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Debt Rattle Sep 2 2014: This Is As Big As We Will Get

Courtesy of The Automatic Earth.


Peter Sekaer Times Square with Father Duffy statue 1937

This it. The is the biggest we’re going to get. We won’t grow anymore. Not bigger, not wider, not taller (just thicker perhaps, in the sense of more stupid). I return to this from time to time, and still I never see even just one voice in the media with even one hair’s breadth of doubt about the overarching theme of growth at all costs. Is this a sign that economists and other poorly educated people have taken over the world, or is it simply what we are all programmed for?

The only discussion out there is how we can best return to growth. Never if we should return to it. But still, when I look around me I don’t have the feeling that we desperately need to grow bigger. That we need to consume more than we already do, that we need to drive our cars more or move into larger homes or buy more clothes or gadgets or anything.

At least 99% of the time I think that it’s all more than enough. And not just because of the damage our consumption patterns inflicts on our lives and our health and our planet, but certainly also because of what these patterns do to my own mind and soul.

To say that this is it, and we won’t grow any bigger, is not just some spurious remark. The world economy hasn’t actually grown for decades, other than through debt.

The credit issued by Jimmy Stewart in It’s a Wonderful Life could bolster growth. But in a world that’s steeped as deeply in debt as we have become, that debt actually turns into the opposite of growth. We know this happens when more debt is needed every day just to not shrink, like the Red Queen running just to stand still.

From that moment on, more debt can only buy you the appearance and illusion of growth, not the real thing. We passed that point some 40 years ago. If not earlier. You can argue about the exact timing. But not about the fact itself. Still, there’s no argument out there about either.

Joseph Stiglitz has a piece in today’s Guardian entitled ‘Capitalism Needs New Rules To Restore Postwar Growth And…
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Wall Street’s Bull Has a Problem

Courtesy of Pam Martens.

Wall Street Bull Statue in Lower Manhattan

Figuring out how to write ever creative versions of headlines that say the market is hitting a new high is commanding a lot of energy in newsrooms these days. What should be commanding more energy in the newsrooms is writing about the market structure that is underpinning this “bull”.

On Friday, TheStreet.com went with the headline “S&P Books Best August Since 2000.” Bringing up the year 2000 is a bit like bringing up the Hindenburg during an air show. The year 2000 marked the peak in Wall Street’s dot.com bubble, whose bust erased 78 percent of the Nasdaq stock market over the next two and one-half years.

Wiped-out Nasdaq investors were eventually to learn that much of this so-called bull market was a highly orchestrated fraud by some of the biggest firms on Wall Street. The fraud worked like this:

Research analysts at marquee firms like Salomon Smith Barney and Merrill Lynch issued knowingly false research reports urging small investors to buy young, unproven companies while calling the same stocks “crap” or a “pig” in private emails. When new tech or dot.com companies went public, favored big clients at Wall Street firms were instructed when to buy on the opening day of trading at rising prices to make the stock appear to be in high demand. This fraud on the market is called laddering.

To allow Wall Street’s most important clients to benefit by selling out at the doubled or tripled prices, stockbrokers for the little investors were incentivized to keep their clients in the stocks by their firms imposing a system called a “penalty bid” where the stockbrokers’ commissions would be removed if their clients sold into the run-up in price.

From Nasdaq’s peak in March 2000 to its trough in October 2002, approximately $4 trillion was transferred from those who did not know the market was a fraud to those who did.


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The Underbelly Of Corporate America: Insider Selling, Stock Buy-Backs, Dodgy Profits

Courtesy of Charles Hugh-Smith of OfTwoMinds

The hollowing out of corporate strengths to enable short-term profiteering by the handful at the top leads to systemic fragility.

Anonymous comments on message boards must be taken with a grain of salt, but this comment succinctly captures the underbelly of Corporate America: massive insider selling, borrowing billions to buy back their own stocks to push valuations to the moon so shares granted as compensation can be sold for a fortune, and dodgy accounting strategies that boost headline profits and hide the gutting of investments in long-term growth.

Here's the comment:
"I’m occupying a vantage point that allows me to see what is going on inside the top Fortune 50 companies. I have never seen such rot before. Of the 50, at least 30 have debt at 120% of cash. Most have cut capex, R&D and maintenance by 80%. Most have been borrowing money to do stock buy-backs, while simultaneously selling off business units and doing layoffs.
 
