Archive for December, 2007

Index Round-Up ’07

"We have problems on the North, South, East and West,
New York City, Saint Louis, Philadelphia, Los Angeles,
Detroit, Chicago,
Everybody has problems,
And personally, I don't care."
Alice Cooper

I wish I could say I was happy to put this year behind us but it's been a fantastic year and I doubt we can expect the same from 2008.  We have many burstable bubbles that may join the housing bubble in decline including oil and metals as well as Asian markets if we get a stall over there.

I continue to believe that US equities are the least sucky place for global investors to put their money in '08 for the same reasons I outlined in August, when we were still below 13,100 and we had just made our bottom call the week before.  Although the Dow, Nasdaq and the NYSE are well up since then, we've lost ground on the Transports, S&P and SOX so our mission for January is clear – will the top three come down or will the bottom three come up (the Russell is our tiebreaker).

There you go, that's everything you need to predict the markets in Q1.  Now let's take a closer look at our indices:

Dow – Weak dollar means strong International sales plus lots of dividends make for a fun "flight to quality play" (if you can call GM quality that is).  We are sitting exactly on the 200 dma at 13,350 with the 50 dma about to form a "Death Cross" and it will only take the smallest bit of bad news to push us to retest the 2007 lows around 12,500 whch is how I agree, yet disagree with Stuart Freeman (BusinessWeek's market forecast winner of '07) as he sees the Dow bottoming in the summer in the low 12,000's but I see it going lower now and topping in the summer, perhaps close to 15,000 but we both see the year ending around 14,500.

Transports – This is the Achilles heel of the Dow as the energy sector must fall for the transports to prosper.  $100 oil is now required for oil companies to grow into their values but it's already murdering the consumers and driving up costs for the transports – their own private little…
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(Option Spread) Cost Averaging

When I typed ‘dollar cost averaging’ into Google, the search engine returned 493,000 results which ranged from “Dollar Cost Averaging Pays’ to ‘Dollar Cost Averaging’s not all it’s cracked up to be’. So which is it?
By purchasing a fixed dollar amount of stock at regular intervals, the expectation is that a trader will never suffer from buying all at once at peaks, at the expense of never gaining from buying all at once at the absolute bottom either. The approach can be successful when trading retirement accounts or indeed contributing to Employee Stock Purchase Plans. Both are implicitly designed for non-sophisticated investors who have little interest in actively monitoring their virtual portfolios. Dollar cost averaging can also be commission intensive and capital intensive. That’s where options offer a much more attractive solution to dollar cost averaging.
Rather than spend money at regular intervals to purchase stocks, options afford us the opportunity to get paid at regular intervals to agree to purchase a stock. Let’s take a look at how to implement this strategy first and then look at some of its benefits.
We’ll assume that I find a company that I believe has reasonable fundamentals but I am not particularly comfortable about buying it at its current price level. We will use Manitowac (MTW) as an example. The stock is trading at $49.09 which is perilously close to its recent 52-wk high of $51.49 and still a few dollars above its 20-day EMA at $46.84. So technically it’s not screaming a buy but fundamentally I might be attracted to its 32% return on equity, its Price/Sales figure of 0.64 and its PEG ratio of 0.84 and its projected earnings growth of 29% next year. Rather than start to buy at its current level I can agree to get paid to buy the stock near its 20-day EMA level, where it has bounced numerous times over the past 6 weeks. The way to do this is via a bull put spread.
A January bull put spread strike 47.50/42.50 offers $0.95 of premium for a period of 19 days, equating to a reasonable 23% return on risk for the timeframe. If the stock stays above the $47.50 level, the short puts will expire worthless, but if it drops below that level the trader is required to purchase the stock for $47.50 per share minus

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2007 Wrap-Up

That was a nice, short week and, with one day left, I'll take a chance that we can wrap up 2007 a day early.  This is smart as we're hosting a party on Monday so the chance of me doing an overview Tuesday is very slim!.

