Posts Tagged ‘Iceland’

Moody’s Puts Iceland’s Baa3 Rating On Outlook Negative, Next Stop – Junk, As Island Nation Continues Giving Banks the Finger

Moody’s Puts Iceland’s Baa3 Rating On Outlook Negative, Next Stop – Junk, As Island Nation Continues Giving Banks the Finger

Courtesy of Tyler Durden

Iceland, Jokulsarlon glacial lagoon

Just because the unpronounceable volcano did not do quite enough damage, and both Hekla and Katla are taking their sweet time, the Iceland Supreme Court recently ruled on the illegality of foreign FX-linked loans, and "Icesave" is still DOA, here is Moody’s with a stern warning for the country to change its anti-Keynesian ways promptly or else. "Today’s rating action was triggered by the recent Supreme Court ruling on the illegality of foreign-exchange-linked loans and government’s continuing difficulties in achieving a resolution to its "Icesave" dispute with the UK and Dutch governments. Specifically, the Supreme Court ruling has the potential to cause substantial bank losses on foreign currency-denominated loans to domestic borrowers and may therefore require additional government support to the banking system. Moreover, a failure to resolve the "Icesave" dispute could lead the Nordic countries and the IMF to withhold future disbursements to the Icelandic government." Zero Hedge is certainly rooting for the tiny island country, even if it is triple hook rated, as it continues to give the middle finger to all the developed world kleptocrats.

From Moody’s

Moody’s Investors Service has today changed to negative from stable the rating outlook for Iceland’s Baa3 local and foreign currency government bond ratings.

Today’s rating action was triggered by the recent Supreme Court ruling on the illegality of foreign-exchange-linked loans and government’s continuing difficulties in achieving a resolution to its "Icesave" dispute with the UK and Dutch governments. Specifically, the Supreme Court ruling has the potential to cause substantial bank losses on foreign currency-denominated loans to domestic borrowers and may therefore require additional government support to the banking system. Moreover, a failure to resolve the "Icesave" dispute could lead the Nordic countries and the IMF to withhold future disbursements to the Icelandic government.

These two sources of macroeconomic uncertainty are indicative of the generally asymmetric risks facing Iceland and explains the rationale for the negative outlook on its ratings.

Moody’s has today also changed the outlook on Iceland’s country ceiling for foreign-currency bonds of Baa2 from stable to negative. The outlook on the foreign-currency deposit ceiling of Baa3 has also been changed to negative from stable.

RATIONALE FOR NEGATIVE SOVEREIGN OUTLOOK

"The magnitude of the banking system losses that will result…
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The Trashing of Iceland By Private Banks, and Its Efforts at an Economic Renaissance

The Trashing of Iceland By Private Banks, and Its Efforts at an Economic Renaissance

Iceland, Jokulsarlon Lagoon with icebergs

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Iceland represents an interesting situation. Most people are not very familiar with it. With only 300,000 inhabitants, Iceland certainly fits the description of a ‘microcosm.’ The story of the privatization of the Icelandic banks, and the ensuing orgy of credit expansion and fraud, is well worth some attention.

Banks that are private sometimes should be allowed to fail. One might consider saving the depositors, especially if it is a fraud, and certainly if the accounts are explicitly insured, but the creditors and investors should be wiped out, utterly and completely. This is the only way to wring moral hazard out of the system. This of course should be accompanied by vigorous and aggressive investigations for fraud, and prosecutions if the evidence indicates for indictment. I would follow those perpetrators to the ends of the earth, seeking their extradition, to insure that justice was done. These people are little better than traitors to their country and their people.

We tend to treat these sorts of banking frauds far too lightly. They are like poison to the system, because they not only involve the theft of funds, but the destruction of the confidence and integrity which permits the social system to function.

Their reform movement and new approaches to banking in Iceland are hopeful signs. They should not even think about joining the EU, or taking any loans for their banks.

They might also consider relieving the Social Democrats of power, because it sounds as if they are not interested in serving the people. The only question I would have is, "Why are they still in office, and not out on the street looking for employment?"