Of the 50, at least 20 have 100% insider selling. For some, you would have to go back decades to find a point where all of the acting board of directors are selling. In essence, they are paying the mortgage with their credit cards. Without bookkeeping games, there are no solid earnings. There will be no earnings growth.
 
“Executive compensation based on stock performance” is killing corporate America.
 
A black swan is not needed to make it fall, a gentle breeze will do just fine."
(source message thread)
So let's try contesting these points.
 
Where is the data showing insiders buying hand over fist at these valuations?
 
Insider selling has been raising red flags since March 2014: In-the-know insiders are dumping stocks
 
Where is the data proving Corporate America isn't borrowing billions of dollars and using the nearly-free money to buy back shares? Buying back shares reduces the float (stocks available for purchase by the public), reducing supply and creating demand which pushes prices higher.
 
Stocks’ Biggest Gains Are an Inside JobCompanies spent $598.1 billion on stock buybacks last year, according to Birinyi Associates in Westport, Conn. That was the second highest annual total in history, behind only


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France Needs a “Thatcher Moment” But First a Depression

Courtesy of Mish.

It is amusing reading day in and day out the Keynesian cure for what ails Europe, especially France.

Consider France. Public spending amounts to 57% of French GDP, yet Keynesians want still more. The sad irony is that 100% would not be enough. In fact, it would make matters worse.

France suffers from too much government spending and too much government interference everywhere one looks.

The Problem

On Sunday, in Eurozone Currency Dispute Intensifies: France Wants More ECB Action to Correct Overvalued Euro, Germany Doesn’t I summed up the problem.

Inflation Won’t Cure France

Contrary to popular belief, inflation will not spur consumer spending. Nor will inflation create any jobs or cause wage inflation.

Nonetheless, France demands the ECB wizards fix something that cannot be fixed by monetary policy.

Problem number one is the eurozone itself. The euro is fatally flawed. In addition, France’s problem is that it is not competitive with Germany and arguably even Spain, not that the Euro is too high.

France desperately needs structural reforms.

  • It is nearly impossible to fire someone in France, so businesses are reluctant to hire. 
  • Government and union rules on everything are sheer madness.  
  • France seeks to save local bookstores by taxing online retailers and elimination of free shipping. 
  • Agricultural subsidies to save inefficient French farms (at great expense to the rest of Europe) are inane. 
  • Pension rules need fixes, and the retirement age needs to increase.
  • The “French way of life” is incompatible with rising productivity, especially on a relative basis, so France is increasingly left behind.

How is QE supposed to fix all that? It can’t and it won’t, but it increasingly looks as if the ECB may give it a try.

The Solution



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Apple Electronic Payments Entry Called A ‘Game Changer’

Courtesy of Benzinga.

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Apple (NASDAQ: AAPL) is poised to launch an electronic payments mobile payment platform as part of its latest iPhone expected September 9, an analyst said Thursday.

Deutsche Bank's Brian Keane called the move "a potential game changer" that could put the squeeze on eBay's (NASDAQ: EBAY) PayPal as well as Amazon's (NASDAQ: AMZN) service called Pay with Amazon.

Keane thinks Apple's system will rely on app software and obviate the need for near-field communication chips that are included in most Android-based smart phones but have so far generally gone unused.

The chips are intended to communicate with merchant devices in a function similar to a card swipe.

"It could eliminate traditional point-of-sale terminals," many of which are manufactured by VeriFone Systems (NYSE: PAY), Keane said.

It could also reduce the role of so-called acquirers — who serve as middle-men between merchants and credit card issuers — to a "commodity service," Keane said, suggesting that Global Payments (NYSE: GPN) could see business at risk.

Issuers like Mastercard (NYSE: MA) and Visa (NYSE: V) may benefit as Apple may not pursue "direct connectivity" to consumers' bank accounts given hurdles of customer acceptance and risks of fraud and bad credit.

Posted-In: Brian Keane Deutsche BankAnalyst Color News Rumors Analyst Ratings Best of Benzinga





Williams-Sonoma Dips On Downbeat Q3 Forecast; Signet Jewelers Shares Jump

Courtesy of Benzinga.

