Archive for the ‘Appears on main page’ Category

Wednesday Wipeout – BOJ and FOMC Fail to Please Investors – Market Falls

Image result for tomorrow's headlines todayOh sorry, that's tomorrow's headline!  

Silly me, sometimes I get ahead of myself.  As I've been saying all week(s), the market is overbought and the Fed is boxed in and even the bat-shit crazy Bank of Japan didn't lower rates this morning and the only reason they were able to hold if is because they have been assured that our Fed will be raising rates at 2pm, effectively devaluing the Yen against the Dollar anyway.  

Still, not everyone is as certain as I am which is why I called for a short on the Nikkei Futures (/NKD) in our Live Member Chat Room this morning (7:02), saying:

We're back at 2,140, of course, along with 18,125, 4,825 and 1,230 – exactly where we were yesterday so it's just a reset by the TradeBots ahead of the Fed but now it's a lot more dangerous to short those futures, though still fun if you are careful enough to keep VERY TIGHT STOPS above those lines.   /NKD blasted to 16,800 and now back to 16,700 as the Dollar pulls back, still a good short there.  

As you can see, the Nikkei has already dropped 65 points and, at $5 per point, per contract that's a gain of $325 per contract for our Members and the Egg McMuffins are paid for already this morning (stop is now 16,650 to lock in $250)!  The other levels are the same ones we've been watching all week and we're still looking for the S&P in particular to give us 2,120, on the way to 2,035.

Evolution of Atlanta Fed GDPNow real GDP forecastDon't forget though, I'm an outlier in my prediction and our confidence in a rate hike today was shaken by yet another downward adjustment to our GDP outlook by the Atlanta Fed yesterday – from 3.5% to 2.9%, which is a 20% downgrade in GDP outlook since the beginning of the month – that's a very scary trend!  

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Janet Yellen’s “Footnote 8″ – The Negative Rate ‘Smoking Gun’ That Everyone Missed

Courtesy of John Mauldin at Mauldin Economics

Yellen’s Jackson Hole speech was widely reported, so I’ll spare you the summary.

What wasn’t widely reported was her Footnote 8. Yellen cited approving a mathematical formula that could put interest rates on autopilot. The Fed hasn’t yet followed the rule, but its presence in Yellen’s paper suggests its use is on the table.

Footnote 8 lays the groundwork for negative rates

For Yellen to adopt any fixed rule would be a major strategy shift. She has declined to use the so-called “Taylor Rule” favored by some economists, claiming the Fed should be flexible but “data-dependent.”

The rule described in Yellen’s Footnote 8 uses variables like core PCE inflation, the Fed’s inflation target, and the unemployment rate to calculate an optimal Federal Funds rate target. If the Fed had been following the rule during the last recession, they would have dropped rates to -9%.

Yes, you read that right, -9%.

As a point of reference, the ECB right now is at -0.4%. Europe is now experiencing all kinds of bizarre consequences.

Yet, here’s our own Fed chair bringing up a method that would send rates far lower.

To be fair, Yellen didn’t say she endorses this idea or wants to adopt it. She concedes it would have been impossible to drop rates that far in 2008.

So why even bring it up?

A generous interpretation: Yellen wanted to demonstrate that the Fed’s control over interest rates has limits as a tool for stimulating economic growth. And in her speech, she does go on from there to talk about other policy tools.

Still, it was no accident that she mentioned the rule for autopilot rates. This was another in a series of small nods to the idea that negative rates might be appropriate in some situations.

The Fed’s muddled assumptions

The Yellen Fed’s mental status gets clearer every day. They think that their crazed ideas—ZIRP, QE, Operation Twist, and the rest—are what brought the economy back from the brink of collapse. Last December’s one-and-done rate hike was the victory lap. They think everything is fine now and

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Tumultuous Tuesday – Markets Gyrate Ahead of the Fed

What a fun week it's been!  

