Never Begin With the End in Mind

 

Never Begin With the End in Mind

Courtesy of 

The thing about biases is that they’re human, so they’re seen in every walk of life. In who we choose to be friends with, in what news we read, in investing, and in sports.

In Michael Lombardi’s new book Gridiron Genius, which I highly recommend, he talks about all of the biases that can infect a football organization. Lombardi says, “Confirmation bias is absolutely insidious in my field even though it breaks the first rule of scouting: Never begin with the end in mind.” He also talks about what he calls “scouting blinders”, which is the tendency for drafted players to stick around long after the initial evaluation proved to be wrong. Lombardi tells a story about how this affected the great Al Davis. “Like many crimes, the cover-up is even worse than the initial mistake. When it came to players Al Davis discovered, there was no like, only love, and when he loved, he loved forever.”

When we buy a stock, a few biases instantly kick in. We value it more than we did before we owned it (endowment affect), we look for reasons to support our purchase (confirmation bias) and perhaps most pernicious, we anchor to the purchase price.

Let’s look at Amazon as an example. If somebody bought Amazon in 2009, this is what their experience looks like. They see their gains from the initial purchase price each time they open their account.

But with stocks, there are multiple anchors. Another thing we anchor to is the all time high. So we don’t just see how much we’re up from out initial purchase, we see how much we’re down from its highest value.

Anybody who has ever been in a drawdown knows that they’re not viewed in percentage terms, but dollar terms. If you put $10,000 into Amazon in 2009, on eleven occasions, you had a decline that was larger than your initial investment.

The third and final anchor is January 1st of every year. Each time the calendar turns over, we revert to the YTD performance. As if how long it takes…
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  • Phil: Thank You! Scaling, Scaling, and Scaling… then patience, patience, patience I'm 2 to 1 short and even on a day the broad market is up I had my largest one day gain in years. The last 6 weeks in fact have been great. I really feel I've learned to use some tools that will enable me to deal with the turbulence ahead. Selling short calls is definitely my preferred approach. Even allowed me to play golf this afternoon while the premium melted away and shoot a career low round. I owe you man!

    Lincoln

  • Phil, did you by chance publish the weekly webinar on Youtube yet? I have been watching these and they are awesome. Unfortunately, I can't cut out of work to attend live webinars. Again, they are just awesome content – thank you.

    jcpdx

  • I have followed a lot of Phil's picks over the last several years and made money using the exact option strategies he outlines. Of all the contributors on SA, he offers the most actual and ready to implement advice that has put money in my account. Many of us on SA actually are sad when we don't see Phil's postings for an extended period.

    Brenteaz

  • I have been reading the "free" PSW for about a year and have always liked Phil's style as it closely resembled the way I like to trade (mostly naked put options). I have been a paid subscriber for about 5 weeks and I have been learning a lot from Phil and other members. I had made some money on Phil's "free" ideas in the past and I joined because one of Phil's futures ideas paid for my subscription within the same day (NG). Phil deserved my subscription and I was eager to learn more. I just did a quick tally and within the last 5 weeks the ideas that I chose to follow from Phil generated over 25K in options profits and 12K in futures profits (some of my trades were more conservative than what Phil's had suggested). I have a lot to learn, experience and confidence to gain. Thanks again Phil and Successful Trading to all.

    Verreaul

  • Thanks super helpful re: UGN example…..other inflation/market-correction-defensive-related play you threw out that has jammed UP in less than a month is TITN 6/14 $15 puts, up 40%. Excuse my enthusiasm but haven't had those types of gains in multiple plays in years let alone days doing it on my own…….maybe I should host the PSW infomercial!!!!

    stevegeb200

  • Thanks for the oil tip Phil: Bot & sold the USO May 29 calls for net $125. Not bad for few minutes work.

    JWick1981

  • hil, I hit my targets for the year in my 401K (thanks in no small part to your site), so I cashed out of all positions a couple of weeks ago. Feels good... I'm conservative with this money –looking for 2% per month, which i've been able to do… thx.