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Midway through trading Thursday, the Dow traded down 0.31 percent to 17,069.84 while the NASDAQ declined 0.22 percent to 4,559.78. The S&P also fell, dropping 0.20 percent to 1,996.21.

Leading and Lagging Sectors

Utilities shares rose by 0.01 percent on Thursday. Meanwhile, top gainers in the sector included Genie Energy (NYSE: GNE), up 3.1 percent, and Regency Energy Partners LP (NYSE: RGP), up 2.1 percent.

In trading on Thursday, basic materials shares were relative laggards, down on the day by about 1.19 percent. Top decliners in the sector included Cliffs Natural Resources (NYSE: CLF), down 5.6 percent, and Vale SA (NYSE: VALE), off 4.9 percent.

Top Headline

Dollar General (NYSE: DG) reported in-line profit for the fiscal second quarter. However, the company’s revenue missed analysts’ estimates.

The Goodlettsville, Tennessee-based company posted a quarterly profit of $251 million, or $0.83 per share, versus a year-ago profit of $245 million, or $0.75 per share.

Its sales climbed 7.5% to $4.72 billion. However, analysts were expecting a profit of $0.83 per share on revenue of $4.77 billion. Dollar General’s same-store sales rose 2.1% in the quarter.

Equities Trading UP

Signet Jewelers (NYSE: SIG) shares shot up 6.75 percent to $115.32 after the company reported fiscal second-quarter results.

Shares of CSR plc (NASDAQ: CSRE) got a boost, shooting up 35.36 percent to $51.49 after the company rejected a takeover bid from Microchip Technology (NASDAQ: MCHP).

Repros Therapeutics (NASDAQ: RPRX) shares were also up, gaining 15.68 percent to $21.07 after the company reported positive top line results from Androxal studies.

Equities Trading DOWN

Shares of Williams-Sonoma (NYSE: WSM) were down 11.03 percent to $66.63 after the…
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Darden Pre-Announces Earnings, Unveils Slate For Board

Courtesy of Benzinga.

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Darden Restaurants (NYSE: DRI) pre-announced fiscal first-quarter adjusted earnings Tuesday of $0.31 to $0.33 a share while same-store sales at its Olive Garden restaurants fell 1.3 percent. Comparable sales at its LongHorn Steakhouse chain grew 2.8 percent.

Those results are roughly in line with expectations yet shares of Darden fell about 0.9 percent on light volume in pre-market activity, but were last up 2.2 percent at $48.40.

The company, which faces a proxy battle with activist investor Starboard Value, also unveiled its 12-person slate of directors which as expected, included four Starboard representatives. Starboard seeks to replace the entire Darden board, and filed proxy materials to that effect on Thursday.

Darden last week rescheduled its annual shareholders' meeting to October 10 from September 30, saying that shareholders needed more time to study competing proxy materials.

Darden, slated to post first-quarter results September 12, said Tuesday that it expects a net loss for the recent period of $0.13 to $0.15, including charges for early retirement of debt, strategic improvements and restaurant impairment.

The company forecast fiscal 2015 same-store sales would be flat to up one percent at Olive Garden while growing one percent to two percent at LongHorn Steakhouse.

Darden re-affirmed its full-year 2015 earnings forecast of $1.81 to $1.90 a share, or adjusted earnings of of $2.22 to $2.30 a share. Analysts expect adjusted earnings of $2.22 a share.

Posted-In: Earnings News Guidance Management Events





Ebix Inc. Announces Intent To Repurchase $80 Million Of Shares Over The Next 12 Months

Courtesy of Benzinga.

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Ebix, Inc. (Nasdaq: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, today announced that it intends to repurchase up to $80 million of shares over the next twelve months. Shares of common stock may be purchased under the program from time to time on the open market and in privately negotiated transactions, subject to banking covenants, and other customary legal, contractual and regulatory considerations.

The Company made the decision after reviewing the Company’s present cash reserves, its anticipated operating cash flows, its credit line and the Company’s prospective uses of cash for any working capital needs & acquisitions.

The Company also reported that it has repurchased 471,000 shares cumulatively since June 30, 2014, from the PlanetSoft shareholders and on the open market. The Company’s present diluted share count is now approximately 38.2 million shares.

Robin Raina, President and CEO, Ebix Inc., said, “We believe that approximately 23 million shares are held by a few investor groups who are either insiders or long-term holders, leaving approximately 15 million shares available as the float. As we intend to make share repurchases of approximately $80 million over the next twelve months, we want to assure investors that our repurchases will be done intelligently and opportunistically with the goal of creating optimal value for our shareholders.”

