Cursed By Momentum


Cursed By Momentum

Courtesy of Tim Richards

Edgy Investors

Although most investors have no edge on the market there's a proportion of them that persist in trading actively, the main effect of which is to enrich their brokers. There are various explanations of why this occurs, but it seems to come down to some combination of inherent overconfidence and a perverse refusal to take account of negative information. 

This is particularly dangerous in calm periods such as those we’ve been experiencing in markets over the past few years.  In such times momentum strategies are particularly effective – and serve to supercharge the behavior of naturally overconfident individuals. The end results are usually not pretty…

Snow Business

We’ve covered the basic research into overconfidence here a number of times. Odean and Barber (see O is for Overconfidence) showed that the more investors trade, the more they tend to lose – high turnover investors spend more on fees and end up losing money relative to less active traders. In fact only the least active accountholders were able to generate a return in excess of an S&P500 index tracker.

In 2009 Mark Grinblatt and Matti Keloharju studied a bunch of Finnish traders in Sensation Seeking, Overconfidence and Trading Activity. In Finland all males have to take an Army psychometric test at age 20 – quite what the Finnish military is worried about isn’t clear, other than a tendency for adult male Finns to drink a lot, play chess and roll about naked in the snow, often all at the same time. The researchers then matched the results of these tests and driving violations to frequency of trading and – no surprise – found that overconfident, sensation seeking individuals were the most frequent traders.

Wrong But Right

As ever, the behavior of investors is conditioned by the times that they find themselves in. People tend to extrapolate the recent past into the indefinite future, which is fine when you’re dealing in the movements of tectonic plates, but less smart if you’re trading on the edge of an active volcano.  Given this it’s no surprise that momentum strategies – essentially

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  • Phil- I want to let you know that you really helped me make some money this morning when I probably would have lost on my own. I was stuck in doctors waiting rooms most of the morning starting at 8AM. By following the game plan you laid out and using my smartphone, I went short on oil whenever we got to 61.50 and long at 61 waiting for the spikes ahead of inventory. When 10:30 rolled around I was out after selling longs at 61.60 a few minutes earlier. I went short at 61.75-61.80 and voila, rode it down to 60.60 or so. Thank you.


  • I discovered PSW while reading up on the US economy and how it applies to all the poor folk of the world and to myself as a humble UK desk slave. This year I put time into learning options trading. I upgraded (with great administrative difficulty!) my stock dealing account to deal options. Now I am an avid reader of PSW and subscribed for voyeur membership. Initially feeling out of my depth struggling to keep up with the peculiar language of options traders, I unsubscribed feeling a little under confident and uncertain if the small stake I have to invest in options could generate enough to justify my PSW subscription. Nevertheless, I've benefited considerably from the member's material. From a small number of initial trades, I've exceeded profit targets enough to consider re-subscribing in some capacity. Thanks for the knowledge and more than anything I appreciate the human angle, the humour and the ecologically sympathetic approach rarely seen in other financial media. Best wishes all - Jon


  • Man, what a week: Bought C at 1.40, sold half at 1.59 (relatively big position), another quarter at 3.04 just now. Ran SKF down from 270 with one April put, still holding some 115's expiring in a couple days. I'm going to gamble this position like a champion Friday. Bought FAS at all sorts of levels and started cashing out. Long HOV, stock and some nickel calls for fun - Mocha up your buy-out from 5 to 8 and that's 10,900% return for the May-2.50's . Ha!


  • Against all prognostics (bears) Phil pointed in the morning the correct direction, and in middle of day he pointed the possible move to 2.5% Incredible… I'm starting to serious believe on the program trading and the human nature behind the programing those "trade-bots".


