<?xml version='1.0' encoding='ISO-8859-1'?><rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:media="http://search.yahoo.com/mrss/">
<channel>
<atom:link
	href="http://www.minyanville.com/rss/author.rss?authorid=157"
	rel="self" type="application/rss+xml" />
<title>Minyanville - Steve Smith RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
		<item>
<title><![CDATA[Focused on Yield? The New Breed of MLPs You Might Be Overlooking]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Focused-on-Yield253F-The-New-Breed/5/23/2013/id/49979</link>
<pubDate>
			Thu, 23 May 2013 14:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Focused-on-Yield253F-The-New-Breed/5/23/2013/id/49979</guid>
<description>
<![CDATA[By now it's pretty well known that the low interest rate environment has pushed investors into dividend-paying equities in the hunt for yield, and that Master Limited Partnerships (MLPs), which must pay out 90% of their profits in the form of distributions, have been a major recipient of investor interest.  But what many investors may be overlooking in their focus on yield is that a new breed of non-traditional MLPs are cropping up that are set to offer both income and growth through capital appreciation that will deliver superior total returns.
 
As described in Master Limited Partnerships Still Have Room ]]>
</description>
<content:encoded>
	<![CDATA[By now it's pretty well known that the low interest rate environment has pushed investors into dividend-paying equities in the hunt for yield, and that Master Limited Partnerships (MLPs), which must pay out 90% of their profits in the form of distributions, have been a major recipient of investor interest.  But what many investors may be overlooking in their focus on yield is that a new breed of non-traditional MLPs are cropping up that are set to offer both income and growth through capital appreciation that will deliver superior total returns.
 
As described in Master Limited Partnerships Still Have Room ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Master Limited Partnerships Still Have Room to Deliver]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/Master-Limited-Partnerships-Still-Have-Room/4/1/2013/id/48997</link>
<pubDate>
			Mon, 1 Apr 2013 11:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/Master-Limited-Partnerships-Still-Have-Room/4/1/2013/id/48997</guid>
<description>
<![CDATA[Understand the Structure and Reap the Yield
 
In this yield-starved world, it shouldn't come as any surprise that master limited partnerships (MLP) have been enjoyed complementary outperformance and growth in popularity over the past few years. MLPs are required to generate 90% of their income in "qualified" investments and distribute a comparable amount of income in the form of distributions in exchange for mostly favorable, deferred tax treatment. MLPs must invest in energy-related assets; this mostly includes infrastructures such as pipelines, storage, or even drilling equipment.
 
MLPs are basically "toll road" businesses; fees are collected for the volume of traffic, ]]>
</description>
<content:encoded>
	<![CDATA[Understand the Structure and Reap the Yield
 
In this yield-starved world, it shouldn't come as any surprise that master limited partnerships (MLP) have been enjoyed complementary outperformance and growth in popularity over the past few years. MLPs are required to generate 90% of their income in "qualified" investments and distribute a comparable amount of income in the form of distributions in exchange for mostly favorable, deferred tax treatment. MLPs must invest in energy-related assets; this mostly includes infrastructures such as pipelines, storage, or even drilling equipment.
 
MLPs are basically "toll road" businesses; fees are collected for the volume of traffic, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[How to Use Options to Benefit From Paired Trades]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/How-to-Use-Options-to-Benefit/3/20/2013/id/48805</link>
<pubDate>
			Wed, 20 Mar 2013 10:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/How-to-Use-Options-to-Benefit/3/20/2013/id/48805</guid>
<description>
<![CDATA[Whenever I find myself at the roulette wheel, I typically play the outside, trying to hedge myself by betting on two of the 50% (okay, it is 47.4% with the green "0" and "00") such as even or red. My wishful thinking is that not only should one of the two come up, but I could potentially win on both. Of course, I could also lose on both. It is likewise with paired trades, which can give the impression of a hedged position, but actually give you two ways to lose as surely as two ways to win. 
 
A paired ]]>
</description>
<content:encoded>
	<![CDATA[Whenever I find myself at the roulette wheel, I typically play the outside, trying to hedge myself by betting on two of the 50% (okay, it is 47.4% with the green "0" and "00") such as even or red. My wishful thinking is that not only should one of the two come up, but I could potentially win on both. Of course, I could also lose on both. It is likewise with paired trades, which can give the impression of a hedged position, but actually give you two ways to lose as surely as two ways to win. 
 
