Wells Fargo and the Failure of Boards and Regulators

Apr 24 9:15pm
Two new reports concerning the Wells Fargo scandal suggest that the bank’s senior management, its board of directors, and the regulators all knew about the bank’s toxic practices, yet for years did nothing to stop them.      In September 2013, on the fifth anniversary of the peak of the 2008 financial crisis,The Economist decided that one of the interesting ways to revisit the crisis was by focusing on its “winner”: Wells Fargo, the bank that wasn’t bailed out and came out stronger than ever.The Economist spared the bank no compliments, arguing that it weathered the crisis “[s]imply by remaining solvent, a tribute to years of […]...
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Three ways stocks could build on Monday's gains

Apr 24 7:54pm Market Insider with Patti Domm
After Monday's stock market rally, traders will be looking for something to keep the momentum going Tuesday.
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Saudi reversal in benefits makes OPEC dealand higher oil pricesmore important

Apr 24 7:41pm Market Insider with Patti Domm
Saudi Arabia reversed some cutbacks in worker benefits and ministers' salaries—a move that could make the kingdom even more reliant on a higher oil price.
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The news looks good, so why have Sirtex shares been dumped?

Apr 24 6:59pm ROGER MONTGOMERY ROGER MONTGOMERY
Over the weekend, the results were released of a trial comparing the efficacy of two treatments for late stage liver cancer. The treatments were SIRT, pioneered by Australian biotech, Sirtex, versus Sorafenib. The results were generally positive for SIRT. So why has the market responded so harshly? The results of the trial, named SARAH, were released at the International Liver Congress in Amsterdam. (Note this is different from Sirtex’s (ASX:… Continue reading →...
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A China XD Plastics follow-up

Apr 24 6:42pm Glenn Chan's Random Notes on Investing
In my previous post, I explained how CXDC’s website was worse than Bill Ackman’s due diligence on Valeant.  It turns out that CXDC really does use that website for their operating business; I thought that they simply setup chinaxd.net for Western investors and had another website somewhere else for the operating business. According to CXDC’s […]...
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Why Macron is a risky bet for France and for Europe

Apr 24 5:46pm Credit Writedowns Pro
About two months ago I wrote about Emmanuel Macron as a risk, rather than a saviour. Today, following his 1st round presidential victory in France, I feel even more that he represents a risk that is unappreciated. Here’s why.
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After-hours buzz: AA, ESRX, WHR & more

Apr 24 5:41pm Market Insider with Patti Domm
Check out which stocks posted moves after the bell on Monday.
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The market implications of the French vote

Apr 24 4:33pm BlackRock Blog
Isabelle shares BlackRock’s take on the French election first round result, the remaining candidates and what this might mean for the markets.
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Op-Ed: Here's who American conservatives should support in the French election

Apr 24 3:29pm Commentary
Marine Le Pen may be pro-Trump but here's why US conservatives should support Emmanuel Macron in the French election, says the National Review's Tom Rogan.
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Market Lab Report - A Lesson in Drawdowns

