Archive for 2015

Pundits Talking Their Book


Pundits Talking Their Book

Courtesy of The Banker

One of clearest, most knowledgeable, and most readable pundits on financial markets is a guy named Bill Gross. Gross, known in financial circles as the “The Bond King” and the founder of mutual fund giant PIMCO, writes an entertaining monthly letter with musings on his life, asset prices and value, and the future direction of financial markets.

Despite the nice things I just wrote about Gross, you should never, ever, take his advice when it comes to investing. Ever. The man’s monthly newsletters are the most egregious example of what’s known in finance as “Talking your book.”

“Talking your book” means telling other people how they should trade based on what would benefit your own financial portfolio and positions.
In Gross’ case, every single newsletter he’s written for the past twenty years concludes with an exhortation or justification to buy bonds. Which is pretty coincidental, considering he built the world’s largest bond fund.

As a salesman, he’s phenomenal.

As a reliable ‘expert’ on financial markets whose advice should be acted upon? He’s a total catastrophe.

Ordinary course of business

Back in my Wall Street days, people talked their book as a matter of course. It was literally my job to explain to clients why the bonds held on my firm’s books were the ones they should buy, or why clients should position themselves with securities the same way we were positioned. That way, I attempted to create demand for the things my firm already owned so we could sell them. Or conversely, if necessary, talking our book allowed us to turn our risks into their risks. Much of Wall Street works this way.

My clients were extremely sophisticated investors and traders, and I don’t feel bad about this at all. They generally talked their books back to me in the hope I would have the same effect on my firm’s investment decisions. We all got very good at recognizing who was talking their book, and, overall all’s fair in love and war and bond sales. Not a big deal.

After I left Wall Street though, I noticed not everybody knew…
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Anticipatory Bribery


Anticipatory Bribery

Courtesy of Robert Reich

Washington has been rocked by the scandal of J. Dennis Hastert, the longest-serving Republican speaker in the history of the U.S. House, indicted on charges of violating banking laws by paying $1.7 million (as part of a $3.5 million agreement) to conceal prior misconduct, which turns out to have been child molestation.

That scandal contains another one that’s received less attention: Hastert, who never made much money as a teacher or a congressman, could manage such payments because after retiring from Congress he became a high-paid lobbyist.

This second scandal is perfectly legal but it’s a growing menace.

In the 1970s, only 3 percent of retiring members of Congress went on to become Washington lobbyists. Now, half of all retiring senators and 42 percent of retiring representatives become lobbyists.

This isn’t because more recent retirees have had fewer qualms. It’s because the financial rewards from lobbying have mushroomed, as big corporations and giant Wall Street banks have sunk fortunes into rigging the game to their advantage.

In every election cycle since 2008, more money has gone into lobbying at the federal level than into political campaigns. And an increasing portion of that lobbying money has gone into the pockets of former members of Congress.

In viewing campaign contributions as the major source of corruption we overlook the more insidious flow of direct, personal payments – much of which might be called “anticipatory bribery” because they enable office holders to cash in big after they’ve left office.

For years, former Republican House majority leader Eric Cantor was one of Wall Street’s strongest advocates – fighting for the bailout of the Street, to retain the Street’s tax advantages and subsidies, and to water down the Dodd-Frank financial reform legislation.

Just two weeks after resigning from the House, Cantor joined the Wall Street investment bank of Moelis & Co., as vice chairman and managing director, starting with a $400,000 base salary, $400,000 initial cash bonus, and $1 million in stock.

As Cantor explained, “I have known Ken [the bank’s CEO] for some time and … followed the growth and success of his firm.” 

Exactly. They had been doing business together so long that Cantor…
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Unprecedented Levels Of Activity In China’s Equity Markets


Unprecedented Levels Of Activity In China's Equity Markets

Courtesy of Walter Kurtz of

The speculative fervor in China's equity markets is spreading as the Shanghai Composite hits new multi-year highs on elevated volume. The index easily cleared the 5000 mark after hovering just above 2000 around six months ago. This rally has been nothing short of spectacular.


Here are some key trends that point to just how heated the market has become.

1. A-share (domestic) trading activity has exploded.

Source: Credit Suisse

2. Weekly account openings have reached new highs. This is a revenue bonanza for China's brokers as many tap the IPO market for themselves (see story).

Source: ‏@vikramreuters

3. P/E ratios are touching historical records as well as valuations are stretched in many instances.

Source: ‏@NickatFP 

4. Margin debt levels are also near record, including as a percentage of market capitalization. Here is margin debt a percentage of the GDP.

