Archive for 2011

The Atlantic: The Rise of the New Global Elite

Courtesy of Trader Mark, at Fund My Mutual Fund

Rarely do I come upon an article that is as eye opening as this one from Chrystia Freeland, in the Atlantic.  Freeland has recently moved to global editor at large for Reuters but before that was U.S. managing editor of the Financial Times so has a diverse global background that is pretty rare among journalists. The gist of this article - The Rise of the New Global Elite - is to answer a form of question about the upper upper upper 0.1% I’ve seen posed in so many comments the past 3+ years:  "Don’t they care about what is happening to the rest of the country?" or "How do they sleep at night?" or similar.  [Sep 7, 2009: Citigroup 2006 - America, a Modern Day Plutonomy

While I don’t want to generalize and put a whole subset of people under one canopy, your questions are finally answered.  Big picture – Lloyd the investment banker in the U.S. has far more in common with Sergey the Russian oligarch than he does with the ‘common man’ walking the streets of the States.  As Friedman said, the world is flat -hence much of the ‘global elite’ is in a way ‘nation less’.  Another fascinating take away is many of the wealthy are not ‘blue bloods’ but first generation (not always ‘self made’ since government connections mean so much in other parts of the world), so their attitudes are completely different.  Plus the amounts of money made now are so enormous, they have reached ‘escape velocity’ versus the orbit most others in any country on earth live in. As I wrote years ago, the long term implications for the American middle class are far reaching.  [Dec 8, 2007: Do the Bottom 80% of Americans Stand a Chance?]  As investors it can explain why American business, especially those of the global multinationals, can do well……
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50 Cent Pushes a Penny Stock; 1999 Redux

Courtesy of Trader Mark, at Fund My Mutual Fund

More and more of the bubble activities of 1999 seem to be behind every corner as the Bernanke Put (buy anything, the Fed will make sure it all works out) permeates as an echo boom to the Greenspan Put. If you were not around in that era and thus are unfamiliar with the Jonathan Lebed story, wikipedia has the Cliff Notes version here.

Jonathan Lebed (born September 29, 1984) is an American notorious for using internet technology to hype stocks. Between September 1999 and February 2000 Lebed made hundreds of thousands of dollars by posting in internet chat rooms and on message boards encouraging people to buy penny stocks he already owned, thus, according to the SEC, artificially raising the price of the stock. The SEC under Arthur Levitt prosecuted him.

In 2001 Lebed and the SEC negotiated an out-of-court settlement in which Lebed forfeited $285,000 in profit and interest he had made on 11 trades without admitting any wrongdoing — allowing him to keep close to half a million dollars. The case was controversial — the SEC had never prosecuted a minor — and produced significant media interest. Lebed contended that his activity forecasting stock prices was no different from and no more illegal than what professional Wall Street analysts do every day, only he utilized the internet.

For the long version please see Michael Lewis’ excellent essay from 2001 here. (yes that same Michael Lewis). I was more of a Tokyo Joe guy back in the day

Yun Soo Oh Park, owner of an Internet investing site that was one of the hottest sources of stock picks on the Web, has settled a civil complaint brought last year by the Securities and Exchange Commission. Mr. Park, known to his subscribers as Tokyo Joe, neither admitted nor denied the S.E.C. charges, but agreed to pay $754,630 to settle the case. 

In the case, filed in January 2000, regulators said Mr. Park defrauded his customers by buying ahead of his recommendations and selling as subscribers were getting in. The S.E.C. said that on 13 occasions, Mr. Park failed to tell subscribers that he was trading ahead of them, an illegal practice known as scalping.

Remember if Goldman Sachs does it, it is "business as usual on the Street" but when small fry do it, it’s…
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Chris Martenson Interviews Marc Faber – Fed Bashing Ensues

Courtesy of Tyler Durden

 "If there’s one institution in the US that consistently and repeatedly messes up everything, the Federal Reserve is that institution."

So says famed investor Marc Faber in an interview he gave to ChrisMartenson.com this week. In it, Chris and he dive deep into the Fed activity (encouraged by Washington and Wall Street) responsible for the current severe health of our economic system. Both feel that once you understand the nature of the critical role the Fed now plays, you have much better clarity into what the most probable outcomes for our economy and financial markets will be.

