Featured Trade:
Below please find subscribers Q&A for the Mad Hedge Fund Trader April Global Strategy Webinar with my guest co-host Mike Pisani of Smart Option Trading.
As usual, every asset class long and short was covered. You are certainly an inquisitive lot, and keep those questions coming!
Q: Are you out of Alphabet (GOOGL) and Microsoft (MSFT)?
A. I'm out of Alphabet and I'm in Microsoft, but only for the very short term. I'm waiting for another big meltdown day to go back and buy everything back because I think the FANGs and technology in general are still in a secular bull market.
Q. Are Advanced Micro Devices (AMD) and NVIDIA (NVDA) affected by the underperformance of Bitcoin?
A. They are. Bitcoin has been an important part of the chip story for the last two years because mining, or the creation of bitcoins, creates enormous demand for chips to do the processing. I think selling in bitcoin is over for the time being. You had a $25 billion in capital gains taxes that had to be paid by April 15.
People were paying those bills by selling their bitcoins. That's over now, and bitcoin is rallied about 30% since Tax Day because of that. So, yes, bitcoin is getting so big that it is starting to affect the chip sector meaningfully. That is another reason why we see secular long-term growth in the entire chip sector.
Mike Pisani: Interesting take on bitcoin today, and I've been with you on it. I think the worst of it is over; it's going to go. Today is the largest volume day we've seen on it so far. We're up over 15,500 contracts traded.
Q: If you're 100% cash, is now a good time to commit funds to the equity market?
A. Franz, I would say nein. Absolutely not. 2009 was the time to commit funds to the equity market. If you're 100% cash now I would stay out for the next six months. We may get a good entry point over the summer or the fall. I'll let you know when that happens because I will be jumping back in myself.
But right now, a week ahead of the worst six months of equity investment of the year, I would stay away and do research instead. Read your Mad Hedge Fund Trader letters. Build a list of names that you're going to buy on the next meltdown and practice buying meltdowns with your practice account, which doesn't use real money.
There's a lot of things you can get ready to do for the next leg up in the bull market, but buying right now, NO! I would put that in the category of, "Is it time to start shorting bonds question?" that we got a few minutes ago.
Q: Why did tech stocks sell off when they have great earnings results?
A: It's called, "Buy the rumor, sell the news." So many people already own the stocks and were expecting good earnings that there was no surprise when they were announced. These are some of the most over-owned stocks in history.
Everybody in the world owns them. Many people have multiple weightings in them, so when we enter a high-risk macro environment, which we have now, you want to get rid of the most over-owned stocks. That is exactly why all of these stocks that have had great runs are selling off, even though they have great earnings report.
Q: Are financials a good play here with interest rates rising though 3%?
A. Normally I would say yes. However, the macro background for the general market are so negative they are overwhelming any positive fundamentals specific to individual sectors like banks and stocks like Citigroup (C). By the way, financials all reported great results and got killed, so that is why I bailed out of my (C) position this morning at around cost. If you throw the best news in the world on a stock and it won't go up, it's time to get out of there.
Q: Would an unleveraged inverse ETF like the ProShares Short S&P 500 ETF (SH) be good at a spike even now?
A. Yes, but when I say spike up better expect at least 20 (SPY) points or 1,000 Dow points. All these downside ETFs are great but you've got to get in at the right price. You know as they say in trading school, the profit is always made on the "BUY" and not on the "SELL."
So, if you can get on one of these super spikes up on the short side that is a great trade. So is the ProShares Ultra Short ETF (SDS) if you want to do the 2X leverage short fund. We've recently started doing this every month. We've been shorting (SPY)s and buying (VIX) on every one of these spikes up, and it's been working like a charm.
Q: Here's the best question of the day. Your timing has been perfect says Mary in Chicago, Ill.
A: Well, I'll take that kind of question all day long. Thank you very much. You're too nice to do that.
Q: Richard is asking would you buy an NVIDIA (NVDA) LEAP?
A: I would wait for meltdown days. Remember this is a market that gives you lots of meltdown days. Just wait for the next presidential tweet and you might get another 600-700-point dip in the markets. Those are the days you buy LEAPS. You don't have to get buy writing Trade Alerts like I do. You can just enter a limit order in your account. Put it as a stupidly low level to "BUY" and you may get hit. And that's where you really make the big money in this kind of market.
