Archive for September, 2018

Chinese Manufacturing Growth Grinds To A Halt As Exports Tumble

Courtesy of ZeroHedge. View original post here.

Two weeks after the latest economic data dump from China showed a continued slowdown in the local economy, the latest PMI surveys confirmed that the weakness in China's manufacturing sector was accelerating.

According to the official NBS manufacturing PMI which was released on Sunday, sentiment dropped further in September, despite what has been a mild upward seasonal bias in recent years. All sub-indexes showed weaker growth momentum. The Caixin manufacturing PMI also declined in September, reflecting the nation’s economic slowdown and fallout from the trade war with the U.S. The NBS non-manufacturing PMI was stronger, however, due entirely to a surge in the construction PMI.

China’s NBS manufacturing PMI fell to 50.8 in September, from 51.3 in August and below the Bloomberg consensus of 51.2. While this was the first September drop since the NBS manufacturing PMI series was released, it was also the 26th consecutive month of prints above the 50-point mark that separates growth from contraction.

Looking at the components, all the major sub-indexes showed weaker growth momentum in September. The production sub-index moderated 0.3pp to 53.0 and the new order sub-index was 0.2pp lower at 52.0. Trade indicators softened as well—the new export order sub-index fell to 48.0 from 49.4, and the imports sub-index declined 0.6pp to 48.5. Both indexes were at the weakest levels since February 2016. The employment sub-index fell 1.1pp to 48.3, and the suppliers' delivery times sub-index rose 0.1pp to 49.7 (higher suppliers' delivery times imply weaker demand conditions). The raw material inventories index was 0.3pp lower, and the finished goods inventory index was unchanged vs August. Inflationary pressures increased mainly at the input level – the input price index rose 1.1pp to 59.8, and the output prices index was unchanged at 54.3.

Separately, the Caixin manufacturing PMI - which better reflects sentiment among smaller, private firms – declined to 50 from 50.6, the lowest since May 2017 and ending 15 months of expansion, with export orders falling the fastest in over two years as U.S. tariffs are starting to take a toll on the economy.

The output sub-index fell 1.4pp to 51.1, and the new orders sub-index was 50.1, 0.5pp lower the August. Similar to the NBS…
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Canada PM Trudeau Calls 10PM Cabinet Meeting With Nafta Deal Announcement Imminent

Courtesy of ZeroHedge. View original post here.

As previewed yesterday, ahead of tonight's midnight deadline for a Nafta deal between the US and Canada, it appears that a deal has been agreed upon according to unconfirmed reports, with the only outstanding items being approval from Trudeau and Trump.

To that end, moments ago Canada's CTV reported that Canada Prime Minister Justin Trudeau has called a cabinet meeting for tonight at 10pm, "as senior Canadian officials appear to be close to a NAFTA deal." Trudeau arrived at his office around 7 p.m., where high-level staff and Foreign Affairs Minister Chrystia Freeland have been working since early Sunday morning to secure a NAFTA deal.

He took no questions from reporters who have gathered there to monitor the latest developments as the intense last-minute push before the U.S.-imposed midnight Sunday deadline inches closer.

The end of day deadline is to work out a trilateral renegotiated text that can be presented to the U.S. Congress and can be signed off by the outgoing Mexican president before his term runs out on November 30, otherwise the U.S. and Mexico intend to go ahead without Canada.

According to a Bloomberg report, the two sides were discussing the last sticking points, including greater market access for U.S. supplies into Canada’s dairy market, in exchange for concessions from the Trump administration which was reportedly ready to agree with Canada’s wish to keep Chapter 19′s dispute-settlement mechanism.

Earlier on Sunday, Canada’s ambassador to Washington, David MacNaughton, said that talks are moving forward but not yet completed. “Lots of progress but we’re not there yet,” MacNaughton told reporters in Ottawa, where the Canadian team is gathered. He said he didn’t know if a deal…
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In Troubling Sign For The US, Reserve Managers Plow Into Chinese Yuan, Dump Dollars

Courtesy of ZeroHedge. View original post here.

The IMF released the Currency Composition of Official Foreign Exchange Reserves (COFER) data for Q2 2018 on Friday. The total of reserves that are broken down by currency went up by $123BN, and unallocated reserves fell by $243BN. The most notably observation in the COFER report is that reserve managers actively decreased their allocation to USD – more than offsetting the effect of dollar appreciation – while at the same time adding significantly to non-USD allocations and especially to Chinese Yuan reserves.

