Author Archive for Zero Hedge

How Alexandria Ocasio-Cortez Misunderstands American Poverty

Courtesy of ZeroHedge. View original post here.

Authored by Andrew Moran via,

Democratic socialism is in the news again. Following Alexandria Ocasio-Cortez’s stunning victory, helping her become a darling of the mainstream media, Americans are becoming interested in democratic socialism again – a philosophy that involves voting to steal your stuff. Two key planks of democratic socialism are to rail against the rich and promise everything for free, which then leads to the next question: Who’s going to pay for all that free stuff?

Building upon her national spotlight, Ocasio-Cortez recently appeared on The Late Show with Stephen Colbert to discuss her political brand and a wide array of issues important to her and socialists everywhere. But there was one moment in the interview that opened a can of worms.

Alexandria Ocasio-Cortez

She told the alleged comedian:

“For me, democratic socialism is about – really, the value for me is that I believe that in a modern, moral and wealthy society, no person in America should be too poor to live.

I think that no person should be homeless. If we can have public structures and public policy to allow for people to have homes and food and lead a dignified life in the United States.”

Ocasio-Cortez, who may have the right intentions, which is the most dangerous type of politician, suggested two interesting things: The poor are destitute, and poverty can be cured with even more government.

Let’s explore further.


There are three points that the left likes to make: the poor are getting poorer, the U.S. has the highest childhood poverty rate, and 32 million Americans are impoverished – higher than when the first bullet in the War on Poverty was fired.

How dare the U.S. create such horrific conditions that are reminiscent of Charles Dickens novels.

If you’re indigent in the U.S., then you’re better off than most people in the world. A hipster sporting a Che Guevara t-shirt and drinking a Starbucks latte would scoff at this assertion, but it is the truth.

Income inequality is a myth, while income mobility is still a thing. Yes, it is true that the top 1% are getting richer, but the poor and middle-class are becoming prosperous, too. Why is this a debated fact? The problem is with how the data is compiled and…
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Oil Jumps After Saudis Say August Exports To Slide

Courtesy of ZeroHedge. View original post here.

Trump is about to have another OPEC twitter meltdown.

With oil sliding in recent days on a combination of greater inventory builds and production increases both in the US and in places like Libya and Canada, moments ago WTI jumped as much as 1.6% after it was  trading as much as -1.4% following a Bloomberg report that Saudi Arabia claims that they expect a “substantial stock draws due to robust demand” in the second half, that Saudi crude exports in July will be equal to June’s and that August exports will drop by 100kb/d.

This is notable as so far this month, third party sources have reported that Saudi exports have been far lower than the large production increase that was supposed to happen.

The statement by the Saudi Energy Ministry also notes that an oversupplied market “repels potential investment in the oil industry, curtailing future supply”, and finally that Saudi Arabia will “only export barrels that are earmarked to match confirmed lifting requests by end users, and does not try to push oil into the market beyond its customers’ needs.”

The most likely reason for the sharp kneejerk higher is that many of the shorts that had piled on in recent days got spooked and promptly covered, sending WTI just shy of $70, a $2 swing on the day, and a move that may lead Trump to further angry tweeting in the next few hours.

Disney Wins: Comcast Says It Ends Pursuit Of Fox Assets

Courtesy of ZeroHedge. View original post here.

After months of jockeying with its persistently better-positioned rival Disney, Comcast Corp. (the cable company and corporate parent of NBCUniversal) has officially ended its pursuit of 21st Century Fox’s entertainment assets and will instead focus on its offer for Sky.

By backing off, the cable giant is clearing the way for an epic bromance (pictured below) between Fox’s Rupert Murdoch and Disney CEO Bob Iger amid speculation that the House of Mouse’s offer of Disney stock would be more lucrative for the Murdoch family than Comcast’s cash bid, per the Washington Post.


