Archive for 2008


Black Hole:  a region of space in which the gravitational field is so powerful that nothing, not even light, can escape its pull after having fallen past its event horizon. The term "Black Hole" comes from the fact that, at a certain point, even electromagnetic radiation (e.g. visible light) is unable to break away from the attraction of these massive objects. This renders the hole's interior invisible or, rather, black like the appearance of space itself.

If it ever felt like the market had a black hole, now might be that time!  An inescapable magnetism with vampiric tendencies is exhausting the patience and energy of the most steely and experienced stock market traders.  In the depths of the gloom and amid the contagion of panic, solace and wisdom can often be found in the words of those who have seen it all before, long before any of us had begun to even dabble.  The following quote is from Remiscences of a Stock Operator:

"And right here let me say one thing:  After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this:  It never was my thinking that made the big money for me.  It always was my sitting.  Got that?  My sitting tight!  It is no trick at all to be right on the market.  You always find lots of early bulls in bull markets and early bears in bear markets.  I’ve known many men who were right at exactly the right time, and began buying and selling stocks when prices were at the very level which should show the greatest profit.  And their experience invariably matched mine – that is, they made no real money out of it.  Men who can both be right and sit tight are uncommon.  I found it one of the hardest things to learn.  But it is only after a stock operator has firmly grasped this that he can make big money."

Having dipped a little toe in the water this week only to find blood-thirsty sharks hiding under the surface, this quote serves the purpose of reminding not just the reader but the author of the imprudence of ignoring market sentiment.  But words tend to be poor descriptors of raw sentiment.  Instead pictures have a habit of conveying the heart of
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The Secret Bailout of J.P. Morgan

While we’re on the weekend topic of "bailouts," and a bailout by any other name is still a bailout, here’s a fascinating article on the recent failure and bailout of Bear Stearns, and another perspective on what really transpired.  Courtesy of Ellen H. Brown, author of Web of Debt and many other books, including Forbidden Medicine, and the bestselling Nature’s Pharmacy.  – Ilene


The mother of all insider trades was pulled off in 1815, when London financier Nathan Rothschild led British investors to believe that the Duke of Wellington had lost to Napoleon at the Battle of Waterloo. In a matter of hours, British government bond prices plummeted. Rothschild, who had advance information, then swiftly bought up the entire market in government bonds, acquiring a dominant holding in England’s debt for pennies on the pound. Over the course of the nineteenth century, N. M. Rothschild would become the biggest bank in the world, and the five brothers would come to control most of the foreign-loan business of Europe. “Let me issue and control a nation’s money,” Rothschild boasted, “and I care not who writes its laws.”

In the United States a century later, John Pierpont Morgan again used rumor and innuendo to create a panic that would change the course of history. The panic of 1907 was triggered by rumors that two major banks were about to become insolvent. Later evidence pointed to the House of Morgan as the source of the rumors. The public, believing the rumors, proceeded to make them come true by staging a run on the banks. Morgan then nobly stepped in to avert the panic by importing $100 million in gold from his European sources. The public thus became convinced that the country needed a central banking system to stop future panics, overcoming strong congressional opposition to any bill allowing the nation’s money to be issued by a private central bank controlled by Wall Street; and the Federal Reserve Act was passed in 1913. Morgan created the conditions for the Act’s passage, but it was Paul Warburg who pulled it off. An immigrant from Germany, Warburg was a partner of Kuhn, Loeb, the Rothschilds’ main American banking operation since the Civil War. Elisha Garrison, an agent of Brown Brothers bankers, wrote in his 1931 book Roosevelt,
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Where’s Your Gas Money Going, Anyway?

In case you were wondering, here’s another article, courtesy of Trader Mark, discussing where at least some portion of our gas dollars are going. 

Where is Your Gas Money Going?

