Posts Tagged ‘equity markets’

Squeezing the lemon – risk appetite being sucked higher

Squeezing the lemon – risk appetite being sucked higher

Courtesy of Rohan at Data Diary

Risk appetite has been ticking higher this past week. The price action in isolation looks pretty positive. The question that is troubling the synapses is whether equity markets are poised to thrust higher once more – egged on by the monetary cattleprod of the US and a seeming stabilisation in China’s growth dynamics.

Risk appetite index 500x291 RISK APPETITE BEING SUCKED HIGHER

Certainly the penultimate rejection of the S&P500 off 1040 set the scene for a short squeeze of material proportions. Given the ramp up in volumes that accompanied the selloff from the April highs, it’d be reasonable to expect that there’d be a block of nervous ‘shorts’ at levels not too far from here. It’ll be interesting to see what the tea-leaves say about who sold/bought in the Flow of Funds data next week, but the 1130 level is looking like a pretty tasty target.

US equities price and volume 500x303 RISK APPETITE BEING SUCKED HIGHER

For the moment, it’s probably wise to respect the price action. It’s a reasonable probability that we run through 1130 while under the influence of that big can of nitrous oxide. With declining participation, any buyers ‘on the break’ will be that much easier to suck in. Witness the ever vanishing activity in CBOE equity options.

Equity option volumes 500x293 RISK APPETITE BEING SUCKED HIGHER

Still my read of the bigger picture has this run-up as a position driven head fake.  Momentum has turned lower since the April high that marked the exhaustion point for global stimulus mark I. It’s looking increasingly unlikely that successive rounds of government intervention will be as wildly successful as the first. While the leading indicators are tracking lower, so will the market.

The other factor tugging at the market’s tail is that the logic for risk spreads to widen remains compelling. The Fed may be the fat kid sitting on the longer end of the Treasuries market, but ultimately the other end of the risk plank can’t join in as the economic malaise works its way through earnings forecasts and default probabilities. This rally should meet its maker over the next couple of weeks – just a matter of whether it can convince him that all those calories can’t be good for you.


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WHITNEY TILSON: WELCOME TO “MUDDLE-THROUGH”

WHITNEY TILSON: WELCOME TO “MUDDLE-THROUGH”

Pencil popping balloon

Courtesy of The Pragmatic Capitalist

Whitney Tilson of T2 Partners says the global economy is set to “muddle through” as the excesses of the last few decades are worked off. Tilson detailed his macro outlook in his most recent investor letter for August.  Tilson believes the worst of the credit crisis is behind us, however, the heavy lifting is not over yet. Tilson is very concerned about the macro risks, particularly the sovereign debt crisis in Europe and US housing.  Tilson says the US housing market has already started to double dip:

“We think we have gone through the most difficult economic period in the United States and the world since the Great Depression. We think the worldwide debt bubble — this was not just a US housing crisis or bubble, but a worldwide debt bubble — was unprecedented in the degree of depravity that took place, in the amount of leverage that built up in the system all over the world, and we’re very skeptical that we have somehow successfully managed our way through the aftermath of that bubble and that everything is rosy now.

We think the aftermath of this bubble will be with us for many years and that will continue to cause disruptions and turmoil in various markets. The sovereign debt crisis in Europe is a good example of that just in the past few months; we think the US housing market is already in a double dip right now, though because there is a lag in the data, most people haven’t yet realized it. We don’t think it’s going to be anything like the first dip, which really took world economy over a cliff, but there are 7 million people not paying their mortgages right now and we have not resolved that problem and that’s going to continue to be a headwind for our financial system. There are probably six or eight major risk factors, two of which are the sovereign debt issues and the US housing market. These make us very nervous and we don’t know how it’s going to play out (and we’re skeptical that anyone knows how it’s going to play out), so in light of these major problems, we think it’s wise to be prudent.”

