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Larry Swedroe: Use Valuations for Expected Returns, Not Market Timing

Larry Swedroe: Use Valuations for Expected Returns, Not Market Timing

Courtesy of 

When forecasting investment returns, many individuals make the mistake of simply extrapolating recent returns into the future. Bull markets lead investors to expect higher future returns, and bear markets lead them to expected lower future returns. But the price you pay for an asset also has a great impact on future returns. Consider the following evidence:

The average historical P/E ratio for the market has been around 15. A study covering the period from 1926 through the second quarter of 1999 found that an investor buying stocks when the market traded at P/E ratios of between 14 and 16 earned a median return of 11.8 percent over the next 10 years. This was remarkably close to the long-term return of the market. The S&P 500 returned 11.0 percent per year for the 74-year period 1926-2000.

On the other hand, investors purchasing stocks when the market traded at P/E ratios of greater than 22 earned a median return of just 5 percent per year over the next 10 years. And investors who purchased stocks when the market traded at P/E ratios below 10 earned a median return of 16.9 percent per year over the next 10 years.

Swedroe: Valuations And Asset Allocation

Yesterday I linked to Larry Swedroe’s excellent piece on asset allocations and valuation at ETF.com. I wanted to pull out the most salient point here because I think it’s so crucial for investors to understand. The debates about CAPE and valuation that rage constantly in the media usually center around a “should you buy or sell” question. In truth, there is no buy signal from PE ratios, but there is a very real possibility of higher or lower long-term returns depending on when the bulk of your money is invested in stocks.

Fortunately, we don’t currently sell at an extreme PE multiple in US stocks, although it is elevated. Meanwhile, many foreign stock markets are becoming scary-cheap.

Picture by Geralt at Pixabay.





Evidence of Another Even More Sweeping Housing Bust is Already Starting to Appear

Evidence of Another Even More Sweeping Housing Bust is Already Starting to Appear

By Elliott Wave International

Editor's note: With permission, the following article was adapted from the October 2014 issue of The Elliott Wave Financial Forecast, a publication of Elliott Wave International. Rview an extended version of the article for free here.

In February, The Elliott Wave Financial Forecast discussed the great boom in New York City's residential real estate and its keen resemblance to what happened in 1929, when the demand for luxury housing also spiked to previously unseen heights. At 133 East 80th Street, we found this plaque commemorating the earlier era's brick-and-mortar monuments to a Supercycle degree peak in social mood.

The plaque went up in 2010, demonstrating the strength of the bullish echo from the end of Supercycle wave (III) to the final after-effects of Supercycle wave (V). Another link to the prior manic era is that many of Rosario Candela-designed apartment towers from the 1920s have become "some of New York's most coveted addresses." As architectural historian Christopher Gray puts it, Candela is now Manhattan real estate brokers' "name-drop of choice. Nowadays, to own a 10-to 20-room apartment in a Candela-designed building is to accede to architectural as well as social cynosure."

Of course, the most brilliant stars in the New York skyline are those that sell for the highest prices, and that honor belongs to the brand new penthouses that the Financial Forecast talked about in February. Most are popping up along the rim of Central Park, forming a ring of cloud-topping towers that will be so pronounced it is already called Billionaires' Row.

Here is a short video that shows two of them as they were topped off in February.

The video helps illustrate our point from February: "As in the 1880s, the views and proximity to Central Park drive development, but the new buildings rise so high that the park's presence fades away."

