Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

PSW Trade Review – Thank You Sir, MAY I Have Another! – Part 1

SPY 5 MINUTE1,900 on the S&P, 16,600 on the Dow! 

The month isn't quite over yet but we're up about 3% for the year now although, as Dave Fry points out, on record low volumes – which makes the whole thing sort of suspect.  

 
It seems contrived but those that can engineer a new record SPY close were able to get the job done Friday.

To some extent, we've sat out this "rally" as we moved to mostly cash last time the S&P tested 1,900 and we're certainly not true believers just yet.  Nonetheless, our virtual portfolios are well outperforming the market despite having very little of our cash committed.  Our $500,000 Long-Term Portfolio is up a whopping 12.5% for the year ($62,500) with $499,650 of cash remaining, while even the more bearish $100,000 Short-Term Portfolio is up 0.7% ($700) with $83,840 left to deploy.  

INDU WEEKLYThat's because we're teaching our Members this year "Don't Gamble With Your Investments - BE THE HOUSE – Not the Gambler" this year.  Our key strategy where use options to sell risk to others, which gives us an excellent probability of making good money in up, down or sideways markets.  Clearly, we've had a little of all of that this year!  

We have the modest goal of making 20% a year, which keeps us on track to turn $250,000 into $5,000,000 in 15 years - allowing us to retire in style. 

We have also been constructing a new Buy List (part 1 and part 2, so far) for our Members, our 20 favorite post-earnings bargains.  Those are our "official" trades but, at Philstockworld – we're all about teaching our Members HOW to trade – using the principle of "Give a man a fish and you feed him for a day but teach a man to fish – and you feed him for a lifetime."  Not only does it benefit our students but many of our students become masters themselves and enrich our trading community over time.  

RUT WEEKLYThe following is a list of the untracked trades we make every day in our Live Member Chat Room.  We haven't done one in a while as it was getting boring, since the always up market combined with our "Be the House" strategy was giving us 85% winning trade averages (see Portfolio Reviews).  The purpose of a review is to see what's going right and what's going wrong – when almost everything goes right, the reviews seem pointless. 

At this moment, I don't know how we did in May, I will begin reviewing as I write the rest of this lengthy post.  Keep in mind that where a trade stands 2 or 3 weeks after it was made is very arbitrary, but one of the main purposes of doing these trade reviews is to identify trade ideas that DID NOT work – as those give us even better entries than we had before (assuming the fundamentals didn't betray us).  

Every single trade you see here came from either my morning post (you can sign up here) or the Live Member Chat Rooms we maintain each trading day (the comment section below those posts).  

I like to include the title of that post and some of the commentary, so we can look at the trade in the perspective it was taken.  I find that reviewing trades like this, periodically, makes me a smarter trader – it's something you might want to try with your own trades as well.  

You will see a wide variety of trading styles here – from very aggressive short-term Options and Futures trading to the Long-Term, Conservative Strategies we prefer for the bulk of our investments.  It's fine to gamble a little, as long as your investment strategy is otherwise on track to a solid retirement plan!  

April 28:  Monday Market Manipulation – M&A News Keeps Things Hot

The fact that one multi-Billionaire can afford to buy crap from another multi-Billionaire with money they are able to borrow at 3% doesn't tell you anything real about the economy.  What is real is the Shanghai dropping 1.62% today, finishing at the low, just over 2,000 (not reflected in chart yet).  What kind of moron would ignore something that significant going on in the World's 2nd-largest economy?  Oh yeah, US investors, apparently…

All we know for sure is that PFE has admitted they have contacted AZN to "renew discussions" but PFE's stock has made no progress this year, so they'd have to pony up a lot more cash to satisfy the rumor mill.  Nonetheless, all Healthcare stocks are rising in Europe and the US this morning and Healthcare is about 13% of the S&P, right up with Financials in significance so isn't it a very happy coincidence for those who needed the market propped up that we had such a big deal announce, or re-re-reannounced this morning?

  • Silver (/SI) Futures long at $19.60 out at $19.67 - up $350 per contract 
  • Dow (/YM) Futures short at 16,400, out at 16,250 - up $750 per contract 
  • Russell (/TF) Futures short at 1,125, out at 1,000 - up $2,500 per contract 
  • Oil (/CL) Futures short at $102, out at $100.50 - up $1,500 per contract
  • AAPL 2016 $500/550 bull call spread at $21, now $32.60 - up 64%
  • 10 CAKE Oct $45/49 bull call spreads at $2 ($2,000) selling 8 June $47 calls for $1.90 ($1,520) for net $480, now $2,360 - up 391%
  • CROX 2016 $12 puts sold for $12, still $1.60 – even 
  • 4 FB Jan $60/50 bear put spreads at $4.40 ($1,760), selling 5 June $60 puts for $4 ($2,000) for a net $240 credit, now $952 - up 296%
  • IRBT long at $34.13, now $35.99 – up $1.86 - up 5.4%
  • 10 IRBT Dec $35/45 bull call spreads at $2.90, selling 10 Dec $30 puts for $3.30 for net $400 credit, now net $50 credit - up 87% 
  • S&P (/ES) Futures short at 1,870, out at 1,850 - up $1,000 per contract
  • SDS June $28/32 bull call spread at $1, selling F 2016 $13 puts for $1.05 for a .05 credit, now -0.60 - down 1,100%

The SDS, of course, was a hedge, which helps lock in the ridiculous gains our other trades made.  Keep in mind that hedges are insurance plays we EXPECT to lose – they are only there to protect our bullish bets.  Notice we make all sorts of trade during a day – that's because we have a diverse group of Members with different trading interests.  By sharing the conversation – over time, everyone learns new trading strategies – as well as ways to improve on their own ideas.  

April 29 – Technical Tuesday – 1,880 or Bust Again – China's Melting Away!

The only thing Small Caps really have going for them is that the Mega-Caps have been snapping them up, especially in the Energy and Biotech sectors and it's that consolidation trend, much like in 2007, that is driving us to new highs – despite the relatively poor economic performance in the background…

How long can the madness last?  Until the music stops and the Fed stops giving interest-free Trillions to their Bankster buddies who, in turn, push for M&A deals with low-cost financing and find many willing partners in the Mega Caps – as they are not able to grow their business internally in a stagnant economy.  

In order to protect their phony-baloney jobs (harrumph!), large-cap CEOs are buying their own stock and the stock of their competitors – whatever they can get with the oceans of cash that are sloshing around for the top 0.01% to dip into at will.  