Disney CEO Bob Iger with Fox Chairman Rupert Murdoch

Comcast had previously said it would submit a new bid after Disney topped its $65 billion all-cash offer. By backing away from the deal, Comcast will save itself (at least for now) from becoming one of the world’s most indebted companies.


But more importantly, its capitulation ends a contest with Disney that has simmered since June, and also follows the DOJ’s decision to challenge the (already completed) merger of AT&T and Time Warner, a “vertical merger” that has similar qualities to a (hypothetical) Comcast-Fox tieup (though Comcast said at the time it believed it could still compete for the merger). The company now says it will focus on its $34 billion bid to buy Sky, a European pay-TV service. That’s complicated by the fact that 21st Century Fox is bidding to buy the 61% of Sky that it doesn’t already own.

As Ross Gerber pointed out on Twitter, the decision to drop its pursuit of Fox could have ancillary benefits by convincing Disney to hand over its soon-to-be acquired Sky stake at a lower premium. Though Disney’s Bob Iger has referred to the Sky as a “crown jewel” of the acquisition of a portfolio of Fox entertainment and cable assets.

The best part of this is Comcast can now give Disney Fox a premium for Sky and lower the cost of the acquisition. Never really thought Disney needed this asset for their goals. Prefer less leverage. Love it. $dis $foxa $cmcsa #sky

— Ross Gerber (@GerberKawasaki) July 19, 2018

For many on Wall Street,…
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California Supreme Court Blocks Proposal To Split Up State From November Ballot

Courtesy of ZeroHedge. View original post here.

The California Supreme Court has shot down a measure that would have allowed Californians to vote on whether the state should be divided into three smaller states, dealing a serious setback to Venture Capitalist (and Elizabeth Holmes superfan) Tim Draper, who has insisted that the state is "ungovernable" in its current form and spearheaded a campaign to split it up.

The Court on Wednesday sided with an environmental group that had challenged the ballot measure, arguing that the reforms demanded by the ballot measure were "too sweeping" to be put directly to the people.

“Proposition 9 was a costly, flawed scheme that will waste billions of California taxpayer dollars, create chaos in public services including safeguarding our environment and literally eliminate the State of California – all to satisfy the whims of one billionaire. We are thankful for the opportunity to save Californians from having to vote on a billionaire’s folly,” Howard Penn, executive director of the Planning and Conservation League said in a statement, according to The Sacramento Bee.



Tim Draper

State election officials said last month that Proposition 9 – also known as the Cal3 measure – had received enough signatures from supporters to qualify it for the ballot.

If successful, the proposal would have split California into Northern California, Southern California and California, as shown below:


Draper's petition received more than the 365,880 signatures from registered voters that it needed to qualify for the ballot (that amounts to 5% of registered voters who cast votes for governor in the 2014 election).

The Planning and Conservation League, an environmental group, challenged the measure in court, arguing it posed a "revision" of the state constitution, as opposed to an amendment, and that such a revision would be too sweeping to allow it to end up on the ballot. However, the court left open the possibility that the ballot measure could be put to voters in the future by saying the "potential harm in permitting the measure to remain on the ballot outweighs" the harm of its delay.

Draper criticized the court and said the
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China “Shocked Beyond Imagination” At Larry Kudlow’s “Bogus” Accusations

Courtesy of ZeroHedge. View original post here.

While China has so far failed to list explicitly just how it will respond to Trump's proposed tariffs on $200BN in additional Chinese imports, it has been quite clear that it is happy to go from trade war to currency war with its ongoing devaluation of the Yuan, which overnight lost another 550 pips, sliding to 6.80 against the dollar, the lowest level since July 2017.

And as it turns out, a big reason for the overnight plunge in the Chinese currency are Wednesday's comments by Larry Kudlow, Trump's chief economic advisor, who blamed President Xi Jinping for stalled trade talks when he told CNBC that he believed lower-ranking Chinese officials want a deal, including Xi’s senior economic adviser Liu He, but that Xi has refused to make changes to China’s technology transfer and other trade policies, accusing Xi of "holding the game up.”

