David M Glassman, President

3055 Harbor Drive, Suite 1101

Fort Lauderdale, Florida 33316

Email: Stockmarketdoc@comcast.net


October 11  2017

 
 



 







Stock DockStock Doc has reduced stock exposure due to high risk technical factors

Stock Doc has reduced stock exposure due to high risk technical factors

S






























Stock Doc Has Reduced Market Exposure


China On Pace To Dethrone The US



SHARES

Authored by James Holbrooks via TheAntiMedia.org,








“Not sure whether China will be nice to self-ruled Taiwan? Wait until after the 19th National Congress of the Communist Party.


What’s in store for the hotly disputed, resource-rich South China Sea, where Beijing has taken a military and technological lead since 2010? Wait until after the Congress.


Coffee maker wouldn’t start today? Wait until after the Congress.


Wait. But you get the idea: This event, due to start Oct. 18, is monumental enough to put a lot of Asia on hold — and make it worry.

That’s how Ralph Jennings opened his piece for Forbes on Wednesday. Humor aside, the point he’s making is the same one I made at the end of September — that China’s upcoming National Congress is a really big deal.


China sets the regional tone on nearly all matters, as Jennings points out in his article:



"Chinese foreign and economic policies shape much of Asia. China’s ever-growing efforts to build and fund infrastructure around the subcontinent through initiatives such as One Belt, One Road have obvious impact on smaller countries that might otherwise struggle to finance their own projects. Neighbors from Japan to India are watching China for foreign policy cues that affect their iffy diplomatic relations with the region’s major power.”

But China’s geopolitical influence extends far beyond Asia. The country has long been viewed as the rising global superpower on pace to dethrone the United States. Much has been written and said about China’s willingness to embrace this role as more and more countries turn to it for guidance.

China is highly conscious of this trend. It feels the world’s eyes aimed squarely in its direction and very much wants everything at the upcoming Congress, during which President Xi Jinping is expected to be reaffirmed as leader and appoint his own trusted allies to key positions of power, to go smoothly.

This is why, as I pointed out last month, the Chinese government has implemented a system-wide crackdown - both in the streets and in cyberspace - on political dissent ahead of the Congress. It all goes back to perception and the desire to present to the world the “One China” the country’s government says exists.

But perhaps there’s even more to it than that. It may be that once power is further solidified under Xi at the Congress, China will be ready to fully embrace the role of world leader. On Wednesday, its state-run Xinhua News Agency ran an article titled “China offers wisdom in global governance,” which opened with the following:



“With its own development and becoming increasingly closer to the center of the world stage, China has been injecting positive energy into the international community in pursuit of better global governance over recent years.”

Xinhua writes that China’s leadership ability is already well-established and that even though it’s currently undergoing a restructuring of its own, its vision for the world is one rooted in peace and innovation:



“As the world’s second largest economy and the biggest contributor of global economic growth, China’s innovative concepts on improving global governance and promoting global peace and common prosperity have gained wide recognition and support from other countries.


“Undergoing structural reforms, China is implementing its new concept of innovative, coordinated, green, open and shared development, eyeing a quality growth model driven by innovation.


“Meanwhile, the country is assuming its international responsibility to promote common development with other countries in the interconnected world.”

Continuing, Xinhua points to international acceptance of One Belt, One Road as evidence of China’s ability to take the lead in adapting to the modern era:



“The Belt and Road Initiative, building a community of shared future for mankind and the principle of extensive consultation, joint contribution and shared benefits, all proposed by China, have been incorporated in U.N. resolutions, showing wide international consensus on the concepts.


“Equality, mutual respect and win-win cooperation feature in the Chinese plans, which also safeguard the irreversible trend of globalization.”

This “win-win cooperation” is China’s guiding principle, Hu Angang of Tsinghua University in Beijing, told Xinhua. He even dubbed the philosophy “win-winism,” as the state news organ explains:



“’Win-winism’ highlights an open world economy for common development of all countries and joint efforts to address global challenges such as climate change and terrorism, and exchanges of different cultures, said the researcher.”

Xinhua goes on to write that Liu Wei, president of Renmin University of China, says the country has taken the lead by “putting forward new concepts, thoughts and plans to reshape the global governance system.”

With China in the spotlight ahead of the National Congress, it shouldn’t be taken lightly that the superpower would allow such bold language by one of its state mouthpieces. Indeed, it could be that a post-Congress China will be a far more assertive player on the world stage.


