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

DARK TOWERS by David Enrich

 

In his best-selling book Dark Towers, David Enrich, finance editor at The New York Times, chronicles the complicated history of Deutsche Bank and its entanglement with Donald Trump. Reviewing Dark Towers, Roger Lowenstein writes, 

"Enrich’s most tantalizing nugget is that in the summer of 2016, Jared Kushner’s real estate company (which received lavish financing from Deutsche) was moving money to various Russians. A bank compliance officer filed a “suspicious activity report,” but the report was quashed and she was fired. The suggestion that maybe the money was payback for Russian campaign meddling isn’t one that Enrich can prove. Similarly, we will have to wait to see if Deutsch...



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Zero Hedge

NYSE Announces Disaster-Recovery Test Due To Virus Fears

Courtesy of ZeroHedge View original post here.

In a somewhat shocking sounding move, given administration officials' ongoing effort to calm the public fears over the spread of Covid-19, The New York Stock Exchange has announced it will commence disaster-recovery testing in its Cermak Data Center on March 7 amid coronavirus concern, Fox Business reports in a tweet, citing the exchange.

During this test, NYSE will facilitate electronic Core Open and Closing Auctions as if the 11 Wall Stree...



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Chart School

Dow, Three strikes and your out!

Courtesy of Read the Ticker

The Dow has topped out with major events, the current virus could be the third strike!

2001 - 9/11 Twin Towers
2007 - Bear Sterns
2020 (?) - C19 Virus


Chart explains all. Dow Jones Industrial's comparing market tops 2000, 2007 and 2020.


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Changes in the world is the source of all market moves, to catch and ride the change we believe a combination of ...

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ValueWalk

Cities With The Most 'New' And Tenured Homeowners

By Jacob Wolinsky. Originally published at ValueWalk.

Homeownership is a major investment. Not just financially, but when a person or family purchases a home, they’re investing years – if not decades – in that particular community. 55places wanted to find out which real estate markets are luring in new homebuyers, and which ones are dominated by owners that haven’t moved in decades. The study analyzed residency data in more than 300 US cities and revealed the top 10 cities with the most tenured homeowners – residents who’ve lived in and owned their home for more than 30 years – are sprinkled across ...



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Kimble Charting Solutions

Financial Crisis Deja Vu: Home Construction Index Double Top?

Courtesy of Chris Kimble

Most of us remember the 2007-2009 financial crisis because of the collapse in home prices and its effect on the economy.

One key sector that tipped off that crisis was the home builders.

The home builders are an integral piece to our economy and often signal “all clears” or “short-term warnings” to investors based on their economic health and how the index trades.

In today’s chart, we highlight the Dow Jones Home Construction Index. It has climbed all the way back to its pre-crisis highs… BUT it immediately reversed lower from there.

This raises concerns about a double top.

This pr...



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Insider Scoop

A Peek Into The Markets: US Stock Futures Plunge Amid Coronavirus Fears

Courtesy of Benzinga

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. South Korea confirmed 256 new coronavirus cases on Thursday, while China reported an additional 327 new cases. Data on U.S. international trade in goods for January, wholesale inventories for January and consumer spending for January will be released at 8:30 a.m. ET. The Chicago PMI for February is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentime...



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Biotech & Health

Could coronavirus really trigger a recession?

 

Could coronavirus really trigger a recession?

Coronavirus seems to be on a collision course with the US economy and its 12-year bull market. AP Photo/Ng Han Guan

Courtesy of Michael Walden, North Carolina State University

Fears are growing that the new coronavirus will infect the U.S. economy.

A major U.S. stock market index posted its biggest two-day drop on record, erasing all the gains from the previous two months; ...



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The Technical Traders

SPY Breaks Below Fibonacci Bearish Trigger Level

Courtesy of Technical Traders

Our research team wanted to share this chart with our friends and followers.  This dramatic breakdown in price over the past 4+ days has resulted in a very clear bearish trigger which was confirmed by our Adaptive Fibonacci Price Modeling system.  We believe this downside move will target the $251 level on the SPY over the next few weeks and months.

Some recent headline articles worth reading:

On January 23, 2020, we ...



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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Members' Corner

Threats to democracy: oligarchy, feudalism, dictatorship

 

Threats to democracy: oligarchy, feudalism, dictatorship

Courtesy of David Brin, Contrary Brin Blog 

Fascinating and important to consider, since it is probably one of the reasons why the world aristocracy is pulling its all-out putsch right now… “Trillions will be inherited over the coming decades, further widening the wealth gap,” reports the Los Angeles Times. The beneficiaries aren’t all that young themselves. From 1989 to 2016, U.S. households inherited more than $8.5 trillion. Over that time, the average age of recipients rose by a decade to 51. More ...



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Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

 

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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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