Apr 24 3:16pm Virtue of Selfish Investing Market Lab Reports and Newsletters
VIX Volatility Model (VVM) was up +54.3\% in 2017 as of 3-17-17 in real-time trading which was the high watermark so far this year. This has been reduced from +54.3\% to -6.6\% (subject to change as the signal is still open) due to two large losses from two back-to-back signals. These two signals constitute its worst two back-to-back losses and also one of its worst drawdowns in the history of the strategy at close to -30\% should current losses in the open signal stand. That said, the strategy is no stranger to big moves in either direction, so even these two large losses are not outside the performance metrics for the strategy.  The first signal was a sell on 4-3-17 where XIV was bought (see results table). That loss was closed out at -10.28\%. The loss normally would have been smaller, caused by two fail-safe triggers which would have totaled roughly -2.9\% instead of -10.28\%.  Then on the strategy's current buy signal issued on 4-18-17 where UVXY was bought, the loss for that signal as of this writing (intraday 4-24-17) stands at -23.9\%. The loss normally would have been a total of three fail-safe triggers which would have totaled roughly -9.1\% instead of the current -23.9\% as the model would have been in cash as of Friday's close, thus would not have suffered today's gap lower in UVXY due to the diminished odds of France leaving the EU. That said, the reason behind removing some of the fail-safes is to substantially reduce the number of whipsaws. In running tests back to early 2009, or more than 8 years, as well as spot checks conducted in prior periods, the risk/reward was materially improved as a result of this adjustment. More specifically, profits were boosted even beyond the backtested triple digit percentages shown in the small 2009-2016 performance table in the VVM portion of the results section. This came as a result of : 1) suffering far fewer whipsaw trades thus fewer losses 2) staying in position longer to realize substantial profits in some cases that otherwise would have been reduced by the whipsaws along the way Meanwhile, even with the fail-safe adjustment, the strategy's worst total drawdowns (losses from peak to trough) were kept roughly similar. The downside is that the size of a loss for an individual signal is greater as these last two signals demonstrate. Since these signal losses have come back-to-back, should losses worsen, thi...
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Here's one way Trump's first 100 days beat Reagan's

Apr 24 3:09pm Market Insider with Patti Domm
Trump is on pace for a nearly 5 percent gain in the S&P 500 since his inauguration. His 100 days ends on Saturday.
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Op-Ed: Donald Trump is obsessed with winning, and that's why he's losing

Apr 24 3:09pm Commentary
Trump needs to learn the difference between small victories and big ones, says Jim Tankersley.
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Market headwinds may be fading, but four main risks remain

Apr 24 2:17pm Trader Talk with Bob Pisani
You might think market risks are declining, but pay close attention to these four themes.
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'Honeymoon period' coming for stocks with big overseas earnings thanks to weakening dollar

Apr 24 1:50pm Market Insider with Patti Domm
The days of dollar strength appear to be over for now, creating a boost for profits of global companies.
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Op-Ed: Frances best hope against a far-right takeover is an inexperienced former banker

Apr 24 12:14pm Commentary
Emmanuel Macron has never been elected — and it could hurt his odds against Marine Le Pen, writes Vox's Sarah Wildman.
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A Cinderella Story: In Search For The Perfect Shoe Owner, JAB Looks For Jimmy Choo And Bally Buyers

Apr 24 12:06pm Exclusives
The owners of JIMMY CHOO PLC (OTC: JYMHF), creators of the shoes made famous by the late Princess Diana and those stiletto-strutting sirens on “Sex and the City,” are searching for a suitor. Shares of the stock were up 10.43 percent on Monday at $2.43 and up more than 10 percent to 185.50 on the London Exchange after the announcement by JAB Holding Co., which is also seeking a buyer for Bally International, another dealer in high-end shoes and accessories. The Search Is On "The Board of Jimmy Choo announces today that it has decided to conduct a review of the various strategic options open to the Company to maximise value for its shareholders and it is ...Full story available on Benzinga.com...
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Monday links: throwing a bunch of stuff against the wall

Apr 24 11:50am Abnormal Returns
Excerpt: How big ideas (still) change the world from Rutger Bergman’s Utopia for Realists: How We Can Build the Ideal World. (Wired)...
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Stocks could reclaim highs after French election, but risks loom

Apr 24 11:19am Market Insider with Patti Domm
Relief over the French election sparked a global rally in stocks and whacked safety trades in gold and bonds.
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Chart of the day: complicated short setup in wheat - Adam H Grimes

Apr 24 10:34am Adam Grimes
The post Chart of the day: complicated short setup in wheat appeared first on Adam H Grimes. No related posts.
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RWM Names Patrick Haley as Chief Technology Officer

Apr 24 10:30am The Reformed Broker
While the foundation of our business is built on and remains personal relationships, more and more of our operations are driven by technology ...
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ETF links: unintended consequences

Apr 24 10:03am Abnormal Returns
Mondays are all about ETFs here at Abnormal Returns. You can check out last week’s links including a look at when an...
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Global Growth Is Finally Getting Some Traction, Be Sure Your Money Follows

