Archive for the ‘Phil’s Favorites’ Category

“We’re Now Just One Big Shock Away From A Global Downturn”

Courtesy of Bill Bonner at Acting Man

Big Shock

The financial news continues to confound and confuse investors. The Fed is telling one story. The world economy is telling another.

What happens next?

The Fed is talking about increasing the federal funds rate – eventually getting rates back to “normal” – because the U.S. economy is so healthy. Meanwhile, the world heads toward deflation.

Says Ruchir Sharma, head of emerging markets and global macro at Morgan Stanley Investment Management:

“We are now just one big shock away from a global downturn, and the next one seems most likely to originate in China, where heavy debt, excessive investment, and population decline are combining to undermine growth…”

But it looks to us as though the global downturn is already here. First, the Baltic Dry Index is at a record low.


The Baltic has been hung out to dry – click to enlarge.

Here’s Bloomberg with the full story:

“The cost of shipping commodities fell to a record, amid signs that Chinese demand growth for iron ore and coal is slowing, hurting the industry’s biggest source of cargoes.

The Baltic Dry Index, a measure of shipping rates for everything from coal to ore to grains, fell to 504 points on Thursday, the lowest data from the London-based Baltic Exchange going back to 1985.”

And falling shipping costs aren’t the only sign of global deflation…

In October, construction and mining equipment maker Caterpillar posted another month of falling sales – making it 35 in a row.

The latest figures reveal something new, too. Sales are now dropping in the U.S. as well as overseas.

U.S. corporate profits have also begun falling.

And earnings per share (EPS) – a key measure of profitability that looks at the portion of companies’ profits allocated to each outstanding share – are falling too.

Non-fin corporate debt

US non-financial corporate debt issues plus US sourced bank loans (foreign loans not included) – a page from the new “Spot the
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Richmond Fed Region Negative Again; Inventories Suggest Outright Disaster on Horizon

Courtesy of Mish.

Economists expected manufacturing activity in the Richmond Fed region would bounce into positive territory this month.

The Bloomberg Econoday Consensus Estimate was +1 in a range of 0-4, but the reading of -3 came in below any economist’s estimate.

Early indications for the November factory sector are soft right now after Richmond Fed reports a much lower-than-expected minus 3 headline for its manufacturing index. Order data are very negative with new orders at minus 6, down from zero in October, and backlog orders at minus 16 for a 9-point deterioration. Shipments are also in contraction, at minus 2, with the workweek at minus 3. Employment, at zero, shows no monthly change but the declines for backlog orders and the workweek don’t point to new demand for workers. Price data are subdued but do show some constructive upward pressure.

This report along with Empire State, as well as yesterday’s manufacturing PMI, are pointing to a downbeat month for the factory sector which is being held down by weak foreign demand, as evidenced in the decline for goods exports in this morning’s advance release of international trade data.

Ahead of the release, Bloomberg had this to say: “Regional Fed surveys have been showing improvement in November and the same is expected for the Richmond Fed’s manufacturing index.” 

“Details in this report, as in other manufacturing surveys, did show life in October but there were points of weakness including lack of growth for new orders and extended contraction for backlog orders.”


The New York region came in at -10.74 below the lowest Econoday guess of -8.50. The prior (October) release was -11.36, but -10.74 is not an improvement, it’s a decline at a lesser rate.

For more details please see Empire State Manufacturing Negative Fourth Month, Work Week Lowest Since Mid-2011.

There was an improvement in the Philly Fed region, to +1.9 (See Philly Fed Slightly Positive After Two Months of Contraction) but I labeled that “noise” given the new orders and shipment components were negative and the workweek collapsed to -16.2

No Signs of Life

Diving into the Richmond Fed Report, we see shipments, backlog of orders, and the average workweek all negative for the third month consecutive. New orders were down two of the last three months, and flat the third.

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All in or all out?

Ian Scott at Barclays argues the bright side for equities, especially liking the weak — e.g., materials and commodities, value stocks, the financial sector, and emerging markets.

