Archive for 2012

IceCap Asset Management March Perspectives: “I Need A Job”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

From IceCap Asset Management March 2012:

Just as Mr. Greenspan had a conundrum, so too does Mr. Bernanke. And just as Mr. Greenspan completely misunderstood his conundrum and how to address it, so too does Mr. Bernanke.

Mr. Bernanke was very clear that his conundrum is the job market. The reason his brow has become furrowed is due to the eternal question of whether the lack of a strong recovery in jobs is cyclical or structural.

Now since most people live in the real World, this concept of cyclical versus structural falls on deaf ears. However, it’s actually a very important concept for you to understand and it could even save you a few bucks in your portfolio.

Cyclical simply means the regular ebbs and flows of a market. Think of your daily commute to work (if you have a job) – some days are longer, some are shorter but in general they are quite predictable.

Structural refers to the underlying foundation and how it supports the system. For example, what happens if suddenly in the middle of the night the bridge everyone uses collapses. Suddenly your commute has become a lot more complicated and will remain complicated for a long time.

In the real World, 6 million people had their bridge collapse and lost their jobs. Yet, in Mr. Bernanke’s World this cyclical inconvenience could easily be fixed simply by cutting interest rates to 0%, spending billions on “shovel ready” projects, and cutting taxes. Sadly, a funny thing didn’t happen – the usual boomerang (or cyclical) rebound in new jobs has not occurred, and for some strange reason the collapsed bridge hasn’t been replaced either.

The high levels of employment reached during the 2004-2007 period were achieved on the backs of the housing and debt bubbles. During that time, economic growth was boosted by 400% as a result of people taking equity out of their homes (mortgage equity withdrawal). Considering no one has any equity left in their homes to withdraw, economic growth and the jobs that come with it are going to have to find another adrenalin shot. If you know the next big thing – feel free to share it, the World needs it.

Full note:

 





PBOC To Defer To Fed On Easing After Inflation Comes In Hotter Than Expected

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Last week, when we commented on the amusing spread between the Chinese PMI as measured by HSBC on one hand (plunging) and the official number (soaring), we had one very simple explanation for this divergence: “the Schrödinger paradox – where the economy was doing better and worse at the same time – which was experienced for the past three months in the US (and is now finished with the economy rolling over), has shifted to Shanghai, where it is now the PBOC’s turn to baffle all with bullshit. Why? One simple reason: despite what everyone believes, China still has residual and quite strong pockets of inflation. So while the world may be expecting an RRR, or even interest rate, cut any second now (just as China surprised everyone literally house before the November the global FX swap line expansion by the Fed in November 2011), the PBOC is just not sure it can afford the spike in inflation, or even perception thereof.” It appears we were correct, following the just released Chinese CPI number, which in March printed at a far greater than expected 3.6%, on expectations of a 3.4% print, and well above the February 3.2%.

The core number so most relevant to social stability – food inflation, came at 7.5%, the highest since January’s 10.5%. Bloomberg, as well as the PBOC of course, validates our prediction that inflation is still a significant factor in the Chinese economy: “Today’s data show Premier Wen Jiabao’s officials may need to remain alert to the risk of inflation bouncing back even after price increases stayed below the government’s 4 percent target for a second month. Authorities will seek to “prevent a rebound” in consumer prices and manage inflationary expectations, Wen said during a visit to southern China from April 1 to 3.” Translation: the Shanghai Composite will be rather unhappy as the possibility for any RRR cut is now pushed back by at least another month into the future, as the Chinese central bank has decided to defer to Bernanke’s (and the BOJ’s) upcoming QEasing, thank you very much.

China CPI:

From Bloomberg:

“Inflation will pick up further as China’s economy warms up again,” Liu Li-Gang, Hong Kong-based head of Greater China Economics at Australia & New Zealand Banking Group Ltd., said before the


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Copper and Yuan Carry Trade

Courtesy of ZeroHedge. View original post here.

Submitted by EconMatters.

 

By EconMatters

 

Copper fell more than 3% on Wednesday, April 4, its most in nearly two months after the latest meeting minutes from the U.S. Federal Reserve meeting showed policymakers seem not quite ready to launch further economic stimulus.  The red metal did manage to rebound a bit to $3.79 per pound on Friday after the BLS reports showing an improving labor market, and on hopes that China may loosen its monetary policy to avoid a hard landing.

 

Prices of copper have slid about 5% since hitting their highest levels in nearly five months at $3.9950 per lb in February.  China, the biggest copper consumer in the world., reported strong copper and copper product imports in February to 484,569 tons, up 17% over January and imports in the first two months this year were 50% higher than the same time last year (see chart below).

 

However, rather than a sign of strong end user demand, a lot of the stockpile copper will never get shipped out to end-users because they were bought for speculative reasons.  Traders are using copper as collateral for other investments – offshore yuan forwards and interest rate differentials seems to be the most popular trade right now.

