Archive for November, 2007

Friday Virtual Portfolio Moves

November 30th, 2007 at 9:52 am | Permalink   edit   copy

The easiest way to short oil is DUG calls (Jul $39s for $9.50) or DIG puts (Mar $118 puts at $22)but it’s oil AND gas, not pute. Shorting SU is great too and you can buy the Mar $110 puts for $16.20 ($4 premium) and sell the Dec $90 puts when they get to $2+ or sell the $95 puts for $2 if it goes the wrong way on you. XXX

Integrated oil holding up better than they should, SU leading the way down so far but it’s the weekend, who knows which way oil will end today.

FXI – not for the $10KP or $25KP, too pricey and dangerous.

Rev Shark – thanks Joe. If you are a member, best tell his guy I’d love to chat, see if they’re interested and give I’ll send them a note. Maybe some synergies there – I here some people like trading these stock thingies… 8-)

XLF – I’m not jumping all over calls here as I don’t trust a big up move on the last day of the month when hedge funds are desperate to show profits. While I wish I had been more bullishly positioned, I’m not going to let that force me into making a mistake by trying to “catch up” and overpaying.

OK, now Esignal has just gotten strange, it’s not showing me many of my symbols…

GOOG/APPL rolls – there is no great time when they pull this sort of move but it’s a step back and take a deep breath kind of thing. Obviously the last thing we want to do is buy out hyperinflated callers.

Everyone is turning back down uniformly and I think we’ll at least test 13,400 but probably 13,300 if we break through there so I hope you’ve all rolled your puts up!

November 30th, 2007 at 10:02 am | Permalink   edit   copy

Construction spending is down, big recession sign.

DRYS popping as CEO just siad good things on CNBC. Mar $105s are worth a gamble at $15 but we absolutely want to sell against them on loss of mo. XXX

November 30th, 2007 at 10:04 am | Permalink   edit   copy

X taking a dip. $90 puts very cheap at $1.50 XXX (notice I am playing it both ways for next week).

November 30th, 2007 at 10:10 am |
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E*Trade’s cash infusion sends implied vol plummeting

Today’s tickers: ETFC, ASCA, SHLD, CVS, EP, THC, COV, DELL

ETFC – Shares in parched brokerage E*Trade found temporary relief in news of a $2.5 billion cash infusion from Citadel Investment Group, gaining 1.52% to register $5.36 this afternoon. The 148,000 contracts circulating this afternoon have made E*Trade the day’s most liquid option family by a long shot. Traders are showing a propensity to sell risk reversals in the January contract between the 5 and 7.50 strikes, writing the puts at around $0.75 apiece while buying into upside price exposure at the $7.50 for about $0.35 per contract. These contracts traded on a volume of more than 30,000 lots, 3 times the existing open interest. Premiums on both calls and puts are sharply lower than was the case yesterday, as implied volatility in E*Trade options plummeted nearly 22% overnight on news of the cash infusion. Front-month action has indicated willingness to buy December calls at the 5.0 strike, while the 6.0 calls have traded actively to buyers and sellers.

ASCA – Ameristar Casinos Inc. Options activity in Ameristar flew onto the Interactive Brokers scanners Thursday with unusual volume trading in its call options in the March series. The activity looks pretty bullish and is accompanied by a 5.6% jump in the share price to $31.70 on no notable news on the company. However, it’s the second such jump in activity in the shares in under a month. There is uncertainty surrounding the outcome of a 55% majority stake in the gaming company, which is controlled by the estate of deceased founder, Craig Neilsen. Since his November 2006 demise speculation has surrounded the prospects for the company and the estate has floated the notion that it may sell some or part of its holding or indeed merge with another entity. The prospect was also filed with the SEC in October. While existing management has no comment on the activities of the estate, investors reacted in October with a 14% surge in the share price. Management has also noted that it intends to continue a recent strategy of acquiring other companies such that its size might double. Most recently the company bought an Indiana riverboat casino and reported a 3.5% contribution to quarterly revenues thanks to just 12 days of operations at the riverboat. Today’s option trading in the company stuck out like a sore thumb. The number of current…
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Thrilling Friday Morning!

Wow – The Futures are so bright, I've gotta wear shades!