  • Oil (/CL) Futures short at $102, out at $99 - up $3,000 per contract
  • Dow (/YM) Futures short at 16,450 – out even 
  • S&P (/ES) Futures short at 1,870 – out even 
  • Nasdaq (/NQ) Futures short at 3,550 – out even 
  • Russell (/TF) Futures short at 1,120, out at 1,110 - up $1,000 per contract
  • AAPL 2016 $600/750 bull call spread at $40, selling 2015 $600 puts for $37.50 for net $3.50, now $8.60 - up 145%
  • LUV 2016 $27 calls at $2.60, selling June $24 calls for .85 for net $1.75, now $1.15 - down 34%
  • EBAY Jun $52.25/55 bull call spreead at $1.30, out at $1.40 - up 7.6%
  • PNRA 2016 $150/180 bull call spread at $15, selling 2015 $150 puts for $9 and May $170 calls at $4.50 for net $1.50, now net -$3.50 - down 333%
  • STX 2016 $52.50/57.50 bull call spread at $1.90, selling 2016 $30 puts for $1.60 and June $50 puts for $1.60 for net $1.30 credit, now 0.25 credit - up 80%
  • TWTR 2016 $40/50 bull call spread at $5, selling $35 puts for $4.40 for net 0.60, now -$8.60 - down 1,533%
  • Nikkei (/NKD) Futures short at 14,500, out at 14,300 - up $1,000 per contract
  • NLY at $11.32, selling 2016 $10 calls for $1.50 and 2016 $12 puts for $2.75 for net $7.07/9.54, now $11.76 - on track

As you can see, when you live by the leverage, you die by the leverage!  Of course, we adjust these trades when they miss and TWTR is one we deconstructed in our portfolio already without too much damage.  My comment on the TWTR earnings trade the next day in our Live Member Chat was:

For those who are in the TWTR earnings play, I'd roll the short puts to the 2016 $30 puts for a .50 credit and buy  back the $55s for $5, sell the $40s to another sucker for $10 and roll down to the 2016 $23 calls at $18.  That would change the net to 0.60 – .50 + $5 – $10 + $8 = $3.10 on the 2016 $23/40 bull call spread with the short $30 puts.

PNRA, on the other hand, is one of those gems we look for when doing these reviews.  The stock is just under $155, still above our short Jan $150 puts, so the $9.50 that is currently charged against the -$3.50 position will evaporate over time and turn into a profit – it's just not the immediate profit we hoped for but, as a new trade – it's an even better entry than we had before.  

April 30 – Will We Hold It Wednesday – $100 Oil Edition

If not for the continuing nonsense in the Ukraine, oil would be much lower at the moment as we print record US inventory storage today (10:30 is the official report) without near-record supply and nowhere near record demand.   

  • EZCH Jan $25/30 bull call spread at $1.85, selling $20 puts for $1.75 for net .10, now .70 - up 600%
  • AAPL 2016 $600/700 bull call spread at $31, now $35.50 - up 14%

May 1 – Thrilling Thursday – Dow Hits Record Highs on Lower Earnings 

Why should we worry?

The Dow is at 16,580 so all must be well, right?  The fact that we're up here on low volume and even lower earnings is just one of those nit-picky things that won't matter a year from now, when TA people use the movement to draw new, bullish trend lines.

That's what the Fed is controlling, they are painting charts in broad strokes to keep things moving along – even when they aren't.  

The Fed says it's just bad weather slowing us down and, whether or not you believe that, they also promise to continue to stimulate the economy long after it is necessary.  The Fed is like Santa Claus, only they don't have to put in any effort to make their toys, so Christmas comes 365 days a year for the top 0.01%.  For the bottom 99.99% – well, it's 0.1% growth on the "trickle down" effect.

  • S&P (/ES)  Futures short at 1,880, out at 1,870 - up $500 per contract 
  • Oil (/CL) Futures long at $98.50, out at $100 - up $1,500 per contract 
  • Nikkei (/NKD) Futures short at 14,500, out at 14,400 - up $500 per contract 
  • Dow (/YM) Futures short at 16,500 , out at 16,450 - up $250 per contract
  • Russell (/TF) Futures short at 1,130, out at 1,115 - up $1,500 per contract
  • DLTR Jan $50/55 bull call spread at $2.40, selling 2016 $45 puts for $3.60 for a net $1.20 credit, now -0.20 - up 83%
  • Gasoline (/RB) Futures at $2.92, out at $2.95 - up $1,260 per contract
  • LNKD June $180 calls at $4.60, out at $2.50 - down 32%
  • AKAM Jan $55/65 bull call spread at $3.40, selling 2016 $45 puts for $5.40 for net $2 credit, still $2 credit – even
  • XRT June $82 puts at $1.50, out at $2.50 - up 66%

May 2 – Non-Farm Friday – Our Economy Is Not Worlking 

When is a job not a job?  

When the job sucks!  We've all had crappy jobs in our lives – something we stay in to pay the bills but has no chance of being a career.  As you can see from this chart, a lot of career Government jobs have disappeared over the past 4 years – the kind of jobs that held advancement and retirement and health benefits.

They have been replaced by Retail, Food Service and "Adminstrative and Waste Services" – ie., minimum wage jobs.  That's why, when the GOP puts up charts with minimum wage data, they tend to have old data.  The newer the data is, the worse the picture looks and the harder it is to spin into the "job creator" mythology.  

  • Silver (/SI) Futures long at $19, out at $19.17 - up $850 per contract
  • Nasdaq (/NQ) Futures short at 3,600, out at 3,575 - up $500 per contract 
  • Dow (/YM) Futures short at 16,550, out at 16,450 - up $500 per contract
  • S&P (/ES) Futures short at 1,885, out at 1,875 - up $500 per contract 
  • Russell (/TF) Futures short at 1,130, out at 1,120 - up $1,000 per contract
  • Oil (/CL) Futures short at $100, out at $99.50 - up $500 per contract 
  • Nikkie (/NKD) Futures short at 14,600, out at 14,400 - up $1,000 per contract
  • LNKD 2016 $150/175 bull call spread at $10, selling $100 puts for $9 for net $1, now $1.85 - up 85%
  • SGEN 2016 $30/40 bull call spread at $4.50, selling $25 puts for $4.20 for net .30, now $0 - down 100%
  • SDS June $28/32 bull call spread at 0.65, selling F 2016 $13 puts for 0.98 for net .33 credit, now .50 credit - down 51%

The other way you win on earnings is DON'T PLAY AHEAD OF EARNINGS and WAIT for an opportunity to buy good deals like LNKD or SGEN when they sell off more than you think they should have!

