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Expect higher treasury yields in second half

Expect higher treasury yields in second half

Courtesy of Sober Look

While many investors refuse to accept this fact, we are clearly marching toward higher treasury yields later in the year and in 2015. Even after today's bond selloff, we are still around the yield levels we had during the dark days of the government shutdown. Here are a couple of key factors that will drive yields higher from here.

1. Many are pointing to record low yields in Europe (see chart), suggesting that on a relative basis treasuries look attractive. Perhaps. But it's important to make that comparison based on real rates rather than nominal. And given the disinflationary environment in the Eurozone (see chart), a significant rate differential between the US and the Eurozone is justified. After all, we've had a tremendous differential in nominal yields between the US and Japan for years. Furthermore, economic growth (and expectations for growth) in the euro area and in the US have diverged significantly (see chart). Today's US GDP report confirmed that trend.

2. The net supply of treasuries is not static. In particular when it comes to treasury notes and bonds (excluding bills), the Fed has been the dominant buyer (see chart). With the Fed tapering, the net supply is expected to rise.
 

Source: JPMorgan

Foreign buying of notes and bonds has declined and is not expected to replace the Fed's taper. It will be primarily driven by China's rising foreign reserves. But given declining support from the Fed, China is likely to make bills (vs. notes and bonds) a larger portion of its purchases. And bill purchases will have a limited impact on longer dated treasury yields.

 
To be sure, we are going to have plenty of demand for treasuries going forward. But given such a spike in supply and improved growth expectations, something on the order of 50-75 basis points increase in the 10-year yield in the near-term is not unreasonable. 
 
It is also worth pointing out that with the dealers remaining cautious holding significant inventory and the Fed out of the picture, higher volatility in treasuries becomes more likely.
 
Sign up for our daily newsletter called the Daily Shot. It's a quick graphical summary of topics covered here and on Twitter (see overview). 
 




The Brookings forecast misunderstanding

The Brookings forecast misunderstanding

Courtesy of Sober Look

This WSJ chart has been bounced around the web a bit with comments pointing to how optimistic Wall Street economists are on US labor markets relative to the Brookings forecast. The reality is just the opposite. Brookings model assumes that as labor markets improve some of those who had left the labor force will return in an attempt to find work. That will increase the unemployment rate (more people "officially" looking for work).

Wall Street economists on the other hand don't believe many of those folks are coming back any time soon, as the unemployment rate continues to fall.

Source: WSJ

 





Big Banks Shift to Lower Gear

Outside the Box: Big Banks Shift to Lower Gear

By John Mauldin

For today’s Outside the Box, good friend Gary Shilling has sent along a very interesting analysis of the big banks. Gary knows a lot about what went down with the big banks during and after the Great Recession, and he tells the story well.

After the bailout of banks during the financial crisis, many wanted too-big-to-fail institutions to be broken up. Big banks resisted and pointed to their rebuilt capital, but regulators are responding with restraints that strip them of proprietary trading and other lucrative activities and push them towards spread lending and other traditional commercial banking businesses. The fiasco at Citigroup, JP Morgan's London Whale, and BNP Paribas's sanctions violations have spurred regulators as well.

Regulators are pressured to impose big fines and get guilty pleas for infractions. Meanwhile, big bank deleveraging proceeds. In this new climate, big banks are still profitable but at reduced levels and are moving toward utility and away from growth-stock status. The end of mortgage refinancing and weak security trading are also drags.

Banks are reacting by taking more risks, but regulators are concerned as long as depositors’ money is at risk. Still, regulators want to keep big banks financially sound and profitable enough to serve financial needs.

Gary’s analysis is extensive and thorough, but it’s only one part of his monthly Insight report. If you subscribe to Insight for $335 via email, you'll receive a free copy of Gary Shilling's full report on large banks, excerpted here, plus 13 monthly issues of Insight (for the price of 12), starting with their August 2014 report.

To subscribe, call them at 1-888-346-7444 or 973-467-0070 between 10 AM and 4 PM Eastern time or email insight@agaryshilling.com. Be sure to mention Outside the Box to get your free report on the big banks. (This offer is for new subscribers only.)

I am back from Whistler, British Columbia, where I spent the weekend at Louis Gave’s 40th birthday party. I went to Louis’s new home on the mountain, where you can ski down and take the gondola back up when you want to go home. Sunday afternoon Louis and I sat and talked for


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Benzinga’s M&A Chatter for Thursday July 10, 2014

Courtesy of Benzinga.