Q: Is there a good one- or two-month trade in Amazon?
A: Yeah, Paul, with this volatility you can pick a big winner like Amazon and you know to buy the 250-point dips and sell the rallies. These ranges are so wide now that even a beginner can make money. So, I would say you have to wait until after tomorrow on Amazon and let them get their earnings out. We know they're going to be great. They're doing home deliveries now to your car.
Q: Can long bond interest rates go up to 4%, and if that happens what would the market do?
A: Yes, they can go up to 4%, and I expect them to probably do that next year. What will it do to the market? Answer: Cause a bear market and a recession. Is that answer clear enough? My bet is that interest rates cap in this cycle much lower than they did in past cycles, maybe 4%-5%. We have been used to zero cost of money for so long that a move to 4% would be like stabbing somebody in the chest. People are much less able to deal with rising rates than they ever have been in the past, so watch this space.
Q: Should I buy the ProShares Ultra Short Treasury ETF (TBT) or the iShares 20+ Year Treasury Bond Fund (TLT)?
A: Brad, it's really is a leverage question for you. The (TLT) is 1X; the TBT is 2X, so I would be taking profits on the (TBT) here and then buying a couple of points lower. Or if you want to keep it for the long term you can but remember the cost of carry on the TBT is around 7% a year.
Q: Yves in Paris, France is asking: What possible scenario will you see material wage growth that could lead to higher inflation?
A: We're starting to see that now with the ultra-low unemployment rates. People are having great difficulty hiring anyone in technology. But at the minimum wage level there seems to be plenty of supply. The other possibility is that the cost of everything else goes up but wages, because technology is replacing jobs so fast there may never be any increase in wages.
So, we will get inflation, but nothing like the inflation we saw in the past driven by rising wages, commodity prices, oil prices, and interest rates. Yes, money is a commodity, which can add quite a lot to the cost of leveraged companies like airlines, REITs, and so on.
Q: Will rising interest rates force the US dollar up?
A. The answer is yes! It has been a long time coming, but if rates continue to rise from here, you can expect that to lead to a continuously rising dollar and falling foreign currencies, and that will become a major drag on the economy and corporate earnings going forward.
Q: When is a good time to buy TIPS?
A: Just like your Treasury bond short, I would buy Treasury Inflation Protected Securities (TIPS) on the next rally in bond prices (TLT) and dip in yields. That will give you a decent entry point. That said, TIPS have been a horrible performer for the last 10 years because there has just been no inflation. A lot of people just keep TIPS as a hedge in their portfolio and it just costs them money every year.
Q: Which could blow up, Brad wants to know, TBT or TLT?
A: The easy answer there is probably neither. But if I had to pick between the two, the (TBT) would be the one to blow up because it's a 2X and has a lot less liquidity. So, I can't image in what world has (TBT) blowing up, but then I don't watch zombie TV shows either.
Q: I think US equities are expensive. Are emerging markets (EEM) or Europe (HEDJ) a better bet for the rest of the year?
A: I would say yes. Because if interest rates here in the US go higher that means a stronger dollar. That means a weaker US stock market. Because US companies are punished by a rising dollar. And European and Asian companies benefit from a rising dollar and falling home currencies, so that makes Europe the first choice of any of the global markets.
Q: Does oil going to $100 have a chance of bringing down the US economy?
A: Absolutely yes. If oil prices don't start to slow down, they will start having a big impact on the economy because that means rising prices for any energy consumer, which is you and me.
With no ability to offset that by rising prices of your products that would put a squeeze on any oil consuming industry, which is why things like the transports and consumer staples have been performing so poorly. If we get to $100, then you're really looking at a full-on recession and bear market for stocks. By bear market I mean down 25% or more in stocks.
Q: How do you see the India ETF?
A: We like it. India is the No. 1 pick of any hedge fund investor in emerging markets, and the ETF you can buy there is the PowerShares India Portfolio ETF (PIN).
Global Market Comments
April 25, 2018
Fiat Lux
Featured Trade:
(TUESDAY, JUNE 12, NEW ORLEANS, LA, GLOBAL STRATEGY LUNCHEON)
(WHY IT'S A "SELL THE NEWS" MARKET),
(TLT)
(PLEASE USE MY FREE DATABASE SEARCH)
Global Market Comments
April 23, 2018
Fiat Lux
Featured Trade:
(THE MARKET OUTLOOK FOR THE WEEK AHEAD, or HERE COMES THE FOUR HORSEMEN OF THE APOCALYPSE),
(SPY), (GOOGL), (TLT), (GLD), (AAPL), (VIX), (VXX), (C), (JPM),
(HOW TO AVOID PONZI SCHEMES),
(TESTIMONIAL)
Have you liked 2018 so far?