Commenting on the report, Steven Englander from Standard Chartered notes that there are two possible big pieces of news in the Q2 COFER data, but only one that is likely to be meaningful.

The meaningful news is the continued run-up in CNY in reserves portfolios, even in a quarter when CNY depreciated sharply. This suggests increasing demand among reserves managers for CNY in their portfolios. Most likely this reflects the importance of CNY in trade and initiatives taken by the Chinese government to internationalize CNY. This buying is probably long-term in nature, as CNY is not yet sufficiently liquid in all time zone and EM selling of CNY when EM is under pressure could backfire.

At the same time, the drop in the USD share of allocated reserves is likely to be the less meaningful development. It could be interpreted as diversification away from USD but this conclusion is premature. The currency allocation of the China reserves portfolio is still being added piece by piece, and the USD share is uncertain. In addition, some EM countries were very likely intervening to stabilize their currencies to prevent a sharp drop. This intervention was likely USD selling and buying of local currencies as the USD is the most liquid part of their portfolios.

Putting the data together, Englander finds some unambiguous inferences. The major one is that Q2 non-China reserve manager holdings of CNY went up from USD 146bn to USD 193bn, despite a 5.2% depreciation that would normally have reduced the value of CNY reserves in USD terms.

This suggests that:

  1. global reserve managers have a strong appetite for CNY;
  2. market participants excluding non-China reserve managers were big sellers, offsetting reserve manager buying and forcing the CNY down by 5.2%;
  3. CNY in reserves is now roughly at the levels of AUD and

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Appointing good people… and surviving the bad. And Judo tactics!


David Brin — scientist, speaker, technology consultant and one of the World’s Best Futurists — comments on the state of science in government and gives Democrats some good advice for November.

[For more by David, visit his website for his best-selling books and short stories and blog for timely commentary on world events.


Appointing good people… and surviving the bad. And Judo tactics!

Courtesy of David Brin 

I won't join the maelstrom of noise surrounding the Kavanaugh Supreme Court nomination, since we have other business in this posting. But I will offer three quick points:

1. If there's danger of "ruining his life," then yes, burden of proof falls on the accusers. But that's an absurd standard. This is not a trial that might lead to prison. It is a job interview for a promotion, and we prospective employers have a perfect right to consider even unproved accusations. And to demand that nominees have no shadows, even unproved ones. And so…

2. …send us someone else! It's simple. Go to the GOP bullpen and send another candidate. Are you saying you don't have a deep bench of qualified, grownup conservatives? Even someone who hasn't been "groomed" by the oligarchy for decades?

3. What's with those suddenly-canceled Kavanaugh personal debts, which are asserted to be from illegal gambling? Even if that turns out to be calumny, don't we deserve to be sure this isn't blackmailable?

Enough. Everyone is chattering about this. Let's move on to things you'll find nowhere else.

Science advice, at last? 

In the 42 year history of the post of Presidential Science Adviser, some of the smartest humans have been appointed to help U.S. presidents grasp how scientific matters — confirmed facts and gray-unknowns — might bear upon policy decisions. Never was the position unoccupied anywhere near as long as Donald Trump has left it. We’ve been left to guess why… though your guess is probably right.

Elsewhere I commented when it seemed that the job might go to David Gelernter, a Unabomber victim and former

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How Champions Of The Poor Become Tyrants

Courtesy of ZeroHedge. View original post here.

Authored by Hal Snarr via The Mises Institute,

In a free society, income and wealth gaps are driven by variations in skill, knowledge, talents, independence, creativity, drive, and willingness to take risks. People who are satisfied with safe and secure occupations – like economics professor, school teacher, nurse, dentist or tax return preparer – expect to have much less wealth and income than risk-taking individuals who successfully capitalize on splendid ideas that result in products and services that benefit all of society. In this system, quantity, quality, and prices are determined by the demand and supply of goods and services.

The diagram below depicts one of many markets. The good or service being exchanged could be homes, X-rays, bank reserves, hours of low-skilled labor needed, tickets to Solo: A Star Wars Story, or, in this case, smartphones. Demand (the blue line) and supply (the red line) meet at the purple point. Assuming a free market system of no taxes, subsidies, price controls, regulations, prohibitions, government ownership, etc., 150 smartphones are produced and sold to 150 consumers at a price of $700.

