Archive for 2011

SocGen On The Stress Test: “It Does Not Reflect Reality” And “A Political Error Can Trigger A Freeze In Money Markets”

Courtesy of Tyler Durden

And we thought we were harsh on the EBA’s second farce of so-called ‘stress tests’. Enter SocGen’s Hank Calenti and team: “The test does not reflect current reality, in our view; even if GIIPS sovereign are further stressed within this test, a €22bn shortfall and a relatively healthy average 6.2% core Tier 1 appear. The European banking sector is captive to politics at the moment. A political error can trigger a freeze in money markets, and a liquidity crisis could quickly turn into a solvency crisis. Only improved governance would avoid such a nasty scenario.” We wonder what Calenti would say about the US in this case…

Some other disclosures from the “test” Europe wishes could forget had ever been conducted (at least until Stress Test 3 next summer… or this winter).

The EBA was effectively in a lose-lose situation: too few failures and the test is branded too lenient; too many failures and some will worry that the system is in worse shape than they had expected.

The stress tests confirmed two already well know results. First, the bulk of exposure to the weakest sovereigns is held by the domestic banks (in both absolute and relative terms). Taking the example of Greece, of the total exposures to the Greek sovereign reported for the 90 banks taking part in the stress tests almost 60% is held by Greek banks. Second, exposure of non-domestic banks to, respectively, Greek, Irish, Portuguese and Spanish sovereign risk is relatively moderate.

The tests will inevitably be criticised for such a small number of failing banks (eight) with an aggregate capital shortfall of just €2.5bn, and the fact that sovereign default is not considered. By including the possibility of sovereign default across multiple jurisdictions (haircut of 50% for GIP sovereigns, 20% for Italy/Spain), our analysis suggests 13 banks of a sub-set of 40 of the larger, quoted banks could fail, with an aggregate capital shortfall of €22bn. The average core Tier 1 capital would remain at a still relatively healthy 6.2%.

Like the equity market, credit market reaction to the stress tests is also likely to be relatively muted in our view, with few easily decipherable surprises discovered within a large volume of disclosures. We do not envision a flood of new bank debt issuance in the short term for two reasons. It


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Key Events And Catalysts In The Week Ahead

Courtesy of Tyler Durden

Goldman’s Thomas Stolper, who is about to finally tell his clients to close out of a stop lossed AUDJPY trade, summarizes what happened in the past week (nothing good) and what is happening next week (nothing good either).

Week in Review: Fiscal issues remain at the top of the agenda

European sovereign issues remained front and center of the market’s attention through last week. The price action being particularly tense last Tuesday when EUR/USD reached an intra-day low of 1.3840, EUR/CHF reached yet new lows just below 1.15 and peripheral spreads continued to widen. However, both Moody’s and S&P put the US AAA rating on negative credit watch last week, serving as a reminder that the US is also grappling with its own fiscal tensions. The week was capped with the European bank stress tests, the results of which showed that only five Spanish savings banks, two Greek banks and one Austrian Bank did not pass the test. The results are broadly in line with expectations, and the host of data provided by the EBA will allow market participants to better appraise risks.

The data front was mixed. On the positive side of the ledger, the Chinese activity data for June was stronger than expected, Japanese IP was revised up and the Japanese PMI was better than expected, finally the US unemployment claims data was better than expected. However, the rest of the US data was disappointing. Core retail sales, IP, the Empire survey and consumer confidence were all weaker than expected, indeed the latter fell to levels last seen in March 2009. In addition core CPI rose by more than expected. In light of the ongoing weakness in the US data, which has continued to fall substantially short of our expectations, we have downgraded our US GDP forecasts for Q2 and Q3 to 1.5 and 2.5% from 2% and 3.25% respectively. The details are provided in the latest US Economics Analyst.