Iceland Jails Bankers and Sues Accounting Firms - AFP

The IceSave Dispute - Wikipedia

UK Slowly Strangled Iceland Says Ex-Central Banker - Bloomberg

h/t to Anonymous

While not mentioned in the video, the implications of the recent Icelandic Supreme Court’s decision on the illegality of loans indexed to foreign currency baskets may be significant.

Under the provisions of the IMF Articles of Agreement, courts of other member states, including the US, UK and the Netherlands, are presumably/arguably barred from reaching a different conclusion. See, Article VIII, Section 2(b):

(b) Exchange contracts which involve the currency of any member and which are contrary to the


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Icelandic Blackmail Discussion With Max Keiser and Birgitta Jonsdottir, a Member of the Icelandic Parliament

Icelandic Blackmail Discussion With Max Keiser and Birgitta Jonsdottir, a Member of the Icelandic Parliament

Courtesy of Mish 

Inquiring minds are watching a pair of interviews with Max Keiser and Birgitta Jonsdottir, a member of the Icelandic Parliament.

Part One


Part Two

In Iceland Rejects IceSave; Does No Mean No? I said …

Notice how Prime Minister Johanna Sigurdardottir calls the will of 93% of Icelandic citizens "obsolete". The reality is she will soon be obsolete and voted out of office. Such arrogance is not tolerated anywhere.

I would suggest that overriding the will of 93% of the population is under-interpreting the message. But hey, to politicians everywhere, no does not mean no, it means whatever the politician wants it to mean.

What’s highly dangerous is the attitude that the wishes of 93% of the people is irrelevant.

Icelandic citizens have overwhelmingly spoken. They do not care for the bailouts. They also rightfully believe the Icesave proposal was blackmail, as without it inclusion in the EU would be delayed.

Thus, it’s good to see some hardball from someone in the Icelandic parliament. Hopefully Prime Minister Johanna Sigurdardottir will be rewarded for her arrogance and removed in the next election.

The citizens of Iceland think "no means no", so does Birgitta Jonsdottir, and so do I. Best wishes to Iceland.

Mike "Mish" Shedlock 


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Monday Market Movement

Asia exploded out of the gate today! 

The Hang Seng is up 2% at 21,196, gaining 408 points on the day along with a 2% gain on the Nikkei (216 points), taking them over the 10,500 mark to 10,585 as they play catch-up to the Dow, which topped out at 10,566 last week.  The BSE keeps going higher, adding 0.6% for the day, back over 17,000 at 17,108 and the Shanghia added 0.7%, finishing the day at 3,053

The Hang Seng's incredible morning gap up and 100-point follow-through, though impressive, is only a "good start" to getting that index back on the road to recovery as they had topped out at 23,000 in November and flirted with 22,500 in early January so we'll need some sustained conviction before we get all bullish on China but, for today, we can just say "WOW" – it's amazing how much a market can move when it's closed!  

We're closed as well but our pre-markets are looking strong although Europe is kind of flat-lining.  They are all upset because the 300,000 people who live in Iceland took a vote and decided they didn't have $5.3Bn to bail out failed Icebank, which kind of leaves the EU investors, who deposited money into an internet savings account that promised 8% returns, in a bit of a lurch becuase (surprisingly, I'm sure) it turns out the bank took a lot of risks to get those returns and (even more surprisingly) THEY BLEW IT!   Even more surprisingly to European investors, 93% of the voters said: "No thank you, we will not agree to pay $17,666 per person (about $58,000 per family) to make foreign investors whole."

What I find most funny about this is that the UK and the Netherlands had the nerve to ask Icelanders to repay this money.  $5.3Bn is 1/2 of Iceland's GDP – that would be like countries who lost money in the Lehman collapse asking US taxpayers to kick in $6.5Tn to make them whole.  What do you think our vote would be?  Sure we are numb to our own debt level but are we that numb?  Possibly so as we seem to be happily buying oil at $80 a barrel again – sending $321Bn American dollars out of the country in exchange for…
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Eleven Principles of Financial Reform

Eleven Principles of Financial Reform

Courtesy of Jesse’s Americain Cafe (intro), and Vox

Barney Frank Discusses Health Care Reform At Town Hall Meeting

Personally I doubt that the US is capable of self-reform at this time. I think the corruption of the system runs that deeply and is embedded in the national consciousness as a reflexive set of slogans (the big lies) that substitute for empirical thought and effective policy formation. The examples of ‘thinkspeak’ are almost endless, but the irony is that the inmates of the asylum can no longer recognize them as such. 

