Archive for 2008

Weekly Wrap-Up


"January is one of the peculiarly dangerous months to speculate in stocks. Other dangerous months are July, October, September, April, November, May, March, June, December, August and February."  - Mark Twain

That was simply a terrible way to start the year wasn't it?

I'm very glad to have made a cash call ahead of the holidays and I was very pleased on Friday to see a generally relaxed member section with over 500 comments and very little panic.  The general mood at PSW is we are circling like vultures (although I prefer to think of it as scouting for prey like eagles!) and repeating our favorite mantra:  "It is NOT my job to save the markets."

Sure we did some light buying and we took a few puts as well but mainly it was a wait and see kind of day as the market exceeded my 13,000 downside line exactly the same way it did so ahead of Thanksgiving.  Unfortunately, a repeat of that pattern can take us as low as 12,300 if we can't hold 12,800 next week (and I mean for the week, not any particular day's move).

In Tuesday's Index Round-Up I said: "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" but even I was stunned at how quickly we dropped  63% of the way there this week.  I am working with the great Tom2oc to provide a market forecast this weekend but I can tell you now that the technical outlook is pretty grim and I'm honestly low on fundamental reasons to ignore the worst-case outlook.

Effectively, also as I said in the round-up, we need a capitulation in the energy market to put a floor under the transports or there will be no saving the market in the near term. OPEC cannot afford to wait until their Feb meeting to calm the markets because it will probably be too late by then.  I turn to OPEC for leadership as our own has clearly failed us, as evidenced by the nothing Bush said afer his meeting with Paulson and "The President's Working Group on Financial Markets.

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3 New Year’s Resolutions

[1]  Focus on Strategy Not on Dollars

In golf, Tiger Woods, in tennis, Roger Federer, in investing, Warren Buffett. In medicine, in teaching, in engineering, the best practitioners focus on mastering their profession, art or sport. Money inevitably follows. With the markets so volatile, many will see a sea of red and despair. Few will ask themselves if they are adhering to their strategy. The difference between the good and the great is that the great trust in the system that works for them. Being right first time every time is not possible, but being right in the end almost every time is possible if you understand how to roll with the punches that the markets throw.

For example, if you have bull put spreads and stocks are going below the short put strike, you can choose among many contingency exits. One possibility is to do nothing. Simply wait until expiration comes around, thereby giving the stock a chance to bounce above the short put in the interim, but taking ownership of the stock at expiration if assignment is warranted. This is a nice way of taking ownership of a cheaper than would otherwise have been the case when the bull put was first entered. It’s an especially nice way of putting money to work at this time of the year, particularly if you had a heavy cash position following recent tax sales. Another possibility is to buy additional puts to protect the original bull put and convert the trade to a ratio put backspread. In the event the stock continues declining, the additional set of long puts continues making money while the bull put risk is fixed at a certain level. Yet another approach is to roll the entire trade down in strike price and out to another month. If the trader believes the stock will stop falling at some point in the future then continued rolling works because one day the stock stops and the options expire worthless.

These types of strategy adjustments can be applied to almost any options strategy. Mastering them will infuse you with calm when others panic, because you will have clearly defined risk and reward, and clearly defined what action to take and when to take it if the trend moves against you.

Brett Steenberger writes that the best traders are “immersed in markets, statistics, patterns, information” whereas the hopefuls are “smitten with an image” and trade “not as an expression of who they

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How to Buy and Hold Stocks

Several members have been asking about stock strategies and I just had a great conversation with Trading Goddess on the subject so I figure now is as good a time as any to discuss them in detail.

As with any purchase, the key is to scale in and out of positions (this is something we've discussed on many occasions) so you can't get burned by something like yesterday's action.  While some may find scaling in dull as it takes a long time to build up a full position, I have a very simple way to make it much more fun and profitable:   When you go to buy a stock – DO NOT BUY THE STOCK, SELL THE PUTS.

