Archive for 2006

Inflation Nation

As you may know, I’m a big fan of inflation.  I think inflation is the best way to pay off our national debt (makes it a smaller percentage of the GDP) and the only people who really hate inflation are the people who lend you money.  They get paid back in dollars that are worth less (worthless?) than the dollars they lend you.

 

That’s why the Federal Reserve, a bunch of Bankers, spend day and night combating inflation.  They’re not doing it for you – you borrow money!  They are doing it to make sure that your mortgage stays at 30% of your income.  If you keep getting raises due to inflation that mortgage (and you should always have a fixed, of course) might go down to 10% of your income over time leaving you with extra money.

Too much inflation leads to high interest rates which causes consumers not only to borrow less (gasp!) but to save more.  I remember a time when you got a CD that paid 12% AND a toaster for putting money in the bank!  Now you get 3% and a $1.25 fee for reviewing your statement – and they wonder why Americans save less!

You often hear that we are not a nation of savers but Americans have deposited $1.5T since 2002, bringing our people’s total savings to just under $4 Trillion, about as much as the rest of the planet combined!  While it may be a small part of our total income, it’s quite a large total income to begin with!?

The joke is that we are being paid less money for our savings than at any time since 1960 so again I will point out that you are being fed a line of crap by bankers! They are holding $4T of your money and paying you 3% interest yet if you want to buy a home you must pay 7% (plus fees!).

This is what is holding rates down, the massive availability of cheap cash right here in our own country yet you will never hear it from our government (other than Ben hinting at “Global liquidity“) because they work for the guys that borrow your money and lend it back to you.

Their mandate is to keep inflation down at all costs: At the cost of your wages, at the cost of your home’s value, at the cost…
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Weekend Watch List

Note to readers: 

This is a watch list only!  I write this down as I am doing my weekend reading and I only make the plays if there are no changes of conditions etc. during the next week.

Always feel free to check in comments for actual trades or ask any time about any position I mention!

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The bulk of CW is that the Big 3 auto group is close to settling with the unions.  They are looking for a 25% decrease in health care payments, severe pay cuts for new hires and rolling pensions into 401K plans.

But I don’t think the unions just spent $100M on the election to give up those points very easily!  Let’s watch GM, F and DCX very closely for signs of a breakdown in negotiations.

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Wages are up sharply over last year and marginal retailers will get clobbered if the season comes in light so please send in any suggestions in that space (Gap springs to mind).

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Pennslyvania was once a vibrant oil and gas state but thousands of “marginal” wells were abandoned years ago as $20 oil did not produce enough profits to justify running rigs there. 

In the first half of this year 3,600 drilling permits have been issued which will bring active wells up from 44K in 2004 to 56K by the end of 2006.

This mirrors the national surge in drilling as there will soon be 45% more active wells in the US than the 302,000 in 1999.

CHK just bought Columbia Natural Resources of VA for $2.2B and last month started capping wells to get a handle on the natural gas glutLet’s keep an eye on active wildcat operations in Ohio, Mich, Ark, IL, and LA – all places that are less actively patrolled by the majors for some upside opportunities, even if prices pull back a bit. 

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HRL (Spam!) raised guidance to a shocking .64 vs .59 expected, that’s an 8%+ beat and, although they sold off later on Friday, I think there’s plenty of gas in this tank for a nice move up.

After assessing the industry factors and our business plans and prospects for fiscal 2007, we are also providing a fiscal 2007 guidance range of $2.15 – $2.25 per share. While the higher grain markets are expected to be a burden to our business in 2007, we are excited about the growth
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Weekly Wrap-Up

Well, that was a lot of work to gain 200 points wasn’t it?

That’s right, we started this week on Monday morning at 11,985 so all that whining and moaning about the markets was for nothing!  The markets are fine, we had a pullback which may already be over.

The Democrats failed to bring about the predicted economic apocalypse as once again this great democracy can have a revolution every decade or so and treat it like an ordinary changing of the guard.

Sure the Dems will send money flying out of some sectors (Pharma, Oil, Defense) but it will boost others(Biotech, Travel, Retail) so it’s just a bit of a forced sector rotation more than a problem in the markets.

The Dow pulled it out at the last minute with a sudden surge over the critical 12,100 mark to finish right about at Monday’s high.

The Dow was pulled down today by AA (down 1.7%), DIS (down 3.5%), T (don 1%) and VZ (down 1.4%).  The standout performance came from AIG (2.4%) with BA (as usual), CAT, HON, HPQ, INTC and JPM providing backup.