Week Ahead: Euroland Summit and Business Surveys in Focus

Next week is light on data, thus developments in the European and US fiscal tensions are likely to remain high on the agenda. The Eurogroup heads of state will meet on Thursday to discuss European financial stability and further aid for Greece. Expectations are for an increase in the Greek financial rescue package, alongside some form of voluntary ‘bail in’…
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The True Elephant In The Room Appears: Trillions In Commercial And Industrial Loans To Europe’s Insolvent Countries

Courtesy of Tyler Durden

With the market’s attention over the past year exclusively focused on bank holdings of insolvent European sovereign debt, which as is now well known had been declining for months, many if not all forgot that banks also have credit exposure via far simpler conduits: retail and commercial debt. And as an analysis of the full disclosure in the EBA’s second stress test exposes, banks are on the hook for literally trillions in various plain-vanilla commercial and retail loans to individuals and businesses. WSJ’s David Enrich summarizes it best: “Friday’s test results shed light on another potential problem for Europe’s banks: huge piles of residential mortgages, small-business loans, corporate debt and commercial real-estate loans to institutions and individuals from ailing countries. As those economies struggle, the odds of rising defaults grow.” Oops.

From the WSJ:

Banks tend to be holding far greater quantities of those commercial and retail loans than they are of sovereign debt, according to a Wall Street Journal analysis of disclosures accompanying the stress tests.

This year’s stress tests represent the first time there has been a uniform way to measure this exposure. Until now, banks have disclosed their portfolios of loans to customers in troubled countries on a piecemeal basis. That made it virtually impossible to aggregate data across the industry or to compare different institutions.

“The country-by-country exposure [data] is better than any data we’ve seen before,” said Alastair Ryan, a London-based banking analyst with UBS AG. “It’s giving me more things to be fearful of,” Mr. Ryan added, referring to the disclosures of some banks’ large holdings of loans to customers in troubled countries.

After Spanish and Italian banks, France’s banks appear to be the most exposed. As of Dec. 31, its four largest banks—BNP Paribas SA, Crédit Agricole SA, BPCE Group and Société Générale SA—were holding a total of nearly €300 billion, or about $425 billion, in loans and other debt issued to institutions and individuals in Portugal, Ireland, Italy, Greece and Spain, the countries that are among Europe’s most troubled. That is largely a result of some of the French banks having big retail- and commercial-banking operations in Greece, Italy and Spain.

The French banks’ portfolios of commercial and retail loans in those countries dwarf their holdings of sovereign debt.

For example, the four banks have a total of


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Free Money Swiss Watch (And Franc) Style: RISK-ES Spread Closes

Courtesy of Tyler Durden

From Friday: “The Treasury may be ceasing the incremental funding for its market manipulative ESF…. but not quite yet. Presenting the E-mini surge on absolutely no volume. According to Chicago floor traders, at least one bank bought 150 S&P contracts at very the close with one obvious purpose: ramp the stock market into the weekend. Luckily, for the observant ones this is merely another free money opportunity: the ES-RISK spread just soared and presents the latest compression opportunity.” As of a few minutes ago, the free money opportunity, courtesy of Brian Sack and the now legendary stupidity of momentum chasers (yes, we’ll gladly take their money) has just been cashed in, and brings us to n out of n profitable ES-Spread compressions.

As usual, courtesy of Capital Context





Why The Latest European Bailout, Aka “The Debt Buyback” Plan Is Also DOA, And Why The CDO At The Heart Of The Eurozone Is About To Become Extremely Toxic

