Archive for 2019

“Spring Is Coming”: Why Europe Looks Set To Surprise On The Upside

Courtesy of ZeroHedge. View original post here.

Is the winter of Europe’s discontent coming to an end?

After a long period of economic pain which many believe culminated in Europe’s descent into recession just as the ECB’s QE of public bonds came to an end, in a note titled “Spring is coming” and focusing on events in Europe, Bank of America writes that its EU Composite Macro Indicator (CMI) avoided a decline for the first time in 12 months.

Although the Style Cycle remains in the ‘Recession’ phase, improvement next month would lead to risk-on rotations within EU equities from May onwards.

As BofA adds, Jan and Feb this year both saw all 6 inputs to the CMI contract. This was a unique event in the Style Cycle’s history, reflecting that European macro was hurt by both domestic and global factors. The picture is significantly better this month amid global central banks pausing on tightening and corresponding narrowing in credit spreads. The EU OECD Composite Leading Indicator improved and Global EPS Revision Ratios are no longer falling, while 10y government bond yields are falling at a much slower rate. The bank’s conclusion: while the CMI has stabilised, stronger signals in April will be needed to confirm ‘Recovery’.

Morgan Stanley agrees, and in the bank’s Sunday Start report, Graham Secker, chief European equity strategist, writes that “Europe Looks Set to Surprise on the Upside.

He explains why in the note excerpted below:

The past year has not been kind to Europe. It’s hard to believe that just over 12 months ago, eurozone GDP growth was

running north of 2.5%Y, Bunds were yielding 70bp and European fund managers were enjoying sustained inflows in both

equities and credit. Sadly, such periods of hope in Europe during this cycle have usually set the stage for disappointment,

and this has been no exception. Fast forward a year and GDP growth has slowed to 1%Y, Bund yields have shrunk to just

7bp and we’ve seen the longest run of persistent European equity outflows in a decade – 50 weeks and counting.

The latest ECB meeting provided little comfort as the central bank made significant cuts to its growth and inflation projections while pushing its forward rate guidance further out. While this may not seem an ideal backdrop to turn more positive on the region, we think that
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Boeing’s Doomed 737 Max

Courtesy of ZeroHedge. View original post here.

Authored by Eric Margolis,

I don’t like flying. I consider it unnatural, unhealthy and fraught with peril. But I do it all the time. For me, it’s either fly or take an ox cart.

In fact, I’ve been flying since I was six years old – from New York to Paris on a lumbering Boeing Stratocruiser, a converted, double-decker WWII B-29 heavy bomber. I even had a sleeping berth. So much for progress.

Lots can go wrong in the air. Modern aircraft have thousands of obscure parts. If any one of them malfunctions, the aircraft can be crippled or crash. Add pilot error, dangerous weather, air traffic control mistakes, mountains where they are not supposed to be, air to air collisions, sabotage and hijacking.

I vividly recall flying over the snow-capped Alps in the late 1940’s aboard an old Italian three-motor airliner with its port engine burning, and the Italian crew panicking and crossing themselves.

Some years ago, I was on my way to Egypt when we were hijacked by a demented Ethiopian. A three day ordeal ensued that included a return flight to New York City from Germany, with the gunman threatening to crash the A-310 jumbo jet into Wall Street – a grim precursor of 9/11. My father, Henry Margolis, got off a British Comet airliner just before it blew up due to faulty windows.

Which brings me to the current Boeing crisis. After a brand new Boeing 737 Max crashed in Indonesia it seemed highly likely that there was a major problem in its new, invisible autopilot system, known as MCAS. All 737 Max’s flying around the world should have been grounded as a precaution. But America’s aviation authority, the Federal Aviation Administration (FAA), allowed the Max to keep flying. The FAA is half regulator and half aviation business promoter, a clear conflict of interest.

The crash of a new Ethiopian 737 Max outside Addis Ababa under very similar circumstances to the Lion Air accident set off alarm bells around the globe. Scores of airlines rightly grounded their new Max’s. But the US and Canada did not. The FAA continued to insist the aircraft was sound. The problem, it was hinted between the lines, was incompetent third world pilots.

