Archive for the ‘Phil’s Favorites’ Category

The Biggest Risk of a Clinton Presidency


The Biggest Risk of a Clinton Presidency

Courtesy of Cullen Roche, Pragmatic Capitalism

Hillary Clinton will be a one term President. The reason I say this is because I suspect that her economic plan will not be very stimulative and I think that four more years of weak economic growth will be intolerable. And the main driver of my thinking here is deeply rooted in Bill Clinton’s presidency.

Back in the late 90’s the US government ran a brief budget surplus. It was heralded as an act of “fiscal responsibility” at the time. Of course, when the economy tanked immediately following the surplus the government was driven back in the red as tax receipts cratered and automatic spending jumped.


So, was the surplus, followed so closely by a sharp recession, just a coincidence?  I suspect not. As Wynne Godley outlined back in the late 1990s, the fiscal position was never all that sustainable because, as a current account deficit country the flows were unsustainable. As I outlined in my popular paper, Understanding the Modern Monetary System, some sector of the economy has to be expanding its balance sheet in order for the economy to grow. If the private sector isn’t expanding its balance sheet (usually through borrowing) then the economy needs to make up for this drag via a government expansion in the deficit OR an expansion from the foreign sector. Since the foreign sector was a negative drag in the 90’s the US economy relied heavily on private borrowing for expansion. The federal budget surplus made this borrowing even more important as the surplus acted as another spending drag on the aggregate economy. And when the tech bubble burst the corporate borrowing binge collapsed and the economy and financial markets collapsed with it. It didn’t stabilize again until the government position moved back into deficit and private borrowing stabilized.

The current environment is worrisome because we’re still climbing out of a very deep economic hole. The foreign sector is still acting as a drag on growth and the deficit has declined sharply as the private sector has recovered. But the private sector is still weak. In fact, household debt growth is still at levels consistent with past recessionary periods:

fredgraph (9)

With private balance sheets still…
continue reading

Twitter Planning To Fire Another 8% Of Workforce, “Losing Talent” Fast

Courtesy of ZeroHedge. View original post here.

Just days ahead of its Q3 earnings report, Twitter is reportedly planning widespread job cuts following the demise of the deal-scheme. As Bloomberg reports, the company may cut about another 8% of the workforce, or around 300 people leaving its headcount the smallest since Q3 2014.

As Bloomberg reports, according to people familiar with the matter, the company may cut about 8 percent of the workforce, or about 300 people, the same percentage it did last year when co-founder Jack Dorsey took over as chief executive officer, the people said.



Planning for the cuts is still fluid and the number could change, they added. The people asked not to be identified talking about private company plans.

Twitter’s losses and 40 percent fall in its share price the past 12 months have made it more difficult for the company to pay its engineers with stock. That has made it harder for Twitter to compete for talent with giant rivals like Alphabet Inc.’s Google and Facebook Inc. Reducing employee numbers would relieve some of this pressure.

Twitter, which loses money, is trying to control spending as sales growth slows.

The company recently hired bankers to explore a sale, but the companies that had expressed interest in bidding — Inc., The Walt Disney Co. and Alphabet Inc. — later backed out from the process.

With the stock back at pre-deal-hype levels, the big question is whether a collapsing headcount is the last straw on this camel's back…

14% Of Polled Wells Fargo Customers Have Decided To Leave The Bank

Courtesy of ZeroHedge. View original post here.

Wells Fargo's illegal cross-selling and fraudulent account creation practices appear to have caught up with the bank, just days after CEO John Stumpf announced his surprise resignation. As Bloomberg reports, management consultancy cg42 released a poll showing 14% of Wells Fargo customers have decided to leave the bank, "potentially withdrawing billions of dollars and crimping revenue."

The data confirms what a separate poll by SurveyMonkey Intelligence released last week revealed. According to the survey, since the scandal broke, Wells Fargo has been losing asmuch as 140,000 of its mobile customers every week. The report finds that while the bank reported a downturn in new customer applications and accounts opened since the scandal broke, Wells Fargo curiously hasn’t reported on its customer churn rates. That is, the rate at which Wells Fargo is losing customers as they close their accounts after the scandal. (Conversely, customer retention rates would reveal the rate of customers keeping their accounts. Either metric works.) 

Wells Fargo account scandal impact

In September, when the scandal hit, Wells Fargo Mobile download numbers dropped lower than in any other month in 2016.

Wells Fargo app downloads in 2016

Looking specifically at the 30 days after the Wells Fargo scandal broke and comparing them to the previous 30 days, downloads of the Wells Fargo Mobile app dropped by 7.7%.