As the Dow rallied to its September high, prices for space in these buildings also entered the stratosphere. According to Forbes, a penthouse apartment on the 89th and 90th stories of One57 (building at the end of the clip) sold for $90 to $100 million,…
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The Flat Debt Society

The Flat Debt Society

By John Mauldin, Thoughts from the Frontline

International Monetary Fund chief Christine Lagarde says the global economy is facing “the risk of a new mediocre, where growth is low and uneven.”…  Lagarde said Europe's 18-nation bloc that uses the euro currency – collectively the world's biggest economy – is facing the "not insignificant" risk of falling back into a recession. (VOA News)

Since at least the beginning of 2006, the most asked question I get after a speech is “Do you think we will have inflation or deflation?” In an attempt at humor, my answer has been “Yes.” I go on to try to explain that we are in a deflationary environment, but eventually we will see inflation. When QE1 was announced, there were many pundits (none of the Keynesian variety) who immediately said the risk was for significant inflation, and there were even those (like Peter Schiff) who talked of hyperinflation and the demise of the dollar. Interest rates would rise, and US government bonds would collapse.

My response at the time was that the Federal Reserve would print more money than any of us could possibly imagine (and who imagined $3+ trillion?), and we would not see any inflation. My reasoning was that we were in a deleveraging world where the velocity of money was clearly falling. I explained – once again – the relationship between inflation and the velocity of money.

Beginning with last week’s letter, “Sea Change,” my answer to that question for the foreseeable future will be simply, “Deflation.” In Endgame Jonathan Tepper and I described the economic environment of a deleveraging world, especially that of Europe. In Code Red we described the coming world of currency wars, with Japan having fired the first shot. Sadly, we continue to see the themes of those books play out in the real world.

Over the coming months we are going to explore the implications of a rising dollar for equity markets, global trade, commodity prices (especially oil), interest rates, and Federal Reserve policy, just to mention a few of the areas that will be impacted as global currency flows shift and protectionism is on the rise. Not all markets and governments will be affected in…
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Saxo Bank CIO Jakobsen Predicts Another “Shock Drop” in Markets; Addicted to Cheap Money

Courtesy of Mish.

Inquiring minds are tuned into the Saxo Bank’s 4th Trading Debate on Volatility and Performance.

Another “Shock Drop” in Markets

Saxo Bank CIO Steen Jakobsen says Another ‘Shock Drop’ is Coming and it’s Coming Soon

Steen takes the view that central bank policy is creating a ‘fantasy land’ for investors and he points out that the recent ‘day dive’ in markets was a closer reflection of reality.

Steen outlines his suggestions for trading ahead of another dip in mid November with targets for the S&P 500 around 1810 and the Dax at 8000 – 7800.

China Replicates West’s Mistakes Says Trading Panel

Martin O’Rourke, Managing Editor of Saxo’s TradingFloor.Com says China ‘Replicates’ West’s Mistakes

“China’s lesson from the Asia crisis of the 1990s was never to be beholden to the West for debt,” Director at Fathom Consulting Danny Gabay said. “Our concern is China will mismanage what increasingly looks like a hard landing.”

“China has effectively managed to replicate the mistakes of the West since the global financial crisis,” said Gabay. “The Chinese will ultimately be defaulted upon.”

Addicted to Cheap Money

Societe Generale macro strategist Kit Juckes also warned of some tough times ahead. “We’re getting deeper into a mess. We’re addicted to cheap money and the addiction is getting stronger.”

Martin Wolf Bearish on Markets and China

In another Trading Debate panel Martin Wolf Says He’s Bearish on Markets.

Martin Wolf, chief economics commentator at the Financial Times and one of the main speakers at Saxo Bank’s #TradingDebates event in London today. “The world is never out of the woods and people will always get lost in them,” he said.

“The Chinese growth model is collapsing and they know it,” says Wolf. “China will disappoint on the downside and we will see the negative impact of that on commodities,” he added….



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How High Up Did the London Whale Criminality Go at JPMorgan?

Courtesy of Pam Martens.

JPMorgan Building

Yesterday the Inspector General of the Federal Reserve System released a highly abbreviated report on the New York Fed’s supervision of JPMorgan’s Chief Investment Office (CIO) that spawned the $6.2 billion in exotic derivative losses in 2012 – using hundreds of billions of dollars in FDIC insured deposits to make those wild bets. The debacle became known as the London Whale since the outsized trades were conducted in London.