Where US Stocks Are Traded Today


Last week, the US Treasury Department issued its second of four reports related to President Trump’s Executive Order 13772 (on regulation in alignment with the Core Principles). The first report was on Banking, this report is on the Capital Markets, and other reports will follow over the coming months (including on asset management, insurance, products, vehicles, non-bank financial institutions, financial technology, financial innovation, and others).

As BofA notes, the main recommendation in this report was to foster growth in-line with the Core Principles. Specifically, the biggest focus was to enhance access to capital and investment opportunities, i.e. increase the number of IPOs. Indeed, the US Treasury recommended changes to encourage companies towards public ownership (particularly given that the number of public companies in the U.S. is down 50% over the past 20 year ), which would create more investment opportunities. In addition, other recommendations including helping entrepreneurs, reviewing proxy advisory firms, and revisiting the accredited investor definition to open private market investment opportunities to more investors.


According to BofA, this reco is one of the most critical for the long term growth of the capital markets and the economy. In addition to the recommendations encouraging companies towards public ownership, institutional investors that allocate capital need to refocus on longer term fundamentals versus short term momentum and the market structure needs to be revamped to benefit corporates and long term investing.

Indeed, it would be delightful if "capital markets" once again become discounting mechanisms, that rewarded careful analysis and fundamental stock selection, instead of just rampant capital inflows via passive instruments. Alas, for now that remains a pipe dream.

Meanwhile, the Treasury report recommendations are trying to make it easier for smaller companies to become public, including a review of rules and regulations (including a review of the global research settlement rules given that a common complaint from small companies is the lack of research coverage). Ironically, MiFID II out of Europe, could take research in the opposite direction, and significantly reduce the level of research coverage, particularly for smaller firms. Depending on whether MiFID II is limited to Europe or is implemented globally, as well as how pricing pans outcosts to asset managers would be 0-1% to 2-3%, and for investment banks equity revenues as 1-3% to mid-single digits, though less on total revenues given the broader revenue streams.

Yet while the collapse in IPOs in recent years, alongside shrinking investor participation in equity capital markets, has been extensively discussed, a more compelling observation by the Treasury was its view on market fragmentation, an artifact of broken markets from HFT domination; as a result the Treasury recommends changes (including the tick size) to improve equity market liquidity for small companies given the current market fragmentations (12 exchanges & ~40 alternative trading systems, ATS – Exhibit 3), reduce complexity, and harness competition in some areas (market data, order types, ATS, etc).


As BofA adds, the equity market structure has changed dramatically over the past 20 years, including regulation NMS, ATS, decimalization not to mention microwave and laser-based signal carriers and various HFT intermediaries spend hundreds of millions on the latest and greatest equipment allowing them to frontrun their competitors.

As a result, improving secondary market liquidity for small companies would be a positive for the capital markets, although the offsetting question whether there are any other material traders aside from central banks who would stand to benefit, remains open. Some of the other recommendations around simplifying order types and increasing competition for market data could benefit some areas of the capital market, yet place some pressure on others.

Some other recommendations from the Treasury include:

  1. Safeguarding the treasury market

  2. Encouraging lending through quality securitization

  3. Recalibrating derivatives regulation

  4. Ensuring proper oversight of CCPs and FMUs

  5. Modernizing and rationalizing regulatory structure and process

  6. Promoting U.S. interests and ensuring a level global playing field

And to think the Treasury hopes to get all this done before the next market crash...



Survey shows UK and US Pensions Crisis is Imminent




by GoldCore

Oct 7, 2017 11:00 AM

Survey shows UK and US Pensions Crisis is Imminent

  1. Both UK and US drop in Global Retirement Security Rankings

  2. US falls due to sharp income inequality and reduced workforce to support retirees

  3. UK is two spots away from being in the bottom 10 for government indebtedness

  4. FCA's Andrew Bailey says "clear risk" that savings rate for retirement is too low

  5. UK's retirement savings gap set to widen to £2.3trn due to automation of jobs

  6. UK expected to fall into major pensions crisis by 2028


The economics of retirement funding is at breaking point. Thanks to low interest rates, looming inflation rates and slow growth the future of our retired populations are at serious risk.

Currently there are 600 million individuals placing pressure on already-established retirement systems. This is set to get worse as the results of the last decade of financial experimentation show themselves and ageing populations widen the cracks in our economies.

