Archive for 2007

Ahead Of The Fed

Fixed Percentages

When to sell?  When trading stocks the answer is often not that challenging.  As a longer term investor all you need do is glance at stock ranking services such as Zack’s, Investools or Investor’s Business Daily to note how few fundamentally attractive stocks exist relative to mediocre or unattractive stocks.  Once a stock is overvalued – and various measures (e.g. PEG > 2.0) indicate when that is the case -then it is time to sell. 

But determining when to exit an options trade can be an altogether different game.  When should you sell a put option, when should you sell a call options or exit a calendar spread.  How does your exit change when trading a bull call spread versus a ratio call backspread? What happens when an event is coming up?

When I first sought the answer I used hear generic rules thrown about such as "Always exit when you have made a 20% profit" or "With options you shoot for the big winners, 100% gain minimum, because so many losers will exist".  None of these exits resonated with me because of a philosophy of mine which is that "Everything Always Changes".  All we need do is look at our kids grow up or a picture from ten years ago to note that nothing stays the same for long and it’s true in the stock market too.  This means that making a bold, unyielding statement like striving for a fixed percentage reward every time is a loser’s game.

When To Sell?

Lots of technical triggers indicate when to exit a bullish position.  Some like to use the RSI dropping below 70 as a trigger, some like to use stochastics coming out of overbought regions, some like to use crossovers of two moving averages, some use the MACD, some use crossovers of a single moving average, some use Fibonacci retracements, some use Japanese Candlesticks.  Technical analysis may not be the crystall ball we wish for but it does provide a systematic approach to trading that can be repeated time and again.  Of course, it won’t always work but for many it is a preferrable choice to the alternative which involves relying on intuition or worse still, greed and fear.

In early November when we saw market leader Google take a big tumble we encouraged heavy hedging to protect profits and principal.  More recently when we saw the market leaders regain footing and the indexes follow we changed to a more…
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Weekly Wrap-Up – Ho Ho Housing!

At the end of the Monthly Market Analysis I mentioned how we had adjusted our attitudes thanks to the great and powerful "Paulson Plan" to bail out the sub-prime mess.

I also said I wanted to see the details fleshed out before we went all nuts and started buying too much but it seems like most market participants are not such discerning shoppers and used the government's red-tag rate extension as a sign to buy the markets up another 300 points, rather than considering it might be a going out of business sale.

This is a plan meant to buy time for the lenders and accidentally bails out a few homeowners who were going to default anyway but it's not solving much.  In fact, the needs test proposed effectively targets the real middle class, already a dying breed in this country and charges them the full rate adjustment if there is any way the bank can find a way to squeeze it out of them. 

Early last week we found that new home sales slumped 23.5% WHILE prices slipped 13% and that the US Conference of Mayors is looking at a further 10% decline in property values next year that will knock $6Bn worth of collections off the local tax rolls ($1.2Tn of devaluation) over the next 12 months and THAT is assuming this plan works and 2M additional homes are not foreclosed on!  Also, it seems that the "plan" the President rolled out by giving out the wrong number on national TV isn't quite as good as the half-assed job we thought it was as we got this report from Nonsequitor:

"I just got off the phone with 1-888-995-HOPE–full disclosure I run a mortgage region for a large money center bank in Nor Cal (and no we dont do Neg Am or sub prime) -You really need to take some time and call these guys to truly get a visceral feeling of what a SCAM Pualson and Bush are pulling on the market.

"The lady who I spoke with was literally laughing for the first ten minutes as she told me what a joke the past two days have been—they have NO information on any program and she said the only thing that they are able to do is to REFER the person back
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Friday Virtual Portfolio Moves

December 7th, 2007 at 9:47 am | Permalink   edit   copy

DUG – I’m dumbfounded that it’s this low. I’ve been considering it but it’s another thinly traded issue. it’s an ultra-short that leverages the downside of XOM, CVX, COP, SLB, OXY, MRO, VLO, DVN, HAL, RIG and others but the top 10 are 62% with XOM, CVX and COP making up 43% of the holdings. I like them because you don’t have to go short, you can pick up the July $38s for $7.20 and sell the Dec $40s for $2 or better, that’s a pretty good spread with the stock at $38.80 and you can pick up another $1 by rolling down to the $39s if it goes the wrong way on you. With those kind of premiums and 7 months to sell, I really like the idea, epecially if they give up another $1.