A paired ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[ETFs Gone Wild: New Listings and What You Need to Know Before Investing]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/ETFs-Gone-Wild253A-New-Listings-and/3/13/2013/id/48693</link>
<pubDate>
			Wed, 13 Mar 2013 15:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/ETFs-Gone-Wild253A-New-Listings-and/3/13/2013/id/48693</guid>
<description>
<![CDATA[The big bang theory has nothing on the ever-expanding universe of exchange traded funds (ETFs).  In fact, ETFs probably surpass it terms of size and the incomprehensible complexity of creating something from nearly nothing.  While the numbers have not quite reached the billions and billions, at the end of 2012 there were some 1,250 ETFs and many are variations on the same theme. But now that the 2x-3x leverage and inverse listings seem to have been exhausted we are seeing the conjuring up of some new categories. February 2013 has already seen the launch of 14 new ETFs with several ]]>
</description>
<content:encoded>
	<![CDATA[The big bang theory has nothing on the ever-expanding universe of exchange traded funds (ETFs).  In fact, ETFs probably surpass it terms of size and the incomprehensible complexity of creating something from nearly nothing.  While the numbers have not quite reached the billions and billions, at the end of 2012 there were some 1,250 ETFs and many are variations on the same theme. But now that the 2x-3x leverage and inverse listings seem to have been exhausted we are seeing the conjuring up of some new categories. February 2013 has already seen the launch of 14 new ETFs with several ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Can Cross Selling Save the Brokerage Industry?]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/Can-Cross-Selling-Save-the-Brokerage/2/19/2013/id/48215</link>
<pubDate>
			Tue, 19 Feb 2013 15:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/Can-Cross-Selling-Save-the-Brokerage/2/19/2013/id/48215</guid>
<description>
<![CDATA[In a recent interview, Jack Brennan, former CEO and current Chairman of The Vanguard Group, touted the importance of investors having a financial advisor. Consider the fact that this advice came from the man that built the mutual fund behemoth on a do-it-yourself ethos, and whose message was that individual investors did not need high-priced fund managers and stock-pickers, and would be better served over the long term by using low-cost index funds. So what explains this seemingly change in stance?  Brennan sees the combination of a low-cost and sector ETFs and the shift in advisors to an asset-based fee ]]>
</description>
<content:encoded>
	<![CDATA[In a recent interview, Jack Brennan, former CEO and current Chairman of The Vanguard Group, touted the importance of investors having a financial advisor. Consider the fact that this advice came from the man that built the mutual fund behemoth on a do-it-yourself ethos, and whose message was that individual investors did not need high-priced fund managers and stock-pickers, and would be better served over the long term by using low-cost index funds. So what explains this seemingly change in stance?  Brennan sees the combination of a low-cost and sector ETFs and the shift in advisors to an asset-based fee ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Coach Ready to Trot Higher]]></title>
<link>
			http://www.minyanville.com/mvpremium/2013/02/12/coach-ready-to-trot-higher/</link>
<pubDate>
			Tue, 12 Feb 2013 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2013/02/12/coach-ready-to-trot-higher/</guid>
<description>
<![CDATA[The following is a sample alert sent to subscribers of Steve Smith&#39;s Optionsmith earlier today. 

Coach (COH) was benched after last quarter&rsquo;s poor earnings performance. But now after sitting in the dog house for a few weeks, it seems to be building a nice base along the double bottom at the $48 level. I think the spring will prove better season then the winter did. I&rsquo;m doing something a bit unusual by starting a bullish position in two separate expiration months. Both are straight up call purchases. Specifically;

The options are relatively cheap with a 25% and 30% implied vol ]]>
</description>
<content:encoded>
	<![CDATA[The following is a sample alert sent to subscribers of Steve Smith&#39;s Optionsmith earlier today. 