Most pension schemes were formed in a time when manufacturing and traditional bricks and mortar business were the pinnacle of Western economies. This is no longer the case. Globalisation has seen countries switch to service economies. Our financial planning has failed to keep up.

Both the United States and United Kingdom are performing so badly in retirement planning that they have dropped rankings in the Global Retirement Security Rankings.

The global retirement crisis is playing out against a backdrop of a much greater economic crisis. There is slow economic growth across major nations, rising inflation levels and a major debt crisis. No-one really knows how this is going to end.

No stranger to the United Kingdom

Natxis' Global Retirement Security Rankings sees the United Kingdom drop one place from last year. This is mainly due to a fall in it's health score.

It is its finances sector though which is bringing it down the most and a point of real concern for pensioners of the future.

Natxis explains:



The UK still ranks in the bottom 10 for the Finances sub-index, despite improving in both rank and score from last year. For the second year in a row, it scores 1% in the interest rates indicator and is only two spots away from being in the bottom 10 for government indebtedness.


The U.K. is no stranger to pension crises. In the last five years we have sadly seen what bad planning, mismanagement and lack of government oversight can mean for pension funds. Tata Steel, Woolworths and BHS are just some that come to mind.

A Pensions and Lifetime Savings Association report finds that three million workers with final salary pensions have 50% chance of losing up to fifth of their income because their employers have made unaffordable promises.

The PLSA data finds the most vulnerable employers have a 50:50 chance of not having an insolvency event in the next 30 years:

“More than 11 million people rely on defined benefit pension schemes for some or all of their retirement income but there is a real possibility that without change we will see more high profile company failures such as BHS or Tata Steel."

Former pensions minister Steve Webb told City A.M. that he agrees:

"It's not enough money. It's just brutally not enough money going in,"

Just this week FCA Chief Executive Andrew Bailey made a point of the dangers looming for retirees, in his annual Mansion House speech:

“There is a clear risk that the savings rate for retirement is for many people too low to meet their expectations of retirement.”

For future workforces the situation is unlikely to improve. Last month pension consultants Hymans Robertson warned that a third of UK jobs were at high risk of automation by 2030.

The FT reported:

“If one in three jobs are at risk of automation by 2030, as estimated, then this would mean retirement shortfalls increase to £2.3tn, or one year’s current UK economic output.”

Poor State of the United States

The United States' new ranking puts it below the Czech Republic and Belgium. It dropped three places, down to 17th place in a global index of 25 countries.

Index producers, Natixis, explain that 'While the country has the fifth- highest income per capita, inequality remains an area of concern given it has the sixth-lowest score for income equality.'


This does not help pension contributions. Research shows that Nearly 40% of U.S. workers are not offered any payroll savings options. Around 30% of American workers have no retirement savings at all.


As in the U.K. there are a number of studies that work to estimate the size of impending retirement crisis, each with varying (but all worrying) results.

The most pessimistic is from the National Institute for Retirement Security. The Institute finds that 84% of American households are falling short of acceptable retirement savings targets. They estimate that total household undersaving may reach $14 trillion.

When it comes to government run plans, the shortfall is just as depressing. Andrew Biggs of the American Enterprise explains:

Estimates of total funding shortfalls for government-run plans range from a low of $14.3 trillion to a high of $26.1 trillion. The higher estimates are generated by economists who seek to more accurately measure the benefit liabilities of public sector pensions.

In regard to the U.S. the WEF concluded that the situation was as dire as it was for the U.K. 85% of the retirement savings shortfall is in government plans, with corporate plans making up 2% and households the remaining 13%.

How to solve a problem like retirement

We need leaders to take note of the retirement problem and recognise it for what it is: a looming crisis. Public policy is the only real way over 600 million Westerners are going to be supported in what is currently looking like a dire situation.

Currently governments are adopting a 'wait-and-see' approach. See the recent UK pension dramas of Woolworth, Tata Steel and BHS. None of those were a surprise, people must have known they were coming for years. But it took a last minute call to the government to try and solve the problems.

'Luckily' the UK government could just magic up some money to either stump up the pension pots or force those responsible to do the same. The problem is, there is a £1.5 trillion pension shortfall at the moment. This is set to grow, the British government is broke. They cannot keep balling out retirement funds.