Bernanke made all the right bullish noises last night but what's really got the markets in a tizzy is that the banks are going with my plan to freeze interest rates on sub-prime loans in order to give things time to work out.  I proposed this way back in the spring but I guess that's the speed these things work but it was a very simple suggestion that the lenders simply forego jacking up the teaser rates on the loans they have outstanding.  This allows people to stay in their homes and continue making payments while the bank suffers perhaps a 4% loss of 2 years' worth of interest on the home, rather than the massive loss they would take if they repossess and write-down homes.

I know – DUH! 

So I can now fully endorse this rally as they've just done the smartest thing possible but it does remain to be seen how sweeping these reforms will be as banks are inherently greedy BUT, if C is willing to pay 11% for money and ETFC is willing to pay 12.5% for money then letting their borrowers pay them 3% interest instead of 8% interest doesn't look all too bad to the banks if it means they don't have to become borrowers themselves.  This is infinitely more effective than a Fed cut in righting the mortgage issue and I am downright excited about it.  Kudos to SuperBanker Paulson who was certainly the right guy for this job as he was able to lay it on the table and muscle the big boys in a way no other government official could and a shout out to the Governator, who got the ball rolling on this last month.

It all comes down to greed now as the plan being bandied about will have 3 tiers of borrowers and some sort of vauge needs test to determine eligablity with only those borrowers who A: Can't afford the new rate and B: Can demonstrate the ability to maintain payments at the current rate will qualify.  I would prefer that the extension be given to anyone who is a primary homeowner with perhaps a scale-up over 5 years for people above a certain income/mortgage level but I am very proud of
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$25KP Review

Please see extensive comments on Apple and Dell position in $10KP Review as I feel silly cutting and pasting it but it’s all the same except for the number of shares.

I’m going to attempt copying in a different format, more like the weekly spreadsheets and we’ll see if it makes a mess or not.  The same thing goes for GOOG as goes for Apple in the $10KP.  I can’t do the minutia of every trade, when I say get out of a position, I don’t mean that second, I mean set a very tight stop and often I forget to emphasize that and I’m sorry as I see many people are still jumping in and out of things right when I say.  I’m just trying to convey these trades literally as quickly as I’m making them for myself and short of linking virtual portfolios or making the trades for you (this is why we’re starting a club and a fund) I just try to tell you what I’m doing, generally before I do it.

So Google is another good example as we had the $710 calls and at 10:18 I said: "take the money and run on the GOOG $710s in the $25KP" and I should have said, "take the money and run on this run by setting trailing stops as we discuss ad nauseum in the strategy and K1 sections."  I’m sorry if I don’t make clearer comments sometimes but you have to realize I am also manageing several virtual portfolios and repositioning dozens of spreads and, when I see one I REALLY like the look of, I tell you and give it an XXX.  At the time of the post the $710s were $16.25 and the rule there is (as it was up from $9) set a 20% of the profit ($7.25) trailing stop ($1.50), NOT get out that second.

Since I wanted to get out I actually was watching for a $1 drop, which didn’t come until around noon, when I got the rejection I was looking for at $700 where I took $20.10 and ran.  There is a HUGE difference between following the rules (and Optrader has made excellent comments on this subject) and simply executing trades.and if you LEARN to trade instead of asking for trades you can double your returns

http://www.stockandoptiontrades.com/ is an excellent site (run by Sage) if you want to concentrate on a…
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$10KP Review

Well there was a lot of activity yesterday and we need to have a clinic on entering and exiting positon because I see a lot of miscommunication here.

It’s very hard for me to go into great detail during the trading day but when we roll a position, like we did with Apple at 10:05 today, we should follow the same rules as when we enter a new one, which is to buy the calls first and set a sell-stop on the calls you want to sell.  I apologize to new members but please, if you don’t read back a month of posts and comments as is srongly recommended, at least read the entire K1 section as it’s not possible for me to go over strategy every time we make a trade, I have to assume you have done some homework

So when we closed out the painful $165/180 spread (even if you are "rolling" you are still buying to close your caller and selling to close your own position) we effectively picked up a new position from scratch.  In my case, I ended up grabbing the $190s for $3.15 as I really didn’t think Apple would break $185.  There was no reason at all to sell the $180s right then as my timing was perfect and Apple flew up about 10 minutes later (and those of you who keep asking for Email alerts need to be aware that the typical delivery lag would kill these trades). 

