Archive for 2017

ISIS Commanders Join “Moderate” Syrian Rebels

Courtesy of ZeroHedge. View original post here.

Once again confirming that there is no such thing as a “moderate” Syrian rebel (although there certainly is for State Department funding and arming purposes), on Friday, two prominent ISIS commanders have left the ranks of the calliphate to join forces with the Free Syrian Army (FSA) fighters, i.e., “moderate rebels” on the provincial border between Homs and Deir Ezzor, al Masdar news reported.

ISIS commanders decide they want to be ‘moderate’ rebels again. https://t.co/o4IC4mIZTY

— Hayder al-Khoei (@Hayder_alKhoei) May 13, 2017

Or, as some put it, “Thursday: ISIS; Friday: FSA

Thursday: ISIS

Friday: FSA https://t.co/WPm6EYsqDN

— Max Abrahms (@MaxAbrahms) May 14, 2017

After communicating with FSA contigents, Ghassan Al-Sankeh and Mahmoud Al-Faraj arrived in Badia in central Syria and defected quietly, leaving behind ISIS fighters under their command in rural Deir Ezzor.

The ISIS commander Mahmoud Al-Faraj was said to be one of the highest-ranking commanders in Al-Mayadin, a city on the Euphrates River which reports indicate the Islamic State has transformed into its new capital.

ISIS controls the vast majority of the eastern province of Deir Ezzor although the Syrian Arab Army (SAA) has maintained a presence in the provincial capital throughout the conflict while the FSA emerged in its southwestern desert last week.

Meanwhile, with ISIS funding mostly long gone and its fighters on the defensive in Syria and Iraq, it is now quietly melding back into other opposition groups that have been cheered, supported and armed by the west. In other words, ISIS is returning back to where it started.





Worried About ‘WannaCry’? You Should Have Listened To Julian Assange

Courtesy of ZeroHedge. View original post here.

Authored by Adam Currie via TheDuran.com,

A widespread computer virus attack known as ‘WannaCry’ has been compromising computers with obsolete operating systems across the world. This should be the opening sentence of just about every article on this subject, but unfortunately it is not.

The virus does not attack modern computer operating systems, it is designed to attack the Windows XP operating system that is so old, it was likely used in offices in the World Trade Center prior to September 11 2001, when the buildings collapsed. Windows XP was first released on 25 August, 2001.

Furthermore, early vulnerabilities in modern Windows systems were almost instantly patched up by Microsoft as per the fact that such operating systems are constantly updated.

The obsolete XP system is simply out of the loop.

A child born on the release date of Windows XP is now on the verge of his or her 17th birthday. Feeling old yet?

The fact of the matter is that governments and businesses around the world should not only feel old, they should feel humiliated and disgraced.

With the amount of money governments tax individuals and private entities, it is beyond belief that government organisations ranging from some computers in the Russian Interior Ministry to virtually all computers in Britain’s National Health Service, should be using an operating system so obsolete that its manufacturer, Microsoft, no longer supports it and hasn’t done for some time.

Perhaps in order to save money, governments should also use prop-planes from the 1940s to conduct recon missions?

The scathing reality of this attack is that Julian Assange warned both private and public sectors to be on guard against known vulnerabilities in such systems, vulnerabilities Wikileaks helped to expose. Assange even offered to help companies to get their digital security up to date.

The fact that Assange’s plea fell on deaf ears must bring further shame to all those impacted by the ‘WannaCry’ attacks who refused to listen to Assange and get with the times.

As it is, the technology used in the hacking/malware incident was created by America’s National Security Agency (NSA).

World famous whistle-blower Edward Snowden had something to say about that,

If NSA builds a weapon to attack Windows XP—which Microsoft refuses to patches—and it falls into enemy hands, should NSA write a patch?


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Watergate’s Bernstein Warns Trump White House “Potentially More Dangerous” Than Nixon’s

Courtesy of ZeroHedge. View original post here.

Infamous Watergate journalist Carl Bernstein, having criticized both Comey and Clinton in recent months, is now taking aim at President Trump. In a Sunday interview on CNN, Bernstein said current White House conditions could be more dangerous than the Watergate scandal.