The four page summary report that was sanitized for the public includes two bombshells for those who took the time to read the report carefully. First, the Inspector General specifically notes that “we selected July 2004 through April 2012 as the time period for our evaluation. July 2004 marked JPMC’s merger with Bank One Corporation (Bank One), and JPMC created the CIO in 2005.”

What is the relevance of that nugget? We learn for the first time that no Chief Investment Office existed at JPMorgan until after the Bank One merger which brought Jamie Dimon on board JPMorgan for the first time. Dimon was CEO of Bank One at the time of the merger in 2004. The deal included the terms that Dimon would immediately become President and Chief Operating Officer of the combined firms and step into the role as CEO in 2006.

Next we are told by the Inspector General that New York Fed staff recommended no less than three examinations of the Chief Investment Office – in 2008, 2009 and 2010. But the examinations just never came to fruition.

The report offers three extremely wussy explanations for why there was no comprehensive review of what was going on in the Chief Investment Office by the New York Fed: “FRB New York did not conduct the planned or recommended examinations because (1) the Reserve Bank reassessed the prioritization of the initially planned activities related to the CIO due to many supervisory demands and a lack of supervisory resources, (2) weaknesses existed in controls surrounding the supervisory planning process, and (3) the 2011 reorganization of the supervisory team at JPMC resulted in a significant loss of institutional knowledge regarding the CIO.”

Pure poppycock. We can think of a far more realistic explanation for why no meddling into high risk trading at JPMorgan using depositors’ savings was ever
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US Airdrops Load of Weapons Into Hands of ISIS

Courtesy of Mish.

In yet another embarrassing moment for the Obama administration, Isis Claims it has US Airdrop of Weapons.

A US airdrop of arms to besieged Kurds in Kobani appears to have missed its target and ended up in the hands of Islamic State (Isis) militants.

Video footage released by Isis shows what appears to be one of its fighters for in desert scrubland with a stack of boxes attached to a parachute. The boxes are opened to show an array of weapons, some rusty, some new. A canister is broken out to reveal a hand grenade.

The Pentagon said it was investigating the claim but admitted that one of its airdrops had gone missing.

The Pentagon spokesman, Rear Admiral John Kirby, told reporters that analysts at Centcom headquarters in Tampa, Florida, were examining the video. “We’re still taking a look at it and assessing the validity of it,” he said. “So I honestly don’t know if that was one of the one dropped.”

“I do want to add, though, that we are very confident that the vast majority of the bundles did end up in the right hands. In fact, we’re only aware of one bundle that did not.”

The airdrops were carried out by three C-130 planes. The video shows a man in camouflage clothes and balaclava looking through the boxes of munitions. He says they were dropped by US forces and had been intended for the Kurds. He described them as the spoils of war.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com



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Wall Street Is One Sick Puppy – Thanks To Even Sicker Central Banks

Wall Street Is One Sick Puppy – Thanks To Even Sicker Central Banks

Courtesy of David Stockman via Contra Corner blog

Last Wednesday the markets plunged on a vague recognition that the central bank promoted recovery story might not be on the level. But that tremor didn’t last long.

Right on cue the next day, one of the very dimmest Fed heads—James Dullard of St Louis—-mumbled incoherently about a possible QE extension, causing the robo-traders to erupt with buy orders. By the end of the day Friday, with the market off just 5% from its all-time highs, the buy-the-dips crowd was back, proclaiming that the “bottom is in”. This week the market has been energetically retracing what remains of the October correction.

And its no different anywhere else in the central bank besotted financial markets around the world. Everywhere state action, not business enterprise, is believed to be the source of wealth creation—at least the stock market’s paper wealth version and even if for just a few more hours or days.

Thus, several nights ago Japan’s stock market ripped 4% higher in the blink of an eye after the robo-traders scanned a headline suggesting that Japan’s already bankrupt government would start buying even more equities for its pension plan. And that comes on top of the massive ETF and equity purchases already being made by the BOJ.

