Archive for 2018

On Donald Trump’s “Madness” & A New Gold Standard

Courtesy of ZeroHedge. View original post here.

Authored by Hugo Salinas Price via Plata.com,

Way back in 1995, when Mexico was in the throes of another financial crisis, I figured out the problem of the existing world’s monetary system, based on the paper dollar as the fundamental currency of the world.

In my ignorance, I did not know that a man named Triffin had already pointed out that problem, which became known as “Triffin’s Dilemma”.

The problem is really very simple:

If the dollar – such as it is – is going to be the basis of the world’s monetary system, and therefore required by all Central Banks as Reserves, there is only one way that these CBs can obtain those Reserves: their countries are forced to undersell all US producers, in order to be able to sell more to the US, than they buy from the US.

The difference between the dollars they get from sales, is more, than the dollars they spend to buy from the US. That difference – known as the US Trade Deficit – flows to the CBs of the world and swells their Reserves.

So if Mr. Trump wants to cut down, or even ideally abolish the Trade Deficit, that would mean that foreign CBs would have to find it much harder to obtain dollars for their Reserves. Mr. Trump apparently does not want to have foreign CBs use dollars as Reserves, by making it very difficult to obtain those dollars – which they can only get if the US runs a Trade Deficit.

What that great world monetary system based on the paper dollar has done to the US, was quite unexpected: it consists in obtaining foreign goods by tendering paper money in payment, something that is fundamentally fraudulent. And that fraud has come back to haunt the US, quite unexpectedly.

The unexpected result of Triffin’s (or “Hugo’s”) Dilemma, has been the de-industrialization of the US, as the world geared up to undersell all US producers wherever they could do so, in order to obtain the indispensable US Dollars.

Mr. Trump is wildly alienating all the rest of the world, with the threat of Tariffs in order to reduce the Trade Deficit. What he does not understand, is that the Trade Deficit is built-in to the US economy, because the world´s CBs need Dollars for their Reserves: that is the System.

There is one way, and only one way,
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Are China’s “Drone Swarms” The Military Weapon Of The Future?

Courtesy of ZeroHedge. View original post here.

China, the country where fireworks were invented back in in ninth century, recently decided to ban fireworks displays in more than 400 cities, a decision that has forced companies and municipalities to brainstorm alternative forms of entertainment that won’t have such a deleterious impact on the environment. One perhaps unintended result of this decision has been an explosion in demonstrations involving “drone swarms” of LED-equipped flying robots, according to Bloomberg. In fact, shows involving more than 1,000 flying drones have cropped up around China – with the robots being used for celebrations commemorating everything from the Winter Olympics in PyeongChang to the Spring Festival Gala sponsored by China’s state-run news channel CCTV.

Drones

And while China insists that these “drone swarms” are for entertainment purposes only, we can’t help but wonder: Will “drone swarms” become the weapon of the future?

While the Intel performance at PyeongChang was pre-recorded, EHang has performed for live audiences. Some drones failed to stay in formation during parts of Ehang’s record show and Xiong said the issue may have been due to man-made interference, but declined to provide details.

Founded by Duke graduate Xiong and his partner Huazhi Hu in 2014, Guangzhou, China-based EHang raised $42 million in a Series B round the following year with investors including GP Capital, GGV Capital and ZhenFund.

EHang’s drones aren’t the only ones getting attention. When state broadcaster CCTV held its annual Spring Festival Gala, the world’s most-watched TV show, it featured Zhuhai-based Oceanalpha’s performance of 80 boat bots.

Of course, organizers of drone displays like the ones we mentioned above must contend with obstacles like the fact that China has strict controls on the usage of its airspace. EHang, one Chinese dronemaker, raised $42 million in a Series B round the following year with investors including GP Capital, GGV Capital and ZhenFund. So far, its swarms have been on display in 20 countries during events like Cirque du Soleil and concerts put on by the metal band Metallica. Most interestingly, drones that are part of the storm communicate with one another via artificial intelligence (a technology that China has also outmaneuvered the US in developing…)

Verity Studios, a company founded by robotics expert Raffaello D’Andrea that focuses on live drone shows, has performed swarm displays in 20 countries, including


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These Are The World’s Biggest Disruptors (And How The Disrupteds Are Fighting Back)

Courtesy of ZeroHedge. View original post here.

