Odds and Ends

First there's the P/L from the closed GDX Call position today and then there's that "Something" I wanted to shoe you, but it wasn't that important that it couldn't wait until after hours. Lastly a few sneak peaks art the new site as we are wrapping up details, but I really would like feedback, we did well last week with the post categories for email distribution, believe it or not, this weekend I want to finalize the colors and as trivial as that may seem, I'd like to know what you think, what do you think would be easy on your eyes, etc. and any other input (I appreciate all of the input you all have been sending in and I'm really excited to share the new site with you which will have so many new features that many of you have asked for and some that I think you're going to find really useful even though you may not see it yet.

Ok, first of all, the GDX position. This is a PERFECT example of why I go with quality and using leverage as a tool when no other tool will do the job rather than the approach of cheap leverage, controlling a lot of shares and hoping for a lotto ticket home-run.

The GDX November $25 Call was down as much as -75% at one point, in fact it may have been even more so this is why having time and quality (in the money) are useful, rather than taking a large loss (relative to the position), it turned out to be much smaller.

As I explained, I do like Gold, GDX, NUGT for the longer haul and I kept the core long NUGT position in place after closing a trading position Wednesday. The GDX option in my view was likely as good as it gets if we get a pullback like I suspect, options are not like stocks, they lose value every day and it is conceivable that in two weeks GDX could be 5% or higher than it was today, yet the contract itself could be worth much, much less, maybe back down to -75% and it would take an unreal move to get it back to where it was today, this is because of Theta or time decay that is priced in to the premium of an option contract which is not present in an equity like NUGT, this is why I often chose equities for longer term positions.

At the cost basis of $1.95 on 30 contracts, the fill came in at $1.77 so the loss was -9.23% or about $426 which is still around 0.5% and well under the 2% rule.


I sometimes show you the rank of our tracking portfolios, I may start a trading portfolio in which I can really set up positions with proper risk management and position sizing as a way of sharing more about risk management, but for now I just have to guesstimate position size as to stick with the 2% rule and still allow enough room to track all of the ideas I put out, I WOULD NEVER TRADE SO MANY IDEAS IN ANY PORTFOLIO, BUT THAT'S WHY IT'S A TRACKING PORTFOLIO.

So in theory, because I'm not swinging for the fences with trades or because in my view a tracking portfolio is way too over-diversified and kills performance, I would not expect to do very well vs other "competing portfolios. One thing I found by using this tracking portfolio for example is that core shorts on down days are outperforming the market by 700%, if the SPX is down 1%, the core shorts tracking is up 7%, that's a very high beta for such a large number of ideas. The other thing I learn from this is how retail traders are thinking and positioned.

For the week our options tracking portfolio which was I was VERY conservative with because the market looked like this and the 3C signals were pointing to the same...

This week's trend was very flat and range bound with quite a bit of choppiness, it's not at all an ideal area to trade so I was surprised especially with the lack of activity this week that our weekly rank was #45 of 837 competing portfolios and with only a +6.89% gain vs the SPX at .71 as of the capture just before the close.

This tells me that the majority of traders and especially options traders this week were crushed if we can rank 45 of 837 with only a +6.89% gain on the week.

If you look at the SPX chart above once again, I think you'll see why trades were crushed with that tight choppy range and the ATR falling way off to $1.42 vs. $2.08 the previous week. 

I think there are a couple of lessons to take home from this, 1) being know where you are within the 4 stages of a trend and trade accordingly 2) Use the right tool for the job, any short term trades without leverage just didn't have a very good shot at reasonable gains vs. the risk or just sit the period out until a better looking environment develops, 3) Listen to your indicators and don't force the trade, let the trade come to you. We had very few positions this week because there were very few short term signals aligned and the chart above is the reason why. Not taking a position is taking a position and sometimes it's the best position to take; it's a lot easier to keep it than it is to make it.

Finally, I always look at the market first and then look for the trade. I've heard and seen this for over a decade, about 2/3rds of any stocks given movement is due to the market's movement and the Industry group is second most influential with the actual stock being the least influential. Many traders have this backwards, they pick the stock and then hope the market cooperates. Recently as I was reviewing a Risk Management page written by none other than the SEC, they said the exact same thing, according to their studies, the market averages account for 66% of the movement of any given individual stock on any given individual day.

Ok, to the new site which is a lot further along than what you'll see here, but below we have the Risk Management calculator which may help me to create a trading portfolio as I can accurately asses risk/position size and management decisions quickly.