The blue demand line represents a queue that sorts people according to their willingness to pay. The person with the lowest willingness to pay is at the right end of demand (the blue point). He or she is only willing to pay $200 for a smartphone. The person with the highest willingness to pay is at the left end of demand. He or she is willing to pay up to $1200. Whereas only one smartphone would be sold if the price is $1200, 300 smartphones would be sold at a price of $200.

The Economics of Government-Created Shortages

History is littered with examples of tyrants who start out as champions of the poor. Their political ascents begin with the pitting of the poor against the rich by using income and wealth gaps. They make claims that moguls and magnates have gotten rich because they charge unnecessarily high prices in an unfair market system that prices out the poor. In the figure above, for example, 150 consumers have smartphones, 150 do not. Champions of the poor can use such observation to win elections.

A common fairness policy that garners popular support is price setting (see here here here or here ). It can be in the form of a minimum wage on low-skilled labor,…
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270 Painkillers Per Person: DEA Investigates Pill Mills in Small Tennessee Town

Courtesy of ZeroHedge. View original post here.

DEA agents discover another small town in America’s Rust Belt with an overabundance of opioids

The Drug Enforcement Administration (DEA) last week conducted inspections at several pharmacy locations in the Clay County, Tennessee town of Celina, following a massive spike of painkiller purchases from drug distribution companies.

According to the sales data, obtained by the DEA, several pharmacies purchased nearly 1.5 million pills in 2017, a number that is considered an anomaly of a rural area in America’s Rust Belt region.

Home to just 7,800 people, the pharmacies last year purchased enough opioids to provide 270 pain pills for every man, woman, and child living in the small Tennessee town.

In response to the opioid crisis, the DEA is now aggressively monitoring supply chains of pill distributors that primarily feed into hard-hit states.

“DEA’s action today is one of many proactive measures we are taking to help prevent drug diversion, abuse, and trafficking that end lives and destroy families and communities,” said Louisville Division Special Agent in Charge Chris Evans, who runs DEA operations in Tennessee, West Virginia, and Kentucky.

“When DEA sees abnormal patterns such as this one, we must act. Too many rural communities like Clay County are often targets for both addicts and drug traffickers who exploit the most vulnerable and who profit from addiction. We’ve lost too many Americans to opioid abuse,” Evans said.

Notice of inspection was issued to Anderson Hometown Pharmacy, LLC at 151 MacArthur Avenue, and Walgreens at 1000 Gainesville Highway. The DEA said an administrative inspection warrant was also issued to another pharmacy, Clay County Express Pharmacy, LLC at 651 Brown Street. Some of these inspections included a complete review of receipts and distributions, employee interviews, and all other pharmacy activities.

Last week, the Centers for Disease Control reported that drug overdose deaths in 2017 were up 7% from 2016 and that more than 72,000 American died the previous year — that is more than American soldier deaths in the Vietnam War (58,220 US military fatal casualties). This is a more than 200% increase over a decade. Of those overdose deaths, just over 49,000 were from synthetic opioids, which include prescription painkillers, heroin, fentanyl, and fentanyl analogs. Pain management, then pill abuse, is often the starting point for heroin and fentanyl addicts.

Days ago, …
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Charles Schwab Client Cash Hits All Time Low As Retail Investors Flood The Market

Courtesy of ZeroHedge. View original post here.

A disturbing divergence in market outlooks has emerged in recent weeks, as US retail investors scramble to allocate more cash into the stock market, even as institutions sound the alarm and warn that price gains for the coming quarter will be limited.

After the best quarter for the S&P in 5 years, retail investors have flooded back into stocks, drawing down cash balances at brokerage accounts to record lows even as strategists at big banks from Goldman, to Citi, to Morgan Stanley and JPMorgan have recommended fading the rally in American stocks while forecasting the second-weakest year-end period of the market’s now-record long bull run. And, as we enter Q4, sellside analysts, traditionally cheerleaders for further market gains, look “timid”, and according to the average year-end S&P 500 target of 2,956, they forecast just a 1.4% gain in the fourth quarter. That would be the worst close to a year since 2012.

