Archive for the ‘Phil’s Favorites’ Category

How Amazon could lose its health-care bid while drug distributor stocks win

 

How Amazon could lose its health-care bid while drug distributor stocks win

Courtesy of Vitaliy Katsenelson, Contrarian Edge

Amazon.com has been one of the most innovative and disruptive companies of this century, with incredible success in areas that lie outside of what has been historically perceived as its core business (book selling).

Thus every announcement or speculation that Amazon will enter into a particular industry sends stocks of that industry into a tailspin. Investors sell first and ask questions later. When Amazon announced its purchase of Whole Foods, grocery stores declined as much as 30%. Even Tesco separated by an ocean from Whole Foods, was down on that news.

A big part of Amazon’s success has come from not being taken seriously by its competition. Amazon was able to create a huge lead in AWS (Amazon Web Services) because the competition (Alphabet and Microsoft did not give Amazon enough respect. Competitors thought, “what does a book seller know about the cloud?” Well, according to Amazon CEO Jeff Bezos, such thinking gave Amazon a much bigger lead over its rivals. Today, everyone takes Amazon seriously. Indeed, fear of Amazon is reaching paranoia levels.

McKesson shares, for example, took a 20% dive during the fourth quarter of 2017 on speculation that Amazon would start distributing pharmaceuticals in the U.S. As McKesson shareholders, my firm took this speculation seriously, but upon further investigation, it became evident that such concerns were overblown. After the market cooled off from fourth-quarter worry about Amazon, McKesson shares recovered.

Then in late January, news that Amazon, JPMorgan Chase, and Berkshire Hathaway will join forces to drive down U.S. health-care costs hit health-care sector stocks, including McKesson.

How big of a punch could this be? McKesson is the largest distributor of pharmaceuticals in the U.S. Its 2018 sales are on track to exceed $210 billion. It is important to point out that McKesson is not a retailer but a distributor. It is one of three railroads for drugs in the U.S. McKesson distributes drugs to thousands of independent pharmacies, as well as giants like CVS Health, Rite Aid and Walmart McKesson operates two distinct distribution businesses: branded and generics. Though these businesses may look similar on the surface, the economic models of branded and generic businesses are quite different.

In the…
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Ryan Grim Interviews Elizabeth Warren

 

Via Ryan Grim's newsletter (sign up here): "Elizabeth Warren grew up in Oklahoma hearing stories of the dust bowl and the Great Depression, but was married at the age of 19, a mother just a few years later, and did not take a serious turn toward politics until she was well into her 40s. I talked with her about her highly unusual political development. I think that even if you know an awful lot about Warren — a loyal newsletter reader — you’ll find something new in this article. Story is here" [and below]. ~ Ryan Grim

ELIZABETH WARREN ON HER JOURNEY FROM LOW-INFORMATION VOTER

Courtesy of Ryan Grim, The Intercept

ELIZABETH WARREN’S FIRST political memory is from around the time she was six years old, listening to stories about the Great Depression from her grandmother, Hannie Crawford Reed. 

“They lost money when those banks closed up,” she said of her grandparents and others in her extended family in Oklahoma. “They watched these little towns shrivel up when the bank was gone. There was no money, there were no jobs. So my grandmother used to say one thing that was political that I can remember. She’d say, ‘Franklin Roosevelt made it safe to put money in banks,’ and she would say, ‘and he did a lot of other things, too.’”

The Depression loomed especially large in her family lore. “I wasn’t born until long after the Depression, until after World War II, but I grew up as a child of the Depression, because my grandmother and grandfather, my aunts, my uncles, my mom and my dad, all my older cousins had lived through the Depression. And it was such a searing experience in Oklahoma, that the Depression hung around our family like a shroud. It was always there,” she said.