Courtesy of Tyler Durden

Over time many have wondered why the ECB, in order to “extend and pretend”, does not simply do an episode of QE and monetize bonds outright? Well, in addition to Germany’s flashbacks to hyperinflation which have so far kept Trichet from pursuing an all too aggressive bond buyback program in the primary market, the ECB does have the Securities Market Programme (SMP) which however since inception has bought only €74 billion (this week the number is expected to rise, or, if it doesn’t, it confirms that now China is directly buying European bonds in the secondary market). The problem with the SMP is that it was conceived as a modest marginal debt buying program, never intended to surpass much more than a few dozen billion in debt. Alas, by now it is becoming all too clear that the ECB will need to monetize hundreds of billions of insolvent PIIGS debt in order to extend and pretend forcefully enough so that a new bailout is not needed every other week. But how to do it without monetizing debt on the ECB’s books? Enter the EFSF, or the off-balance sheet CDO “at the heart of the eurozone” which according to the latest iteration of the European rescue package (Remember that most recent DOA plan to rollover debt? Yep – that’s dead) is precisely the mechanism by which Europe’s own open market QE is about to take place. “European Central Bank Executive Board member Lorenzo Bini Smaghi suggested the EFSF be allowed to provide funds for a buy-back of bonds from the market, where prices have in some cases fallen 50 percent from levels at which the debt was issued. “This would allow the private sector to sell bonds at market prices, which are currently below nominal value. At the same time, the public sector could benefit monetarily,” Bini Smaghi told Sunday’s To Vima newspaper in an interview.” Translated: another market clearing perversion courtesy of the same structured finance abominations that brought us here. The problem, unfortunately, is that Moody’s announced nearly two and a half years ago that the whole distressed debt buyback approach is… a dead end, and will lead to the same “event of default” outcome that all the prior bailout plans would have achieved as well (we correctly surmised that Bailout #2 was DOA, about a month before the “efficient” market…
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The Big Fade: ETF Bulletin (DIA)

Courtesy of John Nyaradi

Countdown To Stock Market Armageddon

The debt ceiling debate enters its final act this week as Friday, just five days from now, becomes “D-Day” for a Congressional bill that can be passed and signed in time for the August 2nd deadline.

But the really scary road to Armageddon is that even an extension of the debt ceiling might not be enough to stave off a U.S. downgrade by Standard and Poor’s and Moody’s within the next few months.

We’ll discuss all of this in greater detail in a moment, but for this week, Wall Street Sector Selector remains comfortable with our inverse ETF and put option positions.

On My Wall Street Radar

S&P 500 (SPY)chart courtesy of www.stockcharts.com

In the chart of the S&P 500 (SPY) above, we see how a classic head and shoulders pattern has developed which is one of the most well known and widely watched indicators of a weakening market structure.

The Economic View From 35,000 Feet

The economic view and economic news continue to be alarming while corporate profits have generally been positive.

Here are the week’s highlights:

  1. Italy remains in jeopardy.
  2. Greek 2 year bond yields jumped to 32%
  3. Italy and Spain 10 year bond yields are at record highs
  4. Eight European banks failed the stress tests
  5. A Euro summit is planned for July 21st to discuss all of these problems
  6. Dr. Bernanke made it clear this week in his Congressional testimony that he has no active plans for “QE3” but will continue with “QE Lite,” his repurchase of securities as they mature.
  7. Consumer confidence fell dramatically from 71.5 to 63.8 last week.

But the big news continues to be the deficit ceiling debate.

It’s a fast moving situation but generally both sides still seem to be digging in to their positions as the clock ticks to the rapidly approaching D-Day.

I would expect that some sort of 11th hour resolution will be reached, however, ideology on both sides is strong and there is an outside chance that political intransigence could take us over the cliff.

However, if the deficit reduction settlement isn’t big enough or convincing enough that we can get our fiscal house in order in the medium term, Moody’s and S&P have made it clear that they could still downgrade the U.S. over the course


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T Minus 5 And Counting To Economic Armageddon

Courtesy of John Nyaradi

Countdown To Stock Market Armageddon

The debt ceiling debate enters its final act this week as Friday, just five days from now, becomes “D-Day” for a Congressional bill that can be passed and signed in time for the August 2nd deadline.

But the really scary road to Armageddon is that even an extension of the debt ceiling might not be enough to stave off a U.S. downgrade by Standard and Poor’s and Moody’s within the next few months.

We’ll discuss all of this in greater detail in a moment, but for this week, Wall Street Sector Selector remains comfortable with our inverse ETF and put option positions.

On My Wall Street Radar

S&P 500 (SPY)

chart courtesy of www.stockcharts.com

In the chart of the S&P 500 (SPY) above, we see how a classic head and shoulders pattern has developed which is one of the most well known and widely watched indicators of a weakening market structure.