It wasn't a very good Santa Clause rally to end the year - we're right back where we started from, just over the top of my 13,300 level but Wednesday's move gave us the perfect chance to exit our positions as planned and we're ready to face the new year with a leaner and meaner set of virtual portfolios.

The Short-Term and Long-Term Virtual Portfolios have both been reset to $1M, the Stocks Virtual Portfolio is down to just MRB at $250,000 to start the new year and, Complex Spreads have been dropped to $500K (pretty much all Google) and the Happy 100 has $100,440 in cash plus just 40 AMGN $52.50s so at least we're going to get our money back!  On the 18th I'll be using that slot to start a new Free Picks Virtual Portfolio for our new newsletter subscribers – the last Free Picks Virtual Portfolio we ran was one of our best performers of the year.

Our $10KP held flat for the week at $12,838 (up $200) but we raised a little cash and that was our main goal.  The $25,000 Virtual Portfolio rocked on with a $5,400 gain to $158,582.  More importantly, we raised our cash level to $87,822 (55%) which is a level I can live with over the holiday weekend.

So that's it, we're ready to start a brand new year and I want to thank everyone who's been here for our first one.  As a thanks to our members, we're initiating a discount program for everyone who's been with us for a year as well as a referral program outlined in this post.

We've had a fantastic year, making really great gains but there was luck AND timing that made our gains truly epic:


January was uneventful and we had just broken over 12,500 in February but, in my 2/25 Weekly Wrap-Up, I noted: "We started the week with Super Market and ended the week with Clark Kent."  That Tuesday the WSJ…
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Thursday Virtual Portfolio Moves

November 29th, 2007 at 9:41 am | Permalink   edit   copy

SU – I’m going to DD at $2.50 for a $2.95 basis and get 1/2 back out there and then be patient. XXX

November 29th, 2007 at 9:42 am | Permalink   edit   copy

Still plenty of buyers out there, this is nothing I want to short into right now but BIDU is looking like a fantastic short up here if GOOG breaks down.

November 29th, 2007 at 9:46 am | Permalink   edit   copy

SPWR, FSLR going vertical! Also going to be good shorts when oil calms down but for now they are rallying the sector.

SHLD broke below $100, I’ll be buying more when it settles down but this is now a long-term play.

November 29th, 2007 at 9:51 am | Permalink   edit   copy

Weak stocks that worry me: DELL, YRCW, NYX, LEH, AXP (very nasty turn), TGT, BSC, MER, NKE, HD (how can it keep going down?)…

I like shorting MA off AXP’s move MA $190 puts at $6.25, stop at $5.50, going for $9+ XXX

November 29th, 2007 at 10:05 am | Permalink   edit   copy

AAPL – any opportunity to do a double roll of your call and your caller up $5 for $1 out of pocket is worth taking. For example, I have the $175 calls, now $10.22 and I sold the $165 calls, now $17.57 and I’m going to roll my caller to the $175s for $7.35 out of my pocket and I will roll myself to the $185s at $4.78 collecting $5.44. This costs me $2 but moves my max collection all the way up to $175 (of course this also means I don’t expect Apple to hold $180). XXX all virtual portfolios!

New home sales much better than expected but not a real number but it should goose the markets until people look at the internals. Supply is still up and sale prices are down but expect a very nice buider rally off the headline and let’s keep an eye on the financials to see if anyone is buying this.

November 29th, 2007 at 10:18 am | Permalink   edit   copy

Oh sorry, I forgot to mention take the money and run on the GOOG $710s in the $25KP, we still have the $730s but I don’t want to leave them both up.