Tilsons’s prudent macro outlook has him relatively risk averse when it comes to…
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High Frequency Chicanery

High Frequency Chicanery

Courtesy of MIKE WHITNEY writing at CounterPunch

Here’s something to munch on from Dennis K. Berman in last week’s Wall Street Journal:

"Today, small investors are fleeing the equities markets in droves, according to data from the Investment Company Institute, pulling out a net $34 billion from stock funds so far this year…..They say, "I still feel like someone is screwing me……trading feels different than it used to."

Berman traces the problem to its source, the "inscrutable interplay between myriad exchanges and high-frequency traders, whose volume now accounts for an estimated two-thirds of all trading"…"a market that many perceive as tainted and prone to gaming by a cadre of insiders."

That sounds like a long-winded way of saying the market is rigged.

High-frequency trading (HFT) is algorithmic-computer trading that finds "statistical patterns and pricing anomalies" by scanning the various stock exchanges. It’s high-speed robo-trading that oftentimes executes orders without human intervention. HFT allows one group of investors to see the data on other people’s orders ahead of time and use their supercomputers to buy in front of them. It’s called frontloading, and it goes on every day right under the SEC’s nose.

In an interview on CNBC, market analyst Joe Saluzzi was asked if the big HFT players were able to see other investors orders (and execute trades) before them. Saluzzi said, "Yes. The answer is absolutely yes. The exchanges supply you with the data, giving you the flash order, and if your fixed connection goes into their lines first, you are disadvantaging the retail and institutional investor."

Frontloading is cheating pure and simple, but rather than go after the "big fish" who run these enormous computerized skimming operations; regulators have been rolling up rogue traders who abscond with the trading code.

Here’s a blurp from wired.com:

"Monday’s arrest of Samarth Agrawal, 26, came nine months after a Goldman Sachs programmer was arrested on similar charges that he, too, stole his employers source code for software, his employer used to make sophisticated, high-speed, high-volume stock and commodities trades.

“The Securities and Exchange Commission is investigating the use of these programs that many believe give their users an unfair advantage over other traders. Nevertheless, stealing the code to these suspect programs remains illegal. ("Second banker accused of stealing high frequency trading code", wired.com)

Right; so stealing from stock cheats who are gaming the system is…
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WHY AREN’T EQUITIES SELLING OFF MORE SIGNIFICANTLY?

WHY AREN’T EQUITIES SELLING OFF MORE SIGNIFICANTLY?

Courtesy of The Pragmatic Capitalist 

The deterioration in the economy has been clear in recent months, but the equity markets have confounded many investors.  Stocks are just 10.6% off their highs and have shown some remarkable resilience, particularly in the last few weeks. There’s a great tug-of-war going on underneath what appears like a potentially frightening macro picture.

A closer look shows that what we’ve primarily seen is deterioration in the macro outlook and not so much in specific corporate outlooks. Despite the persistently weak economy, earnings aren’t falling out of bed.  Without a sharp decline in earnings there is unlikely to be a sharp decline in the equity markets (outside of some exogenous event such as a sovereign default).

The most distinct characteristic I can recall from the the 2007/2008 market downturn was the persistent deterioration in earnings.  Like dominoes we saw the various industries go down one by one: housing, then banks, then consumer discretionary and on down the line.  While the macro picture has deteriorated recently we haven’t seen the same sort of deterioration in earnings that we saw in 2007 and 2008.

In a recent strategy note JP Morgan elaborated on the divergence between the macro outlook and the earnings outlook:

“What matters for equities is earnings and not GDP growth. US GDP growth projections are being cut, but earnings projections have been little affected so far. Investors and analysts are hoping that, to the extent the soft patch in US GDP growth lasts for only a few quarters and does not spillover to the rest of the world, US companies will be able to protect their revenues and profits. Indeed, this is what happened during 2Q, when US companies were able to deliver strong top line and EPS growth even as US GDP grew at only a 1% pace.