Coach (COH) was benched after last quarter&rsquo;s poor earnings performance. But now after sitting in the dog house for a few weeks, it seems to be building a nice base along the double bottom at the $48 level. I think the spring will prove better season then the winter did. I&rsquo;m doing something a bit unusual by starting a bullish position in two separate expiration months. Both are straight up call purchases. Specifically;

The options are relatively cheap with a 25% and 30% implied vol ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Bullish on Coinstar]]></title>
<link>
			http://www.minyanville.com/mvpremium/2013/01/15/bullish-on-coinstar/</link>
<pubDate>
			Tue, 15 Jan 2013 12:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2013/01/15/bullish-on-coinstar/</guid>
<description>
<![CDATA[The following is a sample alert sent to subscribers of Steve Smith&#39;s Optionsmith yesterday. 

My overall market take on is undefined. As usual, the intellectual argument seems to fall squarely on the bear side. Looking at a slow-growth top line, an eventual reversion to the mean for profit margins leading to shrinking EPS, coupled with dysfunctional fiscal policy of unsustainable debt -- alongside a manipulative monetary policy that currently distorts prices, and will at some point things will unhinge as an exit strategy is attempted. It&rsquo;s easy to conjure doom scenarios. Layer on top an increasing bullish sentiment, whether it&rsquo;s ]]>
</description>
<content:encoded>
	<![CDATA[The following is a sample alert sent to subscribers of Steve Smith&#39;s Optionsmith yesterday. 

My overall market take on is undefined. As usual, the intellectual argument seems to fall squarely on the bear side. Looking at a slow-growth top line, an eventual reversion to the mean for profit margins leading to shrinking EPS, coupled with dysfunctional fiscal policy of unsustainable debt -- alongside a manipulative monetary policy that currently distorts prices, and will at some point things will unhinge as an exit strategy is attempted. It&rsquo;s easy to conjure doom scenarios. Layer on top an increasing bullish sentiment, whether it&rsquo;s ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[How to Play the Volatility of Volatility]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/How-to-Play-the-Volatility-of/1/3/2013/id/47123</link>
<pubDate>
			Thu, 3 Jan 2013 14:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/How-to-Play-the-Volatility-of/1/3/2013/id/47123</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The past few days surrounding the fiscal thingamajig have been difficult to trade, and nowhere is this better reflected than in the moves of volatility gauges such as the CBOE Volatility Index (^VIX) swinging wildly.  To offer some context for the magnitude of the moves, here are some basic statistics:

	
		The VIX climbed from 15.50 to 22.75 in the six trading sessions leading up to last Friday, Dec. 28, 2012.


	
		The VIX has now plummeted to 14.40 in the past three trading sessions, including two consecutive days of 15%+ declines -- the first time that has occurred since ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The past few days surrounding the fiscal thingamajig have been difficult to trade, and nowhere is this better reflected than in the moves of volatility gauges such as the CBOE Volatility Index (^VIX) swinging wildly.  To offer some context for the magnitude of the moves, here are some basic statistics:

	
		The VIX climbed from 15.50 to 22.75 in the six trading sessions leading up to last Friday, Dec. 28, 2012.


	
		The VIX has now plummeted to 14.40 in the past three trading sessions, including two consecutive days of 15%+ declines -- the first time that has occurred since ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Know Your Contract Specs: VIX Options Come With Quirks]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/Know-Your-Contract-Specs253A-VIX-Options/12/19/2012/id/46824</link>
<pubDate>
			Wed, 19 Dec 2012 14:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/Know-Your-Contract-Specs253A-VIX-Options/12/19/2012/id/46824</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL  Today was the December expiration day for options based on the VIX (^VIX).  Let's jump right into the deep end with this query from a reader regarding said VIX options.   

	 
	Steve,
	
	I am following the VXX (NYSEARCA:VXX) trade [recommended in OptionSmith newsletter, subscription required], but not exactly.  I sold a December $18 VIX put and was just curious to know what will happen if I don&#39;t exit the trade by expiration.  It doesn&#39;t seem to be like other options where you will be required to purchase the underlying stock at the strike price.
 
The VIX and its related ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL  Today was the December expiration day for options based on the VIX (^VIX).  Let's jump right into the deep end with this query from a reader regarding said VIX options.   