I have come to the conclusion that we shouldn’t be shorting any gaming stocks as Nevada’s Harry Reid will be the new Senate majority leader – I missed that one but it would have been a smart play this week!

The S&P was slightly better behaved for the week, never really giving back Monday’s gains and finishing at 1,381.

The NYSE also had a very good week with 2 short bounces off the 8.800 level but never any real danger.

The Nasdaq was the standout of the week with a 2% gain and a 2,390 finish, the highest weekly close since Feb 2001!

We were watching the Russell which ran up to 769 and the SOX which managed a 1% gain for the day as well as the transports, which shot up 2% today on a sharp rebound off the 200 dma we’ve been watching all week.

Oil dove back down $1.57 to finish the week at $59.59 but you wouldn’t know it from XOM, who skated along at their all-time high.  My current thinking on this is that the E&P companies are suffering first as the analysts have decided the Dems will cut the tax breaks, which will increase the value of reserves.

This is all very logical sounding until…
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Fickle Friday Morning

We’ve had some decent earnings reports and China may not dump their dollars as fast as some had feared so we should get a good open today.

Now it is critical that we hold the resistance levels we set yesterday, all of which were tested except, thank goodness, Nasdaq 2,350.

The Nikkei is testing 16,000, down 700 points since 10/26 as oil prices are taking a heavy toll on Japan’s manufacturing sector.  At the same time, rising Japanese interest rates are causing investors to unwind Japanese loans which have been used to invest in other, higher paying currencies so chaos may follow.

Europe is flat despite news that the UK is tracking 30 terrorist plots and 200 cells involving 1,600 people who “were actively engaged in plotting or facilitating terrorist acts here and overseas.” The threat includes “resilient networks, some directed from al Qaeda in Pakistan, some more loosely inspired by it, planning attacks including mass casualty suicide attacks in the U.K.”

It won’t take much to panic the US markets today and I’m very worried about profit taking into the weekend so I’ll be taking some of my own profits (see how it all starts!) with very tight stops on calls and longs.

Will the Dow hold 12,100?  1,370 is where we are watching the S&P.  The NYSE held 8,800 impressively yesterday while the Nasdaq was very impressive above 1,375 but the Russell barely held 760 so let’s keep a close eye on them today.

Dont’ even think of buying in if the SOX continue down as that’s a trendline we do not want to cross!  The transports may be saved by falling oil prices today, unless the US pump crew jacks it up again, and they must hold 2,570 – which is only 5 points away.

CNBC is getting out of control with the oil pumping:  At 5:33 the woman talking about oil said “well oil prices are moving a LITTLE BIT LOWER on SOME profit taking after yesterday’s gains after a much bigger than expected drawdown in natural gas.“  Aside from the total inaccuracy of calling 6Bcf a lot of gas (out of 3.4Tcf in storage) she said this as oil was down .76 on the chart right behind her!

Speaking of oil pumpers, the IEA upped their demand forecasts this morning to prop up rapidly declining oil prices in Europe but to no avail so far as European traders…
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Thursday Wrap-Up

That was disappointing!

The day started nicely enough but we finished up testing our lows instead of our highs.  Perhaps oil testing the top of my oil danger zone mattered to the indexes – only the Nasdaq really got going and even that gave up by the afternoon.

The Dow closed just a hair over the 12,100 mark but the S&P slipped just under 1,380 and the NYSE held 8,800 while the Nasdaq held the 2,375 line - this was not such a bad day folks!

The markets have simply lost their taste for $60 oil and you can see the direct affect it had on the 10am surge as well as the 1:30 bounce that pushed the indices lower.  Looking at the longer range chart, it is very clear that much of this rally is predicated on the expectation of lower oil prices.

One could say that perhaps the markets have been manipulated for the past two months in an attempt to keep voters happy and the price of oil was kept down in an attempt to boost one party or another’s chances (we won’t point fingers).  Now that the elections are over, perhaps we are just resuming the natural course, which would be the correction we’ve been expecting for quite some time.

We’ll keep an eye on that, especially with the very poor performances turned in by the transports (down 1% to the 200 dma) and the SOX (down 2% to the 50 dma).

Today we blame strike threat in Norway for oil’s rise (what ever happened to Nigeria?) as crude posted a high of $61.33 in a blatant attempt to prove I didn’t know what I was talking about when I said it would top out at $61.38 this morning!  Obviously, if I’m going to miss by that much I need to find another hobby…

I know how hard it is to keep the faith in a spike like this and believe me, I am losing it myself but this non-breakout 2% rise in crude came against another big drop in the dollar which shot gold up $18 (3%).