November 29th, 2007 at 10:40 am | Permalink   edit   copy
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Call volume spikes in Wendy’s…as Cree’s Cinderella run may have short legs

Today’s tickers: CVTX, WEN, EEM, CREE, AAPL, GE, C, PSUN & VIX

CVTX – It’s been a tempestuous year for CV Therapeutics, the maker of drugs in the subfield of molecular cardiology. Having commenced the year in rude good health at $14.67, CV Therapeutics shares took an ignominious turn for the worse to $6.43 by March, trudging slowly back to the $13 level in late July, and then suffering another downturn in the latter half of the year. The current $9.46 share price reflects a 5% decline on yesterday’s close as the company puts the wrap on a year of negative 32% returns – gapping below the Russell 2000 Health Care Index by some 45%. Last week the company was in the news after confirming that FDA officials had put their rubber stamp on the product labeling for Ranexa, its cardiac angina drug. But it’s today that our interests were raised in the ticker, owing to a surge in option volume to nearly 19 times the normal level. This appeared tied up in fresh bear call spread activity involving 5,000 lots at each strike in the April contract. It looks as though a trader sold calls freshly in the at-the-money 10.0 calls for $1.25 to open the transaction with a credit against the purchase of out-of-the-money calls at the 15 strike for $0.30 apiece. In this case, the trader is content to limit the maximum profit to the $0.95 net premium received at the outset, confident that CV Therapeutics shares will remain below the $10 threshold into April, rendering both calls worthless.

WEN – We hate to mingle fast food metaphors, but a whopper of a trade in Wendy’s January 40 calls early this afternoon contributed to the single-largest call volume day for its options since the height of speculation over a possible Nelson Peltz bid for the burger chain back in mid-November. Overall volume in Wendy’s options spiked to nearly 9 times the normal level on the trade. It’s interesting to note the degree to which option implied volatility has remained consistently high in the interim, and the current reading of 48.4% is a near juicy-double of the 25.8% historic reading. Directionally, we’re interested in this transaction, as existing open interest at the strike built up over the fall, prior to Peltz’ first bid, when the prevalent mood was still one of hyperbolic enthusiasm as regards the kind…
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Friday Already?

Whee, that was fun yesterday wasn't it?

I didn't do a wrap-up as we reviewed the $25K Virtual Portfolio and, as I said to members, I didn't think too much of yesterday's sell-off while it was in progress.  Sad though Bhutto's assassination was, it was a fait accompli from the moment she entered the country – something we've been discussing since the first attempt on 10/19, which was that week's excuse to drop the markets 300 points.  We recovered most of the loss the following week and we can expect the same here providing, of course, nothing else happens.

Now that the opposition has been eliminated, Musharraf has said he'll be happy to go ahead with the elections – let's hope this doesn't give the Republicans any ideas! 

The markets were looking for an excuse to vent a little and at 12:37 on Wednesday as  we were rallying into the close I had already warned: "My Jan puts stopped out – all Jans should be leaning towards cash if they are yours."  I don't like the Jan positions anyway as there is just not enough time to adjust them in a big market move and Wednesday's action seemed very toppy to me.  That coupled with my predisposition towards cash going into the holiday weekend kept us out of trouble yesterday.

As we can already see from pre-market action, it was a little early to hit the panic button but I sure am glad I'm mainly in spectator mode as we whittle down our virtual portfolios, getting ready for a brand new year.  While it's somewhat arbitrary to close out positions based on the calendar, it's as good a reason as any to take profits off the table and refine our strategies for investing over the next 4 quarters

Our Long-Term Virtual Portfolio is immune to the annual rollover but the Short-Term Virtual Portfolio is looking comparatively sparse, with just 38 remaining positions and 90% cash.  I'll be taking some of the larger plays off the talbe (FSLR spreads, FXI puts, Jan DIA and SPY puts, RTP puts) in order to make the new plays more accessible next month when we reset the virtual portfolio at $1M.

My secret plan for next year is to run the new $25KP up to $50K, then make a $50KP that we run up to…
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The Untouchables

We were having a discussion yesterday about the Dalit, the "untouchable" caste of India so I thought it was a good time to discuss the value of not touching your virtual portfolio.

I like to use the $25KP because it’s a good blend of our two strategies; a modified version of our LTP strategy (but with mid-term long legs) and the targeted plays of the STP.  Combining our two disciplines in one virtual portfolio has been successful all three times we’ve run the $25KP this year and it’s been a lot of fun to play but, much more importantly, a well-balanced virtual portfolio like this can be lots of fun NOT to play - as we recognize that small virtual portfolio players may have a life outside the markets, so we balance our trades to make sure they stand up to the daily swings in the market.

