of a Social Security recipient who had received $12,000 in 2001, an even thousand per month, which I think was fairly close to the national average in that year. The rightmost column shows the annual and total shrinkage of annual income had the Chained CPI been used for COLA calculations.

When we compare the official COLA with the Chained CPI COLA in 2015 for our hypothetical retiree in the 14th year of retirement, the annual payout would be 3.6% less than with the traditional COLA calculation. In our illustration above, that’s about $50 less per month, which would buy a fair amount of groceries for a frugal shopper.

As the table illustrates, over time the proposed switch to…
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Chained CPI Versus the Standard CPI: Breaking Down the Numbers

Courtesy of Doug Short.

Note from dshort: I’ve updated this commentary to include the latest Consumer Price Index data published this morning.


The Consumer Price Index for Urban Consumers (CPI-U, or more generally CPI) is the most familiar gauge of inflation in the US. The data for the non-seasonally adjusted series stretches back a century to January 1913. But in February of last year the big news was relative newcomer to the inflation metrics of the Bureau of Labor Statistics (BLS), the Chained CPI for Urban Consumers (C-CPI-U).

The reason the Chained CPI was a hot topic in the news in last year was that President Obama had proposed it in his 2014 budget as the method for determining cost of living adjustments (COLAs) for Social Security. Here are some typical examples of the discussion last year in the popular press:

Shift forward to this past February’s proposed budget for 2015: President Obama abandoned the shift to the Chained-CPI for Social Security COLAs. The Washington Post had this spin: Obama budget without ‘chained CPI’ would protect federal retirement benefits.

Chained versus “Unchained” — Comparing Inflation Measures

For a snapshot comparison of how the conventional CPI and Chained CPI stack up against each other, I’ve created a variation on the CPI chart I’ve been updating monthly for the past several years here. The chart illustrates the overall change in inflation for CPI, Core CPI, and the eight top-level components of CPI since the turn of the century (more here). I also include energy, which is a collection of subcomponents, and College Tuition and Fees, a subcomponent of one of the top eight.

The BLS has published the data for these metrics for chained CPI from December 1999. The one missing element is College Tuition and Fees, a subcomponent of Education and Communication. The chart below pairs the two versions of each component showing the total change since December 1999. We can thus have a more educated sense of how the Chained CPI and conventional CPI differ from one another.…
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The Big Four Economic Indicators: Disappointing Real Retail Sales

Courtesy of Doug Short.

Note from dshort: With this morning’s release of the Consumer Price Index for September, we can now calculate Real Retail Sales for last month.


Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about as close as they get to identifying their method.

There is, however, a general belief that there are four big indicators that the committee weighs heavily in their cycle identification process. They are:

  • Industrial Production
  • Real Personal Income (excluding Transfer Payments)
  • Nonfarm Employment
  • Real Retail Sales
  • The Latest Indicator Data

    With this morning’s release of the September Consumer Price Index, we can now calculate Real Retail Sales. I reported the nominal Advance Retail Sales last week, which showed September at -0.3% (-0.32% at two decimals) month-over-month, down from 0.6% in August. That was much worse that the mainstream forecasts. When we adjust for inflation, September sales came in even worse at a -0.41%. The chart below illustrates the series since 2009 with a linear regression to help us analyze the trend.

    The contraction in sales attributed to an unusually severe winter is clearly evident. April through July performed below trend. August saw a positive bounce that put us back to trend, but September appears to have reverted to the substandard summer growth.

    The Census Bureau’s Retail Sales series is, as I’ve pointed out elsewhere, subject to substantial revisions, to the latest month shouldn’t be taken too seriously.

    The Generic Big Four

    The chart and table below illustrate the performance of the generic Big Four with an overlay of a simple average of the four since the end of the Great Recession. The data points show the cumulative percent change from a zero starting point for June 2009. We now have the three indicator updates for the 61th month following the recession. The Big Four Average is (gray line below).

    Current Assessment and Outlook

    The overall picture of the US economy had been one of slow recovery from the Great Recession with a clearly documented contraction during the winter, as reflected in Q1 GDP. Data for Q2 supported the consensus view…
    continue reading





     

    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!

     
     

    Zero Hedge

    As Ebola Cases Top 10,000, Obama Says America Can "Beat" The Deadly Virus

    Courtesy of ZeroHedge. View original post here.

    Submitted by Tyler Durden.

    Following the sad death of its first Ebola case, Mali's President has said he will not close his nation's border with Guinea, because "the incident showed it was impossible to completely seal his country."

     

    Mali's neighbors, on the other hand, are shutting borders, as Mauritania tries not to become Africa's 7th Ebola-infected country. This brings, according to The WHO, the number of cases of E...



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    Phil's Favorites

    Home Prices Drop in 69 of 70 Chinese Cities; Did the Pool of Greater Fools Run Out?

    Courtesy of Mish.

    China eased purchase restrictions last month ending its four-year campaign to contain home prices. And what a ridiculous campaign it was. Prices are down less than 1% this month and less then 1% year-over-year.