The Economic View From 35,000 Feet

The economic view and economic news continue to be alarming while corporate profits have generally been positive.

Here are the week’s highlights:

  1. Italy remains in jeopardy.
  2. Greek 2 year bond yields jumped to 32%
  3. Italy and Spain 10 year bond yields are at record highs
  4. Eight European banks failed the stress tests
  5. A Euro summit is planned for July 21st to discuss all of these problems
  6. Dr. Bernanke made it clear this week in his Congressional testimony that he has no active plans for “QE3” but will continue with “QE Lite,” his repurchase of securities as they mature.
  7. Consumer confidence fell dramatically from 71.5 to 63.8 last week.

But the big news continues to be the deficit ceiling debate.

It’s a fast moving situation but generally both sides still seem to be digging in to their positions as the clock ticks to the rapidly approaching D-Day.

I would expect that some sort of 11th hour resolution will be reached, however, ideology on both sides is strong and there is an outside chance that political intransigence could take us over the cliff.

However, if the deficit reduction settlement isn’t big enough or convincing enough that we can get our fiscal house in order in the medium term, Moody’s and S&P have made it clear that they could still downgrade the U.S. over the


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Fiscal Suicide; The Point of No Return

Courtesy of Russ Winter of Winter Watch at Wall Street Examiner

At least one mainstream media outlet,  the Washington Post (which is turning into a legitimate news source) conducted an interview with the top ratings mucky muck at Standard and Poors who laid out their actual view on the fiscal deal. The bottom line here is that the gravy train of no accountability, no consequences spending is over.

S&P managing director John Chambers said in an interview … even if the parties agree to raise the debt ceiling, it may not be enough to avert a downgrade. Chambers said the country must implement a plan to reduce the annual budget deficit by roughly $4 trillion over 10 years, which makes the debt manageable over the long term. The White House and Congress have discussed a plan that big, but negotiations have more recently centered on a smaller deal, at $2 trillion or less. "That could still lead to a downgrade,"Chambers said.

The credit agencies have to be looking at FY 2012 (Sept), where the projections are currently forecasting about a $1.1 trillion deficit. You should understand that the FY 2012 is rife with phony assumptions, such as over $2.5 trillion in tax revenues coming from a robust economy, and the end of a number of so-called temporary programs. FY 2011 will be lucky to collect $2.1 trillion, and apparently tax increases aren’t in the works, so it is entirely unclear what this healthy boost of revenues is based on.

Another example is the 30% reimburshment cut to physicians under Medicare. There are also presumptions on non-provider reimbursement. The chances of this anti feeding-at-the-trough provision going through is as about as likely as pigs flying, so we will see a large readjustment in the deficit  the general fund is using to fund the excess Medicare and Medicaid spending. If this goes through, then the general fund will balloon out beyond the $1.1 trillion projection. In other words, the cost-cutting measures in Obamacare get gutted, more people come into the system for health care and costs escalate.

There is controversy on how to budget for the housing agencies: CBO says $317 billion, OMB says $130 billion. Both of these were presumed on housing prices stabilizing, which now is problematic.

Another element, not surprisingly, is that under the stimulus, state and local governments were given federal grants equal to one-third of the state budgets.…
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Clowns to the left, Jokers to the right.

Courtesy of ilene

Here’s the newest edition of Stock World Weekly: Clowns to the left, Jokers to the right.


 

Excerpt:

Our bearish outlook heading into this week proved accurate as U.S. equities traded sharply lower. We caught a glimpse of “No Mo POMO” in action. Not surprisingly, without POMO money from the Federal Reserve propping up stocks, the market behaved poorly. As Lee Adler of the Wall Street Examiner warned last week, “Normally, even with QE [quantitative easing], we’d expect some pressure to show up either in the stock or bond markets around such a large settlement. It should be a lot more ‘interesting’ without QE. This will be the first real test of the market without it since last August.” (Stock World Weekly, July 10, p.11

Europe is facing its own challenges. The European Debt Crisis of the Twenty-first Century, “The Black Debt,” continued spreading across Europe like the plague. (Originating in China, the Black Death swept through Europe from 1348 to 1350, killing 30% to 60% of the population.) Our modern era’s fiscal contagion may be less lethal, but it still threatens to tear apart the economic fabric of the Eurozone by unraveling a complex arrangement of debt owed between member nations and eroding confidence in the continued viability of the Euro as a currency. The magnitude of the collateral damage to other countries is not known, but given the black box nature of the derivatives market, it is likely substantial. (See e.g. Derivatives Cloud the Possible Fallout From a Greek Default)

[...]