The major media is owned by a few corporations, and the Congress listens to its large contributors and ignores the public except at election time, when it inundates them with expensive media campaigns, political spin, and propaganda. And then it is back to business as usual

What will it take? It took the Japanese about twenty years of economic privation to finally get rid of the LDP political party that had ruled the country since the Second World War. It may take ten years of stagflation and economic hardship for the American people to wake up and put an end to the crony capitalism that has captured its two party political system. A good start would be to continue to eject incumbents from both parties, and to start electing viable third party candidates. But that will take more a more thoughtful venue than is currently the norm.

Vox
Eleven Lessons From Iceland
Thorvaldur Gylfason
13 February 2010

…What can be done to reduce the likelihood of a repeat performance – in Iceland and elsewhere? Here are eleven main lessons from the Iceland story, lessons that are likely to be relevant in other, less extreme cases as well.

Lesson 1. We need effective legal protection against predatory lending just as we have long had laws against quack doctors. The problem is asymmetric information. Doctors and bankers typically know more about complicated medical procedures and complex financial instruments than their patients and clients. The asymmetry creates a need for legal protection through judicious licensing and other means against financial (as well as medical) malpractice to protect the weak against the strong.

Lesson 2. We should not allow rating agencies to be paid by the banks they have been set up to assess. The present arrangement creates an obvious and fundamental conflict of interest and needs to be revised. Likewise, banks should not be allowed to hire employees of regulatory agencies,…
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Iceland downgraded to junk as it heeds 70% of the electorate on Icesave debt

Iceland downgraded to junk as it heeds 70% of the electorate on Icesave debt

Courtesy of Edward Harrison at Credit Writedowns

Iceland, Jokulsarlon Lagoon with icebergs

The latest piece of big news in the sovereign debt crisis comes, remarkably, from Iceland. The country collapsed into depression after its experiment as an open economy with a large banking sector went pear shaped.

After a debt-fuelled boom and a huge influx of hot money due to high interest rates, its currency and banks collapsed under a fleeing of foreign money and huge losses. The government nationalized the bank’s debt only to find the banks were too big to bail. The Icelanders rioted on the streets, a sovereign crisis ensued, and the government was toppled.

Iceland was rescued and it seemed all was well. They was even talk of fast-tracking Iceland into the EU. Then, suddenly, the population balked at the prospect of bailing out the banks. Now, the sovereign debt crisis is on again. At issue is Icesave, an Icelandic bank that operated in the UK and the Netherlands whose bust caused great hardship amongst British and Dutch savers who were attracted by high interest rates.

See the video below on why Fitch is now downgrading the country’s debt status to junk despite the lack of immediate liquidity concerns.

I think this is big news and have a number of sources on this story below. Watch the Dutch and British stories for signs of European tensions as this is where the affected Icesave savers reside. The FT headline says it all. Ambrose Evans-Pritchard’s commentary is the most comprehensive and balanced in my view. The Norwegian headline, on the other hand, is “Iceland not on the verge of collapse” in huge typeface. The fault lines are definitely opening in Europe. I will discuss this later on the latest story on Greece and the likelihood of EU help.

Sources

Reykjavik warned of political isolation – FT

Iceland can refuse debt servitude – FT

Iceland faces crisis after Icesave rejection – Reuters

Iceland leader vetoes bank repayments bill – BBC News

Iceland’s president blocks £2.3bn Icesave deal to compensate the UK – Telegraph

Angry Iceland defies the world – Ambrose Evans-Pritchard, Telegraph

Icelanders to vote on whether to repay UK over bank bailout – Guardian

Poll: Should
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Iceland’s President Effectively Tells UK “Go To Hell” – Hooray For Iceland

More on Iceland, courtesy of Mish.  