Likewise, yesterday morning the European bourses soared on a self-evident trial balloon enabled by Reuters that the ECB might start buying corporate bonds—in addition to asset-backed commercial paper, covered mortgage bonds and targeted loan advances to commercial banks. Moreover, all this prospective asset buying with freshly minted ECB credit was supposedly a prelude to outright QE—-that is, adding sovereign debt to the ECB’s already bloated balance sheet.

The thing is, however, the last injection is never enough in today’s stimulus addicted casinos. In the case of the ECB, the market’s pandering for more monetary stimulus is especially disingenuous. The pot-bangers claim, of course, that the ECB’s current balance sheet inflation plan is just retracing old ground;  and that it simply needs to fill a $1.2 trillion “hole” to get its balance sheet back to where it was in mid-2012 when Draghi’s “whatever it takes” was delivered to Europe’s roiled bond and equity markets.

Let’s see. In just the eight year period leading up the crisis of 2012, the ECB’s balance sheet had exploded by 4X. And the the truth of the matter is that the subsequent shrinkage shown below…
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Real Hourly Wages Drop In September, Fail To Rise In 6 Of Past 7 Months

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

One of the greatest misconceptions plaguing modern economics is that just because there is broad inflation (real, not hedonic, seasonally-adjusted or a burst in Saudi Arabia dumping crude to pressure a Russian default), then nominal, and real, wages also have to increase.

The problem is that without the latter, there can be no actual economic recovery, and instead one ends with stagflation, something Japan is acutely experiencing right now.

Another problem: with nearly one hundred million people out of the labor force, and epic slack within the workforce, there is virtually no amount of inflation in this environment that can force corporations to not only stop firing people (see M&A bubble) but actually hike their pay (except of course for BTFD "traders" at major hedge funds and bank prop desks).

And just to confirm this, alongside the CPI data released earlier which showed the smallest possible broad price increase, when considering that previously the BLS reported flat nominal hourly wages in September, it implied that real wages declined once again. Sure enough, in a separate report today, the BLS announced that real average hourly earnings (in constant 1982-1984 dollars) declined once again, this time from $10.34 to $10.32, a -0.2% drop from past month.

This also means that since March, there has been just one month in which real hourly wages have increased, and that was mostly due to the outright deflationary print the BLS reported last month.

As for the flipside, there have now been 5 outright decreases in real hour wages since March of this year.

 

Putting America's real wages in context, the $10.34 real hourly wage is at a leve last seen in December 2008, just after Lehman collapsed.

 





Poster Children

Poster Children

Courtesy of 

grimace

IBM, Coca-Cola and McDonalds are three of America’s largest corporations and most well-known brands. They are true multinationals in every sense of the word and they dominate their industries both at home and abroad. They are numbers 23, 58 and 106 on the Fortune 500 list, respectively. Together, they make up 12 percent of the Dow Jones Industrial Average’s total weighting.

And all three are plagued by the same problem – they’re shrinking. More than this, their shrinkage is finally being recognized on The Street, now that investors are peeling back all of the layers of buyback and dividend subterfuge that’ve kept this fact disguised for so many years.

McDonalds has been trading like a bond for the last two years, oscillating within a tight ten-point range between 90 and 100 dollars a share, a 3-and-change percent dividend along with a buyback keeping it afloat almost regardless of how poorly its margins and same store sales have come in. Not anymore. This morning it told Wall Street that earnings in the last quarter are down by an unbelievable 30 percent. No more bond-like status for Mickey D – and indeed, the stock looks to trade below the $90 level for the first time since January of 2013. As McDonalds raises prices on fancier offerings, they run into new competitors at the higher tier. As they fight to maintain their economically absurd “Dollar Menu”, they collapse their own margins. It’s not unfixable, but it’s a bad situation. On top of that, all of the marketing in the world cannot change the fact that the current McDonalds product and experience is socially unacceptable to what used to be the company’s core audience. I don’t know anyone who would feed their kids that stuff or bring a greasy sack of it up to their office these days.

