Archive for 2015

Swamped By Stupidity; Peak Merkel

Courtesy of Mish.

Backlash against sheer stupidity is starting to build.

I am talking about German Chancellor Angela Merkel’s decision to ramrod an agreement that requires EU countries to accept more alleged refugees than many countries want, and even Germany itself can handle.

The backlash has finally hit Germany in a big way as was easily predictable months ago.

German citizens who once welcomed refugees now complain ‘We’re Under Water’.

Hesepe, a village of 2,500 that comprises one district of the small town of Bramsche in the state of Lower Saxony, is now hosting some 4,000 asylum-seekers, making it a symbol of Germany’s refugee crisis. Locals are still showing a great willingness to help, but the sheer number of refugees is testing them. The German states have reported some 409,000 new arrivals between Sept. 5 and Oct. 15 — more than ever before in a comparable time period — though it remains unclear how many of those include people who have been registered twice.

Six weeks after Chancellor Angela Merkel’s historic decision to open Germany’s borders, there is a shortage of basic supplies in many places in this prosperous nation. Cots, portable housing containers and chemical toilets are largely sold out. There is a shortage of German teachers, social workers and administrative judges. Authorities in many towns are worried about the approaching winter, because thousands of asylum-seekers are still sleeping in tents.

But what Germany lacks more than anything is a plan to make Merkel’s two most-pronounced statements on the crisis — “We can do it” and “We cannot close our borders” — fit together. In the second month of what has been dubbed the country’s brand new “Welcoming Culture,” it has become clear to many that Germany will only be able to cope if the number of refugees drops.

Merkel’s last hope is Recep Tayyip Erdogan, the Turkish president. The chancellor is visiting Ankara this weekend, bringing with her a number of gifts that Europe’s leaders had discussed in their summit in Brussels. The plan is to persuade Erdogan to strengthen the border in the Aegean Sea that “the strong nation of Germany” (as Merkel put it) is unable to.

Merkel Increasingly Isolated

The griping over Merkel’s policies has grown louder within her own party, the Christian Democratic Union (CDU). The


continue reading





“Good News” – China GDP Beats Expectation Leaving Fed ‘Relieved’, Stocks Disappointed

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

AsiaPac stocks were generally lower heading into the all-important Chinese macro data (S&P -6pts, Japan -0.7%, China -0.2%) as JPY erased Friday's ramp and crude dropped back below $47. The PBOC left the Onshore Yuan fix practically unchanged (following Friday's significant devaluation). Then the data hit… China GDP beat expectations (printing 6.9% YoY vs 6.8% exp) but is still the lowest growth since Q1 2009. Industrial Production missed (printing 5.7% YoY vs 6.0% exp). Retail Sales beat (10.9% YoY vs 10.8% exp). The initial reaction was kneejerk buying in USDJPY and stocks but that is fading as "good news" will relieve The Fed's angst over growth

Before… USDJPY and S&P Futs lower (along with most of AsiaPac stocks, gold, and crude)

Then the data hit…

And then we had Chinese Retail Sales, which Beat expectations of a 10.8% YoY gain with an "easily explainable" +10.9% YoY

And Chinese Industrial Production missed, printing +5.7% YoY(against expectations of a 6.0% YoY gain)

And then the big one…

38 "qualified" economists saw China's GDP between 6.9% and 6.4% (with a 6.8% median estimate)… notably China's monthly (higher frequency data based) estimate of GDP was 6.64%.. BUT CHINA GDP BEAT EXPECTATIONS printing +6.9%!! It's a Fall Miracle!!

Bear in mind, as Bloomberg reports that China has tweaked how it reports gross domestic product to meet the International Monetary Fund’s data reporting standards.

The National Bureau of Statistics will release output for each quarter on Monday, plus a cumulative reading. It previously released quarterly economic growth but didn’t specify GDP for each three-month period.

The new figure makes it easier to calculate the change in output (unadjusted for inflation) in the last quarter from a year earlier, as the aggregate ones usually smoothed out volatility. This may signal a sharper third-quarter slowdown than the stable headline growth reading.