Apr 24 10:00am Investiv Daily
Macroeconomic trends are extremely important for your investing or trading returns. The IMF’s World Economic Outlook is a great starting point for understanding where the risks and opportunities lie. Long term trends show emerging markets and commodities are the place to be. Introduction Investing is both difficult and easy. It’s difficult if you try to […]...
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US bank stocks are soaring on French election relief

Apr 24 9:59am Market Insider with Patti Domm
Goldman Sachs, Citigroup and other banks with global franchises jump 2 percent in premarket trading.
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Futures Pointing To Higher Open On Wall Street

Apr 24 9:55am RTT - Market Analysis
The major U.S. index futures are pointing to a higher opening on Monday following the lackluster performance seen last Friday. The upward momentum comes as traders digest the results of the first round of voting in the French presidential election.
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Op-Ed: Here's the black swan in Trump's agenda that could crush the markets

Apr 24 9:47am Commentary
The black swan could be a self-inflicted wound created by this ill-advised Trump plan, says Economist Jack Bouroudjian.
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Centrist Macron, Right-Wing Populist Le Pen Advance In French Presidential Contest

Apr 24 9:41am Exclusives
The markets are reading centrist Emmanuel Macron’s lead in the first round of voting in the French presidential election as a victory after a potential face-off between hard-left and hard-right candidates was avoided Sunday. Macron, a 39-year-old former investment banker and French government bureaucrat, took 23.9 percent of the vote in what became a four-way race. The National Front’s Marine Le Pen, 48 — a right-wing, populist critic of the European Union and open immigration — followed closely behind with 21.4 percent of the vote. The two will now appear on a May 7 runoff ballot. Macron’s strongest support bases in Sunday’s vote were large cities and “economically dynamic” areas,” while Le Pen proved popular in areas of high unemployment and low pay, according to The New York Times. Jean-Luc Mélenchon, the hard-left candidate with Communist Party support who shares Le Pen’s aversion to the EU and NATO, trailed in fourth Sunday with 19.6 percent of the vote. Former Prime Minister François Fillon, who is under investigation for allegations he paid his wife public funds for doing little work, received 19.9 percent. Macron, Le Pen Far Apart On Policy The two have little in common on the policy front. Macron backs spending cuts, economic stimulus and a continued French membership in the EU, and is pro-immigration. While it wasn’t termed an endorsement, Macron received a phone call from former President Barack Obama Thursday. “Let’s keep defending our progressive values,” Macron tweeted after the call. “Thank you for ...Full story available on Benzinga.com...
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Board Votes and Performance Reviews

Apr 24 9:35am
Also ratings and indexing, Uber, YayYo, the fiduciary rule, space mining and unicorns.
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Market Lab Report - Premarket Pulse 4/24/17

Apr 24 9:20am Virtue of Selfish Investing Market Lab Reports and Newsletters
Major averages fell Friday on mixed volume as a number of indices continue to trade near their 50-day moving averages. The S&P 500 notched another distribution day. Futures are up over 1\% as tallies in the first round of the closely watched French presidential election showed centrist candidate Emmanuel Macron and far-right Marine Le Pen set to make it to the second and final round on May 7. The fear was that two far-right candidates would hold the top two places, thus putting the future of the EU in jeopardy. Instead, Macron is slightly outpacing far-right Le Pen with 23.7\% of the vote vs Le Pen's 21.7\%. Macron has pledged to firm France’s ties with the EU which is bullish for the markets. Far-right candidates such as Le Pen, on the other hand, have vowed to hold a referendum on France's EU membership if she wins the presidency. Far-left euroskeptic Jean-Luc Melenchon trailed Le Pen and Macron, with about 19\% of the vote. The second round scheduled for May 7 will likely determine who will become France's next president. Political analysts have largely said that most will back the centrist Macron. Still, they also said Brexit would not happen nor would Trump win. President Donald Trump plans to announce the broad outline of his proposed tax package on Wednesday. Markets are skeptical that the real details will be forthcoming, said analysts at ANZ in a note. There is also plenty of conjecture about whether any tax cuts will be able to be revenue neutral, and that could affect their ease of passage through Congress. ...
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How Family Office Manager Julio Gonzalez Is Helping Keep Jobs In The U.S. Using Tax Engineering