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We had a crummy start to the morning and didn’t trigger our buys although Dell would certainly have been a good one with a 3% gain on the day but a clear rejection off my $25 target.

TXN was tempting but the SOX…
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Thursday Morning

Wow, Thursday already, this week is flying!

Looks like the Dems won the Senate too and I think the markets are going to like it!

The Hang Seng liked it with a 141 point gain but the Nikkei can’t get it back in gear as rising oil ground Japan’s industrials to a halt.

Europe is flat ahead of our open but are holding their own record highs.

Will we get serious breakouts on our own indices this morning?  If oil stays below $60 (but not so low as to crash the energy sector) I think we have a shot at 12,200!

Mr. Jones looks ready to party and, with 70% of the companies reporting so far giving us a beat, why not?  This week may be a little early for a breakout but if we make it through the weekend without anything blowing up, we could be in very good shape.

Let’s keep an eye on some good and bad levels:

  • Dow 12,200 very good, 12,100 not so much.
  • S&P 1,390 record high, 1,380+ still very strong
  • NYSE 8,900 record high, 8,800 holding record highs
  • Nasdaq 2,400 = lift off, 2,350 needs to hold
  • Russel 770 is breakout, 760 weakness

The SOX are likely to give us the greatest concern, they are likely to have trouble at the 200 dma at 470 but anything above there will lift the Nasdaq over 2,400 – hopefully Microsoft’s confirmation of Vista release will help today. 

The Yuan is on the move, now at it’s year high as China tries to deflect criticism of this month’s record-breaking trade surplus.  The Bank of England adds pressure to the dollar with another rate hike, bringing them to 5%.

That is bad for oil prices but not bad for US equity prices as they look cheap to foreign investors.  The dollar is down 3% since the 16th which adds $1.80 to the price of oil and $18 to the price of gold.

Gold is, not too coincidentally, up $18 since that date while oil has remained flat at $58.95.  Subtract that $1.80 dollar boost and we have oil at $57.15 – my 9/25 bottom target.  This is my bad for not keeping on top of this as any bounce around here – even back to the topline resistance of $61.69 (now $59.89) is to be expected.

Very unfortunately, since we have to live with
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Wednesday Wrap-Up

Another impressive day for the markets!

Mr. Jones said boo to 12,100 but finished at a new closing high of 12,176 with a strong finish.  Just like we were looking for in the morning, we tested and held Monday’s gains – giving us a very good signal.

The best signal was at 12:50 when we heard Rumsfeld resigned and I said at the time “that’s great for the markets!”  It sure was.

The S&P made another attempt at 1,390 and finished right in the middle at 1,385.   The NYSE came to a rest at the high of the day, just 15 points off a new record at 8,857. 

The Nasdaq was the star of the day with another new (this decade) high of 2,384 and they accomplished it without the SOX, who flatlined for the day.

The transports also put in a lame performance on disappointing oil movement but, like I said in the morning, we were just thrilled to have them hold 2,600!

I know I’m starting to sound crazy (and I am doubting my own sanity with this oil stuff) but check out today’s NYMEX contracts.  Yesterday I pointed out that we got a $1.09 drop in the current month but a $1.40 drop in the forward months.  Well today we have a .90 recovery in the current contract but, once we get into ’08, just a .60 average recovery off of yesterday’s huge drops.

Contrary to the CNBC ticker, NYMEX crude settled at $59.83Oil jumped on an inventory draw but it was really due to an unexpected drop in refining capacity, not an increase in demand.

Refining capacity dropped .8% this week.  They were projected to make 2% more (450Kbd) but instead they made .8% less (-75Kbd) leading to a draw of 2.7Mb of gasoline in 7 days.

Merril Lynch has joined my camp and thinks this natural gas run is BS and, looking at page 11, we can see, as I have been saying for months, that gas prices are being supported by a record “open futures interest” that is 100% higher than last year and 300% of the historical average.  The same is true, to a slightly lesser extent in the oil market.

On page 21 we can see why XOM and CVX have been doing so well – since mid-August, gasoline marketing margins have gone from .30 to over .50 per gallon! On…
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Wednesday Mourning

No matter who you were rooting for I think we all lost in what had to be the nastiest campaign ever waged (until next year).

The Democrats turned 31 house seats and should end up with a 234 to 201 edge, more than a full reversal of what was a 232 to 203 Republican advantage.

You can tell Bill Clinton knew he had the House in the bag on Monday night and, with Hillary’s 67% victory, nothing can be scarier for the Republicans than a re-energized Clinton family.

