Archive for June, 2015

Paul Craig Roberts Rages: Truth Is Now A Crime Against The State

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Authored by Paul Craig Roberts,

The entire Western edifice rests on lies. There is no other foundation. Just lies.

This makes truth an enemy. Enemies have to be suppressed, and thus truth has to be suppressed.

Truth comes from foreign news sources, such as RT, and from Internet sites, such as this one.

Thus, Washington and its vassals are busy at work closing down independent media.

Washington and its vassals have redefined propaganda. Truth is propaganda if it is told by countries, such as Russia and China, that have independent foreign policies.

Propaganda is truth if told by Washington and its puppets, such as the EU Observer.

The EU Observer, little doubt following Washington’s orders, has denounced RT and Sputnik News for “broadcasting fabrications and hate speech from their bureaus in European Union cities.”

Often I appear on both RT and Sputnik. In my opinion both are too restrained in their reporting, fearful, of course, of being shut down, than full truth requires. I have never heard a word of hate speech or propaganda on either. Washington’s propaganda, perhaps, but not the Russian government’s.

In other words, the way Washington has the news world rigged, not even independent news sites can speak completely clearly.

The Western presstitutes have succeeded in creating a false reality for insouciant Americans and also for much of the European Union population.

A sizable percentage of these insouciant peoples believe that Russia invaded Ukranine and that Russia is threatening to invade the Baltic States and Poland. This belief exists despite all intelligence of all Western governments reporting that there is no sign of any Russian forces that would be required for invasion.

The “Russian invasion,” like “Saddam Hussein’s weapons of mass destruction and al Qaeda connections,” like “Assad of Syria’s use of chemical weapons against his own people,” like “Iranian nukes,” never existed but nevertheless became the reality in the Western media. The insouciant Western peoples believe in non-existent occurrencies.

In other words, just to state the obvious noncontroversial fact, the Western “news” media is a propaganda ministry from which no truth emerges.

Thus, the Western World is ruled by propaganda. Truth is excluded. Fox “news,” CNN, the NY Times, Washington Post, and all the rest of the most accomplished liars in world history, repeat constantly the same lies. For…
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Goldman Just Crushed The “Strong Fundamentals” Lie; Cuts EPS, GDP, Revenue And Profit Forecasts

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

In the past week, the one recurring theme among the permabullish parade on financial propaganda TV has been to ignore the closed stock market and banks in suddenly imploding Greece, the situation in Puerto Rico, the recent plunge in US stocks which are now unchanged for the year, and what may be the beginning of the end of the Chinese bubble and instead focus on the “strong” US fundamentals, especially among tech stocks – the only shiny spot an an otherwise dreary landscape (and definitely ignore the energy companies; nobody wants to talk about those). So we decided to take a look at just what this “strength” looks like.

Well, we already saw the collapse in hedge fund hotel Micron Technology, which plunged 30% after it slashed its guidance last week. Alas that may be just the beginning. Here are the year-over-year revenue “growth” estimates for some of the biggest tech companies in Q2:

  • Hewlett Packard: -7.3%
  • IBM: -14.2%
  • Microsoft: -5.5%
  • Intel -4.5%
  • Texas Instruments -1.1%
  • Western Digital -7.2%
  • Ericsson -19.6%
  • Qualcomm -13.9%
  • NetApp -11.3%

And that is the best sector among the “strong fundamentals” story.

In fact, the only bright light in the entire tech space may well be AAPL whose sales are expected to grow 29%. We wish Tim Cook lot of strength if the recent Chinese market crash has dampened discretionary spending and demand for AAPL gizmoes in China. He will need it.

But what’s worse is that while reality will clearly be a disaster, there is always hype and always hope that the great rebound is just around the corner, if not in Q2 then Q3, or Q4, etc.

This time even the hype is be over because none other than the most influential bank on Wall Street, the one all other sellside “strategists” religiously imitate, Goldman Sachs, just slashed its EPS and S&P500 year end price forecast for both 2015 and 2016.