Barclays bets on stock boom as world money growth soars

Commodities and emerging markets may have hit bottom. Fed rate rises mean leadership is switching to "anti-bond" sectors



Barclays has advised clients to jump into world stock markets with both feet, citing the fastest growth in the global money supply in over thirty years and an accelerating recovery in China .

Ian Scott, the bank’s global equity strategist, said the sheer force of liquidity will overwhelm the first interest rate rises by the US Federal Reserve, expected to kick off next month.

Global equities rose by an average 15pc over the six months after the last three US tightening cycles began, on average, and Barclays argues that this time stocks are cheaper.

The cyclically-adjusted price to earnings ratio (CAPE) for the world’s equity markets is currently 18, compared to 25.5 at the beginning of the last rate rise episode in 2004.

Keep reading >

Goldman disagrees, suggesting that you may as well sell everything and come back in 2017.

"Sell In December And Go Away" – Why Goldman Sees The Market Going Nowhere In 2016

Courtesy of ZeroHedge. View original post here.

When it comes to 2016, Goldman says that it is "deja vu all over again", and that the S&P 500 index will tread water for a second consecutive year. Specifically Goldman says that its "year-end 2016 target of 2100 represents a 1% price gain from the current index level (2089), which itself is just 1% above the year-end 2014 level of 2059."

Hardly the double-digit annual growth everyone has gotten used to over the past 7 years, that was so easy anyone could do it.

Here are the reasons why Goldman expects all the main themes from 2015 to be repeated in the coming year, and why the one…
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Malinvestment Lunacy Exposed As US Money Supply Growth Finally Begins To Crack

Courtesy of Pater Tenebrarum at Acting-Man

Breaking Below the Shelf

In our recent missive on junk bonds, we discussed the fact that the growth rate of the narrow money supply aggregate M1 had declined rather noticeably from its peak in 2011. Here is a link to the chart.

We wrote:

“We also have confirmation of a tightening monetary backdrop from the narrow money supply aggregate M1, the annualized growth rate of which has been immersed in a relentless downtrend since peaking at nearly 25% in 2011. We expect that this trend will turn out to be a a leading indicator for the recently stagnant (but still high at around 8.3% y/y) growth rate in the broad true money supply TMS-2.”


Photo credit: Bari Goodman

In the meantime the data for TMS-2 have been updated to the end of October, and low and behold, its year-on-year growth rate has declined to the lowest level since November of 2008. At the time Bernankenstein had just begun to print like crazy, via all sorts of acronym-decorated programs (they could have just as well called them “print 1, print 2, print 3”, etc.). So we’re now back to the broad true money supply growth rate recorded at “echo bubble take-off time”.

1-TMS-2, annual rate of growth

Annual growth rate of US money TMS-2, breaking below the lower end of the range it has inhabited since late 2013 – click to enlarge.

This is the final piece of the puzzle if it keeps up (and why wouldn’t it keep up?). Stock market internals have become ever more atrocious in the course of this year, which we have regarded as a sign that not enough new money was being printed to keep all the pieces of the bubble in the air at once. Now there is even less support.

Lest we forget, this is the Greenspan-Bernanke legacy in terms of money supply inflation in toto:


Money supply inflation in overdrive – the Greenspan-Bernanke (and now Yellen) era – click
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Turkey Shoots Down Russian Plane; Two Seconds; New Cold War; Circular Absurdity

Courtesy of Mish.

Theater of Absurd

The tangled web of friend-foe relationships in the Mideast has reached a new high point of circular absurdity.

  • The US and Turkey are fighting ISIS (allegedly), as is Russia and Iran.
  • Turkey just shot down a Russian plane on the Syrian-Turkey border.
  • Turkey freely buys oil from ISIS which gives ISIS the money needed buy weapons. 
  • The US and France are working with Russia to fight ISIS.
  • Syrian rebels, armed with US Anti-Tank missiles just shot down a Russian helicopter.
  • The US backs alleged “moderate” Al Qaeda rebels seeking to overthrow Syrian president Assad.
  • ISIS also seeks to overthrow Assad.