Source: @PatrickMcGee_ 

Perhaps the most telling sign of speculative activity is this photo. There isn't much one could say here.

Source: @enlundm @DoubleEagle49

China's public equities market cap is now around $10 trillion (as a comparison, Japan's whole market is half that). That's over 13% of the global equity market capitalization (after being just above 5% some six months ago). Chinese tech firms listed in the US are now running back to China where their shares can get an instant pop in valuations (see story).

While many analysts are calling this a bubble, it's important to point out that bubbles can last for a long time. Unless Beijing interferes – and there is a strong possibility it will – this trend could last for a while. Of course the longer this goes on, the uglier things will get on the way down.

FIFA Confirms Russia Will Be Stripped Of 2018 World Cup If “Evidence Of Bribery” Emerges

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Ten days ago, when the FIFA scandal broke out, it took just a few hours to figure out what the US DOJ’s motive was. The answer was simple: stripping the 2018 (and 2022) World Cup hosts, i.e., Russia (and to a lesser extent Qatar), of their respective hosting venues, and long before the Blatter’s resigned we said:

What happens next? Sepp Blatter’s reelection this coming Friday, which until yesterday had been guaranteed, is now virtually assured to fail as Putin’s frontman at FIFA is shown the door.

What else likely happens? Following some dramatic procedural changes, Russia loses the hosting of the 2018 World Cup.

And moments after Blatter’s unexpected resignation we doubled down:

One day later, we learned that as the FIFA corruption scandal kept growing, the jaws surrounding Russia started to close following a report thatthe FBI had launched a probe into the Russia 2018 World Cup award.

There was just one thing missing: someone at FIFA admitting that the necessary and sufficient condition for Russia (if not so much Clinton Foundation donor Qatar) to be stripped of their hosting rights, would be evidence of bribery during the selection process. Which would be a low threshold indeed: if the past two weeks have confirmed it is that every single World Cup award stretching all the way back to France in 1998 and likely prior (such as the US in 1994) was as a result of illegal back-room dealings.

Today, the last missing piece finally fell into place, after Domenico Scala, the independent chairman of FIFA’s audit and compliance committee, told a Swiss newspaper that Russia and Qatar could be stripped of their World Cup hosting rights if evidence emerges of bribery in the bidding process. From Reuters:

If evidence should emerge that the awards to Qatar and Russia only came about thanks to bought votes, then the awards could be invalidated,” Scala told SonntagsZeitung in an interview published on Sunday.

“This evidence has not yet been brought forth.”

It shortly will be, even as both countries – as expected – have denied wrongdoing in the conduct of their bids for the 2018 and 2022…
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A Professor Speaks Out: How Coddled, Hyper Sensitive Undergrads Are Ruining College Learning

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Michael Krieger of Liberty Blitzkrieg

A Professor Speaks Out: How Coddled, Hyper Sensitive Undergrads Are Ruining College Learning

Things have changed since I started teaching. The vibe is different. I wish there were a less blunt way to put this, but my students sometimes scare me — particularly the liberal ones.

I once saw an adjunct not get his contract renewed after students complained that he exposed them to “offensive” texts written by Edward Said and Mark Twain. His response, that the texts were meant to be a little upsetting, only fueled the students’ ire and sealed his fate.  That was enough to get me to comb through my syllabi and cut out anything I could see upsetting a coddled undergrad, texts ranging from Upton Sinclair to Maureen Tkacik — and I wasn’t the only one who made adjustments, either.

The current student-teacher dynamic has been shaped by a large confluence of factors, and perhaps the most important of these is the manner in which cultural studies and social justice writers have comported themselves in popular media. I have a great deal of respect for both of these fields, but their manifestations online, their desire to democratize complex fields of study by making them as digestible as a TGIF sitcom, has led to adoption of a totalizing, simplistic, unworkable, and ultimately stifling conception of social justice. The simplicity and absolutism of this conception has combined with the precarity of academic jobs to create higher ed’s current climate of fear, a heavily policed discourse of semantic sensitivity in which safety and comfort have become the ends and the means of the college experience.

     – From the Vox article: I’m a Liberal Professor, and My Liberal Students Terrify Me

The article at the center of today’s piece is truly excellent and demands much thought and introspection. One of the main themes here at Liberty Blitzkrieg since inception, has been the contention that the American population has turned into a nation of coddled, fearful serfs.