Iceland’s President Effectively Tells UK "Go To Hell" – Hooray For Iceland

Iceland, Jokulsarlon Lagoon with icebergs

Congratulations to Iceland for figuring out that it is better to suffer a credit rating downgrade than to torture its citizens for a decade or longer. Please consider Iceland president vetoes collapsed Icesave Bank’s bill to UK.

Iceland was plunged back into crisis after its president refused to sign a bill promising to repay more than €3.8bn (£3.4bn) to Britain and the Netherlands after the collapse of the country’s Icesave bank in 2008.

The escalating row threatens to further destablise the Icelandic economy, which went into meltdown after the failure of its three big banks, cutting off further aid from the International Monetary Fund and jeopardising efforts to join the European Union. The credit rating agency Fitch immediately downgraded Iceland, describing the latest political row as a "significant setback".

The British and Dutch governments had compensated savers who lost money when Icesave’s parent Landsbanki filed for bankruptcy. But both have since put pressure on Reykjavik to repay the money.

Opinion polls suggest that Icelanders will overwhelmingly vote against the passage of the bill. A petition urging Grimsson not to sign the bill attracted 62,000 signatures, around one-fifth of the population. Critics say the bill would burden each citizen with a debt of €12,000 including interest.

In a televised address, Grimsson said: "It is the cornerstone of the constitutional structure of the Republic of Iceland that the people are the supreme judge of the validity of the law. It is…the responsibility of the president to ensure that the nation exercises this right." He said the referendum would take place as soon as possible.

Almost 300,000 British savers had deposits with Icesave, attracted by market beating interest rates. Their accounts were frozen in October 2008, sparking a diplomatic row between Britain and Iceland, which had only recently begun to thaw. Britain outraged ordinary Icelanders at the time by invoking anti-terrorist legislation to freeze the UK assets of Landsbanki.

Repayment Blocked

The Times Online Reports Iceland blocks repayment of £2.3bn to Britain

Today Iceland’s President, Olafur Grimsson, vetoed a bill that would have enforced the repayment of the money by 2024.

Under Iceland’s constitution there must now be a referendum on the issue.

But the repayment is deeply unpopular


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Testy Tuesday Morning

Wow – what a lot of work to get back to last Tuesday's high! 

As usual, the vast majority of gains came in pre-market trading and the rest came in light-volume, early morning trading while the rest of the day was dominated by every buyer finding a willing seller for 75% of the day's volume.  We saw what happened on Thursday when someone big wants to sell and there are no buyers so we'll see how long the bull's luck (manufactured or otherwise) will hold out as we begin to get economic data along with some early earnings reports.

The Ag sector popped 2% yesterday ahead of tonight's earings from MOS with MON checking in tomorrow morning so we'll see how wise those last-minute bets were in short order.  SONC also has earnings tonight and we like those guys long-term.  SONC makes a decent buy/write candidate as you can buy the stock for $10.29 and sell June $10 puts and calls for $2.25 for a net entry of $8.04 with a very nice 24% profit if called away at $10 and an average entry of $9.02 (a 12% discount) if more stock is put to you below $10 in June. 

FDO and WOR also report tomorrow morning.  FDO will be interesting but a weak dollar probably hurt them last quarter.  Tomorrow night we hear from BBBY, BLUD, OHB and Sonic competitor RT, who seem a bit pricey at $7.50.  Thursday we get our first real builder, LEN along with STZ and TXI.  After the bell on Thursday we hear from APOL, CRI and SCHN with GBX and PSMT on Friday.  AA officially kicks of earnings season next Monday with GAP, INFY, KBH, BGG, SCHW, SHFL, INTC and JPM highlighting the reporters. 