No information about your trade or portfolio is visible to anyone including myself, nothing is retained. You just put in your portfolio size without margin, the price of the asset you are considering, your anticipated stop and whether it's a long or short trade. This is enough information to give you your position size based on the 2% rule, however I added something more.

Since the most difficult part of risk management is protecting against the a.m. gap, I try to always keep my positions below 15% of total portfolio value, that means if my portfolio is $10,000 and the stock is $10 then 15% is $1500 and I wouldn't buy more than 150 shares so if there is a -10% gap down, my maximum loss is $150 which is below the 2% rule's maximum loss of $200 for a $10,000 portfolio.

You submit the risk data and you get this back, how many shares based on the 2% rule and how many based on the maximum percentage of portfolio that you selected. This is a very easy way to quickly asses different width stops and find the ideal situation for your trade, quickly and efficiently.

Right now this is what the header and colors look like, when logged in there are many more tabs across the top for different areas of the site. The site self-refreshes like StockTwits so you don't have to keep refreshing or wait for an email update, instead you can choose to only have the post types you select in your profile page, delivered to you, say for instance "Trade Ideas" only. I have seen quite a few APPS on my smart phone that will take emails and forward them to your phone as texts so you have the option of doing something like that as well, but as soon as a new post is up, the site will refresh.

I'm interested in opinions about colors, contrast and what's easy on the eyes.

It's a little hard to see below, but this is part of the member's profile page where you have your username, you can enter your password and it will be checked for security/strength; you can load a picture or an avatar of yourself that appears next to your name in a section we have for members to upload charts of their favorite trade ideas.

Keep reading...

Your locale/Timezone is also adjustable and...

I have added a Biographic section, you don't have to fill it out, but if you do, you'll be able to see the average of how all members answered. Many of the questions I included will help you see what others struggle with or how others feel about certain situations and you'll find out that a particular "Thing" that bother you may in fact bother 80% of the members where you thought it was just you. The questions are also designed to help you think about certain aspects of what we do, I think it will be far more useful and more interesting than you can imagine. All data that you submit is 100% private, no one including me or any staff will ever see anything beyond an average of all members with no identifying information and there are NOT any questions about your portfolio size or income or anything inappropriate. 

I THINK THE INFORMATION WILL ALSO HELP ME TAILOR MY ANALYSIS AND POSTS TO BE AS USEFUL AS POSSIBLE.

I'll be sharing more as it comes online after it's tested, but we are VERY close. All current members will receive an email with a code, a temporary password and instructions on how to set up your account and personal password. The site is automated to handle new members who sign up after the site launches which will give me a lot more time to do what is most important, also current members will will be grandfathered in at the current monthly subscription rate, new members after the launch will pay a bit more, it's just my way of saying Thank you to all of you, many of you have been with me since the start when it was only 3 posts a day!

I'm going to have at least 1 post up this weekend in addition to the normal Sunday night post, I'll be mostly working on the new site the rest of the time, but the new post will be the trade set up and analysis for AAPL, PCLN and GOOG, all of them looking very interesting, especially PCLN and GOOG. Maybe I'll put those out on video.

For now, enjoy your weekend, please send your comments in while there's still time, thank you.

AAPL, PCLN and GOOG Trade Ideas/Analysis coming up

EOD Observations (3C)

The Futures Indexes 1 min all seem prepared for an EOD ramp, this 1 min chart almost never holds over night or to the next trading week, at 5 min there's noticeable deterioration in line with the last post of Leading Indicators and QQQ breadth.

The same can generally be said about the market averages with the IWM looking the strongest intraday as it has been trading below yesterday's close most of the day. Many of the intermediate timeframes 1-10-15 min that were kind of stuck on hold are now starting to see new lows in 3C, which is a change, again along the trend bias.

HYG is seeing a VERY  sharp intraday turn to the downside, it looks like some last minute panic selling. High Yield Junk Credit is seeing the exact same thing as well as High Yield.

While VIX futures are generally in very good shape as to the current rtrend /reversal, there's no similar reaction in VXX to the upside matching credit's downturn,

All in all my opinion hasn't changed much, Monday I'd expect similar behavior to the last two days which is to say noise in the trend, the trend itself and signals along the lines of the length of the trend point to a downside move which looks mature from a reversal process point of view.