Ask any “brick and mortar” retailer in the past decade what new development has had the greatest (and most adverse) impact on their business, and 11 out of 10 times the answer will be “Amazon” and eCommerce in general. Or ask legacy enterprise solutions companies, which used to rake in tens of billions of dollars every year with customer, client-facing IT and tech solutions, why their stock price has been tumbling in recent years (coughibmcough), and you will hear one word: the “cloud.”

Indeed, we live in a time of tremendous overhaul in legacy business relationships, and while much of this has been driven by the low cost of capital made possible by ten years of ultra low interest rates, much if not all of this deflationary technological innovation is here to stay, with a few (FAANG) winners and many losers, those unable to adapt fast enough to the changing times.

While investors in US equities have had to contend with several major cross-currents over the past year, including the gradual phase out of central bank intervention in capital markets i.e., “Quantitative Tightening”, the favorable impact of the “three arrows of Trumponomics” such as tax cuts, fiscal expansion and deregulation offset by growing fears about protectionism and GDP and EPS-crushing trade wars,  even as bank deregulation provides solace to bank investors, a key focus for investors, policy makers and businesses themselves across the globe has been the growing dominance of Internet-based companies as a result of a series of disruptive innovations sweeping across the U.S. economy, presenting investors with another major source of confusion: how to value, and trade, legacy businesses when confronted with disruptors. Alternatively, what is the upside for the disruptors.

As Barclays writes in a recent report, the disruptors (Internet and cloud-based companies, mainly the FAANGs: Facebook, Apple, Amazon, Netflix, And Google) are breaking down moats of the disrupted (legacy consumer businesses and IT hardware & software companies), by dominating the user experience and creating strong moats for themselves in the process. This, according to Barclays, is “leading to a shift in value from consumer discretionary and consumer staples to info tech.”

The various trends and conflicts between legacy industries and new businesses are broken down by Barclays into the following three key types…
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Deutsche: “This Is The Most Dangerous Development The Fed Wants To Avoid”

Courtesy of ZeroHedge. View original post here.

In the first week of February, in the trading session just before the February 5 VIXtermination, the market tumbled as a result of a January average hourly earnings number that surged (even though as we explained at the time, the market had wildly misinterpreted the print), prompting speculation that the Fed was dangerously behind the curve and would need to accelerate its tightening, potentially hiking rates more than just 4 times in 2018, leading to an accelerating liquidation of risk assets which eventually culminated in the record VIX spike.

Since then, inflation fears moderated following several downward revisions (as expected) and more tame hourly earnings prints, with market concerns instead shifting to trader wars, the return of populism to Europe, the tech bubble, and the sustainability of record margins and net income.

But according to a recent analysis by Deutsche Bank's Aleksandar Kocic, traders are ignoring the risk of an imminent, "phase shift" spike in wages at their own risk. Specifically, Kocic looks at the current locus of the Philips curve – which many economists have left for dead due to its seeming failure to explain how the plunge in unemployment to record low levels has failed to boost wages – and notes that as the economy approaches the full employment, "wages tend to become more responsive." This, to the Deutsche Bank analyst, "is the inflection point that the Fed is monitoring."

Looking at the Phillips curve over the past 4 economic cycles, Kocic compares it to the Cheshire cat's smile from Alice in Wonderland, which is present even when the actual cat body is no longer there: "In each cycle, it falls apart, but after every annihilation, it re-composes itself and continues to play an important role."

Specifically, what Kocic highlights, is the sudden phase transitions between the end of one cycle and the start of another, in which one observes a "near vertical" spike in inflation to the smallest favorable change in underlying conditions. In the DB chart below, each cycle has a different color which implicitly marks their beginning and end.

In the current context, the most important message of this graph is the finale of each recovery.


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Visualizing The Longest Bull Markets Of The Modern Era

Courtesy of ZeroHedge. View original post here.

During the longest bull market in modern history, the S&P 500 surged a whopping 418% over the 9.5 years between November 1990 and March 2000.

This was during the famous economic expansion that took place during the Clinton era, in which job growth was robust, oil prices fell, stocks soared, and making money was as easy as throwing it in the stock market.

But, as Visual Capitalist’s Jeff Desjardins notes, in mere months, this famed bull market may lose its title as the “longest” in the modern era.

That’s because, according to data and analysis from LDL Research, the current bull market will take over the claim to fame in late August 2018.

Courtesy of: Visual Capitalist

RANKING THE BULLS

In today’s chart, we show every bull market since WWII, including the top six which are covered in more detail:

*Still in progress.

By looking at duration, total rate of return, and annualized rate of return, it really gives a sense of how these bull markets compare.

