Posts Tagged ‘AET’

Bye Bye Buy List!

Oh, I have tried!

I have tried to be bullish, I have tried to get enthusiastic about this rally but I have been reviewing these picks for a few days and looking at the market, the charts, the sentiment, reading the news and studying the fundamentals and I'm OUT!  Oh, I'll be back, we'll set up a new, aggressive $100K Virtual Portfolio next week for some fun shorter-terrm plays (still keeping the conservative one for the full year) to take full advantage of this insanity but it's going to be mainly cash through the end of the month as I do not trust this rally one bit and it will be so nice to head into the easter holiday with lots of cash on the sidelines

We hit a perfect entry on Feb 8th, in our last round, and the market is up almost 9% since that day and I'm not expecting another 9% in the next 6 weeks so it's a very good time to take a break.  We were able to roll and enjoy these trades since Christmas and we will be revisiting some, maybe even keeping a few but, on the whole, I want to do what I often counsel members to do, which is follow our simple two-step process to maximizing your profits in a market rally:

  • Step 1) Take Money
  • Step 2) Run

There – isn't that simple?  Keep in mind that we LOVE all of these stocks so we'll be back in them if they go on sale and, perhaps, even if they don't and the market looks stronger through April earnings.  Meanwhile, keep in mind that these are 6-week profits so 20% is A LOT for generally conservative plays.  Not much else to talk about – let's just see how many of these suckers are worth keeping (noted in green):

AET (12/21 – $34.04, 1/9 – $32.70, 1/31 – $29.97, 3/18 – $33.24) They could not have done better for us, staying right in range and giving us 4 excellent sales but health care is passing this weekend and that's too wild for us to stick with.  Our last batch is right on target:

  • Apr $33 calls sold for $2.40, now .40 – up 83%
  • Apr $30 puts sold for $1.50, now .02 - up 99%
  • 2012 $25/35 bull call


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Amazon Options in High Demand Following eBook Pricing Concession

Today’s tickers: AMZN, DELL, FXI, AET, XOM, LPX, CSCO, VCI & ITMN

AMZN – Amazon.com, Inc. – E-tailer, Amazon.com, Inc., attracted two-way trading traffic in its options today after the firm gave in to publisher, Macmillan’s, demands to increase the price of digital books. Amazon.com’s concession to Macmillan is fueling investor concerns that the largest internet retailer is relinquishing its pricing advantage. Shares of the online shopping destination slumped more than 8.65% during the trading session to an intraday low of $114.38 – the largest decline in Amazon’s shares in more than one year. Investors inundated Amazon with options trades today, exchanging more than 226,300 contracts on the stock by 2:50 pm (EDT). Option volume generated thus far in the session represents more than 45% of the total 493,697 lots of existing open interest on AMZN. Strong demand for options on the stock as well as a rise in investor uncertainty boosted option implied volatility on Amazon roughly 8.3% higher to 41.44% in afternoon trading. Option traders expecting shares to rebound quickly purchased 2,200 call options at the February $115 strike for an average premium of $5.67 apiece. The $120.67 breakeven price on the contracts suggests call buyers expecting to amass profits in the next few weeks, anticipate a more than 5% increase off the intraday low, by expiration day in February. Call buying and selling in roughly equal proportions was observed at the February $120 strike and at the February $125 strike. Two-way trading traffic of put options is also apparent in the February contract. Contrarian players sold nearly 8,000 puts at the February $115 strike to take in an average premium of $3.58 per contract. Put sellers at this strike keep the full premium received if AMZN’s shares trade above $115.00 through expiration day. The most bearish moves were made at the March $105 strike where 1,100 puts were picked up for an average premium of $2.81 each.

DELL – Dell, Inc. – Bullish investors initiated call spreads on the just-in-time manufacturer of personal computers this afternoon with Dell’s share price up 2.5% to $13.22 on the day. Option traders purchased more than 10,000 calls at the August $14 strike for an average premium of $1.17 apiece, spread against the sale of roughly 10,000 calls at the higher August $18 strike for an average premium of $0.20 each. The average net cost of the bullish trade amounts to…
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Wild Weekly Wrap Up – Only Halfway Through January!