Trade Opening: TBT Long

I'm opening a TRADING position in TBT, about half the size of a core position. I expect TLT to see downside and TBT is a 2x leveraged short of TLT.

EOD Market Update

I want to cover currencies a bit as they are important and some of you are trading them...

These are different currency crosses (pairs) vs the SPX futures (ES) in purple.

 USD/JPY 5 min vs ES is not showing the kind of support ES would need right now to be considered "Supported"

The AUD/JPY is even worse, the AUD is particularly sensitive to China, but there are also some RBA issues the market is concerned over (Central Bank).

This is the AUD/JPY plunging hard, I'm not sure what if any Australian news there was that day, but it happens to be this Tuesday which would have been the second PBoC Open Market Operation in which they refused to inject liquidity in to the system.

 EUR/JPY seems to be the closest to a supportivecarry cross as you see above on a 5 min chart.

ES stumbled a bit around noon, I'm not sure exactly what time the Earthquake off of Fukushima hit.
 

Intraday there's a 3C negative divegrence in the EUR/JPY pair as well.

Looking at the Yen single currency future itself, there's a near term 3C positive divegrence which would send the EUR/JPY lower if the Yen moved higher off this divegrence, that would not be supportive of the market.

As far as Leading Indicators, as is usually the case on an op-ex Friday, they are rather tame, the only things of note where slightly better performance in short term VIX futures, sentiment indicators at last look were evenly split, one in line and the other falling out (negative).

Commodities acted better today, but no doubt that's because of gold's performance which looks to be at a transitional point as well as oil finding its footing, Yields were down, nothing too serious, at least not compared to the major trend for the run off the 10/9 lows in which Yields are sending a very negative signal for the overall/larger trend.

Credit was unremarkable except HY was looking better than I'd expect, perhaps there's some anticipation of a continuation of the last two days market behavior in to the new week, although this could change quickly in to the close as well. 

Since I didn't want to wait for breadth readings until AH, I checked my NASDAQ intraday breadth, I saw the intraday breadth looking pretty good, near highs, but slightly longer 15 min shows clear tapering off of the number of new highs within the larger trend for the 250 bar indicator, the  (in line with the assumption we see similar behavior Monday as yesterday and today in the NASDAQ and Tuesday we see negative price behavior). You could say short term is in line or slightly better as far as breadth, longer term with the main trend is showing the weakness expected at a turning point.

A different indicator, NASDAQ A/D Ratio shows both the 5 min and 30 min heading down, not particularly good for the Index overall, of course don't forget AAPL Monday as the heaviest weighted component in the NDX.

Within the trend on a 15 min chart, the percentage of stocks above a 50 bar moving average is falling off while the percentage below a 50-bar average are growing, again negative for the trend from 10/9.

TICK (NYSE intraday) has been unremarkable as expected on an op-ex Friday, the range has been very mellow mostly between +/- 600 with one spike to +1071. However late in the day as the pin effect wears off, the TICK is improving presumably for a late day ramp.

All in all, there's not a strong bias for upside and the established trend bias is strong for downside. It would not be surprising to see either a head fake or a simple noise day Monday and Tuesday would be questionable whether the PBOC injects, but there's clear evidence the market is growing more concerned with each missed injection and the overall trend up off the 10/9 lows is mature with a mature reversal process in place only lacking a false breakout or head fake move as they are present about 80% of the time just before a reversal in either direction.

GDX/DUST/NUGT post Correction

The last paragraph of this most recent post reads as follows...

"If I were in a TRADING position in DUST I'd probably close the long and re-enter on a pullback, but for longer term moves, I see no reason to try to trade around simple pullbacks."

It should read...
"If I were in a TRADING position in NUGT I'd probably close the long and re-enter on a pullback, but for longer term moves, I see no reason to try to trade around simple pullbacks."

My and I'm Sure Many of Our Thoughts and Prayers Are with WOWS Members in Japan, Our Friends and All of Your Families

Closing GDX November 25 Call Shortly

While I believe in the long term for gold/GLD/GDX/NUGT (long), the fact is the GDX put was down around -75% and now around 6% and I suspect (as I said last night) we will see constructive pullbacks in all of the above to fill gaps and such, however while that's fine for a GDX long or a NUGT long (which I will keep open as a core long position), options have time decay and I don't think I'll get a better exit a week or two from now even at vastly higher prices as Theta burn eats away at the premium.

So once again, I will be closing GDX calls shortly (Today).

Some charts...

