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Philip Davis
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  • Whipsaw Wednesday – Dip Buying Or Just Dips Buying?

    SPY DAILYWas that it?

    On February 24th I wrote "TGIF - Sell in March and Go Away?" and I laid out my case for why I thought we were going to fall off the table in March and we have, indeed, fallen right off the table right on schedule since then. I said that Friday, that the post was intended as a bookend to mySeptember 30th bottom call as I felt that we had captured all of the upside we were likely to see off the "good news" that Greece was "fixed" and the economy was "improving."

    I'm not going to say anything bad about the economy here, I'll let Michael Snyder do that with his "15 Potentially MASSIVE Threats to the US Economy over the next 12 Months" - I think he pretty much covers it! 8 trading days ago (2/24), we had two short trade ideas in our Morning Alert to Members, they were:

    • SQQQ April $13/17 bull call spread at .70, still .70 (even)
    • DXD April $13/15 bull call spread at net .55, now .70 - up 27%

    SPY WEEKLY In Member Chat that day, Exec asked if I was getting bearish andmy response was:

    Bearish/Exec - Are you kidding, this is me painting a sunny picture! Give me a few drinks and I'll tell you how off the rails the Global Economy is right now… Do you know how much Kool Aid I have to consume not to scream short on every single stock I see. CAT $116, CMG $386, DIA $130, GMCR we already did at $70, IBM $200, KO $70, MA $415, MCD $100, MMM $88, MO $30, MON $80, MOS $59, OIH $45, PCLN $593 (did them too), QQQ $64, SPY $137, TM $85, USO $41.50 (got 'em), UTX $84, V $117, WYNN $119, XOM $87, XRT $59 (got 'em) - and that's just off my watch list of stock I like to buy when they're cheap! We are not just priced for perfection, we are priced for perfection plus a return to full employment a forgiveness of all debts without write-downs and inflation without rising interest - we are priced for Nirvana!

    It's a big list but, of course, they are pretty much all winners now, with PCLN the notable exception (so far). Later that day, during Member Chat, we
    continue reading

    Posted in Immediately available to public || Join Member's Chat - 5 Comments Here »

    Tags: CAT, CMG, DIA, DXD, GMCR, IBM, MA, MCD, MMM, MO, MON, MOS, OIH, PCLN, QQQ, SCO,SPY, SQQQ, TM, USO, UTX, V, VXX, WYNN, XOM, XRT

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    Tags: CAT, CMG, DIA, DXD, GMCR, IBM, MA, MCD, MMM, MO, MON, MOS, OIH, PCLN, QQQ, SCO, SPY, SQQQ, TM, USO, UTX, V, VXX, WYNN, XOM, XRT
    Mar 07 8:40 AM | Link | 1 Comment
  • Phil Calls The Sell-Off On BNN Monday!

    Phil Davis of Philstockworld.com on Business News Network:

    Mar 06 5:22 PM | Link | Comment!
  • Super Tuesday – America Wakes Up To Sophie’s Choice

    GOP candidates caricatureRomney, Newt or Santorum?

    In the movie "Sophie's Choice," Meryl Streep was forced to make a terrible decision over which of her children would be sent to the gas chamber and which to the labor camps. Even after choosing, she was unable to live with the decision and she and her husband killed themselves, which manages to further screw the boy who was sent off to the labor camps, now an orphan too. That pretty much sums up this Primary season for the Republicans as they have to choose between 3 TERRIBLE candidates - any one of which is a pretty clear path towards National suicide.

    A recent Gallup poll indicated 55% of Republican voters say they wish someone else was runningbut, that leaves 45% happy with their choices (I guess if they were Sophie, they would have just flipped a coin and been done with it) and perhaps today we'll get a better indication of who the front-runner is as 410 delegates go up for grabs today, which is much less than last election, when John McCain alone scored 511 delegates on Feb 5th, 2008. Interesting Republican trivia: On that day in 2008, Mitt Romney came in 2nd with 176, Mike Huckabee had 147 and Dr. Ron Paul scored 10. So Romney was only 1/3 as popular as McCain 4 years ago and I'm pretty sure McCain got his ass kicked in the General elections, didn't he?

    Something has to change in this country as 93% of all income gains in 2010 (most recent figures) went to the top 1%. 93%. How does this work? In 2010, average real income per family grew by 2.3%, but the gains were very uneven. Top 1% incomes grew by 11.6% while bottom 99% incomes grew only by 0.2%. Looking ahead to last year, National Accounts statistics show that corporate profits and dividends distributed have grown strongly in 2011 while wage and salary accruals have only grown only modestly. Unemployment and non-employment have remained high in 2011.

    While it is very, VERY good to be in the top 1%, being in the bottom 99% - not so much. What I try to get the top 1% to see though, is that getting 45% of the growth, like we did under Clinton, is pretty good - especially when it means that EVERYONE is participating in economic improvements and the overall growth is
    continue reading

    Posted in Immediately available to public | | Join Member's Chat - 22 Comments Here »

    Tags: BAC, FXE, FXI, GS, SCO, UNG, USO, UUP, WFR

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    Tags: BAC, FXE, FXI, GS, SCO, UNG, USO, UUP, SUNE
    Mar 06 9:21 AM | Link | 2 Comments
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