Right now companies who cannot afford to pay the pensions they have promised staff will have their pension schemes rescued by the Pension Protection Fund, government service. Those affected may receive up to a fifth lower than what they were originally promised.

In the U.S. politicians have promised deal with this upcoming crisis through a combination of expanded Social Security benefits and new state-sponsored retirement.However, this doesn't work for political gains.

Andrew Biggs explains:

In government, by contrast, the incentives are in the wrong direction. When government retirement plans are underfunded, politicians can keep current taxes low while handing the bill to future generations. And of course future generations don't vote in today's elections. This explains why Congress has done nothing to fix Social Security, despite knowing since the late 1980s that the program needs reforms.

Sadly the 'solution' offered by large think tanks and government bodies is that we just need to figure out how to get people working for longer:

“Policymakers do need to be thinking now about how to integrate 75- and even 80-year-olds in the workplace,” Michael Drexler, head of financial and infrastructure systems for the WEF told The Financial Times.

Getting people to work longer is ok in theory but in reality it's not practical. One just needs to look at the medical bills for the elderly and realise this.

Ultimately, the key is to generate sufficient economic growth to plug the gap. But we come full circle, governments appear to have no plan as to how to make that happen. We need to take responsibility.

Do not rely on employers and the government in retirement

As we recently discussed, the OECD believes the UK's pension deficit to be far greater than aforementioned UK bodies have assessed.

In May they estimated that the pension shortfall is higher than £6.2 trillion. The OECD expects it to increase by around 4 per cent per year, reaching more than £25 trillion by 2050.

Following a month of political party conferences in the U.K. and a year of Trump's election pledges, there has been little mention as to how the looming deficit will be managed.

It is vital that savers and investors begin to take responsibility for their own pensions and ask questions. Most importantly one must ask if you can hold gold as part of your pension.

The economy shows that whilst stock and bond markets have done well in the short term and they are artificially overvalued. Once again this is with thanks to the easy monetary policies of central banks and governments.

This is where gold plays a key role.

Dr. Constantin Gurdgiev, formerly an adviser to GoldCore, says the following about the importance of having gold in your pension:

“Gold is a long-term risk management asset, not a speculative one.

As such it should be analysed and treated predominantly in the context of its role as a part of a properly structured, risk-balanced and diversified portfolio spanning the full life-cycle of the investment and pension horizon for individual investors and those with pensions.

Whether they be SIPPs in the UK or IRAs in the USA.”

Investors in the UK and Ireland, the US, the EU can invest in gold bullion in their pension, through self-administered pension funds.

UK investors can invest in gold bullion through their Self-Invested Personal Pensions (SIPPs), Irish investors can invest in gold in  Small Self Administered Schemes (SSAS) and US investors can invest in gold in their Individual Retirement Accounts (IRAs).

The pension crisis is a multi-trillion dollar/pound crisis. It is not going to go away. Adding gold to your pension is a key way to protect your retirement from the pensions time bomb.

Pension funds, throughout the West, have a distinct lack of diversification when it comes to assets. This has cost pension holders a huge amount of money and places their future livelihoods and risk.

Gold has an important role to play over the long term in preserving and growing pension wealth. You can read our guide about how to invest in gold in a pension in the UK here.

Why investors are making a ‘fatal decision’ by throwing more money at this market



Critical information for the U.S. trading day


Columbia Pictures/Everett

Is this market flat-lining?


By

SHAWN

LANGLOIS

SOCIAL-MEDIA EDITOR


The guys behind our call and our chart of the day agree: This market’s in deep trouble. Of course, it’s been in deep trouble for the past 43 record highs this year, so it’s easy to see why bulls roll their eyes any time a top-caller makes headlines.

For them, however, Sven Henrich of the Northman Trader blog had this nugget of wisdom to impart: “An extreme market that only becomes more extreme is not any less extreme, it is just more extreme,” he says. “As no risk is apparent, these extremes are then dismissed as the new normal.”

But the new normal won’t be normal forever, and Henrich sounds the alarm in our call of the day, using the latest Hollywood retread to bang home his point.

“Central bankers have flat-lined risk, and investors have crossed to the other side expecting nirvana and free money forever,” he says. “So far, so good it seems. Just remember in ‘Flatliners,’ the allure of nirvana turned into a running nightmare.”

So when does our “nightmare” begin?

See Also:

What investors - and everyone else - get wrong about innovation





The answer may lie in this chart.





