Archive for 2009

A Massive Chart Dump – P2 Analysis Wrap-Up

A Massive Chart Dump – P2 Analysis Wrap-Up

Courtesy of Binve at Market Thoughts and Analysis

…. And by "Chart Dump", I don’t mean all these charts belong in the toilet :)

So like I said on Friday, I wish Primary 2 was done, I *want* Primary 2 to be done. I just don’t think it is done. But I do think it is very close to being done, next week looks very likely for the top.

But the whole point of this post is to look at a whole host of indices, sectors, asset classes, and sentiment indicators to show that there are some very substantial divergences taking place. Some of the "leader indices" show that they have already potentially topped (are not making higher highs with the broader markets). The Dollar and the VIX may have already bottomed. Volume is drying up (or at least substantially declining) in most of the indicies. In short a lot of the signs that we expect to see with Primary Wave 2 have occurred, and things are more or less "on track" for a large trend change in equities.

The other reason for this massive update this weekend is that our first born child is due any day now, and my blogging and chart updates will drop off dramatically next month. binve’s life is about to get a lot more interesting.

This post contains a lot of charts that I show often, but every chart is completely updated with new annotations and analysis. I believe it is a useful post and tells the picture of the markets from a macro view. Enjoy!

The Primary Wave 2 Checklist

There are several signals that we should see that help to let us know we are at the end of Primary Wave 2. There are some characteristics that Elliott (and then Frost and Prechter later) put forth that would describe some of the technical, fundamental and sentiment aspects of Wave 2. Here are some of those (modified to be bullish, as this Wave 2 is bullish):

From EWP: “Second Waves often retrace so much of Wave one that most of the losses endured are gained back by the time it ends. At this point investors are thoroughly convinced that the bull market is here to stay. Second waves typically end on very low volume…
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$100,000 Virtual Portfolio Update – Week 1

It's been a crazy first week but we're up a little already.

So far, only 16 of the 26 contracts we wanted have been filled and we've had some difficulty due to Wall Street Survivor not allowing us to enter spreads, which led us to getting fairly random fills.  Also, I apologize for the lack of access but I've been assured those issues will be resolved next week.  For that reason, I have not deviated from the Alert I sent out on Monday and all those unfilled bids remain in place but let's use this time to review where we are now as far as what's open and what's left to fill.

As we've collected plenty of money already we are achieving our primary goal so this is not about making drastic changes but let's analyse each play and see what has been filled and what needs to be filled next and whether or not we feel we can hit that target next week (action items are highlighted in red):

AIG:  2011 $30 calls filled at $13.45 (now $26.50), 2011 $30 puts filled at $9.05 (now $9) and Sept $33 calls sold for $4.70 (now $17.95). 

It stinks that we couldn't fill the $33 puts as that would have given us a big gain. In chat we discussed taking them out anyway and leaving the long calls as is, expecting a pullback.  No matter what happens, we have an expectation of rolling this caller to October puts and calls and those strikes pay more than $20 so this is a non-issue at the moment and we successfully collected $470.

We do want to roll the 2011 $30 put to the 2011 $55 puts, now $24.88 for $16.  That puts us into a guaranteed $25 spread for $16, a good trade-off

BAC: 5 Sept $17 puts were sold for .51 (now .39) and 5 2011 $20 puts were bought for $5.45 (now $5.55).

We didn't fill the call side of this spread, which was buying 5 2011 $10 calls for $8.60 (now $9.10) and selling 5 Sept $17 calls for $1.60 (now $1.38).  We're looking for the banks to sell off but, if we do trigger the short sale on the upside, we will need to take the cover leap.  Collected $255.


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Now much too big to fail

Now much too big to fail

Courtesy of Tim Iacono at The Mess That Greenspan Made

A report by David Cho in today’s Washington Post tells of the great advances now being made in restoring the banking sector and financial markets to their pre-2008 glory.

Banks ‘Too Big to Fail’ Have Grown Even Bigger

When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation’s leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system.

Today, the biggest of those banks are even bigger.

The crisis may be turning out very well for many of the behemoths that dominate U.S. finance. A series of federally arranged mergers safely landed troubled banks on the decks of more stable firms. And it allowed the survivors to emerge from the turmoil with strengthened market positions, giving them even greater control over consumer lending and more potential to profit.

J.P. Morgan Chase, an amalgam of some of Wall Street’s most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.

Now that’s a sweet deal – boost your market share in originating what are essentially "no-risk" loans because, either wards of the state Fannie Mae and FreddieMac will buy the loans or you’ll get bailed out if things again go awry.

If you’re a big bank, what’s not to like about that?

It seems that the lines between the U.S. Government, the Federal Reserve, and the nation’s largest banks are becoming even more irreparably blurred.