Turkey Shoots Down Russian Plane

The Financial Times reports Turkey Shoots Down Russian Fighter Jet on Syrian Border.

Vladimir Putin has accused the Turkish government of providing financial and military support to Isis, in a furious response to the downing of a Russian fighter jet near the Syria-Turkey border.

Turkey said it shot down the Russian Sukhoi Su-24 on Tuesday morning after it violated Turkish airspace, escalating tensions between international powers with competing aims in war-torn Syria.

Mr Putin warned that the “tragic incident” will bring “serious consequences” for relations between the two countries, and alleged that Turkey had helped bankroll Isis through oil sales.

Turkey has disputed Moscow’s version of events. A government official said the crew was given “repeated warnings”, beginning from when the jet came within 15km of the Turkish border.

A special meeting of Nato’s North Atlantic Council was called for later on Tuesday at Turkey’s request, prompting further anger in Moscow.

“Instead of immediately getting in contact with us, the Turkish side immediately turned to their partners with Nato to discuss this incident, as if it was us who downed a Turkish jet and not vice versa,” said Mr Putin.

“Do they want to put Nato at Isis’s service?”

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Valeant Just Won’t Stop Falling

Courtesy of ZeroHedge. View original post here.

Despite Ackman's triple-down, Valeant has given up all the after-hours' gains and is rapidly losing last week's "buying spree" dead-cat-bounce rally as Pershing's newly synthetic position in the troubled stock moves deeper in the red…

As we noted previously, Pershing's position 'proxies' 34.12 million shares at an average cost of $113.76…

Although his exposure is dramatically non-linear should things not work out (and note he remains even more drastically underwater still even on this newly acquired position).

Russia Declares Warplane Downing A “Hostile Act” But Will It Cut Turkish Gas Supplies?

Courtesy of ZeroHedge. View original post here.

Some have suggested Vladmir Putin's first retaliation for the Turkish shooting down of a Russian fighter jet would be to cut off gas supplies (which represent 57% of Turkey's [gas] supply). With Russia Defense Minister stating that the "downing of the Russian warplane is a 'hostile act'," adding that the defense ministry is "devising a set of measures to respond to the incident," it seems taking the 'nuclear option' of cutting off 20% of Erdogan's entire energy supply would be a strong first non-lethal non-World-War-3-starting step.


And then…


So, despite earlier saying that "there will be no disruption," given the statements above, (and all of Erdogan's bluster on finding alternate sources) Russia may well decide to take the 'nuclear option' and cut off Turkey's gas supplies as a first non-military reaction.

Turkey gets 57% of its gas from Russia (and Turkey is Russia second biggest non-domestic market for gas). Turkey's alternative supply routes include Iran, which of course just signed a $5 bn trade deal with Russia and is unlikely to come to Turkey's aid. As we ominously predicted recently,  although Moscow and Ankara have thus far kept it civil in order to preserve and expand trade, it now looks as though each country may be willing to Plaxico themselves all because they disagree over what the fate of Bashar al-Assad should be… It appears we have moved on from 'civil'.

As we detailed previously,

In June, we noted that Russia had signed an MOU [Memorandum of Understanding] with Shell, E.On and OMV to double the capacity of the Nord Stream pipeline, the shortest route from Russian gas fields to Europe.  

Here is a helpful visual:

What you’ll note from the above is that the Nord Stream allows Gazprom to dodge Ukraine, which is desirable for obvious reasons. 

Of course that’s not good for the Eastern European countries (like Ukraine) who derive revenue from the flow…
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News You Can Use From Phil’s Stock World


Financial Markets and Economy

U.S. Index Futures Drop After Turkey Shoots Down Russia Warplane (Bloomberg)

U.S. stock-index futures declined after Turkey said it shot down a Russian warplane, while investors await data for further indications of the strength of the world’s biggest economy.