 This is DUST (3x leveraged short GDX), it went through distribution and a price decline, now it looks like a reversal pattern with the head fake move and here's why I'm fairly confident of the head fake move...

This is the move, look at volume, that's the point of a head fake move.

The same volume is present in NUGT and the inverse 10 min negative divegrence is there confirming DUST, GDX has it too.

If I were in a TRADING position in DUST I'd probably close the long and re-enter on a pullback, but for longer term moves, I see no reason to try to trade around simple pullbacks.

AAPL December $535 Put Follow Up

So far the position is slightly in the green and we had a very strange day yesterday, really all week since Icahn announced his conversations with Cook looking for a bigger buy-back and the launch of Icahn's site, which in my view can only be used for one thing, a s a bully pulpit which is why I'm guessing PIMCO's Bill Gross had his own tweet telling Icahn what he should do with his time rather than harassing AAPL.

As far as that strange, very large print in after hours in AAPL last night, the best information I have so far reports that large transaction as a regular sale in after hours and not some late print or data distortion, The trade size was  1,150,000 shares, this is highly unusual and in after hours, there's more than meets the eye here.

As far as the AAPL Put, I do intend (so far based on what I know) to leave it open even though earnings are coming up October 28th after the close at 5 p.m.

 5 min, transitional stage between intraday and institutional signal showing a clear transition between confirming an uptrend to a negative signal.

The more important 15 min chart showing accumulation at an island bottom and a very sharp distribution signal that has added an enormous amount of downside to 3C today alone.

 The 30 min chart is in a transitional stage as a stronger chart, it does have a weaker relative negative divegrence, but that's it until/unless the 15 min chart migrates over, this is one of the reasons I chose options over an equity short, if I felt we had good evidence for a longer term or duration trade, I'd forgo the leverage and use an equity short.

 Of course as shown yesterday the large "W" bottom we first suspected back in April to be the start of a base for a counter-trend rally after a -45% (8 month) loss, however as it took on a larger "W" base it was clear it would be able to support a longer move than a counter trend bounce and shortly thereafter we found out one of the culprits behind accumulation, Carl Icahn. Just in case you missed it yesterday, the lack of 10F evidence in Icahn's filing (suggesting it could not have been him accumulating in the start of the second quarter) for Q2  is not anything that would hold water as the SEC has a section on their website where a manager/fund can apply to have the accumulated shares withheld from the 10F if there's a reasonable belief that disclosing the position would endanger filling out the rest of the position, as mentioned yesterday The Oracle of Omaha used this same tactic in accumulating IBM.

The AAPL 60 min Trend Channel has shown a burst out of the channel, this is a change in character and these precede changes in trends, it forced the channel to widen as the ATR increased, however in the past when I've seen these, they typically have occurred in an uptrend right before a top pattern is formed as the last rally in to the top is usually the most volatile or impressive, clearly moving much more vertical than previous long term trend lines.

Unless I see something that suggests a leak or the charts fall apart to the point in which I would not take out a short at that same moment (This is one of the way I decide whether to keep a position or not, would I open the same position right now, if not then maybe it's time to close it) , I will stay with AAPL

Market Update

The Index futures are set to bounce off the overnight-regular hours lows put in around noon time, the market averages as well. For the most part the intermediate chart that are leading negative are still in the same position, but sitting in the same area like a pause, not improving, but not making new lows either as if there's a temporary pause, which could be op-ex related or as  I mentioned last night the "Igloo with Chimney" that was in place on a smaller, tighter reversal process is now lost in the lateral noise of the last 5 days so a new head fake (Chimney) might be needed or seen before we get a downside reversal, which I think is best timed for Tuesday of next week as the PBoC is (regularly) scheduled to inject liquidity to offset maturing bonds, this would (if they refrain) make it 4 in a row and the fears of PBoC tightening along with BOJ complete ineffective policy will certainly give rise to Dan Loeb's "Global Economic Concerns" as the main stream media (financial) is just picking up on the story that we saw with our own eyes as it happened 1 week ago and a week before the media picked it up.

 This intraday capture of the SPY shows an intraday positive divegrence to bounce the SPY off yesterday's close.

 It seems pretty obvious there's a max pain options expiration pin in progress, these typically last until the 2 -3 p.m. hour and then most contracts are closed and the market starts acting how it wants, the price action is not what I find most useful, it's the underlying trade (3C) action during the late afternoon as it is typically picked up where it left off as the new week starts.