Wells Fargo Mobile downloads after scandal

The trend is bank specific: Chase, BoA, and Citi all saw a modest increase in downloads in this same time period. In fact, while Chase, BoA, and Citi saw growth within the expected range for their app downloads after the scandal, only Wells showed a significant–and negative–departure from its previous growth rat

Bank app download rates after scandal

The survey also found that weekly user retention rates averaged 79.9% in August, and had even been slightly improving in the weeks leading up to the scandal breaking, with a weekly retention rate of 80.9% for the week ending September 7. But then the Wells Fargo account scandal hit, and weekly retention rates hit a

continue reading

Waiting for the Fat Pitch


Waiting for the Fat Pitch

Courtesy of Wade of Investing Caffeine


Fall is here and the leaves are beginning to change, which means it’s baseball playoffs time and the World Series is quickly approaching. Investing in some respects is similar to baseball because they both require discipline and patience. One investing legend who embodies those characteristics is Warren Buffett, and he has repeatedly spoken about Ted Williams and waiting for the “fat pitch.”

John Huber, over at BHI, did a great job summarizing Ted Williams’ hitting philosophy here:

“Ted Williams was famous for “waiting for the fat pitch”. He would only look to swing at pitches in the part of the strike zone where he knew he had a higher probability of getting a hit. There were parts of his strike zone where he batted .230 and there were other parts of the strike zone where he batted .400. He knew that if he waited for a pitch over the heart of the plate and didn’t swing at pitches in the .230 part of the strike zone—even though they were strikes—he would improve his odds of getting a hit and increase his overall batting average.”


This lesson of patience and discipline is critical for your investment portfolio. Too many people speculate by chasing a hot tip or good stock story, or on the flip side, panic by selling based upon transitory negative news headlines. Today, we see risk aversion happening on steroids. Consider there is over $8 trillion sitting in savings accounts earning effectively nothing – the equivalent of stuffing money under the mattress (see also Invest or Die). In other words, investors are paying extremely high prices (chasing) for safer (less volatile) securities – bonds and cash, while equities are yielding a much higher rate as measured by the earnings yield of the S&P 500 (S&P operating profits / index value). Scott Grannis at Calafia Beach Punditcalls this dynamic the equity risk premium (chart below).

Source: Scott Grannis

continue reading

Slouching Towards Election Day


Slouching Towards Election Day

Courtesy of James Howard Kunstler

It’s getting hard to give a shit about this election, though you might still care about this country. The damage has been done to the two long-reigning political parties and perhaps that’s a good thing. They deserved to be dragged into the gutter and now they can either go through a severe rehab or be replaced by as-yet-unformed coalitions of reality-based interests.

Trump did a greater disservice all-in-all to the faction he supposedly represented. Their grievances about a grift-maximized political economy were genuine, and Trump managed to make them look like a claque of sinister clowns. This cartoon of a rich kid with no internal boundaries was unable to articulate their legitimate complaints. His behavior during the so-called debates verged on psychotic. If Trump loses, I will essay to guess that his followers’ next step will be some kind of violence. For the moment, pathetic as it is, Trump was their last best hope.

I’m more comfortable about Hillary — though I won’t vote for her — because it will be salutary for the ruling establishment to unravel with her in charge of it. That way, the right people will be blamed for the mismanagement of our national affairs. This gang of elites needs to be circulated out of power the hard way, under the burden of their own obvious perfidy, with no one else to point their fingers at. Her election will sharpen awareness of the criminal conduct in our financial practices and the neglect of regulation that marked the eight years of Obama’s appointees at the Department of Justice and the Securities and Exchange Commission.

The “tell” in these late stages of the campaign has been the demonization of Russia — a way more idiotic exercise than the McCarthyite Cold War hysteria of the early 1950s, since there is no longer any ideological conflict between us and all the evidence indicates that the current state of bad relations is America’s fault, in particular our sponsorship of the state failure in Ukraine and our avid deployment of NATO forces in war games on Russia’s border. Hillary has had the full force of the foreign affairs establishment behind her in this war-drum-banging effort, yet they…
continue reading

Wallonia Sinks EU-Canada CETA Trade Agreement: What Happened?

Courtesy of Mish.

Despite intense negotiations for the past two weeks, an emergency meeting of EU officials, huge pressure on Belgian officials, and last second agreement changes to the trade pact, the Wallonia region of Belgium held firm and vetoed CETA, the EU-Canada trade agreement that had been in the works for seven years, and finalized two years ago.

It is rather amazing that a French-speaking region of Belgium can single-handedly veto a trade agreement that 28 nations including Belgium itself wanted, but such is the state of affairs of EU politics.