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday July 10, 2014:

ZF Friedrichshafen Confirms in Talks to Buy TRW Automotive

The Offer:
Shares of TRW Automotive (NYSE: TRW) soared Thursday, on a report from Bloomberg that the company could be acquired for as much as $12 billion by Germany’s ZF Friedrichshafen AG.

TRW later confirmed it had been approached by a potential buyer, followed by Friedrichshafen confirming it was in talks to acquire TRW. Shares of TRW were first halted on a circuit-breaker following the Bloomberg report, eventually hitting a high of $101.98, and then prior to the TRW announcement.

TRW Automotive shares closed off the highs Thursday at $98.91, a gain of more than 8%.

Report PE Firms Have Renewed Interest in Symantec

The Rumor:
Shares of Symantec (NYSE: GME) spiked higher Thursday, on a report from Deal Reporter that the company was in takeover talks with private equity firms, including CVC, Carlyle and Bain. Symantec shareholder Valueact reported a new stake of 7.59 million shares on May 14 and has been seeking changes in the company.

Symantec shares closed Thursday at $22.83, a gain of $0.20.

Crumbs Shares Skyrocket 1200% on Potential Investment

The Investment:
Shares of failed cupcake bakery chain Crumbs (OTC: CRMB) rose 1200% Thursday, hitting a high of $0.55, after closing at just $0.03 on Wednesday, on a report from CNBC that the company was close to securing financing from a group including Marcus Lemonis of CNBC’s “The Profit”. Lemonis plans to move other holdings, including Sweet Pete’s into Crumbs. One of he issues causing problems for Crumbs, was its narrow assortment of product, according to CEO Ed Slezak.

Crumbs announced the closing of its stores on July 7, following its shares being delisted from the Nasdaq on July 1.

Crumbs closed Thursday at $0.40, a gain of $0.37.

Posted-In: News Rumors Management Insider Trades M&A Movers





UPDATE: MLV & Co. Upgrades Starwood Hotels & Resorts Worldwide

Courtesy of Benzinga.

Related HOT
Hotel Sector Down As Marriott Q3 Outlook Comes In Below Views
Starwood to Open Aloft-Element Dual-branded Hotel in Ohio
Starwood Hotels Re-enters Bolivia After 30 Years (Fox Business)

In a note released Thursday morning, the team at MLV upgraded shares of Starwood Hotels & Resorts Worldwide (NYSE: HOT) from Hold to Buy and raised the price target from $86 to $96.

The team wrote, "Our upgrade is based on our view that an improving economic landscape in the Eurozone will translate into increased asset sales and share repurchases, exceeding current muted expectations."

The team added that due to the relative underperformance of the stock, "now is the time to enter."

Highlights from the note:

  • Economists forecasting accelerated economic growth in Europe through 2014. Starwood has more European exposure than most peers.
  • Believe the majority of Starwood's properties which are potentially for sale are in Europe and Latin America, where the buyer pool is beginning to expand.
  • Expected asset sales raised by $100 million in 2014 and $400 million in 2015. Total combined expected asset sales for 2014 and 2015 ~$1.5 billion.
  • Expect over $1.5 billion of share repurchases over the next seven quarters.

Posted-In: MLVAnalyst Color News Upgrades Price Target Buybacks Analyst Ratings





CFTC Charges Lloyds, Lloyds Bank with Manipulation, Attempted Manipulation, False Reporting of LIBOR, Reaches $370M Settlement

Courtesy of Benzinga.

Related LYG
Lloyds Banking To Pay $370.5 Million In Latest Rate Manipulation Settlement
Citigroup to Divest Spanish Consumer Banking Biz – Analyst Blog

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order against Lloyds Banking Group plc and Lloyds Bank plc, formerly known as Lloyds TSB Bank plc (Lloyds TSB), bringing and settling charges for acts of false reporting and attempted manipulation of the London Interbank Offered Rate (LIBOR) for Sterling, U.S. Dollar, and Yen committed by employees of Lloyds TSB and HBOS plc (HBOS), which was acquired by Lloyds Banking Group in January 2009. The Order finds that, in a few instances, Lloyds TSB was successful in its manipulation of Sterling LIBOR and Yen LIBOR. The CFTC also brought and settled charges that Lloyds TSB, at times, aided and abetted the attempts of derivatives traders at Rabobank to manipulate Yen LIBOR.

The Order requires Lloyds Banking Group and Lloyds Bank to pay a $105 million civil monetary penalty, cease and desist from their violations of the Commodity Exchange Act, and to adhere to specific undertakings to ensure the integrity of LIBOR submissions in the future.