    Lunar

  • Phil: I cleaned up today. A rather stark contrast to my untutored performance April/May 2009, after I had written to you to explain how wrong-headed your bearishness was. Many thanks. I ran into someone once who played on the Bulls with Jordan for quite a few years. He was asked what he had learned from playing with MJ for so long. He smiled and said "Give him the ball."

    Zeroxzero

  • Best day ever trading the futures, thanks to Phil's excellent call this am, and his "play the laggard" instruction. Well done Phil!

    Deano

  • 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.

    Scotbraze

  • 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...

    Magret

  • I traded with Phil for approximately three years, and consistently averaged 80% returns yearly... some of which was due to my skills as a trader, but much was a direct result of what I learned as a member of Phil's site.... both from Phil, and the many talented traders that hang out there. Phil... if you are reading along... thanks, again for the approximately $ 3 mil I made tagging along with you.... in order to make you feel good for the work you did... I gave the government 50% of it all, so you made your contribution....

    1234Gel

  • Being a bear is easy (and I am not convinced we are doing all that well on the whole as an economy), but one cannot fight the trend (didn't Phil say that a while ago)? Just cover, make 5-10-15-20% and move on. It really does add up by chipping away. All I can say is I am back to 2007 levels in my account b'f the crash with this run up and some very nice help on this board….so kudos to us (and me!!)…

    Pharmboy

  • Phil/ I hope the next 5 year bear market will be as much fun and as profitable as this 5 year bull market. For those who survived 2008/2009, and who imbibed the wisdom of PSW, what a time it has been. Good to have you by my side. I think you are selling yourself short – you need to triple your prices :)

    Winston

  • WOW, look at DRYS go. Nice call on the entry the other week Phil. I got 200 at $6.66 and sold a 7.5 call for $.50, then on the tear today sold another 7.5 call for $1. This should puts me in at an average of $5.91 and called away at $7.5 for a profit of $300+ after commisions. Once again another Phil trade pays for this months membership.

    Craigzooka

  • I don't post much, but I guess this morning has brought me out. This site has made me tens of thousands, every year since I have become a member. It took me nearly two years devoting 3 hours per day to get on the ball, and actually understand portion sizing, and which trades fit my personal trading style. Before that I spent at least two years working on Buffet style fundamental investing. (Intellegent Investor, Security Analysis, ect.). This site really will teach you amazing things if you just pay attention. Literally it has changed my day to day life, has allowed my family and I to move back to the U.S. from overseas with confidence even with a paycut at my day job, and literally put me in a different league financially. Seriously my life and my children's is better because of this site.

    Knightpilot

  • New members – a word of advice: you should check out the track record of Phil's last few trades of the year, and what the return would be if you just rolled all the gains into the next years trade of the year. Remember – trade of the year is one he's virtually sure of, and he rarely misses on those

    Deano

  • CZR – well that was fun! Opened the play yesterday. As the arb premium was now almost all gone from the box spread today, I just decided to close it. The rundown, after all commissions: my net was $183.51 profit for an overnight trade tying up $2000 margin in an IRA account. That's a 9% overnight return (3200% annualized!) …And all that learning, too! Thanks PSW!

    Scottmi

  • Phil, I have the SRS 2011 $7.50 short puts you recommended awhile back. I sold them for $2.20 and now $1.51 (up 31%) although SRS has been down since inception. This was a nice mellow way to play it like you said, thanks.

    Jomptien

  • Just closed out my V put for 50% in 24 hours thanks Phil!

    Humvee

  • Thank you so much for the good daily news in review Phil. I love your commentary! It is such a breath of fresh air in the smog cluttered news networks.

    RJRoberts

  • 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.

    CanuckBob

  • 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!

