Archive for the ‘Phil’s Favorites’ Category

He Is Risen… But For How Long?

 

He Is Risen… But For How Long?

Courtesy of James Howard Kunstler

If the first forty-eight hours are any measure of the alleged Trumptopia-to-come, the leading man in this national melodrama appears to be meshuga. A more charitable view might be that his behavior does not comport with the job description: president. If he keeps it up, I stick to my call that we will see him removed by extraordinary action within a few months. It might be a lawful continuity-of-government procedure according to the 25th Amendment — various high officials declaring him “incapacited” — or it might be a straight-up old school coup d’état (“You’re fired”).

I believe the trigger for that may be an overwhelming financial crisis in the early second quarter of the year. In, the first case, under Section 4 of the 25th Amendment, it works like this:

Whenever the Vice President and a majority of either the principal officers of the executive departments or of such other body as Congress may by law provide, transmit to the President pro tempore of the Senate and the Speaker of the House of Representatives their written declaration that the President is unable to discharge the powers and duties of his office, the Vice President shall immediately assume the powers and duties of the office as Acting President.

Or else, it will be an orchestrated cabal of military and intelligence officers — not necessarily evil men — who fear for the safety of the nation with the aforesaid meshuganer in the White House, who is summarily arrested, sequestered, and replaced by an “acting president,” pending a call for an extraordinary new election to replace him by democratic means. I’m not promoting this scenario as necessarily desirable, but that’s how I think it will go down. It will be a sad moment in this country’s history, worse than the shock of John Kennedy’s assassination, which happened against the background of an economically stable Republic. History is perverse and life is tragic. And shit happens.

Returning to the first forty-eight hours of the new regime, first the ceremony itself: there was, to my mind, the disturbing sight of Donald Trump, deep in the


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The Myth Of The “Passive Indexing” Revolution

Courtesy of Lance Roberts via RealInvestmentAdvice.com

There is little argument that Exchange Traded Funds, more commonly referred to as “ETF’s” have and will continue to change the landscape of investing. As my colleague Cullen Roche penned:

“The rise of low-cost indexing is one of the most transformational trends in modern investing…The rise of low-cost diversified index funds has changed the meaning of an important debate in finance – the active vs passive debate.

Currently, the debate over “Active vs. Passive” is raging as article after article is penned discussing the money flows into ETFs.

For example, the Wall Street Journal published an article entitled “The Dying Business of Picking Stocks” stating:

Over the three years ended Aug. 31, investors added nearly $1.3 trillion to passive mutual funds and their brethren—passive exchange-traded funds—while draining more than a quarter trillion from active funds, according to Morningstar Inc.”

CNBC also jumped on the bandwagon with “Peak Passive? Money Is Gushing Out Of Actively Managed Funds.” 

“Investors bailed on actively managed funds in record numbers during 2016, preferring the reliability and low costs of index funds over taking a chance on finding a stock picker who could beat the market.”

It would certainly seem to be the case given the flow of funds over the last couple of years in particular as noted by ICI and shown in the chart below.

The exodus from actively managed mutual funds is occurring for four primary reasons.

  1. Expenses: The management fees on passive funds are extremely low as the funds do not require investment analysis. In fact, an excel spreadsheet with a few lines of macro coding can replace a traditional portfolio manager. The WSJ article found that fees are almost eight times higher for active funds than passive ones (.77% vs. .10%).
  2. Relative Performance: Not surprisingly, in a market that has been fueled by massive Central Bank interventions, passive funds have outperformed actively managed funds. In the aforementioned article, the WSJ found that over the last five years a meager 11.2% of U.S. large-company mutual funds (actively managed) outperformed the Vanguard 500 passive index fund. Of course, this is due to expense difference as


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Trump Kills TPP, Opposes “Border Adjustments”, Promises “Major Border Tax”: Trade Hardball

Courtesy of Mish

On January 16, president-elect Donald Trump chastised Paul Ryan for proposing “border adjustments”. Today President Trump promises a Major Border Tax and pulled the US out of TPP.