Wheee, what a ride!

The week can be neatly summed up by my 1:35 comment to Members in yesterday's chat, summed the week up quite nicely as I said: "So funny, a whole week of gains I thought were ridiculous wiped out in 4 hours."  Of course it's easy to laugh when you play the market correctly – as I had said in the morning post, we had cashed out into Thursday's run up and planned on going bearish through the weekend but it turned out we got our sell-off early, jumping the $100K Virtual Portfolio, for example, up 12% in one day – enough to send us back to cash rather than risk a weekend reversal

We laid the groundwork for this little sell-off in last weekend's posts as we put up an aggressive Buy List for Members but in my regular weekend post we emphasized the need to cover our buys with "Disaster Hedges" as we were heading to the tops I had predicted when I published the "Last Charts of the Decade," where I set resistance target of Dow 10,457, S&P 1,135, Nasdaq 2,314, NYSE 7,389 and Russell 638.  As you can see, I pretty much hit them on the head, other than the Dow but that's because our year-old 5% rule calculations did not account for the change in the Dow that replaced C and GM with TRV and CVX, who added about 100 Dow points since their inclusion so we started using 10,549 this month and we'll make it 10,557 for today's chart, which makes perfect sense looking at this group (I added the Transports as they are fell right off our 2,000 target, giving us the early warning that things were not right):

As you can see, the 5% Rule rules!  I will apologize for being such a grump this week but the rally was really starting to annoy me as it was so blatantly forced up through our levels without a proper test that is was really getting me down about the markets.  I don't mind that the markets are manipulated, that's been going on since markets were invented – it's stupid and destructive manipulation that bothers me, the kind that, long term, destroys more investor confidence than it builds and squanders…
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Bullish Trader Quenches Thirst for Calls by Assembling Ratio Spread on PepsiCo

Today’s tickers: PEP, ODP, PFE, EK, AET, PFE, EWT, BIDU, ZION & SII

PEP – PepsiCo, Inc. – Global beverage and snack company, PepsiCo, attracted the attention of bullish option traders in late afternoon trading. PEP’s shares appreciated just less than 1% during the session to stand at $62.05 with 45 minutes remaining before the closing bell. It looks like one trader initiated a ratio call spread on the stock in order to position for continued upward momentum in the price of the underlying through expiration in April. The investor purchased 6,000 calls at the April $62.5 strike for an average premium of $1.93 apiece, spread against the sale of 12,000 calls at the higher April $65 strike for roughly $0.92 each. The net cost of the transaction amounts to just $0.09 per contract. Shares need only rise $0.54 over the current price in order for the investor to breakeven on the trade. Maximum available profits of $2.41 per contract accumulate if the price of PEP’s shares rally 4.75% to $65.00 by expiration day in April.

ODP – Office Depot, Inc. – A sold strangle play on the global supplier of office supplies this afternoon indicates one investor expects shares of Office Depot to remain range-bound for the next several months. ODP’s shares improved 1.25% during the trading day to arrive at $6.61 each. It appears the investor sold 15,000 calls at the April $7.5 strike for a premium of $0.30 apiece, and sold 15,000 put options at the lower April $6 strike for an average premium of $0.47 each. The strangler pockets a gross premium of $0.77 per contract, which he keeps in full as long as shares of the office supplies company trade within the strike prices described above, through expiration. Lower volatility in the price of the underlying shares as well as declines in option implied volatility on the stock benefit the investor in this case. The trader is exposed to losses, however, if shares of Office Depot swing outside of the upper breakeven price of $8.27, or if the stock declines beneath the lower breakeven point at $5.23 by expiration.

PFE – Pfizer, Inc. – Massive chunks of long-dated call options traded on the pharmaceutical company this afternoon. It is unclear what the exact motivation or position of the responsible party is, but it certainly appears to be the work of a Pfizer-bull. Shares continue to…
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The Buy List – Q1 2010 (Members Only)

 

Well we finally hit our levels!