The current run, which will soon become the longest, didn’t have the same level of intensity as other high-ranking bull markets. Critics would say that it was artificially propped up by ultra-low rates, QE, and other government actions that will make the market ultimately less robust heading forward.

Regardless, the current run ranks in fourth place among the markets above in terms of annualized return.

WHAT ENDED EACH BULL?

The market psychology behind bull and bear markets can be fascinating.

Below we look at the events credited with “ending” each bull market – though of course, it is actually the actions of investors (buying or selling) that ultimately dictates market direction.

1. The Great Expansion

The bull run lasted 9.5 years, ultimately capitulating when the Dotcom Bubble burst. From the span of June 1999 and May 2000, the Fed raised interest rates six times to try and get a “soft landing”. Market uncertainty was worsened by the 9/11 attacks that occurred the year after.

2. The Post-Crisis Bull Run

Still ongoing…

3. The Post-War Boom

This boom occurred after WWII, and it ended in 1956. Some of the sources we looked at credited the launch of Sputnik, Eisenhower’s heart attack, and the Hungarian Revolution as possible sources of market fear.

4. That ’70s
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The Bubble’s Revenge: China’s Stock Market Is Littered With ‘Pledged-Share Land-Mines’ Buried During 2015 Mania

Courtesy of ZeroHedge. View original post here.

Via Investing In Chinese Stocks blog,

Back during the 2015 stock market bubble, many investors and companies pledged their shares for loans. Standards were low at the time. In addition to taking insanely overvalued shares as collateral, banks also loaned money against shares that the owner didn't have the right to sell. Here's a post I wrote nearly 3 years ago, back in July 2015, detailing what I thought was the craziest example: Is This Peak Insanity? Blanket Company With P/E of 6000 Pledges 30% of Shares As Collateral

A blanket company had a P/E of 5800 at the peak. Shares have plunged, but the P/E is still above 3000. Shares fell more than 60% from their peak. This week, they were limit down on Monday, halted for three days, and limit up on Friday.

Just in case you think the P/E ratio may be distorting things, the price-to-sales ratio is above 70. Debt-to-assets is 23 times. Price-to-book 159 times.

By itself, this is crazy enough to show how the bull market was an indiscriminate liquidity driven momentum trader market. But this is not the end of the story.

Reuters: China's companies at risk of stock-backed loan recalls

Chinese companies that borrowed money using shares as collateral may have to put up more assets or repay their debts, carrying the ripples from the stock market plunge into the wider economy.

A near 30 percent collapse in share prices has started to endanger some businesses using such financing, and the country's banking regulator said on Thursday it would let financial institutions renegotiate lending terms in these circumstances.

Bank and other loans backed by listed shares officially increased around 260 percent in May to 58.4 billion yuan ($9.4 billion) from a year earlier, representing about 4.8 percent of total social financing for the period.

"There is no doubt all the companies are facing a financing dilemma," said Zhang Jihong, board secretary at Hubei Landing Holding Co Ltd, a textile company that suspended its shares from trading on Tuesday – roughly half of all shares on mainland bourses are now suspended – after its stock fell 61 percent.

Hubei Landing has 29.9 percent


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Is The Federal Reserve ‘Public Enemy Number One’?

Courtesy of ZeroHedge. View original post here.

Authored by Peter Schmidt via SchiffGold.com,

When currency was backed by gold, a central bank’s main function was to maintain the value of the issued currency in terms of gold.  For example, if a central bank created too much money against the gold reserves in the banking system, an increasing number of people would begin to exchange their currency for gold.  To combat this, a central bank would be forced to raise interest rates and decrease the money supply.  The higher interest rates would incentivize people to exchange gold for larger savings on deposit that earn interest.  Banking reserves – gold – would return to the banking system and the economy would return to balance.  The prime reason for insisting on defining currency in terms of a precious metal was to provide a self-correcting braking mechanism to the creation of money.  As expressed by the great Wilhelm Röpke:

If in the production of goods the most important pedal is the accelerator, in the production of money it is the brake.  To insure that this brake works automatically and independently of the whims of government and the pressure of parties and groups seeking “easy money” has been one of the main functions of the gold standard. That the liberal should prefer the automatic brake of gold to the whims of government in its role of trustee of a managed currency is understandable.”

The US dollar was backed by gold as recently as 1971.  Any central bank in the world could present the Federal Reserve $35 and receive 1-ounce of gold in exchange. However, on August 15, 1971 – blaming it on the “gnomes of Zurich” – President Nixon “temporarily” broke the dollar’s last link with gold.  Nixon closed the “gold window” and reneged on the promise to exchange an ounce of gold for $35. Since then, the system of credit in the US has been under the Fed’s complete control.