You must, of course, be buying 100 share blocks but the logic is this.  If I think Apple is a good deal at $180 and I'm about to buy it, then I can, instead SELL the $180 puts for $8.95.  Since I was going to spend $18,000 anyway for 100 shares, the money is obviously in my account so the margin is a non-issue.  Rather than spending the $18,000, I'm collecting $895 and I have the obligation to buy 100 shares of Apple for net $17,005.

The downside to this strategy is that if I did happen to pick a perfect bottom on Apple and it jumps back to $200, rather than the $2,000 I would have made by committing $18,000, I "only" make $895 for doing nothing.  I could, of course, make another attempt to buy Apple at $200 by selling the $200 puts for $10 (now $22.58) which means I would have collected $1,895 without ever taking possession of the stock.

If that pesky Apple refuses to go down and next month climbs to $220 and I still really want it.  I can sell the $220 puts for $10 and will have collected $2,895 while I wait for the stock to go down so, even if it triggers on me at $220, my net cost is $19,105 when my original intention was to buy the stock for $18,000.  That is the downside but you can see how, if you do this as a habit, you will generally make a lot of money and hold less shares of stock.

You can, if you…
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Implied volatility, put volume rises as IRS crackdown on tax prep looms…

Today’s tickers: GNSS, JTX, STT, XLE, FTI, OTI, SPN, CLHB, CVS, XLI

JTX – The start of the year is usually a boon for tax preparers, but a report this morning that the Internal Revenue Service may ban refund loans to paying customers came as early rain on the parade of tax preparer stocks today. The proposed measure is designed as a consumer protection device to prevent tax preparers from forwarding tax return information from predatory “payday” loan operators. Shares in Jackson Hewitt Tax Services (JTX), the country’s second largest federal tax return preparer, immediately slid 14% to $26.89. Option traders, sensing that the company’s tax-season fortunes are set to reverse, put volume equivalent to more than half its open interest in play, as implied volatility spiked 41.5% to 45.0%. More than twice as many puts are trading as calls, with fresh short positions in January 30 calls against longs in the January 25 puts.

GNSS – Last month, Genesis Microchip was on the receiving end of a takeover bid from semiconductor maker STMicroelectronics as part of a plan to expand STMicro’s footprint in the flat-panel digital television market. Today its options registered unusual activity on our scanners as implied volatility rose 35% to 45%, and options traded on a slender volume of 1,000 lots that still amounted to 14 times the average rate. The action in Genesis is occurring as its shares decline 2% to $8.33 – 32 cents below STMicro’s offering price – but trending with broader declines in the semiconductor space following an analyst downgrade yesterday. A look at the volume distribution appears to show traders wagering on even further declines, however, with fresh liquidity in puts at the 7.50 strike in the January and February contracts. Prior to today, open interest showed nearly 8 times as many standing call positions as puts.

Yesterday we pointed to market action in a slew of smaller offshore oil drillers, following an upside move for oil services stocks that outdistanced that of the broader energy market, despite the salutary onset of $100 oil. Our hunch was that even if the speculative and geopolitical forces driving oil north of the $100 mark were to recede in the early months of ’08, the hunt for new crude sources would be likely to continue, and continue in increasingly obscure and hard-to-access spots. Hence the option market’s keen attention to oil services companies…
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Friday Already?

Just like the Nikkei, we're going to be glad it's been a short week.

I think the Nasdaq is hovering in very dangerous territory at 2,600.  We talked about indices that have already formed a death cross on Monday but there's no reason not to call them early when you see them and the 50 dma is making an ugly move over at the Nassdaq.  Not to go all stock market 101 on you but keep in mind that every day the index spends below the 50 dma PULLS the 50 dma lower and time spent below the 200 dma is especially painful as that is what can cause a death cross, where the 50 dma dips below the 200 dma, giving us a huge downtrend.

There are few earnings of note from the technical side of the Nasdaq next week and the week of the 14th will be dominated by banks and financials.  With options expiration on the 18th, there is a tremendous burden on AAPL not to disappoint us coming into MacWorld that week as the fate of the Nasdaq literally hangs on their shoulders (OK, perhaps INTC will matter just a bit too).  GOOG is likely to be an also-ran unless they do something dramatic and, unfortunately, their chart does not look very encouraging if they break below $680 – although we've been betting they hold it as we went naked on our calls yesterday.