As you can see from our S&P chart, we've popped over our strong bounce line at 2,140 but, like a magnet (or the Godfather), the S&P keeps getting pulled back in though it seems just as much money can be made betting long at 2,140 as betting short – as long as you use very tight stops on the wrong side of the line.

So why, you may wonder, don't we bet long?  Because we still have plenty of long positions in our portfolios, and we already have plenty of bets going that way and also because we think the risk/reward strongly favors the downside at 2,140.  At 2,120, we may be inclined to play for a bullish bounce – as we did last Thursday Morning, when we prediceted the move back to 2,150 right in the morning post:

"2,127.50 was our weak bounce goal on the S&P 500 (SPY) and we finished the day yesterday at 2,125.77, so not quite and, unfortunately, today we must raise the bar, and our expectations, to the strong bounce line at 2,140 and we're not going to really be impressed until 2,150 is taken back but let's not get ahead of ourselves because, as noted in the title, we're looking down, not up."

A move from 2,125 to 2,150 on the S&P Futures (/ES) is good for a gain of $1,250 per contract but remember – I can only tell you what the markets are going to do and how to make money trading it – the rest is up to you…  Today we told our Members that we liked SHORTING the S&P (/ES) Futures at 1,240 and the Russell (/TF) Futures at 1,235 and the Dow (/YM) Futures at 18,100 – we'll see how those do tomorrow but back to 2,120 would be good for another $1,000 per contract (tight stops above the lines, of course).  

Meanwhile, of course, it's all about those rates at the Fed tomorrow:

The Bank of Japan (BOJ) gets
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EBITDA: Sniffing Out the Truth


EBITDA: Sniffing Out the Truth

Courtesy of Wade of Investing Caffeine

Sharp eyed soft nosed cow, with shallow dof

Financial analysts are constantly seeking the Holy Grail when it comes to financial metrics, and to some financial number crunchers, EBITDA (Earnings Before Interest Taxes Depreciation and Amortization – pronounced “eebit-dah”) fits the bill. On the flip side, Warren Buffett’s right hand man Charlie Munger advises investors to replace EBITDA with the words “bullsh*t earnings” every time you encounter this earnings metric. We’ll explore the good, bad, and ugly attributes of this somewhat controversial financial metric.

The Genesis of EBITDA

The origin of the EBITDA measure can be traced back many years, and rose in popularity during the technology boom of the 1990s. “New Economy” companies were producing very little income, so investment bankers became creative in how they defined profits. Under the guise of comparability, a company with debt (Company X) that was paying high interest expenses could not be compared on an operational profit basis with a closely related company that operated with NO debt (Company Z). In other words, two identical companies could be selling the same number of widgets at the same prices and have the same cost structure and operating income, but the company with debt on their balance sheet would have a different (lower) net income. The investment banker and company X’s answer to this apparent conundrum was to simply compare the operating earnings or EBIT (Earnings Before Interest and Taxes) of each company (X and Z), rather than the disparate net incomes.

The Advantages of EBITDA

Although there is no silver bullet metric in financial statement analysis, nevertheless there are numerous benefits to using EBITDA. Here are a few:

  • Operational Comparability:  As implied above, EBITDA allows comparability across a wide swath of companies. Accounting standards provide leniency in the application of financial statements, therefore using EBITDA allows apples-to-apples comparisons and relieves accounting discrepancies on items such as depreciation, tax rates, and financing choice.
  • Cash Flow Proxy:Since the income statement traditionally is the financial statement of choice, EBITDA can be easily derived from this statement and provides a simple proxy for cash generation in the absence of other data.

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Monday Market Movement – S&P 500 Rebalancing is Just Deck Chairs on the Titanic

bf-al635b_spsec_9u_20160915210031Rearranging deck chairs on the Titanic.  