It’s not quite clear to me when this transformation actually happened, but the first undeniable evidence within my lifetime was the public’s reaction to the terror attacks of September 11, 2001. I’ve written about this before, most specifically in the post, How I
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“Go East, Young Firm”: Chinese Companies Drop New York Listings, Return Home

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

China’s equity market bubble has become the stuff of legend recently, as millions of newly-minted day traders, record margin debt, liberalized cross-border flows, and the inclusion of China A shares in two transitional EM FTSE Russell benchmark indices have created a veritable frenzy on the SHCOMP and, more spectacularly, on the Shenzhen exchange.

Valuations have soared, as has turnover and the bubble chorus is growing appreciably louder by the day. The following excerpt from a recent BNP note captures the situation nicely.

Momentum buying reinforced by market-capitalisation benchmark weightings could further inflate the bubble. In particular, imminent decisions on the inclusion of A-shares in global equity indices might see strong institutional buying buttress the retail mania for a time. Still, the exponential trends in turnover, margin debt and increasingly valuations imply that a climax is now unlikely to be too far away. The Shenzhen Composite’s P/E ratio is now over 66x (with a median P/E of 108x), compared with the 75.8x P/E at the 2008 bubble peak. 

Of course not everyone thinks the historic run is likely to end anytime soon and indeed, the momentum serves as a siren song to many Chinese companies which have listed on the NYSE. Reuters has more:

Chinese tech firms have fallen out of love with America, and it shows – a growing number of them are looking to drop their listings in New York and head back home.

Many Chinese tech executives are betting on higher share valuations in China where stock markets have recently caught fire. They also hope to evade any legal mess when Beijing formally outlaws foreign shareholder control of firms in protected tech sectors.

The numbers are hard to resist. China’s tech-driven ChiNext composite index has gained nearly 180 percent this year, eclipsing the 30 percent rise in the Nasdaq OMX China Technology Index that tracks offshore listed mainland firms .

Firms listed on the Nasdaq index get an average share price equal to 11 times their earnings. On ChiNext, they get 133 times. There’s a debate over which ratio is more accurate, but Chinese executives blame U.S. ignorance of China.

“American investors don’t understand the business model of Chinese gaming companies,” said a senior executive of one such firm planning to eject from New York and move back to

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Obama Sidelines Kerry On Ukraine Policy

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by investigative historian Eric Zuesse

Obama Sidelines Kerry On Ukraine Policy

On May 21st, I headlined “Secretary of State John Kerry v. His Subordinate Victoria Nuland, Regarding Ukraine,” and quoted John Kerry’s May 12th warning to Ukrainian President Petro Poroshenko to cease his repeated threats to invade Crimea and re-invade Donbass, two former regions of Ukraine, which had refused to accept the legitimacy of the new regime that was imposed on Ukraine in violent clashes during February 2014. (These were regions that had voted overwhelmingly for the Ukrainian President who had just been overthrown. They didn’t like him being violently tossed out and replaced by his enemies.)

Kerry said then that, regarding Poroshenko, “we would strongly urge him to think twice not to engage in that kind of activity, that that would put Minsk in serious jeopardy. And we would be very, very concerned about what the consequences of that kind of action at this time may be.” Also quoted there was Kerry’s subordinate, Victoria Nuland, three days later, saying the exact opposite, that we “reiterate our deep commitment to a single Ukrainian nation, including Crimea, and all the other regions of Ukraine.” I noted, then that, “The only person with the power to fire Nuland is actually U.S. President Barack Obama.” However, Obama instead has sided with Nuland on this.

Radio Free Europe, Radio Liberty, bannered, on June 5th, “Poroshenko: Ukraine Will ‘Do Everything’ To Retake Crimea‘,” and reported that, “President Petro Poroshenko has vowed to seek Crimea’s return to Ukrainian rule. … Speaking at a news conference on June 5, … Poroshenko said that ‘every day and every moment, we will do everything to return Crimea to Ukraine.’” Poroshenko was also quoted there as saying, “It is important not to give Russia a chance to break the world’s pro-Ukrainian coalition,” which indirectly insulted Kerry for his having criticized Poroshenko’s warnings that he intended to invade Crimea and Donbass.

Right now, the Minsk II ceasefire has broken down and there are accusations on both sides that the other is to blame. What cannot be denied is that at least three times, on April 30th, then on May 11th, and then on June 5th, Poroshenko has repeatedly promised to invade Crimea, which wasn’t even mentioned in the Minsk II agreement;…
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Citi Clients “Complain How Difficult It Is To Make Money”, “Everyone Is Worried About Liquidity Shocks”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Back in early/mid 2007, just as the subprime bubble was bursting but Wall Street was desperate for the party to go on, when VIX was flirting with single digits (killing the swaption market due to lack of vol), when record, multi-billion LBOs were a daily thing, and when corporate bond spreads barely registered any risk on the horizon, there was one dominant trade for those credit traders who saw the writing on the wall (as they usually do 3-6 months ahead of their equity trading peers): going long cheap index puts while funding the cost of carry by selling a steep long end and pocketing the roll down.