The story is familiar: “alarms are ringing” across Wall Street as Bloomberg puts it, as strategists continue to warn over peaking growth, trade tensions and stretched valuations. As a result, institutional and professional investors are hunkering down in anticipation of what comes next. Two weeks ago, we reported that Morgan Stanley’s hedge fund clients slashed the net exposure and leverage to the lowest level this year, a sign that risk appetite is retreating, just as the market pushed on to new all time highs.

Even one of the biggest bulls on Wall Street, BMO’s Brian Belski, has refused to raise his year-end price target of 2,950 for the S&P 500 amid concern that investors may have flocked to stocks in anticipation of a year-end rally that could be delayed by the political turmoil in Washington and the mid-term elections.

“Given the strong momentum of U.S. stocks, many clients have asked why we have not become more optimistic,” Belski wrote in a note Thursday. “We believe investors may have already ‘pulled forward’ any anticipated post-midterm election bump.”

Traditional mid-year election comparisons have also flown out of the window. According to Belski’s calculations, in midterm years the market starts the year slowly before rallying in the final quarter, with the final three months delivereding on average gains twice as big as those in non-midterm years. Needless to say, this year has been an…
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“Pause That Refreshes” Or Beginning Of The End?

Courtesy of ZeroHedge. View original post here.

Authored by Lance Roberts via,

A Pause That Refreshes?

That was so last week,

“Get out your party hats ladies and gentlemen, the markets hit all-time highs.

After increasing equity exposure in portfolios on the 11th, as the markets pulled back to the previous break-out support levels, I suggested a push to new highs was likely.”

The one thing that we addressed several times last week on our daily podcasts was the short-term overbought condition needed to be resolved before the markets could make a year-end push to 3000.

There has been a pretty well defined upward trendline (black dashed line) since the April lows which has consistently provided better entry opportunities to increase equity exposure.

While we are currently fully weighted in existing portfolios, we must take advantage of these entry points to “on-board” new clients. This is always the biggest challenge for any advisor.

As stated, our existing portfolios are currently fully weighted toward equity risk as there seems to be little which can derail this market currently. We have moved stop-loss levels up to recent lows, added some defensive positioning, and have added bonds as rates have climbed above 3%.

Speaking of rates, each time rates have climbed towards 3%, the market has stumbled.

There is also a reasonable match with oil prices.

This is particularly interesting with respect to the ongoing bullish narrative. Tariffs, higher interest rates, and higher oil prices are ultimately a direct tax on the consumer. Such will ultimately weigh on consumption, earnings, and the economy.

Another concern for the rally is the participation continues to narrow. Small caps, after leading the rally higher from the March lows have lost their “mojo.” 

Same for Mid-cap stocks.

This suggests that much of the “speculative” nature of the market seen early this year has subsided and risk is being concentrated into fewer areas.

As Steven Vanelli via Knowledge Leaders Capital
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In New York’s Suburbs, Renting For $10,000-a-Month Seems Safer Than Buying

Courtesy of ZeroHedge. View original post here.

The uncertainties in the real estate market are causing people to shell out big bucks – sometimes over $10,000 per month -  to rent properties, instead of purchasing them, according to the New York Times. The report followed several couples who are prime examples of this trend, like Aimee Raupp-Temple and her husband, Ken Temple. They chose to rent instead of buy when they moved to the suburbs of Connecticut three years ago because they weren’t sure if they were going to stay. Now, after realizing that they did in fact like the area, they still decided to rent instead of buy.

The couple, whose patriarch works in finance, did so because they are convinced that home prices would continue to decline.

Aimee told the New York Times: “Our parents’ mentality was, you bought your home and that was your major profit place. Now, I think people are a little more cautious.” In fact, the real estate market appears so uncertain that many people are spending between $5,000 to $10,000 a month to rent because it actually feels like a safer bet than buying. This is especially true for suburban counties like Fairfield and Westchester, where median home sale prices can be above $1 million. The demand for single-family rentals is up not just in Connecticut, but across the broader region surrounding New York.

Many potential buyers are waiting to see how the market will pan out. Their concerns are new federal tax laws and general unease about the economy in an environment where the Fed continues to hike rates.

Aimee continued, “There are so many other ways to invest and make money than real estate now.”