That's the image that springs to mind as the S&P breaks Real Estate out of the Financial sector after the close today in a move that BMO Capital says is not likely to have a significant effect on either the new sector or the S&P overall.  REITs are, in fact, up 14% for the year but the ETF (VNQ) has pulled back sharply, from $90 back to $85 (5.5%) this month – a strong retrace of the 20% run-up as predicted by our 5% Rule™.

Notice how Industrials have fallen from 86% of the S&P in 1976 (pre-Reagan) to 9.7% on Friday but it was already down to 11% in 2001 – it took just 25 years after our Bicentennial to destroy 75% of those jobs in America.  Health care became a monstrous 15% of our market (thanks Nixon), double what it is in any other developed nation.  IT is a dominating 21% of the index these days now more so as the Financial sector is cut from 16% to 13% though Real Estate will still move in lock-step with Financials, so what's the point?

One effect we're going to see is the dividend yield of the Financial Sector is going to dwindle as all the high-yielding REITs are moving out of their neighborhood.  We have the FOMC Rate Decision on Wednesday (2pm) and it's a coin toss whether or not they raise rates at this meeting but Treasuries haven't waited and have already been rising – taking a steep toll on dividend-paying stocks as people opt for the (supposedly) risk-free alternative:

In truth, Treasuries are far from risk-free.  Even if you assume the country you are investing in will be able to pay you back, you still run the risk of the currency devaluing during your holding period – causing you to literally get paid back in paper that is worth less (worthless?).  Another way bond-holders get killed is when rates begin to climb.  That causes their low-rate paper to become unattractive and, should they try to unload it, they may have to do so at a steep discount.  

Nonetheless, there's only so many $100 bills you can fit…
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Slow Moving Disaster In The European Banking System Revealed

Courtesy of Lee Adler of the Wall Street Examiner

This report is a condensed version of the Macroliqudity Pro Trader European Banking Report, a service of the Wall Street Examiner Pro Trader. 

ECB data on bank deposits for the Eurozone shows total bank deposits down sharply in July, breaking the uptrend in force since the low in 2014. That’s shocking considering that the ECB just boosted its money printing QE programs. Deposits should be rising steadily in concert with the amount of QE, not falling. But cash extinguishment and capital flight are increasing faster than the ECB can print.

We continue to see evidence that funds are fleeing the European banks for the relative “safety” of the US. My long running thesis that the US is and will be The Last Ponzi Game Standing is still well supported by the data. The looming problem is that all Ponzi schemes eventually collapse. The only question is the timing, which we deal with in other reports.

The charts below show that the European banking system is in a slow moving disaster. Only smoke, mirrors, and the unwarranted confidence of most Europeans in their banks and the ECB are keeping the system afloat.

The source of all European bank data in the charts that follow is the ECB Statistical Warehouse.

7/1/16 Money printing in the form of the ECB’s asset purchases should cause a euro for euro increase in deposits, but that has not occurred. Sorry to be repeating this, but it’s because a substantial portion of the ECB’s newly printed money flees the Eurozone to avoid the NIRP tax.

Euro Area Deposits - Click to enlarge

The problem grew worse in July when bank deposits in Europe actually contracted in spite of €70 billion per month in QE.  Deposits contracted by €95 billion in July and are down by €112 billion since April. Over that span the ECB printed €284 billion. The net effect was that all of that, plus another €95 billion was either extinguished or fled the European banking system. Imagine that!  €379 billion gone! Poof! You have to hand it to Super Mario. That is some disappearing act.

Bank deposits should increase euro for euro with the amount of ECB purchases.  When the

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George Friedman: Italy Is the Mother of All Systemic Threats

Courtesy of George Friedman of Mauldin Economics

Italy has been in a crisis for at least eight months, though mainstream media did not recognize it until July. This crisis has nothing to do with Brexit, although opponents of Brexit will claim it does. Even if Britain had voted to stay in the EU, the Italian crisis would still have been gathering speed.

The high level of non-performing loans (NPLs) has been a problem since before Brexit. It is clear that there is nothing in the Italian economy that can reduce them. Only a dramatic improvement in the economy would make it possible to repay these loans. And Europe’s economy cannot improve drastically enough to help. We have been in crisis for quite a while.