GS – you are so screwed if that goes the wrong way! What are you people thinking with these vertical spreads? Roll yourself down to 3 $195s if you want to stay vertical, that way he pays the premium and you can roll him down $10 more if GS keeps going down. I would personally go with 3 Jul $220s and then you can roll yourself and the caller down if it drops as it only costs you $5 to roll down $10, about the same as your caller would pay and, rather than selling him once and praying your price holds, you can make 6 more $10 sales against your $30 position.

December 7th, 2007 at 9:51 am | Permalink   edit   copy

AMGN – Now what? Yet another caller I have to send flowers too! For the $10KP, let’s spend $1.40 to roll to the Apr $52.50s and offer to buy out our caller for .50 and we will sell Dec $52.50s IF IF IF we break below $53 (and not for 30 seconds!).

FWLT at ATH!

December 7th, 2007 at 10:03 am | Permalink   edit   copy

IMAX – damn I forgot about them, I used to play them all the time, they are worth $9 easy. Nothing very attractive now other than the Jun $7.50s at $1.25 and selling the $7.50s at some point, now .25 XXX

December 7th, 2007 at 10:57 am | Permalink   edit   copy

MA – just because they weren’t directly downgraded they are going up? We’re going to…
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Search for signs of intelligent life in the homebuilders’ ETF…

Today’s tickers: XHB, JCP, BJS, FDO, TGT, AIG, HOKU, DNA, TKC, FDG

XHB – For months now, the search for even meager signs of bullishness, of a “bottom,” if you like, to the ongoing woes in the homebuilding space has met with crickets chirping and the refrain of “A Cottage For Sale.” The fiercely defensive mood of option traders is apparent with a single glance at the ratio of open put to call positions in the homebuilders ETF, which shows bearish puts in the majority by a rousing factor of 1.4. Today’s unveiling of a politically-timed plan by the Bush Administration to freeze interest rates on some adjustable-rate subprime mortgages in a bid to forestall a wave of ruinous home foreclosures appears to have lent some support to the underlying share price in the ETF – and brought some bullish call buyers out of the woodwork! Against the backdrop of a 5.4% gain in share price to $19.82, the XHB is one of the afternoon’s most liquid option families according to our scanners, and thanks in large part to a wave of fresh long positions in the January 22 calls. These options, which were bought at around $0.60 apiece today – doubling in value compared to yesterday’s premiums – could imply some short-term stabilization for the ailing ETF, which broke below the $22 level the first week of November and hasn’t ventured that far north since. Implied volatility on the XHB currently reads 53.2% – a 9% gap above the historic reading currently on record.

JCP – A raft of sober sales data from mass-market retailers dented the market’s optimism over the perseverance of holiday season shoppers. JCPenney, the nation’s third-biggest department store chain, reported record sales during Black Friday and the subsequent post-Thanksgiving weekend. But its November sales numbers were otherwise weak, gapping below street estimates, and its share price lost 4.5% in short order. In general today, option traders have spent little time wagering contrarian bets on the prospects of mass market retailers, and that appears to be the case with JCPenney as well, given the fresh positioning we observed in the January 40 puts. As was the case with Target earlier this morning, the market’s initial reflex was to defend against a break below the recent 52-week lows resulting from lesser-than-expected holiday sales figures. Brisk volume in the January 50 calls attracted buyers and sellers even…
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Friday Already?

Talk about a week that flew by…

It's been a wild ride and we came off a very good test of the 200 dma at 13,350 and broke right out over the 50 dma at 13,567 like it wasn't even there yesterday and finally the small caps are coming along for the ride (of course on the very day I sell some short in a spread!) as EVERY SINGLE SECTOR of our economy, including builders and banker and brokers and commodity sellers and retailers and big caps and importers and exporters and consumer staples and consumer discretionary and telecom and healthcare ARE DOING GREAT!

That's right, there's obviously nothing wrong with the market, the economy, geopolitics etc. and gold is up at $800 because it's pretty, not because it's an historic signal of economic unrest and oil is up at $90 because we are so healthy we can afford to splurge on expensive energy drinks for our cars (hmm, doesn't that make HANS a buy too?).   

I guess I'll have to spend the weekend making a list of everything that isn't nailed down so we can buy it as that's the only logical move in this kind of market.  Make no mistake about it, I'm going to be either covered or cashed by expiration week but that's 6 glorious days away and for now we can once again party like it's 1999 as we added 94,000 jobs which means, one would think, that a rate cut would be idiotic at this point but idiotic is just perfect for this rally so we'll take it!