Apr 24 9:13am Exclusives
Benzinga recently was at the Nasdaq Marketsite and had the chance to chat with Julio Gonzalez, CEO and CIO of the Gonzalez Family Office, CEO of Engineered Tax Services and Official Member of the Forbes Finance Council. Check out how he got rich by helping keep jobs and, ultimately, grow GDP in the United States below. Meet Julio Gonzalez basically built his family’s wealth from scratch. About 15 years ago, he started a company, Engineered Tax Services. Over time, ETS became the largest specialty tax firm in the United States, generating hundreds of millions of dollars in tax benefits for clients like Toyota Motor Corp (ADR) (NYSE: TM), Marriott International Inc (NASDAQ: MAR), Dollar Tree, Inc. (NASDAQ: DLTR), Costco Wholesale Corporation (NASDAQ: COST) and Honda Motor Co Ltd (ADR) (NYSE: HMC) every month. ETS focuses on the real estate and manufacturing areas, mostly. “In real estate, we use engineers to help assess energy efficient buildings and help with depreciation of buildings. So, a big part of what we do is engineering-based tax work,” Gonzalez voiced. “Our other big area is in manufacturing. As scientists and engineers, we quantify the labor and supply cost that goes into manufacturing a product in the United States. From that, we generate a calculation for the credits that are refundable to these companies. These are research and development tax credits, which are ...Full story available on Benzinga.com...
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Why quants don't pick stocks

Apr 24 9:02am Flirting with Models
This post is available as a PDF download here. Summary­­ Quant is a broad word with many job descriptions in finance. In asset management, a quant is someone who applies mathematical (usually statistical) techniques to analyzing the securities market, usually with an eye towards identifying investment opportunities. Quants rely on factors: systematic investment approaches that […] The post Why quants don't pick stocks appeared first on Flirting with Models.
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Bank stocks are soaring on French election relief; Deutsche Bank spikes by 10%

Apr 24 8:10am Market Insider with Patti Domm
Goldman Sachs, Citigroup and other banks with global franchises jump 2 percent in premarket trading.
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Current Populist Discontent Seems Mainly Driven by a Fear of Change and Uncertainty

Apr 24 8:00am
In the final installment of ProMarket’s interview series on the economic theory of the firm, we ask Princeton University professor Alan Blinder and University of Mannheim President Ernst-Ludwig von Thadden about the role of corporations and governments in the market.      On March 3-4, the Stigler Center at the University of Chicago Booth School of Business, along with Harvard Business School and Oxford University, hosted a conference in Chicago to answer the following questions: Should the economic theory of the firm be modified? And if so, how?   The standard (economic) theory of the firm is silent on the role […]...
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Early movers: HAS, HAL, KMB, PPG, FCH, TRUE, S, NFLX & more

Apr 24 7:52am Market Insider with Patti Domm
Names on the move ahead of the open.
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Hot Links: Urgent vs Important

Apr 24 7:43am The Reformed Broker
What I'm reading this morning ...
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Putting Pro-Innovation Bias on the Blockchain