Click here to listen to Chris’ interview with Marc Faber

Read the Transcript of the Podcast

In this podcast, Marc explains his views on why: 

  • Government intervention into the free markets has been increasing since the early 1980s (S&Ls, Mexico, LTCM, etc) and is the root cause of our issues, as each intervention brings the system further off track
  • The principal vehicle for this intervention, the Fed, has a near-perfect track record of creating unsustainable asset bubbles (to which it is largely blind) when it intervenes
  • Since its founding, the Fed has been dedicated to expansionary monetary policy. When looking at history, there’s an argument to be made that per capita price management in the US was better under the gold standard we had before the Fed.
  • We’re on a direct path to higher inflation, despite the Fed’s preference for raising the deflation spectre and citing the low (and ridiculously-calculated) CPI.
  • While the Fed is printing money with abandon right now (e.g. buying all new Treasury issuances for the next six months), doing so is raising the risk of a hyperinflationary currency collapse.
  • US government bonds are a disasterous investment going forward (even if the deflationists are right).
  • The revolving door between Wall Street and Washington motivates our leadership to preserve the status quo, which is corrosive to markets because smaller investors are waking up to the fact that the rules are stacked in favor of the big players. Investing as we have historically thought of it is dead.

In  Part 2: Prognosis for 2011 (for enrolled ChrisMartenson.com members - click here to enroll), Marc details his thinking on how the endgame will play out, as well as his specific outlook for 2011. 





Chris Martenson Interview With Marc Faber

Courtesy of Tyler Durden

 ”If there’s one institution in the US that consistently and repeatedly messes up everything, the Federal Reserve is that institution.”

So says famed investor Marc Faber in an interview he gave to ChrisMartenson.com this week. In it, Chris and he dive deep into the Fed activity (encouraged by Washington and Wall Street) responsible for the current severe health of our economic system. Both feel that once you understand the nature of the critical role the Fed now plays, you have much better clarity into what the most probable outcomes for our economy and financial markets will be.

Click here to listen to Chris’ interview with Marc Faber

Read the Transcript of the Podcast

In this podcast, Marc explains his views on why: 

  • Government intervention into the free markets has been increasing since the early 1980s (S&Ls, Mexico, LTCM, etc) and is the root cause of our issues, as each intervention brings the system further off track
  • The principal vehicle for this intervention, the Fed, has a near-perfect track record of creating unsustainable asset bubbles (to which it is largely blind) when it intervenes
  • Since its founding, the Fed has been dedicated to expansionary monetary policy. When looking at history, there’s an argument to be made that per capita price management in the US was better under the gold standard we had before the Fed.
  • We’re on a direct path to higher inflation, despite the Fed’s preference for raising the deflation spectre and citing the low (and ridiculously-calculated) CPI.
  • While the Fed is printing money with abandon right now (e.g. buying all new Treasury issuances for the next six months), doing so is raising the risk of a hyperinflationary currency collapse.
  • US government bonds are a disasterous investment going forward (even if the deflationists are right).
  • The revolving door between Wall Street and Washington motivates our leadership to preserve the status quo, which is corrosive to markets because smaller investors are waking up to the fact that the rules are stacked in favor of the big players. Investing as we have historically thought of it is dead.

In  Part 2: Prognosis for 2011 (for enrolled ChrisMartenson.com members - click here to enroll), Marc details his thinking on how the endgame will play out, as well as his specific outlook for 2011. 





Can A Sovereign Debt Crisis Happen Here? A Case Study Of The 1995 Debt Ceiling-Precipitated Government Shutdown