As The Hill reports, Bernstein referred to President Trump’s decision to fire former FBI Director James Comey last week. Comey was leading the FBI’s investigation into the Russian meddling in the 2016 presidential election, including allegations that Trump’s campaign colluded with Moscow.

“I think this is a potentially more dangerous situation than Watergate and we’re at a very dangerous moment,”

“Because we are looking at the possibility that the president of the United States and those around him, during an election campaign, colluded with a hostile foreign power to undermine the basis of our democracy: free elections,” Bernstein continued.

Bernstein said the country does not yet know the facts.

“But what we do know is, is that the president of the United States seems to be doing everything in his power to keep us from knowing the facts,” he said.

“Including firing the director of the FBI because, says the president of the United States, of ‘this Russia thing.’ So the question of a cover-up seems to me to have been answered a while ago.”

Bernstein said there is a cover-up going on to keep the public from knowing what happened.

“Whether that means the president of the United States obstructed justice or not, or those around him did, we don’t know,” he said.

“But what we see is that at every turn, this president is impeding the ability of those who were chosen to investigate to do so…It’s a truly dangerous moment. It’s very different than Watergate.”

Trump sparked controversy last week when he fired the FBI director. Bernstein is the latest to question the timing of the firing and raise comparisons between the current situation and the Watergate scandal. During an interview last week, Trump said: “When I decided to just do it, I said to myself — I said, you know, this Russia thing with Trump and Russia is a made-up story.”

Ironically, Bernstein’s partner, reporter Bob Woodward, had some


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What Do Rate Hikes Have To Do With Crashing Libor-OIS Spreads?

Courtesy of ZeroHedge. View original post here.

One of the more perplexing moves in recent weeks has been the rapid collapse in the Libor-OIS spread, traditionally a signal of bank credit risk, which has confused many rates traders due to contradictory signal it is sending in a world in which the Fed is supposedly tightening.

As we pointed out last Friday, one probable explanation for this is the gusher of bank funding availability that the world’s central banks (and even more so China) has unleashed. Nowhere is that more evident than in the total decoupling between “easing” financial conditions, and “tightening” monetary policy.

… something which Goldman itself pointed last week, when it remarked that its financial conditions index was the ‘easiest’ it has been in 2 years.

Furthermore, another potential explanation for the plunge in the spread emerged two weeks ago, when DB’s rates strategists suggested that it could be a function of Japan’s sudden revulsion toward US paper, and especially hedged Treasury exposure, which Deutsche pointed out resulted in a sharp tightening in the JPY cross-currency basis, which in turn compressed Libor-OIS.

Now, in a follow up note, Deutsche picks up where it left off at the end of April, and highlights what we documented last week, namely that since peaking last September at 44bps, 3m Libor-OIS has collapsed each time the market got excited about higher rates. In fact, whenever the fed funds implied probability of a rate hike jumped just prior to an upcoming FOMC meeting, a drastic narrowing of Libor-OIS ensued.

So the question then is what do rate hikes have to do with Libor-OIS spreads?

According to Deutsche Bank, the simple answer is that all signs point to the problem being there is weak demand for short-term unsecured borrowing.

As short rates increase, banks have little reason to pay up for short-term funding when they can just term out their debt. The yield curve remains very flat, and demand for corporate debt seems ever insatiable. Although there is still plenty of activity in the commercial paper market, banks are issuing opportunistically only at rates favorable to them. This week, the rate on a 90-day AA financial CP was 1.06%, virtually unchanged since after the March hike.

At the same time, DB notes that cash has been trickling back


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Is Risk Parity Driving The Market?

Courtesy of ZeroHedge. View original post here.

Authored by Brean Capital’s Peter Tchir via Forbes.com,

I am have more and more discussions about Risk Parity.

While Bridgewater is the best known and largest advocate of Risk Parity – it can be implemented in a simple form by virtually anyone.

Sophisticated Risk Parity strategies involve balancing multiple asset classes (global bonds, global equities, commodities, FX, etc.) in the ‘correct’ proportions to achieve a desired level of portfolio risk while still have positive expected returns.