It now appears that America’s would-be emperor, Pilot-in–Chief Donald Trump, may have pressed the…
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New Report Reveals Just How Close India And Pakistan Came To War

Courtesy of ZeroHedge. View original post here.

A new bombshell Reuters report has confirmed that India and Pakistan were each about to let missiles fly last month after the standoff over India’s brazen bombing raid inside Pakistani airspace, resulting in a downed Indian pilot. Reuters has cited diplomatic sources to say fingers were on the proverbial button, ready to launch major missile attacks:

At one stage, India threatened to fire at least six missiles at Pakistan, and Islamabad said it would respond with its own missile strikes “three times over”, according to Western diplomats and government sources in New Delhi, Islamabad and Washington.

International diplomats attempting to intervene reportedly feared the nuclear armed rivals were moments away from war over the flashpoint Kashmir region: “there was no suggestion that the missiles involved were anything more than conventional weapons, but they created consternation in official circles in Washington, Beijing and London.”

Among the new revelations includes the following exchange between the two countries as Pakistan’s army had the recovered Indian pilot in custody:

That evening [Feb. 27], Indian National Security Adviser Ajit Doval spoke over a secure line to the head of Pakistan’s Inter Services Intelligence (ISI), Asim Munir, to tell him India was not going to back off its new campaign of “counter terrorism” even after the pilot’s capture, an Indian government source and a Western diplomat with knowledge of the conversations told Reuters in New Delhi.

Doval also relayed India intended to continue to fight militant groups that Pakistan allowed to “freely operate” from Pakistani soil.

During the exchange of communications India further threatened to unleash a volley of missiles at Pakistan, according to the report

A Pakistani government minister and a Western diplomat in Islamabad separately confirmed a specific Indian threat to use six missiles on targets inside Pakistan. They did not specify who delivered the threat or who received it, but the minister said Indian and Pakistani intelligence agencies “were communicating with each other during the fight, and even now they are communicating with each other”.

Pakistan said it would counter any Indian missile attacks with many more launches of its own, the minister told Reuters, speaking on condition of anonymity.

The Pakistani minister had responded, according to Reuters, “We said if you will fire one missile, we…
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‘Command-And-Control’ Is Here: “It’s Neither Durable Nor Stable”

Courtesy of ZeroHedge. View original post here.

Authored by Peter Cecchini via EpsilonTheroy.com,

Like it or not, central banks are now the most influential, global financial market participants. Sovereign rates and risk are now only rarely a function of market forces. Central banks have asserted this influence in the name of moderating business cycles and associated financial market volatility. How could such a paternalistic and noble desire for business cycle moderation be misguided? Because the road to perdition is paved with good intentions.

The Great Moderation – a term oft cited before 2008 but little referenced since – was attributed to Fed maestro, Alan Greenspan. Unfortunately, had he still been chairman, his encore would have been the catastrophic meltdown in global financial markets and real economic performance. This discordant meltdown necessitated the use of ZIRP (zero interest rate policy) and QE (quantitative easing). Since then, the move off the zero-interest rate bound in late-2016 marked the end of an almost 40-year secular trend towards lower interest rates.

The end of this secular trend confronts the Fed and other developed central banks with a new challenge. With rates still so close to the zero bound and with balance sheets still so swollen, when an economic downturn comes, what tools will be effective? Central banks have slowly begun to run out of assets to credibly buy. This is leading to a new, creeping narrative: MMT (Modern Monetary Theory), a theory that Larry Fink labeled last week as ‘garbage.’ I agree.

Because there’s so little central banks can do, they are anxious to prevent another downturn before it starts.

As a result, we’ve witnessed the Fed’s most recent dovish pivot, the ECB’s less hawkish tone, and the BoJ’s seeming admission to a QE addiction it has no intention of kicking. For short periods and when used prudently, QE is a useful tool, especially when used to purchase risk-assets that have suffered a liquidity dislocation – such as mortgage-backed securities (MBS) in 2008. It can alleviate this kind of credit crunch by directly targeting and suppressing risk premia. When applied more broadly to suppress risk-free term premia, it may pull forward demand in the real economy. In turn, that ought to help create a virtuous, reinforcing growth cycle.

