Archive for 2018

Robinhood Investing App Secretly Makes Millions Selling Millennials’ User Data To HFT Firms

Courtesy of ZeroHedge. View original post here.

Stealing from millennials to give to the rich. Robinhood App sells user customer data to make a quick buck from the high-frequency trading (HFT) firms on Wall Street. 

Robinhood Financial, LLC, a US-based mobile stock brokerage company, founded on the basis of disrupting the brokage industry by offering commission-free trading, has been secretly making millions of dollars in a profit scheme by selling users’ data to HFT traders, said Logan Kane, a writer for North of Sunset Publishing.

Kane said the latest Second Quarter Securities and Exchanges Commission (SEC) filing shows that Robinhood Financial takes from the millennial and gives to the HFT firms.

“Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers’ orders for over ten times as much as other brokers who engage in the practice. It’s a conflict of interest and is bad for you as a customer.

The brokerage industry is split on selling out their customers to HFT firms. Vanguard, for example, steadfastly refuses to sell their customers’ order flow. Interactive Brokers, which is the preferred broker for sophisticated retail traders, doesn’t sell order flow and allows customers to route orders to any exchange they choose.

Robinhood not only engages in selling customer orders but seems to be making far more than their competitors from it. Among brokers that receive payment for order flow, it’s typically a small percentage of their revenue but a big chunk of change nonetheless,” Kane said.

This represents, a severe breach of confidentiality for its over four million active users, and a remarkable act of deception from the Silicon Valley firm that promotes ethical trading practices to benefit the everyday American, but as we discovered via Kane’s reporting — the company is handsomely profiting from the average person by selling users’ order flow.

Robinhood’s website presents millennials with feel-good statements and hypocritical statements like:

  • “Invest for free: We believe that the financial system should work for the rest of us, not just the wealthy. We’ve cut the fat that makes other brokerages costly, like manual account management and hundreds of storefront locations, so we can offer zero commission trading.”

  • “Trusted by Millions in the USA: We’re serious about security and use cutting-edge technology to ensure your personal information is fully encrypted and


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America’s Fake-Money System: Honest Work For Dishonest Pay

Courtesy of ZeroHedge. View original post here.

Authored by Economic Prism’s MN Gordon, annotated by Acting-Man’s Pater Tenebrarum,

Misadventures and Mishaps

Over the past decade, in the wake of the 2008-09 debt crisis, the impossible has happened.  The sickness of too much debt has been seemingly cured with massive dosages of even more debt.  This, no doubt, is evidence that there are wonders and miracles above and beyond 24-hour home deliveries of Taco Bell via Door Dash.

The global debtberg: at the end of 2017, it had grown to USD 237 trillion. Obviously this is by now a slightly dated figure, as debt issuance has continued with gay abandon this year. [PT]

But how can dosages of more debt be the cure for too much debt?  Can more Cutty Sark be the cure for a dipsomaniac?  Certainly, in both instances, and after some interim relief, the cure always proves to be much worse than the disease.

Without question, a moment of clarity is approaching that will bisect the world of today from the world of tomorrow, like the Patriot Act bisects the present world from its prior state of bliss.  Thus, what follows is a rudimentary preview of what’s in store.  But first, some context is in order…

The fake money system – a system centered on debt based legal tender and centrally fabricated interest rates – produces booms and busts of greater extremes with each progression of the business cycle.  This century alone we’ve experienced two iterations of these boom and bust scenarios.  First the dotcom bubble and bust.  Then the housing boom and crash.

The “well-contained” end of the housing boom…  [PT]

Make no mistake, these booms and busts were anything but garden variety gyrations of the business cycle.  In fact, the Federal Reserve’s finger prints are all over them.  The booms originated from Fed monetary policy misadventures.  The busts were triggered by Fed monetary policy mishaps.

Anatomy of a Mishap

Presently, we are closing in on a decade’s long economic boom and bull market in stocks. This boom, like the boom of the mid-2000s, advanced during an extended period of monetary policy misadventures. This was the ZIRP and QE misadventure from 2009 through 2015, which distorted financial markets and disfigured the economy.

The last several years of this boom and bull market, however, have been a monetary policy
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JPMorgan: These 5 Things Will Determine If Stocks Continue To Rise, Or Drop

Courtesy of ZeroHedge. View original post here.

In a week when newsflow competed for airtime with post-mortems on the 10-year anniversary of the Lehman collapse, all risky markets have pushed higher: the S&P500 is near its late-August peak; some sectors like Consumer Discretionary and Healthcare have reached new all-time highs; and the EM complex has rallied from 2.5% (MSCI EM and EM Currencies) to 10bp (Sovereign and Corporate spreads).