	 
	Steve,
	
	I am following the VXX (NYSEARCA:VXX) trade [recommended in OptionSmith newsletter, subscription required], but not exactly.  I sold a December $18 VIX put and was just curious to know what will happen if I don&#39;t exit the trade by expiration.  It doesn&#39;t seem to be like other options where you will be required to purchase the underlying stock at the strike price.
 
The VIX and its related ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Hunting for Yield Overseas]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/currencies/articles/Hunting-for-Yield-Overseas-us-employment/12/17/2012/id/46738</link>
<pubDate>
			Mon, 17 Dec 2012 14:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/currencies/articles/Hunting-for-Yield-Overseas-us-employment/12/17/2012/id/46738</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Federal Reserve Chairman Bernanke&#39;s promise to maintain his zero interest rate policy (ZIRP) until unemployment drops below the 6.5% level has created a fresh round of anxiety for investors. Due to structural issues -- from increased productivity through technological advances to an aging demographic -- unemployment might remain above this level during not only my lifetime, but also during the lifetime of my children. Why Mr. Bernanke, who has previously cited such structural headwinds to economic growth, would now peg monetary policy to the unemployment rate is beyond me. Add to this the doubling of bond purchases to ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Federal Reserve Chairman Bernanke&#39;s promise to maintain his zero interest rate policy (ZIRP) until unemployment drops below the 6.5% level has created a fresh round of anxiety for investors. Due to structural issues -- from increased productivity through technological advances to an aging demographic -- unemployment might remain above this level during not only my lifetime, but also during the lifetime of my children. Why Mr. Bernanke, who has previously cited such structural headwinds to economic growth, would now peg monetary policy to the unemployment rate is beyond me. Add to this the doubling of bond purchases to ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[An Options Play in the Face of Earnings Decay for Patterson]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/Patterson-Suffers-From-Revenue-Earnings-Decay/12/4/2012/id/46355</link>
<pubDate>
			Tue, 4 Dec 2012 15:29:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/Patterson-Suffers-From-Revenue-Earnings-Decay/12/4/2012/id/46355</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL While I'm sure there will always be more businesses to be bearish on, Patterson (NASDAQ:PDCO) is the third of my three little bears. It joins Tiffany (NYSE:TIF) (see Use January Options to Play Lackluster Tiffany Ahead of Earnings) and Accenture (NYSE:ACN) (see Accentuate the Negative) as part of a group of stocks that should be sleeping on the short side of your portfolio.
 
Patterson is in the dental business; it supplies very basic items, from toothbrushes to chairs to the cotton balls that get shoved in your mouth during a visit to the dentist.  The company has been ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL While I'm sure there will always be more businesses to be bearish on, Patterson (NASDAQ:PDCO) is the third of my three little bears. It joins Tiffany (NYSE:TIF) (see Use January Options to Play Lackluster Tiffany Ahead of Earnings) and Accenture (NYSE:ACN) (see Accentuate the Negative) as part of a group of stocks that should be sleeping on the short side of your portfolio.
 
Patterson is in the dental business; it supplies very basic items, from toothbrushes to chairs to the cotton balls that get shoved in your mouth during a visit to the dentist.  The company has been ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Accentuate the Negative]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/Accenture-acn-options-accenture-earnings-investing/11/29/2012/id/46216</link>
<pubDate>
			Thu, 29 Nov 2012 15:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/Accenture-acn-options-accenture-earnings-investing/11/29/2012/id/46216</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Like the business of consulting itself, it has been difficult to determine the value of Accenture (NYSE:ACN) shares. In 1998, Accenture was split off from Arthur Andersen, which was one of the original big 10 (then big six, then bankrupt) accounting firms. The company freed itself from becoming involved in the nitty-gritty of auditing and accountability for the likes of Enron and Worldcom. Instead, Accenture survived and thrived as its shares gained some 300% over the past decade. But this stock is now in my sights as the second of the three little bears following the Tiffany (NYSE:TIF) ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Like the business of consulting itself, it has been difficult to determine the value of Accenture (NYSE:ACN) shares. In 1998, Accenture was split off from Arthur Andersen, which was one of the original big 10 (then big six, then bankrupt) accounting firms. The company freed itself from becoming involved in the nitty-gritty of auditing and accountability for the likes of Enron and Worldcom. Instead, Accenture survived and thrived as its shares gained some 300% over the past decade. But this stock is now in my sights as the second of the three little bears following the Tiffany (NYSE:TIF) ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Bearish RIMM Options Play]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/11/27/bearish-rimm-options-play/</link>
<pubDate>
			Tue, 27 Nov 2012 14:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/11/27/bearish-rimm-options-play/</guid>
<description>
<![CDATA[The following is an example alert published yesterday on Steve&#39;s OptionSmith newsletter
	