Banks were simply carrying loans as non-performing that were actually in default and discounting the NPLs rather than writing them off. But that only hid the obvious. As much as 17 percent of Italy’s loans will not be repaid. This will crush Italian banks' balance sheets. And this will not only be in Italy.

Italian loans are packaged and resold, and Italian banks take loans from other European banks. These banks in turn have borrowed against Italian debt. Since Italy is the fourth largest economy in Europe, this is the mother of all systemic threats.

Bail-Ins, Not Bail Outs

The only way to help is a government bailout. The problem is that Italy is not only part of the EU, but part of the eurozone. As such, its ability to print its way out of the crisis is limited. In addition, EU regulations make it difficult for governments to bail out banks.

The EU has a concept called a bail-in, which means the depositors and creditors to the bank will lose their money. This is what the EU imposed on Cyprus. In Cyprus, deposits greater than 100,000 euros ($111,000) were seized to cover Cypriot bank debts. While some was returned, most was not.

The bail-in is a formula for bank runs. The money seized in Cyprus came from retirement funds and payrolls. Rome wants to make sure depositors don’t lose their deposits. A run on the banks would guarantee a meltdown. A meltdown would topple the government and

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New Study Finds Taxpayers Are Fleeing New York, Illinois and California

Courtesy of ZeroHedge. View original post here.

A new demographics study, posted on, found that more tax filers are fleeing the state of New York than any other state in the country.  Frankly, we're shocked people wouldn't want to live in a state with the highest cost of living, highest home prices, highest state income tax rate and highest property tax rate…what about the cultural benefits?  We guess the bankers and hedgies have finally figured out that they can conduct their business from pretty much any location with an internet connection and then visit New York when/if necessary. Per the same study, Illinois lost the second highest number of taxpayers and California was not far behind in third. 

Does anyone think it's purely a coincidence that the darkest areas of the following maps seem to overlap and represent the states that people are fleeing at the highest rates? If so, we assume you probably also think it's a coincidence that those very same states have been Democratic strongholds for decades.

Cost of Living

Source:  Economic Policy Institute.

State Tax Rate

Actually, the Albany Times Union was able to find at least one person who thought that people were fleeing from NY for reasons other than oppressively high costs of living and burdensome tax rates. Ironically, that person was non other than Richard Azzopardi, of Governor Cuomo's office, who said:

"The fact is that under this administration, New York has a record number of private sector jobs, an unemployment number below the national average, and passed reforms that led to the lowest middle class taxes in 70 years, the lowest corporate tax rates since 1968 and the lowest manufacturing tax rate since 1917 and a property tax cap."

While we appreciate the data from Azzopardi, we're not sure that linking New York's excessive tax rates to its own historically higher excessive tax rates is the right comparison. Our guess is that your citizens (or ex-citizens) probably consider New York's current tax rates versus the current tax rates of other states as the more relevant comparison. But that's just a hunch. 

Weekend Reading: Volatility Returns With A Vengeance

Courtesy of Lance Roberts of

Ironically, last week I titled the reading list “Market Stasis” with respect to the 43-days of sideways market action with relatively minor price fluctuations. That publication marked the respective end of that complacency.

This past week has been anything but complacent as the volume in volatility trades have exploded simultaneously with wild swings in market price from spectacular declines to surging rebounds.


This corrective action, which I have warned about repeatedly over the last month (see here) may be different than the standard “buy the dip” correction. The market has already violated both initial supports (the bull trend line and previous highs) which brings into focus the bull trend support line from the February lows. A violation of the latter will likely see the markets retest the 2020 level on the S&P 500.