President Donald Trump said Monday the U.S. will impose a “very major” border tax on companies that move some operations overseas and signed a memorandum withdrawing the U.S. from the Trans-Pacific Partnership, as he sharpens his focus on recasting America’s international trade relations.

“We’ve been talking about this for a long time,” Mr. Trump said as he signed the order removing the U.S. from the trade pact with 11 other nations. He said the move will be a “great thing for the American worker.”

Before withdrawing from TPP, Mr. Trump met with business leaders at the White House and asked them to devise a plan to boost U.S. manufacturing.

Regulations, he said, have “gotten out of control,” and while he described himself as a friend of the environment, he said “some of that stuff makes it impossible to get anything done.”

“There will be no country that’s going to be faster, better, more fair,” Mr. Trump said.

He promised incentives for businesses that produce and hire in the U.S. but warned the leaders, “if you go to another country…we are going to be imposing a very major border tax.”

“We don’t have free trade because we’re the only one that makes it easy to come into the country,” Mr. Trump said.

Among the CEOs in attendance were the leaders of Ford Motor Co., Lockheed Martin Corp., Under Armour Inc., and Whirlpool Corp., according to the companies, as well as Michael Dell and Tesla Motors Inc. Chief Executive Elon Musk.

Dow Chemical Co. Chief Executive Officer Andrew Liveris said after the meeting that Mr. Trump asked them to come back to him within 30 days with specific ideas to boost U.S. manufacturing. He said Mr. Trump had to take a phone call halfway through the meeting but then invited the 12 chief executives to join him and continue their conversation in the Oval Office.

Mr. Liveris said the executives discussed at length with Mr. Trump his proposal to set up a


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This Video Is For Up-and-Coming Traders (Video)

Courtesy of EconMatters

We discuss two videos in one here, the first is some mentoring advice to struggling traders, and the last half is some specific market education that will help struggling traders develop some of the fundamentals needed to properly analyze daily price action in financial markets related to tracking the fund flows. Most people at Investment Banks are just faking it, because they will never make it on their own with a profitable Fund independent of Investment Bank Resource advantages.





El-Erian Warns “Investors Are Underestimating Sudden Policy Shifts”

Courtesy of Zero Hedge

Separate comments last week from European Central Bank President Mario Draghi and Federal Reserve Chair Janet Yellen confirmed an ongoing change in the policy configuration facing their two systemically important central banks: The recognition of a transition in both economic conditions and prospects, along with questions about robustness and durability.

For now, Mohamed El-Erian notes, their response is to maintain a stimulative direction to their policies, and to use verbal guidance that avoids rocking the boat. Although it's consistent with investor expectations, the forward-looking policy path may not be as secure and smooth as market pricing would suggest, however.

As we noted previously, if the past 20 years of global historical data is anything to go by, that 'awakening' of economic policy uncertainty is very bad news…

And now, it appears Mohamed El-Erian agrees that markets and market participants are missing this uncertain picture…

Facing an unusually timid cyclical response and a challenged structural one, central banks have again demonstrated that they would rather err on the side of too much stimulus rather than too little, despite the risks entailed for future financial stability and the efficient allocation of resources. And that is what traders and investors have gotten to expect after observing and internalizing central banks' preferences over the last few years. Indeed, in the case of the U.S., market pricing related to the policy rate still suggests less tightening in 2017 than the three hikes indicated by the Fed at its most recent policy meeting and reiterated in subsequent statements by individual Fed officials. These more subdued interest-rate expectations also extend beyond 2017, to the medium-term path of policy rates, again notwithstanding what Fed officials have signaled about that.

But the more central banks persist with this approach amid changing economic and fiscal conditions, the greater the potential need for a sudden shift in monetary policy that, while economically warranted, could be quite jarring for markets. And it is a possibility that investors may be underestimating as judged by market metrics, including measures of implied volatility.

While the upward movement in yields further out the curve for U.S. government bonds would likely be contained by arbitrage flows from Europe


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News You Can Use From Phil’s Stock World

 

Financial Markets and Economy

OPEC and Friends Agree on Way to Monitor Oil Cut to End Glut (Bloomberg)

OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply.