Here is Goldman with its explanation why it is lowering S&P 500 EPS:

We reduce our near-term earnings forecasts to incorporate diminished US GDP growth, a stronger dollar, and lower crude prices. Since October 2014 when we published our previous EPS forecast, expected 2015 real GDP growth has declined by 70 basis points (to 2.4% from 3.1%), the trade-weighted US dollar has strengthened by


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The Air We Breathe

Courtesy of Tim Knight, the Slope of Hope

A few years ago, I was chatting with an acquaintance of mine who happens to be pretty rich. I don't know the exact figure, but his net worth was probably something like $80 million. He was definitely in "ultra-high net worth" territory and quite obviously never needed to work another day in his life.

He was bemoaning to me the fact that if he hadn't sold his energy company so early, he would be "a billionaire by now." My heart didn't exactly ache for the guy, but his complaint (which these days I think is referred to as a "humblebrag") made an impression.

I was reminded of this last week, when I was reading in Quora an article about the definition of "success.' One of the respondents related a conversation he was having with a friend who had $2 billion and was complaining that he wasn't worth as much as Larry Page, who is worth $15 billion.

What is it about money such that people are never satisfied? Most of us have heard about the study that shows that money does, in fact, correlate closely with happiness, up to a level of income about $40,000 per year (adjusted for your location). After that, the marginal benefit begins to fall off, and after a certain amount, it gets fairly meaningless.

It certainly makes sense that, say, a young adult out of college making $60,000 per year is probably a lot more content and satisfied than someone working at Shake Shack for $25,000 per year. But it also makes sense that an investment banker making $900,000 per year is probably no happier than the person who likewise is making $35,000 per year less. Money, at that level, has stopped moving the happiness dial.

An interesting metaphor hit me, which I'd like to offer for your consideration: the air we breathe. Imagine for a moment that we treated air the same way we treat money.

 

What I mean by that is that air is: what if it was unevenly distributed? Most people would…
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The Care And Feeding Of A Financial Black Hole

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Dmitry Orlov via Club Orlov blog,

A while ago I had the pleasure of hearing Sergey Glazyev—economist, politician, member of the Academy of Sciences, adviser to Pres. Putin—say something that very much confirmed my own thinking. He said that anyone who knows mathematics can see that the United States is on the verge of collapse because its debt has gone exponential. These aren't words that an American or a European politician can utter in public, and perhaps not even whisper to their significant other while lying in bed, because the American eavesdroppers might overhear them, and then the politician in question would get the Dominique Strauss-Kahn treatment (whose illustrious career ended when on a visit to the US he was falsely accused of rape and arrested). And so no European (never mind American) politician can state the obvious, no matter how obvious it is.

The Russians have that pretty well figured out by now. Yes, maintaining a dialogue and cordial directions with the Europeans is important. But it is well understood that the Europeans are just a bunch of American puppets with no will or decision-making authority of their own, so why not talk to the Americans directly? Alas, the Americans too are puppets. The American officials and politicians are definitely puppets, controlled by corporate lobbyists and shady oligarchs. But here's a shocker: these are also puppets—controlled by the simple imperatives of profitability and wealth preservation, respectively. In fact, it's puppets all the way down. And what's at the bottom is a giant, ever-expanding, financial black hole.

Do you like your black hole? If you aren't sure you like it, then let me ask you some other questions: Do you like the fact that your credit cards still work, or that you can still keep money in the bank and even get cash out of an ATM machine, or that you are either receiving or hope to eventually receive a pension? Do you like the fact that you can get useful things—food, gas, airline tickets—for mere pieces of paper with pictures of dead white men on them? Do you like the fact that you have internet access, that the lights are on, and that there is water on tap? Well, if you like these things, then you must also like the financial black
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Fun, Fun, Fun … ’til her daddy takes the T-bird away

Well no one is having fun anymore. Here's Paul Price's take on the latest Greek drama.

Fun, Fun, Fun … ‘til her daddy takes the T-bird away

By Paul Price

The popular press has made Germany into the villain of the current Greek drama (and popular bloggers point out the role of Goldman Sachs.) Why, they ask, should Berlin be dictating how the Greek government runs its own country? 

Understanding the reasoning for that is quite simple if you think in terms of the Beach Boys’ old hit song, Fun, Fun, Fun.