In other words, what "changes" that historically were implemented that juiced historical GDP, are now evolving out of the data and detracting from what must be 'stellar' performance given the actual data beat expectations… Thus relieving an anxious Fed and opening the door to a December rate hike no matter what…

*  *  *

The reaction… disappointment…

*  *  *

There was one more significant data item out of China tonight – Fixed Assets Investment –
continue reading





PSW October Portfolio Review – Part 2

We discussed our strategies in Part 1

This is Part 2 and it's a Member's only view of the 4 virtual portfolios we track for our Members.  We already did these reviews Live in our Member Chat Room – this is just a consolidation of the updates for reference purposes.  Our Member Portfolios are:  

  • Option Opportunities Portfolio – OOP ($100,000 base):  This is a self-contained portfolio that is also published at Seeking Alpha and looks for short-term opportunities to make money off of news or events using various option strategies.  Our goal here is to teach how to trade with options as well as how to identify events that cause price mismatches we are able to take advantag of.  
  • Butterfly Portfolio – ($100,000 base):  Our most stable portfolio, using what are really mainly double-diagonal calendar spreads to create low-risk, self-hedging positons that emphasize our "Be the House – NOT the Gambler" strategy for premium selling.  It's a low-touch portfolio, requiring monthly maintennance.    
  • Short-Term Portfolio – STP ($100,000 base):  The first part of our main paired portfolios.  The STP's primary purpose is to protect the bullish LTP but, since that's not a full-time job, we also make opportunity-type plays when they present themselves.  As there is usually plenty of margin laying around, we also make fairly complex earnings plays that would not be appropriate for stand-along $100K portfolios.  
  • Long-Term Portfolio – LTP ($500,000 base):  This is our main strategy for long-term investing which follows our "Planting Trees" model.  We INTEND to build long-term positions with very low bais BUT in a very bullish market, we end up cashing out when our positions trend far above our expectations.  This portfolio, by itself is very volatile, as the hedges are in the STP while the vast majority of our LTP positions are bullish and also a low-touch portfolio.    

Short-Term Portfolio (STP) still isn't bearish enough as it's only down $8,000 while the LTP is up $15,000 for the week so let's see how we can tilt a bit more bearish into the weekend!  



continue reading





The Sad Fate Of America’s Whistleblowers

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Paul Craig Roberts believes Washington persecutes America's greatest patriots…

John Kiriakou is an American patriot who informed us of the criminal behavior of illegal and immoral US “cloak and dagger” operations that were bringing dishonor to our country. His reward was to be called a “traitor” by the idiot conservative Republicans and sentenced to prison by the corrupt US government.

Manning revealed US war crimes and after years of illegal pre-trial prison abuse was sentenced to 35 years in prison for keeping the vow to the US Constitution. Some of the idiot conservative Republicans thought the sentence was too light.

Tom Drake was ruined, and he kept his complaints about NSA illegality within the chain of command.

Julian Assange is confined by the US and UK governments in violation of international law to the Ecuadoran Embassy in London for doing his job and publishing leaked documents revealing the mendacity, immorality, and illegality of Washingtonn’s policies.

Edward Snowden is protected by Russia against Washington’s retribution for revealing that Washington’s illegal and unconstitutional spying is universal and includes the personal communications of all of the leaders of Washington’s own vassal states.

The American people accept the persecution of truth-tellers, because they have been brainwashed into believing that patriotism means defense of the government no matter what. As truth is so unfavorable to Washington, Americans believe that it must not be revealed, and if revealed, covered up, and those who reveal truth must be punished.

A country with such a population as this is a police state, not a free country.

It is an irony of history that a government and a population that believes truth must be covered up at all cost parades around the world acting as if Washington is the history’s agent for ?“bringing freedom and democracy to the world.”

As John Kiriakou most recently noted at OtherWords.org, history may smile on these guardians of the public trust, but during their lifetimes they remain outcasts…

 What is it about whistleblowers that the powers that be can’t stand?