The catalysts have been eclectic: mixed Chinese data; softer-than-expected US inflation readings; surprising interest rate hikes in Turkey and Russia; and reports that the US had invited China to resume trade negotiations at an unspecified date (which however may now be off). On the last issue of a possible US-China rapprochement, note that the run-up to a similar high-level meeting in late August triggered equivalent market rebounds. But after multiple false dawns, such headlines may start to yield diminishing returns.

In any case, as JPMorgan notes in its weekly cross-asset strategy note, with several markets reaching “extreme levels” (EM assets generally cheap, US Equities near all-time highs and oil near four-year highs) the bank evaluates five issues on which capital markets will reverse or extend this fall.

These include:

  • US-China detente (low odds, high market impact);
  • Firmer China activity data due to stimulus (high odds, moderate impact);
  • Policy orthodoxy in large EMs (moderate odds and impact);
  • An even tighter oil market (moderate odds, high impact);
  • Weaker US earnings growth/narrower profit margins (low odds this year, high impact).

More details on each of these key market-determining catalysts.

1. On the Chinese detente, JPMorgan’s John Normand writes that he isn’t hopeful that gains will extend much over the next month, because some of the US’s demands (like a much lower Chinese trade surplus) look unachievable given basic economics, and others (like China ending industrial subsidies) are too existential for China to abandon quickly. Hence the likelihood for this conflict to persist for at least as long as Trump is President. Meanwhile, as the WSJ reported, Trump is set to enact another $200bn in Chinese tariffs as soon as Monday, while China may retaliate by crippling US supply chains.

Seen in this light, JPM says that the risk of a destabilizing, contagious move in the renminbi post-sanctions is a wildcard. As a result, the likelihood of near-term…
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For The First Time In 10 Years, Companies Have Spent More On Buybacks Than CapEx

Courtesy of ZeroHedge. View original post here.

One month ago, Goldman provoked gasps from Wall Street when its buyback desk increased its estimate of 2018 stock buyback authorizations to a record $1.0 trillion, a 46% rise from last year.

There are two reasons for this surge: the first is tax reform which allowed companies to repatriate offshore cash at staggering amounts, which was then used to repurchase corporate stock. Additionally, surging corporate profitability has also led been a key driver behind the jump in share repurchases. According to Goldman, S&P 500 revenues rose by 11% during 1H Y/Y. At the same time, EPS climbed by 25% during the first half as firms benefited from lower corporate tax rates. As a result, S&P 500 cash flow from operations (CFO) surged by 35% to $917 billion in 1H 2018.

And according to the latest Weekly Kickstart from Goldman’s chief equity strategist, David Kostin, “this rise in CFO created a high-quality problem for managements: How should they spend all the cash?

The answer Donald Trump (and Gary Cohn during his brief tenure in the White House) was hoping for, obviously, was spending on growth and CapEx, which would result in more hiring and generally even higher GDP growth.  However, something else happened: according to Goldman, for the first time in 10 years, buybacks will be the biggest use of cash by S&P 500 firms.

This is notable because spending on CapEx has typically represented the largest single use of cash by corporations, “a position it has held for 19 of the past 20 years.” But not in 2018, in which buybacks have increased by 48% to $384 billion during 1H 2018 vs. $259 billion in 1H 2017. Furthermore, 2018 share repurchase authorizations for all US companies have totaled $762 billion through mid-September, and is the reason why when annualizing the number, Goldman now comes up with over $1 trillion in total buybacks for the entire year.

Which is not to say that companies aren’t spending on capital: during the first half, S&P capex rose by $55 billion to $341 billion vs. $286 billion in 1H 2017 (+19%). If this pace persists, it would represent the fastest growth in capex in at least 25 years.

Still, with $384 billion spent on buybacks vs $341 billion spent on capex, this is the first
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China Real Estate Crackdown: New Home Prices Accelerate To Two-Year High

Courtesy of ZeroHedge. View original post here.

Submitted by Investing in Chinese Stocks

China was in the midst of a historic real estate tightening cycle that quickly intensified after May. The Politburo made real estate controls a focus, local officials were warned they will be held accountable for rising prices and cities stepped up their regulations. While the land market showed signs of cooling in August, new home prices have yet to react. Instead, price increases have accelerated over the past few months. June, July and now August have seen prices rise 1.1, 1.2 and 1.5 percent nationally, accelerating to a two-year high.