Well, the month is off to a great start with 47 trade ideas in the first 5 days and only 7 misses for an 85% winning percentage.  As I always point out, we're not supposed to have 100% winning percentage becase that means we're not hedging properly and then, when we are wrong, things can get very ugly.  The key is to BALANCE your picks and sell plenty of premium – that puts the odds very much in your favor and, over the long haul – that's what counts. 

As I noted above, with earnings plays like LNKD, you are often better off simply having a watch list and waiting PATIENTLY until after earnings to pick up bargains.  We lost $2.10 on our long stab, but we made back 0.85 and, evenually (hopefully) $9 by selling puts the next day as they drop.  Often the smarter, less stressful play is to simply wait until you have more data – so you can make a smarter play. 

On to part 2!  

 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!



Comments (reverse order)


    You must be logged in to make a comment.
    You can sign up for a membership or log in

    Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

    Click here to see some testimonials from our members!


  1. Hi Phil, do you think you could push this post out as an alert?  For some reason Safari no longer works with the "email this post" link.  Sometimes I like to save your posts permanently by sending them to email, and that was the way I used to do it, although there may be better ways.  Or, if anyone knows a fix for this problem, that would be great also.


  2. Internet right restored here in Moscow…

    This market will just not give up!

    Off the Red Square and the Kremlin now!


  3. Phil: Hope your are having as nice a Holiday weekend as I am. Love not being rushed.

    Regarding the TWTR adjustment above, I may be missing something in the math. So we sell the Jan16 55's for $10, and then we buy the Jan16 23's for $18, wouldn't the math look like this:

    .060 – .50 + $5 -$10 + $18 = $13.10


  4. And this way something negative comes…?

    http://research.stlouisfed.org/fred2/graph/fredgraph.png?g=Amp


  5. Phil and All,

      I am looking to put some money into a Vanguard S&P500 index fund. I have come across 3 different ones and am trying to figure out the difference. One is an ETF (VOO) and the other 2 are funds (VFINX, VFIAX). I can't figure out the difference (same top holdings, expense ratio highest for VFINX). Appreciate any and all help. Thanks everyone.


  6. Can japan avoid nuclear with LNG?  

    First PNG LNG Cargo Shipped by Exxon
    http://www.marinelink.com/news/shipped-cargo-first369792.aspx


  7. japarikh/Vanguard

    The fund with lower expenses is for those investors that qualify for Admiral Shares (as Vanguard titles it). I believe the difference is the minimum investment levels.


  8. Hey guys!  

    I hope everyone had a good weekend.   We did the BBQ thing and hung out with friends and family – a great way to spend a weekend.  

    Futures look up a bit so far – can't take anything seriously this early.  Just a quick high before I catch up on the news on my IPad – I'll send over the interesting things, of course.

    Post/Rdn – Well, the post will be saved under the Portfolios tab, as they all are.  You can copy the link and  mail it to yourself.  In my version of Safari, on the top left, next to the previous and next page arrows, there's a box with a curved arrow and that one allows you to bookmark or Email the page (or social media it).  Hope that helps.  

    Thanks so much for posting chart, StJ.  I guess it's time for TNA if this rally continues.  

    TWTR/Jbur – Let's see:  We started with the 2016 $40/50 bull call spread at $5 and sold the 2015 $35 puts for $4.40 (net 0.60) and we rolled the $35 puts to the 2016 $30 puts for a .50 credit, so 0.10 net and then we bought back the $50 calls for $5 ($5.10), sold our $40s for $10 (-4.90) and then sold another round of $40s for $10 ($14.90 credit) and then bought (the roll) the $23 calls for $18 for net $3.10 overall, which is what I said.  I think you're just missing the establishment of the new bull call spread – collecting another $10 for the sale of the $40 calls to make the now $23/40 bull call spread.  

    Wow Sibe:

    Vanguard/Japar – Generally, they just fill one fund up and set up an almost identical fund, fill that and set up another one, etc – why mess with winning formulas?  You would need to contact one of their sales people to really get to the nitty-gritty of the differences between the funds.  The ETF, on the other hand, there are certain tax advantages to VOO, as they are beta-capturing and tend to have low turnover and qualify for long-term gains (under certain circumstances, check with an accountant if you are into that stuff).  The great thing about VFINX is that they have virtually no expense ratio (0.18%), so you get a pretty clean track of the S&P – if that's what you're aiming for.  Another advantage of the ETF is that you can trade it intraday – as opposed to NAV if you try to dump the Funds but, if you are in for the long haul – it's not likely to come into play.  

    LNG/Scott – We have 2Tn cubic feet in storage and it goes up and down 200Bcf/week so we're probably using 1Tn per week (US non SPR storage is 300Mb and we use half of that each week), so XOM producing 9Tcf in 30 years (300Bcf/yr) isn't going to come close to powering Japan.  People can't wrap their heads around large numbers, which allows "THEM" to drop articles like this to boost prices here and there when needed.  

    What you should take away from that article is it took XOM 190M work hours and $19Bn just to supply one week's worth of Japan's annual consumption per year for 30 years (assuming it stays steady).  That means, the chance of Natural Gas replacing nuclear in the next 20 years is pretty much zero, unless there are plans to spend another $969Bn building 51 more facilities like this one.  

    Also, in case you haven't heard this rant before – LNG is a huge scam.  It's an excuse to STORE natural gas, which will take massive amounts of it off the market and drive prices through the roof.  Every time they approve a nat gas terminal, they approve storage and ship that will also act as storage where gas has never been stored before.  Since LNG takes up 1/600th the volume of natural gas – when they are talking about 6.9M tonnes of LNG at this terminal – it's and insane amount (I can't do the math) of natural gas that will be stored.

    I did do some math once and it seems like they will end up pumping 2 years worth of natural gas into storage if this LNG plan goes through.  That means, over the course of 10 years, they will artificially boost demand for natural gas by 20% as it's pumped into storage - no wonder it's so important for these guys to get these projects going!   Natural gas is currently so cheap and plentiful that many oil drillers just burn it off to get rid of it – creating an artificial shortage like this can mean Trillions of bonus Dollars for the energy industry (and out of consumers' pockets, of course).  