Airline shares are plummeting as easyJet suspends more flights to Egypt (Business Insider)

Shares in British listed airlines are tanking this morning after easyJet said it's cancelling all flights between the UK and Sharm el-Sheikh on Egypt's Mediterranean coast until at least January 6.

EasyJet 24/11/15

China and U.S. Say They’ve Made Strides in Trade Talks (NY Times)

In their first top-level trade talks since President Obama hosted China’s leader in September, the United States and China said on Monday that they had made progress on sticking points, including preventing the theft of trade secrets and opening the Chinese market more broadly to American multinationals.

Still, the lack of larger breakthroughs on bigger issues — like negotiations for a broad trade deal — contrasted with America’s improving economic ties with the rest of Asia.

Lira Drops With Stocks After Turkey Shoots Down Russian Jet (Bloomberg)

The lira dropped the most in emerging markets, and stocks fell with bonds, after the Turkish military shot down a Russian jet, threatening to escalate tension between the two nations as Turkey prepares to name a new cabinet.

Turkey’s Borsa Istanbul 100 index has now erased all gains since a decisive election on Nov. 1

Pedestrians holding their mobile phone walk past an electronic board showing the various stock prices outside a brokerage in Tokyo, Japan, September 9, 2015.  REUTERS/Yuya ShinoAsian shares stall, dollar firm near eight-month peak (Business Insider)

Asian shares dragged their feet on Tuesday after a healthcare mega-merger failed to impress investors while the dollar held firm near an eight-month high as investors grew more convinced of a U.S. rate hike next month.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was almost flat while Japan's

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Meet the Nobel Laureate Nader Wants Janet Yellen to Talk To

Courtesy of Pam Martens.

George Akerlof, Nobel Laureate (Spouse of Fed Chair Janet Yellen)

George Akerlof, Nobel Laureate (Spouse of Fed Chair Janet Yellen)

After lamenting in a recent book how Presidents George W. Bush and Obama didn’t answer his letters (Return to Sender: Unanswered Letters to the President, 2001-2015), Ralph Nader has finally been requited by a powerful person in Washington.

Nader had the temerity to write Fed Chair Janet Yellen a letter on October 30, pointing out how the Fed’s zero bound interest rate policy is crimping the spending ability of savers who rely on such things as savings accounts and money market interest for added income to survive. Yesterday, Yellen boldly answered Nader’s letter with a smackdown.

The letter has caused an outbreak of sexism charges against Nader by various writers for his suggestion in the letter that Yellen would be wise to “sit down with your Nobel Prize winning husband, economist George Akerlof, who is known to be consumer-sensitive.” Annie Lowrey at New York Magazine said it suggested Yellen needed things mansplained to her “small lady brain” lest there be “cryfests” and “emotional overeating” at the nation’s central bank.

A number of writers have dismissed Nader’s letter as nonsense. In fact, there is a large segment of seniors who can’t afford to risk their meager life savings in the stock market, who have historically relied on the interest from insured money market accounts, insured certificates of deposit, and U.S. Treasury notes and bills to supplement their pension or Social Security benefits. Those individuals have seen that income cut by half or more since the 2008 crash and the Fed’s slashing of interest rates.

But what about economist George Akerlof? Might he actually have something important to share with Janet Yellen and the rest of us for that matter? In fact, Akerlof has co-authored a recent book with a theory that, taken to its logical conclusion, casts a dangerous light on the very institution his wife heads, the Federal Reserve.

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Swiss Bank Hits Customers With Negative Interest Rates; Crazy? What About Velocity?

Courtesy of Mish.

Alternative Bank Schweiz (ABS), a small bank in Switzerland broke the negative interest rate on deposits barrier, CHARGING customers to take their money. (emphasis in caps from the article).