Of course we're covering everything into the weekend as it's a big, scary world out there but there's no reason we can't take a few reasonable chances as long as we hang onto our levels, even if it is only by a thread.  I summed up the day yesterday at 9:40 am, saying to members: "Here’s our 80-point bounce off 13,000, now the obvious barrier at 13,100 then 13,160 makes a positive signal but it’s S&P 1,460 that will be key. Russell should be doing way better than 750 as the ADP data showed lots of small-cap job growth so that’s bothering me right now plus, we still have $100 oil to contend with."

We couldn't stay over our 13,080 line and 13,100 proved a tough barrier intraday but we gambled on a good Non-Farm Payroll reprot to push us over the hump today.  We must, must, must break and hold 13,160 today or
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Thursday Wrap-Up

So much unpleasantness for such a short week!

Oil closed around $99 but touched $100 during the day for real this time and if you think our markets took it badly, wait until you see the reaction from the World’s second largest consumer of oil – Japan.  Unlike the US, Japan produces virtually no oil (125Kbd) while consuming 5.6Mbd.  Last month we discussed the energy policy (or lack thereof) with a neat little chart that shows how oil shifts the global balance of power.

Inflation is already growing fast all across Asia and $100 oil, if it sticks, may be the straw that breaks the back of the global economy.  Japan is particularly hard hit tonight as they are back in session for the first time since Dec 28th but only for a half day (at the time I said they shouldn’t bother and now you’ll see why) and the Nikkei was already having trouble holding 15,000 – now they have to come back with the Dow down over 500 points in 5 sessions and $100 oil the cold reality for a country that relies on imports for 98% of its needs.

Even mighty TM is tempering their forecasts for next year as currency pressures and consumer concerns have led to a very cautious sales outlook from Toyota.  Interestingly, Toyota’s forecasts are based on weaker hybrid sales on the belief that declining fuel costs will slow demand for them.  I’m not sure they have that right as it will take more than a couple of months of $2 gas to get people to buy Hummers again. 

OPEC pitched in today, announcing that they have NO plans to raise oil output at their Feb 1st meeting.  OPEC is sitting on 3-5Mbd of spare capacity, enough for China to double their usage but China isn’t waiting and is beginning to explore ways to convert their 900Bn ton coal reserves to oil (yeilds apx 2Tn barrels).  This is not new technology, Germany ran their army on synthetic gasoline made from coal as early as 1939.  The US has 1.6Tn tons of coal, if converted into 3.2Tn barrels of oil, that would be a 438-year supply for the US.  The current prodcution cost is $57 per barrel.

It’s hard to be surprised then, that Barack Obama just won the Iowa caucus.  Mike Huckabee was the Republican choice and…
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…Is a bottom in sight for AMD?

Today’s tickers: AMD, SVU, INTC, YHOO, NSTR, XLE, OII, AMZN, BJ

AMD – Today’s analyst downgrade of semiconductor stocks sent Intel arch-rival AMD down 5% to a new 52-week low at $7.12. While we observed trader unwillingness to take contrarian bullish longs in Intel following the report (see below), there were some inklings of a bottom in AMD – at least given what appeared to be an inclination to sell front-month volatility in January, given the current elevation of implied volatility to 1.5 times the historic reading. The phenomenon appeared to incite some traders to sell the at-the-money January 7.50 straddle, pocketing the combined $0.87 premium in the anticipation that the current 75.5% implied vol gauge will soon close its gap above the 49.3% historic level, moderating premiums in the process. Add to that the willingness to buy calls that we noted at the January 7.50 strike and again in the July contract at the 9.0 level, and you have what may be a faint sign of stabilization for AMD, however faint.