The worst case scenario is China has lost control of the real estate market. As limited as the stimulus has been, it is flowing into a very restricted housing market. Some analysts have argued that demand has been suppressed for so long that it is finally coming back despite intensifying restrictions.

Restrictions are also a bullish signal for speculators because every round of real estate tightening leads to an overshoot. Speculators started dominating the real estate market in late 2017. If the median home sales is still going to speculators, prices will keep rising as speculators chase an ever dwindling supply. Homebuyers may also be chasing prices if they fear even higher prices.

More likely, this is the final gasp of the boom. China didn’t start tightening credit in earnest until after October 2017. First-tier cities aren’t seeing a rebound in prices. Lower-tier cities were considered the greater risk in recent years.

The government funded renovation projects were designed to slash inventory with bulldozers. The government destroyed too much housing inventory, lower-tier cities did not restrict prices as early as first-tier because of the inventory fear. Lower-tier cities are experiencing the peak of the boom now because government policies gave it one final push before the turn. Price follows volume and sales growth is slowing though, thus eventually the lower-tier cities should cool.

For now, the government is stepping up real estate controls. Even in cities such as Beijing, where new and existing home prices were flat in August.

21st Century: 史上最严公积金贷款新政背后:楼市酝酿深度调整

On the evening of September 13, the Beijing Housing Provident Fund Management Center issued the “Notice on Adjusting the Housing Provident Fund Personal Housing Loan Policy” (hereinafter referred to as the


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Death count debates overshadow the real story: Hurricane Maria was partly a human-made disaster

 

Death count debates overshadow the real story: Hurricane Maria was partly a human-made disaster

Courtesy of Morten Wendelbo, American University

Last September, President Donald Trump told Puerto Ricans they should be grateful Hurricane Maria had not caused a “real catastrophe like Katrina.”

However, mounting evidence now reveals the death toll for Maria far surpasses initial estimates. New research puts the number close to 3,000, adjusted up from just a few dozen when the president made his now infamous remark. This is an estimate, but it is virtually certain that the number is in the thousands. The president has denied these numbers, but without offering any evidence to support his claims.

The devastating truth is that most of the deaths in Puerto Rico were avoidable. The majority of fatalities were not caused by the hurricane’s force, but by the failure of the U.S. disaster response system. Many people died in the days and months after Maria because they lacked access to basic lifesaving goods and services.

The president’s comparison between the Katrina disaster and Puerto Rico’s plight after Maria highlights a major underlying problem. Using fatalities to gauge the magnitude of disaster assumes that all disasters are made the same. The disaster following Hurricane Maria shows us that this is fundamentally untrue.

Understanding this fact is necessary to grapple with how such a disaster was allowed to unfold on U.S. soil, despite one of the biggest and most well-prepared disaster response forces in the world.

Fatality counts are virtually useless

More than 3.3 million Americans were caught in Hurricane Maria’s path. Almost all of the deaths occurred in the aftermath of the hurricane.

Compare that to Katrina, when a large proportion of the fatalities occurred immediately during the hurricane. Failing levies caused many to drown as their homes were engulfed in water.

If judged only by the official and known death toll during the first few days or weeks, Puerto Rico appeared to have escaped a catastrophe. In reality, the early declaration that Puerto Rico had escaped catastrophe and that the federal government had already done its job may have been deadlier than the hurricane itself.

While…
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Rivers flood regularly during hurricanes, but get less attention than coastlines

 

Rivers flood regularly during hurricanes, but get less attention than coastlines

File 20180916 177938 1o8bxiz.jpg?ixlib=rb 1.1

Flooding in Kinston, North Carolina during Tropical Storm Florence, September 14, 2018. NC National Guard, CC BY

Courtesy of Craig E. Colten, Louisiana State University

Hurricane Florence, now a tropical depression, has dropped record-setting rainfall on parts of North Carolina. Many river gauges show waterways above flood stage. Flash and long-term flooding, as well as a risk of landslides, are expected to continue for days.

Since the 1950s, coastal communities have ordered evacuations to move people out of the paths of dangerous storms. Coastal residents also prepare by building homes elevated above anticipated high water levels, and building codes commonly call for reinforced construction to endure high wind speeds.

Today, however, risk from hurricanes is extending inland. Some of the worst damage from Eastern Seaboard hurricanes in the past several decades has come from inland flooding along rivers after storms move ashore. Hurricane evacuations typically direct coastal residents to retreat inland, but river flooding can put them at risk if there are not enough shelters and accommodations in safe locations. And inland communities may not take adequate measures to ensure the safety of their residents.