  9. From Bloomberg, May 26, 2014, 11:36:06 PM

    May 27 (Bloomberg) — David Gaud, a senior money manager at Edmond de Rothschild Asset Management in Hong Kong, talks about Asia and Europe’s stock markets and investment strategy.
    He speaks with Angie Lau on Bloomberg Television’s “First Up.” (Source: Bloomberg)

    Most Asian stocks rose, while copper
    and the Australian dollar climbed, on prospects policy makers
    will act to support global economic growth. South Korean shares
    and wheat declined.

    To read the entire article, go to http://bloom.bg/1kiGs5r
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  10. From Bloomberg, May 26, 2014, 7:00:01 PM

    In May 7 testimony to Congress, Yellen said the jobless rate, which was 6.3 percent in April, is still “elevated” and the number of Americans working part-time who would prefer full-time work is “historically high.” Photographer: Andrew Harrer/Bloomberg

    The bond market, unparalleled in
    predicting shifts in the U.S. economy over the decades, has a
    message: interest rates aren’t going to rise as high as even the
    Federal Reserve’s own forecast.

    To read the entire article, go to http://bloom.bg/TOoPAt
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  11. From Bloomberg, May 26, 2014, 6:03:19 PM

    China is losing manufacturing jobs like these. Photographer: Tomohiro Ohsumi/Bloomberg

    (This is the first article in a four-part series.)

    To read the entire article, go to http://bv.ms/1muJcvZ
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  12. From Bloomberg, May 27, 2014, 12:00:01 AM

    Alibaba.com Ltd.’s headquarters in Hangzhou, Zhejiang Province, China. Photographer: Nelson Ching/Bloomberg

    It’s easy to get caught up in the glossy numbers within Alibaba Group Holding Ltd.’s IPO prospectus: 44 percent profit margins, 72 percent revenue growth, and 231 million active buyers last year.

    To read the entire article, go to http://bloom.bg/1jUsDcF
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  13. From Bloomberg, May 27, 2014, 12:11:09 AM

    Hong Kong may limit tourist arrivals
    as an influx of Chinese visitors stokes discontent, Chief
    Executive Leung Chun-ying said today.

    To read the entire article, go to http://bloom.bg/1jUvgeC
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  14. From Bloomberg, May 26, 2014, 11:13:48 PM

    April 30 (Bloomberg) — Laura Fitzsimmons, a Sydney-based vice president for futures and options at JPMorgan Chase & Co., talks about Bank of Japan policy.
    She also talks about Federal Reserve policy and the implications of the Ukraine crisis for global financial markets. She speaks with Rishaad Salamat on Bloomberg Television’s “On the Move.” (Source: Bloomberg)

    Japan’s risk of spurring inflation without boosting the nation’s growth potential is raising the stakes for Prime Minister Shinzo Abe’s next round of economic restructuring measures, due in June.

    To read the entire article, go to http://bloom.bg/TMpnaf
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  15. From Bloomberg, May 26, 2014, 6:37:32 PM


    May 26 (Bloomberg) — Former Italian Prime Minister Mario Monti talks about the European election results, Matteo Renzi’s government in Italy and European Central Bank policy.
    He speaks from Milan with Manus Cranny on Bloomberg Television’s “On the Move.” (Source: Bloomberg)

    European Union leaders north and
    south of the economic divide are channeling an anti-austerity
    electoral backlash as they seek to push the case for an easing
    of fiscal policy throughout the euro zone.

    To read the entire article, go to http://bloom.bg/1kiHoql
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  16. From Bloomberg, May 27, 2014, 12:03:25 AM

    As Twitter struggles to add new users as quickly as it used to, researcher eMarketer is adding an ominous prediction to the mix: Percentage growth in the U.S. will slow to the single digits by next year. Photographer: Andrew Harrer/Bloomberg

    As Twitter struggles to add new users as quickly as it used to, researcher eMarketer is adding an ominous prediction to the mix: Percentage growth in the U.S. will slow to the single digits by next year.

    To read the entire article, go to http://bloom.bg/Rv9aEh
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  17. From Bloomberg, May 26, 2014, 9:41:29 PM

    May 27 (Bloomberg) –- Steve Vickers & Associates CEO Steve Vickers discusses the military coup in Thailand with Angie Lau on Bloomberg Television’s “First Up.” (Source: Bloomberg)

    Thai military leader Prayuth Chan-Ocha threatened to stamp out anti-coup protests and pledged to
    pay rice farmers $2.8 billion under a state subsidy program to
    head off a recession in Southeast Asia’s second-biggest economy.

    To read the entire article, go to http://bloom.bg/1lNhCaf
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  18. From Bloomberg, May 27, 2014, 12:49:21 AM


    May 27 (Bloomberg) — Singapore Foreign Affairs Minister K. Shanmugam talks about political unrest in Thailand and its implications for countries in Southeast Asia.
    Shanmugam also discusses the disputes over contested areas of the South China Sea. He spoke yesterday with Bloomberg’s Linus Chua. (Source: Bloomberg)

    Vietnam said a Chinese vessel sank one of its fishing boats, the most serious bilateral standoff since 2007 and a move that underscores China’s assertiveness in pushing its claims in the disputed South China Sea.

    To read the entire article, go to http://bloom.bg/1mvtBMH
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  19. From Bloomberg, May 25, 2014, 4:28:13 AM

    China and Japan traded accusations
    over two encounters between their military aircraft yesterday,
    with Japanese Defense Minister Itsunori Onodera terming the
    events “dangerous” and China warning Japan not to intrude on
    its joint naval exercises with Russia.

    To read the entire article, go to http://bloom.bg/1kBwCLi
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  20. From Bloomberg, May 26, 2014, 12:00:00 PM

    In this Sunday, May 11, 2014 photo released by Hong, Chinese police with shields man during a protest against the construction of a waste incinerator in Yuhang district, Hangzhou in China’s Zhejiang province. Government pledges to seek public approval for a planned waste incinerator in eastern China failed to appease the project’s neighbors Monday, May 12, 2014 after thousands of them, concerned over potential health hazards, blocked a highway and clashed with police in a bid to stop the construction. (AP Photo/Hong)

    The first time Yan heard authorities planned a waste incinerator near her home in eastern China was when a petitioner gave her a leaflet warning of the pollutants it might spew into the environment.