SVU – Option activity in Supervalu hit our market scanners after traders rang up nearly 9 times the average level of contracts in the supermarket chain. Shares in the company, which operates grocery stores nationwide under the Save-A-Lot, Shop ‘n Save, and Cub Foods banners, slid nearly 8% on no apparent news catalyst. The company is due to report earnings next Tuesday, having unhanded positive surprises for the past 5 consecutive quarters. Be that as it may, option traders bought January 35 puts on a volume virtually equal to the existing open interest, suggesting positioning for downside share price movement on a company that in any other context might be considered a solid defensive play.

INTC –Intel – Shares in the leading chipmaker took a 5% bump on the chin to $25.35 this afternoon following an analyst downgrade of the sector. With 155,000 options trading in the initial hours of post-holiday trading, Intel rated as one of our most heavily trafficked option series, calls outmoving puts by a factor of 1.29. Inclination among traders appears consistent with a bearish forecast for the sector, following – rather than anticipating or trading against – this latest analyst take on the industry, with selling pressure in January 27.50 calls on volume of more than 15,600 lots along with heavy buying in the January 25 puts, which traded 22,000 times in…
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Thursday Morning

S&P 1,450 and 1,460 are key today.  We talk about the Dow because it’s easy to follow but the S&P is the index to watch for a break up or break down to guide our investments.

I’m pretty sure we’ll hold it as the ISM was our worst data point of the week.  The ADP jobs report, as we expected, shows that people are still working, that’s half the battle with small business hiring offsetting declines (no surprise) in construction and finance

Over in Asia, the Nikkei is still closed and the Hang Seng would have been better off staying closed with a 2.5% rule drop below 27,000, finishing the day down 673 at 26,887 very literally saved by the bell.  Pakistan tested the 5% rule going the other way with a 643-point rise (4.82%), erasing 1/2 the loss since Bhutto’s assassination.

In Europe the DAX, which we have been watching for weeks as a leading indicator at the critical 8,000 level, is well below it this morning at 7,886 so let’s keep a close eye on them to confirm any positive move we may attempt.  The other Euro bourses are more or less flat ahead of our open so it’s up to the USA to set the market tone today.  Europe is suffering from poor retail numbers as well as a still-weak PMI gave investors pause

I can’t see our markets celebrating $100 oil today so a "rally" may be short-lived with the inventory coming at 10:30.  I think there is also a market fear of Obama in Iowa this evening as he has certainly not been business-friendly in recent speeches.  Wall Street considers Hillary the lesser of 3 evils on the Democrat side so we may get a relief rally tomorrow if she pulls it out.  Also, as we learned yesterday over at the member site, Thursday is our low of the week!

MON is giving us a nice lift today as earnings are up 200% from last year and they raised guidance for ’08.  This justifies a lot of the gains in the Ag sector and Monsanto is poised for additional beats as Solutia is emerging from bankruptcy and may contribute significantly to the bottom line later in the year.  While this should be enough to justify the $110 price level, I’m not sure it will get them past profit taking today…
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Wednesday Wrap-Up

Ouch - that was a tough day!

Luckily we were not fooled for a second.  Right out of the box, at 9:37 I said: "This is not a very good rally so far. Energy is most of it with over 1% gained there already, accounting for +3 on the S&P (it’s only flat). I think it’s a false rally and it’s already fading so don’t be hasty."  As we are mainly in cash it was more of a watch and wait kind of day.

Ahead of the ISM data, which was awful as expected, we shorted XLE despite oil heading up to $100 and made a quick 25% on a day trade.  The real risky move for the day was taking out some callers in the afternoon as we hope for a bounce tomorrow.  The Dow was following my script (you can see yesterday's comments in full on the free site as we are testing a new comment system):

  • 10:27: "Don’t forget 13,150 is my mid-point and we expect resistance here."
  • 10:41: "I firmly believe we’re going down short-term, not up so I have to stand by that statement."
  • 11:08: "I expect us to hold 13,000 so I’m not expecting too much down. We may spike to 12,800, even 12,500 but there’s nothing in the data that wasn’t expected by rational people and rational people like me are in cash and waiting to buy soon."
  • 12:07: "Unfortunately, on a broader picture, we are just under 7.5% down from 14,100 (we throw out spikes in favor of well tested even numbers), where we topped out in October so the 7.5% line at 13,042 would be REALLY bad to break below and would almost certainly send us down to test the 10% rule at 12,690."