    DaveJ

  • GOOG, NFLX and AAPL all bought last hour Friday. Sold into the excitement the first hour today for an average of 15% on the options. And lots of them. Thanks again Phil for teaching me so well.

    lflantheman

  • Phil - Moved today to send kudos. You're in my top 5 to see/read daily. I do not trade... but as former econ-finance adjunct faculty near Stanford U. I give you lots of attaboys.... and provide your links to many to spread some understanding of the mess we are in. Best to you and yours,

    HJ Kobbeman

  • 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.

    thechaser

  • I really would like to meet all of the posters here who seem like an intriguing bunch of intelligent, opinionated (without being obnoxious or condescending most of the time), and well spoken people. Not so easy to find in this age of instant gratification and me first attitudes. Usually this results in groups where misinformation is used to gain an advantage, or whatever it takes to beat the other guys. I love the one for all, all for one vibe here, sharing your best ideas and helping each other work together for a common goal, to be successful investors!

    craigsa620

  • The strategy you have laid out pretty much mirrors much of my trading activity. I also mix in some momentum plays and "drop dead" bargains that come across my radar. My YTD trading profit is 63%. Back in March when Phil said "unless you think the world is coming to an end, then NOW is the time to start taking positions in Buy/Writes with the VIX so high." I jumped in with both feet - ( thanks, again Phil)

    Chaps

  • Thanks for all the work you put into this site. I have looked at a few other option advisory or "mentoring" services this year, but no one offers even a fraction of the content or the level of services you provide at PSW!

    Jelutuck

  • Newer member here, but just wanted to say thank you too. I've learned so much and I hope you'll be around for a long time helping us learn along the way.

    Where

TGIF – A Nothing Week in the Markets Dribbles to a Close

What a waste!

It's a low-volume pre-holiday week but it looks like we could have taken the whole thing off as we're drifting back to 2,712 on the S&P, which is right where we closed last Friday and not too far off the Friday before that either.  As I've been saying for the past two weeks, I don't think we're consolidating for a move over our strong bounce line at 2,728 – I think we're simply in a prolonged fail of that level and that means we'll be heading back to the S&P's 20% line at 2,640.

That's still 10% over the fair value for the S&P (we raised it 10% due to tax cuts – even though the tax cuts are ultimately bad for the broad economy).  Speaking of fair value, oil is realizing a bit of its fair value and has fallen 2.5%, back below the $69 and that's going to be great for Wednesday's Live Trading Webinar play on the Ultra-Short Oil ETF (SCO) where we picked up the June $14/17 bull call spread for net $1.45.

That put our break-even at $15.45 and today SCO will be well over $16 for a 40%+ gain in 2 days - you're welcome!  We didnt play the oil Futures (/CL) because it was too iffy with the holiday weekend and the Global tensions but putting, for example, $1,450 into the spread limits your loss to no more than $1,450 and it's very unlikely we wouldn't be able to stop out below $1,000 if it went the wrong way, going the right way, we will be making $1.55 (106%) in 60 days on a trade that requires no margin at all (so it's good for IRAs). 

Gasoline (/RB) has fallen to $2.19 and I like those Futures long off that line (with tight stops below) as I expect a pop back to $2.20 at least today as "THEY" try to jam prices up at the pump into the holiday weekend.  Natural Gas (/NG), on the other hand, is testing the $3 mark (we're long). 

What's taking oil down today (aside from basic fundamentals) is a
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Stocks prices are a proxy for our beliefs about the future

 

Stocks prices are a proxy for our beliefs about the future

Courtesy of 

One of the most aggravating things I’m forced to listen to from time to time is people citing widely available valuation ratios as though their very existence has some sort of meaning for the future price of a particular stock. Such and such company is selling for only 15x earnings, therefore it’s cheap and you should buy it. 

This ignores the fact that any information available to the masses is already priced in and that markets, which are made up of hundreds of millions of participants, have settled on buying and selling a given security at its current price or valuation for a reason. Markets are very smart, which is not the same as saying they’re always right.

Such and such stock sells at 15 times earnings because, at the current moment, this is the equilibrium price at which sellers and buyers have reached a tacit agreement.

Citing a PE ratio is like remarking on the fact that it’s cold in Antarctica and hot in Africa.

What investors are really doing is attempting to divine the future prospects of a company and what they think it could someday be worth, and then placing their bets accordingly. Current valuations are useful in this endeavor only insofar as they present buyers and sellers with a an approximate baseline or a starting point.

And then from there, literally anything can happen.