Please consider Belgium Sinks EU-Canada Trade Deal After Wallonia Veto.

European trade policy has been thrown into disarray after Belgium’s government said it could not overcome regional objections to an EU-Canada trade deal despite weeks of fruitless talks to rescue the agreement.

The so-called Ceta pact was to be signed at a ceremony in Brussels on Thursday at an EU summit with Justin Trudeau, Canadian prime minister.

Moves were under way on Monday to cancel the summit after Charles Michel, Belgian premier, said he could not sign the pact because of political resistance in Wallonia, the French-speaking region whose local parliament has voted against the agreement.

“The clear answer, at this stage, is no,” said Mr Michel in response to European and Canadian leaders who asked Belgium to clarify its intentions on Monday.

Ceta must be signed off by all 28 member states before it can take effect. Even though Mr Michel’s administration strongly supports the deal, it cannot be approved without regional support.

Each of the other 27 member states are ready to sign, meaning the deal has been blocked by representatives of 3.5m in a trading bloc representing more than 500m people.

Credibility Damaged

Last Friday, Chrystia Freeland, Canadian trade minister, walked out of talks with Walloon leaders. Negotiations and pressure continued over the weekend to no avail.

“Even if a solution is found in the coming weeks and months, the credibility of the EU as the world’s largest trading bloc has been damaged by the political grandstanding of the Walloon parliament,” said John Clancy, senior adviser at FTI Consulting in Brussels.

EU negotiations are typically last-minute affairs. I expected an agreement today following weekend pressure and a few trade agreement changes.

The deal may still go through, but serious questions about

continue reading

One of the worst things you can do in this business


One of the worst things you can do in this business

Courtesy of Joshua M. Brown, The Reformed Broker

Investing is hard. This is partly because there is no bedrock to stand upon. Historical relationships between valuation and prices are not firm. Nor are the correlations between Thing A and Thing B.

The ground below our feet is constantly shifting and only the open-minded can make the mental leaps from one regime to the next. Those who choose their one or twoMost Important Things to follow religiously and base their views upon (CAPE Ratio, Fed Model, Seasonality, Economic Outlook) are going to find themselves consistently run over in The Street.

One of the worst things you can do in this business is take a given correlation and then extrapolate it out to infinity. Correlations – especially between markets and asset classes – are ephemeral. Sometimes they exist and sometimes they don’t. Sometimes perfectly correlated markets become perfectly inversely correlated.

Think about the stocks / crude oil relationship from earlier this year. Now you see it (and it dominates every day’s discussions), now you don’t (…..and it’s gone).

And no one waves a flag when these relationships are about to shift.

This spring, I posted the below chart – a ratio between emerging market stocks and the S&P 500 vs the US dollar index. You can see how powerful the inverse relationship had been – strong dollar meant weak EM relative to US large caps:


Right after I wrote that, as if on cue, the dollar peaked and then sold off, and EM stocks went crazy to the upside. The relationship held and traders were rewarded for recognizing its power.

Now that’s a trend that seems pretty indefatigable, right?

Except here’s the problem – as too many people become aware of it or start to place their bets on it, the relationship between one thing and the other begins to price all of this “certainty” in. This “common knowledge” then serves to change the relationship or even completely invert it until the prior correlations become unrecognizable.

My friend Jon Krinsky at MKM Partners takes a look at the emerging markets rally – now up almost 20% from the May…
continue reading

5 Negative Factors For Oil Prices

Courtesy of Salman Ghouri & Andreas de Vries at

It has been a rough 2 years for forecasters of crude oil prices. Essentially no one saw the 2014 crash coming, and everyone looked on in surprise as a barrel of crude oil tanked, from over $100 to less than $30. After the crash, many forecasters expected a speedy recovery driven by bankruptcies in U.S. Shale, only to be left surprised again by the slow pace of the structural adjustment of supply to demand, causing the crude oil price to remain in the $30 to $50 per barrel range much longer than anticipated. And now, just as everyone has begun forecasting “lower for longer”, crude oil seems to be breaking through the $50 per barrel range in response to the announcement that OPEC and Russia intend to cut production.

All these surprises did not happen because crude oil price forecasters are “quacks” and “charlatans” who don’t really know what they are doing. Rather, the issue is the large number of real world factors that impact the crude oil price – economic growth; interest and exchange rates; demographics; global, regional and local politics; weather conditions; et cetera – and the general unpredictability of these factors. On top of this, the global economy’s financial markets have made it possible for the crude oil price to move disconnected from these factors. Speculator sentiment can make the crude oil price move in anticipation of an event, that is before something has actually happened, and by more than is justified by the event (“overshoot”).