Apr 24 5:30am The Psy-Fi Blog
Blockchain BiasOver the past couple of years I've spent a lot of time listening to people wittering on about the blockchain . They've claimed it can solve a plethora of society's ills - everything from the elimination of poverty to the overthrow of fiat currencies and the nation state.Being charitable this is evidence of pro-innovation bias in all its perverse glory. Being cynical it's evidence of people trying to scam investment funds by capitalizing on the halo effect. The blockchain is a brilliant piece of innovation, which will one day - probably - lead to significant economic benefits, but in the end it's just another piece of technology.Ledgers, EverywhereBlockchain is most commonly associated with Bitcoin but is, in fact, a separate innovation upon which the world's least efficient payment system is built. Technically, blockchain itself is a single example of a broader class of systems known as Distributed Ledger Technology or DLT. A ledger is technology that's been around for a thousand years (see: In the Beginning Were the Accountants) - it records transactions so that you know who owns the various assets it records (including money). A distributed ledger simply means that the same ledger is copied to all of the people who use it - so imagine every bank in the world using a copy of the same database. The key idea here is that the entities using a network underpinnined by DLT don't need to trust each other, but can still trust the information on the ledger. This is, obviously, counter-intuitive, but it's a revolutionary idea.ByzantineThe genius of the technology is in something called a consensus protocol, which is the mechanism that allows the users of the ledger agree to put a new record on it without trusting each other. In Bitcoin consensus is achieved through data mining , which is a solution to a problem in Game Theory (see: Games People Play) known as The Byzantine General's Problem, originally described by Leslie Lamport, Robert Shostak and Marshall Pease.In the problem a bunch of generals are surrounding a city and must decide whether to attack or retreat. Their challenge is how to come to a consensus on what to do when they only have remote communication and some of them may defect and start lying. Data mining via proof-of-work is the Bitcoin solution, but that's just one example of a DLT consensus proto...
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7 Cash Flow Ratios Every Value Investor Should Know

Apr 24 3:26am The Value Investing Blog of Old School Value
When it comes to doing a liquidity or solvency analysis, using the cash flow statement and cash flow ratios is a much better indicator than using the balance sheet or income statement ratios. Gross margins are important but it doesn’t tell you whether a company can survive or not. The PE isn’t much help too. Unfortunately, cash flow statement analysis gets pushed down to the bottom of the to do pile, but not here. Read on. This post was first published at old school value. You can read the original blog post here 7 Cash Flow Ratios Every Value Investor Should Know.
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Op-Ed: Is there a price breakout ahead for crude oil?

Apr 24 12:30am Commentary
Daryl Guppy takes a closer look at crude oil and sees a a long-term inverted head and shoulder reversal pattern.
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Old School Curated Links and News (April 18th Edition)

Apr 24 12:21am The Value Investing Blog of Old School Value
I can’t help but get excited when looking up cheap stocks. With net nets, you associate it with Graham, don’t […] This post was first published at old school value. You can read the original blog post here Old School Curated Links and News (April 18th Edition).
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Point of No Return: Two Factors Shaping Women and Investing

Apr 24 12:02am CFA Institute Enterprising Investor
The global narrative about women and money is changing significantly and for the better. Two major factors have helped to shape this, according to Barbara Stewart, CFA. Read more...
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Ep. 548: More New Trend Following Book with Michael Covel

Apr 23 10:00pm Blog – Trend Following Trading Systems from Michael Covel
Subscribe to Trend Following Radio on iTunes The new edition of Trend Following has gone from 100,000 words to 230,000. It is out now and it is the definitive effort on trend following. Other books have been written and they have given some good insights. However, this new edition is it. Today, Michael reads passages […] The post Ep. 548: More New Trend Following Book with Michael Covel appeared first on Trend Following Trading Systems from Michael Covel.
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Op-Ed: Trump is losing his winning hand on world trade

Apr 23 9:14pm Commentary
U.S. President Donald Trump need to get his bearings back on trade policy, Michael Ivanovitch says.
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Latticework of Mental Models: Physics Envy

Apr 23 8:30pm Safal Niveshak
A group of tourists was visiting a dinosaur museum. A guide was entertaining them with interesting trivia about various dinosaur species. Just when they were passing by a huge skeleton of an ancient carnivore, an inquisitive member of the tourist group asked the guide, “How old is this skeleton?” “Oh, that big T-rex skeleton? It’s […] The post Latticework of Mental Models: Physics Envy appeared first on Safal Niveshak.
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If Mr Market is a drunken psycho, what can we make of Nines resurgence?