At its most basic level – it is buying stocks AND buying bonds under the assumption (hope) that when one goes down, the other goes up, dampening volatility while generating positive returns over time.

There is an appeal to buying bonds as a ‘hedge’ against equity risk rather than buying options or buying VIX based ETFs and ETNs.  In an ‘ideal’ world, buying treasuries as a hedge generates income while offering some ‘risk-off’ protection; whereas, buying options tends to just drain money time and again.

One big question is ‘why are treasuries doing so well and stocks not reacting?’

There are a lot of potential answers, but one thing that would explain some of the more perplexing market moves would be that more investors are allocating money, directly or indirectly into Risk Parity strategies.

  • Investors wouldn’t need to sell stocks out of fear as they would be hedged – check
  • Investors wouldn’t be buying options so the price of volatility, or VIX, would be low – check
  • Investors would be buying bonds, particularly ‘safe’ bonds – check

Three things that are happening in the market, that are not easy to reconcile, can be explained by a growing interest in Risk Parity.

Because this strategy can be implemented in so many ways, it is difficult to detect whether I am right or not, but there are some indications that this might be occurring

  • IEF, TLT and LQD (treasury and investment grade bond ETFs) have all had inflows
  • Risk Parity and ‘Adaptive Risk Allocation’ Funds, like CRAZX (one of my favorite tickers) have had inflows

If I am correct, the risk in the  market is not to increasing volatility but something that changes the relationship to stocks and bonds that causes them to both drop.

The strategy has had long periods of success - not surprisingly up until


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Cyberattacks Expected To Spread Monday As Europol Fears Computer Systems Simply Won’t Start

Courtesy of ZeroHedge. View original post here.

Update: confirming our earlier report that Monday could get ugly for global computer system, the WSJ writes on Sunday afternoon that Cybersecurity experts are expecting another wave of computer-system attacks that encrypt files and demand ransom to unlock them on Monday, as companies and government agencies are seeking to restore normal operations and figure out the roots of the attack.

The attacks, which made over 200,000 victims in at least 150 countries, affect only computers running Microsoft Corp.’s Windows that haven’t installed the security patch that the company released in March, or the emergency patch it released for older Windows systems over the weekend. The problem is that it can take organizations, especially large ones, a long time to install these patches.

“I think there’s going to be a lot of infections Monday morning,” said Ofer Israeli, chief executive of Tel Aviv-based cybersecurity firm Illusive Networks.

“Time will tell how quickly people are going to patch their systems.” If the answer is “not fast enough”, what started off as a modest crippling of global Windows-based system, could become a full-blown global paralysis.

* * *

Earlier

There was a silver lining in what has been dubbed the “world’s biggest ransomware attack” – it struck on Friday mid-afternoon (in Europe), just as businesses were winding down for the weekend, and as a result the full impact of the forced system shutdowns would not be fully felt over the weekend when businesses and infrastructure are generally operating at a subdued pace. However, with the weekend coming to a close, the full extent of the inflicted damage may become apparent in just a few hours.

That was the warning by Europol Executive Director Rob Wainwright who on ITV’s “Peston on Sunday” broadcast, said that additional disruptions are likely as people return to work Monday and turn on their desktop systems, and as a result the “unrivaled” global cyberattack is poised to continue claiming victims.

The moment @Peston pushed the Director of @Europol @rwainwright67 over whether the Government ignored their advice on cyber crime #Peston pic.twitter.com/8WluSuMYkZ

— Peston on Sunday (@pestononsunday) May 14, 2017

Speaking to ITV’s, Wainwright added the


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North Korea: Latest Missile Can Deliver “Large Scale Heavy Nuclear Warhead”

Courtesy of ZeroHedge. View original post here.

Two days after the latest provocative missile test by North Korea, in which it launched a “new type” of ballistic missile, one which experts warned had a substantially longer range than any existing rocket North Korea had fired, on Monday morning North Korea announced that it had successfully conducted a mid-to-long range missile test on Sunday supervised by leader Kim Jong Un which was aimed at verifying the capability to carry a “large scale heavy nuclear warhead.”