  • Thanks, after years of blood and blunders, I have reached a significant milestone – I don't lose money. Net net, I rarely have a losing week, market up, market down. And that I owe to you. Balanced positions. More premium sold than bought. Fundamental criteria applied to good companies, not momentum/ news headlines/ stock du jour/ triangle squeezies. But rather earnings, P/E, dividends, competitive position — the boring stuff that takes study, thought,….and patience. You have been a great teacher, and I have embarassed myself repeatedly day with how slowly I learn. And it's a funny thing – if you don't lose, the gains start to pile up. The arithmetic is cruel to the downside, and becomes a gift in the other direction. And I'm in this for the long run, having made myself unemployable through a need for diversification. Moreover, what I've learned here has also elided into other areas, including real estate and ex-U.S. investment. Pretty cool. Have a great weekend.


  • Wishing Phil and all fellow PSW members a Happy, Healthy and Prosperous New Year 2017! Thanks to all of you for your insights and comments which help make me a better investor every day. Wishing everybody the best of luck for 2017


  • BTW Phil, I wanted to relate a conversation I had with my business partner yesterday. I told him that I have been much more relaxed about my investments ever since I joined your site. It's funny how a 15-20% cushion does to your nerves. My returns have increased dramatically and my risk diminished. Many thanks for the guidance and patience. Good thing I am doing better financially as you might have increased my life expectancy as well!


  • Phil & Ephmen85: I hadn't thought about selling the covered calls. That should be the easiest strategy for me since I'm a beginner. Thanks a bunch!


  • Phil I have been applying your arsenal (matresses, Edz plays, Ugl verticals etc.) to my gold holdings . So a big thank you for "teaching me how to fish" rather than just giving me the fish...


  • PHIL: The most important lesson I have learned is how to hedge using SQQQ, SDS and TZA. A big thanks.


  • Phil, I just wanted to say thanks for being there. The world needs more of you. Your site continues to positively change my life daily.


  • Phil I have been telling you for a while how I feel like I am really understanding you now and thanking you. Well today may have been my most successful futures trading day since I began here and the week has been spectacular! It has just seemed so easy when you give us a range and I execute properly. Thanks once again for teaching me to fish. My portfolio gained over 10% this week which is just amazing.


  • Phil Killed it tonight trading copper. Anyone who jumped in right after election is up about 75k on one contract! Thanks


  • Thanks, I managed to make 2k today so I am happy…and feel like I am finally getting it. New equipment and a quiet place to work helps a lot. I am happy for all the members that took your /NKD advice….that was fun I am sure! coke Take your vitamins…I don't know how you do all this! but, keep it up!


  • Hey Phil -- I want to thank you every chance I get for helping me to grow my previous portfolio to being profitable enough to pay off some debts my family had and left me with $1,000 left to use in the markets. You should know that your premium membership is amazing on many levels, You and your readers offer a ton of economic and statistical analysis that I was able to use in my clerical level job in finance. It's a shame that someone as talented and honest as you is not on television each night providing a true service to the investing public and not the clowns and hucksters that are talking up their books to dump on retail investors. Sorry for the long post. I had to say something to you that I never thought I would have the opportunity to. You helped put my family in an almost debt-free life through the stock and option plays that I made during my time as a customer of your service and that has made us very happy. You are a good man and I wish you and your family many years of joy and happiness. I wish I could do ads for you!


  • Oil – thanks Phil, got in late at 0.53 on the 38p today, set a sell for 0.75 and took the dog for a walk – 70% gain and more than enough $$ to buy dog food. TZA Aug 35/40 BCS – closed out for a 100% gain in under a month – thanks again for introducing me to these trades.


  • Phil… My portfolio, in the past few months, has acheived a high degree of stabilization. I've noticed that on up days, down days, even days, it doesn't matter, my portfolio rarely varies more than 2%. And over the long haul it just slowly increases in value. I attribute this not to investment choices, but to style. Thanks to you and others on this site I'm paying close attention to position size, delta neutrality, downside protection, and concentrating on selling premium rather than buying it. I've developed increasing patience, not having to trade daily, or even weekly. I'm concentrating on the finer points of trading, letting the profits come to me, rather than the other way around. I appreciate the help everyone here has given in getting me focused on this principle. I'm pumped!…in a calm sort of way.