    To read the entire article, go to http://bloom.bg/1jn5A5K
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  21. From Bloomberg, May 12, 2014, 12:13:22 AM

    Chinese authorities suspended
    construction of a waste incinerator in the eastern city of
    Hangzhou after demonstrators overturned cars and set police
    vehicles on fire in a protest that drew thousands of people.

    To read the entire article, go to http://www.bloomberg.com/news/2014-05-12/hangzhou-suspends-incinerator-after-protesters-torch-police-cars.html
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  22. From Bloomberg, May 12, 2014, 4:31:40 AM

    Bottlenecks in Manila risk becoming a drag on the Philippine economy because about two-thirds of the nation’s international trade flows through the South China Sea port. Photographer: Brent Lewin/Bloomberg

    Cargo containers filled with goods
    from toys to electronics are piling up on Manila’s docks as a
    rush-hour truck ban threatens to dent growth in the Philippines,
    Southeast Asia’s fastest-expanding economy.

    To read the entire article, go to http://www.bloomberg.com/news/2014-05-11/cargo-containers-jam-manila-docks-amid-truck-ban.html
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  23. Sent from Bloomberg for iPad

    Watch this video at http://bloom.bg/1imhfSU

    Chinese Boat Attacks, Sinks Fishing Vessel: Vietnam
    May 27 (Bloomberg) — A Chinese vessel attacked and sank a Vietnamese fishing boat, the Vietnam government said, raising tensions over a territorial dispute that saw clashes between the countries’ coast guard ships earlier this month. David Ingles has more on Bloomberg Television’s “On The Move Asia.” (Source: Bloomberg)

    Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  24. From Bloomberg, May 26, 2014, 11:59:10 PM

    Yukio Takazawa, left, speaks to members of the media during a tour to the Kazusa-Tsurumai power station in this handout photograph taken in Ichihara City, Chiba Prefecture, Japan. Photographer: Ryo Sugawara/Japan Organics Recycling Association (JORA) via Bloomberg

    Japan’s campaign to boost renewable
    power supplies since the Fukushima nuclear disaster is producing
    some unlikely winners: vegetable farmers.

    To read the entire article, go to http://bloom.bg/1jRx2NF
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  25. From Bloomberg, May 27, 2014, 12:16:10 AM

    India’s Prime Minister Narendra Modi
    formed the smallest cabinet in 16 years as he seeks to fulfill a
    campaign promise of “minimum government, maximum governance.”

    To read the entire article, go to http://bloom.bg/Rvdweo
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  26. From Bloomberg, May 26, 2014, 7:01:00 PM

    May 20 (Bloomberg) — Swedish Finance Minister Anders Borg discusses Pfizer Inc.’s bid for AstraZeneca Plc.
    He speaks from Norrtaelje, Sweden, with Anna Edwards on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

    The biggest proposed deal in drug industry history is dead. Or, dead for now.

    To read the entire article, go to http://bloom.bg/1w4hxXV
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  27. From Bloomberg, May 26, 2014, 7:00:00 PM

    In the U.S. equity market, the worse
    a company’s finances, the better it’s doing.

    To read the entire article, go to http://bloom.bg/1mv32ay
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  28. From Bloomberg, May 26, 2014, 8:01:07 PM

    View of skyscrapers and high-rise buildings in the Lujiazui Financial District in Pudong in smog in Shanghai, China. (Imaginechina via AP Images)

    Shanghai warned children and the elderly to stay indoors for a second day as haze engulfed the city, sending PM2.5 levels to more than 9 times the World Health Organization’s recommended exposure.

    To read the entire article, go to http://bloom.bg/1mviN19
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  29. From Bloomberg, May 26, 2014, 6:09:32 AM

    A ruler measuring the water level is displayed on the side of the Jaguari Dam, managed by Sabesp in the state of Sao Paulo. Crop Prices are dropping after rallying the most ever for the period in the first four months of the year as Brazil’s drought threatened coffee, sugar and citrus supplies. Photographer: Paulo Fridman/Bloomberg

    Hedge funds reduced bets that crop
    prices will reverse their longest retreat since January as U.S.
    sowing accelerated and concerns about dry weather eased.

    To read the entire article, go to http://bloom.bg/1w4bpPc
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  30. From Bloomberg, May 24, 2014, 10:54:49 AM


    Andreas Treichl is the CEO and Chairman of the Management Board of Erste Group Bank AG. He is pictured here in an undated photograph, provided to the media on the Bank’s website in Dec., 2012. (Source: Erste Group Bank AG via Bloomberg News)

    The European Central Bank defended
    the design of a stress test for 128 euro-area lenders, after
    Andreas Treichl, head of Erste Group Bank AG (EBS), vowed to fight its
    “political” bias against eastern Europe.

    To read the entire article, go to http://bloom.bg/1m6pCo0
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  31. From Bloomberg, May 24, 2014, 12:01:00 AM

    Guests attend a clam bake at Dune Beach in Southhampton, Long Island. Photographer: Jemal Countess/WireImage

    You can get a lot more than pizza delivered in the Hamptons.

    To read the entire article, go to http://bloom.bg/1jEIjAI
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  32. From Bloomberg, May 24, 2014, 12:00:01 AM

    Israel Lund’s “Untitled” 2013 painting fetched $125,000 at Christie’s auction last week. The painting traded four times since June 2013, with price increasing by more than 1,500 percent. Source: Christie’s via Bloomberg

    Israel Lund’s grainy, washed out yellow and gray painting was sold four times over 11 months, jumping more than 1,500 percent in price along the way.

    To read the entire article, go to http://bloom.bg/1om8Xze
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  33. From Bloomberg, May 24, 2014, 12:01:00 AM

    Online gambling’s slow start in New
    Jersey
    , the most-populous U.S. state to legalize Internet bets,
    has casinos reassessing their marketing to would-be players.

    To read the entire article, go to http://bloom.bg/S2YrBw
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  34. From Bloomberg, May 26, 2014, 7:01:01 PM

    May 9 (Bloomberg) — European Central Bank President Mario Draghi speaks about inflation, risks to European growth, the euro and monetary policy.
    He spoke yesterday in Brussels at his monthly news conference. (Excerpts. Source: Bloomberg/European Central Bank)

    Mario Draghi’s plans for credit
    easing may not turn out to be all that easy.

    To read the entire article, go to http://bloom.bg/1jn6O0Q
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  35. From Bloomberg, May 27, 2014, 12:01:00 AM


    Parents whose financial standing disqualify them from most loans may have an easier time borrowing to pay their children’s college costs under a U.S. government proposal to ease credit standards. Photographer: Daniel Acker/Bloomberg

    Parents whose financial standing
    disqualify them from most loans may have an easier time
    borrowing to pay their children’s college costs under a U.S.
    government proposal to ease credit standards.

