Archive for 2010

Don’t Touch That Treasury Bond!

Courtesy of madhedgefundtrader

Another week later, and Treasury bond prices have raced up to even dizzier heights, breaking more records for over valuation. According to the Investment Company Institute, outflows from equity mutual funds over the last two years totaled $232 billion, while inflows into bond funds soared to a staggering $559 billion.

Today, “bond funds” ranked with “Miss Universe” and “Lindsey Lohan” among Yahoo’s top ten search terms. Companies, like FedEx, are looking to issue corporate bonds maturing in 100 years. No doubt the prospect of 80 million baby boomers bailing on equities so they can become coupon clippers for life is providing some extra juice for this market.

In a Wall Street Journal article last week, the Wharton School’s Jeremy Siegel pointed out that ten year inflation protected securities (TIPS) with yields under 1% are selling at a PE multiple equivalent of 100 times, the same valuation that dotcom stocks saw a decade ago (click here at
http://online.wsj.com/article/SB10001424052748704407804575425384002846058.html?KEYWORDS=jeremy+schwartz ). Bonds with four year maturities have negative real yields.

The last time this happened, in 1955, ten year bonds brought in an annual return of only 1.9% for the following decade. The potential capital losses for these securities now loom large.

It looks like the smart money these days is found in China. While American investors have been scrambling over each other to buy more Treasury bonds at historically low yields, China has begun quietly unloading some of its own enormous holdings. In June, the Middle Kingdom sold $21.2 billion of paper, reducing its net long to $839.7 billion. This is little more than 10% of the total $8.18 trillion in federal debt that Uncle Sam has outstanding.

Total foreign ownership of US Treasury bonds amounts to $4 trillion, up from $2.4 trillion in three years.  Instead, the Chinese have been buying Japanese government bonds, which today carry a paltry 0.9% yield, but have the merit that they are denominated in a rapidly appreciating currency. The Mandarins in Beijing have also been picking up a variety of bonds in Europe which have seen yields pushed to near records, thanks to the debt crisis there.

Officials at the People’s Bank of China say that it is all part of a broader diversification effort away from the greenback. PIMCO’s Bill Gross has apparently been taking Mandarin lessons on the sly because he…
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BoJ Decision Disappoints, Yen Surges On No FX Intervention Announcement

Courtesy of Tyler Durden

The BoJ just released a decision to extend the 3 month lending program to 6 months, to expand the 6 month fixed rate facility to 30 trillion yen from 20 trillion, extended the maturity of QE, and kept the benchmark rate at 0.1%: in essence a nothingburger extension of QE, which has done miracles for the past 20 years. The key item, however, is that there was no direct mention of FX intervention by the BoJ, which was the silver bullet many had hoped for. As a result, the Yen is currently surging.

USDJPY below. Futures soon to follow:

More from Bloomberg:

The Bank of Japan expanded a bank- loan program, stepping up its monetary stimulus for the first time since March after the economy’s recovery weakened and the government pressured the central bank to act.

The BOJ will boost the amount of funds in the facility by 10 trillion yen ($116 billion) to a total of 30 trillion, the bank said in a statement after an emergency meeting in Tokyo. Governor Masaaki Shirakawa led the gathering after cutting short a U.S. trip in the wake of increasing calls from politicians for the BOJ to help stem a surge in the yen to a 15-year high.

Today’s decision reflects rising concern about growth in advanced economies that sent global stocks tumbling in the past three weeks. Federal Reserve Chairman Ben S. Bernanke three days ago signaled a willingness to implement further steps if needed to avert another U.S. recession, in a speech that triggered a gain in stocks and the dollar.

“The BOJ’s additional loosening alone may not be sufficient to reverse the market’s trend, but it could make it easier for the Japanese market to ride the waves of a global market recovery,” Takuji Aida, senior Japan economist at UBS AG in Tokyo, said before the announcement.

The bank-loan program that the BOJ is expanding was set up in early December in response to a November climb in the yen to the highest level since 1995. That mark was breached this month, when the currency hit 83.60 per dollar.