Apr 23 4:00pm ROGER MONTGOMERY ROGER MONTGOMERY
Warren Buffett once referred to Mr Market as a “drunken psycho”, lurching one way and then the other. So it would be interesting to know what he would make of the bounce in the value of Nine Entertainment (ASX: NEC). Despite facing crippling headwinds, Nine’s share price has jumped around 50 percent since October. Mr… Continue reading →...
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Managing the Chaos Investing vs. Gambling

Apr 23 1:53pm Investing Caffeine
How does one invest amid the slew of palm sweating, teeth grinding headlines of Syria, North Korea, Brexit, expanding populism, Trumpcare, French candidate Marine Le Pen, and a potential government shutdown? Facing a persistent mountain of worries can seem daunting to many. With so many seemingly uncontrollable factors impacting short-term interest rates, foreign exchange rates, […]...
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Committee Urges Change In Class Action Regulations As IPO Market Dries

Apr 23 1:22pm Exclusives
The status of “public company” is expensive. Between forfeiture of sovereignty, vulnerability to class actions and millions of dollars in fees to ensure regulatory compliance, the whole package is increasingly unbecoming. And the Committee on Capital Markets Regulation worries the lacking appeal may have significant economic impact. Shrinking Public Markets Last year recorded the lowest IPO equity capital in a decade. The $24 billion raised by 111 IPOs in 2016 barely registered beside the nearly $100 billion raised by 290 IPOs in 2014. Not only that, but the continued trend of delisting lengthened a steady, 20-year decline in market population. Today’s cohort is slimmer than that of the early 1980s, which leaves investors with limited opportunity to diversify portfolios. The Rise Of The Private Market Meanwhile, as the public markets contract, the private markets are expanding, with the number of billion-dollar startups nearly tripling between 2013 and 2016. Concurrently, investors are shifting funds to the startup scene. Private Reg D offerings raised more than 4.5 times the amount accrued among IPOs in 2016 to sustain a nearly decade-long trend of private equity capital outpacing public capital. Slim pickings in the public market may have something to do with it. “There are fewer public companies out there, and they’re decreasing, so where are investors going to go?” Hal Scott, CCMR director and Harvard University law professor, told Benzinga. “They’re going to go to the part of the market that’s expanding ...Full story available on Benzinga.com...
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Op-Ed: Here's a 4 question college application, with a twist

Apr 23 1:00pm Commentary
Colleges should apply to us and hope we accept them, says Jake Novak...
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Sunday links: difficult to debunk

Apr 23 9:35am Abnormal Returns
Book Endorsement: Mark Zupan’s Inside Job: How Government Insiders Subvert the Public Interest “is now the very best book on how special...
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Dogs Of The Dow Falling Further Behind

Apr 23 6:30am The Blog of HORAN Capital Advisors
It has been several months since updating the performance of the Dogs of the Dow investment strategy. The strategy is one where investors select the ten stocks that have the highest dividend yield from the stocks in the Dow Jones Industrial Index (DJIA) after the close of business on the last trading day of the year. Once the ten stocks are determined, an investor invests an equal dollar amount in each of the ten stocks and holds the basket for the entire next year. The popularity of the strategy is its singular focus on dividend yield. The strategy is somewhat mixed from year to year in terms of outperforming the Dow index though. Over the last ten years, the Dogs of the Dow strategy has outperformed the Dow index in six of those ten years. As we noted in our early February post, it is important for investors utilizing the strategy to be aware of the strategy's bets in terms of stock and sector exposure. Through Friday's close, the 2017 Dow Dogs return of 2.0\% trails the return for both the Dow Jones Industrial Average Index and the S&P 500 Index, 4.6\% and 5.4\%, respectively. Relative to the Dow Jones Industrial Average, the 2017 Dow Dogs are significantly over weight energy (19\% versus 6.2\%) and energy has been weak this year as can be seen in the energy holdings in the below table. Additionally, the strategy is overweight in telecom through its holding of Verizon. Other differences can be seen in the earlier post.At least during the first four months of 2017, the pursuit of higher yielding stocks via this strategy has yet to be an outperforming one.
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French Fate and British Snaps MM #141