  • Phil// Cashing out of my LT holdings have been going on for over two weeks. However, I have elected not to cash all of the holdings including my AAPL, Jan 16 Short Puts at $470 and $480. Plus, I am being opportunistic in selectively putting on those positions for beat down stocks by selling 2016 Puts. That said, YTD harvested profits now stand at $135k on a current account balance of $683K or a 19.81% YTD return. Thanks for your expertise in teaching me how to be patient, be the banker, but also not being greedy, cashing out and harvesting profits.


  • Thank you Phil for this site – the trade discussions on PSW are mind boggling. Future trading while learning to be a value investor. Priceless


  • Took profit on QQQ 57 Puts, bot 40 at $0.07, sold 20 for $0.15 and 20 for $0.32. Thank, Phil


  • Personally I admire and respect you disciplined approach to investing. My style is at the extreme side of aggressive and I have to learn how to be less that way. If I yell " Let it Ride" at my house, no one says a word so I can't use that to temper my behavior. Phil has done a pretty good job of knocking some of my potential moves and as a result, I have increased my portfolio value by almost 25% since late July.


  • Hi Phil, Thanks for the free disaster hedge ideas. I implemented variations of two of them on SDS bull call spreads and EEM bear put spreads (haven't done the TZA yet) and they really hedged my short term longs nicely today. Makes it seem a lot less like gambling. You are the man (of the people)!

    Howard Roake

  • On Optrader's section yesterday he was asked how he works with AAPL as an investment. He replied that he just ‘plays with the covers'. I've got a separate portfolio where I use primarily this technique over the past 6 months. Up 60% The principles involved are stock selection, patience, patience, using covers to protect profits, rolling covers to maximize premium return, and exiting when covers are gone and stock price is high. Sometimes it's hard to remember where you learn to do this stuff, but much of it is from integrating principles I've learned here with thing I already knew. Thanks for the help on this, Phil and others.


  • Phil, I meant to post over the weekend, but I was busy having fun . Last week was a very nice week for me, and I wanted to thank you for all that you do. I am pretty much back to cash and really feel like I am learning. I have out performed the $5kp by a very large margin. Thanks again for the service you provide.


  • Phil, 26% on the week for the 20% I day-trade, and since drinking the kool-aid last fall, the whole portfolio has doubled. Have a great weekend !!


  • Phil, I don't know how I can thank you enough for your guidance this past week. I'm up significantly in my portfolio and I've never been so relaxed watching the market panic. Thanks once again for being here for us.


  • Started my membership in mid-Oct and have since then learned so much about options by reading the site's articles and postings, members' chats and suggested trades – as a bonus, the articles are entertaining as well! Phil's long-term investing strategy makes really good sense as I've seen its effect on my GLW positions. Phil – thanks for sharing your knowledge of the market! I've worked as risk analyst for the investment dept of a $19B insurance company, and the scope and depth of your daily commentaries blows away what I have seen and heard from the PMs and even the chief investment officer! Most of all, I will continue to be a member because you have your priorities right (from my POV) – it's not all about money and power.


  • I would like to thank Phil and PSW crew for the insight and assistance (even the liberals). In December I initiated long stock positions buying stock, writing calls and puts in AAPL, WFR and CHK (scaling in and out). Over the last week I have been trimming back my positions selling stock and taking out my callers and putters. I am now back to my initial 25% position that I started with in December. However this time, my cost basis on shares AAPL, WFR, and CHK is $0! With money to spare from those positions.


  • Phil / TNA – On Monday you put out the TNA BCS 41/47. As I mentioned I work during market hours so on Tuesday morning on my way out the door (premarket) I put in an advanced TOS '1st trigger sequence' order to fill the BCS. I can control the entry using this method vs. the vertical entry that TOS allows for the BCS. I filled the June 41 long call but never filled the 47 short call. I let that ride into today. OMG ..TNA popped 7.5%!… the $3.60 entry is almost a double! Tomorrow will be a OCO bracket to get out of TNA before Ben speaks. I should be able to preserve 85% – 100% on the trade. For the income portfolio plays in my IRA's, doing very well… I do like collecting premium! Well done and thanks!