The numbers confirm the trend: in Fairfield County, single-family rentals are up 13% in July compared to a year ago, according to data from the appraisal firm Miller Samuel. In Westchester County, there were similar results: single-family rentals were up 9.6%. This growth in rentals has been the most pronounced with higher-end buyers. An “exploding rental market” was the term used in a report put together by William Pitt/Julia B. Fee Sotheby’s International Realty.

This firm’s data shows that for the first half of 2018, homes that rented for $5,000 or more in the county were up 33% compared to 2015. Out of the 268 total properties, 61 of them rented for $10,000 or…
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Incredibly Simple Economics (Or Why 300 Fed PhDs Can’t Be Wrong, Right?)

Courtesy of ZeroHedge. View original post here.

Authored by Jeffrey Snider via Alhambra Investment Partners,

There are more than 300 PhD Economists working on staff for the Federal Reserve. The central bank tells us that they “represent an exceptionally diverse range of interests and specific areas of expertise.” Perhaps, but they are all PhD Economists, aren’t they? These highly educated people cover a broad range of topics, for sure, and all from the same starting point and perspective.

Believe it or not, the Fed has an entire research section devoted to Prices and Wages. It’s difficult to process given for four years we’ve heard from FOMC officials about the link between prices and wages starting from the unemployment rate. And we are still waiting for that forecast link to show itself.

That’s the problem when PhD’s are advising PhD’s about conclusions they’ve already drawn ahead of time. Economists may be diverse in their interests but their ideology prevents any sort of honest inquiry of discovery. Echo chamber.

The Section’s Chief is Dr. Kristin Hubrich, with Matteo Luciani her Chief Economist. Dr. Luciani’s current research topic, according to the Federal Reserve, isn’t the relationship between business profitability and wage growth, thus inflation in or out of a Phillips Curve setting, rather it is Non Stationary Dynamic Factor Models. But of course it is.

They feel the need to build better models because some of those we have now aren’t sufficient. I don’t mean the Fed’s models which have missed every big economic swing since they were first introduced, rather Dr. Luciani takes issue with other statistical constructions like GDP and GDI.

According to a paper he co-authored with Matteo Barigozzi of the London School of Economics for the Federal Reserve Board earlier this year, over the past few years GDP and GDI together may have been understating growth. If the two Matteo’s are right, there was little or no downturn in 2015-16, no labor market slowdown thereafter, and the unemployment rate isn’t just a fanciful picture of an incomplete denominator.

Yellen was right all along – if you just change the numbers.

In this note, we introduce a new estimate of GDO [Gross Domestic Output] obtained from a Non-Stationary Dynamic Factor model estimated on a large

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Phil's Favorites

DARK TOWERS by David Enrich


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

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

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Zero Hedge

NYSE Announces Disaster-Recovery Test Due To Virus Fears

Courtesy of ZeroHedge View original post here.

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

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

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Chart School

Dow, Three strikes and your out!

Courtesy of Read the Ticker

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

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

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

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

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

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Cities With The Most 'New' And Tenured Homeowners

By Jacob Wolinsky. Originally published at ValueWalk.

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

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Kimble Charting Solutions

Financial Crisis Deja Vu: Home Construction Index Double Top?

Courtesy of Chris Kimble

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

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

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

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

This raises concerns about a double top.

This pr...

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Insider Scoop

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

Courtesy of Benzinga

Pre-open movers

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

Biotech & Health

Could coronavirus really trigger a recession?


Could coronavirus really trigger a recession?

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

Courtesy of Michael Walden, North Carolina State University

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

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

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The Technical Traders

SPY Breaks Below Fibonacci Bearish Trigger Level

Courtesy of Technical Traders

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

Some recent headline articles worth reading:

On January 23, 2020, we ...

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Free, Live Webinar on Stocks, Options and Trading Strategies

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

Feb. 26, 1pm EST

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

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

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

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


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Members' Corner

Threats to democracy: oligarchy, feudalism, dictatorship


Threats to democracy: oligarchy, feudalism, dictatorship

Courtesy of David Brin, Contrary Brin Blog 

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

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Digital Currencies

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


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

‘We have you surrounded!’ Wit Olszewski

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

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

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Lee's Free Thinking

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


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

Courtesy of  

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

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


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

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:


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About Phil:

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

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.