Apr 23 6:20am Trading NRG
We are back from the vacation just in time for the biggest political event of 2017: the French elections. We look at the potential market reactions and the probabilities of the various scenarios. We cross the channel for more election news…Read more →...
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Trading Food for Thought: April 23rd Edition

Apr 23 6:00am Blog – Trend Following Trading Systems from Michael Covel
Food for thought: Could Warren Buffett Beat the Market If He Started Today? Investors Buy CTAs Rather Than Macro in 2017 Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry “Winner-Take-All” Dynamics and hedge fund investing What’s Past is NOT Prologue What Is an Index? Complicated problems rarely require magical explanations […] The post Trading Food for Thought: April 23rd Edition appeared first on Trend Following Trading Systems from Michael Covel.
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Jim OShaughnessy on Active Management

Apr 23 4:44am Systematic Relative Strength
If you want to succeed with active management, I would suggest this is a must watch. The post Jim O’Shaughnessy on Active Management appeared first on Systematic Relative Strength.
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Investors Watch These 4 Charts After The French Elections

Apr 23 4:12am Investing Haven
The topic of this week has been the French elections. Everyone is watching the French elections results as if they will change the world, in an emotional rather than rational way. But it seems InvestingHaven is one of the few voices looking at markets in an objective way.
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What Ever Happened To 3D Printing?

Apr 23 2:01am Investiv Daily
Have you ever read about or seen a new technology in action and thought to yourself “I’ve arrived in the future”? With the explosive rate at which technology has been moving in this century alone, I imagine the answer is a resounding “yes!” A few years ago, much of the hype about the future today […]...
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Alternative Facts about Formulaic Value Investing

Apr 22 5:16pm Alpha Architect
A new paper, “Facts about Formulaic Value Investing,” is making the rounds and professes to plunge a dagger directly into […] The post “Alternative” Facts about Formulaic Value Investing appeared first on Alpha Architect.
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Market Lab Report - Focus List Review for the Week Ended April 21, 2017

Apr 22 4:27pm Virtue of Selfish Investing Market Lab Reports and Newsletters
  Current Focus List Table generated by High Growth Investor Software, LLC, (C) 2017, used by permission. For more information visit: www.highgrowthstock.com.  The VoSI Focus List is a compilation and reference list of stocks for which Pocket Pivot or Buyable Gap-Up Reports have been issued. It is not intended as a buy list or a list of immediately actionable recommendations. Stocks on the list may or may not be in proper buy positions, and investors should exercise discretion and proper judgement in determining when and where stocks on the Focus List can be purchased. The following notes are intended to assist in this process. Please note that members can enlarge the Focus List image by clicking on the body of the email and then holding the Control Key while pressing the + key until it is large enough to read. General Observations: The NASDAQ Composite posted a new all-time closing high on Thursday and finished out the week holding up near its highs on lighter volume. Its near-term outperformance has been a function of strong upside action in a large number of big-stock NASDAQ 100 names. The S&P 500 Index remains below its 50-day moving average, but has still barely corrected 2\% off of its peak of seven weeks ago. For the most part, the indexes simply remain within seven-week consolidations, which keeps the potential for a breakout to new highs in play. We have often referred to the current market environment as being an Ugly Duckling market where stocks that look weak can often find their feet again and turn back to the upside. It is with some chagrin that we have seen two names that were removed from the Focus List over recent weeks, MKS Instruments (MKSI) and Sina Corp. (SINA), rally back above their 50-day moving averages after previously violating their 50-dmas. In both cases, the 50-day moving average violation was a fakeout, and the stocks then turned back up through their respective 50-dmas. Netease (NTES), which was removed from the Focus List, has continued lower following its 50-dma violation on April 11th. So we have two out of three 50-dma violations turn into fakeouts. The simple way to determine when a 50-dma violation is a fake out is by watching for a move back above the 50-dma as a concrete indication. In our live weekly webinars, Gil Morales has discussed the Moving Average Undercut & Rally set-up (MA-U&R), which is a co...
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