We are going to igore the fact that the the Hang Seng gave up the whole week's gains after lunch, plunging 1,120 points off it's high because that might lead to negative thoughts and thinking in general is ill-advised if we are going to enjoy this rally.  Of course I said it would take them 36 hours to figure out that China's money tightening would be bad for stocks exactly 36 hours ago but that would lead to more thinking so we'll just enjoy the FXI puts we bought yesterday and pretend that both that and the Dow gains make perfect sense.

There is no way we want to talk about Japan as it's soooooooo depressing…
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POT’N'FIZZ

National Beverage (FIZZ)  profit rose 13% on strong sales.  Net income cilmbed to $6.5M or 14 cents per share while revenues rose 6% to $143.5M.  Management attributed the strong performance to price increases and an 8% rise in case volume.  After hours the stock dropped to $7.98 per share after rising 6.29% to $8.11 during the day. The fundamentals for FIZZ remain strong with a Price/Sales ratio of 0.64, zero debt, $70M in cash and over half a billion in annual revenue with a market cap well under $400Bn.

Potash had another good day also, climbing $2.26 or 1.77% and our recently issued bull put Trade Alert is still in good shape.  Although we have been highlighting for over a week now the value of bull put spread trades in this market, we cannot emphasize them enough.  The leading stocks rebounded strongly over a week ago and the market followed, continuing its strong action today.  Bull puts are a way of receiving capital into your account and a means of making money whether stocks rise, stay flat or even fall somewhat (but not below the short put strike price) from the time of trade entry.  When the market changes direction these trades are excellent because you know that even if the breakout fails the likelihood of the market breaking below the old support level after it powerfully bounced off that level is low.  If you are a more aggressive trader you can always look to purchase long call options but obviously the associated risk is higher because the stock must keep moving to make money and time-decay impacts the position on a daily basis.

In fact, the major difference between profiting with stocks and options is this time factor.  Many believe that if they have had a successful history trading stocks that they should also do well trading options but it’s just not the case.  Stock traders have the luxury of only needing to be right.  Option traders have the added constraint that they need to be right in the given direction and in a specific timeframe.  It helps not at all to see a stock rise after an option has expired worthless.

One of our members was expressing concern about the effects of time-decay on some long call positions.  In our response we mentioned that our general rule is not to hold long options into the last 15-30 days prior…
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Thrilling Thursday Wrap-Up

Oops!

Things went way better than I thought and, frankly, I got caught with my pants down because I was nowhere near bullish enough for this rally.  The downside of a balanced virtual portfolio is you miss a fun rally sometimes which is funny because, if the market goes down 300 points, we’re proud we didn’t lose anything but, when it goes up 177, we are mad that we missed something.  It’s just human nature but it also shows that, deep in our hearts, we’re still bullish.

I didn’t like the rally yesterday as we poked out of my trading range of 13,300 because we weren’t making new 52-week highs and even when we finished above my breakout mark of 13,450 on Wednesday, I was still nervously neutral.  At  12:09 today I said: "BTU making ATH – that’s interesting.  ISRG new ATH, CMG new ATH… Now this is a rally!"  Sometimes, when something looks like a rally and moves like a rally – it’s a rally!  As I said the other day, it’s very hard to get into a rebound relationship when we’ve been hurt so many times before but, when the right rally comes along, we have to be ready to commit or we may miss an opportunity.

What’s a nervous investor to do?

In retrospect, I should have done more bargain hunting yesterday.  There were plenty of slow movers I liked like HOV, BSC, GS, RIMM (well I don’t LIKE them but for $100 I’ll let them take me to dinner), DELL, HPQ, GE (who was selling GE for $36?), BA…  There were plenty of wallflowers at the dance as we went from 13,300 to 13,450 and while we did pick up a few here and there, we didn’t take any real chances.  Yes, we were perfectly balanced and yes we didn’t lose – but we didn’t win either, and winning is fun!

If you have $100K in a virtual portfolio that is well balanced in either direction then there is nothing wrong with taking a stab at something for $5K with a 20% stop.  We did grab BSC yesterday when I first became concerned we needed more upside and I said:  "So huge rally day for the Dow but if you press a spring down far enough it’s going to bounce back. I would have loved this if we took a week to grind these levels out but this is nonsense. That nonsense may continue
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Thursday Virtual Portfolio Moves

December 6th, 2007 at 9:44 am | Permalink   edit   copy

Apple could care less what the rest of the market is doing.