All share repurchases will continue to be done in accordance with Rule 10b-18 of the Securities Exchange Act of 1934 with respect to the timing, pricing, and volume of such transactions.

Posted-In: News Buybacks Press Releases





ParkerVision Names Samsung As Additional Defendant In Patent Infringement Suit

Courtesy of Benzinga.

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A copy of the amended complaint will be available on ParkerVision’s website at www.parkervision.com/company/public_relations/patent_litigation.php?case….

ParkerVision, Inc. (Nasdaq: PRKR) announced today that it has amended its patent infringement complaint filed on May 1, 2014 against Qualcomm Incorporated (Nasdaq: QCOM), Qualcomm Atheros, Inc., HTC Corporation and HTC America, Inc. (case number 6:14-cv-00687). The amended complaint, filed today in the United States District Court for the Middle District of Florida, names Samsung Electronics Co. Ltd., Samsung Electronics America, Inc. and Samsung Telecommunications America, LLC (collectively “Samsung”) as additional defendants and furthermore adds four patents to the seven patents in the original complaint.

The four additional patents relate to frequency translations and methods and systems for down-converting an electromagnetic signal. The original seven patents in this case relate to radio frequency up-conversion of electromagnetic signals, systems for control of multi-mode, multi-band communications, baseband innovations including control and system calibration, and wireless protocol conversion.

ParkerVision is seeking unspecified monetary damages from the defendants as well as a permanent injunction. ParkerVision is also seeking a finding of willful infringement against Qualcomm based on its alleged prior knowledge of certain of the patents in this case.

ParkerVision’s Chairman and CEO, Jeffrey Parker, commented, “We anticipate serving this amended complaint on the named parties immediately. Since the original complaint was filed in this case, our team has continued to identify infringing products and evaluate our patent claims, resulting in the addition of Samsung and additional ParkerVision patents to this case. We are eager to serve this complaint and establish a trial calendar for this action.”

Posted-In: News Legal





‘Labor Day Sale On Abercrombie’ After Lower Q2 Sales

Courtesy of Benzinga.

Related ANF
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Abercrombie & Fitch (NYSE: ANF) shares are off nearly five percent after it posted disappointing second-quarter sales earlier this week and some analysts questioned its prospects.

“The number-one fear that prevents investors from owning Abercrombie is concern that the brand is becoming irrelevant,” Macquarie’s Liz Dunn said in a note Friday maintaining a Neutral rating and $45 target.

So on Thursday, Chief Executive Michael Jeffries, said the company is “looking to take the North American logo business to practically nothing.”

Although logo sales have recently fallen considerably, UBS’ Roxanne Meyer sees a downside to de-emphasizing the segment in an increasingly crowded fashion market place.

Meyer fears that “Abercrombie will become less differentiated versus other global fast fashion retailers, Meyer said in a note maintaining a Neutral rating and $40 target.

And with total U.S. denim sales down six percent last year, Meyer thinks Abercrombie’s current plan to make the category a centerpiece of its fashion lineup is “risky.”

But Oppenheimer’s Anna Andreeva maintained a Buy rating and $50 target Friday, calling Abercrombie “one of our favorite names.”

Andreeva’s modeling a same-store sales decline of three percent to four percent in the third quarter, but raised her 2015 earnings estimate to $2.35 from $2.25 a share, citing lower operating costs.

Abercrombie closed Friday at $41.80, nearly unchanged.

Posted-In: Anna AndreevaAnalyst Color Earnings News Guidance Price Target Reiteration 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!

 
 

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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Chart School

Crestmont Market Valuation Update

Courtesy of Doug Short.

Quick take: Based on the August S&P 500 average of daily closes, the Crestmont P/E is now 90% above its arithmetic mean and at the 98th percentile of this fourteen-decade monthly metric.

The 2011 article P/E: Future On The Horizon by Advisor Perspectives contributor Ed Easterling provided an overview of Ed's method for determining where the market is headed. His analysis was quite compelling. Accordingly I include the Crestmont Research data to my monthly market valuation updates.

The first chart is the Crestmont equivalent of the Cyclical P/E10 ratio chart I've been sharing on a monthly basis for the past few years.