Today we had quite a swing – a nice 198-point drop in the Dow, presumably over an assassination but that’s just market shorthand for one of those things that can happen at any time.  I myself was called away on an emergency today (mission accomplished, by the way!) and was unable to do more than take a quick peek at the action between meetings.  For people who have to earn an actual living, this (I hear) happens a lot and, if you want to do well at your job, you need to have a virtual portfolio that can be left alone for a day without costing you a week’s pay.

We just did a $25K Virtual Portfolio review on Wednesday morning but, as I like to do once in a while and as I will continue doing until every single member learns to stress-test their virtual portfolios and find the right mixes in order to make what Charles Dow called "a reasonable return" without an abundance of "speculation."

Without being touched, our $25K virtual portfolio would have gone from $153,997 on Wednesday to $154,967 as of today’s close.  While not a spectacular gain, this is what a stress test is all about – how do we survive a 150+ point drop in th Dow?  Had we lost more than $4K (2.5%), I would have said: "Gee, I guess we need some more puts" and done something about it.  There is no magic formula for balance, we build up to is as we build our virtual portfolio
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Thursday Morning

Before_an_afterI'm not going to be around most of today as I have a meeting but I'm urging caution and here's why

We took a look at the international markets and gave an overview of sector strengths and weaknesses last night.  Despite some decent looking data, something was still bothering me and I reread my post from Monday, the 17th and remembered what it was – the consumer!  Last Monday we reviewed the CNBC poll and, at the time, I noted that a very delusional 87% of the people surveyed do not expect home prices to decrease next year.  On this basis they have gone out and run up record credit card bills this season.

What if they all just made a huge mistake?  This Monday (what is it about Mondays?) I noted that credit card defaults and late payments in general were zooming into uncharted record territory.  I was going to discuss the flaws in the retail shopping data but Barry Ritholtz did an excellent job of it yesterday.  This gist of it is that there were more shopping days this year and, even with that significant boost, spending did not keep up with even the "core" CPI increase of 2.2%.  That indicates retailers lost ground for the year and that the consumer may be deader than the MSM would have you believe.

I thought I was going crazy because I'm a professional business consultant and I mentioned in the Monday post that the Mall looked tragic to me, particularly the jewelry stores, but CNBC et al made me think I was wrong with their celebratory coverage yesterday.  Now the actual data reflects my initial impression, right down to the total disaster in the jewelry biz - so I feel better (about my analytical skills, not the economy!).  When exactly did the media become the enemy of the truth in this country?  Another truth we got yesterday was the Case-Shiller Home Price Index, which showed  a 6.1% decline in home prices over last year – the worst EVER!


According to Robert Shiller himself: "No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim. Not only did the 10-City Composite post a record low in its annual growth rate, but 11 of
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Wednesday Wrap-Up

That was a nice, dull day!

We weren't expecting much action and we didn't get it except from some of our momentum players like AAPL, who hit a new high and GOOG, who went back through $700 with some authority.  BA is still grounded at $90 but AIR, who services planes, took off to record highs on big volume.

On the whole, 238 stocks made 52-week highs yesterday BUT 268 less well-known stocks snuck down to 52-week lows.  On the high side, of stocks we follow, we had AAPL, ACI, ADM (as usual), AIR, ATVI (on fire), BTU (used to make fire), CBI, CMG, CNX, CPST, DE, DECK, DO, ESLR, ESRX, FSLR, GPS (a retailer!), HES (up and up for a month), HET, HRL (spam, spam, spam), ICE, JASO (pretty much anything solar), JOYG, MON (pretty much all Ag), MUR, OXPS, OXY, PEET (interestingly the opposite of SBUX), POT, RICK (never stops), RIG, SI, SOLF, SWIM, TIVO, TRAD, TSCM (Merry Christmas Cramer!), UL, VIP, WFT, WU and XLE.