Coca-Cola’s core business, diet and regular soda, is dead. Everyone knows it except for shareholders, who’ve kept the stock near 52-week highs regardless of the massive shift in consumer tastes away from sugars, preservatives, artificial ingredients and unhealthy soft drinks. They’ve been shareholder-friendly on management incentives, dividends and buybacks as well – but it may not be enough anymore. Coca-Cola is not growing and


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What Do You and the Energizer Bunny Have in Common?

TransTech Digest: What Do You and the Energizer Bunny Have in Common?

By Patrick Cox

While it would be a stretch to say that you run on lithium, you may stand to benefit greatly from it. Human biochemistry is one of the most complicated systems in existence. Certainly, it’s the most studied of complicated systems. As the tools available to biotechnologists increase in power exponentially, the pace of discovery in all the biological sciences is increasing dramatically. The science of nutrition is no exception. In fact, it appears to be one of the biggest and earliest beneficiaries.

The term bioinformatics refers to the application of computer technologies such as advanced correlation analysis to biological data. In conjunction with increasingly sophisticated databank software, the ability to collect more accurate and meaningful data has also improved due to the falling cost of high-tech biotech tools. One field that is experiencing major transformations due to bioinformatics is the science of nutrition. As scientists turn their investigative attention to our diets, we’re often very surprised to learn which chemicals are beneficial and which are detrimental.

Over the past decade, it’s become increasingly clear that lithium has various neuroprotective abilities, meaning that it helps preserve the health and function of the electrically activated neurons of our nervous systems. Neurons differ from most cells in that they do not replicate via cell division, or mitosis. Instead, they can increase through a process called neurogenesis that involves the neural stem cells and progenitor cells. At one time, it was believed that adults couldn’t grow additional neurons, but recent discoveries, including the mitochondrial breakthroughs I’ve written about here, have shown this not to be true. Nevertheless, the health and function of our neurons is of critical importance because these critically important cells give us our power to think and sense.

Lithium, a metal so light that bars of the element float in water, is found in varying concentrations in soils. People ingest lithium either directly through drinking water or indirectly by way of plant foods that absorb local water.

Another possible way to consume lithium is by smoking tobacco that has high lithium content. Let me be very clear that I’m not recommending that you smoke anything. In fact, I’m recommending…
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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 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!

 
 

Zero Hedge

Russia is de-dollarizing

Courtesy of ZeroHedge. View original post here.

Submitted by Gold Standard Institute.

 

The ruble and other currencies do not compete against the dollar. They are dollar derivatives.

The dollar is headed to ruin, but that doesn’t mean that any other paper currency can replace it. The others will fail first.

The dollar will fail last.

 

The failure of the dollar, and the transition to gold happens to be the theme of an event The Gold Standard: Both Good and Necessary, in New York on Nov 1. There hasn’t been a real recovery from the crisis of 2008, and there won’t be until we return to the use of g...



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Chart School

Time for the Pullback?

Courtesy of Declan.

Sellers were going to make an appearance at some point and today was the day they paid a visit. Whether a larger pullback emerges will depend on events over the coming days, but today's selling did emerge at some natural attack points for shorts.

The S&P finished with a 'bearish cloud cover,' but it did manage to hold declining resistance turned support, and the 20-day MA has entered the fray as an area for bears to work. But this wasn't the most bearish of the indices, and today's finish actually gives bulls a long play tomorrow (for a bounce off support).  Technicals also suggest a bounce.


While the S&P may give bulls something tomorrow, th...