Wall Street stocks set to slip as Trump keeps investors on the back foot (Market Watch)

U.S. stock futures tilted south on Monday as global markets grappled with uncertainty over the policies of U.S. President Donald Trump and concerns he’ll pursue a protectionist agenda.

Banks are at their most pessimistic about the future since the end of the financial crisis (Business Insider)

Optimism among the UK's banks and money managers fell for the fourth consecutive quarter, marking the longest period of declining business sentiment since the worst days of the 2008 financial crisis.

China Stock Trading Most Muted Since 1992 as State Tightens Grip (Bloomberg)

Chinese stocks haven’t been so subdued since 1992 as government efforts to maintain stability as well as tightening liquidity deter traders.

Singapore Consumer Prices Rise for First Time Since 2014 (Bloomberg)

Consumer prices in Singapore rose in December for the first time in more than two years, adding to signs of recovery in the city-state’s economy.

Dollar drops as Trump inauguration speech points to potential trade tensions (Market Watch)

The U.S. dollar weakened against a wide range of currencies on Monday amid disappointment that U.S. President Donald Trump’s inauguration speech proved light on detail over his plans for economic stimulus.

Luxury Brands Struggle to Steer Iranians Away From Knockoffs (The Wall Street Journal)

Iranians love high fashion, but luxury companies planning to tap Persian appetite for designer clothes and bags are facing stiff competition from their very own brands—albeit fake ones.

10 things you need to know in markets today (Business Insider)

Donald Trump is officially pledging to boost US growth to 4% per year during his presidency. "To get the economy back on track, President Trump has outlined a bold plan to create 25 million new American jobs in the next decade


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Is Your Corporate Pension Benefit Safe Under the Trump Administration?

Courtesy of Pam Martens

Steven Mnuchin, U.S. Treasury Secretary Nominee, During His Senate Confirmation Hearing on January 19, 2017

Steven Mnuchin, U.S. Treasury Secretary Nominee, During His Senate Confirmation Hearing on January 19, 2017

Most Americans are unaware that the Pension Benefit Guaranty Corporation, the Federal body that stands behind corporate pension plans known as defined benefit plans, has only three members and three votes on its Board of Directors: the U.S. Labor Secretary, the U.S. Commerce Secretary and the U.S. Treasury Secretary. Under the Donald Trump administration, all three votes could be problematic for workers’pension interests if Trump’s current nominees are confirmed by the U.S. Senate.

Andrew Puzder is Trump’s nominee for Secretary of the Labor Department. Puzder is already on record as opposing a substantial increase in the Federal minimum wage and an opponent of making more workers eligible for overtime pay. Much less is known about Puzder’s eyebrow-raising earlier career. From 1978 to 1991, Puzder was a trial lawyer in St. Louis at the law offices of Morris A. Shenker, the man Life Magazine called the “foremost lawyer for the mob in the U.S.” According to the book, The Money and the Power, by Sally Denton and Roger Morris, a colleague of Shenker’s called him the “front man for the St. Louis Mob.” The book reports that Shenker took over the Dunes Hotel and Casino in Las Vegas and remained its Chairman until 1984. Shenker was indicted in 1989 but did not stand trial due to serious health issues. He died the same year he was indicted at age 82.

Puzder came to his current position as CEO of the fast food chain, CKE Restaurants, by virtue of being its top corporate lawyer. After working with the mob’s lawyer in St. Louis for 13 years, and other legal stints along the way, Puzder became General Counsel for CKE Restuarants in 1997 and moved into the slot of CEO in 2000.

The controversial Steven Mnuchin, who was subjected to withering criticism by Democrats on the Senate Finance Committee during his confirmation hearing last Thursday to become U.S. Treasury Secretary, will be the second vote on the Pension Benefit Guaranty Corp. That raises even more alarm bells. Mnuchin has garnered the reputation of a cold-hearted foreclosure king who got rich on the misery of the poor…
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Everything Is Awesome!

Courtesy of Mish.