Fundamentally, I still don't buy this rally but, technically, we could go up and up from here.  We discussed in chat yesterday how we may be in a pattern similar to 2003-7 where we came out of the dot com crash and 9/11, which took the market lower than it should have and then government stimulus took us higher than we should have been.  Sure it all ended badly but there was a really good ride up in between.  HOWERVER, 2004, which is about where we would be now, was a choppy and downtrending year.  That is not a problem for our buy/write strategy as long as we keep our heads and scale into our positions.

Obviously we can't rely on patterns to simply keep repeating themselves.  We could have another terrorist attack, we could have more stimulus or maybe both in our future but, until we see the patten broken, we can play for a similar move.  Our buy/write strategy is ideal for this as it's a conservative play that gives us 15-20% downside protection.  Combine this with our usual strategy to scale into positons along with some sensible disaster hedges and we can build a nice, bullish virtual portfolio for 2010.  Keep in mind we don't fear the upside with buy/writes as our "worst case" there is we get called away with a nice profit.  

I put up our latest Watch List on Dec 22nd, following through from our bullish lists of September 6thOctober 8th and Nov 24th.  These are the bullish plays that form the bulk of our virtual portfolios and that sometimes gets lost in our weekly short-term trading.  It was a lot like shooting fish in a barrel, picking winners since September (we had our last Buy List on July 11th our first since the bottom in March, which was followed by the more conservatively mixed $100K Virtual Portfolio that we used from April through July, when we were worried the market would be choppy (it was).  As always, our active lists are found under the Virtual Portfolio Tab near the top of our pages - always check there for recent updates.

We did…
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Japanese ETF Options Active (After Philstockworld’s Thursday Pick)

Today’s tickers: EWJ, RX, UUP, DRI, IMAX, SFD & AET

EWJ – iShares MSCI Japan Index Fund – Shares of the Japan exchange-traded fund rose 0.3% today to $9.92. The roughly 125,000 contracts exchanged on the fund today is likely the work of one investor adjusting previously established positions. The trader may be unraveling a portion of a bearish risk reversal established back in late-September. It appears 62,500 puts were sold at the March 10 strike for 53 cents apiece, spread against the purchase of the same number of calls at the January 2011 12 strike for 24 cents premium each. The technically bullish direction of the risk reversal play is possibly a closing transaction given the large levels of existing open interest at each strike described above.

RX – IMS Health, Inc. – Shares of the provider of prescription information to the pharmaceutical and healthcare industries plummeted 14% to $18.34 at the start of the trading session. The stock collapsed on news senate democrats proposed an amendment to restrict data-mining practices. Investor uncertainty, as measured by option implied volatility, exploded today on fears the proposed ban may hurt RX’s recent $5.2 billion sale to TPG Inc. and the CPP Investment Board. IMS Health’s shares recovered significantly by midday (EDT) with the stock down a lesser 7.5% to $19.77. Frenzied option traders vied for both calls and puts in the December and January contracts. Investors exchanged nearly 100,000 contracts on the stock in the first three hours of the trading day. Today’s volume blew right past the previous existing open interest on RX of 73,386 contracts. Heavy trading volume and rising investor uncertainty launched option implied volatility up as much as 401.72% to a one-year high of 70.55%. Some traders appear to be selling call options to buy puts in the December contract, while other investors initiated plain-vanilla put buying strategies. Bearish individuals shed more than 6,000 calls at the December 20 strike for an average premium of 46 cents apiece. Traders keep the premium received on the sale if shares of RX remain below $20.00 through expiration. Put buyers favored the December 17.5 strike where roughly 10,000 puts were picked up for about 46 cents each. Some of the puts were spread against the sale of higher strike call options, while other contracts were purchased outright. Roughly 5,000 puts were purchased at the lower December 15 strike where investors…
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Frightening Friday – Halloween Edition!

Wheee what a day! 

Who said we placed a spread bet on the Dow moving 200 points one way or another in yesterday's morning post?  Me, that's who.  And how much did the Dow move yesterday?  199.89 points.  OK, so I was wrong by .11 but our plays worked out just fine and we flipped bearish again as we flew up and we'll see if my streak continues this week.  We would have gone more aggressivley bearish but we were worried about end of the month (and end of the year for many hedge funds) window dressing that would keep things going for one more day.