I added more calls at 11:03 (the $185s at $5.90) and called the top at 12:01 (a little early) and that’s where I capped the new trade as well as the "roll" with a sell of the $180s at $9.75.  We are doing these plays to teach but, as I keep warning, they are very complex and not for everyone but if you can learn to manage a 4-part trade on a wild stock like this, your regular spreads will start looking very simple.

As to DELL – If we can get out with a small loss we should consider ourselves lucky at the open.  Our total risk (if completely wiped out) is $540 (net of 10 long calls and 8 short calls) so if we can get out for -$200 we should be thrilled as clearly this trade is not working!  At $300+ it’s a judgment call as the odds of improving ourselves
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Follow-Through Thursday???

OK, now that we’ve discussed what BS the rally is, let’s try to accentuate the positive this morning.

ETFC is getting a Citadel investment of $2.5Bn and we will pretend we don’t know that Citadel is up to their eyeballs in sub-prime investments and has been running around the planet propping up various institutions in order to protect their wider virtual portfolio.  ETrade is selling Citadel their entire $3Bn virtual portfolio of asset-backed securities for $800M and Citidel will give them a $1.75Bn, 10-year note at 12.5% interest.  Citadel will then pick up 17% of ETrade’s stock and take a seat on the board, kicking CEO Mitch Caplan out the door as the company takes a $2.2Bn write-off in addition to the $400M they have already set aside for Q4 losses.

Woo-hoo!  Party time, excellent, woo-hoo!!!  ARE YOU PEOPLE FREAKING NUTS?!?

I was banging the table to buy ETrade at $4 and I’m sure glad we covered at $5 because THIS DEAL SUCKS!  If ETrade’s virtual portfolio was so worthless that they had to pay Citadel to take it off their hands with a 70% loss, then what the heck are the other financials hiding?  This deal makes CitiBank’s 11% note look like a bargain but no one is projecting the kind of wholesale dumping of mortgage-backed securities.  The big question that remains is: Did Citadel buy the worst or the best of ETFC’s $29.3Bn mortgage virtual portfolio, $12.4Bn of which were mortgage-backed securities.  Supposedly, these were the loans ETrade was worried about and the company believes it can work out the remainder on their own.  Gee, I hope they’re not wrong!

Asia had the usual rally based on our silly rally even though I don’t see the logic in exporters rallying over a Fed cut when they were just tanking on weak dollar concerns.  I suppose this whole high finance thing is just over my head of something…  Hong Kong and Shanghai jumped 4% on the day.  We could mention that this is just a 20% correction off the 20% drop they’ve had and is exactly what we expected anyway but I promised to be positive this morning so goooooooooooooooo Asia!   Going TO Asia are 3,000 PRU jobs in a $1.5Bn outsourcing deal while, over in the Philippines, an attempted military coup was quickly crushed so all is well I guess.

Europe was off to a good start but…
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WTF Wednesday Wrap-Up

What, us worry?

Thank goodness all those silly issues that RELENTLESSLY dropped the market 1,200 points for the first 26 days of November all vanished in a puff of fairy dust at 9:30 yesterday morning!  While I do believe in fairies, I do, I do, I also believe in fundamentals and none of them changed in the last 48 hours.  Yes I do realize that I just said we were oversold at 12,800 but that doesn't mean we can't be overbought at 13,300 – who the heck expects it to happen within 13 hours of trading?

Of course we have the Fed comments but we just had a Fed meeting on Oct 31st, where they DID lower rates a quarter point to 4.5% AND THE MARKET DROPPED 1,200 POINTS.  Leading up to that meeting the market ran up from 13,400 to 14,000 in anticipation of that move and now we've jumped 500 points already in anticipation of the December 11th meeting.  With no new meeting until Jan 30th, this one better be a doozy to undo all the damage to the financial markets as we prepare to say goodbye to 2007.