The market is pricing in a lot of “Everything is Awesome”. Reader Jason Leach, CFA, asks “Is all this awesomeness, real or fantasy? Has it been pulled forward?

Pulling Awesome Forward

What follows is a guest post from Jason B. Leach of Fusion Point Capital. His title is Pulling Awesome Forward.

awesome1

U.S. markets have “celebrated” the Trump election, with the S&P 500 rising ~8% after a quick ~4% drop pre-election (and much deeper drop in futures the night of the election). There are quite a number of themes, positive and negative, continuing into the new year from 2016. The “positives” – infrastructure spend, tax reform, healthcare reform, and deregulation – have built a relentless bid, or scared off sellers…for the time being.

awesome2

The “negatives” – dollar strength, dollar scarcity, global debt bubble, Fed divergence, stress in European and Chinese banks, Yuan devaluation, rising populism in Europe (with French, Italian, German elections around the corner), low but rising probability of Euro-Exits, protectionist leanings (Smoot-Hawley tariffs contributed to a 66% decline in global trade from 1929-1934), and U.S. equity valuations at the third highest level ever (median stock on the S&P 500 at 98th percentile, and the all-time highest valuation for the index when including the enormous amount of corporate debt growth over the past decade) – are relegated to the dark recesses of pre-election…pre-light.

awesome3

There are myriad estimates of what Trump’s policies could add to GDP and thus corporate earnings. If these policies are well thought out and passed quickly, no doubt there will be boosts. But, and there are several big “buts” here, with the current state of divisiveness, every issue is “third rail” and unless Republicans are willing to use the nuclear option (reconciliation where simple majority passes in the Senate) like a tactical weapon (i.e., repeatedly), the “positives” being pulled forward into today’s market pricing may take many more moons than anticipated. And, as detailed in iterations of Trillion Dollar Sam, these deep structural problems are decades in the making and will require more than outpatient Trump surgery in the first 100 days to rectify.                                            awesome4


Continue reading here…





What I Learned in Washington DC

 

What I Learned in Washington DC

Courtesy of John Mauldin, Thoughts from the Frontline

I have been in Washington DC for the last three days. The ostensible reason was to participate in a board meeting of a public company, Ashford Inc. (AINC). We manage hotel REITs that own three hotels here in DC, and the group decided to move our board meeting up a few weeks and hold it in DC during the inauguration. That gave me the opportunity to set up a few meetings to try to gain some insight into what the first 100 days, the first six months, and the first year of the Trump administration might look like.

This is going to be a short letter summarizing my impressions from the last few days. I think it might be easiest to present them in the form of a list.

  1. If you listen to the media you might have the impression that the Trump transition team is in complete disarray. Talking with leaders of the transition team certainly didn’t leave me with that impression. They have broken the transition process down into over 30 departments and have created a “landing document” for each department. The analogy they are using is that this process is like planning an invasion, and they are going to hand the landing document off to the “beachhead teams” who will then execute the plans.

I was briefly allowed to look at (without actually being able to read) the plan for one cabinet-level department. It appeared to be about 100 pages plus of serious detail as to exactly what executive orders would need to be removed and added, what personnel would have to be replaced (both appointees and regular staff), what policies would need to be changed, and so forth.

I was told that this level of planning was being done for every department. My impression is that there are a lot of people from various think tanks and others with experience in the presidential transition process who are involved in directing the plan for each department. That level of detailed planning doesn’t happen in less than two months. My guess is that some of that thinking has been going on for years, and now…
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French First Round Socialist Primary Winner Proposes Tax on Robots, Universal Income, Right of Foreigners to Vote

Courtesy of Mish.

France24 reports Benoît Hamon and Manuel Valls take top spots in first round of left-wing primary in a field of seven candidates.

Let’s take a look at other reports, then we will look at Hamon’s amazing platform.

Bloomberg notes Valls, Hamon Qualify for French Socialist Primary Run-Off.

In the first round of voting Sunday night, Hamon was first with 35.2 percent with Valls on 31.6 percent, with about one-third of voting stations reporting, the primary authority said. Former Industry Minister Arnaud Montebourg, who was third with 18.7 percent, endorsed Hamon saying that the primary shows that Socialist voters want more leftist policies.