The yen recouped some of its losses after the announcement, trading at 85.55 as of 12:19 p.m. in Tokyo today. Any moves in the currency market today may be exaggerated by a U.K. holiday, closing the world’s biggest market for foreign-exchange…
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Is The Double Dip The Statistical Equivalent Of A Traffic Ticket? And Guess Which Sole Asset Class' Implied Vol Declined In The Past Month

Courtesy of Tyler Durden

A few days ago, BNY’s Nicholas Colas was kind enough to share his perspectives on why traffic congestion and market structure are comparable, especially in the context of record high cross-asset correlations. Continuing on this series of roadside analogies, today the BNY analyst compares the economic double dip to a traffic violation, and specifically the probability of getting two speeding tickets in the span of one day. “What are the odds of being caught speeding twice in one day? One in five? One in ten? Pretty remote, one would think, given that the ratio of police to motorists on most roads is 1,000:1 or greater. I can tell you from direct and personal experience, however, that the odds of that event are much, much higher than you think. I had my driver’s license suspended for 30 days in 1997 for two tickets, issued on the same day and only a few miles apart. Here’s the thing: most people, after receiving one ticket, will drive more carefully immediately thereafter. But I, working through the math I referenced above, thought “No… The odds are actually in my favor now. I can, in fact, speed with impunity.” This proved to be an error. As it turns out, going substantially faster than the general flow of traffic will gather the attention of the law. This offsets the theoretical odds against discovery, and then some. Oh, and driving a bright yellow car. I should have mentioned that, too.” And once again, the specter of market uncertainty raises its ugly head, this time in the form of spiking implied volatility, which has jumped for every asset class in the past month… except gold.

Full note from Nic Colas:

With capital markets worried about a U.S. “double dip” back into recession, today we examine what sectors/assets classes reflect the greatest amount of concern over this potential outcome. There are now scores of exchange traded funds (ETFs) – and related option chains – tracking everything from tech stocks to gold to high yield bonds. It is therefore a straightforward exercise to look at the “VIX” (the widely known measurement of “fear” related to the S&P 500) for these asset classes and industry sectors. At the top of heap in terms of “double dip” worries: tech stocks and high yield bonds. Their “VIX’s” have jumped +30% in the past month. In the…
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Is The Double Dip The Statistical Equivalent Of A Traffic Ticket? And Guess Which Sole Asset Class’ Implied Vol Declined In The Past Month

Courtesy of Tyler Durden

A few days ago, BNY’s Nicholas Colas was kind enough to share his perspectives on why traffic congestion and market structure are comparable, especially in the context of record high cross-asset correlations. Continuing on this series of roadside analogies, today the BNY analyst compares the economic double dip to a traffic violation, and specifically the probability of getting two speeding tickets in the span of one day. “What are the odds of being caught speeding twice in one day? One in five? One in ten? Pretty remote, one would think, given that the ratio of police to motorists on most roads is 1,000:1 or greater. I can tell you from direct and personal experience, however, that the odds of that event are much, much higher than you think. I had my driver’s license suspended for 30 days in 1997 for two tickets, issued on the same day and only a few miles apart. Here’s the thing: most people, after receiving one ticket, will drive more carefully immediately thereafter. But I, working through the math I referenced above, thought “No… The odds are actually in my favor now. I can, in fact, speed with impunity.” This proved to be an error. As it turns out, going substantially faster than the general flow of traffic will gather the attention of the law. This offsets the theoretical odds against discovery, and then some. Oh, and driving a bright yellow car. I should have mentioned that, too.” And once again, the specter of market uncertainty raises its ugly head, this time in the form of spiking implied volatility, which has jumped for every asset class in the past month… except gold.