Netflix has just become the largest publicly traded media company in the country today, surpassing both content giant Disney and distribution giant Comcast in one shot. These securities are not being traded at their current levels because of ratio of price to current earnings. Rather investors and traders in both securities are making a bet on what the future looks like, incorporating possible risks to their forward-looking assessments and then either buying or selling depending on how far away prevailing prices are from their own individual guesses.

And then there are some other tangential considerations that go into this stew – optics (do I want to show my fund’s shareholders that I am in this name?), benchmarks (should…
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The PhilStockWorld.com Weekly Webinar – 05-23-18

 

The PhilStockWorld.com Weekly Webinar – 05-23-18

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

Major Topics:

00:02:09 Checking on the Markets
00:05:59 SCO 
00:11:49 NYCB
00:29:13 Long Term May Portfolio Review
00:40:41 LB
01:00:38 IRM
01:03:46 Active Trader
01:08:03 Trade Ideas
01:19:36 GE
01:22:11 FTR
01:23:33 More Trade Ideas
01:43:15 NYSE on the Big Chart
01:50:28 GE
01:51:27 Active Trader
02:00:59 Market News
02:07:11 More Trade Ideas

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!

 





Thursday Market Fakery – Pump it Up!

"Down in the pleasure centre,
hell bent or heaven sent,
listen to the propaganda,
listen to the latest slander.

Pump it up until you can feel it.
Pump it up when you don't really need it." – Elvis

S&P 2,728 again – they can't keep us over it but they won't let us go under it either. 

Today marks two weeks at the strong bounce line and an optimist would say we're consolidating for a move up but a pragmatist would say this is all being done on low-volume BS pump jobs that are faking market highs by holding up the headline stocks while the broad market sells off – leaving the retail suckers holding the bag when the bottom ultimately falls out.  

Notice how, nearly every day, we hit a high early in the day and then sell off?  That's how you catch big game fish, you give them a little line and then you reel them in and then give them a little line and reel them in again – over and over until they are exhaused and you can haul them onto the boat and gut them and have them for dinner.  That's what's happening to Retail Investors at the moment and the Top 1% are baiting the hooks.  

Yesterday the market blasted higher on the release of the Fed Minutes, which didn't really say much other than the addition of the word "symmetric" but it was used in regards to INFLATION, not rates.  Here's the context of the statement that got the market "so excited" yesterday afternoon:

"Participants generally expected that further gradual increases in the target range for the federal funds rate would be consistent with solid expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term. Participants generally viewed the risks to the economic outlook to be roughly balanced."

Now, keep in mind this a 5-minute chart so it took less than 5 minutes of reading the minutes for traders (bots) to decide that the minutes were doveish and blast…
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America’s graying population in 3 maps

 

America's graying population in 3 maps

File 20180508 34021 15540aq.jpg?ixlib=rb 1.1

Where do baby boomers live? oneinchpunch/shutterstock.com

Courtesy of Peter Rogerson, University at Buffalo, The State University of New York

The U.S. population has changed substantially in the last half century, growing by nearly 63 percent.

Perhaps the two most prominent demographic changes over the past 50 years relate to age. In 1968, the baby boom had just ended, and the oldest members of its cohort were only 22 years old.

As baby boomers age, the nation has substantially aged as well. In 1970, the median age in the U.S. was 28.1. In 2016, it was 37.9.

Demographers and geographers like myself have watched as this aging cohort transformed the U.S., from young children in the 1950s and 1960s to senior citizens today. This graying of America has left a distinctive geographical fingerprint.

Where older Americans live

Unsurprisingly, popular retirement states like Florida and Arizona have high concentrations of older Americans.

What may be more of a surprise is the broad swaths of elderly running through the Midwest and the Appalachians. These regions have aged significantly, as many younger residents headed toward the coasts.

Younger people have also moved out of New England, primarily in search of jobs. Maine, New Hampshire, Vermont and Connecticut are among the seven states with a median age of over 40 in 2010; Pennsylvania, West Virginia and Florida are the others.

Not only is the U.S. aging, but the number of deaths is rising. This trend will accelerate over the next few decades.