“By today’s action, Lloyds is being held accountable for serious misconduct,” said Aitan Goelman, CFTC Director of Enforcement. “The CFTC remains committed to taking all actions necessary to ensure the integrity of the markets we oversee.”

The unlawful conduct of Lloyds Banking Group and Lloyds Bank undermined the integrity of LIBOR, a critical global interest rate benchmark that is the basis of trillions of dollars of financial instruments. The CFTC Order finds that Lloyds Banking Group and Lloyds Bank, through Lloyds TSB and HBOS, attempted to manipulate LIBOR, at times successfully, to benefit cash and derivatives trading positions. The Order also finds that HBOS altered and lowered its Sterling and U.S. Dollar LIBOR submissions to protect its reputation at the time HBOS was being acquired by Lloyds Banking Group. (Excerpts of submitter communications follow this release.)

In a related action, the U.S. Department of Justice (DOJ) entered into a deferred prosecution agreement with Lloyds Banking Group, deferring criminal wire fraud charges in exchange for Lloyds Banking Group continuing to cooperate and…
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TRW Automotive Shares Dip Lower On Takeout Rumor

Courtesy of Benzinga.

Related TRW
Benzinga's M&A Chatter for Wednesday July 30, 2014
Reuters Reports On TRW Automotive Acquisition Rumor; Tigress Financial Partners Comments
Auto Parts Makers Drive Higher (Fox Business)

Earlier on Wednesday, Reuters published a report citing sources familiar with the matter as saying that German based ZF Friedrichshafen AG is in advanced talks to acquire U.S. based TRW Automotive Holdings (NYSE: TRW).

Reuters’ sources say the deal would be worth nearly $12 billion and create a “automotive supply powerhouse” and, at that price, would represent one of the most expensive takeovers in the auto parts sectors.

Finally, Reuters’ sources said the companies are looking to reach an agreement within a few weeks, however, they say there is no guarantee a deal will be made.

Following the release of the report, TRW shares dipped ~2.4 percent to $101.86 before getting any relief.

Posted-In: ReutersNews Rumors M&A





Whole Foods Market Q3 Conference Call Highlights

Courtesy of Benzinga.

Related WFM
Dow Suffers 300 Point Drop; S&P 500 And NASDAQ Also Tumble
Whole Foods Market Analyst Roundup
Whole Foods Beats Views, But Shares Slip (Fox Business)

Whole Foods Market (NASDAQ: WFM) released its third quarter earnings on Wednesday. Shares of the company are down 2.1 percent.

Below are some key highlights from its conference call:

Growth:

• Year-over-year our quarterly sales grew $320 million to a record $3.4 billion.
• We increased operating square footage 10 percent to 14.6 million, expanding our reach to 386 stores across 41 states and three countries.
• We produced average weekly sales per store of $736,000, translating to another quarter of record sales per gross square foot over $1,000.
• Our 3.9% comp increase reflects continued headwinds from our value efforts, cannibalization, competition and the economy.
• Our comp increase was driven by approximately equal increases in transaction count and basket size.
• Our average price per item growth was approximately 2 percent.
• On the cost side we saw spikes in some categories.
• As we continued to invest in growth, value and technology, we maintained our expense disciplines, resulting in near record results of 11.1 percent store contribution and 7.5 percent operating margin.
• We produced a 16.4 percent return on invested capital and strong operating cash flow of $240 million.
• 7.5 percent operating margin.
• For the last eight quarters, our new store class has averaged weekly sales per store of $503,000.
• We believe the 116 stores in our development pipeline will continue to generate similar returns.
• We are on track for 38 new stores this year, a 10 percent increase in ending square footage growth.
• We expect to cross the 500-store mark in 2017, and over the longer-term see demand for 1,200 Whole Foods Market stores in the U.S. alone.
• Second, over the next year, we will refresh approximately 70% of our stores over 10 years old.
• Third, we believe our value efforts continue to be…
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Warren Resources Enters Marcellus with Citrus Asset Buy – Analyst Blog

Courtesy of Benzinga.

Independent energy company, Warren Resources, Inc. (NASDAQ: WRES) announced that it has acquired certain assets in Pennsylvania’s Marcellus Shale from Colorado-based oil and natural gas producer, Citrus Energy Corporation and two other parties that owned working interest in the region. The transaction, which marks Warren Resources’ entry into the prolific natural gas basin, was for a purchase price of $352.5 million.