“I think Liu He and others would like to move but haven’t,” he said at CNBC's Delivering Alpha conference. “We are waiting for him (Xi). The ball is in his court." Kudlow also said that China could end U.S. tariffs “this afternoon by providing a more satisfactory approach” and taking steps that other countries are also calling for.

Asked about Kudlow’s comments, China’s foreign ministry spokeswoman Hua Chunying said: "That the relevant United States official unexpectedly distorted the facts and made bogus accusations is shocking and beyond imagination."

And in the latest escalation in the war of words, Hua told a regular briefing that "the United States’ flip-flopping and promise-breaking is recognized globally."

China has made the utmost efforts to avoid an escalation of trade frictions, Hua said, reiterating that China does not want a trade war but is not afraid of one.

And yet, China’s other trading partners including the European Union, while not supporting tariffs, have also criticized Beijing’s trade policies, and have implicitly supported the substance of Trump's complaints and actions against China, if not the delivery.

Meanwhile, China has repeatedly blamed Washington for the trade conflict, with the foreign ministry calling it the biggest “confidence killer” for the global economy, and vowing to fight back if the United States continued to be “wilful”.…
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Elon Musk Called Sierra Club For Help Deflecting Criticism After He Emerged As GOP PAC Donor

Courtesy of ZeroHedge. View original post here.

The environmental group “The Sierra Club”, which was the most prominent name to defend Elon Musk on Twitter after it was reported that he was a top donor to a GOP PAC, tweeted in his defense because they were personally asked by Elon Musk himself, Bloomberg reports. To do that, Musk reportedly told the Sierra Club to make public $6 million in donations that he had previously donated anonymously, as an attempt to deflect public anger from his support for the GOP. 

Musk’s request for a “favor” also apparently set off civil unrest between the head of The Sierra Club and its staff, some of whom did not want the Sierra Club to defend Musk publicly because of his GOP donation and stance on unions.

For those who missed the weekend story (or were preoccupied with Elon Musk calling an international hero a pedophile over the weekend) on Saturday it was revealed that the Tesla CEO was a top donor to a GOP PAC whose mission is to keep Republicans in Congress. In the brief window of time after that was reported and before Musk took to Twitter to insult a man who was key in rescuing 12 children in Thailand, Musk was the target of outrage by liberals for donating to the GOP cause.

As we reported over the weekend, ProPublica published filings which revealed that Elon Musk is a top donor to a Republican PAC named Protect the House, aimed at keeping control of Congress. The PAC raised over $8 million in in the second quarter for Republican lawmakers hoping to fend off Democratic challengers.

The top donors of the PAC include casino magnate Sheldon Adelson and Houston Texans owner Robert McNair. Although Adelson and McNair’s contributions far outweighed Musk’s — Adelson and McNair each gave $371,500 respectively, while Musk gave $33,900 — Musk was one of the top 50 donors of the PAC, just below Ken Griffin and Hank Paulson and above the Bass family and Stephen Schwarzman.

Perhaps the only saving grace on Saturday night – when countless liberals unleashed on Musk, vowing they would never buy a Tesla or would return the car they had purchased – was when the Sierra Club jumped to his defense on Twitter, urging to people that “There have got to…
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Global Stocks, Futures Slide As Yuan Crashes

Courtesy of ZeroHedge. View original post here.

Having ignored the creeping devaluation in the Yuan in recent days, today global equity markets had no choice but to notice that the plunge in the offshore Yuan is accelerating, and with no intervention by the PBOC, the Chinese currency tumbled to the lowest level in a year, which in turn has pressured Asian and European stocks, and US equity futures as traders start to worry that China is responding to trade war with currency war.

While fading overnight, the move in world stock markets has been contained, but the real story is the dramatic move in the Yuan, which dropped over 550 pips ovenright, sliding as much as 0.85% to 6.8032 per dollar in offshore trading, the lowest level since July 12, 2017.

