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<title>Minyanville - Wayne Ferbert 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[Beyond the Bond: Three Alternative Income Strategies as Price Risk Looms]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/Beyond-the-Bond253A-Three-Alternative-Income/4/9/2013/id/49164</link>
<pubDate>
			Tue, 9 Apr 2013 15:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/Beyond-the-Bond253A-Three-Alternative-Income/4/9/2013/id/49164</guid>
<description>
<![CDATA[My concern about interest rates leaves me pondering alternative income strategies. I want to avoid traditional fixed income because of the price risk when interest rates start to rise again. (Goldman Sachs even put out a research piece in which it predicts a half-point rise in real interest rates by year end.)

So, what are some alternatives that don't carry the same long-term interest rate risks? Here is what my firm is looking at and using:

1. Utilities

The utilities sector, of all of the sectors in the S&P 500 (INDEXSP:.INX), has the lowest correlation to the broader market. It ]]>
</description>
<content:encoded>
	<![CDATA[My concern about interest rates leaves me pondering alternative income strategies. I want to avoid traditional fixed income because of the price risk when interest rates start to rise again. (Goldman Sachs even put out a research piece in which it predicts a half-point rise in real interest rates by year end.)

So, what are some alternatives that don't carry the same long-term interest rate risks? Here is what my firm is looking at and using:

1. Utilities

The utilities sector, of all of the sectors in the S&P 500 (INDEXSP:.INX), has the lowest correlation to the broader market. It ]]>
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			</item>
			<item>
<title><![CDATA[Which Market Camp Are You In?]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Bulls-or-Bears253A-Which-Camp-Should/3/27/2013/id/48958</link>
<pubDate>
			Wed, 27 Mar 2013 14:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Bulls-or-Bears253A-Which-Camp-Should/3/27/2013/id/48958</guid>
<description>
<![CDATA[Are we four years into a six- to eight-year secular bull market? Or are we near the end of a four-year market recovery driven mostly by the Fed's quantitative easing?
 
While this question is straightforward, it is by no means simple. Answering it is the key to unlocking untold amounts of wealth. In fact, the questions don&#39;t end here. For instance, even if you thought we were at the end of a four-year recovery, you would need to have a hypothesis on what happens next. Does the market just move sideways or does it decline? If it declines, does it ]]>
</description>
<content:encoded>
	<![CDATA[Are we four years into a six- to eight-year secular bull market? Or are we near the end of a four-year market recovery driven mostly by the Fed's quantitative easing?
 
While this question is straightforward, it is by no means simple. Answering it is the key to unlocking untold amounts of wealth. In fact, the questions don&#39;t end here. For instance, even if you thought we were at the end of a four-year recovery, you would need to have a hypothesis on what happens next. Does the market just move sideways or does it decline? If it declines, does it ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[Earnings Season Gets Solid Marks, but Market Reaction Is Confusing]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/Earnings-Season-Gets-Solid-Marks-but/2/19/2013/id/48212</link>
<pubDate>
			Tue, 19 Feb 2013 13:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/Earnings-Season-Gets-Solid-Marks-but/2/19/2013/id/48212</guid>
<description>
<![CDATA[So far, with S&P 500 (INDEXSP:.INX) earnings season more than two-thirds complete, the season is likely going to be labeled a modest success &ndash; emphasis on the word modest.

According to FactSet (you can read the report here), through February 8, 72% of the companies that reported beat the mean estimate for their EPS number. That compares very closely to the average of 69% beating for the last four quarters.

Perhaps more impressively, 67% of companies have exceeded the sales estimates in the quarter compared to the analyst estimates. In the last two quarters, this was only 41% and the ]]>
</description>
<content:encoded>
	<![CDATA[So far, with S&P 500 (INDEXSP:.INX) earnings season more than two-thirds complete, the season is likely going to be labeled a modest success &ndash; emphasis on the word modest.

According to FactSet (you can read the report here), through February 8, 72% of the companies that reported beat the mean estimate for their EPS number. That compares very closely to the average of 69% beating for the last four quarters.

Perhaps more impressively, 67% of companies have exceeded the sales estimates in the quarter compared to the analyst estimates. In the last two quarters, this was only 41% and the ]]>
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			</item>
			<item>
<title><![CDATA[The 'Set It and Forget It' Market Hedge]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/The-2522Set-it-and-Forget-it2522/2/13/2013/id/48105</link>
<pubDate>
			Wed, 13 Feb 2013 14:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/The-2522Set-it-and-Forget-it2522/2/13/2013/id/48105</guid>
<description>
<![CDATA[My firm has noted the incredibly low cost to buy market protection in the six month and longer time frame. Puts on the broad indexes are trading at the lowest levels that we have seen for 10% downside protection since  the beginning of the debt crisis in 2008.
 