When I blew the whistle on the CIA’s illegal torture program, I was derided in many quarters as a traitor. My detractors in the government attacked me for violating my secrecy agreement, even as they ignored the oath we’d all taken to protect and defend the Constitution.


continue reading





“The Bankers Have Gone Through This Before. They Know How It Ends, And It’s Not Pretty”

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

When even the commodity traders got caught in the crossfire of the energy rout – those supposedly smartest men (and women) in the room who were so smart, they not only never saw the commodity price crash nor did they hedge for any such possibility, leading to such snafus as both Glencore and Noble Group calling their investors and assuring them day after day that they won’t go bankrupt overnight – one question many have asked is how have the major banks gotten through unscathed so far.

This is especially true when one considers that the energy exposure of the big 3 TBTF banks is just over $150 billion. According to Bloomberg calculations Citigroup’s energy portfolio, including loans and unfunded commitments, swelled to $59.7 billion as of June 30, Bank of America’s to $47.3 billion, and JPMorgan’s to $43.6 billion, according to company filings.

And while some smaller banks such as Jefferies took massive charge offs on their energy prop book, which pushed Q3 FICC revenue negative for the first time ever, none of the big banks have disclosed any material, or even immaterial impairments on their tens of billions in energy loan books.

One explanation, and by far the simplest and most logical one, is that banks floating on $2.5 trillion in excess reserves, can not reveal, or otherwise mark to market, their loan book simply because they are, well, soaking in liquidity. This is what happened in late 2008, when instead of excess reserves banks were huddled by the Fed’s discount window liquidity spigot, pledging such “collateral” as the stock of bankrupt companies (as we have previously shown). That, and also cranking up leverage to 35x, 40x or more. The repricing of all this leverage and Fed generosity once Lehman could no longer kick the can on its day to day funding, is what led to the great financial crisis. 

This time, everyone is in on it, and if a TBTF bank fails, it will drag not only the Fed, but all central banks down with it, and everyone knows it, so why would or should Jamie Dimon bother telling the truth about his true energy exposure? It is not as if the regulators will make him tell the truth, even if they know he is lying: case in…
continue reading





Yes, The US Government Really Is Bankrupt

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Simon Black via SovereignMan.com,

I’ve long-stated that the government of the United States is completely insolvent.

And that is 100% true statement.

The government’s own numbers show that official liabilities, including debt held by the public and federal retirement benefits, total $20.7 trillion.

Yet the government’s assets, including the value of the entire federal highway system, the national parks, cash balances, etc. totals just over $3 trillion.

In total, their ‘net worth’ is NEGATIVE $17.7 TRILLION… a level that completely dwarfs the housing crisis.

If you include the government’s own estimates of the Social Security shortfall, this number declines to NEGATIVE $60 TRILLION.

And it gets worse every year.

Now, is this balance sheet an accurate reflection of reality? Do we really trust the bean counters to tell us what the United States of America is really worth?

Surely there must be significant intrinsic value to the United States military, for example.

Or the US government’s ability to collect taxes.

Or what about the value of all the natural resources underground?

These must all be HUGELY positive and would swing the government’s net worth back in the right direction.

Guess again.

The US military is certainly one of the best-trained and most effective forces in history.

But it’s difficult to place a substantial value on it when the government can no longer afford to use it.

And even when they do use it, the overall cost of doing so is negative.

The wars in Iraq and Afghanistan have cost the taxpayers $4 trillion. But where’s the financial benefit?

Aside from a few defense contractors profiting handsomely, the Chinese got most of the oil.

ISIS ended up with much of Iraq. And Iran made out like a bandit, with the US government taking out its most threatening neighbors free of charge.

Mission accomplished.

Bottom line, even the best asset in the world can end up being a big liability if it’s used improperly.

So what about the tax authority of the US government? If Uncle Sam can collect $3 trillion in tax revenue each year, surely that must count as a huge asset.

And it absolutely is. If you conduct a Present Value calculation of the future tax revenue of the US government discounted by the official 2% rate of inflation, the US
continue reading





A CaSe OF ACuTe ZaKaRia: THe FooLS a TooL

Courtesy of ZeroHedge. View original post here.