 SPY 2 min inrtraday confirmation of a bounce to stay in the range.

 The 3 min chart is where it turns neutral.

Last night I said I wanted to see and expected to see a broader footprint/base in VXX/VIX futures, so far today this is on track

The Most Shorted R3K Index vs the R3K shows yesterday's squeeze is overand the MSI stocks are underperforming the broad R3K.

 HYG Credit is one area in intermediate charts that is not paused making a lower low on this 10 min'

 And this 15 min

With the 30 min already in bad shape as seen last night.

The moves in credit became more obvious yesterday as JUNK Credit (with no manipulative correlations/connections) started breaking down instead of acting like a mirror image of HYG.

That action in JNK continues today

The longer 5 min chart.

Again I suspect the most likely scenario to be some false breakout as we are very "rangey" now, it just becomes too obvious and too many orders above make it too juicy a target not to strike before packing up, Tuesday still seems like an ideal day for the market to bring the fear, assuming China stays on this tightening course.

I'll check some individual assets as well, I have something interesting I'll show you after market as it is interesting, but not immediately useful.

USO Update

I think we are near a reversal to the upside for oil, both USO (WTI) and Brent, this looks like it will be a decent swing long, I'll update when I see high probability entry signals which I don't expect until at least the majority of today's op-ex pin (which is clearly in place) is done.

I have to admit that USO November $37.50 Call options have not gone the way I hoped and are down significantly, but after watching GDX which was also down significantly move to almost a single digit loss this week alone, I still have reasonable hopes based not on hope, but on objective evidence and here's the USO/Oil update.

 This is the USO channel that price fell out of, a Channel Buster of sorts and I was looking for a move at minimum back in to the channel (Shake out the shorts) in the intermediate term, long term I'm not making any bullish arguments for oil.

You can see the orders/stops were hit on the first intraday break of support (1st red arrow to the left) as orders placed with brokers were hit, this is one reason I always keep stops and orders mental and never place them with brokers, I've been wiped out too many times on false intraday moves and the second reason is, "No matter what your broker sys about orders being invisible, they are making a good portion of their income from volume rebates or order flow so they aren't on your side, just assume if you place an order "limit, etc." to be executed in the future with your broker, all of Wall St. can see it and you wouldn't play poker by showing everyone your cards would you?"

The volume spike at the white arrow looks like exhaustion selling or capitulation and price since tends to confirm.

The USO 5 min chart looks sloppy in the range I was hoping to see the upside move launched from, but that range became too obvious and it too was taken out (hitting stops and orders just below it), but there is now the first clear divergence since the USO top in the channel.

The same is true of the 10 min chart

However, this is where action gets interesting, a fast leading positive divegrence on the 30 min chart, this is confirmed by Brent Crude Futures as well...

 Brent Crude Futures 30 min leading positive.

The hourly chart removes a lot of detail/noise and uncovers the larger trend, in that sense it appears the initial expectations are still intact, furthermore the /CL-Brent 60 min futures confirm this chart as well.

I didn't want to draw too much on the divergence because it's distracting from the strength of the divergence. We have confirmation not only between WTI (USO), but Brent crude as well.
 

The Trend Channel shows the uninterrupted uptrend with no stop out until the channel is broken, ironically it's this same stop around $37.30 that is now the buy to cover short stop or will be soon.

Essentially we have some pretty clear technical patterns and I think we have at least a few set ups, the Channel Buster at #1 I don't think is a complete story yet, the bearish Descending Triangle at #2 is a bearish consolidation (sideways)/continuation (down) pattern, technical traders expect that, they will short that and the supply created by their shorting is easily accumulated in size, thus the 30/60 min charts' strong recent leading divergences at #3. The final story to the Channel Buster would be the short shakeout with a move up to the Channel, preferably inside as Technical traders would expect a failure of a test of the channel, a move inside will force them to cover creating a short squeeze and sending oil even higher in the channel, perhaps even above it, but it would need to break the Trend Channel Stop.

I'm sticking with USO, I'll update it as well if/when I see a very strong set on intraday signals if anyone is interested in trying a new position with USO.

Asia In More Trouble

Good morning,

It seems the trouble in China continues with the SHCOMP down about -1.5% overnight and the Nikkei down by almost 3%. This time it's not just inflation in China and their monetary policy  which I understand from a member is now being reported in the main stream economic media, but the Japanese QE-Zilla from April 4th is not doing its job and apparently making things worse. Also in Europe as banks (especially Italian) were routed yesterday and had to be halted for trading, their having another non-epic day on a few economic bits.

