Here’s THE EPICUREAN DEALMAKER‘s reading list – TED is an avid book collector who has bought far more diverse and intellectually exciting books than he’s ever going to read. The mere act of buying all those books is very impressive so we should pay attention. – Ilene
I suspect that many of you, O Dearly Beloved and Most Patient of All Possible Readers, have grown weary of all the self-indulgenttwaddle Your Normally Relevant (Or At Least Mildly Amusing) Bloggist has been posting recently in these pages. I know that I have. That being said, I have been assured that "with great power comes great responsibility"—or some such bullshit or other—so I have felt compelled to draw some necessary attention to a few of the gears and levers behind the otherwise seamless facade of this two-bit opinion emporium. I promise to drop such self-referential crap posthaste and return to my proper métier—flinging obloquy, calumny, and invective into the blogosphere with the wanton abandon of a short order cook on speed—as soon as humanly possible.
Before I do, however, I must beg your indulgence one last time.
I do this for two reasons. For one, I am sure like many of you I have been intrigued by the confessional pieces in The Atlantic Wire by Michael Lewis and Felix Salmon as to what and how they read from among the vast quantities of material they are assaulted with every day. (And, in my case, my interest is not limited simply to the fact that Felix repaid my substantial bribe with a shameless plug for Yours Truly. Who could have guessed, for example, how woefully out of touch with the zeitgeist du moment Mr. Lewis appears to be?) Second, my recent list of online resources I normally consult elicited an appeal from more than one correspondent to share my taste and recommendations in more earthbound information; namely, books. This strikes me as a reasonable request, and in addition one which answered might disabuse the casual visitor to these shores of the notion that I restrict my intellectual stimulation to purely…
IEP – Icahn Enterprises L.P. – Shares in Icahn Enterprises fell 10% to $133.67 on Tuesday morning after the company yesterday announced the sale of 2,000,000 depositary units. Shares in IEP yesterday rose to an all-time high of $149.77.
The sizable move in the price of the underlying sparked heavier than usual options activity on the stock today, with overall volume approaching 5,000 contracts as of 11:20 a.m. EST versus average daily options volume of around 1,400 contracts. The largest increase in open interest in IEP options overnight was in the Dec $145...
At 4:15 pm Eastern, DoubleLine's Jeff Gundlach will be discussing the economy, the markets and his outlook for the future and the best investment strategies in a time when not even the Fed knows what they will do. We wish him good luck. Readers can register for the webcast at the following link, while for those stuck with phones can dial-in at (877) 407-6050 or (201) 689-8022 international.
There has been a lot of hyper-taper sensitivity of late, ever since Fed Chairman Ben Bernanke broached the subject of reducing the monthly $85 billion bond buying stimulus program during the spring. With a better than expected ADP jobs report on Wednesday and a weekly jobless claims figure on Thursday, everyone (myself) included was nervously bracing for hot November jobs number on Friday. Why fret about potentially good economic numbers? Firstly, as a money manager my primary job is to fret, and secondarily, stronger than forecasted job additions in November would likely f...
NorthStar Realty Finance (NYSE: NRF) today announced that its Board of Directors unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a tax-free distribution. The distribution is expected to be completed in the second quarter of 2014 and will be comprised of common stock in NorthStar Asset Management Corp. ("NorthStar Asset Management"), a newly formed company expected to be listed on the New York Stock Exchange.
In connection with the proposed spin-off, NorthStar Asset Management will enter into a 20-year management contract to manage NRF. NorthStar Asset Management will also manage NRF's non-traded REIT business and own its broker-dealer platform.
Today, with very little market moving news, the S&P 500 closed at 1808.4, yet another new closing daily high. The index did touch the 1811 area on at least three distinctly different time slots creating a new resistance level. But after last week’s bevy of positive economic surprises, the sharp gain of 1.1% on Friday, leaving the index just a tiny point away from its ninth consecutive up week, we can’t be too quick to suggest today was a topping rally. For one thing, volume was quite low as traders seemed to be trying to sort out the odds on the earliest date of Fed tapering. Estimates range from this month to March and even later. But it’s going to happen…so why so much emphasis on when? Perhaps protection of end-of-the-year profits in so many fund managers portfolios? ...
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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.
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These rallies are becoming familiar. In early July we saw a streak of 12 of 13 sessions in a row up, early September 11 of 12, and mid October 11 of 13 (current streak). It is a bit uncanny the similarities and how the escalator goes straight up in vertical ascent as we see indexes come out of mini corrections during QE. So we are about at the same stage where the last two began to tire, so it will be interesting if this is similar or if the current consensus of the market that there is nothing to worry about until next year as the Fed and D.C. are both off the table and this 3% annual growth rate in earnings we are now seeing in the S...
Welcome to the fouth update of the IRA Virtual Portfolio. First I am going to summarize the current state of the Portfolio then I will get into all the activity we had during September expiration.
Profit and Loss – Net of closed positions the portfolio is up a total of $769
Market Commentary – Last expiration I said, "I would like to put a total of $20,000 to work by the end of SEP expiration. If the VIX pops up to around 20 I plan to put about $50,000 total to work." The market didn't quite reach the goal but I did manage to deploy $15,000 of buying power. I still feel the market is too high and expect a correction during October. If the vix pops up to around 20 I still plan to put about $50,000 to work. If a correction doesn't happen I still plan to have a total of $25,000 in buying power put to work by October expiration. Now on to the act...
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Come and get it! Read all about it! Biotechs, biotechs and more biotechs to buy buy buy for your portfolio! To date, almost 30 biotech companies have hit the market. Most of the time, there are fewer than 10-12!
For the last five years, biotechs have had issues obtaining offer prices above expectations. In 2013, that trend looks to be broken. According to BiotechNow, the offer prices are 4% above expectations! In addition, biotechs are going public with little more than a wing and a prayer (pre-clinical or Phase 1 data only). Really? What this means is that the drug or technology looks good in mice, rats, or dogs, etc, but there is no smidgen of evidence that it will work in humans. That's what is called an appitite for RISK!
Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither Philstockworld, LLC (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.