	Read more: http://www.minyanville.com/mvpremium/2012/11/16/using-both-call-and-put/#ixzz2DRv0ADlM
The following is an example alert from Steve&#39;s Optionsmith newsletter

	The following is an example alert published yesterday on Steve&#39;s OptionSmith newsletter
	
	Read more: http://www.minyanville.com/mvpremium/2012/11/16/using-both-call-and-put/#ixzz2DRv0ADlM

As most know, shares of Research in Motion (NASDAQ:RIMM) have nearly doubled over the past few weeks on a combination of simply no sellers left, some thinking that the new BB10 will actually sell well and some analyst upgrades. This led to a virtuous loop of short covering, which led to more price momentum and more analyst upgrades.

This seems ]]>
</description>
<content:encoded>
	<![CDATA[The following is an example alert published yesterday on Steve&#39;s OptionSmith newsletter
	
	Read more: http://www.minyanville.com/mvpremium/2012/11/16/using-both-call-and-put/#ixzz2DRv0ADlM
The following is an example alert from Steve&#39;s Optionsmith newsletter

	The following is an example alert published yesterday on Steve&#39;s OptionSmith newsletter
	
	Read more: http://www.minyanville.com/mvpremium/2012/11/16/using-both-call-and-put/#ixzz2DRv0ADlM

As most know, shares of Research in Motion (NASDAQ:RIMM) have nearly doubled over the past few weeks on a combination of simply no sellers left, some thinking that the new BB10 will actually sell well and some analyst upgrades. This led to a virtuous loop of short covering, which led to more price momentum and more analyst upgrades.

This seems ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Use January Options to Play Lackluster Tiffany Ahead of Earnings]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/tif-Tiffany-tiffany-earnings-investing-in/11/27/2012/id/46132</link>
<pubDate>
			Tue, 27 Nov 2012 13:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/tif-Tiffany-tiffany-earnings-investing-in/11/27/2012/id/46132</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The market's recent rebound off of the post election sell-off has been fairly impressive. But it should be noted that it has been on historically light volume, and crucial resistance in the S&P 500 at the 1415 level (or $141.50 on the SPDR Trust (NYSEARCA:SPY)) has yet to be cleared and closed above. This is to say nothing of all the well-known macro issues spanning from the US fiscal cliff, to eurozone debt, to Middle East tensions that create headwinds. And of course, the final arbiter of stock values should be earnings and this past quarter's results showed ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The market's recent rebound off of the post election sell-off has been fairly impressive. But it should be noted that it has been on historically light volume, and crucial resistance in the S&P 500 at the 1415 level (or $141.50 on the SPDR Trust (NYSEARCA:SPY)) has yet to be cleared and closed above. This is to say nothing of all the well-known macro issues spanning from the US fiscal cliff, to eurozone debt, to Middle East tensions that create headwinds. And of course, the final arbiter of stock values should be earnings and this past quarter's results showed ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Using Both Call and Put Spreads to Create a Low Cost, Limited Risk Bullish Position]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/11/16/using-both-call-and-put/</link>
<pubDate>
			Fri, 16 Nov 2012 13:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/11/16/using-both-call-and-put/</guid>
<description>
<![CDATA[The following is an example alert published yesterday on Steve&#39;s OptionSmith newsletter

I&rsquo;ve always shied away from Apple (NASDAQ:AAPL) but I did get sucked in at the 20% decline near the $545 level and established a bull leaning calendar spread. I&rsquo;m now delving in deeper as Apple is the market and I its prey. May the best tool win.