“It will get tested again. Currently the trend line is barely 2% below current prices, and it is rising steeply,” Henrich says. “When price breaks below this line, it’s time to return to real life.”

Of course, he is well aware bear warnings tend to fall on deaf ears when they’ve been this wrong for this long.

“That’s what bubbles do,” he explains. “They blow past anyone’s expectations, they make believers of the unbelievers, make bears look like idiots and the most reckless look like geniuses.”

This isn’t the only chart investors may want to pay attention to. Our chart of the day (see below) has a technical take on why there could be a reckoning ahead.

Meanwhile, stocks are looking at more gains and more potential records.

Key market gauges

Stocks are barely budging this morning, although they are leaning higher on both the Dow DJIA, +0.05%  and the Nasdaq COMP, +0.08% Gold GCZ7, +0.67%  and silver SIZ7, +0.86%  are up, too, keying off some fears of renewed U.S./North Korea tensions. WTI crude CLZ7, +0.26%  is flat, but Brent LCOZ7, -0.02%  is dropping.

Europe SXXP, +0.19%  is mostly higher. Asia markets ADOW, -0.12%  ended the day mixed, with the Shanghai Composite SHCOMP, +0.76%  up 1.3%, but the Hang Seng HSI, -0.46%  off 0.4%.

See the Market Snapshot column for more.

Bitcoin BTCUSD, +1.68%  has been making a break for the $4,600 level, though it’s back below that now. The Zero Hedge blog used this chart to illustrate the rebound:




The chart

The Stock Board Asset blog says investors are getting sucked into the stock market despite all the warning signs — specifically, the warning sign that the S&P 500 SPX, -0.02% /volatility index VIX, +2.80%  ratio is flashing right now. Look at the chart:




“The REAL test for sustained market euphoria is now occurring, as the ratio probes a two-decade ascending diagonal (red) line responsible for past market tops,” the trader/blogger writes.

“After 8-9 years of a central bank induced bull market, and pushing +2,803% gains from lows, investors are making the fatal decision to get back in, as the final stages are here explained in the ratio.”


Money managers are being forced to buy stocks, keeping the rally alive






Published: Oct 9, 2017 2:38 p.m. ET





Cash is pouring into the market at the beginning of the fourth quarter


Shutterstock



By

NIGAM

ARORA

ANALYST


The Arora Report’s forecast at the end of September that the stock market would rise at the beginning of October has proven to be correct.

That forecast stemmed from a common-sense observation over the past 30 years that at the beginning of a quarter, new pension fund money pours into the stock market.

Now there is another common-sense scenario based on the observations of over 30 years and what we know of our subscribers. The Arora Report subscribers include both private investors and money managers. There is a lot of dry tinder based on year-to-date performance of money managers. A little spark can easily lead to forced buying by some, but not all, money managers, leading to an increase in stocks.

There are a lot of nuances here, and many money managers remain true to their convictions. For this reason, let us first look at an annotated chart before exploring the potential of forced buying.

Chart

See Also:

Here's how tech entrepreneurs are disrupting food stamps



Please click here for the annotated chart of popular S&P 500 ETF SPY, -0.19% Similar conclusions can be drawn from the charts of the Dow Jones Industrial Average DJIA, -0.10% Nasdaq 100 ETF QQQ, -0.13% and small-cap ETF IWM, -0.46%


Please note the following from the chart:

• The price action is set up for an explosive move up.

• RSI (relative strength index), which is a momentum indicator, is showing a negative divergence. In plain English, notice from the chart that as the prices have moved up, RSI is tracing lower highs.

In traditional technical analysis, negative RSI divergence is bearish. But traditional technical analysis does not work as well as it used to. This is an important concept for investors to understand. Please click here for more insights.

• Note from the chart that the rally is on low volume. In traditional technical analysis, that is bearish.

Read: This Dow stock looks poised to ‘pull an Intel’ and break out to a multi-year high

A valuable technique for investors is to look at money flows instead of volume only. At The Arora Report, we focus on three kinds of money flows that have proven to provide the most predictive power. The three important money flows are smart money, momo (momentum) and short squeeze.

Ask Arora: Nigam Arora answers your questions about investing in stocks, ETFs, bonds, gold and silver, oil and currencies. Have a question? Send it to Nigam Arora.