The country’s KCNA news agency further said that the Hwasong-12 missile was launched at the highest angle so as not to affect the security of neighboring countries and flew 787 kilometers reaching an altitude of 2,111.5 kilometers.

In an earlier article, we explained how and why the ballistic missile used may have been the most advanced one tested by North Korea yet.

For those who may have missed it, here it is again: “North Korea’s Latest Ballistic Missile Was A “New Type” With Dramatically Longer Range

After North Korea provoked both its neighbors and the US when on Sunday morning it fired off yet another ballistic missile from Kusong near the border with China  – one which this time did not explode upon launch  – just days after the election of a new South Korean president who ironically advocates more engagement with Pyongyang, experts said the missile appeared to be a new type of ballistic missile, and had a far greater range than any other weapon North Korea has successfully launched.

According to Japanese Defense Minister Tomomi Inada, the missile rose to a height of about 2,000 kilometers, a much steeper trajectory than usual for a North Korean missile test. She also confirmed that officials were looking into the possibility that it was a “new type of ballistic missile.” Japan’s cabinet secretary, Yoshihide Suga, said the missile traveled for about 30 minutes and landed 700 kilometers east of the launch site. A spokesman for South Korea’s Joint Chiefs of Staff estimated the distance at 435 miles.

Cited by the WSJ, independent experts said the missile, if fired at a conventional angle, could have flown 2,800 miles—far enough to reach the U.S. military base in Guam.

That is a “considerably longer range than its current missiles,” said David Wright, co-director of the


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Asia Braces For Ransomware Fallout As Workweek Begins: “Hong Kong Will Get Hammered”

Courtesy of ZeroHedge. View original post here.

Having unleashed hell on over 100 nations and over 225,000 users worldwide on Friday, cybersecurity experts in Asia are bracing for the WannaCrypt ransomware plague to strike as the workweek begins.

As The South China Morning Post reports, thousands of computers across Asia were said to be affected with more reports expected when people return to work after the weekend, security experts said. Attley Ng, senior vice president of NSFOCUS Asia Pacific, a network security solutions company, said:

China was hit very hard. The attack was very widespread, especially in the higher learning and education sector, resulting in an almost complete paralysis of systems there.

Bryce Boland, Asia-Pacific chief technology officer at US cybersecurity firm FireEye, said:

“What makes this event so significant is the use of a vulnerability that allows the ransomware to spread rapidly within an [unprotected] organisation.

The Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT), which responds to cybersecurity events, said one home-based user had come forward, becoming the only victim in the city so far.

The Hong Kong police said it had not received any reports.

Michael Gazeley, managing director of local cybersecurity service provider Network Box, said he received calls from major companies throughout Saturday seeking help.

“Hong Kong will get absolutely hammered by this attack. This attack is global and it’s only going to get worse as the virus is evolving,” he warned.

“This is happening just before a weekend in Asia. By Monday, someone will go back to work, click a link on an email, and wipe out the company.”

HKCERT backed up the assertion that the threat could still attack companies as people return to work this week.

The Office of the Government Chief Information Officer said it had not received any report from government-related security breaches. It added that it has stepped up surveillance on security threats, while reminding all departments to take measures to safeguard against ransomware.

Citing previous hacking attacks on the government, legislator Charles Mok, representing the IT sector, said:

The authorities say everything is safe and under control. Are we reassured? I don’t know, and the threat is always out there.”

“There is very


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Small Caps See More Aggressive Selling

Courtesy of Declan.

Trump’s Russian shenanigans didn’t move the market as much as such actions in the past may have done but not all markets escaped such interest.

The Russell 2000 took the brunt of Friday’s selling.  The ‘bear flag’ off former support, now resistance, followed through lower to bring the index back to a flat-lined 50-day MA.  Technicals are mixed with ‘sell’ triggers in the MACD and +DI/-DI. Relative performance accelerated lower after months of underperformance. Small Caps are key bull market leaders but there has been a distinct lack of interest from buyers for the last 6 months and this is not good news for other markets.

Weakness in Small Caps has started to sow doubts in other indices including a potential ‘bull trap’ in the S&P.  The point loss in the index was small so it won’t take much to revive the rally, but the index will need a kicker if Small Cap weakness is not to play a larger role in Large Cap performance.