Full note from Nic Colas:

With capital markets worried about a U.S. “double dip” back into recession, today we examine what sectors/assets classes reflect the greatest amount of concern over this potential outcome. There are now scores of exchange traded funds (ETFs) – and related option chains – tracking everything from tech stocks to gold to high yield bonds. It is therefore a straightforward exercise to look at the “VIX” (the widely known measurement of “fear” related to the S&P 500) for these asset classes and industry sectors. At the top of heap in terms of “double dip” worries: tech stocks and high yield bonds. Their “VIX’s” have jumped +30% in the past month. In the…
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A Look At Global Economic Events In The Upcoming Week

Courtesy of Tyler Durden

Week in Review, from Thomas Stolper at Goldman Sachs

US slowdown Attention continued to focus on the deceleration in US activity, with very weak US housing data, durable goods orders and the second reading for US GDP the key data points for the week. In the event, July existing home sales fell more than twice as fast as expected by consensus and the pace of growth in Q2 was revised down from 2.4% qoq annualized in the advanced release to 1.6% qoq in the second print. While this was slightly above consensus and our forecast, the pace of final demand growth was revised down from 1.3% qoq initially to 1.0% qoq in the latest release. Our US team sees implications for Q3 growth from this release as slightly negative, worth noting given our already substantially below consensus growth outlook for the US. Finally, durable goods orders also pointed to continued weak final demand.
 
Decoupling The flash reading for the August manufacturing PMI for the Euro zone fell to 55.0 from 56.7, a sharper deterioration than expected by consensus (56.1). However, the orders to inventories ratio remained broadly stable, underpinning our relatively constructive outlook for Euro zone GDP. Moreover, the August IFO continued to rise on strong current conditions and economies on the German periphery also show strong growth, as indicated by the August KOF for Switzerland, which remains very high despite coming off slightly the recent record levels.
 
Markets and policy The market spent much of the week looking for direction, with EUR/$ not sure which way to go, and $/JPY moving briefly below 85 on weak US housing data, but unable to hang on. Governor Bernanke’s speech at Jackson Hole, which acknowledged weak data but also stated that conditions for a recovery next year “remain in place,” finally gave the market direction, with 10y Treasury yields rising 15 bps on a perceived reduced likelihood of QE, while EUR/$ and $/JPY both moved higher as markets – reassured by the relatively benign view on growth – put risk back on.
 
Week Ahead
 
Additional BoJ easing? JPY strength continues to be in focus with the stepped up comments and rhetoric from Japanese officials the past few weeks. BOJ Governor Shirakawa is scheduled to meet with Prime Minister Kan on Monday the 30th. Our Japan economists are highlighting that it is possible (around 60% probability) that…
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Guest Post:Defeating Demon Deflation

Courtesy of Tyler Durden

Defeating Demon Deflation

Submitted by Machinehead, of Chris Martenson.com

Since early April, the yield on 10-year Treasury notes has dwindled from 4.0% to below 2.5% on August 24th.  Meanwhile, the 12-month change in the Cleveland Fed’s median CPI has hovered feebly between 0.5% and 0.6% since March.  These abnormally low interest and inflation rates are fanning fears of renewed GDP contraction, a plunge into price deflation, or both.  Boardrooms and blogs are humming with rumors of a ‘QE II’ (Quantitative Easing II) program to counter a chilly deflationary dip.

One reason fears are so acute is that the Federal Reserve’s main policy tool, the overnight interest rate on Fed Funds, is flatlined at zero.  Moreover, via ‘extraordinary measures’ beginning in September 2008, the Federal Reserve added some $1.4 trillion of securities, including $1.1 trillion of MBS (mortgage-backed securities), to its balance sheet in a stimulus bid.  Yet despite these heroic efforts, economic leading indicators have turned weak this summer, as sinking Treasury yields add to the disquiet.

In its August meeting, the Federal Reserve downgraded its economic outlook, and backed away from plans to let its enlarged securities holdings run off as MBS mature.  Instead, it committed to buying about $18 billion of Treasuries from mid-August through mid-September, mostly in the 2- to 10-year range, by reinvesting MBS principal payments.  It also set a $2.05 trillion floor for its securities holdings — thus freezing ‘QE I’ in place (perhaps forever) and hinting that a larger ‘QE II’ could follow.