Unsurprisingly, without the natural braking action provided by gold, the value of the dollar has collapsed and the ensuing 45 years are the most crisis-ridden period in American economic history.

The case against today’s Fed can be made in a number of ways. A method – which enjoys…
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America’s Greatest Crisis Upon Us…Debt-to-GDP Makes It Clear

Courtesy of ZeroHedge. View original post here.

Authored by Chris Hamilton via Econimica blog,

America in the midst of the greatest crisis in its 242 years of existence.  I say this based upon the US federal debt to GDP (gross domestic product) ratio.  In the history of the US, at the onset of every war or crisis, a period of federal deficit spending ensued (red bars in graph below) to overcome the challenge but at the "challenges" end, a period of federal austerity ensued.  Until now.  No doubt the current financial crisis ended by 2013 (based on employment, asset values, etc.) but federal spending continues to significantly outpace tax revenues…resulting in a continually rising debt to GDP ratio.  We are well past the point where we have typically began repairing the nation's balance sheet and maintaining the credibility of the currency.  However, all indications from the CBO and current administration make it clear that debt to GDP will continue to rise.  If the American economy were as strong as claimed, this is the time that federal deficit spending would cease alongside the Fed's interest rate hikes.  Instead, surging deficit spending is taking place alongside interest rate hikes, another first for America.

The chart below takes America from 1790 to present.  From 1776 to 2001, every period of deficit spending was followed by a period of "austerity" where-upon federal spending was constrained and economic activity flourished, repairing the damage done to the debt to GDP ratio and the credibility of the US currency.  But since 2001, according to debt to GDP, the US has been in the longest ongoing crisis in the nation's history.

But what is this crisis?  The chart points out the debt to GDP surges in order to resolve the Revolutionary war, the Civil War, WWI, and WWII. But the debt to GDP surges since 1980 seem less clear cut.  But simply put, America (and the world) grew up and matured, but the central banks and federal government could not accept this change.  Instead, the CB's and Federal government wanted perpetual youth…growth without end.  The chart below shows the debt to GDP ratio but this time against the decelerating growth of the total US population as a percentage (black line) but also against the faster decelerating growth of the 0-65yr/old population (yellow…
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Goldman Co-Head Of Trading: I Am Worried The Market May “Break” And Not Snap Back

Courtesy of ZeroHedge. View original post here.

Several weeks ago, Goldman's Chief Markets Economist Charlie Himmelberg became the latest Wall Street strategist to admit the threat to the market posed by HFT. Picking up on our original warning from April 2009, the Goldman strategist warned that HFTs – due to their inability to process nuanced fundamental information – may trigger surprisingly large drops in liquidity that exacerbate price declines, and result in flash crashes.

Himmelberg highlighted the growing market share of HFT and algorithmic trading across all markets, and warned that the growing lack of traditional, human market-makers has made the market increasingly fragile.

He is, of course, correct as active traders will attest, if nothing else then by the collapse in market liquidity around critical, market-moving events when HFTs strategically “pull out” from the market, making price swings especially sharp and resulting in a spike in volatility as shown in the schematic below.

As we discussed in greater detail back in April, the relentless, and increasingly commoditized ascent of HFTs, as well as the change to market structure and topology in a post-Reg NMS world, prompted Himmelberg to conclude that we live in a world where the biggest threat is not market leverage, but periods of sudden, unexpected and acute losses of liquidity. Or, as he put it, “liquidity is the new leverage.” This is how he explained it:

That analogy is meant to invoke the potential unrecognized problems or imbalances that build up over the course of long expansions. Financial leverage was obviously the imbalance that built up during the pre-crisis period, but that has been contained in the current cycle. In this cycle, there have been dramatic shifts in the way that secondary markets source liquidity, but this market structure has not yet been stress-tested by a recession or major market event. I therefore see a risk that markets are paying too little attention to liquidity risk, much as they previously paid too little attention to the risks posed by excess leverage.

Furthermore, the fact that for the past decade global capital markets and risk assets have been constantly prodded higher courtesy of central bank…
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“The Global Bond Curve Just Inverted”: Why JPM Thinks A Market Crash May Be Imminent

Courtesy of ZeroHedge. View original post here.