As a politician from Massachusetts, Warren has had little incentive to talk about her time growing up in Oklahoma or her early years as a young mom in Texas. But they were formative political experiences, which Warren spoke of at length in a recent interview with The Intercept. Oklahoma, when Warren was a child in the 1950s, was still home to a vibrant movement of populist,…
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Trump’s challenge to the US legal system must be taken seriously

 

Trump's challenge to the US legal system must be taken seriously

Courtesy of Emma Long, University of East Anglia

Donald Trump was elected president in the middle of perhaps the most contentious battle of recent times over the Supreme Court, as congressional Republicans refused to so much as hold hearings on Barack Obama’s nominee to fill an empty seat on the bench. Less than a month into his tenure, Trump courted controversy by criticising judges who struck down his travel ban on people from several mostly Muslim countries. And now, a little more than a year on from his inauguration, Trump is playing politics with the judicial system more brazenly than any president in recent memory.

Trump has repeatedly suggested that the courts are no different to the other branches of government, that they are as political as Congress or the president. He has specifically accused judges of acting out of political antipathy: “It would be so great for our justice system if they would be able to read a statement and do what’s right,” he fumed in February 2017.

In response, some of Trump’s critics have accused him of ignoring the constitutional limits of his office. But for all the consternation over Trump’s words, the politicisation of the courts – and especially the Supreme Court – is not new. Trump is being more open about it, but he’s far from the first culprit.

Political football

As I’ve written elsewhere, the modern trend to play politics with the Supreme Court dates back to at least 1987, when the Senate rejected Ronald Reagan’s nominee, Robert Bork, who was considered “too conservative”. In 1991, when accused of sexual harassment by former colleague Anita Hill, Clarence Thomas all but accused the all-white Senate Judiciary Committee of racism; in 2010, then-Senate Majority Leader Mitch McConnell described Obama nominee Elena Kagan as “someone who has worked tirelessly to advance a political agenda.” (Kagan and Thomas both sit on the court today.)

Then came the unprecedented 2016 battle over whether Obama should be allowed to fill a vacant Supreme Court seat during his last year in office. Republicans refused to hold hearings on Obama’s nominee, Merrick Garland,…
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Seeing Your Blind Spots

 

Seeing Your Blind Spots

Courtesy of 

“The first principle is that you must not fool yourself — and you are the easiest person to fool.”

-Richard Feynman

Anybody who has ever tried to beat the market knows that understanding psychology is just as important as understanding a business. You can know a company’s return on equity to the third decimal and what management likes to do with excess capital, but if you don’t understand prospect theory or confirmation bias, you’re missing the most important elements of what it takes to be a successful investor.

Studying investor psychology, however, is not enough, because the more we learn about it, the easier it is to become convinced that these foibles apply to other people and not to ourselves. You can read all the behavioral finance books in the world, but if you don’t apply this knowledge, you’re no better off than the investor who has never heard of Daniel Kahneman.

I traded full time for almost two years and most of what I learned can be boiled down to what everybody already knows: beating the market is ridiculously hard. But if everybody knows this, then why do so many try? And if they don’t know before they dive in, then why do people who fail to beat the market continue to try when their own experience suggests they can’t?

I suspect that people persist in failure because they don’t even know that they are failing in the first place. And they don’t know they’re failing because they don’t record and track their results.

It’s easy for investors to subconsciously inflate their track record because our memories mislead us. Memory is one of investor’s biggest blind spots.

Daniel Gilbert wrote about the dangers of relying on memory in Stumbling on Happiness:

Memory is less like a collection of photographs than it is like a collection of impressionist paintings rendered by an artist who takes considerable license with his subject. The more ambiguous the subject is, the more license the artist takes, and few subjects are more ambiguous than emotional experience.

Few subjects are more ambiguous


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The American public has power over the gun business – why doesn’t it use it?

 

The American public has power over the gun business – why doesn't it use it?