That trade is back.

According to Citigroup’s Credit Index group led by Anindya Basu, “nearly every single investor conversation we have had recently has been about how difficult it is to make money in the current environment.”

There are good reasons for investors to be concerned – the two big elephants in the room are showing no signs of leaving. The Greece saga continues to drag on with headlines driving markets, and mixed economic data out of the US is causing considerable uncertainty around the timing and pace of Fed rate hikes

Citi adds that,”investors need to put money to work, but almost all investors lack conviction, bemoan the lack of opportunities given how tight spreads are, and continue to worry about market liquidity.” 

Those investors must have read what Citi’s Matt King said two weeks ago, namely that the market as we know it no longer exists courtesy of central banks (something Zero Hedge has said since 2009).

So what is the best way to position/trade in the current environment? Citi’s answer is putting the 2007 trade back on again: “Under these circumstances, we believe that option hedges funded by the substantial roll down of mezzanine tranches can be very attractive.”

This is how those who just have to invest other people’s money are advised to do so via Citi:

… the markets are awash in liquidity – recent fund flow data indicates continued inflows into corporate IG funds, and even HY funds have seen a reversal of some of the outflows (see Figure 1) – in fact, YTD, both IG and HY funds have experienced net positive inflows. So investors

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Turkish Lira Plunges As Landmark Election Portends Political Uncertainty

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

In an election that was, essentially, a litmus test for Recep Tayyip Erdogan’s plans to expand his powers, voters dealt the Turkish President and his Justice and Development Party (A.K.P.) a stinging blow at the ballot box on Sunday. 

With 99% of the vote tallied, A.K.P appeared to have lost its parliamentary majority, winning only around 40% of the vote, a steep decline from 2011.

The results likely mean the party will have around 260 seats in parliament, down from 327. A difficult coalition building effort will now ensue and Erdogan can call for new elections if a government isn’t formed within 45 days.

What this means for political and social instability remains to be seen. 

More color from The New York Times:

Almost immediately, the results raised questions about the political future of Prime Minister Ahmet Davutoglu, who moved to that position from that of foreign minister last year and was seen as a loyal subordinate of Mr. Erdogan. Mr. Davutoglu, who during the campaign vowed to resign if the A.K.P. did not win a majority, told reporters on Sunday evening in brief comments, “whatever the people decide is for the best.” Mr. Davutoglu was due to speak later in the evening in Ankara.

Mr. Erdogan, who as president was not on the ballot Sunday, will probably remain Turkey’s dominant political figure even if his powers have been rolled back, given his outsized personality and his still-deep well of support among Turkey’s religious conservatives, who form the backbone of his constituency. But even among those supporters, including ones in Kasimpasa, the Istanbul neighborhood where Mr. Erdogan spent part of his youth, there are signs that his popularity is flagging, partly because of his push for more powers over the judiciary and his crackdown on any form of criticism, including prosecutions of those who insult him on social media.

“A lot of people in Kasimpasa have become disheartened by Erdogan’s aggressive approach in recent weeks,” said Aydin, 77, who gave only his first name because some of his family members are close to Mr. Erdogan. “I voted for the A.K.P. because it has become habit, but I think Erdogan lost votes this week.”

And here’s Barclays on the implications going forward:

So far, a single party government in Turkey has generally been

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Another Bubble Alert: Home Down Payments Hit Three-Year Low

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Fannie Mae and Freddie Mac — the perpetually insolvent, bailed-out GSEs that a whole host of BTFDers and a few disgruntled billionaires swear can become cash cows again if they are just allowed to escape the evil clutches of government — are now allowed to back home loans with down payments as low as 3%. The decision to lower the minimum from 5% to 3% came from the GSEs’ regulator FHFA and its Director, Melvin Watt. Rather than retrace the entire story of how this came about, we’ll give you the Cliff’s Notes version as it appeared in Bloomberg last October: 

Fannie Mae, Freddie Mac and their regulator are nearing agreement with mortgage issuers on efforts to boost lending and ease banks’ concerns that they will get stuck with bad loans when borrowers default.