On Thursday, the PBOC weakened its fixing on the onshore yuan below 6.7 for the first time since the the start of the yuan drop in June. Contrary to misguided expectations that the PBOC would not let the yuan fall beyond 6.70, the fixing lower "signals the PBOC is not defending any line in the sand for the exchange rate and is comfortable with gradual yuan depreciation," said economist Tommy Xie, at Oversea-Chinese Banking. The signs of easing are "certainly not supportive to the yuan, and the currency may see another wave of selling pressures ahead."

However the big catalyst, as we reported last night, is that Beijing has launched a quasi-QE, in which the central bank announced it would use monetary policy instruments such as its medium term loan facility (MLF) to support the local bond market and banks, especially those that have invested in bonds rated AA+ and below. Effectively, the PBOC will provide banks with liquidity, which they will then either lend out or use to buy stressed bonds, resulting in a hybrid QE outcome.

As a result, The yuan has fallen more than 4% in the past month, the worst performance among 31 major currencies, as China's economy decelerates and the trade spat with the U.S. escalates. According to Pimco, China will tolerate higher volatility in the yuan and a moderate weakening of the currency as long as there’s no major…
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“Where’s The Panic”: Why Trade War Hedges Aren’t Working

Courtesy of ZeroHedge. View original post here.

Authored by Bloomberg macro commentator and former Lehman trader, Mark Cudmore

Under the looming threat of a major trade war between the world’s two largest economies, it turns out that successful navigation of financial markets boils down to focusing on facts over speculation. Who’d have thunk it?

The newswires have been dominated by the theme of trade wars for months, but analysts are increasingly finding it difficult to explain asset price moves through that lens.

U.S. equities at five-month highs, gold at one-year lows, the yen at five-month lows and Treasuries having their tightest yield range in almost 20 years on the week that tariffs were implemented. Where’s the risk aversion and the panic? Where’s the haven bid?

It turns out trade wars aren’t a key driver of markets, yet. Economic forecasts aren’t shifting dramatically, policy makers such as the Fed’s Powell aren’t letting the issue drive monetary settings and surprisingly few company owners are making a big deal about it in earnings calls and guidance forecasts.

If your economy or business is struggling, you can blame it on trade wars (whether validly or not), but for most it’s a risk to keep an eye on rather than a key decision input right now.

“Wait a minute!” I hear you cry, “What about China stocks, emerging markets and commodities?” Sure, they’ve been trading terribly for months, but is that more about trade wars or something else?

My colleague Garfield Reynolds provided some excellent analysis to show that China’s equity rout is much more about the domestic deleveraging drive rather than any trade war impact.

In turn, it makes complete sense that both emerging market assets and commodities would suffer during a period of China deleveraging and Fed tightening. No need to attribute it to trade wars even if that further hinders sentiment at the margin.

All this isn’t to suggest that trade wars are irrelevant. They may yet become the dominant driver for all markets and they are already having an impact at the margin — delaying investment decisions, hurting individual companies and disrupting supply chains.

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Spain’s New Submarine Is Too Big To Fit In Its Dock

Courtesy of ZeroHedge. View original post here.

Submitted by Matthew Bennett, an independent journalist in Spain. Support his analysis on Patreon.

El País reported on Wednesday that Spain’s struggling new S-80 submarine procurement programme had run into another problem. After previously being found too heavy to resurface, the boats, which are 81m long and weigh 3,000-tons, were now too long to fit in the submarine pens at the Cartagena naval base, meaning millions would need to be spent extending them. The submarines were lengthened—and re-baptised the S-80 Plus—to fix the weight problem.

“The MoD will have to make the docks at the Cartagena base bigger because the new submarine doesn’t fit”, the paper headlined, reporting the new €16 million overrun would go into the nearly €4 billion project cost, or nearly a billion euros per submarine.