File 20180216 75994 1yh9slx.jpg?ixlib=rb 1.1

Attendees attend a candlelight vigil for the victims of a shooting at a Florida school. AP Photo/Wilfredo Lee

Courtesy of Brian DeLay, University of California, Berkeley

As teenagers in Parkland, Florida, dressed for the funerals of their friends – the latest victims of a mass shooting in the U.S. – weary outrage poured forth on social media and in op-eds across the country. Once again, survivors, victims’ families and critics of U.S. gun laws demanded action to address the never-ending cycle of mass shootings and routine violence ravaging American neighborhoods.

The 14 children and three adults shot dead on Feb. 14 at Marjory Stoneman Douglas High School were casualties of the nation’s 30th mass shooting this year – defined by the Gun Violence Archive as involving at least four victims including the injured – and one of the deadliest in U.S. history. A question on many minds is whether this massacre will finally compel Washington to act. Few commentators seem to believe so.

If advocates for reform despair, I can understand. The politics seem intractable. It’s easy to feel powerless.

But what I’ve learned from a decade of studying the history of the arms trade has convinced me that the American public has more power over the gun business than most people realize. Taxpayers have always been the arms industry’s indispensable patrons.

Gun maker Simeon North made this flintlock pistol around 1813. Balefire/Shutterstock.com

Washington’s patronage

The U.S. arms industry’s close alliance with the government is as old as the country itself, beginning with the American Revolution.

Forced to rely on foreign weapons during the war, President George Washington wanted to ensure that the new republic had its own arms industry. Inspired by European practice, he and his successors built public arsenals for the production of firearms in Springfield and Harper’s Ferry. They also began doling out lucrative arms contracts to private manufacturers such as Simeon North, the first official U.S.
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The importance of GE’s credit rating

 

The importance of GE's credit rating

Courtesy of John Hempton, Bronte Capital

The cover story in Barrons this week is on GE's dim prospects. I confess to being a very minor source for that story. I don't own GE – but there is a price below the current price where I would buy it.

That said, I think there is one last shoe to drop, and it is a doozy. And it wasn't covered in Andrew Bary's excellent article. That is that GE's credit rating – and hence its business – is under threat.

GE's best business (by far) is jet engines where it competes with Rolls Royce (in wide-bodied engines) and a Pratt & Whitney consortium in narrow bodied engines. 

There is a new generation of engines (and planes) now – and the aviation business is booming. Boeing's stock price reflects that.

But GE is no longer the unequivocal engine leader. In wide-bodied (ie planes with two aisles) the current leader is the Airbus A350 powered by a Rolls Royce engine. It is the most fuel efficient long-haul plane on the market (measured in fuel cost per passenger-mile) and the engine is provided exclusively by GE's competitor. GE is playing catch-up – but will probably succeed with the Boeing 777x which (on paper anyway) will take the mantle as the world's most efficient plane.

In narrow-bodied the GE may still be the leader but Pratt & Whitney has caught up a great deal. Picking the competing engines apart is difficult (although at the moment the Pratt & Whitney competition has problems with a knife-edge seal). [I know serious aviation nerds who think the P&W engine is a better product with better prospects - although I think that is a minority view.]

--

The jet-engine business is threatened by GE's current worries. You see jet engines (especially wide-bodied jet engines) are sold with very long-term maintenance contracts. If I order a 777x now it will be a couple of years before the first delivery, maybe 10 years before my delivery and expect to be flying the plane for another 20-25 years after that. I may be ordering 10 planes in which


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Waymo’s “Uber-Killer” Robo-Taxi Set For Arizona Rollout

Courtesy of Zero Hedge

Waymo, a unit of Alphabet, is set to launch a ride-sharing service similar to Uber, but with no human driver behind the wheel. Officials in Arizona granted Waymo a permit to operate as a transportation network company (TNC) across the state on Janurary 24, following the company’s initial application on Janurary 12, Bloomberg  reported.

The imminent release of a robotic fleet of fully autonomous Chrysler Pacifica minivans could be flooding the highways of Arizona, causing major headaches for Uber.