Fun, Fun, Fun lyrics

Greece is the wayward “daughter.” Substitute average retirement at 57.8 years old and cushy government pensions with the “hamburger stand.” Think of Germany as the “dad” who recently wised up. Understand that Greece “shouldn’t have lied” all along about its financial status.

Dad was funding the sweet life for his partying daughter while supplying the goodies and footing the bills. She told him the cash was all going towards her betterment and growth when, really, the money was simply being used to have a great time.

No wonder her old man got pissed off.

What would you do in that situation?

You’d probably take away the keys, ground her and cancel her credit cards.

When your kids get jobs and become financially independent they’ll have every right to tell you to “f*ck off.” Until then, while they’re still on your dime, it is only natural to expect they will live under your house rules.

Greece’s proposed referendum expects to ask the kids whether they want to keep partying or if they’d prefer to stay home, study and hunker down.

Which way do you think the vote will go?

Is the responsible parent really the “bad guy” in this story?

Okay, okay. It's a little more complicated. There's enough blame to go around and many complicit players. (Like with the subprime mortgage crisis in the US.) 

Germany and the rest of Europe would have been better off writing down Greece's debt in full, back in 2010-2011, rather than lending the country more money to keep up the facade that Greece could avoid default. In effect, the troika (the European commission, the European Central Bank and the IMF) paid off some bondholders and…
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Chinese QE Calls Officially Begin: Bond Swap “Sucks Liquidity”, “Contributes To Stock Slump”, Broker Claims

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

On Monday, we highlighted what we called an “insane” debt chart and explained what it means for the PBoC. Here’s a recap:

China has launched a bewildering hodge-podge of hastily construed easing measures that can’t seem to get out of their own way. Perhaps the most poignant example of this is how the country’s massive local government debt swap effort — which, as a reminder, aims to restructure a provincial government debt load that amounts to 35% of GDP — is effectively making it more difficult for the PBoC to keep a lid on rates, even as the central bank has embarked on a series of policy rate cuts. 

Despite it all, China will likely continue to cut rates over the course of the next six months in a futile attempt to avert an economic and financial market collapse. In the end, the only recourse will be ZIRP and ultimately QE.

With that in mind, consider the following chart from SocGen which shows the projected supply for local government bond issuance in China. If the new muni bonds issued as part of the debt swap program are effectively treasury bonds — as Citi contends— then ask yourself the following question: how effective can benchmark rate cuts possibly be in terms of keeping a lid on rates with CNY20 trillion in new supply of what are effectively treasury bonds flooding the market? The answer is “not very effective,” which means that someone will need to soak up that supply directly. Enter Chinese QE.

As a reminder, we’ve long said China’s LGB refi initiative would eventually form the backbone of Chinese QE. Here is what we said in March when the program was in its infancy: “It seems as though one way to address the local government debt problem would be for the PBoC to simply purchase a portion of the local debt pile and we wonder if indeed this will ultimately be the form that QE will take in China.” Similarly, UBS has suggested that when all is said and done, the PBoC will end up buying the new munis outright. From a March client note:

Chinese domestic media citing “sources” saying that the authorities are considering a Chinese “QE” with the central bank funding the purchase of RMB 10 trillion


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No End In Sight For Higher-Education Malinvestment

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Doug French via The Mises Institute,

Those of us leaning in the Austrian direction see bubbles and malinvestments around every corner and assume, wrongly as it turns out, the market will right these wrongs lickety-split. But, for the moment a rational market is no match for cheap money. “Any college that is thinking about capital expansion, now is a very good time,” Robert Murray, an economist at Dodge Data told the Wall Street Journal. “Several years down the road, the climate might not be as good.”

Now being a good time because stock market gains have pumped up endowments, “and low interest rates have created a favorable environment for colleges to build,” writes Constance Mitchell Ford. The campus building boom marches on.

In 2014 colleges and universities commenced construction on $11.4 billion worth of projects, a 13 percent increase from the previous year. It’s the largest dollar value of construction starts since the heady days of 2008.