The Alternative Bank Schweiz wrote to customers telling them they would face a -0.125 per cent rate on their money from 2016 – and a -0.75 per cent rate on deposits above 100,000 Swiss francs.

The move echoes the Swiss central bank’s -0.75 per cent negative deposit rate imposed on financial institutions placing money with it.

Sweden’s central bank also introduced negative rates, which currently stand at -0.35 per cent, while the European Central Bank introduced them in part with its -0.2 per cent overnight deposit rate.

The Bank of England’s chief economist Andy Haldane delivered a speech in September discussing how Britain could have to consider negative interest rates as an extreme measure in a future crisis.

The big Swiss banks passed on some of the pain from the Swiss central bank’s -0.75 per cent rate to their institutional clients, but Alternative Bank Schweiz is believed to be the first retail bank to hit savers with a charge.

The bank describes itself as an ethical organisation focused on backing firms investing in social and environmental projects.

With its balance sheet totalling nearly 1.6 billion Swiss francs last year, most of its activities are concentrated in cooperative housing projects, providing affordable housing and sustainable energy solutions, as well as organic farming.

Less Than Zero

Bloomberg offers a "quick take" on Less Than Zero.

Imagine a bank that pays negative interest. Depositors are actually charged to keep their money in an account. Crazy as it sounds, several of Europe’s central banks have cut key interest rates below zero and kept them there for more than a year. For some, it’s a bid to reinvigorate an economy with other options exhausted. Others want to push foreigners to move their money somewhere else. Either way, it’s an unorthodox choice that has distorted financial markets and triggered warnings that the strategy could backfire. If negative interest rates work, however, they may mark the start of a new era for the world’s central banks.

The Situation

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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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Zero Hedge

Stocks, Bonds, & Bullion Bid As Geopolitical Risk Soars Most In 62 years

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Ok - where to start...

1) GDP met improved expectations thanks to a huge inventory build (which we know from sales since remains at cycle extremes)

2) Richmond Fed weak for 3rd month in a row (signalled last 2 recessions)

3) Consumer Confidence collapsed (worst in 14 months)

4) Americans have given up hope for more employment opportunities

5) Another terrorist attack (this time in Tunisia)

oh yeah and 6) Turkey shot down a bloody...

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Phil's Favorites

"We're Now Just One Big Shock Away From A Global Downturn"

Courtesy of Bill Bonner at Acting Man

Big Shock

The financial news continues to confound and confuse investors. The Fed is telling one story. The world economy is telling another.

What happens next?

The Fed is talking about increasing the federal funds rate – eventually getting rates back to “normal” – because the U.S. economy is so healthy. Meanwhile, the world heads toward deflation.

Says Ruchir Sharma, head of emerging markets and global macro at Morgan Stanley Investment Management:

“We are now just one big shock away from a global downturn, and the next one seems most likely to originate in China, where heavy debt, excessive investment, and population decline are combining to undermine growth&hel...

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Market News

News You Can Use From Phil's Stock World


Financial Markets and Economy

U.S. Index Futures Drop After Turkey Shoots Down Russia Warplane (Bloomberg)

U.S. stock-index futures declined after Turkey said it shot down a Russian warplane, while investors await data for further indications of the strength of the world’s biggest economy.

Airline shares are plummeting as easyJet suspends more flights to Egypt (Business Insider)

Shares in British listed airlines are tan...

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Kimble Charting Solutions

S&P 500 – Dangerous for bull case, if prices turn weak here!

Courtesy of Chris Kimble.


The S&P 500 remains inside of a rising channel that has been in place since 2010. The 5-year trend is up.

The 5-month trend is a different story, at this time.

Over the past 5-months, the S&P 500 has created a series of “falling weekly closing highs,” which is represented by line (1) above.

The S&P is testing this falling resistance line at (2) above.

If weakness takes place at (2) above, at falling resistance, it would be concerning price action for the bullish case!


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Chart School

RTT browsing latest..

Courtesy of Read the Ticker.

Please review a collection of WWW browsing results.