Since April of last year, Waymo has been experimenting with its self-driving fleet on the human guinea pigs of Phoenix, offering residents 24/7 access to the free ridesharing service. TNC status is a significant step for Waymo, because it now authorizes the company to start charging its passengers.

Waymo’s vehicles in the Phoenix area have driven more than 4 million miles on public roads. In November, the company said a portion of its cars in the Phoenix area were operating in fully autonomous mode, what’s known in industry parlance as level four autonomy.

“A fully self-driving fleet can offer new and improved forms of sharing,” Waymo said at the time, adding that in coming months it would invite members of the public to ride in the fully autonomous vehicles, beginning with those already in the early rider program.

“As we continue to test drive our fleet of vehicles in greater Phoenix, we’re taking all the steps necessary to launch our commercial service this year,” a Waymo spokesman said in an emailed statement.

As Quartz notes, driverless cars are widely believed to be the "silver bullet" that will make ride-hailing profitable by eliminating the main cost: wages paid to human drivers.

In the fourth quarter of 2017, Uber paid about $8 billion to drivers in earnings and bonuses, or about 72% of its gross revenue for the quarter. As a result, Uber lost $4.5 billion last year on $7.5BN in net revenue ($37BN gross revenue).

Waymo has yet to discuss driving rates for the Phoenix area, let alone provide plans to operate across other cities in the United States.

The threat from Google could prove existential…
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The Great Bear Market Of 2018

Courtesy of Lance Roberts, RealInvestmentAdvice.com

The Bear Market Of 2018

Let’s start with where we left off last weekend:

“Currently, we do not know whether the current corrective action is JUST a normal, healthy correction, or the beginning of something bigger.

BUT – this is the expected correction we have been discussing over the last several weeks. It is also something we had planned for by reducing overweight positions and adding a short-hedge to portfolios. 

With the markets on a short-term sell signal (noted by black vertical dashed lines in the chart above,) the current correctional process is underway. But, with the market now oversold on a VERY short-term basis a counter-trend rally over the next week, or two, should be expected.”

Well, we did indeed get a very nice rally last week with the market breaking above the 50-dma on Thursday.

While the immediate consensus is the “bear market of 2018” is now over, there are several important points about the chart above that should be considered.

  1. Despite the correction, the market did hold support at the 200-dma
  2. The bullish trend line, which goes back to the beginning of 2016, has also not been violated.
  3. However, the upper red “trendline” may provide some overhead resistance temporarily and is worth watching closely. 
  4. While the market did get oversold on a short-term basis, which suggested a bounce was likely, the longer-term overbought condition, and subsequent “sell signal” remain intact. 

The bottom line is that while there was much “angst” in the markets last week, the market has not violated any important trend lines that would suggest the current sell-off is anything more than just an ordinary “garden variety” correction. 

But, I wrote:

“The larger concern currently, is the ‘sell signal’ which has been triggered at abnormally high levels and remains in extremely overbought territory. Such suggests there remains ‘fuel’ for either a ‘deeper correction’ or a ‘consolidation’ of the markets in the weeks ahead to ‘work off’ that ‘overbought’ condition. Historically, markets don’t resolve such conditions by trading ‘sideways.’” 

While we are watching that closely, it certainly doesn’t mean the market can’t rally higher from here. In fact, with the markets clearing the 50-dma on Friday, the upper-trend line…
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The Kids Have It Right

 

The Kids Have It Right

Courtesy of 

The kids have it right.

It’s not a “mental health” issue. It’s an access to military-style weapons issue. There should be less access, period, full stop.

Every responsible gun owner would agree with this. And the way you know for a fact that it’s true – we have a school shooting incident every 60 hours in this country. No other developed nation has anything like this going on.

Are we to believe that this is because there are no mental health issues anywhere else?

Or – and the only plausible explanation – other countries have mental issues but do not allow an 18 year old to walk into a store and buy a weapon that can fire 45 rounds per minute, with very little vetting, no training and no restriction.