Following this announcement, shares of Warren Resources gained around 2.6% to close at $6.30. Shares also touched an intraday high of $6.70 that marked a new 52-week high for the stock.

The company mentioned that it will issue $40 million in shares at $6.00 per share as part of the transaction cost. The remaining consideration will be funded through debt financing. In view of this deal, Warren Resources’ senior secured credit facility has been increased to $750 million from $300 million and its borrowing base expanded to $225 million from $175 million. The transaction has an effective date of Jul 1 and is anticipated to close in early August.

The company added that the acquisition adds lucrative assets to its existing portfolio. The sold properties yielded about 82 million net cubic feet of natural gas per day last month. As of Jul 1, the estimated proved reserves totaled about 208.3 billion cubic feet, of which 55% is anticipated to be proved developed reserve.

Warren Resources will be the operator of the assets. The acquired properties are expected to complement the company’s existing California oil and Wyoming natural gas assets. The said properties are expected to be highly accretive and are anticipated to increase the company’s net production by over 200% to 118 million cubic feet equivalent per day (Mmcfe/d) from the existing level of 36 Mmcfe/d. The deal would also increase the company’s proved reserves to around 410.8 billion cubic feet equivalent (Bcfe) from the current level of 202.5 Bcfe.
 
The company stated that the acquisition has brought to its portfolio some of the top performing wells in the Marcellus region that generate significant cash, which should be enough to finance future drilling prospects in the area.

Warren Resources currently has a Zacks Rank #3 (Hold). Meanwhile, one can consider some…
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YTD Biggest Buyback Companies Trailing S&P In Stock Appreciation

Courtesy of Benzinga.

Related JNJ
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Johnson & Johnson CEO: No Plans to Leave U.S. (Fox Business)

Related CAT
Stocks Mixed Despite Better Than Expected GDP
Stocks Lower As Earnings Season Takes Back Seat To Geopolitical Uncertainties
CAT Posts EPS Beat (Fox Business)

Stock buybacks are running at a near record pace in the year to date, but contrary to expectations, those with the highest buy-back ratios have trailed the S&P 500 index.

The S&P 500 Buyback Index, which tracks the 100 companies with the highest buy-back ratios, is up 7.6 percent so far this year, compared with 8.7 percent for the S&P 500.

Morningstar's Josh Peters said companies are currently engaging buybacks at the fastest rate of the current expansion. In fact, at $159 billion in the first quarter, the pace just a whisker below the fastest in history, $172 billion recorded in 2007.

“That record just happens to coincide with the all-time peak in the stock market prior to the crash," Peters told the Morningstar site. Peters said there is insufficient evidence to call a market peak.

But when companies are flush with more cash than they know what to do with, stock prices tend to be high. When the stock is cheap, companies tend not to be generating cash.

"It's an automatic problem built into the buyback issue," Peters said.

Leading up to the 2008 crash, big banks massively repurchased shares, and then subsequently reissued them at a fraction of the price to shore up balance sheets and resulting in significant dilution for shareholders, Peters said.

"I'd much prefer a special dividend if companies have excess cash," Peters said.

Johnson & Johnson (NYSE: JNJ) on Monday said its board an additional $5 billion in stock buybacks. Caterpillar (NYSE: CAT) on Thursday said it will buy back $2.5 billion worth of shares in the current quarter; Qualcomm (Nasdaq: QCOM) said this week it will buy back $1 billion worth of shares in the current quarter.

American Airlines (NYSE: AAL) announced a $1 billion buy back Thursday; United Continental Holdings (NYSE: UAL) unveiled a $1 billion, three-year plan also Thursday.

Posted-In: Josh Peters morningstarAnalyst Color News Buybacks Analyst Ratings





 

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!

 
 

Phil's Favorites

Expect higher treasury yields in second half

Expect higher treasury yields in second half

Courtesy of Sober Look

While many investors refuse to accept this fact, we are clearly marching toward higher treasury yields later in the year and in 2015. Even after today's bond selloff, we are still around the yield levels we had during the dark days of the government shutdown. Here are a couple of key factors that will drive yields higher from here.

1. Many are pointing to record low yields in Europe (see chart), suggesting that on a relative basis treasuries look attractive. Perhaps. But it's important to make that comparison based o...



more from Ilene

Zero Hedge

Russia And Germany Allegedly Working On Secret "Gas For Land" Deal

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

While many were amused by this photo of Putin and Merkel during the world cup final showing Europe's two most important leaders siding side by side, some were more curious by just what the two were scheming:

 

Thanks to the Independent, we may know the answer, and it is a doozy, because according to some it is nothing shy of a sequel to the ...