Spain's new S-80 attack submarine

El Pais published an infographic suggesting the new length of the boats was the new reason the submarine pens would have to be extended lengthways.

“For the four submarines to fit”, wrote the paper: “the pens will need to be dragged and lengthened”.

An irate Ministry of Defence spokesman told me there was “nothing new” in the El País story and confirmed that the extension of the width—not the length—of the submarine pens at the Cartagena naval base had been in budget documents “since before 2009”.

That widening of the pens, by two metres, is part of a package that also includes battery workshops and IT updates to deal with the new boats.

“There is no modification of the project or decision taken in the MoD that implies the lengthening of the pens for the submarines”, he said. “It is possible that they won’t need lengthening because they don’t have to fit on the dock lengthways anyway.”


Spain’s S80 diesel-electric (non-nuclear) submarine programme dates from 2003, when José María Aznar (PP) was still Prime Minister. Four boats are planned, with the first now due to be handed over from shipbuilder Navantia to the Spanish Navy in 2022, and the last one in 2027.

As well as the weight problem and today’s confusion about the submarine…
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Bernanke, Geithner & Paulson Warn: “We’ve Forgotten The Lessons Of The Financial Crisis”

Courtesy of ZeroHedge. View original post here.

Late last month, the Fed declared that six of the country's biggest banks needed to scale back their plans for returning cash to shareholders to strengthen their capital buffers, a striking reminder that banks shouldn't be overeager to put the legacy of the financial crisis behind them. Perhaps this is why, during a private round table discussion last week that Timothy Geithner, Henry Paulson and Ben Bernanke, three officials who helped combat (and many would argue also helped cause) the financial crisis warned that the lessons of the financial crisis are already being forgotten, according to the Associated Press,

Paulson, who was Treasury Secretary when Lehman Brothers filed for bankruptcy in September 2008, said that as banks scramble to return money to their investors, "it's important that people focus on the lessons" of the crisis. "We are not sure people remember everything they need to remember."


The roundtable took place ahead of a meeting in September at the Brookings Institution (former Fed Chair Bernanke's current employer) where officials from the Fed, Treasury and other federal agencies will discuss how the US can prepare for the next crisis. The meeting appears to be a counterbalance to the Trump administration's "deregulatory zeal" as lawmakers and leaders of federal agencies work to undo or sideline some aspects of the Dodd-Frank Wall Street reform bill. Though all three men agreed that the reversal implemented so far by the Trump administration had been "sensible."

Still, while the safeguards implemented by the law will help the banking system fend off smaller crises, an extreme crisis could pose an existential threat.

"We’ve got better defenses against the more mild, typical sets of shocks that happen to economies and financial systems but in the extreme crisis probably less degree of freedom, more constraints than would be ideal," former Treasury Secretary and New York Federal Reserve Bank President Geithner said.

Bernanke and Paulson complained that, if another serious crisis were to break out, Congress hasn't allowed the FDIC and the Treasury's Exchange Stabilization Fund enough flexibility to respond adequately, per Bloomberg

"There is some concern there," said former Fed Chairman Bernanke, who is now a distinguished

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Phil's Favorites

Why Comcast and Disney's bidding war for Sky has reached astronomical heights


Why Comcast and Disney's bidding war for Sky has reached astronomical heights

Courtesy of John Colley, Warwick Business School, University of Warwick

The bidding war between Comcast and Disney for European pay-TV giant Sky’s operations seems to have paused at Comcast’s latest bid. But not before reaching astronomical heights, reflective of the dubious thinking that is driving a lot of mergers and acquisitions at the moment.

Bidding by the two major US entertainment businesses for Sky had reached US$34 billion – with Comcast trumping Disney’s previous bid in the region of US$32 billion. This is ...

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Chart School

Small Caps Enjoy Best of Action

Courtesy of Declan.