#000000;”>

 

From Reuters,

“Before a selloff in the offshore markets in September, trading firms were using copper to fund a carry trade, where they secured LCs in low-yielding dollars to fund plays in the spread between onshore and offshore yuan, layering an element of FX gains on top of commodity price gains.

They could also speculate on the currency by using yuan non-deliverable forwards, which are contracts betting on the yuan’s direction but settled in U.S. dollars. 

The premium for the offshore market has climbed as high as 3% over the onshore rate last year due to limited supply and high demand for exposure to the Chinese currency, whose trade is limited outside the mainland.”

According to Reuters, the offshore market, or CNH (Chinese yuan traded in Hong Kong), is largely the result of China’s experiment to promote its currency’s use in international trade and has traditionally traded at a higher value in dollar terms than the mainland yuan.

 

The premium for the offshore market has climbed as high as 3% over the onshore rate last year. Local traders estimate some 80-90% of the bonded copper stocks in Shanghai belong to trading houses using imports as a way to get cheaper financing.

 

 

This type of financing deals draws world’s copper stocks into China depressing local prices, tightening supply outside of China, while distorting other supply, demand and price indicators such as imports data and reported stock levels.

 

Various projections point to a world copper production deficit of about 250,000 metric tons in 2012 as supply growth continues to lag behind demand growth, and supply and demand is expected to reach balance by 2013.  However, analysts estimate that more than 1 million tonnes of mostly unreported commercial stocks of refined copper cathode are currently sitting in warehouses, the highest level since 2009.  That’s about 4 times of the expected deficit this year, which suggests the current copper market seems more than balanced than most people believe given the slowdown in China’s economy.

 

For now, traders are still bullish on copper as Managed money funds increased their net long position on copper futures and options by 25% in the week ended April 3, according to the data from the CFTC (see chart below).

 

 

In the long run, copper price outlook is positive just on rising mining costs, diminishing resource base, and the demand growth expectation.  But don’t expect copper to break out unless there’s a real pickup in consumption, and Chinese players start offloading the surplus stockpile.

 

 

Source: Stockcharts.com

 

From a technical standpoint (see chart above), copper’s been trading in the $3.70 to $3.95 per pound range since the start of the year, and should find short-term support at $3.70, with major support at $3.30, major resistance at $4.00.  So if you are shorting copper, put the stop at $3.70, but start the long position (with a stop at $4.00) if copper breaks the $4 resistance.    





Betting on the race to the bottom

Betting on the race to the bottom

Courtesy of Bruce Krasting

On Monday and Tuesday the market’s attention will be on the USA and the negative economic implications of the Nonfarm payroll (NFP) miss. Market eyes will also be focused on the bond markets in Italy and Spain. As of last Thursday, Europe seemed to be on the verge of another “accident.” The EURCHF closed the week a fraction above the 1.20 peg to the Euro. The Swiss National Bank will likely be forced to show its muscle. While the peg will not break, news of the attack will rile the FX markets.

If this scenario plays out, the Yen should benefit against the dollar and the Euro. If the Yen crosses get cheap, I think it will be a good opportunity to short the Yen. As bad as Euroland appears, and as shaky as the USA looks, Japan looks like it might end up winning the race to the bottom.

 

+

There are two very big issues that Japan is confronting; energy and taxes. Both of these issues will come to a head over the next sixty days. I don’t see a soft landing.

Fourteen months ago Japan had 54 operating nukes. Today it has one. By the end of May, it will have none. 

 

 

The Japanese press is discussing options such restarting the nukes, but many people want to shut them all down:

 
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.

There are two significant consequences of the shutdowns: (A) soaring imports of expensive hydrocarbons (LNG, oil and coal), and (B) this summer, there will be as much as a 12% shortfall in electricity to to cool homes and run factories.

The shutdown of the nukes has already led to a major turnaround of Japan’s external trade position. In 2011 Japan reported its first annual trade deficit in over 30 years. The shortfall came to Y2.5T ($32B). In 2012 that number could be as large as $100B.

 

 

The shortage of “juice” this summer will cause cut backs in supply to big industry. As a result, industrial production will fall.…
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March 2012 Roundup: Of Muppets, Keynes and Female Risk Aversion

Courtesy of Tim of the Psy Fi Blog

Muppets and God
This was the month that saw Goldman Sachs' Muppetgate, and a $1.5 million book deal for Greg Smith, the man who precipitated it. Perhaps the most interesting revelation was that Smith’s role of “executive director” apparently equates to “teaboy”, if inside reports are to be believed. This grade inflation presumably reaches all the way to the top, or to “God” as CEO Lloyd Blankfein is now known. At least that would mean his much derided comment that bankers were doing God’s work finally makes sense… 
 
Tea and Keynes

According to Smith standards have slipped at Goldman’s, although his rosy recollection belies the fact that back in the good old days they were busy finding ways of hiding Greek debt from the European Union’s financial overseers. Admittedly, that’s about as hard as playing hide and seek with Helen Keller, but the idea that GS was a hive of modest disinterested behavior a decade ago seems unlikely at best.
 