A year after the near-collapse of the financial system last September, the federal response has redefined how Americans get mortgages, student loans and other kinds of credit and has made a national spectacle of executive pay. But no consequence of the crisis alarms top regulators more than having banks that were already


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US Equity Markets Look Dangerously Wobbly As Insiders Sell In Record Numbers

More coffee and thoughts on the market and insider selling at Jesse’s Café Américain.

US Equity Markets Look Dangerously Wobbly As Insiders Sell In Record Numbers
Obama, owner of the financial crisis

"Investors Intelligence’s latest survey of advisory services showed an impressive 51% bullish and a meager 19% bearish…the spread hasn’t been that wide since November 2007." Alan Abelson, Barrons, Aug. 29, 2009

Next week we move into September, the riskiest month of the year for financial markets, with the federals escalating preparations for a flu pandemic, while Congress considers legislation providing a ‘kill switch’ on the Internet for President Obama to use in the event of ‘an emergency.’ There are widespread rumours of a bank holiday lasting one week after a market meltdown begins in the US, during which the banks would be restructured.

Risky times indeed, and those in the best position to know what is happening behind the scenes are hitting the exits in record numbers right now.

As TrimTabs reports in the attached news release, insider selling is reaching record levels, even as more speculators borrow to go long stocks. There are some obvious bubbles already formed in certain insolvent financial stocks like AIG, with disinformation rampant in the Wall Street demimonde.

The Obama Economics and Regulatory Team, in conjunction with the Federal Reserve, have accomplished no serious reform of the fiancial system. They have enabled the type of market inefficiency, soft fraud and price manipulation that is undermining global confidence in the integrity of US markets and financial products. And they have advanced a proposal to consolidate a huge amount of regulatory power under the Federal Reserve, a private banking agency that was at the root of our unfolding financial crisis.

The time has passed when Obama could have pointed to the past mistakes of his predecessors as the fault for our problems. Thanks to Tim Geithner, Barney Frank, and Larry Summers he now owns the financial crisis, and the coverups, policy errors, scandals, conflicts of interest and bailouts that have occurred since he has taken office. His reappointment of Ben Bernanke as Federal Reserve chairman most surely tied a bow on his ownership package for the crisis, which is in danger of becoming his ‘financial New Orleans.’

Wall Street pigs out on public money while the nation suffers. This is not change, this is the same old thing.

TrimTabs
Insider
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Sunday Reading

Courtesy of Tyler Durden

  • Japan democrats win landslide in historic election (Reuters)
  • As Germany’s Angela Merkel poised next on the chopping block (Bloomberg)
  • Must read: REITs racing to bankruptcy (Contrarian Profits)
  • Alan Abelson: Sometimes a great nation (Barron’s)
  • World stocks controlled by a select few (Global Research)
  • Russia’s perspective on America: The new bourbons (Pravda)
  • Reuters picks up on Barney Frank endorsing HR 1207 story, first reported on Zero Hedge (Reuters) – might be just a little tougher to back out now…
  • Lehman claims could reach $100 billion, as the company’s stock skyrockets (Reuters)
  • Halting recovery divides America in two (WSJ)
  • Rakoff pokes further at attorney client privilege in bonus case (AmLawDaily)
  • The dollar carry trade: cheaper to borrow in USD then JPY (Debts of a Nation)
  • CHF1 trillion of Switzerland’s CHF2.8 trillion of foreign money is untaxed “black money” (Swiss Review)
  • China Investment Corp fuelling stock market bubble by investing in hedge funds (Bloomberg)
  • More SEC stupidity: regulator designated questionable rating agencies (Dow Jones)
  • China’s SOE may terminate commodities contracts (Caijing)
  • AIG shares look overpriced (Reuters), talk about an understatement
  • Fighting alcoholism in Russia absolutely impossible, Medvedev says (Pravda)
  • Wall Street betrayal seen in $4.8 billion company debt losses (Bloomberg)
  • The Zell of the brawl (Breakingviews)




Pace of Insider Sales Continues to Escalate

Ockham Research comments on the ongoing insider selling of shares while the rally persists.  Insiders are becoming increasingly bearish. – Ilene

Pace of Insider Sales Continues to Escalate

Courtesy of Ockham Research, The Razor’s Edge

At Ockham, we continue to be interested insider trading activity as an indicator of sentiment.  Of course, we understand that insiders do not know what the future holds more presciently than the rest of us, but we think it is safe to assume that there are few investors more knowledgeable about any particular stock.  The trend in insider trading activity suggests that corporate managers believe that their company’s stocks are getting out ahead of themselves. 

We have noted the fact that insiders have become increasingly bearish over the last few months, and each time the extent to which the sellers have outnumbered the buyers continues to rise.  Today, a press release from TrimTabs Investment Research shows that insiders are selling at a pace not yet seen; insider selling is 30.6x greater than insider buying!  This is the highest ratio on record since TrimTabs began tracking this data in 2004.  Furthermore, their data reveals that insiders have sold a record $105.2 billion worth of stock in just the last four months.