New lows of note were ABN, APAB, BIG, BOFL (many small banks), BSC, CACH, CC, CHS, CMRG, DHOM, DUG, F, HOT, IHG, IPSU (interesting commodity story), M, MBTF, OCR, OMX, PMTI, RT, WM (still going down), WMW and ZLC.  Of the lows, the only ones that are surprising to us are BSC, WM (who we thought were done going down), DUG and ZLC. 

On the whole, this is good for our virtual portfolios as we're seeing gains where we expected them with few downside surprises but I'm hesitant to draw any major conclusions on a low-volume week.  We did get the Nasdaq leadership we like to see but oil and gold were romping as the dollar seems to have been firmly rejected at $78 after a nice, month-long run.  End of year money went into the IBD 100 stocks, agriculture, internet services, metals and semis.  Home builders, home retailers, home insurance, retail and publishing/broadcast (ad sellers) were hit hard.  I found this to be an interesting mix because it shows a recessionary sentiment but NOT for the high flyers – as if they operate on some different planet than "regular" stocks.

My concern is we're just looking at year-end window dressing, aided by a slosh of cheap money flowing in from Europe.  We probably won't know for sure until after next week, when the big boys…
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Optimists still exist at Dillards

Today’s tickers: PDE, AOB, DTV, EWH & DDS

PDEPride International Inc. This oil drilling specialist services company appears as one of our hottest options families by volume today as it appears that an investor continues to build a substantial position in deeply embedded call options. Share are higher by 2.1% at $33.40, but on further examination we note a build on 50,000 lots of open interest in the January 2009 calls at the 20 strike from last week. Those calls were bought at 13.40 one week ago and today’s action involves a similar amount of calls at 14.15. Although this could be profit taking following the company’s recent monthly report on its 2008 capital budgeting, we’re going to stick our necks out and make the bold assertion that some investor is banking on a run up in the stock and finds deep-in-the-money calls as a convenient way to do so.

AOBAmerican Oriental Bioengineering shows unusual but significant option volume Wednesday. With shares trading up 1.3% at $11.33 we have observed option volume of 53,000 contracts trading representing 40% of current open interest. The activity involves the January 2009 series where the 10 calls were sold 13,900 times, while the 10 puts were bought in roughly the same amount. That strategy would result in a net credit of 1.50 per contract. However, we also observe open interest at both of these strikes, which could indicate that an investor is closing a long call and short put combination. Such a position appears to have been build in early November at a net cost of 2.70. It could be that judging by the almost identical volume at the 12.50 strike, the investor is rolling the position to a higher strike. We can’t tell in which direction this combination trade was placed since both call and put were dealt at mid-market prices. What we can say is that the net cost if this was a replacement strategy was at 1.10 with calls costing 2.5 and puts perhaps sold at 3.60.

DTVDirectTV Inc. Despite a 1.1% decline in its share price today to $23.94, a bullish option play is flashing red on our screening devices today. Given the current existing open interest of just 5,161 contracts in the January 2008 22.5 puts, today’s 9,686 lots transacted to the sell side at 0.30 premium indicates some investor confidence that…
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Phil's Favorites

How Does the Stock Market Bottom?


How Does the Stock Market Bottom?

Courtesy of 

Despite the recent selloff, things are still relatively fine. I know nobody wants to hear this right now, but the S&P 500 is still up double digits over the last year and 36% over the last three years. What has people shook, understandably, is the speed of this decline.

Depending on where stocks close today, we could be looking at a 10% haircut in just five sessions. Over the last 20 years, this only happened during the Yuan devaluation in 2015, the Eurozone crisis in 2011, the GFC (global financial crisis) in ’08 and ’09, and the dotcom bubble in ’00, &rsqu...

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Zero Hedge

NYSE Announces Disaster-Recovery Test Due To Virus Fears

Courtesy of ZeroHedge View original post here.

In a somewhat shocking sounding move, given administration officials' ongoing effort to calm the public fears over the spread of Covid-19, The New York Stock Exchange has announced it will commence disaster-recovery testing in its Cermak Data Center on March 7 amid coronavirus concern, Fox Business reports in a tweet, citing the exchange.