As I predicted yesterday, Virginia and Montana remain too close to call with the Senate equally divided at 49 seats each but Virginia looks like it will go to Democrat Webb despite Allan’s best efforts to dissuade Webb’s voters.

Allen’s staff certainly did everything they could too!

Even if the Republicans hold the Senate, they will have lost 4 seats and a 55 to 45 majority will slip to 51 to 49 at best.  Aside from a close race in Missouri, the 3 other seats the Democrats gained so far were routs, Rick Santorum was thrown out of a job he held for 12 years with just 41% 0f the vote.

Clearly what saved the Republicans was the fact that 2/3 of the Senators were not up for re-election!  Strategists must already realize that 2 more years of same old, same old will likely lead to full Democratic control in ’08.\

In Connecticut, where Joe Lieberman squared off against another Democrat, even party divisions didn’t help the Republicans as Schlesinger got just 10% of the total vote.

There is an interesting poll in the WSJ where they asked “Did the Democrats win or did the Republicans lose?“  78% of the voters felt their party had thrown the election out the window!

Most polls say it was all about the war and it will be interesting to see if we stay the course for 2 more years.

6 states passed minimum wage increases but it looks like Prop 87 lost in California.  A stem cell research bill passed in Missouri.

Most worrisome for the Republicans was the loss of 8 governors seats (as it shows the will of the whole state).  Of the 22 governorships they held, 6 were not up for election!  Arnold was given a sequel by a huge majority but is certainly not going to be invited to many…
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Decidedly Undecided Tuesday Wrap-Up

What ever happened to projections?

 It used to be that by the 6pm news, we pretty much knew who won and lost the election.  This year it’s over 80% “too early to call.”  Both sides are claiming victory and everyone is talking about the election but there are no facts…

Oh well, it was a nice relaxing day today, our calls did well and our puts improved – who could ask for anything more?

The Dow fell short of a record as it bounced back off the 12,200 mark but still finished at 12,156, just 11 points shy of a closing high, fully erasing 6 sessions of losses.

The S&P held the 1,380 line while the NYSE tested a new high before closing up just a touch at 8,835.  The Nasdaq broke the 2,375 mark and closed just .88 above it, just 3 points below the May high.

The SOX did their part with a very strong 2% gain after testing the 200 dma at 472.  The transports were a little indecisive but made a nice day of it at 2,618 but tomorrow will be critical.

Oil dropped $1.09 to finish at $58.93 but the untold story was the $1.40 drop on contracts from Jun ’08 on

That drop in oil came against a falling dollar as our indecision is the worlds lack of confidence in our currency.  It’s no emergency yet as gold finished flat at $625 but looks weak to me.

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We watched and waited today and nothing happened.

In comments I decided that – if I were trading oil, I would have gone long into the close as I think there are plenty of ways to spin Prop 87 as something that will increase crude prices in the short term no matter which way it ends up.

That did not stop me from adding the SU Dec $75 puts for $1.90and holding them at the close for $2.20 in hopes of a retest of oil’s low for the year.  SU is still $3 above last month’s option expiration and is $13 over last November’s high.  The EPS estimate for Q4 is $1 vs. $1.26 in Q4 ’05 – seems like a short to me…

We took advantage of RNWK‘s big run to sell the $12.50s for .20 against the Dec $12.50s, now .35 (up a nickel).  This lowers our basis to a very…
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Congressional Turnover Tuesday

What else matters today?

Who runs the country for the next 2 years?

Word on the world streets is that it will be better for the dollar if the Dems take control as the Republicans have proved unable to control spending.

The Bush administration has followed a remarkably irresponsible course by requesting many spending increases but rarely asking for cuts to programs or agencies.  As for Congress, few members talk about eliminating unneeded government programs, much less entire departments.”

Here’s a great election status chartfrom the NYTimes, I hope you don’t need a subscription…

Control of the senate may come down to the vicious race between incumbent Republican George Allen and Democrat James Webb.

While the Democrats may gain control of the house, changing Senators is a much bigger deal and although 3,000 Americans have died in Iraq to date, it is nothing like the 67,000 that died in Vietnamthat caused the whole country to rise up against incumbents back in the 70s.

The other toss-up Senate races are Montanna, where polls show Dem challenger Tester and 3 term incumbent Burns, and Missouri, the Michael J. Fox ad state.

The Dems need all three of these races and no surprises in the 8 states they lead: MD, Minn, Mich, NJ, Ohio, PA, RI and Wash.