There wasn't a whole lot going on today except Small Caps were able to attract some buyers despite finishing below resistance; bulls have been taking advantage of the 20-day MA test. Today's action coincided with 'buy' signals in the MACD and +DI/-DI.

The S&P held its breakout and today's losses - despite higher volume selling - didn't do a whole lot of damage.


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Zero Hedge

How Alexandria Ocasio-Cortez Misunderstands American Poverty

Courtesy of ZeroHedge. View original post here.

Authored by Andrew Moran via,

Democratic socialism is in the news again. Following Alexandria Ocasio-Cortez’s stunning victory, helping her become a darling of the mainstream media, Americans are becoming interested in democratic socialism again – a philosophy that involves voting to steal your stuff. Two key planks of democratic socialism are to rail against the rich and promise everything for free, which the...

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Insider Scoop

Comcast Ends Pursuit Of Fox Assets, Will Focus On Sky

Courtesy of Benzinga.

Related CMCSA 'Convergence' Is Key: Credit Suisse Weighs In On The Telecom And Media Sector Raymond James: AT&T To Suffer Extend... more from Insider

Digital Currencies

Citadel CEO Says Bitcoin Still A "Head Scratcher" But Billionaire Lasry Sees $40,000 Soon

Courtesy of ZeroHedge. View original post here.

Ken Griffin, the CEO and founder of the Citadel hedge fund, has reiterated his negative stance on Bitcoin (BTC) in an interview with CNBC this morning.

Speaking at the Delivering Alpha Conference in New York, ...

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How summer and diet damage your DNA, and what you can do

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.


How summer and diet damage your DNA, and what you can do

Bright sun and fatty foods are a bad recipe for your DNA. By Tish1/

Courtesy of Adam Barsouk, University of Pittsburgh

Today, your body will accumulate quadrillions of new injuries in your DNA. The constant onslaught of many forms of damage, some of which permanently...

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Mapping The Market

Mistakes were Made. (And, Yes, by Me.)

Via Jean-Luc:

Famed investor reflecting on his mistakes:

Mistakes were Made. (And, Yes, by Me.)

One that stands out for me:

Instead of focusing on how value factors in general did in identifying attractive stocks, I rushed to proclaim price-to-sales the winner. That was, until it wasn’t. I guess there’s a reason for the proclamation “The king is dead, long live the king” when a monarchy changes hands. As we continued to update the book, price-to-sales was no longer the “best” single value factor, replaced by others, depending upon the time frames examined. I had also become a lot more sophisticated in my analysis—thanks to criticism of my earlier work—and realized that everything, including factors, moves in and out of favor, depending upon the market environment. I also realized...

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Buffett At His Best

By csinvesting. Originally published at ValueWalk.

Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS...

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Kimble Charting Solutions

The Stock Bull Market Stops Here!


The Stock Bull Market Stops Here!

Courtesy of Kimble Charting


The definition of a bull market or bull trends widely vary. One of the more common criteria for bull markets is determined by the asset being above or below its 200 day moving average.

In my humble opinion, each index above remains in a bull trend, as triple support (200-day moving averages, 2-year rising support lines, and February lows) are still in play ...

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Members' Corner

Cambridge Analytica and the 2016 Election: What you need to know (updated)


"If you want to fundamentally reshape society, you first have to break it." ~ Christopher Wylie

[Interview: Cambridge Analytica whistleblower: 'We spent $1m harvesting millions of Facebook profiles' – video]

"You’ve probably heard by now that Cambridge Analytica, which is backed by the borderline-psychotic Mercer family and was formerly chaired by Steve Bannon, had a decisive role in manipulating voters on a one-by-one basis – using their own personal data to push them toward voting ...

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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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NewsWare: Watch Today's Webinar!


We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

Join our webinar, free, it's open to all. 

Just click here at 1 pm est and join in!

[For more information on NewsWare, click here. For a list of prices: NewsWar...

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All About Trends

Mid-Day Update

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

Click here for the full report.

To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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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.

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