I originally hoped to escape the clutches on a plan that a move above $540 this morning would provide the opportunity for a simply roll of the calendar spread. No such luck. So now with this thing rotting down below $530, ]]>
</description>
<content:encoded>
	<![CDATA[The following is an example alert published yesterday on Steve&#39;s OptionSmith newsletter

I&rsquo;ve always shied away from Apple (NASDAQ:AAPL) but I did get sucked in at the 20% decline near the $545 level and established a bull leaning calendar spread. I&rsquo;m now delving in deeper as Apple is the market and I its prey. May the best tool win.

I originally hoped to escape the clutches on a plan that a move above $540 this morning would provide the opportunity for a simply roll of the calendar spread. No such luck. So now with this thing rotting down below $530, ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[The Withering of Apple Will Take Time]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/apple-options-apple-apple-stock-apple/11/16/2012/id/45882</link>
<pubDate>
			Fri, 16 Nov 2012 09:06:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/apple-options-apple-apple-stock-apple/11/16/2012/id/45882</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL With Apple's (NASDAQ:AAPL) recent 23% price decline, I've recently been sucked back into trading/positioning in this name. This is forcing me to sift through my feelings and the outlook for the iconic company.  I own none of the products and haven't had a position since I shorted it when it crossed $500 back in February of 2012.  I escaped when it reversed lower two days later. 

I've stayed away from Apple for most of my career, and as a contrarian (bear mode), that has mostly resulted in much lost opportunity cost.  It wasn't just the stock price or ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL With Apple's (NASDAQ:AAPL) recent 23% price decline, I've recently been sucked back into trading/positioning in this name. This is forcing me to sift through my feelings and the outlook for the iconic company.  I own none of the products and haven't had a position since I shorted it when it crossed $500 back in February of 2012.  I escaped when it reversed lower two days later. 

I've stayed away from Apple for most of my career, and as a contrarian (bear mode), that has mostly resulted in much lost opportunity cost.  It wasn't just the stock price or ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Icahn's Netflix Deal Is Stalking Horse for Barnes & Noble]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/nflx-bks-vz-cmcsa-dis-netflix/11/1/2012/id/45493</link>
<pubDate>
			Thu, 1 Nov 2012 15:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/nflx-bks-vz-cmcsa-dis-netflix/11/1/2012/id/45493</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL Yesterday news broke that Carl "the Agitator" Icahn took a 10% stake in Netflix (NASDAQ:NFLX) and speculation abounds about how he will create value from this video retailer.  Netflix shares shot up some 12% on immediate speculation that Icahn would follow his usual procedure and look to make a sale, merger, or otherwise break up the company.

The obvious names that were bandied about included Verizon (NYSE:VZ), Comcast (NASDAQ:CMCSA), and Disney (NYSE:DIS). How off-track can you be?  Which one of the these mega media firms that control both distribution and content, and have been playing hardball with Netflix ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL Yesterday news broke that Carl "the Agitator" Icahn took a 10% stake in Netflix (NASDAQ:NFLX) and speculation abounds about how he will create value from this video retailer.  Netflix shares shot up some 12% on immediate speculation that Icahn would follow his usual procedure and look to make a sale, merger, or otherwise break up the company.

The obvious names that were bandied about included Verizon (NYSE:VZ), Comcast (NASDAQ:CMCSA), and Disney (NYSE:DIS). How off-track can you be?  Which one of the these mega media firms that control both distribution and content, and have been playing hardball with Netflix ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[How I Survived (And Profited) From the Great Chicago Flood]]></title>
<link>
			http://www.minyanville.com/business-news/editors-pick/articles/10/30/2012/id/45422</link>
<pubDate>
			Tue, 30 Oct 2012 14:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/editors-pick/articles/10/30/2012/id/45422</guid>
<description>
<![CDATA[I was just a wee whippersnapper trying to cut my teeth as a local on the Chicago Board of Trade (CBOT).  As a transplanted New Yorker all of 23 years old, I had never seen an ear of corn, a bushel of wheat, or crushed the meal or cracked the soy oil spread.  But boy was I ready to trade them.  
 