As the clock ticks down to the impending August 2 deadline for lifting the debt ceiling, negotiations between the White House and Capitol Hill are growing increasingly tense. Lawmakers and the President attempt to arrive at a compromise that will inevitably satisfy no one. President Obama, pushing for a combination of spending cuts and tax increases, reached out to the American public during his weekly radio and Internet address, declaring, “We have to ask everyone to play their part because we are all part of the same country. We are all in this together.” (Congress seeks debt solution, Obama goes to public)

Obama has embraced some measures that members of his own party deeply oppose, including
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Europe Scrambles For Swiss Safety As EURCHF Plummets At Open To All Time Lows

Courtesy of Tyler Durden

Someone is very, very nervous in Europe as it took precisely zero time for the various CHF crosses to plunge to all time lows. The chart below shows the EURCHF which just opened about 140 pips lower than the Friday close. And while there is little if any movement in the crap currencies, i.e. the USD and the EUR, the flight to fiat safety has never been as profound. Since the CHF is a direct proxy of gold in the commodities space, look for gold to take out $1,600 as early as a few hours from now when the market reopens. Also, expect a possible SNB intervention any minute as the Reuters IFR article below speculates.

EURCHF:

From Reuters:

SNB’s Vice-Chairman Jordan highlighted this week that not only were they “very concerned” but that they were “monitoring the euro franc exchange rate very closely”. We now have suggestions that the Swiss would look to impose capital controls in order to limit safe haven inflows and thus CHF strength.

The comments from Jordan at the very least mean that the market will push out the timing of rate hikes and flatten the money market curve further. Under normal circumstances these lower yields would help to take the shine off a currency.

So what are the options? Firstly, capital controls while being in favour in the EM world and endorsed by the IMF as a policy option would likely do more damage than good to the Swiss economy. Its big banks (still too big to fail) have been hurt by the stronger CHF and talk of new round of job losses has already surfaced as a result.

Capital controls for an economy that gains much from its financial sector would not be appropriate. Second, there is the option of negative interest rates. A look at the Swiss interest rates implied by USD/CHF forwards shows that we are already there with regards to negative rates. If one works out the implied rate on the 3-month then we have a rate that is NEGATIVE 1.50-2.50%. So it is debatable whether a policy of officially shifting rates into negative would have any real impact.

This leaves the potential that when the SNB deems the CHF to have increased the risks of deflation we may get more action on 1) either


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Zero Hedge

Will The US Slap Sanctions On Nord Stream 2?

Courtesy of ZeroHedge. View original post here.

Authored by Nick Cunningham via OilPrice.com,

There is a growing push in the U.S. Congress to slap sanctions on the Nord Stream 2 pipeline.

The pipeline under construction would carry Russian natural gas to Germany, and has been a lightning rod of controversy both in Europe and across the Atlantic. Many governments and officials from Eastern Europe fear deeper dependence on Russia for gas supplies, a sentiment echoed by the U.S. government. Meanwhile, many in Western Europe are less concerned,...



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Phil's Favorites

US is already fighting a conflict with Iran - an economic war that is hurting the wrong people

 

Embed from Getty Images

 

US is already fighting a conflict with Iran – an economic war that is hurting the wrong people

Courtesy of David Cortright, University of Notre Dame

Many are worried about the risk of war with Iran after the Trump administration leaked discussions of a troop deployment in response to claimed threats to U.S. warships in the region.

And in r...



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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:

 

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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 >>