We’ve discussed this many times in the past [Jan 21: A Tour Through the Middle East] and as I wrote in January

While we wring our collective hands about how the infrastructure companies are going to lose all their business as crude drops from $100 to $75, and projects will be cancelled due to their rich customers actually giving a rat’s behind if crude is $100 or $75 let’s take a look at reality. I noticed a story in the NY Times this weekend on Saudi Arabia – so I’d like to overlay that with just a snapshot of what is going on in some of the other countries in this part of the world – the Kuwaits, the Oman’s, the Abu Dhabi’s, the Qatar’s….Abu Dhabi's skyline

… because perhaps I think most of us still are very inward looking as Americans and do not realize what is truly going on in this globe. I keep returning to the theme of this transfer of wealth – each day we become more of a debtor nation and our wealth is being transferred out. Only to return to buy our assets from beneath us (and not just banks). If not with imports (to Asia) than with the "great tax" that is petrol. A "tax" on all of us, and our country as a whole. Instead of devoting resources to stop taxing ourselves, we just give lip service or misguided pushes into corn ethanol of all things. We just don’t seem too worried about it, because it’s a creeping problem – it’s incremental, like erosion (or inflation). I would like to highlight we are in a global economic ‘competition’, but there seems to be very little awareness of this from ‘leadership’. Thankfully, we have some of the most financially innovative institutions to lead us through this…. errr, wait. Never mind that. But that’s neither here nor there as an investor; I’ll let others argue about the implications – I have my views, but I am just trying to make money off the trends. But I do have to say, it is interesting to see an over reaching national vision proposed by many

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And Here We Go…

Yes, Government action time.  Brought to you by Trader Mark.

And Here We Go…. 

It’s Sunday night in socialist America – that can only mean one thing. It’s government time! They are starting even earlier than Bear Stearns (BSC) bailout Sunday. Another night of hitting refresh on CBSMarketwatch to watch the actions one after the next.

WSJ: Treasury to Issue Statement Supportive of Mortgage Giants

  • Treasury officials this evening are expected to announce several measures aimed at shoring up confidence in Fannie Mae and Freddie Mac, according to people familiar with the situation.
  • The Treasury announcement is likely to discuss the availability of a line of credit for the companies if needed and an indication that the government might buy equity capital in the companies in a pinch, these people said.
  • The Fed is expected to make a separate statement regarding the near panic that has slashed the value of Fannie and Freddie shares by nearly half over the past week.
  • All told, the announcements, crafted during a series of weekend discussions, represent a broad attempt by the federal government to do everything it can short of an actual intervention to prop up the two stockholder-owned, government-sponsored companies, whose operations are vital to the functioning of the U.S. housing market. (key words = prop up)
  • Monday’s markets will bring a big test of the two companies’ financial health when Freddie Mac is due to sell $3 billion of short-term debt. An unsuccessful sale could be a major blow to investor confidence.
  • Treasury officials and other regulators have been calling potential buyers of the debt over the weekend to gauge their interest and urge them to participate, according to people familiar with the matter. ("free market" baby)

The past year has been amazing to watch China move to capitalism, and America move to socialism. The NYTimes chimes in

  • Alarmed about the sharply eroding confidence in the nation’s two largest mortgage finance companies, the Bush administration will ask Congress to approve a rescue package that would give the government the authority to buy billions of dollars in stock in Fannie Mae and Freddie Mac and also lend to

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Operation “Rescue Fannie”

Mish on the latest in the Paulson and Fannie Mae rescue mission.  If it sounds like all of Paulson’s recent statements were conflicting with something else you thought you had just read, that’s because they were.  (Click here for the Fannie Mae theme song.)  – Ilene

Operation "Rescue Fannie" Underway – Paulson a Blatant Liar

On Friday Treasury Secretary Paulson Said Keep Fannie and Freddie in Current Form.

U.S. Treasury Secretary Henry Paulson signaled that a government takeover of Fannie Mae and Freddie Mac won’t be necessary, saying they should continue as shareholder-owned companies with federal charters.