    To read the entire article, go to http://bloom.bg/1jUsDcO
    Sent from the Bloomberg iPad application. Download the free application at http://itunes.apple.com/us/app/bloomberg-for-ipad/id364304764?mt=8


  36. Tuesday’s economic calendar

    12:00 AM ET


  37. FT: Apple working on home automation software platform

    Yesterday, 03:55 PM ET · AAPL

    • The FT reports Apple (AAPL) plans to show off a software platform that would “turn the iPhone into a remote control for lights, security systems and other household appliances” at its June 2-6 WWDC conference.
    • Apple’s home automation solution will reportedly work with Apple TV (in addition to the iPhone/iPad), and do things such as allow “a home’s lights might automatically come on when the owner enters the house, using their iPhone to wirelessly signal their arrival.” The company is said to be talking with OEMs to certify their products.
    • The report follows Google’s $3.2B deal to buy smart thermostat/smoke detector maker Nest Labs, which was founded by iPod “godfather” Tony Fadell and features many other ex-Apple engineers/designers. Last year, Microsoft bought home automation startup R2 Studios, reportedly beating out Apple and Google along the way.
    • As it is, Apple has launched, or is reported to be launching, a slew of platforms meant to allow iDevices to connect/interact with 3rd-party hardware. Others include CarPlay, iBeacon, and a (rumored) mobile payments service. The company is also expected to launch (via iOS 8) a Healthbook app that will interact with various health sensors, and possibly an iWatch.
    • Automation hardware/software vendors Control4 (CTRL) and Echelon (ELON) could move on the report. Each shot higher after Google/Nest was announced.


  38. Buying the dip in certain small cap names

    Yesterday, 10:12 AM ET · SFLY

    • Mari Cibelli’s Marathon Partners – as its name suggests – invests for the long haul with a concentrated portfolio of growth names. Since the fund’s 1997 inception, it’s up an annualized 16.8%, more than double the S&P 500, and Cibelli is taking advantage of the selling in small caps to add to his favorites.
    • One recent buy is Shutterfly (SFLY) which makes up about 20% of Marathon’s AUM. Cibelli thinks consumers will grow disenchanted with rival products from Facebook and Snapchat, and sees SFLY revenue growing 16% per year through 2016, and enterprise value more than doubling to about $2.4B by then.
    • Marathon’s 2nd-largest holding is XOOM, where he expects pre-tax earnings to jump to $80M from less than $10M this year. If the stock sells for 20x that figure, it should more than double from here.
    • World Wrestling Entertainment (WWE) is Marathon’s 4th-largest holding at 6% of AUM, and the pummeling since March has brought the shares back down to around Cibelli’s original 2011 purchase price of $11. The NBCUniversal deal will increase WWE’s revenue by 50% instead of 100%, and Cibelli has adjusted his target price accordingly, but still sees the stock as a double by 2016.


  39. Sky News: InterContinental Hotels rejects £6B offer from U.S.

    Yesterday, 07:52 AM ET · IHG

    • InterContinental Hotels Group (IHG) has turned down a secret £6B offer from a U.S. rival for being too low, Sky News reports.
    • It’s unclear who the suitor was, although analysts speculated that it could have been Starwood Hotels & Resorts (HOT).
    • InterContinental is bracing itself for a renewed offer from the bidder or from a rival, with U.S. hotel companies thought to be attracted by the prospect of moving their tax bases to U.K.


  40. Ford CEO warns of European oversupply

    Yesterday, 09:52 AM ET · F

    • Ford (F) CEO Alan Mulally has warned about overproduction in Europe, saying that factory closures over the past year have not lowered capacity enough.
    • “European carmakers need to cut back further…as excess capacity on the continent remains at dangerous levels,” Mulally says.
    • His warning comes despite sales on the continent starting to recover this year after falling by about 4M cars from 2007-2013.
    • Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F


  41. German consumer confidence remains high

    Yesterday, 06:49 AM ET · EWG

    • As expected, Germany’s Gfk consumer confidence index has held steady at 8.5 heading into June.
    • “While economic expectations increased considerably and willingness to buy registered a marginal improvement, income expectations lost a large share of the gains achieved in the previous month,” Gfk said.
    • The reading comes after the Ifo index last week showed business optimism weakening. (PR)
    • ETFs: EWG, BUND, EWGS, DBGR, GERJ, DXGE, BUNL, FGM, BUNT, GGOV, HEWG


  42. Draghi: ECB might need to make asset purchases to boost inflation

    Yesterday, 06:36 AM ET · VGK

    • European Central Bank President Mario Draghi has said that the ECB would need to take a “more expansionary stance,” including “a broad-based asset-purchase program,” should inflation remain too low for too long.
    • Draghi warned that the ECB needs to be watchful for “the potential for a negative spiral to take hold between low inflation, falling inflation expectations and credit, in particular in stressed countries. He was speaking at a symposium of central bankers and top economists in Portugal.
    • Draghi didn’t say what action the ECB might take when policy makers next meet on June 15. Analysts believe that the bank might cut interest rates to 0.15% from 0.25% and implement a negative deposit rate, but asset purchases aren’t expected just yet.
    • The euro is +0.1% at $1.3642.
    • ETFs: VGK, FEZ, IEV, EU, EPV, EUFN, EZU, HEDJ, FEU, FEP, UPV, ADRU, FEEU, EURL, EURZ, DBEU, FIEU


  43. “Chocolate king” Petro Poroshenko set to become Ukraine President

    Yesterday, 04:25 AM ET · RSX

    • Petro Poroshenko is on course to become the President of Ukraine following yesterday’s election, with the billionaire confectionary magnate receiving well over 50% of votes counted so far.
    • Vladimir Putin has pledged to work with the winner of the ballot, although there was no immediate reaction from Russia to the expected result.
    • Pro-Russian separatists in Luhansk and Donetsk prevented voting from taking place in many areas, while one person was killed as the violence continued.
    • Poroshenko’s victory is “strongly” positive for Russian and Ukrainian bond markets, says Danke Bank strategist Vladimir Miklashevsky.
    • Russia’s Micex stock index is +0.9% and the USD-RUB is flat at 34.126 rubles, while 10-year bond yields are flat at 8.62%.
    • Ukraine’s PFTS stock index is +1.5%, the USD-UAH is flat at 11.3985 hryvnia, and 2-year bond yields are flat at 19%.
    • More on Ukraine
    • ETFs: RSX, RUSL, RSXJ, ERUS, RUSS, RBL, GUR, ESR, RUDR


  44. FT: Errors place doubt on Piketty’s theory about rising inequality

    Sun, May 25

    • The FT has dug deep into the data underpinning Thomas Piketty’s bestseller, “Capital in the Twenty-First Century,” and finds errors and unexplained entries that undercut the author’s argument that wealth inequality is rising to levels not seen since before World War I.
    • “There is little evidence in Professor Piketty’s original sources to bear out the thesis that an increasing share of total wealth is held by the richest few,” the FT writes.
    • In response, Piketty says that other research using alternative methods supports his broad theory, including that of Emmanuel Saez and Gabriel Zucman, who released their findings after Piketty published his book.