...

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Zero Hedge

The Morning After: What Happens When A Government Destroys Its Currency

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Simon Black via Sovereign Man blog,

Imagine this scene:

“Everyone in the country was in shock. People’s net worth had devalued more than 53% overnight.”

 

“The value in savings accounts dropped in half and neither merchants nor consumers knew how to react because they had never been through something like it before…”

This is how an American business executive described living through Mexico’s devaluation of the peso exactly 38 years ago on September 1, 1976.

...

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Phil's Favorites

Debt Rattle Sep 2 2014: This Is As Big As We Will Get

Courtesy of The Automatic Earth.


Peter Sekaer Times Square with Father Duffy statue 1937

This it. The is the biggest we’re going to get. We won’t grow anymore. Not bigger, not wider, not taller (just thicker perhaps, in the sense of more stupid). I return to this from time to time, and still I never see even just one voice in the media with even one hair’s breadth of doubt about the overarching theme of growth at all costs. Is this a sign that economists and other poorly educated people have taken over the world, or is it simply what we are all programmed for?

The only discussion out there is how we can best return to growth. Never if we should return to it. But still, when I look around me I don’t have the feeling that we desperately need to grow bigger. Th...



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OpTrader

Swing trading portfolio - week of September 2nd, 2013

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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Insider Scoop

NXP To Supply Apple With Mobile Payment Chips

Courtesy of Benzinga.

Related NXPI Stocks Hitting 52-Week Highs Morning Market Movers

NXP Semiconductors NV (NASDAQ: NXPI) gained three percent in pre-market trading Friday on a report it's providing wireless chips to the Apple (NASDAQ: AAPL) iPhone 6, enabling a mobile payment system.

The Netherlands-based semiconductor company makes so-called Near Field Communications chips that smartphones use to communic...



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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 the latest issue of Stock World Weekly. Click on this link and use your PSW user name and password to log in. Or take a free trial. 

Enjoy!

...

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Option Review

Puts Active On Buffalo Wild Wings

Buffalo Wild Wings Inc. (Ticker: BWLD) shares are in positive territory in early-afternoon trading on Thursday, reversing earlier losses to stand up 0.50% on the session at $148.50 as of 12:15 pm ET. Options volume on the restaurant chain is running approximately three times the daily average level due to heavy put activity in the October expiry contracts. It looks like one or more traders are buying the Oct 140/145 put spread at a net premium of roughly $1.45 per contract. As of the time of this writing, the spread has traded approximately 3,000 times against very little open interest at either striking price. The put spread may be a hedge to protect a long stock position against a roughly 6% pullback in the price of the underlying through October expiration, or an outright bearish play anticipating a dip in BWLD shares in the next couple of months. The spread makes money at expiration if shares in BWLD decline 3.3% from the current price of $148.50 to breach the breakeven point...



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Sabrient

Six Companies Push Tax Rules Most

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

Courtesy of Sabrient Systems and Gradient Analytics

Gradient Senior Analyst Nicholas Yee reports on six companies that are using a variety of techniques to shift pretax profits to lower-tax areas. Featured in this USA Today, article, the companies include CELG, ALTR, VMW, NVDA, LRCX, and SNPS.

Six Companies Push Tax Rules Most

Excerpt:

Nobody likes to pay taxes. But some companies are taking cutting their tax bil...



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Digital Currencies

Disgraced Mt Gox CEO Goes For Second Try With Web-Hosting Service (And No, Bitcoin Not Accepted)

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Mt Gox may be long gone in the annals of bankruptcy, but its founder refuses to go gentle into that insolvent night. And, as CoinDesk reports, the disgraced former CEO of the one-time premier bitcoin trading platform has decided to give it a second try by launching new web hosting service called Forever.net and is registered under both Karpeles’ name and that of Tibanne, the parent company of Mt Gox.

From the company profile:

“TIBANNE Co.Ltd. ...



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Market Shadows

Helen Davis Chaitman Reviews In Bed with Wall Street.

Author Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation's top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants' malpractice case. Ms. Chaitman is the author of The Law of Lender Liability (Warren, Gorham & Lamont 1990)... Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC (more here).

Helen Davis Chaitman Reviews In Bed with Wall Street. 

By Helen Davis Chaitman   

I confess: Larry D...



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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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