Ms. Ford’s piece highlights a $2 billion project at Cornell and sixteen new buildings at Columbia worth $6 billion. But here in Auburn, Alabama the campus has been a construction zone since 2008 when I arrived. Multiple new dorms, a basketball arena, a fancy student center, and various new classroom buildings have been constructed at a time when funding from the state has been cut back. What’s now underway is the largest scoreboard in college football, with a plan to expand the stadium next.

Back in the 1985–86 school year, full time tuition at Auburn for a non-resident was $2,585. Thirty years later it is now $28,040. That’s a compounded annual growth rate of 8.27 percent.

According to Bloomberg, college tuition and fees have increased 1,120 percent since records began in 1978, and the rate of increase in college costs has been “four times faster than the increase in the consumer price index.”

Tuiton at state schools is rising even faster says Peter Cappelli, professor of management at the Wharton School of the University of Pennsylvania. He told Becky Quick on CNBC’s “Squawk Box” the cost of an education has risen 50 percent faster at state schools versus private in roughly the last decade.

Cappelli said a critical question is whether students will graduate in the first place,


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For Greeks The Nightmare Is Just Beginning: Here Come The Depositor Haircuts

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

With capital controls already imposed on Greece, some have wondered if this is as bad as it gets. Unfortunately, as the Cyprus “template” has already shown us, for Greece the nightmare on Eurozone street is just beginning.

As a reminder, over the past few months there have been recurring rumors that as part of its strong-arming tactics the ECB may eventually move to raise the haircuts the Bank of Greece is required to apply to assets pledged by Greek banks as collateral for ELA. The idea is to ensure the haircuts are representative of both the deteriorating condition of Greece’s banking sector and the decreased likelihood that Athens will reach a deal with its creditors.

Flashback to April when, on the heels of a decree by the Greek government that mandated the sweep of “excess” cash balances from local governments to the Bank of Greece’s coffers, Bloomberg reported that the ECB was considering three options for haircuts on ELA collateral posted by Greek banks. “Haircuts could be returned to the level of late last year, before the ECB eased its Greek collateral requirements; set at 75 percent; or set at 90 percent,” Bloomberg wrote, adding that “the latter two options could be applied if Greece is in an ‘orderly default’ under a formal ECB program or a ‘disorderly default.’” 

While it’s too early to say just how “orderly” Greece’s default will ultimately be, default they just did if only to the IMF (for now), in the process ending their eligibility under the bailout program and ending any obligation by the European Central Bank to maintain its ELA or its current haircut on Greek collateral, meaning the ECB will once again reconsider their treatment of assets pledged for ELA and as FT reported earlier today, Mario Draghi may look to tighten the screws as early as tomorrow:

When the Eurozone’s central bankers meet in Frankfurt on Wednesday, they could make a decision which some officials fear could push one or more of Greece’s largest banks over the edge.

The European Central Bank’s governing council is poised to impose tougher haircuts on the collateral Greek lenders place in exchange for the emergency loans. If the haircuts are tough enough, it could leave banks struggling to access vital funding.

The ECB on Sunday imposed


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How China Lost an Entire Spain in 17 Days

Courtesy of EconMatters

Concerned about a tumbling equity market, PBOC moved to cut both interest rates and the reserve requirement ratio for banks over the weekend. However, increasingly wary of a market bubble in China, investors still sent Shanghai Composite spiraling down another 3.3% on Monday after the dramatic 7.4% plunge last Friday despite the support from the central bank.


Chaos on Three Continents

Investors are also unnerve by the latest development of Greece just days before a total default and Grexit out of EU, and the news that Puerto Rico could become another Greece of the U.S. facing a financial crisis and cannot pay back its $70 billion in municipal debt.

VIX Spike

MarketWatch reported that VIX spiked 33% to above 18, the highest since February, implying that investors are very nervous about the chaos going around.

Beijing Targets Soft Landing?

If you think U.S. stocks are lofty trading at an average of 16 times last year's earnings, the average Chinese stock is now trading at 30 times earnings.

Analysts at HSBC think the China's central bank was trying to engineer a "soft landing" for stocks. But this could be a difficult balancing act trying to shore up investors' confidence while keeping a lid on the speculative fever among Chinese retailer investors (Remember those Chinese housewives who bought up 300 tons of gold and made Goldman Sachs swallow their gold selling recommendation?)