Thus far, the bearishness of insiders over the last four months has led to some missed gains thanks to the continued rally.  However, instead of regaining their faith in this market, insiders are digging in their heals on the bearish side of trades.  Readers can come to their own conclusions about the implications of such a strong and defined trend, but the CEO of TrimTabs certainly has an opinion.

“The best-informed market participants are sending a clear signal that the party on Wall Street is going to end soon…

Investors who think the U.S. economy is recovering are going to get a big shock this fall.  Companies and corporate insiders are signaling that the economy is in much worse shape than conventional wisdom believes.”– Charles Biderman CEO of TrimTabs Investment Research.

 

 


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Oil And Treasuries Paint A Divergent Inflation Picture, Yet Is It Even Relevant?

Courtesy of Tyler Durden

While the capital markets debate has recently shifted to a discussion of who is right: whether equities, surging higher in expectation of something close to Zimbabwean hyperinflation, or the bond market, where yields have been declining, indicating the much more rational credit world is seeing deflation as the norm for a long time, a different perspective of this divergence can be witnessed by comparing treasury curve flattening versus commodity price movements.

The chart below demonstrates the highly correlated performance between the price of oil and the steepness of the Treasury curve as indicated by the 2s10s since the March lows. Yet an odd recent divergence is that the 2s10s has tightened considerably even as oil has continued to attain new highs. One argument here is that oil is driven exclusively by the dollar (devaluation) trend, which in turn is impacting all medium and high beta assets (the dash for trash being a great example).

The preliminary conclusion is that bonds are reflecting a deflationary environment while commodities and stocks are betting on inflation.

As risk has returned with a vengeance and alpha is being chased across asset classes with little to no discrimination, in effect converting the market into one big alpha trampoline, the only remaining rationality seems to be evident in bonds.

Yet even that conclusion could be premature.

As Zero Hedge has pointed out, it is likely that the Treasury market has been gamed via various machinations by the Fed to i) encourage direct bidder interest and ii) to encourage indirect bidders to swap out of agency holdings into Treasuries, (in the same time blurring the distinction between direct and indirect bidders) while equities have been manipulated via three relatively simple schemes including i) massive rolling short squeezes and stock recalls across critical stock classes (financials and REITs being two key examples), ii) HFT strategies designed to encourage momentum chasing in the failure of all other quant factors, and the displacement of traditional market neutral funds, while masking for liquidity provisioning and iii) collapsing stock market volume, with bid interest represented by bankrupt companies due to straggling (and struggling) money managers who are now literally betting the farm on the worst of the worst just to generate a little market outperformance (while traditional L/S 170/70 hedge funds like RenTec’s RIEF have been getting…
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More on the Massive Trading Volumes in Troubled Financial Stocks

Click here for a FREE, 90-day trial subscription to our PSW Report!

Growing evidence, number trails and a culture of greed support a connection between high frequency program trading and market manipulation and, by all appearances, the pumping up of stocks of troubled financial companies… – Ilene

More on the Massive Trading Volumes in Troubled Financial Stocks

By Brett Steenbarger at TraderFeed

Brett's chart at Trader Feed, short interest and float, proportion of trading volume
short interest and float, proportion of trading volume - aig, fnm, fre
This story began with simple reader inquiries concerning a stock market indicator called TRIN and their perceptions that TRIN was "broken". For the uninitiated, TRIN assesses the proportion of stock exchange volume that is going to advancing stocks to the volume attributable to declining issues. When TRIN is below 1.0, it means that volume is relatively concentrated in rising shares; above 1.0 means that volume is concentrated in declining stocks.

TRIN appeared to be broken because we were getting huge swings in its values from moment to moment in the market. It would swing wildly, sometimes going far above 1.0 and sometimes far below. I pointed out that, from a purely mathematical vantage point, this could only occur if a disproportionate share of NYSE volume was occurring in one or a handful of stocks.

Further inquiry revealed that this was, indeed, the case: I found that, not only were the trading volumes of such stocks as C, AIG, FNM, and FRE elevated, as noted the by Big Picture blog, but that their composite volumes (their volumes traded across all exchanges) exceeded that of all other NYSE stock trading! Indeed, I discovered that the 20-day TRIN was at its lowest level since 2000 because volume was highly concentrated in rising stocks. This was not just unusually heavy volume; it was unusually heavy to the buy side.