Much of my research, including my book, “Southern Waters: The Limits to Abundance,” has focused on the complex historical geography of water in the American South. What I have seen is that inland river flooding linked to hurricanes and heavy storms is a huge risk in the Southeast, but receives far less attention in emergency plans than coastal areas.

Drone footage of flooding in Baton Rouge, Louisiana, after heavy rains, Aug. 16, 2016.

Warm, rainy watersheds

The U.S. Eastern Seaboard is particularly susceptible to river flooding due to tropical weather that moves onshore. From New England to Georgia, a dense network of rivers flows down from the eastern Appalachians across the Piedmont – a broad, rolling plateau extending from the mountains to the coastal plain – and drains into the Atlantic Ocean. Steep gradients move water quickly down the mountain slopes.

On the…
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Nike, Colin Kaepernick and the pitfalls of ‘woke’ corporate branding

 

Adding this article to Members Corner, in case anyone wants to share their opinions on Nike and Kaep, or on divisiveness in general. Also see "A Warning From Europe: The Worst Is Yet to Come" and "What’s behind the current wave of ‘corporate activism’?" ~ Ilene

Nike, Colin Kaepernick and the pitfalls of 'woke' corporate branding

Courtesy of Simon Chadwick, University of Salford and Sarah Zipp, University of Stirling

Nike reignited a culture war recently by revealing Colin Kaepernick as their spokesperson for the 30th anniversary “Just Do It” campaign. The sportswear brand’s announcement came via a new advert in which young African Americans, Muslim women, physically impaired athletes and white skateboarders all encourage the viewer to follow their dreams, no matter how crazy.

Nike is clearly taking advantage of hot-button social issues to promote their brand, but commercialising human rights is tricky territory. Can a global brand like Nike really support a cause without coopting it? And is the company prepared to face scrutiny over its own ethical record?

Colin Kaepernick, a former National Football League (NFL) star, knelt during the pre-game national anthem in August 2016, in silent protest at police brutality and in the wake of several high-profile police shootings of unarmed African American men.

Nike’s new campaign ad in Times Square, New York. Alba Vigaray/EPA

Dozens of fellow NFL players, of all backgrounds and heritages, followed suit and the protest soon included players from every team in the league. The backlash was swift and severe, with conservative pundits, veterans and president Donald Trump decrying the protests as disrespectful to the American flag and military.

The latest salvo in the debate was launched by Kaepernick’s narration of the advert, prompting a social media hashtag urging people to “#BurnYourNikes”. Some observers in the US seemed to think that Nike had gone too far, while the company’s share price and brand approval ratings fell, at least, in the short-term.

Nike’s skeletons in the closet

Kaepernick’s role as a Nike brand ambassador may seem like political theatre, intended to antagonise Donald Trump and his supporters. However, the reality is much more…
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Whitney Tilson Goes There Again, Predicts Bitcoin To Fall To $4k

By Jacob Wolinsky. Originally published at ValueWalk.

Excerpted from Whitney Tilson’s latest email to colleagues entitled “Videos & slides from seminars; upcoming webinar; make a name for yourself; crypto; Griffin”

Also see Whitney Tilson’s prior bitcoin predictions

 

1) We’ve posted both our slides and videos from our two seminars last week:

  • An Introduction to Value Investing: slides (including updated ones on Berkshire Hathaway, Google and Facebook) and the 127-minute video of the event

2) We only got through half of our material on Understanding Financial Statements on Thursday (defining and explaining the major line items of the income statement, balance sheet and cash flow statement), so we’ve scheduled a two-hour follow-up webinar during which we’ll show how to do basic analyses of the financial statements, calculating growth rates, margins, EBIT, EBITDA, current and quick ratios, debt to equity ratio, return on equity and free cash flow. Lastly, we will show how the financial statements tell a story about a company, how a company is raising and allocating capital, and potential warning flags. It will be on Thursday, September 20 from 5:30-7:30pm ET. Registration is now open.

ValueWalk readers  Pease use “VW10” for a discount!

3) A friend of mine who’s run a fund for nearly a decade asked me:

“Have you found a repeatable way to meet potential LP's in the high-net-worth space (doctors, lawyers, etc.)? I think it would add a ton of value to figure that out.”

Here was the reply I sent him:

I built my entire business (which peaked at $200M in assets) on HNW investors – others I can think of who’ve done this well include Mohnish Pabrai, Guy Spier and Sahm Adrangi. Here are some things one or more of us did/do:

  • We write a lot – articles, emails, books (we’re all good writers and teachers, have strong opinions, etc.)
  • Host


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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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About Ilene:

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

Market Shadows >>