One definition of insanity is to repeat the same behavior while expecting different results.  Investors seem to fall for this all the time and our President is so proud of this tactic that he calls himself "The Decider," like it's some kind of super hero thing.  His Treasury Secretary flies around the world saying "strong dollar" while sneaking home at the end of each trip to print more.  Our Fed pursues their own version of madness by lowering rates a bit at a time like some kind of Chinese water torture and the bulls run the market up on every move as if THIS time a rate cut will fix everything.

How will a 0.25% cut, a 0.50% cut or a 1% cut help the 2M people who are ALREADY IN THE PROCESS OF LOSING THEIR HOMES?  How will it help the 2M people whose mortgages will reset next year and very likely cost them their homes.  A bank bailout is nothing but welfare for the top 1% (and this is you and me my friend if you have $100K or more in the market) in order to salvage the paper profits the financial institutions booked
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Wednesday Virtual Portfolio Moves

November 28th, 2007 at 9:30 am | Permalink   edit   copy

GS – gosh I wouldn’t be putting them… I guess you could take the opportunity to roll them higher but I think you are better off selling someone else the $200 puts and using that $6 (guess) to put yourself in the Jan $210 or $220 puts. If GS comes down soon, you can always adjust and, if they don’t, you’ll be damn glad you hedged.

It’s always good to sell calls into the initial excitemnent. Just remember, you can always sell 1/3 or 1/2 of 3/4, you don’t have to make all or none decisions all the time and I think 13,150 will be very tough to break without a firm test of 13,000 again.

AMZN – I’m having trouble getting good data on the Kindle. It was really a stealth product for them and could be quite the game changer. We know they are capable of mid $90s and the premiums are pretty good so I like the Jan ‘10 $70s for $35, selling $90s for $2+ but no hurry. This is a grind-out slow play but I think AMZN is safe up here and will make a nice income producer. Rolls down are $5 so every 2 sales buys you a bracket if you need it. XXX

BIDU – too dangerous to play with lately.

November 28th, 2007 at 9:41 am | Permalink   edit   copy

C is flying!

FXI looking like it’s taking off (so much for shorting BIDU!)

OIH – I wonder if that’s a defect we can buy into? Energy in general very weak but I wonder how many sell programs OIH just tripped? Yes, I have the Debit spread of the $170s and the $180s but there’s no price advantage to me taking him out right now but I will set a stop on my $180 caller at $9 in case it breaks back up.

Lots of profit taking so far into this rally, almost tempted to short GOOG back to $666 but I’m more in watch and wait mode right now.

November 28th, 2007 at 9:45 am | Permalink   edit   

I’m catching that MRVL knife today! I saw nothing bad in their report. May $12.50s are $3.50 ($1.20 premium) and the Dec $15s are .65 but I’ll wait to sell and maybe get .50 for the $17.50s if I’m right about this being…
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Marvell Tech options hectic into earnings announcement

Today’s tickers: MRVL, C, AAPL, YHOO, SPLS, WMI, SMG & VIX

MRVL – Marvell Technologies Group Ltd. The past three out of four quarters has seen Marvell management deliver unexpected earnings losses, which finally sank the company’s PE ratio in August. At that time EPS of 6.5cents was expected but failed to show. In its place was a four penny loss. Today investors hope for 8.3cents per share, which would be the best performance since a year ago. Options activity has become frantic ahead of the post-bell report on the semiconductor manufacturer. Shares at $16.50 are higher by 3.1% on the day while options traders have aligned themselves in a largely bullish stance. The December 15/17.5 call spread has been bought, while independent volume at the 17.5 strike confirms bullish expectations. Sellers at the 20 strike are funding some of their lower strike purchases by taking a credit of a dime. Heading into earnings implied options volatility of 56% compares to a historic reading on the shares of 46%, while the December straddle at the 15 series indicates that shares will remain within a range of $15.40 and $19.60 beyond the release.

C – Shares in Citigroup Inc. rallied on news of a 4.9% stake thanks to the Abu Dhabi Investment Authority, but it wasn’t long before the stock was once again trading in the gutter. The release of the news overnight had put a healthy bid beneath S&P index futures, but the tone continues to feel fragile. ADIA’s investment now out strips that held by Saudi prince Alwaleel bin Talal, who maintained his allegiance to recently departed CEO, Charles Prince. News stories report how much of a relative bargain Citi has become with its attractive dividend yield and record low price-to-book ratio. Seems that’s not appealing enough given the speculation that the dividend yield will become more attractive if Citi sees fit to conserve capital further by reducing its dividend. Options volume on the stock was the most active on the board with 395,000 contracts trading by 1:15pm.