Submitted by williambanzai7.

MEDIA MORON





Trump Says Yellen Keeping Rates Low To Protect Obama

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Make no mistake, what you saw with the Fed’s September meeting and subsequent (in)decision was an FOMC that simply froze like a deer in headlights. As we’ve documented exhaustively, there are no right answers and Janet Yellen only made it worse by, in Deutsche Bank’s words, “removing the fourth wall” and admitting that the committee is reflexive. 

The Fed cannot hike for fear that a soaring dollar will accelerate EM outflows and plunge the world’s most important emerging economies into chaos. 

But remaining on hold risks precipitating the very same outcome because by missing the window for liftoff, the FOMC has fostered an environment in which all EMs are constantly on their toes with no idea when or even if the “symbolic” 25bps hike will ever come. The attendant uncertainty engenders the very same capital outflows as a hike might. 

And then there are of course considerations about what the FOMC is telegraphing about the risks to the US economy. September’s “clean relent” telegraphed a dour outlook and that, in turn, weighed on domestic risk (apparently bad news is bad news again). But hiking and thereby conveying a positive outlook for the US economy could well cause the dollar to soar (because if the ECB and BoJ are still easing, the policy divergence would be exacerbated in a liftoff scenario, giving the USD a strong tailwind) which would be a negative for some US corporates and could well weigh on the economy going forward. 

So this is the impossible scenario the Fed finds itself in and it’s all complicated by the fact that we are heading into an election year. For his part, Donald Trump believes Yellen is deliberately delaying liftoff not because she is simply confused as to what to do, but because she’s trying to help the Obama administration. Here’s more via Bloomberg:

According to Donald Trump, Janet Yellen’s decision to delay hiking interest rates is motivated by politics. 

“This is a political thing, keeping these interest rates at this level,” Trump, the billionaire Republican presidential candidate, said in a Wednesday interview with Bloomberg Television’s Stephanie Ruhle. “Janet Yellen for political reasons is keeping interest rates so low that the next guy or person who takes over as president could have a real problem.”

That problem spurred by raising rates, Trump argued,


continue reading





A Perilous Possibility: Weaponizing The Fed

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Authored by Mark St.Cyr,

The world sits at a very precarious point once again in time. There is a very real possibility, as well as an ever-increasing chance one wrong unintended or misunderstood event could trigger an all out war of global proportions. Yes, I said it, and I don’t take it lightly. Nor do I say it cavalierly. As a matter of fact my blood ran cold just typing it. For the matter at hand, the players involved, the possibilities of doing just the slightest of wrong moves whether intentional or not. At precisely the wrong time; has the inherent risk of triggering world events in ways and at magnitudes not seen since (dare I say) WW2. And if you think that’s hyperbole – you’ve just not been paying attention.

Currently as we sit events that were expressed by the main stream outlets as having no chance of ever happening (implying they weren’t worth contemplating) are not only happening – they’re turning out to be far more dangerous in both their escalation, as well as speed. The only thing rivaling my level for concern are the reasons being touted via both official, as well as media interpretations on why or, what is to be expected. The current double speak, plausible denials, moving of heavy armaments, ships, troop deployments, kinetic engagement, finger wagging from not one, but more than several world military powers has been breathtaking. All this over the course of just two or three weeks. The risks in my opinion for misstep with global ramifications haven’t been this perilous in decades.

One of the real reasons for my concern stems from the players involved. I’m far more concerned and have a greater sense of foreboding when it appears the “intellectual” set are the one’s playing against adversaries or circumstances they themselves only understand through textbooks or debate. i.e., A relative example could be the proverbial college professor that teaches business theory and application yet, has never been outside the walls of academia.