Melvin L. Watt, the director of the Federal Housing Finance Agency, will clarify in a Oct. 20 speech at the Mortgage Bankers Association conference in Las Vegas how some loans can be permanently exempted from the threat of buybacks, said the people, who asked not to be identified because the plans aren’t public. Watt will also discuss an effort that would allow borrowers to put down as little as three percent of the purchase price on loans backed by Fannie Mae and Freddie Mac, enabling borrowers with lower incomes to access the mortgage market, the people said. The two companies currently require a five percent down payment on most loans (ZH: this led FHA — which offers a 3.5% down payment product — to lower premiums in order to avoid losing market share.) 

Needless to say, some GOP lawmakers were not pleased with this initiative, noting (correctly) that this simply encourages banks to return to pre-crisis underwriting standards and once again imperils taxpayers by putting Fannie and Freddie on the hook for loans made to borrowers who cannot afford their homes. Of course this kind of argument falls on deaf ears in a society where the answer to debt is still more debt and in a world where even the IMF now recommends “living with” debt rather than repaying it. 

Given the above we weren’t surprised to learn that during Q1, the average down payment on single family homes, condos, and townhomes fell to just 14.8% —…
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Zero Hedge

Bloomberg System Goes Down Ahead Of US Open

Courtesy of ZeroHedge. View original post here.

For the second time in a few months, the Bloomberg Terminal system appears to be down and is causing panic across Wall Street ahead of the US market open...

Traders are not happy...

When Bloomberg panels go down 8 minutes before the open......

— NOD (@NOD008) January 17, 2019 ...

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Kimble Charting Solutions

Triple Breakout Test In Play For S&P 500!

Courtesy of Chris Kimble.

Is the rally of late about to run out of steam or is a major breakout about to take place in the S&P 500? What happens at current prices should go a long way in determining this question.

This chart looks at the equal weight S&P 500 ETF (RSP) on a daily basis over the past 15-months.

The rally from the lows on Christmas Eve has RSP testing the top of a newly formed falling channel while testing the underneath side of the 2018 trading range and its falling 50-day moving average at (1).

At this time RPS is facing a triple resistance test. Wil...

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Phil's Favorites

Brexit deal flops, Theresa May survives -- so what happens now?


Brexit deal flops, Theresa May survives -- so what happens now?

Courtesy of Victoria Honeyman, University of Leeds

As the clock ticks down to March 29 2019, all of the political manoeuvring, negotiating, arguing and fighting is coming to a peak. In the two and a half years since the 2016 EU referendum, views on both sides have hardened and agreement still seems as far away as it was the day after the referendum.

With Theresa May’s withdrawal agreement disliked by all sides, and voted down by an unprecedented majority in the House of Commons, everyone is wondering what can and should be done next?


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Digital Currencies

Crypto-Bubble: Will Bitcoin Bottom In February Or Has It Already?

Courtesy of Michelle Jones via

The new year has been relatively good for the price of bitcoin after a spectacular collapse of the cryptocurrency bubble in 2018. It’s up notably since the middle of December and traded around the psychological level of $4,000... so is this a sign that the crypto market is about to recover?

Of course, it depends on who you ask, but one analyst discovered a pattern which might point to a bottom next month.

A year after the cryptocurrency bubble popped


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D.E. Shaw Investment Calls For Leadership Change At EQT

By ActivistInsight. Originally published at ValueWalk.

Elliott Management has offered to acquire QEP Resources for approximately $2.1 billion, contending the oil and gas explorer’s turnaround efforts have done little to lift the company’s share price. The company responded and said that a thorough review of the proposition is imperative in order to properly act in the best interests of shareholders, “taking into account the company’s other alternatives and current market conditions.” The news came only a month after Travelport Worldwide agreed to sell itself to Siris Capital Group and Elliott’s private equity arm Evergreen Coast Capital for $4.4 billion in cash and two months after Athenahealth was bought by Veritas and Evergreen for $5.7 bi...

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Insider Scoop

UBS Says Disney's Streaming Ambition Gives It A 'New Hope'

Courtesy of Benzinga.

Related DIS Despite Some Risks, Analysts Still Expecting Double Digit Growth From Communications Services In Q4 ... more from Insider

Chart School

Weekly Market Recap Jan 13, 2019

Courtesy of Blain.

In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...

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Members' Corner

Why Trump Can't Learn


Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...

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Opening Pandora's Box: Gene editing and its consequences

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


Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.


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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...

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Swing trading portfolio - week of September 11th, 2017

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


This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...

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Free eBook - "My Top Strategies for 2017"



Here's a free ebook for you to check out! 

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

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

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

Some other great content in this free eBook includes:


·       How 2017 Will Affect Oil, the US Dollar and the European Union


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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>