So, why has growth been so modest in this economic cycle and why has inflation globally, even in economies like Brazil, been…
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Ford CEO Gets Raise After 1000s Of New Job Cuts & “Mediocre By Any Standard” Year

Courtesy of ZeroHedge. View original post here.

No sooner did news break that Ford will be laying off 5,000 workers in Germany than it was also reported that the company’s CEO, Jim Hackett, saw his pay rise to $17.75 million in 2018, despite what can only be described as a lackluster year for the company. The CEO’s compensation was up about 6% in what he described as a “mediocre by any standard” year for the company.

Hackett’s total compensation was up from about $16.7 million in 2017. He benefited from increases to his salary, stock awards, perks and benefits, while his bonus pay fell, according to a regulatory filing by the company.

Right now, Hackett is tasked with leading an $11 billion restructuring of the company that involves layoffs, closing plants, updating the company’s lineup and exiting the North American sedan market while, at the same time, investing in electric and autonomous vehicles. The company’s net income was down by more than half last year, as Ford lost money in every other region in the world aside from North America. Over the course of the year, the company’s stock was down 39%, as it fell out of favor with Wall Street.

In January, the CEO sent out an internal memo saying that the company should have earned double what it earned in 2018, additionally telling his employees to “bury the year in a deep grave”. His bonus was cut 28% for the year after missing targets for earnings margins, cash flow and revenue.

Ford has recovered slightly in 2019, with its stock up about 10% to start the year. The company is also conducting alliance talks with automaker Volkswagen, who it has a joint venture with for producing commercial vehicles. The cooperation could expand to electric vehicles and autonomous vehicles, and Hackett is being praised for spearheading the relationship.

This year’s outlook remains conservative and vague. Ford is going to be re-designing many of its most profitable trucks and SUVs, including the Ranger pickup and Explorer SUV. It also needs to negotiate a new UAW contract for its 56,000 hourly union workers.

In the company’s proxy filing, Hackett’s pay was revealed to be 276 times the $64,000 earned by the company’s median employee. Ford has its annual meeting scheduled for May 9, which will be conducted online for the third year in a row.





No Free Lunch: Valuation Determines Return

 

Source: Pixabay

No Free Lunch: Valuation Determines Return

By John Mauldin, Thoughts from the Frontline

Last week, I described the enormous challenges retirees face. One reason for that, aside from insufficient savings, is that markets haven’t delivered the returns many experts said we could plan on.

Back in the late 1990s, we were told that the long-term average return (~10%) was a reasonable long-term assumption—even if the market cooled down from the tech boom. Instead, the S&P 500 index gained about 3% annually since 1999 with total return just over half of the historical average. As a result, Baby Boomers are having to work longer and harder to retire, as well as save more of their income.

Nonetheless, hope still springs eternal for historically average returns. In this week’s letter, longtime friend Ed Easterling joins me as co-author to explore the reasons that so many analysts and product purveyors pitch such hopeful expectations. (Longtime readers will know Ed and I do this periodically.) We’ll show how the long-term average is a longshot bet in almost any market environment. Most of the time, returns over a decade or two are well-above or well-below average.

Most of all, it’s fairly predictable which side of average will occur. This has serious implications, yet there’s a lot that you can do to still achieve investment success. This is also something you will not hear from many in the investment business. “Predicting” less than historical average returns in the future is not exactly a great sales pitch. But as I think Ed and I will demonstrate, it is the most honest and accurate way to talk about potential performance of the future.

Ed founded Crestmont Research in 2001 to research and explain secular stock market cycles. You can find a treasure trove of fabulous charts and articles on cycles and market returns at his www.CrestmontResearch.com website. I’m a big fan of Ed’s work and highly recommend both of his books, especially Unexpected Returns.

Before we jump in, let me quickly remind you that registration for the Strategic Investment Conference (May 13–16 in Dallas) closes Saturday night, March 16. As of now, we still have a few seats left, but they are going…
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For The Fed, Humiliation Arrives At 2pm On Wednesday

Courtesy of ZeroHedge. View original post here.

The Fed's March 19-20 two day meeting will be to most FOMC member a crash course in humility.