Elsewhere Paul Krugman and Steve Keen had a squabble that resembled two all-powerful demigods having a fight over whose turn it was to tidy up after tea. The nub of the debate was the arcane topic of fractional reserve banking and whether bank tellers can create money or not. The answer seems to be that they can. Or maybe they can’t. It just depends on your perspective. More interestingly Jason Zweig produced a good piece about research into Keynes the investor and promptly got flamed by people who dislike Keynes because of his economic policies and who can't think beyond their prejudices to look at the data. Jason responded by dissecting his respondents' problems with halo effects and confirmation bias in a blog article which included a link back here, thus neatly re-directing the ire across the Atlantic.

Research and Posts

Interesting research published in March included the idea that it's institutions that cause bubbles not private investors, at least in South Korea (Are Individual or Institutional Investors the Agents of Bubbles?). Meanwhile the German Bundesbank came down firmly against the idea that women are more risk adverse when it comes to money in Executive Board Composition and Bank Risk Taking.  It's probably fair to say that the general response to this was less than positive; e.g.Bundesbank Comes Out Against


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The Copper Yuan Carry Trade

Courtesy of www.econmatters.com.

By EconMatters

Copper fell more than 3% on Wednesday, April 4, its most in nearly two months after the latest meeting minutes from the U.S. Federal Reserve meeting showed policymakers seem not quite ready to launch further economic stimulus.  The red metal did manage to rebound a bit to $3.79 per pound on Friday after the BLS reports showing an improving labor market, and on hopes that China may loosen its monetary policy to avoid a hard landing.

Prices of copper have slid about 5% since hitting their highest levels in nearly five months at $3.9950 per lb in February.  China, the biggest copper consumer in the world, reported strong copper and copper product imports in February to 484,569 tons, up 17% over January and imports in the first two months this year were 50% higher than the same time last year (see chart below).

However, rather than a sign of strong end user demand, a lot of the stockpile copper will never get shipped out to end-users because they were bought for speculative reasons.  Traders are using copper as collateral for other investments – offshore yuan forwards and interest rate differentials seems to be the most popular trade right now.

From Reuters,

“Before a selloff in the offshore markets in September, trading firms were using copper to fund a carry trade, where they secured LCs in low-yielding dollars to fund plays in the spread between onshore and offshore yuan, layering an element of FX gains on top of commodity price gains. 

They could also speculate on the currency by using yuan non-deliverable forwards, which are contracts betting on the yuan’s direction but settled in U.S. dollars. 

The premium for the offshore market has climbed as high as 3% over the onshore rate last year due to limited supply and high demand for exposure to the Chinese currency, whose trade is limited outside the mainland.”

According to Reuters, the offshore market, or CNH (Chinese yuan traded in Hong Kong), is largely the result of China’s experiment to promote its currency’s use in international trade and has traditionally traded at a higher value in dollar terms than the mainland yuan.

As the premium for the offshore market has climbed as high…
continue reading





[Video] 60 Minutes Reviews the European Debt Crisis

Submitted by Mark Hanna

Courtesy of MarketMontage. View original post here.

60 Minutes did a piece on the situation in Europe, and for a not financial oriented TV show, it did a pretty fine job of describing the situation for a mass audience.   They key line I wish they had expanded upon was along the lines of “in the past, if Greece found its accounts overdrawn the country simply printed more money, or devalued its currency…” – which are paths the U.S., U.K. and Japan now follow.   Further they should have explained how these financial injections are backdoor bailouts for the financial elite, namely German and French banks, among others.

However, it was interesting to see the dynamic between Greece and Germany in far greater detail than the numbers we are numb to – the long and violent history of this continent makes for interesting relationships.

14 minute video, email readers will need to come to site to view

Disclosure Notice

Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog





Goldman Closes Long Russell 2000 Recommendation At A Loss

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

And so the latest Goldman recommendation to muppets is now officially a dud.

Closing our Long Russell recommendation with a modest potential loss

 

We are closing our long Russell 2000 recommendation with a modest potential loss, initiated on March 15 following the better-than-expected data in the first of the regional surveys. The recommendation was predicated on (i) still friendly, if not accelerating, US macro data, (ii) supportive monetary policy, and (iii) better insulation that Russell offers against global concerns, including Europe and China, relative to some other implementations (S&P 500 index and Wavefront GDP Growth Basket).