Good.
Because if you are an index player, you get to do it all over again. For the major stock indexes are now unchanged on the year. In effect, it is January 1 once more.
Unless of course you are a follower of the Mad Hedge Fund Trader. In that case, you are up an eye-popping 19.75% so far in 2018. But more on that later.
Last week we caught the first glimpse in this cycle of the investment Four Housemen of the Apocalypse. Interest rates are rising, the yield on the 10-year Treasury bond (TLT) reaching a four-year high at 2.96%. When we hit 3.00%, expect all hell to break loose.
The economic data is rolling over bit by bit, although it is more like a death by a thousand cuts than a major swoon. The heavy hand of major tariff increases for steel and aluminum is making itself felt. Chinese investment in the US is falling like a rock.
The duty on newsprint imports from Canada is about to put what's left of the newspaper business out of business. Gee, how did this industry get targeted above all others?
The dollar is weak (UUP), thanks to endless talk about trade wars.
Anecdotal evidence of inflation is everywhere. By this I mean that the price is rising for everything you have to buy, like your home, health care, college education, and website upgrades, while everything you want to sell, such as your own labor, is seeing the price fall.
We're not in a recession yet. Call this a pre-recession, which is a long-leading indicator of a stock market top. The real thing shouldn't show until late 2019 or 2020.
There was a kerfuffle over the outlook for Apple (AAPL) last week, which temporarily demolished the entire technology sector. iPhone sales estimates have been cut, and the parts pipeline has been drying up.
If you're a short-term trader, you should have sold your position in April 13 when I did. If you are a long-term investor, ignore it. You always get this kind of price action in between product cycles. I still see $200 a share in 2018. This too will pass.
This month, I have been busier than a one-armed paper hanger, sending out Trade Alerts across all asset classes almost every day.
Last week, I bought the Volatility Index (VXX) at the low, took profits in longs in gold (GLD), JP Morgan (JPM), Alphabet (GOOGL), and shorts in the US Treasury bond market (TLT), the S&P 500 (SPY), and the Volatility Index (VXX).
It is amazing how well that "buy low, sell high" thing works when you actually execute it. As a result, profits have been raining on the heads of Mad Hedge Trade Alert followers.
That brings April up to an amazing +12.99% profit, my 2018 year-to-date to +19.75%, my trailing one-year return to +56.09%, and my eight-year performance to a new all-time high of 296.22%. This brings my annualized return up to 35.55% since inception.
The last 14 consecutive Trade Alerts have been profitable. As for next week, I am going in with a net short position, with my stock longs in Alphabet (GOOGL) and Citigroup (C) fully hedged up.
And the best is yet to come!
I couldn't help but laugh when I heard that Republican House Speaker Paul Ryan announced his retirement in order to spend more time with his family. He must have the world's most unusual teenagers.
When I take my own teens out to lunch to visit with their friends, I have to sit on the opposite side of the restaurant, hide behind a newspaper, wear an oversized hat, and pretend I don't know them, even though the bill always mysteriously shows up on my table.
This will be FANG week on the earnings front, the most important of the quarter.
On Monday, April 23, at 10:00 AM, we get March Existing-Home Sales. Expect the Sohn Investment Conference in New York to suck up a lot of airtime. Alphabet (GOOGL) reports.
On Tuesday, April 24, at 8:30 AM EST, we receive the February S&P CoreLogic Case-Shiller Home Price Index, which may see prices accelerate from the last 6.3% annual rate. Caterpillar (CAT) and Coca Cola (KO) report.
On Wednesday, April 25, at 2:00 PM, the weekly EIA Petroleum Statistics are out. Facebook (FB), Advanced Micro Devices (AMD), and Boeing (BA) report.
Thursday, April 26, leads with the Weekly Jobless Claims at 8:30 AM EST, which saw a fall of 9,000 last week. At the same time, we get March Durable Goods Orders. American Airlines (AAL), Raytheon (RTN), and KB Homes (KBH) report.