It is a prolonged soft patch that poses the greater threat for corporate earnings and equity markets as it raises the specter of deflation and profit margin contraction. Why is deflation bad for corporate profitability? When nominal interest rates are bounded at zero, a fall in expected inflation causes a rise in real interest rates and the cost of capital, hurting corporate profitability. In addition, nominal wage rigidities mean that deflation reduces output prices by more than input prices putting pressure on corporate profitability. Indeed, the


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THE DETERIORATING MACRO PICTURE

THE DETERIORATING MACRO PICTURE

Courtesy of The Pragmatic Capitalist 

a statue of a man levering a rock with a stick

Over the course of the last 18 months I’ve been adhering to a macro view that can best be summed up as follows:

1) The explosion in private sector debt (excessive housing borrowing, excessive corporate debt, etc) levels would reveal the private sector as unable to sustain positive economic growth, de-leveraging and deflation would ensue.

2) Government intervention would help moderately boost aggregate demand, improve bank balance sheets, improve sentiment, boost asset prices but fail to result in sustained economic recovery as private sector balance sheet recession persists.

3)  Extremely depressed estimates and corporate cost cutting would improve margins and generate a moderate earnings rebound, but would come under pressure in 2010 as margin expansion failed to continue at the 2009 rate.

4)  The end of government intervention in H2 2010 will reveal severe strains in housing and will reveal the private sector as still very weak and unable to sustain economic growth on its own.

The rebound in assets was surprisingly strong and the ability of corporations to sustain bottom line growth has been truly impressive – far better than I expected.  However, I am growing increasingly concerned that the market has priced in overly optimistic earnings sustainability – in other words, estimates and expectations have overshot to the upside.

What we’ve seen over the last few years is not terribly complex in my opinion.  The housing boom created what was in essence a massively leveraged household sector.  The problems were compounded by the leveraging in the financial sector, however, this was merely a symptom of the real underlying problem and not the cause of the financial crisis (despite what Mr. Bernanke continues to say and do to fix the economy).

As the consumer balance sheet imploded the economy imploded with it.  This shocked aggregate demand like we haven’t seen in nearly a century. This resulted in collapsing corporate revenues.  The decrease in corporate revenues, due to this decline in aggregate demand, resulted in massive cost cutting and defensive posturing by corporations.  This exacerbated the problems as job losses further weakened the consumer balance sheet position.  Consumers, like, corporations, got defensive and began cutting expenses and paying down liabilities.  Sentiment collapsed and we all know what unfolded in 2008.

The government responded by largely targeting the banking sector based on the belief that fixing the banks would fix Main…
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David Rosenberg Vindicated

David Rosenberg Vindicated

Courtesy of Tyler Durden

From today’s Breakfast with Rosie

NOT IN KANSAS ANY MORE

Well, it took some patience but it looks like the economic environment I was depicting this time last year just shortly after I joined GS+A is starting to play out. Deflation risks are prevailing and a growing acknowledgment over the lack of sustainability regarding the nascent economic recovery. Extreme fragility and volatility is what one should expect in a post-bubble credit collapse and asset inflation that we endured back in 2008 and part of 2009.

History is replete with enough examples of this — balance sheet recessions are different animals than traditional inventory recessions, and the transition to the next sustainable economic expansion, and bull market (the operative word being sustainability) in these types of cycles take between 5 to 10 years and are fraught with periodic setbacks. I know this sounds a bit dire, but little has changed from where we were a year ago. To be sure, we had a tremendous short-covering and a government induced equity market rally on our hands and it’s really nothing more than a commentary on human nature that so many people rely on what the stock market is doing at any moment in time to base their conclusions on what the economic landscape is going to look like.

So, we had a huge bounce off the lows, but we had a similar bounce off the lows in 1930. The equity market was up something like 50% in the opening months of 1930, and while I am sure there was euphoria at the time that the worst of the recession and the contraction in credit was over, it’s interesting to see today that nobody talks about the great runup of 1930 even though it must have hurt not to have participated in that wonderful rally. Instead, when we talk about 1930 today, the images that are conjured up are hardly very joyous.