Date Found: Wednesday, 04 November 2015, 12:32:23 PM

Click for popup. Clear your browser cache if image is not showing.
Comment: Stanley Druckenmiller : The greatest hedge fund manager of all time is now operating under the assumption that a primary bear market began in July. Due to the massive misallocation of capital in recent years and the long-term demographic headwind going forward, normal investors should probably be in cash.

Date Found: Wednesday, 04 November 2015, 07:36:15 PM

Click for popup. Clear your browser cache if image is not showing.
Comment: Charles Hugh-Smith of OfTwoMinds blog - This may well be the most important...

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Sector Detector: Bulls wrest back control of market direction, despite global adversity

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

Courtesy of Sabrient Systems and Gradient Analytics

Some weeks when I write this article there is little new to talk about from the prior week. It’s always the Fed, global QE, China growth, election chatter, oil prices, etc. And then there are times like this in which there is so much happening that I don’t know where to start. Of course, the biggest market-moving news came the weekend before last when Paris was put face-to-face with the depths of human depravity and savagery. And yet the stock market responded with its best week of the year. As a result, the key issues dominating the front page and election chatter have moved from the economy and jobs to national security and a real war (rather than police ...

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Swing trading portfolio - week of November 23rd, 2015

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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Digital Currencies

Bitcoin's Computing Network is More Powerful than 525 Googles and 10,000 Banks!

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

I've decided to build our startup - Veritaseum, a peer-to-peer financial services platform, directly on top of the Bitcoin Blockchain. Many queried why I would voluntarily give up a lucrative advisory and consulting business to chase virtual coins in cyberspace. That's exactly why I decided to do it. That level of misunderstanding of what is essentially the second coming of the Internet gave me a fundamental advantage over those who had deeper connections, more capital and more firepower. I was the first mover advantage holder.

You see, Bitcoin is not about coins, currency or price pops. It is a massive computing net...

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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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Whitney Tilson On LL, EXACT, And Martin Shkreli


Whitney Tilson On LL, EXACT, And Martin Shkreli

Courtesy of Value Walk

1) The shares of one of my largest short positions (~3%), Exact Sciences, crashed by more than 46% yesterday. Below is the article I published this morning on SeekingAlpha, explaining why I think it’s still a great short and thus shorted more yesterday. Here’s a summary:

  • The U.S. Preventative Services Task Force’s Colorectal Cancer Screening Draft Recommendation issued yesterday is devastating for Exact Sciences’ only product, Cologuard.
  • I think this is the beginning of the end for the company.
  • My price target for the stock a year from now is $3, so I shorted more yes...

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Baxter's Spinoff

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

Baxter Int. (BAX) is splitting off its BioSciences division into a new company called Baxalta. Shares of Baxalta will be given as a tax-free dividend, in the ratio of one to one, to BAX holders on record on June 17, 2015. That means, if you want to receive the Baxalta dividend, you need to buy the stock this week (on or before June 12).

The Baxalta Spinoff

By Ilene with Trevor of Lowenthal Capital Partners and Paul Price

In its recent filing with the SEC, Baxter provides:

“This information statement is being ...

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Mapping The Market

An update on oil proxies

Courtesy of Jean-Luc Saillard

Back in December, I wrote a post on my blog where I compared the performances of various ETFs related to the oil industry. I was looking for the best possible proxy to match the moves of oil prices if you didn't want to play with futures. At the time, I concluded that for medium term trades, USO and the leveraged ETFs UCO and SCO were the most promising. Longer term, broader ETFs like OIH and XLE might make better investment if oil prices do recover to more profitable prices since ETF linked to futures like USO, UCO and SCO do suffer from decay. It also seemed that DIG and DUG could be promising if OIH could recover as it should with the price of oil, but that they don't make a good proxy for the price of oil itself. 


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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 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.

Thank you for you time!

FeedTheBull - Top Stock market and Finance Sites

About Phil:

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

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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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