Meanwhile, the number of births has declined since 2007. In fact, in 2013, over 30 percent of all U.S. counties experienced a phenomenon known as “natural decrease,” due the greater number of deaths than births. Natural decrease is now most prominent in Maine, the Appalachian region, the Great Plains and the Midwest.

Demographers expect this phenomenon to expand geographically over the coming years, as the general population continues to age.

Movement around the


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Zero Hedge

Visualizing U.S. Energy Consumption In One Chart

Courtesy of ZeroHedge. View original post here.

Every year, the Lawrence Livermore National Laboratory, a federal research facility funded by the Department of Energy and UC Berkeley, puts out a fascinating Sankey diagram that shows the fate of all energy that gets generated and consumed in the United States in a given year.

Today’s visualization is the summary of energy consumption for 2017, but you can see previous years going all the way back to 2010 on their website.

...

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Phil's Favorites

Never Begin With the End in Mind

 

Never Begin With the End in Mind

Courtesy of 

The thing about biases is that they’re human, so they’re seen in every walk of life. In who we choose to be friends with, in what news we read, in investing, and in sports.

In Michael Lombardi’s new book Gridiron Genius, which I highly recommend, he talks about all of the biases ...



more from Ilene

Insider Scoop

Splunk's Beat-And-Raise Q1: The Sell-Side Reacts

Courtesy of Benzinga.

Related SPLK 7 Biggest Price Target Changes For Friday Earnings Scheduled For May 24, 2018 ...

http://www.insidercow.com/ more from Insider

Chart School

Second Day of Bullish Defense

Courtesy of Declan.

The market had initially reacted to Trump's decision to cancel his North Korean summit before coming to its senses and finishing where it left off yesterday.

For the Russell 2000 it was a bullish doji to follow the 'hammer'; those brave enough to buy the morning dip will be feeling confident as technicals remain bullish.

...

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Digital Currencies

How the US Government Could Effectively Use Crypto

The US government could start, or officially endorse an existing crytpo coin. What they would do is build a fee into the software protocol that went to a single address that they control. This is effectively a tax. The fee could be a transaction fee, a percentage of the next block award, or a combination of both. How this works is every single transaction that occurs everywhere wihtin the system, the fee scalped goes directly to this single address that is owned by the IRS, in this case, the "New-IRS." Forget postcards. We're down to a single dude in one office chair in front of one computer. Imagine that being the IRS, because that's where this is going. The consequences of this mechanism are dramatic. First off the IRS is now one guy. Granted, this guy controls the private key for the most valuable thing in the world. This key would be the single most important key right up there with the nuclear launch code, but the system would most definitely still work. More strikingly, the US...

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Biotech

Could this be the year for a Canadian Breakthrough Prize in Life Sciences?

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

 

Could this be the year for a Canadian Breakthrough Prize in Life Sciences?

Courtesy of John Bergeron, McGill University

In 2013, Kyoto University’s Shinya Yamanaka was awarded one of the first Breakthrough Prizes in Life Sciences for his discovery of “induced” stem cells that enabled researchers to convert adult cells back into stem cells.

The Breakthrough Prize is not to be sneezed at. Founded in 2013, the prize “honours transformative advances toward understanding living systems and extending human life.” It’s also the most financially attractive aw...



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ValueWalk

Buffett At His Best

By csinvesting. Originally published at ValueWalk.

Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS...



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Kimble Charting Solutions

The Stock Bull Market Stops Here!

 

The Stock Bull Market Stops Here!

Courtesy of Kimble Charting

 

The definition of a bull market or bull trends widely vary. One of the more common criteria for bull markets is determined by the asset being above or below its 200 day moving average.

In my humble opinion, each index above remains in a bull trend, as triple support (200-day moving averages, 2-year rising support lines, and February lows) are still in play ...



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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)

 

"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

"You’ve probably heard by now that Cambridge Analytica, which is backed by the borderline-psychotic Mercer family and was formerly chaired by Steve Bannon, had a decisive role in manipulating voters on a one-by-one basis – using their own personal data to push them toward voting ...



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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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OpTrader

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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Promotions

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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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...

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 >>