I’m not saying that we are into something that is entirely like the 1930s. But at the same time, we’re not in Kansas any more; if Kansas is the type of economic recoveries and market performances we came to understand in the context of a post-World War II era where we had a secular credit expansion, youthful boomers heading into their formative working and spending years and all the economic activity that…
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MORGAN STANLEY: THE RALLY IS NEAR ITS END

Pragcap praises the analyst’s analyst Teun Draaisma who’s now saying the rally days are numbered.  - Ilene 

MORGAN STANLEY: THE RALLY IS NEAR ITS END

Flock Of Sheep

Courtesy of The Pragmatic Capitalist 

When it comes to equity analysts Teun Draaisma is a must-read.  The European equity analyst famously called for investors to sell stocks in June 2007 when the markets were flashing a “full house sell” signal.  He then flipped bullish in November of 2008 as the markets were pricing in a much more severe situation than Draaisma saw unfolding.  He’s one of the few investors who actually got the downturn and the upturn correct and was able to connect the dots between cause and effect.  In his latest strategy note Draaisma is saying the rally has gotten ahead of itself and that we’re due to for a correction as good news becomes bad news.  In addition to being bearish about 2010 (see here), Draaisma says the better than expected growth in the near-term is putting more pressure on the Fed to raise rates and will lead to tightening measures sooner than most investors suspect:

“The rally since 5-February is nearing its end, we believe. Our thesis is that good growth will lead to tightening measures and struggling equity markets this year, just like in 1994 and 2004. The recent rally was larger than we expected, and in our eyes was due to:

1) there have been no positive payrolls or Fed language change yet (we even saw some loosening rather than tightening

measures last week, with the Greek bailout, the


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DOES THE GOVERNMENT MANIPULATE STOCK PRICES?

Excellent article by Pragcap – I highly recommend reading. – Ilene 

DOES THE GOVERNMENT MANIPULATE STOCK PRICES?

Courtesy of The Pragmatic Capitalist

Hand in Rubber Glove

There has been a lot of chatter over the last year about the government’s involvement in the equity markets. Yesterday’s market action was certainly odd.  Several large institutions were active buyers of enormous blocks of the S&P on no news.  The volume shot through the roof from out of nowhere.  It was not an unusual occurrence.  We have seen it repeatedly over the course of the last 12 months (see here for more).  Of course, this whole discussion has a very conspiratorial aspect to it, but I think it’s less nefarious than many presume (depending on your definition of nefarious when it come to pseudo-government intervention in markets).

The usual argument with regards to government intervention in the equity markets is pretty simple.  The government, or the “President’s Working Group” (aka, the Plunge Protection Team) purchases securities in big blocks and jams prices higher.  Jamming, gunning, carpet bombing (whatever you want to call it) is quite simple.  In any market there are down times in terms of volume.  If you have the firepower (the capital) and the desire you can knock out just about every asking price on the board.  Have a look at just about any Russell 2,000 stock at around noon as the volume slows to a drizzle and ask yourself what you could do with $10,000,000?  Of course, the same goes for the downside.  You can hit the bids and literally knock them off the board in an illiquid market (exactly what we saw in Fall of 2008 with fund redemptions).

Anyone who has ever traded in size has seen this in action.  It’s like taking a machine gun to a medieval battle or sending the U.S. Army to Baghdad (not that anyone would ever do such a thing).  The point is, you can slice through prices like a hot knife through butter, create a certain sentiment in the market that actually generates attention (liquidity) and then get out on the other side of the trade by selling (or covering) to the crowd you’ve attracted.  Of course, if you’re someone who has a longer time horizon than a few minutes…
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FABER: DON’T BUY THE RALLY

FABER: DON’T BUY THE RALLY

Courtesy of The Pragmatic Capitalist

Railway Crossing Sign

Marc Faber, who nailed both the economic downturn and the recovery, is telling investors to be cautious about buying stocks at current levels.  As he mentioned in his 2010 outlook (see here) Faber says stocks are unlikely to reach new highs in 2010 and are more likely to correct further.  He predicts the equity markets will end lower in 2010, but are unlikely to decline substantially due to government intervention:

“I would look at the market to close probably a bit lower than it started the year in 2010.” Equally, I don’t think we have a huge downside risk. If the Dow and the S&P dropped, say 15-20 percent, in other words the S&P towards 900, I think there would be more stimulus and more quantitative easing.”