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Option Review

LUV Options Active Ahead Of Earnings

There is lots of action in Southwest Airlines Co. November expiry call options today ahead of the air carrier’s third-quarter earnings report prior to the opening bell on Thursday. Among the large block trades initiated throughout the trading session, there appears to be at least one options market participant establishing a call spread in far out of the money options. It looks like the trader purchased a 4,000-lot Nov 37/39 call spread at a net premium of $0.40 apiece. The trade makes money if shares in Southwest rally 9.0% over the current price of $34.32 to exceed the effective breakeven point at $37.40, with maximum potential profits of $1.60 per contract available in the event that shares jump more than 13% to $39.00 by expiration. In September, the stock tou...



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Phil's Favorites

Larry Swedroe: Use Valuations for Expected Returns, Not Market Timing

Larry Swedroe: Use Valuations for Expected Returns, Not Market Timing

Courtesy of 

When forecasting investment returns, many individuals make the mistake of simply extrapolating recent returns into the future. Bull markets lead investors to expect higher future returns, and bear markets lead them to expected lower future returns. But the price you pay for an asset also has a great impact on future returns. Consider the following evidence:

The average historical P/E ratio for the market has been around 15. A study covering the period from 1926 through the second quarter of 1999 found that an investor buying stocks when the market traded at P/E ratios of between 14 and 16 e...



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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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Insider Scoop

UPDATE: Brean Capital Initiates Coverage On GrubHub

Courtesy of Benzinga.

Related GRUB UPDATE: JMP Securities Initiates Coverage On GrubHub Inc Benzinga's Top Initiations Making Money With Charles Payne: 09/25/14 (Fox Business)

Brean Capital initiated coverage on GrubHub Inc (NYSE: GRUB) with a Hold rating.

Analyst Tom Forte noted that "catalysts for the stock include an accelerat...



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Sabrient

Sector Detector: Sharp selloff in stocks sets up long-awaiting buying opportunity

Courtesy of Sabrient Systems and Gradient Analytics

Last week brought even more stock market weakness and volatility as the selloff became self-perpetuating, with nobody mid-day on Wednesday wanting to be the last guy left holding equities. Hedge funds and other weak holders exacerbated the situation. But the extreme volatility and panic selling finally led some bulls (along with many corporate insiders) to summon a little backbone and buy into weakness, and the market finished the week on a high note, with continued momentum likely into the first part of this week.

Despite concerns about global economic growth and a persistent lack of inflation, especially given all the global quantitative easing, fundamentals for U.S. stocks still look good, and I believe this overdue correction ultimately will shape up to be a great buying opportunity -- i.e., th...



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Digital Currencies

Goodbye War On Drugs, Hello Libertarian Utopia. Dominic Frisby's Bitcoin: The Future of Money?

Courtesy of John Rubino.

Now that bitcoin has subsided from speculative bubble to functioning currency (see the price chart below), it’s safe for non-speculators to explore the whole “cryptocurrency” thing. So…is bitcoin or one of its growing list of competitors a useful addition to the average person’s array of bank accounts and credit cards — or is it a replacement for most of those things? And how does one make this transition?

With his usual excellent timing, London-based financial writer/actor/stand-up comic Dominic Frisby has just released Bitcoin: The Future of Money? in which he explains all this in terms most readers will have no tr...



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OpTrader

Swing trading portfolio - week of October 20th, 2014

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

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Market Shadows

Falling Energy Prices: Sober Look takes a Sober Look

Falling Energy Prices: Sober Look takes a Sober Look

What do falling energy prices mean for the US consumer? Sober Look writes a brief yet thorough overview of the consequences of the correction in the price of crude oil. There are good aspects, particularly for the consumer, bad aspects, and out-right ugly possibilities. For more on this subject, read James Hamilton's How will Saudi Arabia respond to lower oil prices?  In previous eras, Saudi Arabia would tighten the supply to help increase prices, but in this "game of chicken," the rules m...



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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 this week's Stock World Weekly. Just sign in with your PSW user name and password. (Or take a free trial.)

#457319216 / gettyimages.com

 

...

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Promotions

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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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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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