Clearly, this makes crude oil price forecasting exceptionally difficult. That does not mean, however, there is no value in doing it.

If it hadn’t been for crude oil price forecasts the world wouldn’t have known about many of the factors impacting the crude oil price. The reconciliation of the forecast and the actual price of crude oil often results in learning about new things with implications for the crude oil price, new factors which had not been considered before. U.S. shale’s ability to innovate is a recent example. In other words, while crude oil price forecasts might not always

continue reading

News You Can Use From Phil’s Stock World


Financial Markets and Economy

The Brexit economy: falling pound and rising inflation fuel fears of slowdown (The Guardian)

The British economy’s post-Brexit vote bounce is losing momentum as the weak pound and higher inflation herald a squeeze in living standards, according to a Guardian analysis.

S&P 500 Skew Unwind Shows Complacency Over Clinton Win: Analysis (Bloomberg)

The U.S. election premium is evaporating from S&P 500 options. Even as the shock Brexit result stays fresh in investors’ minds, SPX term structure is turning relatively smoother with skews declining as opinion polls show Clinton may triumph over Trump, Bloomberg strategist Tanvir Sandhu writes.

Oil is slipping (Business Insider)

Oil is dipping on Monday morning after Iraq signaled it does not want to take part in an OPEC production cut deal.

Bitcoin Jumps to Three-Month High as Yuan Weakness Fuels Buying (Bloomberg)

Bitcoin rose to an almost three-month high amid a surge in volume as the yuan extended a six-year low, bolstering Chinese demand for alternative assets.

Idea Profit Misses Estimates as Data Tariff Cut Amid Competition (Bloomberg)

Idea Cellular Ltd. posted profit that missed analyst estimates as India’s third-largest carrier cut data tariff amid intensifying competition from a rival backed by the country’s richest person.

Brazil's Real Rises as Temer Seeks Support for Spending-Cap Bill (Bloomberg)

Brazil’s real rose to a 10-week high as President Michel Temer canvassed support for a bill to cap spending while a rise in raw-material prices boosted currencies of commodity-producing nations.

Germany is driving the European economy again (Business Insider)

Germany is once again the driving force of the European economy, helping boost composite growth across the continent to a 10-month high, according to the latest PMI data released by Markit on Monday morning.

Why Wall Street doesn't like the AT&T – Time Warner deal (CNN Money)

Now comes the tough part — convincing skeptical investors that the deal won't be the second coming of AOL Time Warner.

This October still has a chance
continue reading

Flash Manufacturing Report Shows Strongest Upturn Year, Input Cost Acceleration

Courtesy of Mish.

The Markit US Flash Manufacturing Report shows U.S. manufacturers record strongest upturn in business conditions for 12 months.

The report also shows input cost inflation is the strongest in nearly two years, hiring is subdued, and export growth is weak.


Key Findings

  • Headline PMI rises from 51.5 to 53.2 in October
  • Output and new order growth hit one-year peaks
  • Manufacturers report fastest expansion of input buying since June 2015
  • Input cost inflation accelerates to its strongest for almost two years

Manufacturing production has now increased for five months running, following a slight dip in May. The rate of expansion in October was the fastest for exactly one year. Survey respondents cited an accelerated pace of new business growth and, in some cases, efforts to boost production in anticipation of stronger client demand in the months ahead.

In line with the trend for output volumes, latest data highlighted that incoming new orders picked up at the fastest pace for 12 months. Anecdotal evidence suggested that new product launches and stronger domestic demand had resulted in greater sales volumes. Nonetheless, some firms continued to report delayed decision making among clients, linked to uncertainty ahead of the presidential election.

Meanwhile, new export orders increased only slightly in October, but this was an improvement on the fractional decline seen during the previous survey period. Manufacturers mainly cited strong competition and relatively subdued demand patterns across key global markets.

Higher levels of incoming new work resulted in a greater degree of backlog accumulation across the manufacturing sector during October. The latest rise in unfinished work was the largest for 12 months. Some firms commented on increased capacity pressures at their plants, in part reflecting subdued job hiring in recent months.

Latest data signalled only a moderate rise in payroll numbers, and the rate of expansion was weaker than in September. The latest survey indicated a robust upturn in input buying among manufacturing firms, which was linked to projections of rising demand and associated efforts to boost inventories. Moreover, the increase in purchasing activity was the fastest since June 2015. This contributed to a rise in preproduction stocks for the first time in 11 months. At the same time, finished goods inventories stabilized in October, which ended a four-month period of decline.