Courtesy of Tyler Durden

Lately there has been a lot of chatter among the supposedly smarter-than-mainstream media that even should the debt ceiling not be raised, it would not mean the bankruptcy of America as interest payments would still be satisfied. While that technicality is absolutely true, it is even more absolutely irrelevant. What propagators of such theories forget is that lately there are just two exponential curve trendlines that are worth noting: that of the cumulative debt issuance, and of the US cumulative deficit (see chart below). Each month, the US issues around $50 billion more debt than is needed to just fund the deficit. This is debt that is on top of the debt that is needed to plug the different between revenues and expenditures. As Zero Hedge has pointed out repeatedly before, that ratio is already roughly 1 to 2, meaning for every dollar in revenue the US government issues more than one dollar of debt just to fund the deficit. And then some. As the chart below shows, in December alone the government issued $84.4 billion on top of the budget funding shortfall ($80 billion deficit and $164.4 billion in debt issuance)! So yes, while the Treasury can fund interest expense at record low interest levels, that is completely irrelevant. Unable to fund incremental expenses to the tune of hundreds of billions per month, the US government will shut down (a point when nobody will accept US government IOUs, not Social Security which passed the point of being self sustaining last year, and certainly not Medicare and Medicaid, and most certainly not private sector Defense Vendors) just like it did in 1995. Below, we present the key charts and the full report from a must read SocGen report on the sovereign debt crisis, titled Can It Happen Here? We urge all those who pretend to have an educated opinion on the US funding crisis to read this report before they open their mouths in public and once again validate their critics.

First, below is our chart showing the monthly and cumulative differential between debt issuance and fiscal deficit (starting in October 2006). In December, the cumulative divergence between the two reached an all time high of $1,819 billion.

And next, courtesy of Aneta Markowska and her economic team at Soc Gen, here are the charts (and some narrative) that everyone should…
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Guest Post: Strong Indications of Gold & Silver Shortages

Courtesy of Tyler Durden

Via Adrian Douglas Of Market Force Analysis

Strong Indications of Gold & Silver Shortages

Since reaching new highs at the end of 2010 gold and silver have been sold off, and the selling has been particularly intense in the last few days. The news on the economy is almost exclusively bullish for the precious metals. From the price action one might be falsely led to believe that investment demand for the precious metals is waning. On the contrary the data analysis I will show in this article reveals strong indications of growing shortages and furthermore that the gold and silver markets are approaching “tipping points” that will lead to an acceleration of price appreciation.

We will first consider silver because the data for silver is the most dramatic.

Figure 1

Figure 1 shows a cross plot of Comex silver futures open interest against the silver price since 2001. By looking at the data in this way the time element is removed and the relationship between open interest and price is revealed. On the left side of the chart the data falls within the green dotted ellipse. The long axis of the ellipse is slanted upwards which means that generally the data within the ellipse display a relationship wherein the price of silver increases as open interest increases and it falls as open interest declines. Within the green ellipse there are tightly packed clusters of data that have been enclosed in pink ellipses and are numbered from 1 through 4. Ellipse #1 is almost vertical; this data cluster is from the start of the bull market when silver was trading around $5/oz. Because this data cluster is almost vertical it means that at that time expansion of open interest did not result in an increase in price. In other words, there was sufficient supply of silver in the market that the commercials were ready to keep selling as many contracts short as speculators demanded. If all demand for contracts on the long side was met with eager short selling the price could never rise and it didn’t. The data within ellipse #1 demonstrate that whether the open interest was 60,000 contracts or 120,000 contracts the price remained around $5/oz. It can be seen, however, that this situation gradually changed. The data clusters 2, 3 and 4 are enclosed by…
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Why A Record Steep Curve Means The End Of The Fed’s Subsidies To Banks