  45. Apple requests ban on several Samsung devices after patent lawsuit

    Sun, May 25 · AAPL

    • Apple (AAPL) is seeking a sales ban on nine older models of Samsung (SSNLF) phones after it won a lawsuit which found that the South Korean company infringed on three patents.
    • Although Apple won $120M of the $2.2B it sought in the case, the tech giant argues that a ban would be more important than monetary damages.
    • While Apple also infringed one Samsung patent, the latter has yet to pursue a ban on Apple products.
    • Meanwhile, Apple, along with Adobe (ADBE), Intel (INTC) and Google (GOOG), has confirmed a report that they have agreed to pay $324M to settle claims they limited competition by conspiring not to hire each others’ workers.


  46. GM raises estimate for number of crashes linked to faulty ignition switches

    Sun, May 25 · GM

    • General Motors (GM) has connected 47 crashes to small cars with faulty ignition switches, up from a prior figure of 31.
    • However, GM maintained that the number of fatalities linked to the defect is 13, as it has previously argued.
    • In contrast, the Highway Traffic Safety Administration reckons that “it’s likely that more than 13 lives were lost.”
    • The independent Center for Auto Safety, a Washington-based watchdog group, said in March that it believes that 303 people were killed when airbags failed to open because of the fault.
    • Also see: General Motors recalls by the numbers


  47. Ukraine goes to the polls; Putin pledges to respect result

    Sun, May 25 · RSX

    • Vladimir Putin has pledged to respect the results of today’s presidential election in Ukraine and to work with the winning candidate.
    • Billionaire Petro Poroshenko was well ahead in the polls prior to the ballot, although he will need to garner over 50% of votes to avoid a second round on June 15.
    • The U.S. and EU have threatened to increase their sanctions on Russia if the election is disrupted. Notwithstanding the warning, pro-Russian separatists have prevented the opening of many polling stations in the regions of Donetsk and Luhansk.
    • Meanwhile, Putin has played down fears about a new cold war with the West, saying that for Russia to halt gas supplies to Europe would be “suicide.”
    • Previous coverage
    • ETFs: RSX, RUSL, RSXJ, ERUS, RUSS, RBL, GUR, ESR, RUDR


  48. Study: WhatsApp used by 41% of Indian Web users, 3% of U.S. users

    Sat, May 24 · FB

    • A GlobalWebIndex study of worldwide WhatsApp (FB) usage (China/Japan excluded) found nearly 1/5 of all Web-connected adults aged 16-64 in studied markets are now using the service.
    • However, the figure is only at 3% in the U.S., where plain-vanilla SMS remains widely used, and rival mobile messaging platforms (iMessage, BBM, Gchat, Facebook Messenger) have a decent amount of share.
    • In 4 locales – Hong Kong, Singapore, South Africa, and Malaysia – at least half of all Web users aged 16-64 are on WhatsApp. The figure is 41% for India (243M Web users by June, per a recent study), 45% for Spain, and 47% for Mexico.
    • WhatsApp crossed 500M MAUs in April, and is on a trajectory that could lead it to top 1B next year. Facebook, for reference, had 1.28B MAUs at the end of Q1.
    • But as the GWI survey highlights, a huge chunk of WhatsApp base is in emerging markets where Facebook has low ARPUs. Facebook has promised not to use ads to monetize WhatsApp, which currently charges a $0.99/year subscription fee in some regions.


  49. Pomboy: Fed to reverse course

    Sat, May 24 · TBT

    • Investors have generally underestimated the impact QE has had on the economy, says Stephanie Pomboy in a Barron’s interview, and as a consequence are underestimating the effect of the taper. That the economy has no self-sustaining momentum is starting to come into focus though, she says, expecting to see nominal growth continue to decline. “Over the longer term there is no material upside risk to Treasury yields … You want to sell at 2% and buy at 3%.”
    • Housing is key, says Pomboy, and there’s little doubt QE had an enormous positive impact on the sector. This more or less came to and end one year ago when Ben Bernanke simply raised the possibility of the taper, and housing hasn’t recovered its footing since. “What we need to sustain housing from here, if anything, is lower rates, not a taper.”
    • Summarizing her view of the economy is a chart comparing net worth with consumer spending. Household net worth is up $25T since the March 2009 bottom, but spending growth hasn’t materially accelerated alongside – an unprecedented occurrence over the past 50 years. And what spending increase there has been, she says, is almost fully the result of inflation – hardly a sign of consumer strength.
    • ETFs: TBT, TLT, TMV, SHY, IEF, TBF, PST, EDV, TTT, TMF, ZROZ, SBND, TLH, IEI, DLBS, TYO, DTYS, VGLT, BIL, UST, UBT, SHV, TBX, VGIT, TLO, VGSH, SCHO, GSY, TENZ, SCHR, DTYL, ITE, LBND, TYD, SST, TYBS, TUZ, DTUL, DTUS, TBZ, DFVL, FIVZ, DLBL, DFVS, TYNS


  50. No Keystone XL would raise economic, public health costs

    Sat, May 24 · TRP


  51. Amazon stirs controversy with hardball tactics against publishers

    Fri, May 23 · AMZN

    • Amazon (AMZN) has escalated a contract-related battle with publisher Hachette by halting pre-orders for a number of Hachette books (inc. J.K. Rowling’s latest novel), and removing pages promoting upcoming Hachette titles.
    • The e-commerce giant is even altering search results, and moving recommendations for 3rd-party titles to prominent spots on Hachette pages. Amazon had already begun delaying shipments of print titles from Hachette, and is doing something similar in Germany for books offered by Bonnier (another publisher it has a dispute with).
    • The head of a German publishers’ association says its antitrust experts are studying whether Amazon’s tactics against Bonnier are illegal. Meanwhile, its actions against Hachette have triggered a backlash among U.S. writers/editors.
    • As it is, Amazon’s efforts to publish books under its own imprints have caused friction with the publishers who heavily depend on it.