How money managers differ

Money managers are different from private investors. Private investors don’t have to beat benchmarks. Money managers do not have this luxury. The performance of a typical money manager is measured against a benchmark. It is also important to note that some money managers are very good at communicating risks to their investors and setting realistic expectations. When a money manager underperforms a benchmark by a large amount, he or she may not get a bonus and may even lose the job.

As an example, if you hired a money manager who produced 4% return in a year when the market went up 15%, would you fire him or her?

Fear of Trump

Most money managers are prudent and have the best interest of their investors front and center.

Coming into 2017, the stock market had shot straight up after Trump’s election. There was an expectation that after Trump was inaugurated, the “hope” rally would fade. But that did not happen. Then there were serious concerns about Trump’s rhetoric that could have caused a trade war — or a real war.

It took some more time before it became apparent that Trump’s bark is much worse than his bite. However, by then, the markets had already moved so much that many prudent money managers who took risk into account held off buying, waiting for a correction. The correction has not come yet.

Dow 30,000

The stock market is focused on tax reform. There is also a fundamental case for Dow 30,000. Please see “Trump’s tax plan sets the stage for Dow 30,000.”

Forced buying

The fourth quarter is the end of the road for money managers. What if a correction does not come? What do you think money managers who are significantly lagging their benchmark will do?

Now let’s take the opposite scenario that a correction comes. What do you think underperforming money managers will do?

Some, but not all, money managers are going to be desperate to catch up to their benchmarks between now and the end of the year. They may have no other good choice, and this is what leads to forced buying. Many money managers will hold their nose and buy even if they have a strong conviction that the market is overvalued.

The other side

Markets are complex and there are many forces at play at any given time. The big force ahead is third-quarter earnings.

Important companies that will be reporting early include Delta Air Lines DAL, -0.98% J.P. Morgan Chase JPM, -0.58% Bank of America BAC, -1.55% Citigroup C, -0.49% and Wells Fargo WFC, -0.95%

Expectations are very high. What if those expectations do not come true?

The algorithms at The Arora Report are showing that a big part of this rally is driven by momo-crowd money flows. The momo crowd is not known for its strength in analysis. They simply buy stocks that are going up. Examples are FAANG stocks: Facebook FB, +0.33% Amazon AMZN, +0.10% Apple AAPL, +0.27% Netflix NFLX, -0.52% and Alphabet GOOG, +0.02% GOOGL, +0.13% Other popular stocks the momo crowd has been buying are Tesla TSLA, -2.97% Nvidia NVDA, +1.95% Micron MU, +1.97% and Applied Materials AMAT, +0.33% A notable ETF they have recently been buying is micro-cap ETF IWC, -0.33%

The momo crowd is fickle and known to sell if momentum fades, causing big down drafts in the market. Please see “Six similarities between now and 1987, when the Dow plummeted 23% in one day.”

What to do now

This is the time to be nimble and extra alert. You will need to know how to opportunistically buy, what to buy and when to buy. At the same time, you will need to protect yourself from the downside. In adding to long-term opportunities, there are likely to be many short-term trading opportunities.

At The Arora Report, we have many strategies ready to go for different scenarios. The key to success for investors is to be prepared in advance.

Disclosure: Subscribers to The Arora Report may have positions in the securities mentioned in this article or may take positions at any time. All recommended positions are reviewed daily at The Arora Report.

Nigam Arora is an investor, engineer and nuclear physicist by background, has founded two Inc. 500 fastest-growing companies, is the developer of the adaptive ZYX Global Multi Asset Allocation Model and the ZYX Change Method to profit from change in trading and investing. He is the founder of The Arora Report, which publishes four newsletters. Nigam can be reached at Nigam@TheAroraReport.com.


"Black Swan" Anxiety Has Never Been Higher


The Fed's Williams warns that they "don't want there to be excesses in financial markets... "

Two quick things...

The market has almost never been this expensive...

As Peter Boockvar warns: "Almost there. S&P 500 price to sales ratio is just 4% from March 2000 peak."


And investors have never been more concerned about 'black swans'...

As Bloomberg notes, concern is building that years of record-setting gains for U.S. stocks may give way to a market plunge, according to Jim Paulsen, Leuthold Group Inc.’s chief investment strategist. In a report Monday, he cited the Chicago Board Options Exchange’s SKEW Index, which shows the perceived risk for a so-called black-swan event that’s reflected in S&P 500 Index option prices.









Trade accordingly...








Web site is for educational and learning purposes and not buy and sell recommendations. Stock Doc