Comments From Chris Williamson,

continue reading


Phil's Favorites

The Biggest Risk of a Clinton Presidency


The Biggest Risk of a Clinton Presidency

Courtesy of Cullen Roche, Pragmatic Capitalism

Hillary Clinton will be a one term President. The reason I say this is because I suspect that her economic plan will not be very stimulative and I think that four more years of weak economic growth will be intolerable. And the main driver of my thinking here is deeply rooted in Bill Clinton’s presidency.

Back in the late 90’s the US government ran a brief budget surplus. It was heralded as an act of “fiscal responsibility” at the time. Of course, when the economy tanked immediately following the surplus the government was driven back in the red as tax receipts cratered and automatic spending jumped.


more from Ilene

Zero Hedge

Chinese Politician Given Suspended Death Sentence After 200 Million Yuan In Cash Was Found In His Apartment

Courtesy of ZeroHedge. View original post here.

When corrupt Chinese oligarchs and politicians are unable to transfer millions in illegally obtained funds offshore they resort to the next best option: storing the money in the form of cold, hard cash stashed away inside their apartments. However, this is a rather risky proposition as one of them found out when investigators, along with a live-rolling media crew, showed up at his apartment where he had managed to conceal over 200 million yuan in cash.

As Sha...

more from Tyler


Global Asset Management 3Q16 - Cash is a Capital Allocation Strategy

By VW Staff. Originally published at ValueWalk.

Global Asset Management commentary for the quarter ended September 30, 2016.

Also see


Dear Friends,

Year-to-date we’v...

more from ValueWalk

Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

The Brexit economy: falling pound and rising inflation fuel fears of slowdown (The Guardian)

The British economy’s post-Brexit vote bounce is losing momentum as the weak pound and higher inflation herald a squeeze in living standards, according to a Guardian analysis.

S&P 500 Skew Unwind Shows Complacency Over Clinton Win: Analysis (Bloomberg)


more from Paul


Swing trading portfolio - week of October 24th,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 ...

more from OpTrader

Kimble Charting Solutions

Banks- This is putting a smile on this sector

Courtesy of Chris Kimble.

Historically, when strong bull markets have taken place, Banks go along for the ride. Since the summer of 2014, banks have under performed the broad market by around 12%, as the S&P is just a couple of percent from all-time highs. Are banks about to act healthier and put a smile on this sector, which could help the S&P breakout above the 2,150 level?

Below looks at the Bank Index (BKX)



more from Kimble C.S.

Chart School

Weekly Market Recap Oct 23, 2016

Courtesy of Blain.

The week that was…

A sleepy week indeed as almost all the “action” came out of a gap up Tuesday morning and a gap down Friday morning (which was met with buyers).  Outside of those events, the indexes stuck closely to unchanged most of the week.  Earnings began in earnest but outside of some individual high profile stories it was a lot of beating lowered expectations.

“Despite a couple of good reports, we’re in the midst of another earnings season that is hardly painting a bright picture,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. “Having another quarter where profits contract is not an underpinning for stocks to advance, and the market is searching for, if not demanding, a catalyst to move higher. At the moment, one is lackin...

more from Chart School

Members' Corner

The Orlando Massacre Part 3

Courtesy of Nattering Naybob.

A continuation of a Naybob of IT's Natterings from Part 1 and Part 2...

While many Christian churches expressed grief and offered free funeral services for the victims of the Orlando shooting, the fundamentalist Westboro Baptist Church held an anti-gay protest during the funeral of the victims.

But the Westboro Baptist Church's protest rally was blocked by about 200 people who formed a human barricade on the main street in downtown Orlando, ...

more from Our Members

Mapping The Market

The Most Overlooked Trait of Investing Success

Via Jean-Luc

Good article on investing success:

The Most Overlooked Trait of Investing Success

By Morgan Housel

There is a reason no Berkshire Hathaway investor chides Buffett when the company has a bad quarter. It’s because Buffett has so thoroughly convinced his investors that it’s pointless to try to navigate around 90-day intervals. He’s done that by writing incredibly lucid letters to investors for the last 50 years, communicating in easy-to-understand language at annual meetings, and speaking on TV in ways that someone with no investing experience can grasp.

Yes, Buffett runs an amazing investment company. But he also runs an amazing investor company. One of the most underappreciated part of his s...

more from M.T.M.

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.


more from Bitcoin


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...

more from Biotech

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...

more from David


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, ...

more from Promotions

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...

Learn more About Phil >>

As Seen On:

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.

Market Shadows >>