Back in December, when Powell infamously stated that the Fed's balance sheet unwind is on "autopilot", a statement the Fed Chair promptly came to regret just a few days later when the S&P briefly tripped into a bear market before staging a historic rebound after Powell reversed dovishly on every possibly occasion, the Fed indicated in its Summary of Economic Projections that the US economy is growing at a solid pace, with GDP expected to reach 2.3% in 2019 as the unemployment rate tumbled to 3.5% even as 2019 Core inflation remained subdued at just 2.0%, a drop from the 2.1% projected at the prior, September, SEP forecast.

But more importantly, the Fed also revealed that it expects at least 2 more rate hikes in 2019 (down from 3 in September), which would see the Fed Funds rise to 3.1% in Dec. 2019, and another rate hike in 2020 bringing the US rate to 3.1% at which point it would peak before drifting lower to its longer-run rate of 2.8%.

Needless to say, within the SEP – which a recent study found had been more often wrong than right – it is the Fed's dot plot that is under the microscope. As Bank of America says, "the dots are loved by some but are hated by many." As the latest FOMC minutes showed, there are even some Fed officials on the Committee who would like to see an overhaul of the exercise, noting that they were "concerned that, although the individual participants' projections for the federal funds rate in the SEP reflect their individual views of the appropriate path for the policy rate conditional on the evolution of the economic outlook, at times the public had misinterpreted the median or central tendency of those projections as representing the consensus view of the Committee or as suggesting that policy was on a preset course."

In a February Bloomberg op-ed, Mohamed El-Erian made the case to eliminate the dots, when Bill Gross' former partner suggested the Fed could consider following the template of…
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Marijuana is a lot more than just THC – a pharmacologist looks at the untapped healing compounds

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

 

Marijuana is a lot more than just THC – a pharmacologist looks at the untapped healing compounds

File 20190311 86693 ga1zx.jpg?ixlib=rb 1.1

Assorted cannabis bud strains. Roxana Gonzalez/Shutterstock.com

Courtesy of James David Adams, University of Southern California

Medical marijuana is legal in 33 states as of November 2018. Yet the federal government still insists marijuana has no legal use and is easy to abuse. In the meantime, medical marijuana dispensaries have an increasing array of products available for pain, anxiety, sex and more.

The glass counters and their jars of products in the dispensary resemble an 18th century pharmacy. Many strains for sale have evocative and magical names like Blue Dream, Bubba Kush and Chocolope. But what does it all mean? Are there really differences in the medical qualities of the various strains? Or, are the different strains with the fanciful names all just advertising gimmicks?

Rafael, a Chumash who shared Californian Native American cultural knowledge with anthropologists in the 1800s. Leon de Cessac

I am a professor in the University of Southern California School of Pharmacy. I have lived in California a long time and remember the Haight-Ashbury Summer of Love. While in graduate school, I worked with professor Alexander Shulgin, the father of designer drugs, who taught me the chemistry of medicinal plants. Afterwards, while a professor at USC, I learned Chumash healing from a Native American Chumash healer for 14 years from 1998 until 2012. She taught me how to make medicines from Californian plants, but not marijuana, which is not native to the U.S. Currently, I am teaching a course in medical marijuana to pharmacy students.

If there is one thing about marijuana that is certain: In small doses it can boost libido in men and women, leading to more sex. But can marijuana really be used for medical conditions?

What are cannabinoids?

New research is revealing that marijuana is more than just a source of cannabinoids, chemicals that may bind to cannabinoid receptors in our…
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About That Impending ‘US Demographic Tailwind’ Narrative

Courtesy of ZeroHedge. View original post here.

Authored by Chris Hamilton via Econimica blog,

According to a recent Morgan Stanley report, linked HEREthe Millennials and Gen Z are about to provide a positive "youth jolt" to power the US economy higher, and "provide a rosier outlook for Social Security and Medicare".

In Morgan Stanley's own words; 

"For the U.S. economy, the demographic tailwinds created by these high-population cohorts could be significant, delivering the kind of “youth jolt” that the Baby Boomers were famous for. However, according to a recent report from Morgan Stanley Research, the implications of these demographic shifts aren’t baked into current Congressional Budget Office forecasts, in particular, the projections for labor-force growth".