During this test, NYSE will facilitate electronic Core Open and Closing Auctions as if the 11 Wall Stree...

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Cities With The Most 'New' And Tenured Homeowners

By Jacob Wolinsky. Originally published at ValueWalk.

Homeownership is a major investment. Not just financially, but when a person or family purchases a home, they’re investing years – if not decades – in that particular community. 55places wanted to find out which real estate markets are luring in new homebuyers, and which ones are dominated by owners that haven’t moved in decades. The study analyzed residency data in more than 300 US cities and revealed the top 10 cities with the most tenured homeowners – residents who’ve lived in and owned their home for more than 30 years – are sprinkled across ...

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Kimble Charting Solutions

Financial Crisis Deja Vu: Home Construction Index Double Top?

Courtesy of Chris Kimble

Most of us remember the 2007-2009 financial crisis because of the collapse in home prices and its effect on the economy.

One key sector that tipped off that crisis was the home builders.

The home builders are an integral piece to our economy and often signal “all clears” or “short-term warnings” to investors based on their economic health and how the index trades.

In today’s chart, we highlight the Dow Jones Home Construction Index. It has climbed all the way back to its pre-crisis highs… BUT it immediately reversed lower from there.

This raises concerns about a double top.

This pr...

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Insider Scoop

A Peek Into The Markets: US Stock Futures Plunge Amid Coronavirus Fears

Courtesy of Benzinga

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. South Korea confirmed 256 new coronavirus cases on Thursday, while China reported an additional 327 new cases. Data on U.S. international trade in goods for January, wholesale inventories for January and consumer spending for January will be released at 8:30 a.m. ET. The Chicago PMI for February is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentime... more from Insider

Biotech & Health

Could coronavirus really trigger a recession?


Could coronavirus really trigger a recession?

Coronavirus seems to be on a collision course with the US economy and its 12-year bull market. AP Photo/Ng Han Guan

Courtesy of Michael Walden, North Carolina State University

Fears are growing that the new coronavirus will infect the U.S. economy.

A major U.S. stock market index posted its biggest two-day drop on record, erasing all the gains from the previous two months; ...

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The Technical Traders

SPY Breaks Below Fibonacci Bearish Trigger Level

Courtesy of Technical Traders

Our research team wanted to share this chart with our friends and followers.  This dramatic breakdown in price over the past 4+ days has resulted in a very clear bearish trigger which was confirmed by our Adaptive Fibonacci Price Modeling system.  We believe this downside move will target the $251 level on the SPY over the next few weeks and months.

Some recent headline articles worth reading:

On January 23, 2020, we ...

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Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  


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Chart School

Oil cycle leads the stock cycle

Courtesy of Read the Ticker

Sure correlation is not causation, but this chart should be known by you.

We all know the world economy was waiting for a pin to prick the 'everything bubble', but no one had any idea of what the pin would look like.

Hence this is why the story of the black swan is so relevant.

There is massive debt behind the record high stock markets, there so much debt the political will required to allow central banks to print trillions to cover losses will likely effect elections. The point is printing money to cover billions is unlikely to upset anyone, however printing trillions will. In 2007 it was billions, in 202X it ...

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Members' Corner

Threats to democracy: oligarchy, feudalism, dictatorship


Threats to democracy: oligarchy, feudalism, dictatorship

Courtesy of David Brin, Contrary Brin Blog 

Fascinating and important to consider, since it is probably one of the reasons why the world aristocracy is pulling its all-out putsch right now… “Trillions will be inherited over the coming decades, further widening the wealth gap,” reports the Los Angeles Times. The beneficiaries aren’t all that young themselves. From 1989 to 2016, U.S. households inherited more than $8.5 trillion. Over that time, the average age of recipients rose by a decade to 51. More ...

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Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year


Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires


Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:


The ‘experts’ I hear from keep saying that once 300B more in reserves have ...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:


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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. Contact Ilene to learn about our affiliate and content sharing programs.