  • Hi Mr. Phill, I am a Venezuelan lady tormented by our politicall situation, who use to be an emerging market trader, and many other executive positins in the finance "arena" and now is trying to built a new concept and service for asset management for clients on my own, I am in the trial and learning process at the moment, I also invest for some friends and myself. I want to congratulate you , because reading you fill my days with a touch of irony (besides ,of course the spectacular market insight) that happens to give me energy, its a joy the remarks and comments even the pictures used, sometimes I just read it for the fun, I completily agree with your thouhts, though we belong to totally different cultures and enviorements and certanly realities Your readings is like a little hand helping me out to be in the market and fight for my devastated country where every single day we looe inches and yards of liberty. You shoul try to writte a book!


Animal Spirits: Goodnight Moon


Animal Spirits: Goodnight Moon

Courtesy of 

On this week’s Animal Spirits with Michael & Ben we discuss:

The Flash Correction

U.S. Household net worth hits record highs

I knew Dave Ramsey was big, but not this big

Rising rates are a double-edged sword

The bond bull market resulted mostly from high starting rates, not falling rates. 

Not everything should be indexed

Amazon is moving into finance

Look past the headlines

Should you hedge foreign currency?

Mark Cuban’s advice

Listen here:




The Success Equation

Thinking in Bets

Godless on Netflix

Gad Elmaleh: American Dream on Netflix

Michael Lewis on fatherhood

Thanks for listening!

You can get Animal Spirits and all of our posts on Facebook

TGIF – Closing out a Weak Week for the Markets

Not just a weak week but a weak 45 days since February.

After testing our 30% line on the S&P 500 at 2,860 at the end of January, we plunged down to our 20% line at 2,640 in early Feb and now, 5 weeks later, we have struggled to hold the 25% line, which has now become the 50-day moving average as well at 2,750.

The annotation on the chart is not our 5% Rule™ but a simply Fibonacci retracement and it shows you what a cleanly technical move the market is making.  That, in turn, indicates that the majority of this trading is being done by robots and those robots are not trading with emotion or enthusiasm – they are just trading their pre-programmed ranges and it won't take much of a change of human hearts to send the whole thing crashing back down another 10% from here.  

I told CNBC in Japan earlier this week that my number one Global concern was a Trade War and now, in addition to steel and washing machine tariffs, we (and NATO) are sanctioning Russia and Russia is retaliating against us and now Trump is readying "sweeping tariffs and investment restrictions on China" – this is what a trade war is folks – no one declares it, it just happens step by diplomatic step.  Suddenly, among Conservatives, "Globalism" and "Globalists" have become bad words, words used to describe their enemies the way they used to say "Communist" and "Socialist".  These are very dangerous times, folks.

Image result for globalism cartoon

Image result for globalism cartoon

This myopic, anti-Progressive, anti-progress, protectionist view of the World comes right out of the early 1900s and in fact, the first "America First" Committe was formed as an attempt to keep the US from "meddling" in World War II and was "characterized by anti-semitic and pro-fascist rhetoric."  Trump's form of Fascism isn't anti-semetic yet, just anti-Muslim and anti-Mexican and anti-African and anti-Poor so, as long as you aren't one of THOSE – you're good – for now.  

Hoover's America First protectionism and tariffs landed us in the Great Depression and Hoover, like Trump, literally promised his base "A Chicken for
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The Weekly Webinar – 03-14-18


The Weekly Webinar – 03-14-18

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

Major Topics:

00:01:56 Checking on the Markets
00:11:05 Active Trader
00:12:17 Indexes
00:20:27 Seeking Alpha Market News
00:25:59 S&P
00:32:09 Trade Ideas
00:41:36 CMG
00:45:43 Long-Term Portfolio
00:46:17 Short- Term Portfolio
00:49:01 Active Trader
00:55:42 KMI
01:07:01 RB
01:09:36 Petroleum Status Report
01:16:02 Active Trader
01:22:00 GDP Now
01:34:38 Trade ideas
01:37:27 WBA & CVS
01:55:42 Checking in the Markets

Phil's Weekly Trading Webinars provide a great opportunity to learn what we do at PSW. Subscribe to our YouTube channel and view past webinars, here. For LIVE access to PSW's Weekly Webinars – demonstrating trading strategies in real time – join us at PSW — click here!