I’ve been sick to my stomach thinking about this all week. The idea that because we can’t prevent all gun violence, we should not try to prevent any of it is the dumbest, most tired and dangerous argument around right now. It’s a lie that is covered in the blood of innocents. Mass shooters, who almost always tote an AR-15 or similar weapon, don’t ask you if you’re a Democrat or Republican before opening fire. And I’ll go ahead and assume that parents at both ends of the political spectrum love their children equally. So why on earth is access to military-style weapons a partisan issue?

I believe in the second amendment and the constitutional guarantee that Americans have the right to bear arms and defend themselves. But without any restriction? Should we be allowed to have rocket launchers at home? Missiles? An M1 Abrams tank? A nuclear submarine?

The NRA is not fighting for the second amendment or for responsible gun owners. The NRA is a LOBBY FOR THE GUN MANUFACTURERS and their clients want to sell high ticket-price, high margin assault weapons. So they twist the minds of Americans and corrupt the political system…
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How 21 artists graffitied one man’s property, made it famous, sued him when he knocked it down and won $6.7m

 

How 21 artists graffitied one man's property, made it famous, sued him when he knocked it down and won $6.7m

File 20180215 130997 yjgedt.jpg?ixlib=rb 1.1

Nigel Morris/Flickr, CC BY-SA

Courtesy of Enrico Bonadio, City, University of London

It’s an extraordinary tale with a whiff of Banksy about it, although surprisingly, he was not involved. In a landmark ruling, 21 New York street artists have sued and won US$6.7m in damages from the owner of a building who destroyed their graffiti when he had the building demolished.

Following a three-week trial in November, on February 12, Judge Frederic Block ruled against Jerry Wolkoff, owner of the 5Pointz complex in Queens, conferring the biggest award of $1.3m on the building’s mastermind-curator, graffiti artist Meres One, real name Jonathan Cohen.

5Pointz mastermind Jonathan Cohen, aka Meres One, who won $1.3m in the landmark court ruling. Thee Erin/Flickr, CC BY-SA

The demolition of the former factory site turned graffiti mecca began in August 2014. The year before, artists had tried to oppose the warehouse’s destruction, but an attempt to win an injunction to prevent the owner from knocking it down was unsuccessful.

In the 1990s, Wolkoff had agreed to allow the derelict factory to be used as a showcase for local graffiti talent. Called the Phun Factory, it was later renamed 5Pointz by Meres One in 2002. Under the artist’s watchful eye, it evolved into an “aerosol art centre” and became famous the world over, a huge draw for graffiti aficionados and tourists alike.

In the end, Wolkoff profited from the graffiti and its destruction, when the value of the complex went up from $40m to $200m and permission to build luxury condos was obtained. Destroying 5Pointz, the judge stressed, permitted Wolkoff to realise that value.

Proper works of art

Judge Block accepted that 45 artworks at the centre of the case had “recognised stature” and must receive protection under the Visual Artists Rights Act (VARA), a piece of legislation which was introduced in the US in 1990 to protect artists’…
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Zero Hedge

Bitcoin Nears $11,500 - Almost Double The 'Mystery Dip-Buyer' Lows

Courtesy of ZeroHedge. View original post here.

Bitcoin is now up 15% in February - after January's worst month since Dec 2013 - and up 94% from the lows in early February when we first reported a mystery dip-buyer bought $400 million of crypto...

After the ugliest month in over 4 years, February is rebounding fast...

...



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Phil's Favorites

How Amazon could lose its health-care bid while drug distributor stocks win

 

How Amazon could lose its health-care bid while drug distributor stocks win

Courtesy of Vitaliy Katsenelson, Contrarian Edge

Amazon.com has been one of the most innovative and disruptive companies of this century, with incredible success in areas that lie outside of what has been historically perceived as its core business (book selling).