So, my co-author and I took some time to examine the option chain for the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) this morning to see if we could find a collared position that we could put on in a long-term time frame. We found an interesting collared structure that we call "set ]]>
</description>
<content:encoded>
	<![CDATA[My firm has noted the incredibly low cost to buy market protection in the six month and longer time frame. Puts on the broad indexes are trading at the lowest levels that we have seen for 10% downside protection since  the beginning of the debt crisis in 2008.
 
So, my co-author and I took some time to examine the option chain for the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) this morning to see if we could find a collared position that we could put on in a long-term time frame. We found an interesting collared structure that we call "set ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[7 Great ETFs to Build an Asset Allocation Strategy]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/etfs/articles/7-Great-ETFs-to-Build-an/1/28/2013/id/47702</link>
<pubDate>
			Mon, 28 Jan 2013 15:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/etfs/articles/7-Great-ETFs-to-Build-an/1/28/2013/id/47702</guid>
<description>
<![CDATA[My firm&#39;s favorite ETFs for building an asset allocation strategy are fairly obvious -- we write about them all the time:

	
		SPDR S&P500 (US Large Cap) (NYSEARCA:SPY)
	
		SPDR S&P Mid-Cap (US Mid-Cap) (NYSEARCA:MDY)
	
		iShares Russell 2000 Index (US Small Cap) (NYSEARCA:IWM)
	
		iShares MSCI Emerging Markets Index (Emerging Markets) (NYSEARCA:EEM)
	
		iShares MSCI EAFE Index (Developed Countries) (NYSEARCA:EFA)
	
		iShares iBox Investment Grade Corporate Bonds (Fixed income &ndash; Investment Grade) (NYSEARCA:LQD)
	
		SPDR Barclays High Yield Bond (Fixed Income &ndash; High Yield) (NYSEARCA:JNK)

These ETFs all represent some of the most important investment asset classes. Just as important, all of these ETFs have a ]]>
</description>
<content:encoded>
	<![CDATA[My firm&#39;s favorite ETFs for building an asset allocation strategy are fairly obvious -- we write about them all the time:

	
		SPDR S&P500 (US Large Cap) (NYSEARCA:SPY)
	
		SPDR S&P Mid-Cap (US Mid-Cap) (NYSEARCA:MDY)
	
		iShares Russell 2000 Index (US Small Cap) (NYSEARCA:IWM)
	
		iShares MSCI Emerging Markets Index (Emerging Markets) (NYSEARCA:EEM)
	
		iShares MSCI EAFE Index (Developed Countries) (NYSEARCA:EFA)
	
		iShares iBox Investment Grade Corporate Bonds (Fixed income &ndash; Investment Grade) (NYSEARCA:LQD)
	
		SPDR Barclays High Yield Bond (Fixed Income &ndash; High Yield) (NYSEARCA:JNK)

These ETFs all represent some of the most important investment asset classes. Just as important, all of these ETFs have a ]]>
</content:encoded>
			</item>
			<item>
<title><![CDATA[9 Out of 10 Sleep-Deprived Octogenarians Prefer Base Jumping Over Cliff Diving. Who Knew?]]></title>
<link>
			http://www.minyanville.com/business-news/politics-and-regulation/articles/9-Out-of-10-Sleep-Deprived/1/2/2013/id/47079</link>
<pubDate>
			Wed, 2 Jan 2013 12:56:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/politics-and-regulation/articles/9-Out-of-10-Sleep-Deprived/1/2/2013/id/47079</guid>
<description>
<![CDATA[So, Congress decided it preferred base jumping over cliff diving! You may not have heard of base jumping, but this is where an extreme athlete jumps off a cliff (or mountain or office building), free falls for a few seconds, and then deploys a parachute. The jumper then lands on solid ground at the base of the cliff.
 
Like base jumping, cliff diving is also for extreme athletes. But cliff diving is not the same as base jumping. Cliff diving occurs on cliffs that overlook water. Usually the water is rocky and dangerous to land in. Often, you need to ]]>
</description>
<content:encoded>
	<![CDATA[So, Congress decided it preferred base jumping over cliff diving! You may not have heard of base jumping, but this is where an extreme athlete jumps off a cliff (or mountain or office building), free falls for a few seconds, and then deploys a parachute. The jumper then lands on solid ground at the base of the cliff.
 