The Dow Jones is similarly encumbered. Note the positive test of converged 20-day and 50-day MAs on higher volume distribution.  Monday will be important.

If there is a bright spot it’s the Nasdaq and Nasdaq 100. Both indices are feeding off the recovery in Semiconductors. The latter index posted good gains from a ‘bear trap’ with technicals bullish. Last week’s breakout gap adds to the bullish momentum. An uptick in relative performance is coming off the back of a scrappy 6-months in its relationship to the Nasdaq 100; a break to new highs will be needed to confirm price action.

With the assistance of Semiconductors, Tech indices are outperforming with supporting technicals net bullish.

However, a moving average of new 52-week highs for Tech and NYSE are showing a slowdown too. This has not coincided with a pick-up in new 52-week lows, but this rally is starting to run on fumes.


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How To Stick It To Your Banker, The Fed, & The Whole Doggone Fiat Money System

Courtesy of ZeroHedge. View original post here.

Authored by EconomicPrism’s MN Gordon via Acting-Man.com,

Bernanke Redux

Somehow, former Federal Reserve Chairman Ben Bernanke found time from his busy hedge fund advisory duties last week to tell his ex-employer how to do its job.  Namely, he recommended to his former cohorts at the Fed how much they should reduce the Fed’s balance sheet by.  In other words, he told them how to go about cleaning up his mess.

Praise the Lord! The Hero is back to tell us what to do! Why, oh why have you ever left, oh greatest central planner of all time. We are not worthy.

We couldn’t recall the last time we’d seen or heard from Bernanke.  But soon it all came back to us.  There he was, in the flesh, babbling on Bloomberg and Squawk Box, pushing the new paperback version of his mis-titled memoir “The Courage to Act.”  Incidentally, the last time we’d heard much out of the guy was when the hard copy was released in late 2015.

With respect to the Fed’s balance sheet, Bernanke remarked that the Fed should cut it from $4.5 trillion to “something in the vicinity of $2.3 to $2.8 trillion.”  What exactly this would achieve Bernanke didn’t say.  As far as we can tell, a balance sheet of $2.8 trillion would still be about 300 percent higher than it was prior to the 2008 financial crisis.

Bernanke, by all measures, is an absolute lunatic.  He, more than anyone else, is responsible for the utter mess that radical monetary policies have made of the U.S. economy.  He’s the one who dropped the federal funds rate to near zero and inflated the Federal Reserve’s balance sheet by over 450 percent.

Yet Bernanke walks and talks with no remorse.  He even believes his actions somehow saved the economy.  In truth, his actions impeded the economy’s ability to self-correct and provoked today’s asset and debt bubbles.  However, with the exception of Lehman Brothers, his efforts did succeed in saving the banker’s bacon.

Well, at least someone was happy…

Big Dreams

Remember, it was Bernanke who goaded Alan Greenspan to drop the federal funds rate to 1 percent and leave it there for 12 months in 2003-04 following the dot com crash. 


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Zero Hedge

Trapped (When Will We Know 'They' Lost Control?)

Courtesy of ZeroHedge View original post here.

Authored by Sven Henrich via NorthmanTrader.com,

What? You thought a 850+ point drop in the $DJIA would result in a down week? No Sir. The unholy alliance has struck again. Massive jawboning by multiple administration officials about how well the China trade deal was going, a favorable jobs report and above all, the US Federal Reserve, all contributed to a furious rally to make markets green for the week on (whe...



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Phil's Favorites

The Portfolio Gap

 

The Portfolio Gap

Courtesy of 

Dalbar is known for publishing a study on returns from equity funds compared to the returns that investors capture in those same funds. Every year reveals the same message: The average investor, with remarkable consistency, underperforms their own investments, ostensibly by buying and selling at inopportune times.

The methodology behind the study has been under assault for at least the last 15 years. Here is ...



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Digital Currencies

Visualizing The New Cryptocurrency Economy

Courtesy of ZeroeHedge

Over a decade ago, the birth of Bitcoin sparked a revolution in the digital world - and just last year, the number of active cryptocurrencies jumped from roughly 1,600 to over 3,000 worldwide.