"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission," Paulson said in a statement in Washington.

Paulson’s remarks indicate he wants to reassure shareholders they won’t be wiped out by any government efforts to ensure the stability of the firms that own or guarantee almost half the $12 trillion in U.S. mortgages.

Yes, No, Yes, Maybe

The game playing charade was in full swing heading into the weekend. Watch the ping-pong ball.

Hedge Fund Model At Fannie, Freddie

John Snow stepped into the fray with a statement Fannie Mae, Freddie Mac Followed ‘Hedge Fund’ Model.

Former U.S. Treasury Secretary John Snow said that Fannie Mae and Freddie Mac have relied on leverage to fund their businesses in the same fashion as a hedge fund, and that the government should avoid taking them over.

"Congress ought to be embarrassed" for years of delays in passing legislation aimed at strengthening regulation of the two companies, Snow, now chairman of New York-based buyout fund Cerberus Capital Management LP, said in a telephone interview. He said he suggested when in office that "the business model they were using was really the model of a hedge fund."

The government-chartered companies, which grew to account for almost half of the $12 trillion

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A Scandal Unfolding?

Cramer, Greenberg the CNBC clique.  Is Patrick Byrne’s story about the short sellers looking more and more probable?

A Scandal Unfolds, and the Media Mob Scampers

July 11th, 2008 by Mark Mitchell

Excerpt:  "Three years ago, Deep Capture reporter and Overstock CEO Patrick Byrne gave a famous conference call that he titled, “The Miscreant’s Ball.” His thesis was simple: Some short-selling hedge funds collude to destroy public companies by spreading misinformation, orchestrating government witch hunts, filing bogus class-action lawsuits, and, most egregiously, selling billions of dollars worth of phantom stock.

In the months that followed “The Miscreants Ball” presentation, a clique of journalists with close ties to short-selling hedge funds and CNBC’s Jim Cramer (himself a former hedge fund manager), set out to sully the reputations of Patrick and everyone else who sought to expose short-seller crimes.

Cramer pal Joe Nocera, who is the New York Times’ top business columnist, wrote that Patrick’s crusade against hedge funds that sell phantom stock was “loony beyond belief.” CNBC contributor and Marketwatch columnist Herb Greenberg, formerly an editor with Cramer’s web publication,, labeled Patrick the “worst CEO in America” for taking on the shorts (ie., the same shorts who are now paying Herb for “independent” financial research). Fortune magazine’s Bethany McLean, who has yet to write a story that was not sourced from a small group of short-sellers connected to Jim Cramer, suggested in an article titled “Phantom Menace” that Patrick should be fired from Overstock for speaking out against the problem of phantom stock.

"I don't suffer from insanity"At the time, I was the editor of the Columbia Journalism Review’s online critique of business journalism. The attack on Patrick was like nothing I’d seen before, so I decided to write a story about the media’s coverage of short-sellers and phantom stock. When Herb Greenberg and Joe Nocera got word of this, they both called my editor demanding that he kill the story. Cramer sent a public relations goon to delay the story. Then a short-selling hedge fund, Kingsford Capital, appeared in my offices and offered to pay my salary…

…But Jim Cramer is talking. No doubt to distance himself from the growing scandal, he went on CNBC today and said precisely what Patrick Byrne said three years ago. Noting that short-sellers are colluding to take down Lehman, he said the

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How to Save the Markets, the Banks and Housing – Tomorrow!

I generally hate reprinting old articles as it takes time and space away from my current rants – but this one is very, very important.

Back in November we started talking about how to solve the housing crisis and, by January, I had a formal proposal to put housing back on track as well as to bring down the price of oil from the then-shocking $85 a barrel.  While some of my ideas have found their way into some of the housing legislation that is being kicked around, what's coming out of Congress is a bunch of dilluted trash that has the stench of compromise on it when what we need in this time of crisis is determination – not dillution!