One thing the sell off this week showed investors is what happens when correlations across asset classes become extremely high. When the selling begins, there is no “safe place” to hide. As my partner, Michael Lebowitz, noted earlier this week:

“The truth of the matter is that blind diversification does not work simply because it does not take into account the effects of volatility on asset prices. Chris Cole from Artemis Capital, one of the clearest thinkers on the importance of volatility as an asset class, highlights this point in the following graphic.”


“Contrasting the perception of a well-diversified portfolio with the reality of embedded volatility, the graph reflects enormous concentration risk in short volatility. Importantly, this risk matters most at the exact point in time when one expects – hopes – their strategy of diversification will protect them. Unfortunately, the well-diversified portfolio (left side) turns into the short volatility-concentrated portfolio in periods of extreme market disruption. Mr. Cole’s analysis may be best summarized with the popular statement that correlations on many assets go to one during a crisis.”

Let’s put it this way. If you didn’t like what happened to your portfolio this week during a mere 3% decline from recent peaks, just imagine what you will be feeling when a correction of some magnitude eventually occurs.

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Flip Floppin’ Friday – Back to the Futures for Huge Profits!

It's a crazy market.  

On the whole, we've gone nowhere all week.  We fell from 2,200 to 2,100 and a weak bounce from there is 2,120 and a strong bounce is 2,140 and we're at 2,129 on the S&P Futures (/ES) but what a wild ride it has been in between, especially after having such a sleepy summer at the top of the range.   

Sadly, that range is from 1,850 to 2,220 (20%) with 2,035 being the 10% line and THAT is where we expect to correct to in this downturn and yes, it's a downturn even if we went up yesterday.  Just like a day of snow doesn't mean Global Warming isn't happening, a one-day rally doesn't mean you're not in a bear market – that kind of logic is what destroyed many traders in 2008, when they kept "buying the dips" as stocks fell 5%, 10%, 20%, 40%, even 60% from their highs.

This is why we have our fabulous 5% Rule™, which prevents us from falling for false rallies.  I drew you a chart yesterday saying we would fail at the strong bounce line on the S&P (2,140) and guess what, that's EXACTLY where we failed.  In fact, the title of the post was: "Thursday: Failure at the Strong Bounce Lines Leads to 5% Correction" so pretty much our job was simply to wait for those strong bounce lines and then go short – not complicated.  

The S&P Futures pay $50 per point so the drop from 2,140 to 2,130 has already paid $500 per contract – not bad for a day's work and 2,130 is now our stop line but, hopefully, we get a sharper move down on this wild options expiration day.   Remember:  I can only tell you what is going to happen in the market and how to make money trading it – the rest is up to you!  

This morning, the Nasdaq (/NQ) makes an excellent short as it crosses below the 4,800 mark (with very tight stops above) and that's lined up with 2,130 on the S&P (/ES), 18,050 on the Dow (/YM) and 1,215 on the Russell (/TF) and our system…
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Zero Hedge

SocGen Explains The Recent Surge In Health Care Costs

Courtesy of ZeroHedge. View original post here.

There was one topic prominently missing from last night's debate - Obamacare and soaring US healthcare costs- and with good reason: with most middle-class Americans suffering as a result of surging premiums, and even the Obama administration admitting, if only behind the scenes, that Obamacare needs a major overhaul, why tempt the presidential candidates with a topic that would sour the public's mood about the defender of the status quo on the first debate.

After all, anyone who points out all that is wrong with Obama's recovery is "peddling fiction."

Unfortunately, its omission from the debate does not mean it is ...

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Trump/Clinton Economic Plans Revisited, Extremely Different

By Gary D. Halbert. Originally published at ValueWalk.

Trump/Clinton Economic Plans Revisited, Extremely Different 

by Gary D. Halbert
September 27, 2016

  1. Trump’s Economic & Tax Plan Looks a Lot Like Ronald Reagan’s
  2. Clinton’s Economic & Tax Plan is a Lot Like Obama’s, But Worse
  3. Are You an Accredited Investor? If Yes, Let Us Know ASAP


For the last several years, the economy has ranked #1 among the greatest concerns expressed by most Americans. And as we all know, the state of the economy has a huge bearing on the investment markets. With that in mind, let’s take a look today at the latest economic and tax propo...