Courtesy of Tyler Durden

Over the past week, one of the less noticed and more notable developments, was that the 2s10s quietly climbed back to just short of all time record wides: at 273 bps, the curve is just 13 basis point away from the all time record 286 bps achieved on February 2, 2010. For those who still don’t understand how this most recent gift to the banks by the Fed and the government works, the math is that for every 100 bps in spread widening, banks make profits by borrowing free at the 2 Year and lending out at the 10 Year spread (on a Price x Volume basis, although as we will discuss momentarily while the price (i.e. spread) may be there the volume is missing), even as home prices decline by about 12% for each percentage point. In other words, in the past year the entire double dip in home prices can be attributed to the spike in long-term rates, which have in turn caused mortgage rates to jump to year highs. All of this has been predicated by increasing concerns that the Fed will allow runaway inflation, as a result pushing 10 and 30 Year spreads (and gold) ever higher. And while traditionally, a steep curve implies substantial bank profits, this time it is really is different, as demand for mortgages, by far the biggest bank product beneficiary from rising LT interest rates, is non-existent – recent new and refinancing mortgage applications are plumbing 15 year lows, meaning that even if banks make exorbitant profits on a spread basis, there is just not enough of them to go around, which in turn means that banks once again have to rely on accounting gimmicks such as declining reserve provisions to pad their books. And unfortunately for the banks, every incremental basis point increase from here on out only means accelerating home price deflation (regardless of how many days in a row cotton, wheat and whiskey closes limit up), which will wreak havoc on myth of any “recovery.” This is in fact the most salient point of Scott Minerd’s of Guggenheim latest letter: while the bulk of his latest thoughts is focused on Europe, we believe that the critical part if really that dealing with US interest rates. As he concludes: “The story in housing remains a compelling reason yields on the 10-year note
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So do you want to hear about my brilliant idea then?

Baruch wants to know:  So Do You Want To Hear About My Brilliant Idea Then?   But this is not a hot stock tip.  Nope. Baruch shares his thoughts on the matter of hedge fund managers disseminating their ideas for the purpose of intellectual pursuit. – Ilene 

Courtesy of Ultimi Barbarorurm

Baruch was amused by the very earnest discussions he read on Abnormal Returns this weekend about hedge fund dudes sharing ideas. The WSJ had a long treatment on this which also quotes Baruch’s favourite quantademic Andrew Lo, who suggests that hedge fund managers sharing ideas may be creating systemic risk in the form of crowded trades and dangerous correlations.

On the same topic, The Rational Walk (again hat tip AR) has a detailed discussion of the possible motivations for investors sharing ideas. Quoting someone called Whitey Tilson, it posits a few viz:

1) It helps clarify our thinking to put our investment thesis in writing, especially on complex and controversial positions . . . .

2) When it is widely known that we have a position in a particular stock, we often hear from other investors who share valuable information or analyses.

3) Invariably, some people have the polar opposite view of a particular stock and, in sharing it with us, they can help us identify things we might have missed in our analysis. . .

4) When we share our ideas, it creates reciprocity and others share their best ideas with us.

How admirable, you might think. How open minded, open handed and collegiate. Bravo, that man.

Bullshit, thought Baruch.

First off, reading an article about how interesting it is that many investors can own the same security at the same time has the equivalent impact as reading an article that says sometimes many women are interested in buying and wearing the same clothes at the same time. It is merely another revelation of the bleeding obvious, like the Economist last week which said that stocks which have gone up a lot sometimes go up more.

As for the crowded trades argument, well, crowding in illiquid, systemically important securities using leverage can be dangerous (think subprime CDOs), but I don’t think the Fed should lose sleep if 20 big hedge funds are all long VISA. When that tanked I don’t think anyone other than Visa and Mastercard noticed. It certainly didn’t rock my world.

Let’s not be…
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Deposed Tunisian President Ben Ali Said To Have Fled Country With 1.5 Tons Of Gold

Courtesy of Tyler Durden

Not shares of AAPL, not freeze dried MREs, not shotguns shells, not even €45 million European pieces of linen in a suitcase… Gold. And one wonders why all the physical silver and gold is slowly but surely disappearing from the distributors: someone should really check the cargo hold of Lloyd’s, Jamie’s and Vikram’s G-6 planes…and of course the extra cargo holds in the private helicopter squadron of that “other” Ben, elsewhere now known lovingly with the adjective of Blackhawk (f/k/a Helicopter).

From Le Monde (Google translated):

The family of ousted President Zine El Abidine Ben Ali of Tunisia would have fled with 1.5 tons of gold. It is an assumption of the French secret services, who try to understand how the day ended on Friday 14 January, which saw the departure of President and his family and the downfall of his regime.

According to information gathered in Tunis, Leila Trabelsi , the president’s wife allegedly went to the Bank of Tunisia to look for gold bars. The governor refused. M me Ben Ali had called her husband, who had also initially refused, then surrendered. She then flew to Dubai, according to French news before leaving for Jeddah. “It seems that the wife of Ben Ali is a party with gold” , said a senior French official. “1.5 tonnes gold, that makes 45 million euros” , translated source.