Even if all these races go the Democrats way, that’s just 50 sears.  Connecticut will likely go to Lieberman, who has broken away from the Democratic party but hasn’t quite joined the Republicans yet.

Tim Ryan looks safe in Ohio despite a nasty smear campaign against this very outspoken young congressman.  The Republicans really hate this guy because he comes prepared to debate!

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Ah well, it will all be over tonight (other than 20 or 30 legal actions initiated by losers).

Hong Kong took a rest today but Asia was up on the whole.  Toyota reported a 34% increase in net and is on track to make $19B this year, despite the weak dollar.    $19 Billon just happens to be GM’s entire market cap!  Toyota sold 717K cars in the US last quarter vs. 604K last year.

Despite increased raw-material costs and business expansion expenses, we aim to achieve higher levels of revenue and profits through further increase of vehicle sales and cost reductions,” Toyota’s spokesman Mitsuo Kinoshita said in a statement. 

Speaking of Vietnam, Intel is invading Ho Chi Minh Citywith a…
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Zero Hedge

Americans' Economic Hope Has Collapsed

Courtesy of ZeroHedge. View original post here.

Which came first, the confidence or the stock market rally?

One thing is for sure, the crash in stocks in December has crushed the hope of Americans that their economic future is going to be better under President Trump.

Overall confidence dipped to 58.1 - a 4-month low, but, U.S. consumers this month were the most downbeat on the economy since November 2016, a third straight drop after expectations reached a 16-year high just three months earlier, as the partial government shutdown wears on toward a fourth week.

...



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Kimble Charting Solutions

Triple Breakout Test In Play For S&P 500!

Courtesy of Chris Kimble.

Is the rally of late about to run out of steam or is a major breakout about to take place in the S&P 500? What happens at current prices should go a long way in determining this question.

This chart looks at the equal weight S&P 500 ETF (RSP) on a daily basis over the past 15-months.

The rally from the lows on Christmas Eve has RSP testing the top of a newly formed falling channel while testing the underneath side of the 2018 trading range and its falling 50-day moving average at (1).

At this time RPS is facing a triple resistance test. Wil...



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Phil's Favorites

Brexit deal flops, Theresa May survives -- so what happens now?

 

Brexit deal flops, Theresa May survives -- so what happens now?

Courtesy of Victoria Honeyman, University of Leeds

As the clock ticks down to March 29 2019, all of the political manoeuvring, negotiating, arguing and fighting is coming to a peak. In the two and a half years since the 2016 EU referendum, views on both sides have hardened and agreement still seems as far away as it was the day after the referendum.

With Theresa May’s withdrawal agreement disliked by all sides, and voted down by an unprecedented majority in the House of Commons, everyone is wondering what can and should be done next?

...



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Digital Currencies

Crypto-Bubble: Will Bitcoin Bottom In February Or Has It Already?

Courtesy of Michelle Jones via ValueWalk.com

The new year has been relatively good for the price of bitcoin after a spectacular collapse of the cryptocurrency bubble in 2018. It’s up notably since the middle of December and traded around the psychological level of $4,000... so is this a sign that the crypto market is about to recover?

Of course, it depends on who you ask, but one analyst discovered a pattern which might point to a bottom next month.

A year after the cryptocurrency bubble popped

CCN...



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ValueWalk

D.E. Shaw Investment Calls For Leadership Change At EQT

By ActivistInsight. Originally published at ValueWalk.

Elliott Management has offered to acquire QEP Resources for approximately $2.1 billion, contending the oil and gas explorer’s turnaround efforts have done little to lift the company’s share price. The company responded and said that a thorough review of the proposition is imperative in order to properly act in the best interests of shareholders, “taking into account the company’s other alternatives and current market conditions.” The news came only a month after Travelport Worldwide agreed to sell itself to Siris Capital Group and Elliott’s private equity arm Evergreen Coast Capital for $4.4 billion in cash and two months after Athenahealth was bought by Veritas and Evergreen for $5.7 bi...



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Insider Scoop

UBS Says Disney's Streaming Ambition Gives It A 'New Hope'

Courtesy of Benzinga.

Related DIS Despite Some Risks, Analysts Still Expecting Double Digit Growth From Communications Services In Q4 ...

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

Chart School

Weekly Market Recap Jan 13, 2019

Courtesy of Blain.

In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...



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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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Biotech

Opening Pandora's Box: Gene editing and its consequences

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

 

Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

...

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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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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

Free eBook - "My Top Strategies for 2017"

 

 

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

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

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

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

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

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About Phil:

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

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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.

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