 

Since then, the macro data (both US and global) have come in more mixed than we would like, with Friday’s non-farm employment growth report clearly disappointing. Furthermore, last week’s “guts” of the ISM were weaker than the headline reading, and the momentum of our Global Leading Indicator (GLI) stalled. Combined with the fact that the Fed may be further away from a fresh round of easing than we had expected, two out of three pillars supporting the recommendation were compromised. And as the risk/reward of backing the US growth upgrade worsened, Euro area sovereign risks resurfaced yet again. With an upcoming “lull” in the US macro calendar and a significant batch of Chinese data forthcoming, we think it is prudent to step back and re-evaluate our overall tactical trading view.

Unclear if Goldman, which top ticked the market to the penny, with its “once in a lifetime” opportunity to rotate out of bonds and into stocks, has yet given the all clear to buy stocks, i.e., tell muppets to short equities. As a reminder here is what we said then:

Roughly at the same time Francesco Garzarelli fired the first warning shot against Treasurys on January 23, 2012, telling ‘clients’ that “We are now of the view that a break to the upside, to 2.25-2.50%, is likely and recommend going tactically short. Using Mar-12 futures contracts, which closed on Friday at 130-08, we would aim for a target of 126-00 and stops on a close above 132-00″ a trade which has largely worked which means that the Goldman counter-axe is hurting big (although following the trade snap yesterday this may


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We Owe How Much??

Courtesy of ZeroHedge. View original post here.

Submitted by ilene.

So, here’s a formula: take $55 or so trillion of reported total debt (from the Fed’s Z-1 report), and $100 or so trillion of unfunded liabilities, and toss in a modest portion of the derivatives that are effectively debt (any thoughts on that one?), and divide by 300 million Americans – we get more than half a million per capita.  Anyone have some other suggestions for the formula to determine what the actual debt is for all, and per capita?  ~ Ilene  

We Owe How Much??

Courtesy of John Rubino.

One of the problems with the debate over the “national debt” is that there’s no generally agreed upon definition of that term. Is it what the federal government owes, or what it owes foreigners, or what the whole country, private and public sector together, owes? Does it include off-balance-sheet items and contingent liabilities?

There’s a hundred-trillion dollar gap between lowest and highest on this spectrum, which allows each commentator to confuse the rest of us by picking the measure that best suits their point of view. New York Times columnist Paul Krugman, for instance, uses “net debt” — the amount that the US owes foreigners — to argue that since this number is relatively small and slow-growing, we’re actually fine. Analysts using broader definitions of debt come to the opposite, more apocalyptic conclusion. Consider this from today’s Wall Street Journal, on the impact of off-balance-sheet obligations:

Smoke, Mirrors and Public Deficits

.
By RICHARD BARLEY

.
Are public debt and deficit numbers illusory? Perhaps, judging by the ruses employed by governments and identified by the International Monetary Fund’s Timothy Irwin in a recent staff note. Deficit crises in developed countries may only increase the allure of such devices, although they may do little to help in the long run.

.

European countries got creative as they strove to hit targets to join the single currency during the 1990s. In 2005, Organization for Economic Cooperation and Development researchers cataloged 192 cases of one-time measures and accounting maneuvers across Europe—50 in Greece alone—with effects ranging from negligible to 2% of GDP. In 1997, for instance, France took on the pension liabilities of France Télécom in exchange for a payment of €5.7 billion ($7.6 billion), or 0.5%


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Gold Surges As Indian Jeweller Strike Ends, Equity Futures Slide

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

As reported earlier, the Indian gold buying strike is now over, and just as we predicted, gold futures are off to the races right out of the gate, with the yellow metal surging $10 just as the electronic market broke for trading, touching $1647, about $30 higher compared to the liquidation rout from three days ago (has anyone seen Gartman today?). Unfortunately, while Indian purchases of gold are sure to provide a bid under the metal, their appetite for stocks appears to not have risen, and as a result, ES is continuing Friday’s downdraft lower, with the E-Mini touching on 1372 in the first minutes of trading. Finally, with Brian Sack no longer there to facilitate the overnight ramp higher, this just may be one of those overnight futures sessions where we do not see a miraculous melt up on absolutely nothing.

Gold:

ES:





 
 
 

Zero Hedge

Auto Shares Surge As Fiat, Renault Confirm Merger Talks

Courtesy of ZeroHedge. View original post here.

With President Trump in Japan for a state visit and most of Europe headed to the polls to vote in the quinquennial EU Parliamentary elections, there was enough news to keep market watchers occupied during what was supposed to be a quiet holiday weekend in the US. 

But on top of these political headlines, on Saturday afternoon, the news broke that Italian-American carmaker Fiat Chrysler had approached France's Renault with a merger proposal that would leave the shareholders of each carmaker with half of the combined company, in a tie-up that would create the world's third-largest au...



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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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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.

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