At the beginning of April, JPMorgan's Nikolaos Panigirtzoglou pointed out something unexpected: in a time when everyone was stressing out over the upcoming inversion in the Treasury yield curve, the JPM analyst showed that the forward curve for the 1-month US OIS rate, a proxy for the Fed policy rate, had already inverted after the two-year forward point. In other words, while cash instruments had yet to officially invert, the market had already priced this move in.

One way of visualizing this inversion was by charting the front end between the 2-year and 3-year forward points of the 1-month OIS. Here, as JPM showed two months ago, a curve inversion had arisen for the first time during the first week of January, but it only lasted for two days at the time and the curve re-steepened significantly in the beginning of April.

Fast forward to today when in a follow up note, Panigirtzoglou highlights that this inversion has gotten worse over the past week following Wednesday's hawkish FOMC meeting. As shown in the chart below which updates the 1-month OIS rate, the difference between the 3-year and the 2-year forward points has worsened, falling to a new low for the year of -5bp.

But in an unexpected development – because as a reminder we already knew that the market had priced in an inversion in the short-end of the curve - something remarkable happened last week: the entire global bond curve just inverted for the first time since just before the financial crisis erupted.

As JPM notes, while the Fed's hawkish move was sufficient to invert the short end further, it was not the only central bank inducing flattening this past week: the ECB also pressed lower on the curve via its "dovish QE end" policy meeting this week. And as a result of this week’s broad-based flattening, the yield curve inversion has spilled over to the long end of the global government bond yield curve also.

In particular, the yield spread between the 7-10 year minus the 1-3 year maturity buckets of our global government bond index (JPM GBI Broad bond index)


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Phil's Favorites

Congress is considering privacy legislation - be afraid

 

Congress is considering privacy legislation – be afraid

Courtesy of Jeff Sovern, St. John's University

Supreme Court Justice Louis Brandeis called privacy the “right to be let alone.” Perhaps Congress should give states trying to protect consumer data the same right.

For years, a gridlocked Congress ignored privacy, apart from occasionally scolding companies such as Equifax and Marriott after their major data breaches. In its absence, ...



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Zero Hedge

Key Events This Week: Trade War, EU Elections, Durables, PMIs And Fed Minutes

Courtesy of ZeroHedge

Looking at this week's key events, Deutsche Bank's Craig Nicol writes that while the unpredictable nature of US-China trade developments will likely continue to be the main focus for markets again next week, we also have the European Parliament elections circus to look forward to as well as various survey reports including the flash May PMIs which may offer some insight into the impact of trade escalation on economic data. The FOMC and ECB meeting minutes are also due, along with a heavy calendar of Fed officials speaking.

The European Parliament elections will kick off next Thursday with voting continuing into the weekend across the continent, with results expected on Sunday. With the elections surrounded by internal and external challenges for the EU, members di...



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Kimble Charting Solutions

Will S&P 500 Double Top Derail The Rally?

Courtesy of Chris Kimble.

The rally off the December stock market lows has been strong, to say the least. The S&P 500 rallied 25 percent before hitting and testing the 2018 high.

The old highs proved to be formidable resistance and ushered in some volatility in May… and a 5 percent pullback.

In today’s 2-pack, we look at that resistance level – could that be a double top? We can see similar patterns develop on the S&P 500 Index and its Equal Weight counterpart.

Both indexes are testing short-term Fibonacci retracement levels of the recent decline at point (2).

What takes place here after potential double top highs will be important. Stay tuned...



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Insider Scoop

60 Biggest Movers From Friday

Courtesy of Benzinga.

Gainers
  • Fastly, Inc. (NYSE: FSLY) shares jumped 50 percent to close at $23.99 on Friday. Fastly priced its 11.25 million share IPO at $16 per share.
  • Outlook Therapeutics, Inc. (NASDAQ: OTLK) shares climbed 37.3 percent to close at $2.10 on Friday after the stock rose over 68 percent Thursday following an Oppenheimer initiation at Outperform with a price target of $12.
  • Cray Inc. (NASDAQ: CRAY) shares rose 22.5 percent to close at $36.52 after Hewlett Packard Enterpri...


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Chart School

Weekly Market Recap May 18, 2019

Courtesy of Blain.

China – U.S. trade talk continued to dominate the week.   A heavy selloff Monday was followed by 3 up days, with Friday moderately down.

On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%.

Then on Wednesday:

The Trump administration plans to delay a decision on instituting new tariffs on car and auto part imports for up to six months, according to media reports.

...

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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 ...



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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

...



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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 ...



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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...



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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...



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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 ...



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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:

 

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

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About Phil:

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

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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.

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