The voters “have massively and seriously condemned” the government’s policies, Montebourg said. They “want the left to return to the path of the left.”

hamon

Benoît Hamon’s Platform

Benoît Hamon is a 49-year-old former education minister. Here is his platform.

  1. Universal basic income.
  2. Tax on robots.
  3. Progressive taxation of wealth.
  4. Reduction of tax loopholes.
  5. 32-hour working week.
  6. Legalization of marijuana.
  7. National conference on “environmental democracy”.
  8. 50% renewable energy by 2025.
  9. Differentiated VAT for the “most virtuous products”.
  10. Ban on pesticides.
  11. Better repayments for dental care.
  12. A “Sixth Republic”.
  13. Transformation of the Senate into “college of territories”.
  14. The right of foreigners to vote in local elections.
  15. “Humanitarian visa”  and redo of France a land of asylum.
  16. Consideration of the white vote. If the white vote is a majority vote, the election must be postponed.
  17. Media antitrust law.
  18. Labor law repeal to provide additional protection to employees.
  19. Help facilitate the takeover of SCOP companies by employees.
  20. Recognize burn-out as an occupational disease.

That reads like it came from The Onion. However, it’s translated from Benoît Hamon, favorite of the primary: his very left program.

According to the Financial Times, “Mr Hamon’s proposals have been criticized as unrealistic and costly by rivals including Arnaud Montebourg”.


Continue reading here…





 
 
 

Zero Hedge

Soaring Lease Returns Set To Wreak Havoc Used Car Pricing and Auto Industry Profits

Courtesy of ZeroHedge. View original post here.

For months we've warned that declining used car prices could spell disaster for subprime auto securitizations (see "Slumping Used Car Prices Spell Disaster For Subprime Auto Securitizations").  While it's always difficult to predict the exact timing of when bubbles will burst, a combination of record-high lease returns in 2017 and 2018, combined with rising interest rates could imply that the auto bubble is on the precipice.

As ...



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ValueWalk

Can The Caucasus Grab Donald Trump's Attention?

By EurasiaNet. Originally published at ValueWalk.

Pink protest hats were not the only piece of clothing to mark US President Donald Trump’s January 20 inauguration. He did, in fact, receive a chokha, a traditional wool coat from the Caucasus for men, usually worn with a dagger.

Little suggests that Trump will soon cut a dash in the bandoliered, cinched-at-the-waist costume from a Tbilisi apparel shop. But its offering symbolizes the regional hope that he will not overlook the Caucasus.

Even before Trump’s calls for “America First,” local analysts believe that American foreign policy had bec...



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Chart School

Russell 2000 Turns Net Bearish Technically

Courtesy of Declan.

It was another day of modest change with little real turn in bullish/bearish outlook.  The Russell 2000 was the only one index to mark a technical change with a net bearish switch in technicals (MACD, Slow Stochastics, On-Balance-Volume).


There wasn't much to add for other indices. The S&P finished with a narrow doji on its 20-day MA. Technicals were little changed.

...

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Phil's Favorites

He Is Risen... But For How Long?

 

He Is Risen… But For How Long?

Courtesy of James Howard Kunstler

If the first forty-eight hours are any measure of the alleged Trumptopia-to-come, the leading man in this national melodrama appears to be meshuga. A more charitable view might be that his behavior does not comport with the job description: president. If he keeps it up, I stick to my call that we will see him removed by extraordinary action within a few months. It might be a lawful continuity-of-government procedure according to the 25th Amendment — various high officials declaring him “incapacited” — or it might be a straight-up old school coup d’état (“You’re fired&rdqu...



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Promotions

Phil's Stock World's Las Vegas Conference!

 

18 people have signed up, but it's not too late to join in!

Learn option strategies and how to be the house and not the gambler. That's especially apropos since we'll be in Vegas....

Join us for the Phil's Stock World's Conference in Las Vegas!