ES overnight gained about 2 points from the 1747.75 4 p.m. print to the 1749.75 9:30 a.m. print which is to say ES was flat overnight, but this tends to be what we get even on these weekly option expiration Fridays.

Japan...

On April 4th of this year the Bank of Japan with a new head (Kuroda and co.) nominated by new PM, Shinzo Abe set out to fulfill Abe's campaign promise to halt nearly 2 decades of deflation in Japan. As a result the BOJ released QE-Zilla on April 4th of this year, a gigantic $1.4 Trillion in injections, ultimately seeking to DOUBLE the Japanese monetary base in 2 years, the initial signs of their QE backfiring were almost immediate as JGB's went limit down numerous times over a series of a few weeks. That's when I wrote these two articles that I still believe are accurate and the end of the market run with a plunge that I believe could lead to the US's first true secular bear market in equities will have deep roots in a currency crisis centered on the Yen and the charts I'll show in a moment show that thus far instead of QE-Zilla doing what it was suppose to, it looks like my theory of the Yen heralding the "End of days" so to speak, is still on the table.

The articles are linked on the member's site, they are from April and you can find them here... Currency Crisis part 1 and Currency Crisis part 2

Since The April 4th QE-Zillla was unleashed, the Yen weakened as hoped sending the driver of the Nikkei 225, the USD/JPY cross higher...
...

 The carry trades were already open and running, prepared to lift the market in October of 2012 for the SPX November bottom, however the USD/JPY after reaching triple digits stalled and more than that is in a large triangle after an uptrend which is usually a top and one could easily say it's declining. The red arrow is the April 4th BOJ QE decision.

 A look at the Yen single currency futures, which figure prominently in my "Signs of the end of times" for the market scenario as you'll see in the two articles I wrote nearly 8 months ago, have thus far done exactly what I expected. After an extended downtrend a large triangle is typically a bottom/base forming and this one is very mature as it makes its way to the apex.

And the accumulation expected in such a base...

The daily Yen single currency futures.

 You can see the initial "Wealth effect" QE (JApan) had on the Nikkei, but that too has stalled with the USD/JPY, in fact they look almost the same.

The Nikkei was down almost 3% overnight.

Why? CPI data was released overnight for Japan, besides Food and Energy inflation (remember Japan has been caught in a deflationary spiral including wages for nearly 2 decades), normal, "healthy inflation came in at 0% for September, a modest improvement over August at -0.1%, but not what 1.4 trillion in QE should have bought according to the BOJ.

While food and energy price climb (up 7.4% y.o.y.), wages are still falling for 1.5 years straight, there is no business investment and (surprise, surprise, I wonder why?) exports to China are ... "Sluggish".

It seems this massive monetary experiment, much like the US's, is not performing as advertised, in fact not performing at all.

China...
In China overnight the SHCOMP was down -1.5% as SHIBOR rates shot up again.

Europe...
Not great news there either, the famous German IFO Business Survey saw it's first miss and drop in 6 months. However the bigger problem uncovered in data released overnight is the continent is seeing No Credit Creation, EU banks are not lending, M# (Money Supply) overall growth declined in September. So while European loan creation is virtually nil, the only thing happening with loans os the number of non-performing loans is rising.

This chart show the breakdown of EU country's Non-Financial loan creation.

US
 As you know futures were largely flat overnight... I hate to borrow charts, but if they help members understand what's unfolding than I'll let my ego and pride take a backseat.

 I miss these charts, CITI had an excellent economic surprise index that showed clearly the Q1 arbitrary seasonal adjustments and how the market fell off as soon as we exited the seasonal adjust (Goal sought economic data). Well we have the Bloomberg now and Economics are falling off badly vs the SPX on a weekly basis.

The biggest problem for Bernie though in his use of the Stock Market as an "Effective? " policy tool through the "Wealth Effect" that obviously only benefits those with enough disposable income to invest in the "risky" market, the super rich is now maybe losing whatever teeth it may have had (I'm assuming Bernie is a believer in trickle down economics if he believes the Wealth Effect is effective)...

This is the Consumer Comfort Index for those making more than $99k a year, it just plunged, it would seem that the rich even know when it's time to put down your coffee and politely excuse yourself from the party... What will Bernie or Yellen say the next time they testify before Congress when the "Wealth Effect" is raised?