Most of you probably never heard of the Great Chicago Flood of 1992.  Several reasons help explain the lack of awareness or its lowly place in the annals of weather events.  First, it was not a weather event, it ]]>
</description>
<content:encoded>
	<![CDATA[I was just a wee whippersnapper trying to cut my teeth as a local on the Chicago Board of Trade (CBOT).  As a transplanted New Yorker all of 23 years old, I had never seen an ear of corn, a bushel of wheat, or crushed the meal or cracked the soy oil spread.  But boy was I ready to trade them.  
 
Most of you probably never heard of the Great Chicago Flood of 1992.  Several reasons help explain the lack of awareness or its lowly place in the annals of weather events.  First, it was not a weather event, it ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Three Stocks You Should Collar Today]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/earnings-season-earnings-collar-options-options/10/18/2012/id/45121</link>
<pubDate>
			Thu, 18 Oct 2012 11:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/earnings-season-earnings-collar-options-options/10/18/2012/id/45121</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL For some active traders, earnings season represents more of a casino, with the possibility of immediate jackpots off of the large stock price moves that often immediately follow a report. But for the majority of investors, these knee-jerk spikes are viewed as potential minefields they would just as soon avoid.

The quarter-to-quarter focus and large single-day price moves can be major obstacles, both financially and mentally, to maintaining a rational long-term approach to investing. Instead of taking time to really assess the company's results, a sharp decline could trigger an emotional response that causes one to dump shares ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL For some active traders, earnings season represents more of a casino, with the possibility of immediate jackpots off of the large stock price moves that often immediately follow a report. But for the majority of investors, these knee-jerk spikes are viewed as potential minefields they would just as soon avoid.

The quarter-to-quarter focus and large single-day price moves can be major obstacles, both financially and mentally, to maintaining a rational long-term approach to investing. Instead of taking time to really assess the company's results, a sharp decline could trigger an emotional response that causes one to dump shares ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Options for Earnings Plays]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/options-options-for-earnings-earnings-season/10/16/2012/id/45045</link>
<pubDate>
			Tue, 16 Oct 2012 12:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/options-options-for-earnings-earnings-season/10/16/2012/id/45045</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL The wave of quarterly earnings reports is beginning to wash across traders&#39; screens and it won't crest for another week.  For some active traders, these jolts of information and the accompanying stock price movement represent terrific short-term money-making opportunities.  And many will try to juice the returns by using options. 

Before getting to some of the concepts and strategies that can be employed in playing earnings reports, let me provide the caveat: All earnings plays are extremely speculative and should only involve a minimal allocation of risk capital.  The challenge in trading earnings is that there are many ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL The wave of quarterly earnings reports is beginning to wash across traders&#39; screens and it won't crest for another week.  For some active traders, these jolts of information and the accompanying stock price movement represent terrific short-term money-making opportunities.  And many will try to juice the returns by using options. 

Before getting to some of the concepts and strategies that can be employed in playing earnings reports, let me provide the caveat: All earnings plays are extremely speculative and should only involve a minimal allocation of risk capital.  The challenge in trading earnings is that there are many ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Getting Bullish on Gold]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/08/14/getting-bullish-on-gold/</link>
<pubDate>
			Tue, 14 Aug 2012 12:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/08/14/getting-bullish-on-gold/</guid>
<description>
<![CDATA[You know things are taking a turn for the weird when I&rsquo;m looking at getting long gold. But that&rsquo;s exactly what I&rsquo;m doing in the SPDR Gold Trust (TLT) through a ratio, diagonal calendar spread. That&rsquo;s a lot of adjectives. Here it is in simple order form:

I&rsquo;m stepping into this trade because I think gold still has a push left as we head into all the uncertainty of this fall. The U.S election, Euro situation, food inflation and the general lack of trust for the financial markets may have people turning once again to gold as a safe haven. ]]>
</description>
<content:encoded>
	<![CDATA[You know things are taking a turn for the weird when I&rsquo;m looking at getting long gold. But that&rsquo;s exactly what I&rsquo;m doing in the SPDR Gold Trust (TLT) through a ratio, diagonal calendar spread. That&rsquo;s a lot of adjectives. Here it is in simple order form:

I&rsquo;m stepping into this trade because I think gold still has a push left as we head into all the uncertainty of this fall. The U.S election, Euro situation, food inflation and the general lack of trust for the financial markets may have people turning once again to gold as a safe haven. ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Situation Normal, Market Down, VIX Down]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/08/02/situation-normal-market-down-vix/</link>
<pubDate>
			Thu, 2 Aug 2012 14:33:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/08/02/situation-normal-market-down-vix/</guid>
<description>
<![CDATA[Here we are with the S&P 500 Index down some 1.21% yet the VIX, yes that gauge of fear that usually jumps on sell-offs, is actually down about 1.5% to 18.60 on the day. So what gives? Is this a clear sign of complacency and therefore a sell signal? Not so fast. Let&rsquo;s look at how this number is calculated and what it means relative to current and future option prices.