My housing program will accomplish the following and can be enacted with a penstroke TOMORROW at an annual cost of 1/2 of what the governent has already spent in the 6 months bailing out BSC ($30Bn) and "stimulating" the economy ($160Bn).  My program is non-inflationary, will restore the value of the dollar, stop home foreclosures, restore AAA ratings for the morrgage insurers and other lenders.  I have a plan that will pay for itself after the first year at an initial monthly cost of less than what this country is spending on oil every 3 days. 

Read this over and, if this makes sense to you, send it to your friends AND Congresspeople.  If you are the friend and this makes sense to you, send it to your friends and Congresspeople.  Let them know if you are a Republican or Democrat and let them know you want action.  This is an election year, it's our best chance as "THE PEOPLE" to actually have our voices heard.  Let them know we are mad as hell and we're not going to take it anymore BEFORE our government spends another $100Bn bailing out the banks while ignoring the actual families in crisis who are at the root of this problem.

If this idea makes sense to you, go to the Free Site, where I've backdated it to Friday for immediate availability and feel free to send it to others but please also use the Digg or StumbleUpon or Delicious buttons in order to put it into wider circulation.  There are so many ways to "fix" our problems, what we
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Nature of FNM Bailout

Here’s more from Mish on the Fannie Mae situation.  

Nature of the Fannie Mae Bailout

I strongly believe that GSEs are part of the problem and no part of the solution. Government has no business promoting housing over renting and I would abolish HUD, the FHA, and end government sponsorship of the GSEs as quickly as practical. Ron Paul has advocated the same.

Has anyone even bothered to look up the

Mission Statement of Fannie Mae?

We are a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market.

Fannie Mae exists to expand affordable housing. Clearly Fannie Mae has failed its core mission. All government sponsored corporations fail their mission. The very nature of promoting housing makes prices go up, until the final blowoff top, which we are now on the backside of, having reached

Peak Credit.

In a surprising statement Treasury Secretary Paulson said

Financial Institutions Must Be Allowed To Fail. My Translation is "This mess has finally gotten too big for the Fed to bail".

That leaves taxpayers on the hook as

Fannie and Freddie Waterfalls Are Too Big For Fed to Bail.

I posted the most likely form of a bailout would come in the nature of nationalization. Inquiring minds will want to read

We’re All Homeowners Now, Nationalization of Fannie, Freddie Unavoidable.

The Covered Bond Proposal

Minyan Peter, former treasurer for a major US bank discusses a Continental Illinois style bailout and a conservatorship situation in conjunction with covered bonds. Let’s pick up the discussion in

Fannie, Freddie Expecting Bailout.

With the rumors swirling on both Fannie (FNM) and Freddie (FRE), I would offer the following thoughts:

The US Government will not explicitly guarantee the debt of Fannie and Freddie, but rather will either inject capital (super senior preferred stock subordinated debt a la a Continental Illinois style bailout) or provide a “make-whole” guaranty on the assets of both companies (an FDIC/RTC style failing bank resolution). The choice of the former suggests a “going concern” for the GSEs, while the latter suggests an orderly wind-down.

In either case there’s considerable historical precedence. And either choice implies that the common stock of both companies is worthless and the preferred stock value

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IndyMac Drama

Featuring Indymac, Senator Schumer and John Reich, director of the Office of Thrift Supervision (OTS).  Courtesy of Michael Steinberg at Click Broker.  

IndyMac Bancorp Failure: Senator Schumer vs. the Office of Thrift Supervision

IndyMac Bancorp’s (IMB) $32B takeover by the FDIC is the largest since the $40B takeover of Continental Illinois in 1984. The FDIC will operate the bank as IndyMac Federal Bank until a buyer can be found. I took a small stake in IMB recently at very low prices. I gambled that they would survive if they could retain a large part of their deposit base, while shrinking their balance sheet.