Faber predicts that we are nowhere near the end of economic weakness and that the government will continue to pour money into the economy due to continuing deleveraging in the private sector.  He believes we are likely to see more stimulus packages in the US and an ever expanding Federal Reserve balance sheet.

In terms of the global economy, Faber also expects slowing growth.  He says China is likely a bubble and that there is a 99% chance the economy will slow with a 30% chance of a full blown crash. He says the Chinese slow-down will have extremely negative impacts on the global recovery.

Faber says the Chinese and US governments have only prolonged our problems with their stimulus packages.  He says we are now staring at the next great crisis as opposed to letting the system cleanse itself as it should have.  Due to this, government debts have exploded and Faber says higher rates are guaranteed over the next decade. 


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Non-Farm Payrolls Report Preview for January 2010

Non-Farm Payrolls Report Preview for January 2010 

Courtesy of Jesse’s Café Américain

The markets breathlessly await the latest Non-Farm Payrolls Report for the US, which will be released tomorrow morning. January is the month in this report that contains the largest seasonal adjustments by far.

Here is a projection of what tomorrow’s numbers may look like, and their historical context. The raw number unadjusted for seasonality may be a loss of around 4,000,000 jobs.

It is no accident that the BLS does the major adjustment to its Birth-Death Model in January. Keep in mind that the Birth-Death adjustment is applied BEFORE seasonal adjustment, that is, to the raw, unadjusted number.

Given that the expected raw number will probably be around 3.5 million jobs lost, and then adjusted to a headline number much closer to zero, adding even 380,000 or so job losses to that does not result in such an enormous adjustment in January.

In other words, the adjustment is largely adjusted away by the seasonality. Nonsense, hardly connected to the real world, but quite clever bureaucratic sleight of hand really.

Saying all this, it seems almost needless to stress that any projection of the headline number is a tough call in January, because the seasonality has such enormous latitude. More in the nature of a SWAG than a proper forecast.

Then there is also the matter of the revisions to the prior two months at least, and the possibility of a revision to the whole series going back two years, which sometimes occurs.

So, we’ll look for a ‘headline number’ closer to zero than not, with a shade to the negative, maybe a loss of 20,000 or so. But we are very prepared to be surprised to the upside to a positive number, and downside to a loss of around 80,000. That speaks less to our inability to forecast, we hope, and more so to the arbitrary nature of the government’s willingness and ability to fiddle with the numbers.

With pretty colors, it may look more like a sideways chop than a plunge, especially in light of a greater negative from December which will be adjusted but not higher.

And as for the reaction of US equity markets in anticipation today?

As I have stated before, the banks and their prop trading desks are always and everywhere screwing you, and frontrunning their…
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Zero Hedge

Medal Of Honor Recipient Warns: "It's Going To Come Here... Trump Must Release The Gates Of Hell" On Islamic State

Courtesy of ZeroHedge. View original post here.

Authored by Mac Slavo via SHTFplan.com,

With British Prime Minister Theresa May warning that another attack may be imminent, Medal of Honor Recipient Dakota Meyer says that it’s time to strike Islamic State strongholds with...



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Phil's Favorites

Ben Carlson on Market Breadth

 

Ben Carlson on Market Breadth (Video)

Courtesy of Joshua Brown, The Reformed Broker

Ben had a hit on Bloomberg TV last night talking about his recent piece on market breadth and why it’s perfectly normal to see the market being led higher by some very big winning stocks. His research shows that this is always the case during bull markets and that broader measures of the internals are healthy, not sick.

Check this out:

…and you can read his expanded thoughts on ...