Thus every announcement or speculation that Amazon will enter into a particular industry sends stocks of that industry into a tailspin. Investors sell first and ask questions later. When Amazon announced its purchase of Whole Foods, grocery stores declined as much as 30%. Even Tesco separated by an ocean from Whole Foods, was down on that news.

A big part of Amazon’s ...



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ValueWalk

Warren Buffett's Advice for Small Business 2018

By joniferdingcong. Originally published at ValueWalk.

The Master Investor gives top tips for budding entrepreneurs, startups, and small businesses.

]]> Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

The post Warren Buffett’s Advice for Small Business 2018 appeared first on ValueWalk.

Sign up for ValueWalk's free newsletter ...



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Chart School

Weekly Market Recap Feb 18, 2017

Courtesy of Blain.

BOO YAH! Now that’s more like it!  Your regularly scheduled non stop up market returned this past week with a “5 for 5” week (all 5 days up).  Three of those days were >1% so it was a return of the bulls.  That said to return to the “Trump market” we need to get back to almost no volatility and incremental up days of 0.3% or so 80% of the time.   We noted in last week’s recap the NYSE McClellan Oscillator was still VERY oversold so a “snapback rally” was still on the docket.  That was quite a snapback rally!  So the “easy part” of the bounce just happened – now we will see if we are going to return to a more volatile future or go right back to the sleepy market that tacks on a little 4 out of 5 ...



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Digital Currencies

As Bitcoin Nears $11,000, Here's A History Of Its Biggest Ups And Downs

Courtesy of ZeroHedge. View original post here.

The cryptocurrency rebound off Feb 5th's bloodbath lows (below $6,000 for Bitcoin) has been impressive, as a 'mysterious' massive buyer 'bought the dip' and momentum took care of the rest.

With Bitcoin now nearing $11,000 (almost a double off the lows), ...



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Insider Scoop

Walmart, Target Are Susquehanna's Top Picks Ahead Of Retail Earnings Season

Courtesy of Benzinga.

Related WMT Upcoming Earnings: Hurricane Effects Still Trickling Through For Home Depot? Did Walmart Meet It...

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

Biotech

What is 'right to try,' and could it help?

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

 

What is 'right to try,' and could it help?

In this March 18, 2011 photo, Cassidy Hempel waved at hospital staff as she was being treated for a rare disorder. Her mother Chris, left, fought to gain permission for an experimental drug. AP Photo/Marcio Jose Sanchez

Morten Wendelbo, Texas A&M University and Timothy Callaghan, ...



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Mapping The Market

The tricks propagandists use to beat science

Via Jean-Luc

How propagandist beat science – they did it for the tobacco industry and now it's in favor of the energy companies:

The tricks propagandists use to beat science

The original tobacco strategy involved several lines of attack. One of these was to fund research that supported the industry and then publish only the results that fit the required narrative. “For instance, in 1954 the TIRC distributed a pamphlet entitled ‘A Scientific Perspective on the Cigarette Controversy’ to nearly 200,000 doctors, journalists, and policy-makers, in which they emphasized favorable research and questioned results supporting the contrary view,” say Weatherall and co, who call this approach biased production.

A second approach promoted independent research that happened to support ...



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Members' Corner

An Interview with David Brin

Our guest David Brin is an astrophysicist, technology consultant, and best-selling author who speaks, writes, and advises on a range of topics including national defense, creativity, and space exploration. He is also a well-known and influential futurist (one of four “World's Best Futurists,” according to The Urban Developer), and it is his ideas on the future, specifically the future of civilization, that I hope to learn about here.   

Ilene: David, you base many of your predictions of the future on a theory of historica...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

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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Promotions

NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...



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Kimble Charting Solutions

Brazil; Waterfall in prices starting? Impact U.S.?

Courtesy of Chris Kimble.

Below looks at the Brazil ETF (EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

CLICK ON CHART TO ENLARGE

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ b...



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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...

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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...

Learn more About Phil >>


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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.

Market Shadows >>