On Friday, April 27, at 8:30 AM EST, we get an early read on US Q1 GDP.
We get the Baker Hughes Rig Count at 1:00 PM EST. Last week brought an increase of 8. Chevron (CVX) reports.
As for me, I am going to take advantage of good weather in San Francisco and bike my way across the San Francisco-Oakland Bay Bridge to Treasure Island.
Good Luck and Good Trading.
Global Market Comments
April 16, 2018
Fiat Lux
Featured Trade:
(THE MARKET OUTLOOK FOR THE WEEK AHEAD, or THE WEEK THAT NOTHING HAPPENED),
(TLT), (GLD), (SPY), (QQQ), (USO), (UUP),
(VXX), (GOOGL), (JPM), (AAPL),
(HOW TO HANDLE THE FRIDAY, APRIL 20 OPTIONS EXPIRATION), (TLT), (VXX), (GOOGL), (JPM)
This was the week that American missiles were supposed to rain down upon war-torn Syria, embroiling Russia in the process. It didn't happen.
This was the week that the president was supposed to fire special prosecutor Robert Mueller, who with his personal lawyer is currently reading his private correspondence for the past decade with great interest. That didn't happen either.
It was also the week that China was supposed to raise the stakes in its trade war with the United States. Instead, President Xi offered a conciliatory speech, taking the high road.
What happens when you get a whole lot of nothing?
Stocks rally smartly, the S&P 500 (SPY) rising by 2.87% and the NASDAQ (QQQ) tacking on an impressive 3.45%. Several of the Mad Hedge long positions jumped by 10%.
And that pretty much sums up the state of the market today.
Get a quiet week and share prices will naturally rise, thanks to the power of that fastest earnings growth in history, stable interest rates, a falling dollar, and gargantuan share buybacks that are growing by the day.
With a price earnings multiple of only 16, shares are offering investors the best value in three years, and there is very little else to buy.
This is why I am running one of the most aggressive trading books in memory with a 70% long 30% short balance.
Something else unusual happened this week. I added my first short position of the year in the form of puts on the S&P 500 right at the Friday highs.
And, here is where I am sticking to my guns on my six-month range trade call. If you buy every dip and sell every rally in a market that is going nowhere, you will make a fortune over time.
Provided that the (SPY) stays between $250 and $277 that is exactly what followers of the Mad Hedge Fund Trader are going to do.
By the way, 3 1/2 months into 2018, the Dow Average is dead unchanged at 24,800.
Will next week be so quiet?
I doubt it, which is why I'm starting to hedge up my trading book for the first time in two years. Washington seems to be an endless font of chaos and volatility, and the pace of disruption is increasing.
The impending attack on Syria is shaping up to more than the one-hit wonder we saw last year. It's looking more like a prolonged air, sea, and ground campaign. When your policies are blowing up, nothing beats like bombing foreigners to distract attention.
Expect a 500-point dive in the Dow Average when this happens, followed by a rapid recovery. Gold (GLD) and oil prices (USO) will rocket. The firing of Robert Mueller is worth about 2,000 Dow points of downside.
Followers of the Mad Hedge Trade Alert Service continued to knock the cover off the ball.
I continued to use weakness to scale into long in the best technology companies Alphabet (GOOGL) and banks J.P. Morgan Chase (JPM), and Citigroup (C). A short position in the Volatility Index (VXX) is a nice thing to have during a dead week, which will expire shortly.
As hedges, I'm running a double short in the bond market (TLT) and a double long in gold (GLD). And then there is the aforementioned short position in the (SPY). I just marked to market my trading book and all 10 positions are in the money.
Finally, I took profits in my Apple (AAPL) long, which I bought at the absolute bottom during the February 9 meltdown. I expect the stock to hit a new all-time high in the next several weeks.
That brings April up to a +5.81% profit, my trailing one-year return to +50.23%, and my eight-year average performance to a new all-time high of 289.19%. This brings my annualized return up to 34.70%.
The coming week will be a slow one on the data front. However, there has been a noticeable slowing of the data across the board recently.
Is this a one-off weather-related event, or the beginning of something bigger? Is the trade war starting to decimate confidence and drag on the economy?
On Monday, April 16, at 8:30 AM, we get March Retail Sales. Bank of America (BAC) and Netflix (NFLX) report.
On Tuesday, April 17, at 8:30 AM EST, we receive March Housing Starts. Goldman Sachs (GS) and United Airlines (UAL) report.