Back in April of 2014 the situation in Ukraine was all the media channels cared about. They touted how X, Y, and Z would be the obvious resolution. (X,Y, and Z represented everything breaking decisively, as well as matter of factually in the U.S.’s favor)  The problem was, anyone with any…
continue reading





Clinton Considers Mandatory Gun “Buy-Backs” – Ignites Confiscation Concerns

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Just days after talk of President Obama's gun control executive orders, and following a disappointing showing at the Democrat Debate, Hillary Clinton has jumped back on the populist bandwagon suggesting that, as Fox reports, it is "worth looking into" mandatory gun buy-back programs like ones in Australia.  "This validates what the NRA has said all along," said Chris Cox, executive director of The NRA, with Clinton's comments making “very clear” that the underlying goal of gun-control advocates is confiscation.

As Fox News reports,

Hillary Clinton said Friday that mandatory gun buy-back programs like ones in Australia are “worth looking into,” sparking criticism that the Democratic presidential front-runner would, if elected, impose gun-confiscation efforts.

Clinton made the comments during a campaign stop in Keene, N.H., when an attendee asked about Australia’s 1996 and 2003 buy-back programs that collected roughly 700,000 banned semi-automatic rifles and other firearms. 

“I think it would be worth considering doing it on the national level, if that could be arranged,” Clinton responded.

“This validates what the NRA has said all along,” said Chris Cox, executive director of the National Rifle Association’s Institute for Legislative Action. “The real goal of gun control supporters is gun confiscation.”

Cox said Clinton’s comments echo recent ones by President Obama, making “very clear” that the underlying goal of gun-control advocates is confiscation.

"Hillary Clinton just doesn’t get it," Cox said. "The NRA’s strength lies in our five million members and the tens of millions of voters who support the Second Amendment.

"A majority of Americans support this freedom, and the Supreme Court was absolutely right to hold that the Second Amendment guarantees the fundamental, individual right to keep and bear arms," he added. "Hillary Clinton's extreme views are completely out of touch with the American people."

*  *  *

*  *  *

As a reminder, there is no correlation between murder rates and gun ownership/control

Of course, when someone points out the lack of a correlation here, gun-control advocates are quick to jump in and say "but you didn't control for this" and "you didn't control for that." That's true. But what I do show here is that the situation is much more complicated than one would think from absurd claims like "states with fewer guns have fewer
continue reading





 
 
 

Phil's Favorites

Trump and the problem with pardons

 

Trump and the problem with pardons

Courtesy of Andrew Bell, Indiana University

As a veteran, I was astonished by the recent news that President Trump may be considering pardons for U.S. military members accused or convicted of war crimes. But as a scholar who studies the U.S. military and combat ethics, I understand even more clearly the harmful long-term impact such pardons can have on the military.

My researc...



more from Ilene

Zero Hedge

Farm Crisis: Corn Planting Slowest On Record For This Time Of Year

Courtesy of ZeroHedge. View original post here.

American farmers have some of the most corn acres left to plant, last week, than any other date on record, reported the Crop Progress Report -written by the United States Department of Agriculture (USDA).

The USDA warned corn planting is currently at 49% complete, behind the 80% five-year average.

...



more from Tyler

Insider Scoop

Jefferies Sees 60-Percent Upside In Aphria Shares, Says Buy The Dip

Courtesy of Benzinga.

After a red-hot start to 2019, Canadian cannabis producer Aphria Inc (NYSE: APHA) has run out of steam, tumbling more than 31 percent in the past three months.

Despite the recent weakness, one Wall Street analyst said Friday that the stock has 30-percent upside potential. 

The Analyst

Jefferies analyst ...



http://www.insidercow.com/ more from Insider

Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...



more from Kimble C.S.

Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!


Alistair Williams Comedian youtube

This is a classic! ha!







Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination of Gann Angles, ...

more from Chart School

Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control

 

Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...



more from Bitcoin

Biotech

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

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

 

DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University

...



more from Biotech

ValueWalk

More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...



more from ValueWalk

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...



more from Our Members

Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism

Excerpt:

The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...



more from M.T.M.

OpTrader

Swing trading portfolio - week of September 11th, 2017

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

 

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

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

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

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



more from OpTrader

Promotions

Free eBook - "My Top Strategies for 2017"

 

 

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

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

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

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

Some other great content in this free eBook includes:

 

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

...

more from Promotions





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...

Learn more About Phil >>


As Seen On:




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 >>