Everything went according to plan and we got the bounces we were looking for but the RUT failed to retake 589, which was our canary in the coal mine's breakdown level from last week.  As I alerted members at 12:15, that and the Qs failing to hold 42 into the close, which failed to confirm the Nas move over our 2,088 watch level.  We have our DIA puts, we have our SRS longs, we have our DXD longs (which are half price as our DDMs paid off yesterday) and we shorted SPG into the close as Cap noted they had a ridiculous run-up ahead of today's earnings. 

As I said to members in the afternoon, my gut said to go more bearish but we allowed ourselves to be spooked by Mr Stick in the afternoon and ended up about 55% bearish with a 1/2 cover of our long DIA puts but we already made a quick 20% on the sale of short puts in the morning so it's a position we had a little slack in going into the close.  Our logic is, even if we have another up day today, we're still going to want some pretty serious coverage into the weekend unless the Russell and the Qs can confirm this move up today. 

Bulls should be spooked by the fact that a blow-out GDP report, showing an economy with a HUGE turnaround and the President crowing on TV about how great things are going could ONLY erase 1/2 the losses we suffered since last week.  Another market move I hit on the head yesterday was my prediction that, after 3 consecutive 1.8% down days in a row, the Hang Seng would jump
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Bearish Put-Spreader Paws Profits at Merck

Today’s tickers: MRK, IMMU, AET, ODP, FSLR, EEM, MFA & XLI

MRK – The pharmaceutical company declared a quarterly dividend of 38 cents per share for the fourth quarter of 2009 today, amid a 3% decline in shares to arrive at the current price of $29.81. A bearish put spread established in the October contract suggests some investors are wary of further declines for the company. The spread involved the purchase of 7,400 puts at the October 31 strike price for 2.23 apiece against the sale of 7,400 puts at the lower October 29 strike for a premium of 1.28 each. The net cost of the transaction amounts to 95 cents, yielding the investor maximum potential profits of 1.05 if the stock slips to $29.00 by expiration. The current market price of MRK is currently lower than the breakeven point on the trade of $30.05. Thus, the investor responsible for the spread has already earned 24 cents by assuming a bearish stance on the stock. – Merck & Company, Inc.

IMMU – Shares of the biopharmaceutical company engaged in the development of products designed to treat cancer, autoimmune, and other serious diseases, have surged more than 14% to $5.24 during the trading session. Bullish movement in the stock was fueled by the news that IMMU has entered into a partnership and cross-licensing agreement with Alexis Biotech Ltd., of London, England. The firms are combining efforts in order to develop “targeted vaccines against cancers” such as melanoma and chronic lymphocytic leukemia, as well as infectious diseases such as AIDS. Option traders hoping for continued upward movement in the price of the underlying were seen getting long of bullish call options in the September contract. The September 7.5 strike price had approximately 3,500 calls coveted for 38 cents apiece. Investors holding the calls will begin to realize profits in the event that shares climb another 50% to surpass the breakeven point at $7.88 by expiration. – Immunomedics, Inc.

AET – The third-largest health insurer in the United States has enjoyed a rally in shares of more than 13% to $29.08 this afternoon after receiving an upgrade to ‘outperform’ from ‘neutral’ at Cowen and Company. Call options exchanged on the stock today exceeded the number of puts by a factor of more than 3-to-1, reflecting bullish sentiment by investors. The near-term August 30 strike price had more than 8,800 calls purchased for
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Weatherford Option Bulls Buck Energy Trend