We have plenty of data this week including Factory Orders and Pending Home Sales at 10 am along with December Auto Sales throughout the day (did you get a new car for Christmas?).  Tomorrow is jobs day, with the ADP Report and Challenger Job Cuts ahead of the bell followed by ISM Services (yesterday's ISM was a nice beat) and, of course, Crude Inventories at 10:30 which are unlikely to sustain $82 oil (USO Jan $40 puts for .80 are a good way to play this)We talked about the other stuff yesterday so I won't repeat it – suffice to say
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Sovereign Debt Defaults

Here’s two posts (article plus update) by The Shocked Investor on Sovereign Debt Defaults.

Concerns Escalate On Sovereign Debt Defaults: Who Is Next?

A week ago we posted the list of countries [below] at risk of default or with very poor credit ratings. It turns out that concerns are seriously growing worldwide about sovereign debt.

The Financial Times reports today that following the disasters in Greece and Dubai indeed sovereign debt risk is emerging as a serious concern for senior bankers, risk consultants and auditors: "Bankers at some large institutions are discussing whether they need to make provisions for sovereign risks in the same way they now set aside reserves to cover losses from corporate or emerging market risks".

This all has to do not only with the seemingly isolated financial disasters (Greece, Dubai, although one can add Hungary, Ireland, Iceland, Japan, the U.K, and even the U.S, and several others – are these really isolated?), but with the loose monetary policy employed by some countries. Moody’s has warned that debt could be sold off in 2010 if central banks do not implement successful exit strategies from these loose monetary policies.

"Control Risks, a risk consultancy, has seen a big increase in mandates from insurance companies and other financial institutions seeking to understand the part politics plays in sovereign default risk".

A survey showed lower risks for eurozone countries given the likelihood of support by other member states, however, countries such as Kazakhstan, Ukraine, the Seychelles and Eritrea – are vulnerable to downgrades and default.

So we have money printing pushing markets up, and debts and disasters in the making. This is why I like straddes so much. Anything can happen.

Sovereign Debt Update: Europe At Great Risk

Here is a great follow-up on our article on sovereign debt risk. The Wall Street Journal has a map of the risks in Europe:

[Chart: Euro Zone Grapples With Debt Crisis, WSJ]

Says the WSJ article: "After two years of crashing banking systems and economic recession, the euro zone enters 2010 with a full-blown debt crisis. The European Commission warns that public finances in half of the 16 euro-zone nations are at high risk of becoming unsustainable".

"Half of the 16 euro-zone countries are deemed to be at


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Zero Hedge

McCaskill Opens Probe Into Opioid Drugmakers, But Omits Nation's Worst Offender From Her Home State

Courtesy of ZeroHedge. View original post here.

Authored by Kyle Plantz via InsideSources.com,

U.S. Sen. Claire McCaskill, D-Mo., opened an investigation Tuesday into the role drug companies may have played in the nation’s opioid epidemic. She requested internal documents from five leading drugmakers on how they market opioid painkillers and if they knew anyth...



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ValueWalk

How Much Of Your State's Debt Rests On Your Shoulders

By HowMuch. Originally published at ValueWalk.

Uncle Sam is not the only one who can raise taxes and borrow money on your behalf. Those powers also belong to each and every state in the Union – and they all exercise them. Which means that as Americans you not only shoulder the weight of the federal debt (your share: about $42,500), but also carry the burden of your state’s IOUs. That burden varies per state of course, and the spread is very wide indeed, as shown by this graph, based on data released last month by the Tax Foundation.

States are shown bigger and closer to the center if their debt is higher. Red state...



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Phil's Favorites

PhilStockWorld.com Weekly Trading Webinar

 

PhilStockWorld.com Weekly Trading Webinar - 03-29-17

For LIVE access on Wednesday afternoons, join us at Phil's Stock World – click here

Major Topics:

00:02:31 Government Security
00:06:49 Checking on the Markets
00:08:40 Macy's Charts
00:08:53 Long-Term Portfolio
00:17:29 Short-Term Portfolio
00:21:06 5% Portfolio
00:31:15 XON
00:33:49 Trade Ideas
00:37:05 ETP
00:39:48 Cecking on the Markets
00:43:22 Energy Transfer Partners: Dakota Access Pipeline
00:47:36 CHK Charts and Trade Ideas
00:54:24 WYNN
01:01:45 WYNN Trade Ideas
01:09:53 TSLA
01:17:25 Petroleum Status Report
01:22:47 $WTIC
01:24:50 Petroleum Status Report
01:32:24 Peak Oil...