  52. Thanks Phil, rj_jarboe for your input


  53. Good morning!  

    Here's a nice chart on the best and worst-performing strategies this year:

    Good thing we're not doing any of those!  Actually, we did do gold at the beginning of the year.  

    I won't be doing the normal Webinar today – I'm not sure when my Webinar is but today they are having some special promotional thing where they put 5 speakers on the same day.  

    Futures are up about half a point, in-line with most of Europe but France is flat.  We'll see what happens when we actually open but, if these levels hold, it will be time to look at our Buy List again! 

    Dozens of pro-Russian separatists were killed by government forces in heavy fighting at a key regional airport that is now back under Kiev's control, Ukraine's interior minister said. 37 min ago

    Oil tapped $104, down from $104.50 at 1am but bounced fast off that, back to $104.12 now.

    Untitled3

    Federal Reserve Admits Truth In Internal Memo: "Prices Continue To Rise Between 3% And 33%"

    Financial Storm Chasing With Blinders On: How The Fed Is Driving The Next Bust

    The Retail Death Rattle Grows Louder

    Lacy Hunt: The Dark Side of Debt

    There's No Fear On Wall Street

    Hedge funds in worst start to year since financial crisis. Lansdowne Partners, Odey Asset Management and Brevan Howard are among the stellar hedge funds to have had a poor start to the year.

     

    Asian Stocks Extend Rally While Copper Climbs With Aussie. Asian stocks rose, with the regional index climbing a fourth day to the highest level in almost six months. Most industrial metals advanced on prospects policy makers will act to support global economic growth, while the Australian dollar strengthened and crop futures slumped. The MSCI Asia Pacific Index added 0.3 percent by 10:04 a.m. in Tokyo, set for the highest close since Nov. 29 as Japan’s Topix (TPX) gauge rose 0.6 percent to the highest level since April 4.

    Japan’s Risk of Inflation With Low Growth Raises Stakes for AbeJapan’s risk of spurring inflation without boosting the nation’s growth potential is raising the stakes for Prime Minister Shinzo Abe’s next round of economic restructuring measures, due in June. An economy “with low real growth rates under mild inflation” is possible, should the government fail to deliver, Bank of Japan Deputy Governor Kikuo Iwata said in a speech in Tokyo yesterday.

     

    Bank of Japan, more confident about recovery, quietly eyes stimulus exit. The Bank of Japan has begun shifting its focus from supporting growth to ways of phasing out its massive stimulus, taking first tentative steps towards a potentially momentous move for the world economy. Current and former central bankers familiar with internal discussions say an informal debate is under way on how to prepare for an exit from the BOJ's 13-month-old "quantitative and qualitative monetary easing."

    Japan Begins Purposely Dumping 100s Of Tons Of Radioactive Water From Fukushima Into The Pacific

    China Cuts Central SOE Profit Growth Target to 5%. China cuts profit growth target for central government-controlled companies to 5% this year from 10% year earlier, citing people from the State-owned Assets Supervision and Administration Commission.

     

    Real Estate Tycoon Sees Titanic Moment for China’s Housing Market. China’s once buoyant property market is facing some rough sailing. In fact, according to one tycoon – Soho China Ltd’s chief Pan Shiyi — the real estate market is looking more like the Titanic headed in the direction of an iceberg. Mr. Pan, the co-founder and chairman of Soho China Ltd., is taking a very bearish view on the housing market, which has struggled this year. In the first four months of the year, home sales were down 9.9% from the same period a year ago in value terms, official data shows. New construction starts — as calculated by area — were down almost 25% year over year in the same period.

    China Has A Housing Bubble In "Some Cities", PBOC Admits

    KYLE BASS: China Isn't Just Slowing Down — It's Contracting

    Key Chinese Industrial Commodity Prices Keep Tumbling

    Brazil's 2014 inflation view rises to 6.47 pct

    Edge of a knife! Eurozone: Countdown to Crisis? Yes or No

    German Economy May Grow .5% in 2Q, IWH Institute Tells WiWo. German GDP growth may slow to .3% in 3Q, citing forecast by the Institute for Economic Research in Halle.

     

    Europe Voted: Anti-EU And Protest Parties Take Nearly A Third Of All Europarliament Seats

    Europe Stocks Rise as Italy Banks Surge on Renzi Victory. European stocks rose to their highest level since January 2008 as Italian banks surged after Prime Minister Matteo Renzi’s party beat a populist challenger in European Parliament elections. A gauge of European banks posted the second-best performance on the Stoxx 600, with Italian lenders including UniCredit SpA leading gains. Atos climbed the most since November 2011 after the French computer-services supplier offered to buy rival Bull for about 620 million euros ($845 million). Getinge AB sank 10 percent as the Swedish maker of hospital equipment postponed its investor day because of talks with the U.S. Food and Drug Administration. The Stoxx Europe 600 Index added 0.6 percent to 343.69 at the close of trading, for a fourth day of gains.

    Italian Bonds Rally With Spain’s on European Polls, ECB StimulusItaly’s government bonds rose for a second day as Prime Minister Matteo Renzi’s party defeated a populist challenge in the European Parliament elections, boosting demand for the euro area’s higher-yielding assets. Spanish bonds advanced on speculation the European Central Bank will increase economic stimulus and as European stocks climbed. Greek, Irish and Portuguese bonds also gained even as parties opposed to closer European Union surged in the polls. German bunds were little changed as a gauge of consumer confidence held at the highest since 2007. ECB President Mario Draghi said in Portugal today that policy makers need to be “particularly watchful” of low inflation. ?

    Meet George Jetson: Apple(AAPL) preps iPhone 'big play'. Apple is readying a new software platform that would turn the iPhone into a remote control for lights, security systems and other household appliances, as part of a move into the "internet of things".


  54. Oh, I forgot – I'm on at 12:15 today:  https://wci.webex.com/wci/onstage/g.php?t=a&d=665752074


  55. My regular Webinar will be tomorrow at 1pm: https://wci.webex.com/wci/onstage/g.php?t=a&d=663321755