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ValueWalk

Neil Howe Of The Fourth Turning - We Are In The 1930s; "Winter is coming"

By Mauldin Economics. Originally published at ValueWalk.

By Mauldin Economics From the Balkans to the US, walls are going up, not down, according to demographer and The Fourth Turning author Neil Howe.

Speaking to a packed crowd at Mauldin Economics’ Strategic Investment Conference in Orlando, Howe said we are reliving many of the same trends and changes of the 1930s.

Faith in Democracy Is Fading

“Worldwide, people are losing trust in institutions,” he said. “Trust in the military, small business, and police is still there. But trust in democracies, media, and politicians is dropping.”

“When was the last time we saw these changes and the rise of right-wing populism?” he asked....



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Digital Currencies

Bitcoin Is Crashing (Again)

Courtesy of Zero Hedge

While Bitcoin is still up 13% on the week (its 8th weekly ruse of the last 9), the dollar price of the virtual currency is collapsing again in US trading (after a big rebound during the Asian session)...

Just as with yesterday, there is no immediate news catalyst for the flush.

Meanwhile, the huge arb with South Korea bitcoin pricing remains, and as of this moment is still nearly $1000.

Today's drop ...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

U.S. stocks scale new peaks on retailer results; oil falls (Reuters)

Two top U.S. equity indexes scaled record peaks on Thursday after strong earnings reports from retailers, outpacing European shares which were little changed, while oil prices plunged after top crude producers extended output cuts for a shorter period than expected.

Hedge Funds Squeezed by World's Highest Rents Are Moving Out (Bloomberg)

Benjamin Fuchs raised eyebrows five years ago when he opened his hedge fund next to a place selling live chickens in Hong Kong’s hustling, bustl...



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Chart School

S&P Breakout on Higher Volume Accumulation

Courtesy of Declan.

While I expected the Dow Jones to be the breakout flyer, instead it was the S&P which led the charge on higher volume accumulation.  Technicals are all in the green with a return of the MACD trigger 'buy'.



The Dow did manage to break past 21,000 with a MACD trigger 'buy' but it's still contained by all-time high resistance at 21,200. The index is still well positioned for a larger breakout, but this is the sixth day of consecutive gains for the index so some pullback can be expe...

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Members' Corner

Robert Sapolsky: The biology of our best and worst selves

Interesting discussion of what affects our behavior. 

Description: "How can humans be so compassionate and altruistic — and also so brutal and violent? To understand why we do what we do, neuroscientist Robert Sapolsky looks at extreme context, examining actions on timescales from seconds to millions of years before they occurred. In this fascinating talk, he shares his cutting edge research into the biology that drives our worst and best behaviors."

Robert Sapolsky: The biology of our best and worst selves

Filmed April 2017 at TED 2017

 

p.s. Roger (on Facebook) saw this talk and recommends the book ...



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OpTrader

Swing trading portfolio - week of May 22nd, 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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Biotech

Beyond just promise, CRISPR is delivering in the lab today

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

Beyond just promise, CRISPR is delivering in the lab today

Courtesy of Ian HaydonUniversity of Washington

Precision editing DNA allows for some amazing applications. Ian Haydon, CC BY-ND

There’s a revolution happening in biology, and its name is CRISPR.

CRISPR (pronounced “crisper”) is a powerful technique for editing DNA. It has received an enormous amount of attention in the scientific and popular press, largely based on the promise of what this powerful gene e...



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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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Mapping The Market

Bombing - Right or Wrong?

Courtesy of Jean-Luc

I am telling you Angel – makes no sense… BTW:

Republicans Love Bombing, But Only When a Republican Does It

By Kevin Drum, Mother Jones

A few days ago I noted that Republican views of the economy changed dramatically when Donald Trump was elected, but Democratic views stayed pretty stable. Apparently Republicans view the economy through a partisan lens but Democrats don't.

Are there other examples of this? Yes indeed. Jeff Stein points to polling data about air strikes against Syria:

Democr...



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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

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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...

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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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