Readers know by now that I lost my bet. Why I lost is now an active debate between Senator Schumer and John Reich, director of the Office of Thrift Supervision (OTS). IMB had been losing uninsured deposits at a slow steady pace for months, but an accelerated “run on the bank” started after Schumer publicized a letter to FDIC’s Chairwomen Bair written on June 26, 2008. Schumer requested that regulators watch IMB closely to minimize taxpayer loses.

Schumer’s letter served no purpose because the FDIC and OTS were already closely monitoring IMB. The letter was only for public consumption, to create publicity for Schumer. The New York Times “Regulators Seize Mortgage Lender” reports Reich saying IMB’s deposits were actually increasing before the letter was published, after which withdraws averaging $100M a day started ($1.3B total).

Reich complained that Schumer contributed to an already distressed situation. Reich said he was “troubled by any interference in the regulatory process." This is not the first time Schumer shouted fire in a crowded theater. Schumer tried unsuccessfully to break up the Countrywide (CFC) – Bank of America (BAC) merger. I cannot know whether IMB would have held on without Schumer’s incitement, but it sure did not help.

Today Schumer took the opposite stance trying to promote confidence in Fannie Mae (FNM) and Freddie Mac (FRE). But it was not confidence in the companies themselves, it was confidence that the government would step in as savior (if necessary). Unfortunately, nothing Schumer is doing adds confidence in the US financial system. Perhaps he should stop trying to promote his “brand” and just keep quiet.

(Additional source was Dow Jones Newswires, Tom

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Time for Comrade Paulson to Pull the Plug

Amusing (and not so amusing) commentary by Willem H. Buiter, Professor of European Political Economy, writing in the Financial Times‘ blog section.  

Time for comrade Paulson to pull the plug on the Fannie and Freddie charade

Are Fannie Mae and Freddie Mac adequately capitalised, as asserted recently by US Treasury Secretary Hank Paulson, Federal Reserve Board Chairman Ben Bernanke and their regulator Office of Federal Housing Enterprise Oversight Director James B. Lockhart III?  The answer is:  obviously not, if these two government-sponsored enterprises of the US federal government had to make a living on normal private commercial terms.  Obviously not if they were subject to the market discipline preached by Paulson and Bernanke, but not practiced when it comes to large financial institutions perceived as systemically important (too large or too interconnected to fail) or too politically sensitive to fail.

The Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC) are government-sponsored enterprises  of the US federal government. They are shareholder-owned corporations authorized to make loans and loan guarantees. Fannie Mae was founded as a government agency in 1938 as part of Franklin Delano Roosevelt’s New Deal.  For the next 30 years, it held a virtual monopoly on the secondary mortgage market in the United States.

In 1968, to remove Fannie Mae from the federal budget and balance sheet – the financial demands of the Vietnam War made such financial window dressing politically necessary – Fannie Mae was converted into a private corporation and listed on the stock exchange. It also ceased to be the guarantor of government-issued mortgages.  That responsibility was transferred to another GSE, the newly created Government National Mortgage Association (Ginnie Mae). Freddie Mac was created in 1970 to do effectively the same thing as Fannie May, that is to expand the secondary market for mortgages.  The GSEs buy mortgages on the secondary market, pool them and sell them as mortgage-backed securities to investors on the open market.  They institutionalised and popularlised securitisation, a development whose excesses ultimately brought us the subprime residential mortgage backed securities disaster (although the GSEs themselves did not issue or guarantee subprime mortgages).

The US has, starting with FDR, socialised much of its residential housing finance arrangements since the 1930s.  Since the recent financial crisis began in August 2007, most of what remained private has also been socialised.

Together, Fannie May and

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Phil's Favorites

Brexit: how the end of Britain's empire led to rising inequality that helped Leave to victory


Brexit: how the end of Britain's empire led to rising inequality that helped Leave to victory

AC Arts Photography via Shutterstock

Courtesy of Danny Dorling, University of Oxford and Sal...

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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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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... more from Insider

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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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 >>