The Dow did finish the day at 13,043 and I apologize as my targets are not an exact science…  Holding the 5% rule (and members understand how 7.5% is holding the 5% rule) gave me faith to take out Google callers and other callers we were well ahead on.  We'll be looking for 2 bounce zones;  First we will expect the completion of the 80-point bounce off 13,000.  If we don't at least get that, things are very bad.  Second, we'll  be looking for 13,260 in the next few days.  Anything
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As ball drops on 2008, VIX volatility climbs…

Today’s tickers: SPF, CHB, JADE, LCAPA, BGP, TWX, VIX, BAC

Monday’s market action brought mostly muted trading volumes, with a surprising increase in November existing home sales providing a little confetti moment partway through the session. While the news brought marginal lifts to some homebuilding stocks, any positive gains were seen by option traders as cold comfort to a sector that has taken an unmitigated pounding in 2007.

CHB – Smallcap Champion Enterprises, a maker of modular and mobile manufactured homes, rose 2% to $9.54 following today’s existing home sales data. Looking back at Champion’s share price performance anno 2007 reveals a surprising end in positive territory – at least by a modest 2.4%. While open interest shows nearly 2 and a half defensive put positions open for every call – a more dramatic abundance of puts than in the larger-cap homebuilding tickers – our market scanners seized upon an increase in option volume of some 84 times the average rate, with calls trading at their most frenzied level since early October. While the 3,000 actively traded contracts were modest in absolute terms, they represent nearly a quarter of Champion’s total open interest, and appear lodged in long positions at the out-of-the-money January 15 strike. Selling for a nickel apiece, reflecting the miniscule probability that the market currently accords it landing in the money, this position supposes that little-homebuilder-that-could Champion can break its standing 52-week high of $14.58 within the next month.

SPF – Our scanners also detected brisk trading interest in options of homebuilder Standard Pacific, which caters to a broader demographic of homebuyers and provides mortgage financing and title services to boot . The 6-cent advance in its share price to $3.35 subsequent to today’s home sales data should be considered in the context of the company’s 52-week high of $30.40 – this is a truly distressed stock, and option traders appeared to seize the opportunity afforded by lower put prices to position against further downside in the early months of the year. Fresh long positions were entered in the February 2.50 puts, with traders readily forking over 50 cents to secure the right to sell Standard Pacific shares for $2.50 by mid-February. The ides of March look hardly better by the option market’s yardstick, with put spread activity in March puts between the 2.50 and 5.00 strikes.

JADE – Options activity in LJ International hit our…
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Zero Hedge

Auto Shares Surge As Fiat, Renault Confirm Merger Talks

Courtesy of ZeroHedge. View original post here.

With President Trump in Japan for a state visit and most of Europe headed to the polls to vote in the quinquennial EU Parliamentary elections, there was enough news to keep market watchers occupied during what was supposed to be a quiet holiday weekend in the US. 

But on top of these political headlines, on Saturday afternoon, the news broke that Italian-American carmaker Fiat Chrysler had approached France's Renault with a merger proposal that would leave the shareholders of each carmaker with half of the combined company, in a tie-up that would create the world's third-largest au...

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Phil's Favorites

Trump and the problem with pardons


Trump and the problem with pardons

Courtesy of Andrew Bell, Indiana University

As a veteran, I was astonished by the recent news that President Trump may be considering pardons for U.S. military members accused or convicted of war crimes. But as a scholar who studies the U.S. military and combat ethics, I understand even more clearly the harmful long-term impact such pardons can have on the military.

My researc...

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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 ... more from Insider

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 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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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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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


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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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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Free eBook - "My Top Strategies for 2017"



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

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

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

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

Some other great content in this free eBook includes:


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


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About Phil:

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

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>