Market News

I continue to be drawn to the activity in VIX related ETF's and ETN's - primarily UVXY, TVIX and VXX.

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The iShares MSCI Israel Capped ETF (EIS) is seeing unusually high volume in afternoon trading Wednesday, with over 144,000 shares traded versus three month average volume of about 43,000. Shares of EIS were up about 0.5% on the day.

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In trading on Wednesday, the SPDR S&P Bank ETF (KBE) is outperforming other ETFs, up about 3.7% on the day. Components of that ETF showing particular strength include shares of Texas Capital Bancshares (TCBI), up about 7.2% and shares of SVB Financial Group (SIVB), up about 6.9% on the day.

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Day traders wear shiny pants; contrarians sport 3-piece suits. You can’t catch every squiggle in the market so going against the grain makes sense just so long as you've done your homework backing up the “vision” thing.

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Benjamin Graham, the father of value investing, liked bargains. In The Intelligent Investor, he told investors to look for stock prices at or below 15-times earnings (specifically less than 15X their three year average), and at or below 1.5-times book value.

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Forget today's stock prices, look for wide moats and durable franchises to pick winners for the next few years.

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Apple sellsider games in full bloom

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This time is the charm?

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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Ashford Hospitality Prime Inc (NYSE: AHP), where a total of 3,020 contracts have traded so far, representing approximately 302,000 underlying shares. That amounts to about 142.3% of AHP's average daily trading volume over the past month of 212,170 shares. Particularly high volume was seen for the $12.50 strike call option expiring May 20, 2016, with 1,000 contracts trading so far today, representing approximately 100,000 underlying shares of AHP. Below is a chart showing AHP's trailing twelve month trading history, with the $12.50 strike highlighted in orange:

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Volkswagen will launch its new Tiguan SUV in Europe this month, but Americans will have to wait until next year for a bigger version, made in Mexico. The new Tiguan is a bit longer and wider, and slightly lower. The wheel base is 3 inches longer, and that all helps to improve its looks, interior space and cargo capacity.

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