In the December contract, investors are starting to see a stronger likelihood that shares will end the year somewhere between $30-35 per share judging by the 10,000 lot strangle that appears to have been sold this morning at a price of 1.90. That view would be errant should shares rally beyond $36.90 or slip beneath $28.10 at expiration. In the…
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Wild Wednesday Morning

We had a nice close yesterday – let’s hope we don’t blow it.

We discussed last night how it doesn’t matter what GS et al tell us to do, what matters is what the markets actually do perhaps DESPITE all the doom and gloom we are being hit with lately.  I am, of course, rooting for us to get back into my 13,000 to 13,300 range so I can continue to be right but I also don’t want to get too far over the top as Doctor Sachs isn’t done bleeding the markets yet (this will make no sense if you didn’t read the previous post).

Pre markets are looking good so far (8am) and Asia had a mixed close, mainly led lower by the energy sector while the Shanghai Composite lost another 1.2%, now down over 20% from it’s highs in both A and B class shares.  Sinotruk caused a stir as the IPO DROPPED 15.7% from it’s open, making it the worst IPO of the year in China.  Imagine if Chinese IPOs weren’t a guaranteed double anymore…

"Investors are a a bit skittish at the moment in the light of recent market volatility," said Ben Kwong, chief operating officer of KGI Asia Ltd.  Don’t cry for Sinaotruk though, they still managed to raise $1.2Bn for 32% of the company – not bad for a company that manufactures just 70,000 trucks a year, that works out to a value of $52,000 per truck, perhaps not out of line but who can tell with these ADRs but I did find this very interesting web page from their Russian distributor extoling the virtues of Chinese manufacturing.

Our own manufacturing is looking pretty pathetic with durable goods down 1% but Fed Gov Kohn indicated that further rate reductions are on the table so we can expect the bulls to hang their hats in that camp this morning.  I particularly liked this statement: "Central banks seek to promote financial stability while avoiding the creation of moral hazard.  People should bear the consequences of their decisions about lending, borrowing, and managing their virtual portfolios, both when those decisions turn out to be wise and when they turn out to be ill advised.  At the same time, however, in my view, when the decisions do go poorly, innocent bystanders should not have to bear the cost."  You can read…
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Phil's Favorites

The American GI in WWII, uncensored

 

The American GI in WWII, uncensored

Pfc Elias Friedensohn in June 1945 at the Special Services Distributing Point, Seine Section, Paris, France. National Archives

Courtesy of Edward Gitre, Virginia Tech

I can still recall the exhilaration I felt in the reading room of the National Archives in College Park, Maryland.

It was mid-April 2009. I was scrolling through roll after microfilm roll of the War Department’s “Opinion Surveys Relating to the Morale of U.S. Army Personnel.”

What I had discovered were tens of thousands of statements writte...



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Zero Hedge

The Bulls Continue To Bet On The Fed

Courtesy of Lance Roberts, RealInvestmentAdvice.com

Over the last several weeks, we have been discussing the potential for a market correction simply due to divergences in the technical indicators which suggested near-term market risk outweighed the reward. As is generally the case, bonds have been warning the bullish bias of equity investors was likely misplaced. I have updated last week’s chart for reference.

The increase in risks has had us rotating exposure in our portfolios to a more defensive tilt. We previously trimmed back our overweight exposure to Technology, Then, two weeks ago, we noted...



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Insider Scoop

Jefferies Sees 60-Percent Upside In Aphria Shares, Says Buy The Dip

Courtesy of Benzinga.

After a red-hot start to 2019, Canadian cannabis producer Aphria Inc (NYSE: APHA) has run out of steam, tumbling more than 31 percent in the past three months.

Despite the recent weakness, one Wall Street analyst said Friday that the stock has 30-percent upside potential. 

The Analyst

Jefferies analyst ...



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Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...



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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!


Alistair Williams Comedian youtube

This is a classic! ha!







Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination of Gann Angles, ...

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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control

 

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...



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Biotech

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

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

 

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University

...



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ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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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:

 

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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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