As Visual Capitalist's Ashley Viens details below, cryptocurrencies have now evolved past simple digital currencies, offering solutions to meet the complex needs of modern financial markets.

Today’s graphic from Abra visualizes the complex, ever-evolving cryptocurrency ecosys...



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Kimble Charting Solutions

Gold Miners Indicator Attempting Multi-Year Breakout, Says Joe Friday

Courtesy of Chris Kimble

Are Gold Mining stocks about to be sent a bullish signal they haven’t received in years? Possible says Joe Friday.

This chart looks at the Senior Miner/Junior miner (GDXJ/GDX) ratio over the past few years. Historically when the ratio is heading up, miners tend to do very well.

The ratio has created a series of lower highs just below the falling line (1), since the summer of 2016. The ratio is currently testing the strong falling resistance line and the June 2019 highs at (2).

Joe Friday Just The Facts Ma’am; If the ratio succeeds in a double breakout at (2), it sends miners a long-awaited bullish message.

...

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Insider Scoop

Scott Galloway Calls For Twitter's Board To Replace 'Part-Time CEO' Jack Dorsey Amid Africa Move Plans

Courtesy of Benzinga

A shareholder in Twitter Inc. (NASDAQ: TWTR) and New York University business professor wrote an open letter Friday to the company's board calling for the replacement of CEO Jack Dorsey.

What To Know

Scott Galloway, who owns more than 330,000 shares of Twitter stock a...



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Lee's Free Thinking

Chart Shows the Fed Ramping Up Not QE - Funding Almost All Treasury Issuance

 

Chart Shows the Fed Ramping Up Not QE – Funding Almost All Treasury Issuance

Courtesy of Lee Adler, Wall Street Examiner 

The Fed is ramping up “Not QE” .

The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

It also did $107 billion in gross new repo loans to Primary Dealers to buy Tre...



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Chart School

Silver stock taking the sector higher

Courtesy of Read the Ticker

As the US economy begins to show late cycle characteristics like: GDP slowing, higher inflation, higher wage costs, CEO confidence slump. 

Previous Post: Gold Stocks Review

The big players in the market are looking for the next swing off good value lows. This means more money is finding it way into the gold and silver sector, and it is said gold and silver stocks actually lead the metal prices.

The cycle below shows prices are ready to move in the months ahead (older chart re posted).


Click for popup. Clear your browser cache if image is not showing...



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Members' Corner

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

 

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

By Matt Wilstein

Excerpt:

Sacha Baron Cohen accepted the International Leadership Award at the Anti-Defamation League’s Never is Now summit on anti-Semitism and hate Thursday. And the comedian and actor used his keynote speech to single out the one Jewish-American who he believes is doing the most to facilitate “hate and violence” in America: Facebook founder and CEO Mark Zuckerberg.

He began with a joke at the Trump administration’s expense. “Thank you, ADL, for this recognition and your work in fighting racism, hate and bigotry,” Baron Cohen said, according to his prepared...



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The Technical Traders

VIX Warns Of Imminent Market Correction

Courtesy of Technical Traders

The VIX is warning that a market peak may be setting up in the global markets and that investors should be cautious of the extremely low price in the VIX. These extremely low prices in the VIX are typically followed by some type of increased volatility in the markets.

The US Federal Reserve continues to push an easy money policy and has recently begun acquiring more dept allowing a deeper move towards a Quantitative Easing stance. This move, along with investor confidence in the US markets, has prompted early warning signs that the market has reached near extreme levels/peaks. 

Vix Value Drops Before Monthly Expiration

When the VIX falls to levels below 12~13, this typically v...



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Biotech

Why telling people with diabetes to use Walmart insulin can be dangerous advice

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

 

Why telling people with diabetes to use Walmart insulin can be dangerous advice

A vial of insulin. Prices for the drug, crucial for those with diabetes, have soared in recent years. Oleksandr Nagaiets/Shutterstock.com

Courtesy of Jeffrey Bennett, Vanderbilt University

About 7.4 million people ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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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:

 

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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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