"Work by the firm’s economic team, along with an in-depth survey of Generation Y and Z consumers, uncovered a significantly brighter outlook for the U.S. in the coming decades than previously thought. As Gens Y and Z combine in the workforce, these two outsized generations could power higher consumption, wages and housing demand, all pillars of GDP growth".

"In addition, these new projections on labor-force growth could also mean a rosier outlook for Social Security and Medicare solvency, offering investors an overall bullish view for the U.S. between the 2020s and 2040s—and policymakers a different perspective on the road ahead."

Before reading my rebuttal, I really encourage readers to read through Morgan Stanley's Research.

First, I really struggle with the whole generational labels as they represent uneven and ill-defined time periods.  The chart below shows annual US births since 1945 plus generation callouts.  Meh?!?

So, to put some sense to the generations, I simply summed the total births during each and divided them by the duration of each generation.  Couple of big noteworthy points:

  • The Baby Boom represented a massive average increase of 1.6 million births annually over that of the previous Silent generation or a 66% uptick

  • Gen Y (Millennials) average annual births increased less than 42 thousand annually over the Baby Boom, a 1.1% increase

  • Gen Z average annual births were 230 thousand more than the Baby Boom, a 6% increase

  • Gen Alpha (now 6 years underway) average annual births have


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The Day After: Paris Burns As Macron Returns From Mountain Vacation

Courtesy of ZeroHedge. View original post here.

Paris awoke on Sunday to smouldering fires, broken windows and looted stores following the 18th consecutive Saturday of Yellow Vest protests

Around 200 people were arrested according to BFM TV, while about 80 shops near the iconic Champs Elysees had been damaged and/or looted according to AFP, citing Champs Elysees committee president Jean-Noel Reinhardt. 

The 373-year-old Saint Sulpice Roman Catholic church was set on fire while people were inside, however nobody was injured. The cause of the fire remains unknown. 

#Update: Witness on the ground hearing a fireman say this was no accident, this was set on fire, at the Roman church "saint-Sulpice" in #Paris. #SaintSulpice #France pic.twitter.com/fLCFDbYT0U

— Sotiri Dimpinoudis (@sotiridi) March 17, 2019

The riots were so severe that French President Emmanuel Macron cut short a vacation at the La Mongie ski resort in the Hautes-Pyrénées following a three-day tour of East Africa which took him to Djibouti, Ethiopia and Kenya. 

Macron skied on Friday, telling La Depeche du Midi "I'm…
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Zero Hedge

Trash Wars: Duterte Orders Tons Of Garbage Shipped Back To Canada Or Dumped In Territorial Waters

Courtesy of ZeroHedge. View original post here.

Outspoken Philippines President Rodrigo Duterte has ordered that containers carrying trash from Canada should be shipped back to the country. It is the latest chapter in a disagreement over more than 100 containers of trash that were shipped to the Philippines between 2013 and 2014, illegally, by a Canadian company. 

Canada had previously agreed to take the trash back, but has been slow in making arrangements for its return. Duterte threatened to leave the trash in Canadian waters if Ottawa refuses to take it back, according to Salvador Panelo...



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Phil's Favorites

Animal Spirits: The Absence of Stuff

 

Animal Spirits: The Absence of Stuff

Courtesy of 

Mention Animal Spirits to receive 20% off from YCharts (*New YCharts users only)

Stories Discussed

Best graduation ever

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Kimble Charting Solutions

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

Courtesy of Chris Kimble.

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

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

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

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



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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

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


Alistair Williams Comedian youtube

This is a classic! ha!







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

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Insider Scoop

55 Biggest Movers From Yesterday

Courtesy of Benzinga.

Gainers
  • Obalon Therapeutics, Inc. (NASDAQ: OBLN) shares jumped 233.3 percent to close at $1.30 on Wednesday after the company reported expanded data from a large scale commercial use study that was presented at the Digestive Disease Week.
  • Ascent Capital Group, Inc. (NASDAQ: ASCMA) shares jumped 51.4 percent to close at $1.37 after the company announced a restructuring support agreement with Monitronics International.
  • Valeritas Holdings, Inc. (NASDAQ: VLRX) shares dippe...


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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:

 

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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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