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Kimble Charting Solutions

Energy Sector; Two Thirds chance they rally here

Courtesy of Chris Kimble.

Below looks at the performance of the S&P 500 Sectors, looking back 5-years. The winner for the lowest performance is the Energy Sector (-1.42%). XLE is lagging the S&P 500 by almost 70%, in just 5-years. “Time for them to rally?”

CLICK ON CHART TO ENLARGE

Below looks at the Energy ETF (XLE)/S&P 500 ratio over the past 17-years and why we find this pattern worth looking closer into.

...



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Chart School

SP500 Kitchin cycle says trouble brewing

Courtesy of Read the Ticker.

Since March 2009 the SP500 is up 250%, so another 10% gain is just chump change, and chasing it may be a step too far!

The Kitchin cycle (purple loops) suggests trouble can be expected between May 2017 and June 2018, readtheticker.com suggests a minimum 20% correction is a sure thing during the next 18 months with the TRUMP'ster around. Why chase a 10% gain now? Best waiting for the expected market correction before increasing your exposure to real market risk. Makes sense no!

NOTE: The price chart below with our RTTHurstDPO indicator shows price is conforming to the 900 bar Kitchin cycle.

Click for popup. Clear your browser cache if image is not showing.


O...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Wall Street posts sharp gains, fueled by strong consumer data (Reuters)

U.S. stocks ended sharply higher on Tuesday, with financial and energy shares surging as data showed U.S. consumer confidence soaring to a more than 16-year high.

If Stocks Wobble, Will Bonds Be There To Absorb the Blow? (The Wall Street Journal)

If stocks are hitting a sticky patch, are bonds bound to shine? That was certainly the case in the first half of last year, when sharp falls in equity markets helped push bond prices sky-high. But the backdrop is different this time around.

...



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OpTrader

Swing trading portfolio - week of March 27th, 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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Members' Corner

More Natterings

Courtesy of The Nattering Naybob

[Click on the titles for the full articles.]

A Quick $20 Trick?

Summary

Discussion, critique and analysis of the potential impacts on equity, bond, commodity, capital and asset markets regarding the following:

  • Last time out, Sinbad The Sailor, QuickLogic.
  • GlobalFoundries, Jha, Smartron and cricket.
  • Quick money, fungible, demographics, QUIK focus.

Last Time Out

Monetary policy is just one form of policy that effects capital,...



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Digital Currencies

Bitcoin Tumbles Below Gold As China Tightens Regulations

Courtesy of Zero Hedge

Having rebounded rapidly from the ETF-decision disappointment, Bitcoin suffered another major setback overnight as Chinese regulators are circulating new guidelines that, if enacted, would require exchanges to verify the identity of clients and adhere to banking regulations.

A New York startup called Chainalysis estimated that roughly $2 billion of bitcoin moved out of China in 2016.

As The Wall Street Journal reports, the move to regulate bitcoin exchanges brings assurance that Chinese authorities will tolerate some level of trading, after months of uncertainty. A draft of the guidelines also indicates th...



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Mapping The Market

Congress begins rolling back Obama's broadband privacy rules

Courtesy of Jean Luc

I am trying to remember who on this board said that people wanted to Trump because they want their freedom back. Well….

Congress begins rolling back Obama's broadband privacy rules

By Daniel Cooper, Endgadget

ISPs will soon be able to sell your most private data without your consent.

As expected, Republicans in Congress have begun the process of rolling back the FCC's broadband privacy rules which prevent excessive surveillance. Arizona Republican Jeff Flake introduced a resolution to scrub the rules, using Congress' powers to invalidate recently-approved federal regulations. Reuters reports that the move has broad support, with 34 other names throwing their weight behind the res...



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Promotions

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

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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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