Today’s tickers: WFT, XLE, MS, AET, IYR, SCHW, UNG, & AMTD

WFT – The slight 1.5% decline in shares to $18.02 today has not deterred some option traders from making bullish plays on the oil and equipment services firm. The August 17.5 strike price had 9,200 puts sold short for an average premium of 1.50 apiece. The investor(s) who sold the puts will retain the full premium as long as shares remain higher than $17.50 by expiration next month. Traders appear to expect shares of WFT to remain high enough such that the puts remain out-of-the-money by expiration. However, such individuals must be prepared to have shares of the underlying put to them at an effective price of $16.00 in the event that the puts land in-the-money and are exercised. Additional bullishness on the stock appeared in the November contract where it looks as though one trader initiated a covered call strategy. The sale of 1,600 calls at the November 23 strike price yielded a premium of 95 cents each. Perhaps the investor purchased shares at an effective price of $17.07 and simultaneously sold the call options to establish a potential exit strategy. If the November 23 calls land in-the-money by expiration the investor will have the shares called away from him. At that point he will have attained profits of about 35% on the accretion in market value of WFT. – Weatherford International Limited

XLE – A bullish reversal in the energy ETF caught our eye amid a more than 2% decline in the price of the fund to $45.20 today. It appears that one investor chose to sell 1,700 puts at the December 42 strike price for a rich premium of 3.25 apiece. The put options were then spread against the purchase of 1,700 calls at the December 53 strike price for 1.52 each. The net credit enjoyed on the reversal strategy amounts to 1.73. The trader can augment his gains if the price of the XLE rises approximately 17% through the exercise price of $53.00 by expiration at the conclusion of 2009. Otherwise, he will retain the full credit received today as long as the puts options at the December 42 strike price remain out-of-the-money by expiration. – Energy Select Sector SPDR

MS – The global financial services firm has experienced a 1.5% decline in shares to stand at $26.50 today. Investors wary of
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Market bullish, options bearish

Today’s tickers: XLI, XLY, DELL, CAT, XLF, AET, AN, EWT, SLAB, QLGC, BYD & INTC

XLI Industrial Select Sector SPDR – The industrials ETF attracted massive amounts of downside protection by investors fearing a near-term contraction in shares of the fund. The price per share is currently up by 3% to $23.19 on the day following broader market gains experienced today. However, traders have enacted a decidedly bearish position on the fund in the near-term May contract. At the May 19 strike price more than 65,100 puts were purchased for an average premium of 17 cents apiece. These option contracts will begin to yield profits to the downside beginning at the breakeven share price of $18.83. Further along, the in-the-money June 23 strike price saw traders who were likely banking gains on the rise in shares today by selling approximately 27,000 calls for an average premium of 65 cents per contract.

XLY Consumer Discretionary Select Sector SPDR – The consumer discretionary ETF jumped onto our ‘most active by options volume’ market scanner after investors bought a huge chunk of puts in the near-term May contract. Shares have rallied by 4% to $21.80 today, creating lesser cost premiums on put options. At the May 20 strike price approximately 58,100 puts were picked up for an average premium of 18 cents apiece. Investors have certainly appeared to brace themselves for bearish movements in the fund. Fleshing out the pessimistic picture was the sale of 2,290 calls at the May 23 strike for 82 cents which indicates that traders do not see today’s rally stemming too much further, particularly in the near-term.

DELL Dell Inc. – The just-in-time manufacturer of personal computers has rallied by more than 4% to $11.35 amid broad market gains today. We observed one trader who appears to have established a covered call in the January 2010 contract. It is likely that this investor bought shares of the underlying stock today or was already long the stock previously, and then sold 24,500 calls at the January 12.5 strike price for a premium of 1.50 each. The trader pockets the 1.50 premium and has locked into gains of 10% on the rise in share price should the calls land in-the-money and the underlying stock get called from him at expiration next year.

CAT Caterpillar, Inc. – Shares of CAT have rallied by more than 3.5% today to arrive at…
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Kimble Charting Solutions

DAX Index Hits Two 18-Year Support Lines, Creates Large Bullish Reversal

Courtesy of Chris Kimble

Has the DAX index from Germany experience a large decline of late? Yes, it has!

Has the decline broken long-term rising support lines? Not so far!

This chart looks at the DAX index on a monthly basis over the past 25-years. Over the past 6-years, it has traded sideways inside of the blue rectangle at (1).

The decline this year saw the DAX hit two 18-year rising support lines at (2) last month, where a large bullish reversal took place.