Mr. Ben Ali, he does not believe his fall as fast. For proof, according to Paris, he recorded a new speech, which has not had time to appear. He would not leave the country voluntarily but would have been impeached. The army and the chief of staff who refused to fire on the crowd, have, according to European intelligence services played a leading role in the removal of Mr. Ben Ali.

It seems at least one person was smart enough to take heed in the Fed’s just declassified records on what the surging price of gold means for food price inflation… and for popular revolutions derived therefrom.

The mode of departure of Mr. Ben Ali has also uncertainties. He seems to have found in the airspace of Malta, without a flight plan determined, stating that he did not, in his hasty departure from Tunisia, a precise destination. An Italian


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Why “Reverse Decoupling” Means A Dow 14,000 (And 13,000) Is Unlikely To Happen

Courtesy of Tyler Durden

The key macro meme over the past 3 months, starting with Goldman’s “thematic” validation for the surge in the market (which was purely QE2 driven) leading to the firm’s 180 degree shift in outlook from pessimistic to optimistic, had to do with the passage of various recent fiscal US-centered stimulus programs, which were explained by the punditry as a means for America to avoid the fate of the global capital markets (most of which are now if not declining (Shanghai), then in slow down mode (Europe)) through “reverse decoupling” whereby the US takes the global economic growth baton from China. While we can only laugh at the assumption that the US can compensate for a Chinese clampdown on liquidity, that is not the issue. A far greater question is just how can US stocks ride to previous records without the rest of the world’s participation. Nicholas Colas explains the quandary: by isolating the Dow Jones Industrial Average, and specifically the 13 stocks that account for two thirds of the index, the BNY strategist looks at what are the gating items preventing the DJIA to hit 13,000…and 14,000 in the next year. And while Colas comes to the conclusion that valuation in itself is not a great stretch (13K is a 13.2x multiple of projected 2012 earnings estimates, while 14K is 14.2x), not major outliers to historical forward earnings multiples, what is unique about the current situation is that the “average company on the Dow heavy hitter list has only 43% of its revenues originating in North America.” Colas concludes: “So as much as we all track U.S. specific macroeconomic data, these companies are actually more reliant on international growth to make all those earnings estimates a reality.” Ironically, it is ‘forward decoupling’ that is critical for the US stock market to grow at this point, not the US leading the world. “A better U.S. economy, without uptake from other parts of the world, is not enough to give stocks the earnings power they need to reach Dow 13,000 or 14,000.” Without the benefit of a suddenly fiscally austere Europe, and a suddenly monetarily shy China (and Japan which is more focused on rescuing the EUR than its own market), more than half of the projected growth in the DJIA earnings will be based on nothing but hopium. Which is indeed the biggest question mark…
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Phil's Favorites

Trump and the problem with pardons

 

Trump and the problem with pardons

Courtesy of Andrew Bell, Indiana University

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

My researc...



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Zero Hedge

"You've Been Had": Elon Musk's Grand Hyperloop Vision Debunked As "Scam"

Courtesy of ZeroHedge. View original post here.

It looks as though everybody, including the media, is starting to understand that Elon Musk's once grandiose "Hyperloop" idea, to be built by The Boring Company, isn't the futuristic game changer that it was pitched as. In fact, it's looking more and more like a very rudimentary idea that's been around for decades: a car in a tunnel. 

And people are catching on that this is not what Musk repeatedly talked about when baffling the public with bullshit publicly describing the idea of a Hyperloop. Over the weekend, the ...



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Insider Scoop

Jefferies Sees 60-Percent Upside In Aphria Shares, Says Buy The Dip

Courtesy of Benzinga.

After a red-hot start to 2019, Canadian cannabis producer Aphria Inc (NYSE: APHA) has run out of steam, tumbling more than 31 percent in the past three months.

Despite the recent weakness, one Wall Street analyst said Friday that the stock has 30-percent upside potential. 

The Analyst

Jefferies analyst ...



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Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...



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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!


Alistair Williams Comedian youtube

This is a classic! ha!







Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination of Gann Angles, ...

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Digital Currencies

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

 

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

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

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



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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:

 

·       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 >>