RIMM – another caller I’m going to have to buy a drink for.

I’m just playing with the QIDs this month, they seem to be a great vehicle to sell short calls against but they have serious liquidity issues.

December 6th, 2007 at 9:54 am | Permalink   edit   copy

AMGN – probably flat into expiration but no reason not to improve yourself while it’s cheap. If I’m wrong you’re going to want to roll the caller down anyway so save a step and if it heads up you’ll be happy you improved your delta so that’s one of those win-win-win scenarios.

AAPL – in the $25KP we have $14K in Apple calls and $2.8K in puts (not counting the calendar spread). The question is how comfortable would you be risking $14K in a $25K virtual portfolio naked overnight? The calls have outgained the put losses this morning at better than 5:1 and I’ll roll them up again later if I think I can get another day of gains out of them but I’ll almost certainly shift to more of a strangle over the weekend. Stops on Dec $190s in $25KP should be $5 now – ALWAYS SELL INTO THE INITIAL EXCITEMENT and if your doubt my word, Rule #2 says SELL HALF!

SHLD was a gift by the way as we planned to take out our caller. They are down on retail reports but it has nothing to do with them (they can’t get any worse). You do not change your plan because it’s going better than you thought!

December 6th, 2007 at 10:13 am | Permalink   edit   copy

DNA – I’d wait for the final markdown sale.

Mortgage delinquencies getting worse faster than thought. Prime loans 3.12% delinquent, up 10% THIS QUARTER. Subprime 16.31 up 8% All loans 5.3% delinquent up 10%. Greatest foreclosure levels EVER, highest delinquency rates since 1986 the year BEFORE the housing market collaped. Erin is trying to spin this positive while the guys make fun of her for being clueless.

CompUSA is going out of business as near as I can tell, many store closing in the northeast so if they couldn’t hold on for the holidays, things must be dire. My play on that was CC but that was 50% ago,…
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Thursday Virtual Portfolio Moves

December 6th, 2007 at 9:44 am | Permalink   edit   copy

 

 

Apple could care less what the rest of the market is doing.

RIMM – another caller I’m going to have to buy a drink for.

I’m just playing with the QIDs this month, they seem to be a great vehicle to sell short calls against but they have serious liquidity issues.

December 6th, 2007 at 9:54 am | Permalink   edit   copy

AMGN – probably flat into expiration but no reason not to improve yourself while it’s cheap. If I’m wrong you’re going to want to roll the caller down anyway so save a step and if it heads up you’ll be happy you improved your delta so that’s one of those win-win-win scenarios.

AAPL – in the $25KP we have $14K in Apple calls and $2.8K in puts (not counting the calendar spread). The question is how comfortable would you be risking $14K in a $25K virtual portfolio naked overnight? The calls have outgained the put losses this morning at better than 5:1 and I’ll roll them up again later if I think I can get another day of gains out of them but I’ll almost certainly shift to more of a strangle over the weekend. Stops on Dec $190s in $25KP should be $5 now – ALWAYS SELL INTO THE INITIAL EXCITEMENT and if your doubt my word, Rule #2 says SELL HALF!

SHLD was a gift by the way as we planned to take out our caller. They are down on retail reports but it has nothing to do with them (they can’t get any worse). You do not change your plan because it’s going better than you thought!

December 6th, 2007 at 10:13 am | Permalink   edit   copy

DNA – I’d wait for the final markdown sale.

Mortgage delinquencies getting worse faster than thought. Prime loans 3.12% delinquent, up 10% THIS QUARTER. Subprime 16.31 up 8% All loans 5.3% delinquent up 10%. Greatest foreclosure levels EVER, highest delinquency rates since 1986 the year BEFORE the housing market collaped. Erin is trying to spin this positive while the guys make fun of her for being clueless.