But if QE I isn’t working, what hope would QE II have of achieving its purpose in a fresh emergency?  This paper discusses a faster-acting alternative, which is feasible within the existing statutory and institutional structure — namely, targeted purchases of international reserve assets instead of Treasury notes.


Papers published by central bankers place great weight on managing expectations.  In Seven Faces of the Peril, James Bullard of the St. Louis Fed discusses how a zero percent Fed Funds rate could actually entrench deflationary expectations.  Now, as fractional interest rates infect the yield curve from the short end into multi-year maturities, expectations are growing more somber, while what may be a dangerous safe harbor Bubble in bond prices develops.  (Bond prices rise as their yields fall.)

What if the intended stimulative effects of buying T-notes (cheaper borrowing, more bank reserves)
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Sabrient-PSW-OptionsXpress Offer

Scott Brown at Sabrient has set up a great deal for people who want to subscribe to PSW and/or Sabrient, and open an account at OptionsXpress.  This is the ad for Sabrient/OptionsXpress.  The same deal is open for trying or renewing a subscription for PSW. - Ilene 

How to Make Money in Stocks and Still Sleep Well at Night …

and Get $500! 

In this wild and crazy market of 2010 the Sabrient Investor’s (H)Edge Virtual Portfolio is UP +6.74% YTD while the S&P 500 is DOWN -0.91%! 

The Sabrient Investor’s (H)Edge Virtual Portfolio is a balanced long/short virtual portfolio which aims protects our subscribers in ALL markets. 

How? 

Based on Sabrient’s highly predictive Company Outlook Rank, we can identify the fundamentally strongest stocks with the best valuations and the most upside potential, as well as the fundamentally weakest stocks that should lag no matter what the market does. The resulting long/short virtual portfolio lets you capture the performance spread between the longs & shorts. For example:

  • May 6: The Dow dropped almost 1,000 points intraday and closed down -348 points. Our Investor’s (H)Edge Virtual Portfolio gained +0.75% 
  • June 4: The S&P 500 was down -3.57%, our virtual portfolio gained +1.07% 
  • June 15: The S&P 500 was UP +2.25%; our virtual portfolio gained +1.54% 
  • August 4: The S&P 500 was UP +0.68%; our virtual portfolio gained +1.34%.

 

It doesn’t matter where the overall market goes, because the virtual portfolio is positioned to make money whether it goes up, down, or sideways. A balanced long/short virtual portfolio like Investor’s (H)Edge is a great approach to a volatile, unpredictable market.  

Investors’ (H)Edge is an equally balanced virtual portfolio, containing 13 long positions and 13 short positions. Every Thursday, David Brown reviews one long and one short, and either renews or replaces the stocks, depending on their current rankings and fundamentals. 

Take a look at the latest selections HERE - And click the 2009 Virtual Portfolio link on that page to see all the trades from last year. 

Our backtested, forward-tested and time-tested strategies have averaged +34.1% per year since 2000, providing safety in the 2008 meltdown and on virtually every down-market day in the past two years. The Investors’ (H)edge virtual portfolio has a beta of .25, an alpha of 28.6% and a Sharpe ratio of 1.36, and is designed to profit from both up and down market moves. 

The cost for a premium Sabrient subscription is only $37.95/month or $455/year - or it’s FREE if you
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Swiss Franc Tale

Courtesy of Bruce Krasting

I will try to connect some dots on the Swiss Franc story. These are just dots, but there may be some short and longer-term currency implications. There is a EUR/DLR aspect to this as well.

Consider first an interview with Philipp Hildebrand President of the Swiss National Bank in the French language magazine L’Hebdo. Mr. H spells out the SNB currency intervention strategy as clearly as he can:

“Our mandate is very clear. It is one of the most explicit of all Central Banks:

The SNB provides price stability. In so doing, it takes account of changing circumstances. The SNB has no foreign exchange objectives.”

He leaves no room for misunderstanding of this simple mandate:

“That is what we do not stop repeating. And that is the yardstick that our actions must be judged.”