On Wednesday, April 18, at 2:00 PM, the Fed Beige Book is released, giving an insider's view of our central bank's thinking on interest rates and the state of the economy. Morgan Stanley (MS) and American Express (AXP) report.
Thursday, April 19, leads with the Weekly Jobless Claims at 8:30 AM EST, which saw a fall of 9,000 last week. Blackstone (BX) and Nucor (NUE) report.
On Friday, April 20, at 10:00 AM EST, we get the Baker Hughes Rig Count at 1:00 PM EST. Last week brought an increase of 8. General Electric (GE) and Schlumberger (SLB) report.
As for me, I'll be heading into San Francisco's Japantown this weekend for the annual Northern California Cherry Blossom Festival. I'll be viewing the magnificent flowers, listening to the Taiko drums, eating sushi, and practicing my rusty Japanese.
Good Luck and Good Trading.
Global Market Comments
April 13, 2018
Fiat Lux
Featured Trade:
(ANNOUNCING THE MAD HEDGE LAKE TAHOE, NEVADA, CONFERENCE, OCTOBER 26-27, 2018),
(APRIL 11 GLOBAL STRATEGY WEBINAR Q&A),
(TLT), (TBT), (GOOGL), (MU), (LRCX), (NVDA) (IBM),
(GLD), (AMZN), (MSFT), (XOM), (SPY), (QQQ)
Below please find subscribers' Q&A for the Mad Hedge Fund Trader April Global Strategy Webinar with my guest co-host Bill Davis of the Mad Day Trader.
As usual, every asset class long and short was covered. You are certainly an inquisitive lot, and keep those questions coming!
Q: Many of your April positions are now profitable. Is there any reason to close out before expiration?
A: No one ever got fired for taking a profit. If you feel like you have enough in hand - like 50% of the maximum potential profit in the position, which we do have in more than half of our current positions - go ahead and take it.
I'll probably run all of our April expirations into expiration day because they are very deep in the money. Also, because of the higher volatility and because of higher implied volatility on individual stock options, you're being paid a lot more to run these into expiration than you ever have been before, so that is another benefit.
Of course, one good reason to take profits now is to roll into another position, and when we find them, that may be exactly what we do.
Q: What do you think will be the impact of the US hitting Syria with missiles?
A: Initially, probably a 3-, 4-, or 500-point drop, and then a very rapid recovery. While the Russians have threatened to shoot down our missiles, in actual fact they can't hit the broad side of a barn. When Russians fired their cruise missiles at Syrian targets, half of them landed in Iran.
At the end of the day, it doesn't really impact the US economy, but you will see a big move in gold, which we're already starting to see, and which is why we're long in gold - as a hedge against all our other positions against this kind of geopolitical event.
Q: Will 2018 be a bull market or a bear market?
A: We are still in a bull market, but we may see only half the returns of last year - in other words we'll get a 10% profit in stocks this year instead of a 20% profit, which means it has to rise 12% from here to hit that 10% up by year-end.
Q: What is your take on the ProShares Ultra Short 20+ Year Treasury Bond Fund (TBT)?
A: I am a big buyer here. I think that interest rates (TLT) are going to move down sharply for the rest of the year. The (TBT) here, in the mid $30s, is a great entry point - I would be buying it right now.
Q: How do you expect Google (GOOGL) to trade when the spread is so wide?
A: It will go up. Google is probably the best-quality technology company in the market, after Facebook (FB). We'll get some money moving out of Facebook into Google for exactly that reason; Google is Facebook without the political risk, the regulatory risk, and the security risks.
Q: Are any positions still a buy now?
A: All of them are buys now. But, do not chase the market on any conditions whatsoever. The market has an endless supply of sudden shocks coming out of Washington, which will give you that down-400-points-day. That is the day you jump in and buy. When you're buying on a 400-down-day, the risk reward is much better than buying on a 400-point up day.
Q: What is "sell in May and go away?"
A: It means take profits in all your positions in May when markets start to face historical headwinds for six months and either A) Wait for another major crash in the market (at the very least we'll get another test of the bottom of the recent range), or B) Just stay away completely; go spend all the money you made in the first half of 2018.
Q: Paul Ryan (the Republican Speaker of the House) resigned today; is he setting up for a presidential run against Trump in 2020?