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Insider Scoop

Warren Resources Enters Marcellus with Citrus Asset Buy - Analyst Blog

Courtesy of Benzinga.

Independent energy company, Warren Resources, Inc. (NASDAQ: WRES) announced that it has acquired certain assets in Pennsylvania's Marcellus Shale from Colorado-based oil and natural gas producer, Citrus Energy Corporation and two other parties that owned working interest in the region. The transaction, which marks Warren Resources' entry into the prolific natural gas basin, was for a purchase price of $352.5 million.

Following this announcement, shares of Warren Resources gained around 2.6% to close at $6.30. Shares also touched an intraday high of $6.70 that marked a new 52-week high for the stock.

The company mentioned that it will issue $40 million in shares at $6.00 per share as part of the transaction cost. The...



http://www.insidercow.com/ more from Insider

Chart School

3 Things Worth Thinking About (Volume 2)

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Last week, I started a new weekly series entitled "3 Things Worth Thinking About". The focus here will be three things, ironically enough, that are worth considering with respect to your portfolio and related investments. As I have discussed many times previously, focusing only on "bullish" commentary when markets are rising is really of little use as it creates a "blind spot" to related investment risks. The same goes for when markets are falling. These cognitive biases get in the way of making logical and disciplined investment decisions to not only garner returns when markets rise, but avoid depletion of capital when they don't.

I hope you will...



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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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Option Review

Kellogg Call Options Active Ahead Of Earnings

Shares in packaged foods producer Kellogg Co. (Ticker: K) are in positive territory on Monday afternoon, trading up by roughly 0.20% at $65.48 as of 2:20 p.m. ET. Options volume on the stock is well above average levels today, with around 12,500 contracts traded on the name versus an average daily reading of around 1,700 contracts. Most of the volume is concentrated in September expiry calls, perhaps ahead of the company’s second-quarter earnings report set for release ahead of the opening bell on Thursday. Time and sales data suggests traders are snapping up calls at the Sep 67.5, 70.0 and 72.5 strikes. Volume is heaviest in the Sep 72.5 strike calls, with around 4,600 contracts traded against sizable open interest of approximately 11,800 contracts. It looks like traders paid an average premium of $0.37 per contrac...



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Sabrient

Sector Detector: Bold bulls dare meek bears to take another crack

Courtesy of Sabrient Systems and Gradient Analytics

Once again, stocks have shown some inkling of weakness. But every other time for almost three years running, the bears have failed to pile on and get a real correction in gear. Will this time be different? Bulls are almost daring them to try it, putting forth their best Dirty Harry impression: “Go ahead, make my day.” Despite weak or neutral charts and moderately bullish (at best) sector rankings, the trend is definitely on the side of the bulls, not to mention the bears’ neurotic skittishness about emerging into the sunlight.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, incl...



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OpTrader

Swing trading portfolio - week of July 28th, 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 in the comments below each post. 

Our weekly newsletter Stock World Weekly is ready for your enjoyment.

Read about the week ahead, trade ideas from Phil, and more. Please click here and sign in with your PSW user name and password. Or take a free trial.

We appreciate your feedback--please let us know what you think in the comment section below.  

...

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Digital Currencies

BitLicense Part 1 - Can Poorly Thought Out Regulation Drive the US Economy Back into the Dark Ages?

Courtesy of Reggie Middleton.

An Op-Ed piece penned by Veritaseum Chief Contracts Officer, Matt Bogosian

This past weekend (despite American Airlines' best efforts), Reggie and I made it to the Second Annual North American Bitcoin Conference in Chicago. While there were some very creative (and very ambitious) ideas on how to try to realize the disruptive Bitcoin protocol, one of the predominant topics of discussion was New York Superintendent of Financial Services Benjamin Lawsky's proposed Bitcoin regulations (the BitLicense proposal) - percieved by many participants at the event as an apparent ...



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Market Shadows

Danger: Falling Prices

Danger: Falling Prices

By Dr. Paul Price of Market Shadows

 

We tried holding up stock prices but couldn’t get the job done. Market Shadows’ Virtual Value Portfolio dipped by 2% during the week but still holds on to a market-beating 8.45% gain YTD. There was no escaping the downdraft after a major Portuguese bank failed. Of all the triggers for a large selloff, I’d guess the Portuguese bank failure was pretty far down most people's list of "things to worry about." 

All three major indices gave up some ground with the Nasdaq composite taking the hardest hi...



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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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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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About Phil:

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

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About Ilene:

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

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