Anthill 23: Bursting the Bitcoin bubble


Anthill 23: Bursting the Bitcoin bubble

File 20180313 30989 15jmdpj.jpg?ixlib=rb 1.1


Courtesy of Annabel Bligh, The Conversation; Gemma Ware, The Conversation; Kelly Fiveash, The Conversation, and Will de Freitas, The Conversation



In this episode of The Anthill podcast from The Conversation, we’re delving into the world of Bitcoin. The cryptocurrency has come a long way since its launch by the mysterious person (or persons) Satoshi Nakamoto in 2008. The price of one Bitcoin hit a peak of more than US$19,000 in December 2017. It has since fallen below US$9,000.

Bitcoin has made a lot of headlines over the last year, but will it be the currency of the future? To find out, we spoke to professor of business history at Bangor University, Bernardo Batiz-Lazo, about what makes money money. He shared his doubts about Bitcoin – or any other cryptocurrency – going mainstream anytime soon.

And Larisa Yarovaya, lecturer in accounting and finance at Anglia Ruskin University, explains some of her recent research into the effect of US policy announcements on different cryptocurrencies. Her findings give some insights into whether or not they make good assets for investment. She also tells us how cryptocurrencies respond in different ways to the US dollar and gold.

For many, one of the big appeals of cryptocurrencies is the fact that they are not regulated by any governments. But different countries have responded in wildly different ways to the rise in popularity of Bitcoin. Initial coin offerings have been banned in South Korea, where regulators are considering shutting down local cryptocurrency exchanges. Meanwhile, the threat of regulation in China and elsewhere recently triggered a significant slide in Bitcoin’s value.

Russia, however, has been a hotbed of cryptocurrency innovation, where President Vladimir Putin wants to create infrastructure for the national adoption of virtual coins. And in Sweden there’s talk of releasing a national cryptocurrency.

The Conversation’s technology editor Kelly Fiveash spoke to lawyer Iwa Salami at the University of East London and Brian Lucey, finance expert at Trinity College Dublin, to take a closer look…
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Faltering Thursday – Market Struggles Around 50 DMAs, Again

Here come those tears again

Just when I was getting over you

Just when I was going to make it through

Thinking I might just be strong enough after all – Browne

Here we go again. 

If the markets were as strong as the Wall Street narrative suggests – they wouldn't keep failing the 50-day moving averages, would they?  Not only that but we STILL haven't gotten the broadest index, the NYSE, over their Must Hold level, which means we haven't even really confirmed a broad-market rally.  

Not only has the rally had a very narrow focus but, as it turns out, the main buyer of US Corporate stocks is — US Corporations!  Last week alone, US companies bought back $1.5Bn worth of stock through Bank America (BAC) alone – the biggest week they ever recorded.  In the past 3 months, $250Bn in additional buybacks have been announced, possibly pushing us to a $1Tn year in Corporate Buybacks or about 2.5% of the entire market.  

And, of course, they are not buying every stock, mostly their own so it's those big, Top 1% Corporations, 90 of the 9,000 listed companies – the ones who were given $1.5Tn worth of tax breaks by the Trump Administration – that are bringing back the cash they hid overseas to avoid paying taxes under Obama (at no penalty) – and are using it to buy back their own stock to mask the fact that earings are not actually improving by reducing the number of shares those earnings are divided by. 

All in all, it's just a huge Ponzi scheme where companies plow back declining profits into their own stock so the CEOs can justify their outrageous salaries and lure investors into their stock while insiders and Fund Managers (ie. "smart money") cashes out.  Then, when the whole thing ultimately collapses, they will say: "Who could have seen that coming?"  

I know it's complicated but
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Zero Hedge

Good Riddance, Lloyd Blankfein!