A: I would say yes. Paul Ryan has been on the short list of presidential candidates for a long time. And Ryan may also be looking to leave Washington before the new Robert Mueller situation gets really unpleasant.
Q: What reaction do you expect if Trump resigns or is impeached?
A: I have Watergate to look back to; the stock market sold off 45% going into the Nixon resignation. It's a different world now, and there were a lot more things going wrong with the US economy in 1975 than there are now, like oil shocks, Vietnam, race riots, and recessions.
I would expect to get a decline, much less than that - maybe only a couple 1,000 points (or 10% or so), and then a strong Snapback Rally after that. We, in effect, have been discounting a Trump impeachment ever since he got in office. Thus far, the market has ignored it; now it's ignoring it a lot less.
Q: Thoughts on Micron Technology (MU), Lam Research (LRCX), and Nvidia (NVDA)?
A: It's all the same story: a UBS analyst who had never covered the chip sector before initiated coverage and issued a negative report on Micron Technology, which triggered a 10% sell-off in Micron, and 5% drops in every other chip company.
He took down maybe 20 different stocks based on the argument that the historically volatile chip cycle is ending now, and prices will fall through the end of the year. I think UBS is completely wrong, that the chip cycle has another 6 to 12 months to go before prices weaken.
All the research we've done through the Mad Hedge Technology Letter shows that UBS is entirely off base and that prices still remain quite strong. The chip shortage still lives! That makes the entire chip sector a buy here.
Q: Can Trump bring an antitrust action against Amazon?
A: No, no chance whatsoever. It is all political bluff. If you look at any definition of antitrust, is the consumer being harmed by Amazon (AMZN)?
Absolutely not - if they're getting the lowest prices and they're getting products delivered to their door for free, the consumer is not being harmed by lower prices.
Second is market share; normally, antitrust cases are brought when market shares get up to 70 or 80%. That's what we had with Microsoft (MSFT) in the 1990s and IBM (IBM) in the 1980s. The largest share Amazon has in any single market is 4%, so no there is basis whatsoever.
By the way, no president has ever attacked a private company on a daily basis for personal reasons like this one. Thank the president for giving us a great entry point for a stock that has basically gone up every day for two years. It's a rare opportunity.
Q: How will the trade war end?
A: I think the model for the China trade war is the US steel tariffs, where we announced tariffs against the entire world, and then exempted 75% of the world, declaring victory. That's exactly what's going to happen with China: We'll announce massive tariffs, do nothing for a while, and then negotiate modest token tariffs within a few areas. The US will declare victory, and the stock market rallies 2,000 points. That's why I have been adding risk almost every day for the last two weeks.
Q: Would you be buying ExonMobil (XOM) here, hoping for an oil breakout?
A: No, I think it's much more likely that oil is peaking out here, especially given the slowing economic data and a huge onslaught in supply from US fracking. We're getting big increases now in fracking numbers - that is very bad for prices a couple of months out. The only reason oil is this high is because Iran-sponsored Houthi rebels have been firing missiles at Saudi Arabia, which are completely harmless. In the old days, this would have caused oil to spike $50.
Q: Would you be selling stock into the rally (SPY), (QQQ)?
A: Not yet. I think the market has more to go on the upside, but you can still expect a lot of inter-day volatility depending on what comes out of Washington.
Q: Do you ever use stops on your option spreads?
A: I use mental stops. They don't take stop losses on call spreads and put spreads, and if they did they would absolutely take you to the cleaners. These are positions you never want to execute on market orders, which is what stop losses do. You always want to be working the middle of the spread. So, I use my mental stop. And when we do send out stop loss trade alerts, that's exactly where they're coming from.
Q: Will the Middle East uncertainty raise the price of oil?
A: Yes, if the Cold War with Iran turns hot, you could expect oil to go up $10 or $20 dollars higher, fairly quickly, regardless of what the fundamentals are. It's tough to be blowing up oil supplies as a great push on oil prices. But that's a big "if."
Hello from the Italian Riviera!
Global Market Comments
April 9, 2018
Fiat Lux
Featured Trade:
(THE MARKET OUTLOOK FOR THE WEEK AHEAD, or HERE'S THE BIG CALL),
(JPM), (GOOGL), (GLD), (TLT), (VXX),
(HOW TO "SNOWBALL" YOUR FORTUNE WITH BENJAMIN FRANKLIN)