$1.3 trillion, an Entire Spain, in 17 Days

The Shanghai Composite has fallen 21.5% since its June 12 peak wiping out ~ $1.3 trillion in market cap. To put this in perspective, Quartz pointed out that the ~ $1.3 trillion loss in market cap, in 17 days, is close to the combined market capitalization of Spain’s four stock exchanges, and it’s not even counting losses in Shenzhen, China’s other major bourse.

Size Does Matter 

Greece has been the center of financial market attention for the past few months.  With a record $370 billion in margin trades, the Chinese stock market is looking even more ominous.

Only time will tell if Beijing's able to turn the situation (i.e. slowing economy with a bubbling equity market) around.  But if the world's biggest trading nation suddenly has a crisis of some sort, it would be a catastrophe of a different scale.  Size does matter when it comes to financial collapse, and China could do far worse damage than any Grexit or PIIGS debt default.

Chart Source: Quartz





When Disruption Gets Too Disruptive

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

With massive strikes in France and now drivers shooting passengers, Uber is making headlines everywhere. While some might say any publicity is good publicity (and any disruption is good disruption), for the firm valued at $50 billion (with a stunning operating loss of $470 million and revenues of only $415 million) perhaps there is a limit to both press and disruption…

As Bloomberg reported yesterday from a recent prospectus:

  • *UBER BOND PROSPECTUS SHOWS $470M OPERATING LOSS
  • *UBER BOND PROSPECTUS SHOWS $415M IN REVENUE

And that's what makes Uber worth $50 billion to the Shubik Dollar Auction private equity holders.

And, as Bloomberg details, Uber has a multitude of problems…

Uber also routinely upsets regulators, which are challenging or banning the company from California to India. Last week, French President François Hollande said Uber's service is illegal and called for it to be dismantled. The latest bump in the road involves drivers in China scamming Uber via fake fares. Uber faces challenges practically everywhere, and we’ve mapped out some of the highlights below.

Perhaps – given this global furore – Uber's disruption is too disruptive.

And now this…

A Florida Uber driver has been reportedly suspended pending a police investigation after he broke the company’s anti-gun policy and shot a passenger who was allegedly choking him during an argument.

Clearwater police are investigating after the passenger in an Uber vehicle was allegedly shot Sunday night during an altercation with the driver, 74-year-old Steven Rayow. Passenger Marc Memel, 60, was shot in the foot and treated and released from a local hospital, a local NBC affiliate reported.

“There was a gentleman sitting in his car and there was like blood dripping out of the car so I was concerned what was going on,” Justin Smith, who works at Union Burger on Mandalay Avenue, told the station. “I came back inside to get a couple of rags to just to make sure he wasn’t bleeding out or anything, but it wasn’t nothing like vital.”

Police spokesman Rob Shaw said: “The driver basically told us that the passenger started choking him. He had his hands around his neck, and in fear of losing consciousness, that’s when the driver of the car pulled out a gun, and in the ensuing struggle, that gun


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Phil's Favorites

Buyer beware: How Libra differs from Bitcoin

 

Buyer beware: How Libra differs from Bitcoin

Recent revelations about the lack of privacy protections in place at the companies involved in Facebook’s new Libra crytocurrency raise concerns about how much trust users can place in Libra. (Shutterstock)

Courtesy of Alfred Lehar, University of Calgary

Facebook, the largest social network in the world, stunned the world earlier this year with the announcement of its own cryptocurrency, Libra.

The launch has raised questions about the difference between Libra and existing cryptocurrencies, as well as the implications of private companies competing with s...



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Digital Currencies

Buyer beware: How Libra differs from Bitcoin

 

Buyer beware: How Libra differs from Bitcoin

Recent revelations about the lack of privacy protections in place at the companies involved in Facebook’s new Libra crytocurrency raise concerns about how much trust users can place in Libra. (Shutterstock)

Courtesy of Alfred Lehar, University of Calgary

Facebook, the largest social network in the world, stunned the world earlier this year with the announcement of its own cryptocurrency, Libra.

The launch has raised questions about the difference between Libra and existing cryptocurrencies, as well as the implications of private companies competing with s...