Courtesy of ZeroHedge. View original post here.

Authored by EconomicPrism's MN Gordon, annotated by Acting-Man's Pater Tenebrarum,

“God gave me my money.”

– John D. Rockefeller

Today we step away from the economy and markets and endeavor down the path less traveled.  For fun and for free, we wade out into a smelly peat bog.  There we scratch away the surface muck in search of what lies below.

One sho...

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Phil's Favorites

Bitcoin Battered To Fresh Lows After Twitter Joins Crypto Ad Ban

Courtesy of Zero Hedge

Facebook started it - banning crypto/ICO ads on Jan 30th, then came Google - copying Facebook's ban on March 14; and now, less than a week later, Twitter is virtue-signalling support for the crypto-crackdown, planning its own ban on ads.

image courtesy of CoinTelegraph ...

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Digital Currencies

Bitcoin Battered To Fresh Lows After Twitter Joins Crypto Ad Ban

Courtesy of Zero Hedge

Facebook started it - banning crypto/ICO ads on Jan 30th, then came Google - copying Facebook's ban on March 14; and now, less than a week later, Twitter is virtue-signalling support for the crypto-crackdown, planning its own ban on ads.

image courtesy of CoinTelegraph ...

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Members' Corner

"If you want to fundamentally change society, you first have to break it."


Here are a number of related, overlapping articles discussing an enormous social experiment called the US 2016 presidential election. Key players include Cambridge Analytica (a voter-profiling company with "an arsenal of weapons" to fight a culture war), billionaire Robert Mercer, Stephen Bannon, the Trump campaign, Facebook, algorithms, the American people, Christopher Wylie (whistleblower who worked at Cambridge Analytica), Alexander Nix (Cambridge Analytica's CEO), and the Russian oil giant, Lukoil.

How Trump Consultants Exploited the Facebook Data of Millions (NY Times)

LONDON — As the upstart voter-profiling company Cambridge Analytica prepared to wade into the 2014 American midterm elections, it had a problem.

The firm had secured a $15 million ...

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Chart School

Bitcoin Update, demand is present

Courtesy of Read the Ticker.

When a Wyckoff trader looks at a stock chart of price and volume one looks for foot prints of material demand and supply. The current bitcoin chart shows very significant demand prints.

More from RTT Tv

Sure fundamentals do matter, and so does market timing (entry, stops and exit), here at we believe a combination of Gann Angles, Cycles...

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Connor Browne - FAANG Stocks Dominance

By VW Staff. Originally published at ValueWalk.

They are known as the FAANGs but Facebook, Amazon, Apple, Netflix and Google/Alphabet should also be dubbed the great disruptors. They have created new businesses and destroyed old ones, changing the way we conduct our personal and business lives in the process.

]]> Get Our Activist Investing Case Study!

Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below!

Check out our H2 hedge fund letters here.


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Insider Scoop

BofA: Lyft, Magna Could Be The First Of Many Autonomous Vehicle Partnerships

Courtesy of Benzinga.

Related MGA Benzinga Pro's 5 Stocks To Watch Today Earnings Scheduled For February 22, 2018 ... more from Insider


How your brain is wired to just say 'yes' to opioids

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


How your brain is wired to just say ‘yes’ to opioids

A Philadelphia man, who struggles with opioid addiction, in 2017. AP Photo/Matt Rourke

Courtesy of Paul R. Sanberg, University of South Florida and Samantha Portis, University of South Florida


more from Biotech

Mapping The Market

The tricks propagandists use to beat science

Via Jean-Luc

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

The tricks propagandists use to beat science

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

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

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Swing trading portfolio - week of September 11th, 2017

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


This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...

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NewsWare: Watch Today's Webinar!


We have a great guest at today's webinar!

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

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

Just click here at 1 pm est and join in!

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

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Kimble Charting Solutions

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

Courtesy of Chris Kimble.

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


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

If EWZ b...

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All About Trends

Mid-Day Update

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

Click here for the full report.

To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

more from David

About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>