Date:  Sunday, Feb 12, 2017 and Monday Feb 13, 2017            

Beginning Time:  9:30 to 10:00 am Sunday morning

Location: Caesars Palace in Las Vegas

Notes

Caesars has tentatively offered us rooms for $189 on Saturday night and $129 for Sunday night. However, we have to sign the contract ASAP. We n...



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Digital Currencies

As China Slaps Fees On Bitcoin Trades, Japan Monthly Volumes Soar by 8,900%

Courtesy of Zero Hedge

There is one reason why bitcoin quickly became the darling of HFT and various high speed algo traders operating out of China and the rest of the world: domestic transactions were "frictionless", as there were no fees on buys or sells. Until last night, that is, because as China's three largest bitcoin exchanges, BTCC, Huobi and OkCoin, all said in separate statements on their websites late on Sunday, starting Tuesday they will charge traders a flat fee of 0.2% per transaction. This is only the latest fallout from the recent crackdown on Chinese bitcoin exchanges whose activities have drawn increased scrutiny from the centra...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

OPEC and Friends Agree on Way to Monitor Oil Cut to End Glut (Bloomberg)

OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply.

Wall Street stocks set to slip as Trump keeps investors on the back foot (Market Watch)

U.S. stock futures tilted south on Monday as global markets grappled with uncertainty over the policies of U.S. President Dona...



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OpTrader

Swing trading portfolio - week of January 23rd, 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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Kimble Charting Solutions

Post Christmas- Gold Miners & Metals the place to be!

Courtesy of Chris Kimble.

Christmas is now nearly one month ago, how time flies. Ole Santa has been taking a rest and so far over the past month, the S&P 500 has done the same. Not so much for a few other high flying assets!

CLICK ON CHART TO ENLARGE

Since the first day of trading after the Christmas break, the broad market has been pretty quiet, up .23%. Bonds (TLT) and the Euro (FXE) have made a little bit more than the broad markets.

The Metals Sector has done pretty well since Christmas, as Gold ...



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Insider Scoop

Earnings: Last Call for Yahoo? Johnson & Johnson, Alibaba Also Release This Week

Courtesy of Benzinga.

Earnings season kicks into high gear this week with a number of big names reporting. Among the Monday releases, YYahoo! Inc. (NASDAQ: YHOO) will report what may be its last quarterly earnings numbers, as its pending acquisition by Verizon Communications Inc. (NYSE: VZ), announced in July 2016, moves toward completion.  

On Tuesday before the opening bell, pharmaceutical giant Johnson & Johnson (NYSE: JNJ) and Chinese e-commerce heavyweight ...



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Members' Corner

How To Poop At Work?

Courtesy of Nattering Naybob.

Once again it's "in the Toilet Thursday" or "Thursday's in the Loo". 

In our last episode, How to Poop On A Date? we were graced with a delicate shituation: what ever to do when your finally back at her place, snuggling in for a little "brown chicken brown cow" and you get hit with "Love Potion #2".

This week in How to Poop At Work? ,what to do when your at a big fancy pants meeting, when out of nowhere, you need to download a brown load?



...

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Mapping The Market

If we try it enough, it will work.

Via Jean-Luc

Brownback wants Trump to emulate what he did in Kansas because it worked so well:

Sam Brownback Calls on Donald Trump to Mimic His Kansas Tax Plan

By RICHARD RUBIN and  WILL CONNORS

Sam Brownback, the Kansas governor whose tax cuts brought him political turmoil, recurring budget holes and sparse evidence of economic success, has a message for President-elect Donald Trump: Do what I did.

In 2013, Mr. Brownback set out to create a lean, business-friendly government in his state that other Republicans could replicate. He now faces a $350 million deficit when the Kansas legislature convenes in January and projections of a larger one in 2018. The state’s economy is flat and his party is fractured...

...

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Biotech

The Medicines Company: Insider Buying

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

I'm seeing huge insider buying in the biotech company The Medicines Company (MDCO). The price has already moved up around 7%, but these buys are significant, in the millions of dollars range. ~ Ilene

 

 

 

Insider transaction table and buying vs. selling graphic above from insidercow.com.

Chart below from Yahoo.com

...

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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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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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