Since this volume was directional--all of these stocks had made spectacular percentage gains--and because the highly unusual activity was unique to troubled financial firms (not stable companies such as GS and JPM), I surmised that something might be afoot: a systematic attempt to bolster the shares of taxpayer supported companies that--for political reasons--could not return to the bailout well. Why such an attempt? Perhaps to reimburse the largest shareholder of the institutions and position these companies to raise capital on their own. They certainly weren’t going to raise their own capital as languishing two-dollar zombie…
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A Run On the Funds: Majority of Cerberus Investors Want Out — Now

A Run On the Funds: Majority of Cerberus Investors Want Out — Now

Courtesy of Jesse’s Café Américain

King Lear, Jesse's Cafe AmericainWhen investors or depositors ask for the immediate withdrawal of 71% of their money there is only one thing to call it: a run on the bank.

The selling in the markets is still quiet, and overshadowed by some of the visible bubbles in financial assets and rosy headlines. The bank bailouts are working, but only to produce a false Spring to lure in the last of the greater fools.

The economy is not improving fundamentally, the recovery is not sustainable, and the wealthy insiders are increasingly trying to liquidate investment positions to raise cash and diversify their holdings into cash and hard assets.

Risk is once again being spread from the financial sector to the public, which is what Fed Chairman Greenspan had said was one of the objectives of the Fed in their positions on the regulation of complex financial products. We were assured that the markets were sound, no additional regulation was required, the pensions were adequately funded. And finally when disaster struck and the facade fell away, that a generation’s ransom was required by the banks, in order to heal themselves and avert disaster.

And then they took the money for themselves.

"He’s mad, that trusts in the tameness of a wolf, a horse’s health, a boy’s love, or a whore’s oath." The Fool, King Lear

And so they have made fools of us all.

Reuters
Cerberus clients overwhelmingly want out
Fri Aug 28, 2009 4:21pm

BOSTON (Reuters) – Cerberus Capital Management has been swamped with redemption requests with the Wall Street Journal reporting that investors are asking to pull out $5.5 billion or 71 percent of assets from its hedge funds.

Cerberus last month tried to entice investors into staying with the firm, but found that its clients overwhelmingly wanted to leave, the newspaper reported.

"We have been surprised by this response," Cerberus chief Stephen Feinberg and co-founder William Richter wrote in a letter delivered to clients late on Thursday, according to the newspaper…

The bulk of investors elected to put their money into a fund that will liquidate hard-to-sell assets over time…

Entire Cerberus article here.>> 

 


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Stuyvesant Town Reserves Depleted, Default Likely To Come In December

Courtesy of Tyler Durden

Tishman Speyer’s 2006 acquisition of Stuyvesant Town for $5.4 billion apparently is about to turn terminally sour. The “biggest deal for a single American property in modern times” which never managed to be profitable from day one, is on the verge of completely exhausting reserve accounts tied to $3 billion of securitized accounts.The premise – take the 11,227 rent-stabilized u,nits apartment complex and convert them to market-rate. Alas, the timing could not have been worse due to an implosion in the NY rent market, coupled with legal difficulties – to date only 4,350 of the units have been converted to market rate, while the remaining rent-controlled units will likely increase in number due to a recent court ruling.

According to RealPoint the original reserve fund which had a balance of $650 million in 2007 when Stuy Town’s debt was first securitized is down to a meager $49.7 million. The origianal reserve fund set consisted of a $190 million general reserve as well as a $60 million replacement reserve, both of which have been depleted, as well as a $400 debt-shortfall service fund, which has now declined to just over 10% of its initial balance.

The reserve fund was drawn down by $7 million month to date, versus $13.3 million in July and $19.6 million in June, with an average decline in the reserve fund of $11.3 million per month. At this rate Stuy Town’s reserves will be completely wiped out in four months, sometime in December.

To demonstrate what a colossal failure Tishman and Blackrock’s assumptions have been from the very beginning, the property has a $23.8 million monthly debt service, while on the revenue side, according to first quarter data, the property generates $136.5 million in annual cash flow, or $11.4 million monthly, a $12.4 million monthly shortfall (a cap rate of about + infinity).

And to demonstrate just how bad (and getting progressively worse) real estate in New York is, midtown’s Dream Hotel, owners Hampshire Group have notified special servicer LNR Group, that it wold not make any more payments on the $100 million loan against the property. According to CREDirect, in 2008 the property’s cash flow dropped 11 percent to $7.8 million as occupancy fell 3% to 84%, with a DSCR drop from 1.41x in 2007 to 1.26x. Things have since deteriorated, not just for the…
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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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Zero Hedge

Futures Slides As Trade Tensions Escalate

Courtesy of ZeroHedge. View original post here.

S&P futures were lower on Wednesday as investors sought safety in bonds, the Japanese yen and Swiss franc in muted trade amid renewed worries over the U.S.-China spat after reports Washington is considering cutting off the flow of American technology to as many as five Chinese companies including Hangzhou Hikvision Digital Technology, the world's largest supplier of video surveillance products, expanding the US crackdown on China beyond Huawei to include world leaders in video surveillance. The dollar and 10Y yield were unchanged ahead of today's FOMC Minutes.

...



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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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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.

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