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Zero Hedge

What's Hot In Women's Fashion?

Courtesy of ZeroHedge View original post here.

Via Global Macro Monitor,

Capitalism at its best or worst?

We have a few questions:

1)  Does the Tariff Man get a royalty for the sale of each dress sold, and will that violate the Emolumen...



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Lee's Free Thinking

Look Out Bears! Fed New QE Now Up to $165 Billion

Courtesy of Lee Adler

I have been warning for months that the Fed would need new QE to counter the impact of massive waves of Treasury supply. I thought that that would come later, rather than sooner. Sorry folks, wrong about that. The NY Fed announced another round of new TOMO (Temporary Open Market Operations) today.

In addition to the $75 billion in overnight repos that the Fed issued and has been rolling over since Tuesday, next week the Fed will issue another $90 billion. They’ll come in the form of three $30 billion, 14 day repos to be offered next week.

That brings the new Fed QE to a total of $165 billion. Even in the worst days of the financial crisis, I can’t remember the Fed ballooning its balance sheet by $165 bi...



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The Technical Traders

Is A Price Revaluation Event About To Happen?

Courtesy of Technical Traders

Skilled technical traders must be aware that price is setting up for a breakout or breakdown event with recent Doji, Hammer
and other narrow range price bars.  These types of Japanese Candlestick patterns are warnings that price is coiling into
a tight range and the more we see them in a series, the more likely price is building up some type of explosive price breakout/breakdown move in the near future.  The ES (S&P 500 E-mini futures) chart is a perfect example of these types of price bars on the Daily chart (see below).

Tri-Star Tops, Three River Evening Star patterns, Hammers/Hangmen and Dojis are all very common near extreme price peaks and troughs.  The rea...



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Kimble Charting Solutions

India About To Experience Major Strength? Possible Says Joe Friday

Courtesy of Chris Kimble

If one invested in the India ETF (INDA) back in January of 2012, your total 7-year return would be 24%. During the same time frame, the S&P 500 made 124%. The 7-year spread between the two is a large 100%!

Are things about to improve for the INDA ETF and could it be time for the relative weakness to change? Possible!

This chart looks at the INDA/SPX ratio since early 2012. The ratio continues to be in a major downtrend.

The ratio hit a 7-year low a few months ago and this week it kissed those lows again at (1). The ratio near weeks end is attempting to...



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Insider Scoop

10 Biggest Price Target Changes For Friday

Courtesy of Benzinga

  • Credit Suisse raised IHS Markit Ltd (NYSE: INFO) price target from $68 to $76. IHS Markit shares closed at $67.75 on Thursday.
  • Wedbush boosted Restoration Hardware Holdings, Inc (NYSE: RH) price target from $170 to $185. RH shares closed at $169.49 on Thursday.
  • Mizuho lifted Seagate Technology PLC (NASDAQ: STX) price target from $46 to $50. Seagate shares closed at $52.94 on Thursday.
  • UBS raised the price target for Weight Watchers Intern...


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Chart School

Crude Oil Cycle Bottom aligns with Saudi Oil Attack

Courtesy of Read the Ticker

Do the cycles know? Funny how cycle lows attract the need for higher prices, no matter what the news is!

These are the questions before markets on on Monday 16th Aug 2019:

1) A much higher oil price in quick time can not be tolerated by the consumer, as it gives birth to much higher inflation and a tax on the average Joe disposable income. This is recessionary pressure.

2) With (1) above the real issue will be the higher interest rate and US dollar effect on the SP500 near all time highs.

3) A moderately higher oil price is likely to be absorbed and be bullish as it creates income for struggling energy companies and the inflation shock may be muted. 

We shall see. 

...

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Biotech

The Big Pharma Takeover of Medical Cannabis

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

 

The Big Pharma Takeover of Medical Cannabis

Courtesy of  , Visual Capitalist

The Big Pharma Takeover of Medical Cannabis

As evidence of cannabis’ many benefits mounts, so does the interest from the global pharmaceutical industry, known as Big Pharma. The entrance of such behemoths will radically transform the cannabis industry—once heavily stigmatized, it is now a potentially game-changing source of growth for countless co...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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