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Phil's Favorites

WTO Slashes Global Trade Forecast by 39% Since April: "Wake-Up Call" Says WTO Director

Courtesy of Mish.

Yesterday I commented Draghi Increases Risk of Global Trade Collapse With Brexit Tough Talk.

Today, the World Trade Organization (WTO), slashed its global trade forecast by 39%.

WTI director Roberto Azevedo issued a Trade Wake-Up Call noting trade estimates are below global growth estimates for the first time in 15 years.

The World Trade Organization cut its forecast for global trade growth this year by more than a...

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Kimble Charting Solutions

Silver facing "bunch" of resistance, sentiment lofty

Courtesy of Chris Kimble.

Below looks at a chart on Silver, dating back to the early 1970’s. Silver created an important top at $50 in 1980, did it create another important top at the same price in 2011?


Silver hit $50 in 2011, which was the highs back in 1980 and since then, has created a series of lower highs and lower lows.

Silver is now testing a bunch of resistance lines and its Fibonacci 61% retracement level at (1), wi...

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Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

China Stemming Defaults Leaves Junk Bonds Hottest in 5 Years (Bloomberg)

China has stanched a string of defaults and speculation authorities will continue to stave off failures is leaving investors the most bullish on local junk bonds in five years, despite record maturities.

BlackRock Issues Warning on Treasuries as Fed Moves Toward Hike (Bloomberg)

BlackRock Inc., the world’s biggest money manager, said investors should ...

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Chart School

RTT browsing latest..

Courtesy of Read the Ticker.

Please review a collection of WWW browsing results.

Date Found: Saturday, 26 March 2016, 02:36:15 PM

Click for popup. Clear your browser cache if image is not showing.
Comment: ZH: Its a BULLARD market, the FED jaw boning is keeping the market up!

Date Found: Sunday, 27 March 2016, 02:31:30 PM

Click for popup. Clear your browser cache if image is not showing.
Comment: RTT: World trade near 2008/09 lows. SP500 near all time highs. PLACE YOUR BETS! Roll up! Roll up!

Date Found: Tuesday, 29 March 2016, 02:42:11 PM

Click for popup. Clear your browser cach...

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Swing trading portfolio - week of September 26th, 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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Members' Corner

Market Liquidity and Macroeconomic Bullshit


Market Liquidity and Macroeconomic Bullshit

Courtesy of The Nattering Naybob

STJL - "Apparently macroeconomics is all bullshit – ROFL! Paging Naybob now… Famous Economist Paul Romer Says Macroeconomics Is All Bullshit."

The Nattering One muses... Macroeconomics as practiced by academics and those in charge is pure voodoo. Better to chant over goat blood, bird feathers and scattered entrails...

As for reality, overnight CNH HIBOR (...

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Mapping The Market

Here's a Cautionary Tale of Pension Privatization From Chile

Via Jean-Luc:

"When you let the free market take over, the little people get screwed and bankers get rich. Chile tried privatizing retirement plans and surprise, surprise, fund manager ate the profits… Pretty sure the results would be the same here..."  ~ Jean-Luc

Here's a Cautionary Tale of Pension Privatization From Chile

By KEVIN DRUM, Mother Jones

Among free-market fans, Chile's privatized pension plan has long been held up as a model for us to follow. The problem, as the Financial Times notes today, is ...

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Digital Currencies

Gold, Silver and Blockchain - Fintech Solutions To Negative Rates, Bail-ins, Currency Debasement and Cashless

Courtesy of ZeroHedge. View original post here.

By Jan Skoyles

I was so pleased yesterday by the announcement that I have joined the Research team at GoldCore as it meant that I could finally start talking about it and was back in a role that lets me indulge in my passion by researching and geeking out on all things gold, silver and money.


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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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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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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! 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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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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