The VIX is an offshoot of the statistical measurement of the historical or realized 30 day volatility of the S&P 500 options. Believe it or not this number has ]]>
</description>
<content:encoded>
	<![CDATA[Here we are with the S&P 500 Index down some 1.21% yet the VIX, yes that gauge of fear that usually jumps on sell-offs, is actually down about 1.5% to 18.60 on the day. So what gives? Is this a clear sign of complacency and therefore a sell signal? Not so fast. Let&rsquo;s look at how this number is calculated and what it means relative to current and future option prices.

The VIX is an offshoot of the statistical measurement of the historical or realized 30 day volatility of the S&P 500 options. Believe it or not this number has ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Steve Smith Provides His thoughts on July Options Expiration]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/07/20/steve-smith-provides-his-thoughts/</link>
<pubDate>
			Fri, 20 Jul 2012 14:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/07/20/steve-smith-provides-his-thoughts/</guid>
<description>
<![CDATA[The market continues to show a fair amount of resilience in the face of the ongoing issues in Europe, escalating tensions in the Mid-East and what to my mind seems like a lackluster earnings season thus far. I think the two things that are propping up this market is the notion that there simply aren&#39;t many attractive alternatives to US equities, and that as indicated by sentiment readings, a lot of people are equally befuddled and have a bearish disposition.

But the resolution of these two cross notions seems to be bearing itself out in the reaction to some earnings ]]>
</description>
<content:encoded>
	<![CDATA[The market continues to show a fair amount of resilience in the face of the ongoing issues in Europe, escalating tensions in the Mid-East and what to my mind seems like a lackluster earnings season thus far. I think the two things that are propping up this market is the notion that there simply aren&#39;t many attractive alternatives to US equities, and that as indicated by sentiment readings, a lot of people are equally befuddled and have a bearish disposition.

But the resolution of these two cross notions seems to be bearing itself out in the reaction to some earnings ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[What Are Options, and Why Should We Care About Them?]]></title>
<link>
			http://www.minyanville.com/mvpremium/2012/07/12/what-are-options-and-why/</link>
<pubDate>
			Thu, 12 Jul 2012 12:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/mvpremium/2012/07/12/what-are-options-and-why/</guid>
<description>
<![CDATA[MINYANVILLE ORIGINAL 

Editor&#39;s note: To help investors get their feet wet with options trading, Minyanville has launched this "6-Week Options Kickstarter," an educational series aimed at increasing understanding of the basic nuts and bolts of options. In this series, veteran options trader Steve Smith will take you through options fundamentals with an emphasis on real-world applications. Note: Intermediate or advanced-level traders may get more mileage out of Minyanville&#39;sÂ 9 Weeks to Better Options Trading series. Or click here to learn more about our OptionSmith MV Premium newsletter.

Knowledge is good.
-- Emil Faber

Even as stock-trading activity continues to decline, the ]]>
</description>
<content:encoded>
	<![CDATA[MINYANVILLE ORIGINAL 

Editor&#39;s note: To help investors get their feet wet with options trading, Minyanville has launched this "6-Week Options Kickstarter," an educational series aimed at increasing understanding of the basic nuts and bolts of options. In this series, veteran options trader Steve Smith will take you through options fundamentals with an emphasis on real-world applications. Note: Intermediate or advanced-level traders may get more mileage out of Minyanville&#39;s 9 Weeks to Better Options Trading series. Or click here to learn more about our OptionSmith MV Premium newsletter.

Knowledge is good.
-- Emil Faber

Even as stock-trading activity continues to decline, the ]]>
</content:encoded>
			</item>
			</channel>
</rss>
		