Until broken, important support remains in play at (2), which is bullish for this key index....



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Zero Hedge

Aaand Its Gone... The Biggest Support For Asset Prices

Courtesy of ZeroHedge View original post here.

Authored by Lance Roberts via RealInvestmentAdvice.com,

Since the passage of “tax cuts,” in late 2017, the surge in corporate share buybacks has become a point of much debate. I previously wrote that stock buybacks were setting records over the past couple of years. Jeffery Marc...



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Phil's Favorites

Here's how scientists are tracking the genetic evolution of COVID-19

 

Here's how scientists are tracking the genetic evolution of COVID-19

Why do scientists care about mutations on the coronavirus? Alexandr Gnezdilov Light Painting

Niema Moshiri, University of California San Diego

When you hear the term “evolutionary tree,” you may think of Charles Darwin and the study of the relationships between different species over the span of millions of years.

While the concept of an “evolutionary tree” originated in Darwin’s “...



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Biotech/COVID-19

Here's how scientists are tracking the genetic evolution of COVID-19

 

Here's how scientists are tracking the genetic evolution of COVID-19

Why do scientists care about mutations on the coronavirus? Alexandr Gnezdilov Light Painting

Niema Moshiri, University of California San Diego

When you hear the term “evolutionary tree,” you may think of Charles Darwin and the study of the relationships between different species over the span of millions of years.

While the concept of an “evolutionary tree” originated in Darwin’s “...



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ValueWalk

Activists demand revamp of anti-redlining law

By Anna Peel. Originally published at ValueWalk.

Over 100 California Community Organizations and Leaders Call for Banking Regulators to Stop Planned Revamp of Anti-Redlining Law during COVID19 Crisis

Q1 2020 hedge fund letters, conferences and more

Worker, Housing, and Small Business advocates call on all resources to be dedicated to saving lives and responding to Coronavirus

San Francisco--Amongst an unprecedented public health crisis that threatens hundreds of thousands of lives, as small businesses are shuttered across California and the nation, and as millions file for...



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Chart School

The Big Short movie guides us to what is next for the stock market

Courtesy of Read the Ticker

There is nothing new in WallStreet, it is only the players that change. Sometimes a market player or an event gets ahead of the crowd and WallStreet has to play catch up.

Previous Post Dow 2020 Crash Watch Dow, Three strikes and your out!

It is important to understand major WallStreet players do not want to miss out on a money making moves.  







...

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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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The Technical Traders

Founder of TradersWorld Magazine Issued Special Report for Free

Courtesy of Technical Traders

Larry Jacobs owner and editor of TradersWorld magazine published a free special report with his top article and market forecast to his readers yesterday.

What is really exciting is that this forecast for all assets has played out exactly as expected from the stock market crash within his time window to the gold rally, and sharp sell-off. These forecasts have just gotten started the recent moves were only the first part of his price forecasts.

There is only one article in this special supplement, click on the image or link below to download and read it today!

...

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Members' Corner

10 ways to spot online misinformation

 

10 ways to spot online misinformation

When you share information online, do it responsibly. Sitthiphong/Getty Images

Courtesy of H. Colleen Sinclair, Mississippi State University

Propagandists are already working to sow disinformation and social discord in the run-up to the November elections.

Many of their efforts have focused on social media, where people’s limited attention spans push them to ...



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Digital Currencies

While coronavirus rages, bitcoin has made a leap towards the mainstream

 

While coronavirus rages, bitcoin has made a leap towards the mainstream

Get used to it. Anastasiia Bakai

Courtesy of Iwa Salami, University of East London

Anyone holding bitcoin would have watched the market with alarm in recent weeks. The virtual currency, whose price other cryptocurrencies like ethereum and litecoin largely follow, plummeted from more than US$10,000 (£8,206) in mid-February to briefly below US$4,000 on March 13. Despite recovering to the mid-US$6,000s at the time of writin...



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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

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

Feb. 26, 1pm EST

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

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

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

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

...

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Lee's Free Thinking

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

 

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

Courtesy of  

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

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

Lee,

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



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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About Phil:

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

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About Ilene:

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