CompUSA is going out of business as near as I can tell, many store closing in the northeast so if they couldn’t hold on for the holidays, things must be dire. My play on that was CC…
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Search for signs of intelligent life in the homebuilders’ ETF…

  Today’s tickers: XHB, JCP, BJS, FDO, TGT, AIG, HOKU, DNA, TKC, FDG

XHB – For months now, the search for even meager signs of bullishness, of a “bottom,” if you like, to the ongoing woes in the homebuilding space has met with crickets chirping and the refrain of “A Cottage For Sale.” The fiercely defensive mood of option traders is apparent with a single glance at the ratio of open put to call positions in the homebuilders ETF, which shows bearish puts in the majority by a rousing factor of 1.4. Today’s unveiling of a politically-timed plan by the Bush Administration to freeze interest rates on some adjustable-rate subprime mortgages in a bid to forestall a wave of ruinous home foreclosures appears to have lent some support to the underlying share price in the ETF – and brought some bullish call buyers out of the woodwork! Against the backdrop of a 5.4% gain in share price to $19.82, the XHB is one of the afternoon’s most liquid option families according to our scanners, and thanks in large part to a wave of fresh long positions in the January 22 calls. These options, which were bought at around $0.60 apiece today – doubling in value compared to yesterday’s premiums – could imply some short-term stabilization for the ailing ETF, which broke below the $22 level the first week of November and hasn’t ventured that far north since. Implied volatility on the XHB currently reads 53.2% – a 9% gap above the historic reading currently on record.

JCP – A raft of sober sales data from mass-market retailers dented the market’s optimism over the perseverance of holiday season shoppers. JCPenney, the nation’s third-biggest department store chain, reported record sales during Black Friday and the subsequent post-Thanksgiving weekend. But its November sales numbers were otherwise weak, gapping below street estimates, and its share price lost 4.5% in short order. In general today, option traders have spent little time wagering contrarian bets on the prospects of mass market retailers, and that appears to be the case with JCPenney as well, given the fresh positioning we observed in the January 40 puts. As was the case with Target earlier this morning, the market’s initial reflex was to defend against a break below the recent 52-week lows resulting from lesser-than-expected holiday sales figures. Brisk volume in the January 50 calls attracted buyers and sellers…
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Zero Hedge

World Trade War I: US Asks South Korea To Join Anti-Huawei Campaign

Courtesy of ZeroHedge. View original post here.

The bilateral trade war between the US and China is gradually becoming a global trade war of global geopolitical and commercial dominance between the US and Chinese spheres of influence.

Shortly after the two largest mobile phone companies in the UK decided against launching Huawei-built 5G phones this morning, and roughly around the time a bevy of Japanese tech and telecom companies including ARM Holdings, Panasonic and SoftBank all imposed a boycott on supplying Huawei with mission critical components joining Australia, and New Zealand as major US allies to end commercial relat...



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Phil's Favorites

Overpriced tech IPOs sell grand visions but aren't worth their valuations

 

Overpriced tech IPOs sell grand visions but aren't worth their valuations

rblfmr / Shutterstock.com

Courtesy of John Colley, Warwick Business School, University of Warwick

The year of the tech IPO is 2019. Uber went public on May 10 with a US$82.4 billion valuation. Fellow ride-sharing app Lyft floated in March with a U$24 billion valuation and Pinterest had a US$10 billion IPO in April...



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Kimble Charting Solutions

Emerging Markets About To Submerge If 3-Year Support Breaks?

Courtesy of Chris Kimble.

Are Emerging Markets about to “Submerge” and head a good deal lower? What they do at (3) will go a long way in answering this question!

Emerging Markets ETF (EEM) has been lagging the broad market for the past 15-months. They hit their 50% retracement level of the last year’s highs and lows and falling resistance at (2) recently. The weakness of last has EEM trading below its 200-MA line.

EEM has spent the majority of the past 3-years inside of rising channel (1), which reflects that this trend remains up. The weakness of late has it testing the bo...



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Insider Scoop

Amgen To Buy Danish Collaborator Nuevolution For $167M

Courtesy of Benzinga.

Amgen, Inc. (NASDAQ: AMGN) took a logical step forward in buying a preclinical biotech it has been collaborating with since 2016. 

What Happened

Amgen announced Wednesday an agreement to buy Copenhagen-based Nuevolution for $167 million.

Th...



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Chart School

Weekly Market Recap May 18, 2019

Courtesy of Blain.

China – U.S. trade talk continued to dominate the week.   A heavy selloff Monday was followed by 3 up days, with Friday moderately down.

On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%.

Then on Wednesday:

The Trump administration plans to delay a decision on instituting new tariffs on car and auto part imports for up to six months, according to media reports.

...

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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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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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