    Bloomberg reports China Home-Price Drop Spreads as Easing Doesn’t Halt Fall.

    Prices dropped in 69 of the 70 cities in September from August, the National Bureau of Statistics said in a statement today, the most since January 2011 when the government changed the way it compiles the data. They fell in 68 cities in August.

    The central bank on Sept. 30 eased mortgage rules for homebuyers that have paid off existing loans, reversing course after a four-year camp...



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    Chart School

    World Markets Weekend Update: Selloff Ends, Rally Begins

    Courtesy of Doug Short.

    In last weekend's update, only one the eight indexes on my watchlist posted a weekly gain. This weekend's numbers have reversed. Seven indexes closed the week with a gain and there were some substantial ones at that. Japan's Nikkei erased the previous week's -5.02% plunge with a 5.22% surge. The S&P 500 finished second with a 4.12% advance. China's Shanghai Composite was the sole loser, down 1.66%.

    In fact, the Shanghai Composite remains the only index on the watch list in bear territory -- the traditional designation for a 20% decline from an interim high. The index is down 33.68% from its August 2009 peak. See the table inset (lower right) in the chart below.

    Here is a look at 2014 so far....



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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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    Insider Scoop

    UPDATE: Morgan Stanley Reiterates On ResMed Following 1Q15 Earnings Report

    Courtesy of Benzinga.

    Related RMD Morning Market Movers Qualcomm Announces New Connected Health Collaborations at Connect 2014

    In a report published Friday, Morgan Stanley analyst Sean Laaman reiterated an Equal-Weight rating on ResMed (NYSE: RMD), and raised the price target from $46.19 to $49.57.

    In the report, Morgan Stanley noted, “Currency headwinds and part quarter release of the S10 downplayed expectations ahead of the result. Despite this, RMD beat on US revenue driv...



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    Market Shadows

    Bill Ackman's Big Pharma Trade Is Making Wall Street A Super Awkward Place

     

    #452525522 / gettyimages.com

    Intro by Ilene

    If you're following Valeant's proposed takeover (or merger) of Allergan and the lawsuit by Allergan against Valeant and notorious hedge fund manager William Ackman, for insider trading this is a must-read article. 

    Linette Lopez describes the roles played by key Wall Street hedge fund owners--Jim Chanos, John Paulson, and Mason Morfit, a major shareholder in Valeant. Linette goes through the con...



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    Option Review

    LUV Options Active Ahead Of Earnings

    There is lots of action in Southwest Airlines Co. November expiry call options today ahead of the air carrier’s third-quarter earnings report prior to the opening bell on Thursday. Among the large block trades initiated throughout the trading session, there appears to be at least one options market participant establishing a call spread in far out of the money options. It looks like the trader purchased a 4,000-lot Nov 37/39 call spread at a net premium of $0.40 apiece. The trade makes money if shares in Southwest rally 9.0% over the current price of $34.32 to exceed the effective breakeven point at $37.40, with maximum potential profits of $1.60 per contract available in the event that shares jump more than 13% to $39.00 by expiration. In September, the stock tou...



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    Sabrient

    Sector Detector: Sharp selloff in stocks sets up long-awaiting buying opportunity

    Courtesy of Sabrient Systems and Gradient Analytics

    Last week brought even more stock market weakness and volatility as the selloff became self-perpetuating, with nobody mid-day on Wednesday wanting to be the last guy left holding equities. Hedge funds and other weak holders exacerbated the situation. But the extreme volatility and panic selling finally led some bulls (along with many corporate insiders) to summon a little backbone and buy into weakness, and the market finished the week on a high note, with continued momentum likely into the first part of this week.

    Despite concerns about global economic growth and a persistent lack of inflation, especially given all the global quantitative easing, fundamentals for U.S. stocks still look good, and I believe this overdue correction ultimately will shape up to be a great buying opportunity -- i.e., th...



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    Digital Currencies

    Goodbye War On Drugs, Hello Libertarian Utopia. Dominic Frisby's Bitcoin: The Future of Money?

    Courtesy of John Rubino.

    Now that bitcoin has subsided from speculative bubble to functioning currency (see the price chart below), it’s safe for non-speculators to explore the whole “cryptocurrency” thing. So…is bitcoin or one of its growing list of competitors a useful addition to the average person’s array of bank accounts and credit cards — or is it a replacement for most of those things? And how does one make this transition?

    With his usual excellent timing, London-based financial writer/actor/stand-up comic Dominic Frisby has just released Bitcoin: The Future of Money? in which he explains all this in terms most readers will have no tr...



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    OpTrader

    Swing trading portfolio - week of October 20th, 2014

    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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    Stock World Weekly

    Stock World Weekly

    Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

    Here's this week's Stock World Weekly. Just sign in with your PSW user name and password. (Or take a free trial.)

    #457319216 / gettyimages.com

     

    ...

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    Pharmboy

    Biotechs & Bubbles

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

    Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

    First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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    FeedTheBull - Top Stock market and Finance Sites



    About Phil:

    Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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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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