Okay we got it. The SNB will not intervene in the FX market UNLESS there is either inflationary or deflationary pressures. Hildebrand has been true to his word on this. On June 17 he said “The deflationary risk in Switzerland has largely disappeared.” This was a sign that the SNB would no longer intervene and sure enough the EUR/CHF collapsed. It was a wild ride but as of Friday the cross was at 1.31 after hitting a weekly low a tad under 1.30. True to their promise the SNB has been absent from the market.

What does this mean for the future? Again from the interview:

We in Switzerland have neither deflation or inflation. And the rate of growth should this year be one of the best in Europe. Approximately 2%.

So H crows that Switzerland is doing just fine and there is no deflation. To me this is a tip. Hildebrand can’t enter the FX market anytime in the near term and sell CHF and buy Euros. This would run counter to his very clear words from August 26 that he would not. He would look stupid if he did. My read: don’t be long EUR/CHF. That cross may get leaned on any day.

More dots. An interview with Pascal Couchepin in the influential newspaper, Neu Zuricher Zeitung (8/29). Mr. Couchepin is a long time Swiss pol. He was president in 2003 and


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Weekend Reading – What’s Next?

Now what?

Joseph Stiglitz said last week that "there are many ways in which you can see us almost surely being in a Japan-style malaise, it’s just really hard to see what will bring us out."  Thomas Hoenig was comparatively an optimist at the Fed conference this weekend, saying: "we’ll slog our way through this" but the best quote from the conference came from Alan Bollard of the Reserve Bank of New Zealand, who was among several foreign central bankers who said they were struck by the unusual degree of pessimism they had witnessed in the U.S.  "I can’t wait to get back to my side of the world," he said.

I’ve been blaming the MSM for keeping the public in a constant state of fear and we have clearly divided both the leadership and the punditry into two distinct camps.  “The recession is the cure for the disease that affects the economy, but the politicians don’t have the stomach for it,” says Peter Schiff, president of Euro Pacific Capital.  “They’re going to keep stimulating the economy until they kill it with an overdose. The hyper-inflation that results is going to be far worse than the cure.”    

Most economists who are close to the policy making arena for both parties take the position that austerity is the wrong medicine for what ails the American economy, and they dismiss warnings about inflation as akin to focusing on the side effects of chemotherapy in the face of cancer. First, they argue, take the medicine and stave off the lethal threat; then deal with the collateral problems.  Regardless, inflation fears persist, constraining what limited prescriptions might otherwise be thrown at a weakening economy.

Even after the November election, few expect a different dynamic. “We’re already in a gridlock situation, and nothing substantive is going to change,” says Bruce Bartlett, who was a Treasury economist in the first Bush administration. “Clearly, a weak economy in 2012 will be very good for whoever the Republican presidential candidate is. It’s hard to see how the Republicans lose by blocking stimulus.”

The Fed operates (in THEORY) independent of politics and, in Bernanke’s speech on Friday, the Fed Chairman said: "The issue at this stage is not whether we have the tools to help support economic activity and guard against disinflation,” he said. “We do.  The issue is instead whether, at any given juncture, the benefits of each tool, in
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Swing trading virtual portfolio – week of August 30th, 2010

This post is for live trades 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

 

Optrader 

Swing trading virtual portfolio

 

One trade virtual portfolio





 
 
 

Zero Hedge

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

Courtesy of ZeroHedge. View original post here.

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

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



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Phil's Favorites

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

 

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

rblfmr / Shutterstock.com

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

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



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Kimble Charting Solutions

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

Courtesy of Chris Kimble.

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

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

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



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Insider Scoop

Amgen To Buy Danish Collaborator Nuevolution For $167M

Courtesy of Benzinga.

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

What Happened

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

Th...



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Chart School

Weekly Market Recap May 18, 2019

Courtesy of Blain.

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

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

Then on Wednesday:

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

...

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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control

 

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...



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Biotech

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

Reminder: We are available to chat with Members, comments are found below each post.

 

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University

...



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ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...



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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Promotions

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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.

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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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