Like base jumping, cliff diving is also for extreme athletes. But cliff diving is not the same as base jumping. Cliff diving occurs on cliffs that overlook water. Usually the water is rocky and dangerous to land in. Often, you need to ]]>
</content:encoded>
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			<item>
<title><![CDATA[As Tax Season Approaches, Start Harvesting Gains and Losses]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/taxes/articles/As-Tax-Season-Approaches-Start-Harvesting/11/23/2012/id/46062</link>
<pubDate>
			Fri, 23 Nov 2012 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/taxes/articles/As-Tax-Season-Approaches-Start-Harvesting/11/23/2012/id/46062</guid>
<description>
<![CDATA[It&#39;s that time of year again. No, I&#39;m not talking about Black Friday. I&#39;m referring to the end of the year, which means tax planning season. At my firm, we are not experts on taxes or tax planning, but you don't need to be an expert to understand some of the basic rules about harvesting tax gains and losses.
 
It is time to look for gains or losses in your portfolio to harvest in order to minimize your tax bill come April of 2013. With a little over a month to go, you should be looking at your realized and ]]>
</description>
<content:encoded>
	<![CDATA[It&#39;s that time of year again. No, I&#39;m not talking about Black Friday. I&#39;m referring to the end of the year, which means tax planning season. At my firm, we are not experts on taxes or tax planning, but you don't need to be an expert to understand some of the basic rules about harvesting tax gains and losses.
 
It is time to look for gains or losses in your portfolio to harvest in order to minimize your tax bill come April of 2013. With a little over a month to go, you should be looking at your realized and ]]>
</content:encoded>
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			<item>
<title><![CDATA[Tempted to Reduce Your Hedges? Don't!]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/personal-finance/articles/Tempted-to-Reduce-Your-Hedges253F/11/15/2012/id/45881</link>
<pubDate>
			Thu, 15 Nov 2012 14:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/personal-finance/articles/Tempted-to-Reduce-Your-Hedges253F/11/15/2012/id/45881</guid>
<description>
<![CDATA[At my firm, we are always hedged, though the last 12 months have not been a great time to be hedged. Bull markets don't create profits for hedges. The hedges expire worthless. Your underlying grows, but the hedges drag down the returns.

[Editor&#39;s note: The most popular stocks among hedge funds in the past quarter, according to SEC data, are in the tech sector, specifically Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT). Financials Citigroup (NYSE:C) and Bank of America (NYSE:BAC) round out the top five. The order is unchanged since the first quarter of the year, according to SEC 13F ]]>
</description>
<content:encoded>
	<![CDATA[At my firm, we are always hedged, though the last 12 months have not been a great time to be hedged. Bull markets don't create profits for hedges. The hedges expire worthless. Your underlying grows, but the hedges drag down the returns.

[Editor&#39;s note: The most popular stocks among hedge funds in the past quarter, according to SEC data, are in the tech sector, specifically Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT). Financials Citigroup (NYSE:C) and Bank of America (NYSE:BAC) round out the top five. The order is unchanged since the first quarter of the year, according to SEC 13F ]]>
</content:encoded>
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			<item>
<title><![CDATA[Four Ways the Fiscal Cliff Could Play Out]]></title>
<link>
			http://www.minyanville.com/sectors/financial/articles/Four-Ways-the-Fiscal-Cliff-Could/11/13/2012/id/45817</link>
<pubDate>
			Tue, 13 Nov 2012 14:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/financial/articles/Four-Ways-the-Fiscal-Cliff-Could/11/13/2012/id/45817</guid>
<description>
<![CDATA[The constant news coverage of the fiscal cliff is becoming nauseating. So I thought I&#39;d pile on, but cover it from a slightly different angle.
 
The media is focused on the impending recession from the budget cuts and tax increases. That is the main story. But what should an investor do about it? What should an investor expect to happen in the markets? That&#39;s the more important question. Let's see if we can rappel this cliff from that perspective.
 
First, if you need a primer on what cuts are coming and what tax changes are imminent with the cliff, check ]]>
</description>
<content:encoded>
	<![CDATA[The constant news coverage of the fiscal cliff is becoming nauseating. So I thought I&#39;d pile on, but cover it from a slightly different angle.
 
The media is focused on the impending recession from the budget cuts and tax increases. That is the main story. But what should an investor do about it? What should an investor expect to happen in the markets? That&#39;s the more important question. Let's see if we can rappel this cliff from that perspective.
 
First, if you need a primer on what cuts are coming and what tax changes are imminent with the cliff, check ]]>
</content:encoded>
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<title><![CDATA[Why Is Apple Weak Right Now?]]></title>
<link>
			http://www.minyanville.com/sectors/consumer/articles/aapl-apple-apple-sales-apple-stock/10/31/2012/id/45445</link>
<pubDate>
			Wed, 31 Oct 2012 13:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/consumer/articles/aapl-apple-apple-sales-apple-stock/10/31/2012/id/45445</guid>
<description>
<![CDATA[If you read our article last week, you saw that we liked Apple (NASDAQ:AAPL) on its weakness (see Time to Think About Apple Again!). We sold January puts that effectively give us an entry price of $547. We still like that play on the weakness we see today.

The January $565 puts are now trading around $22 -- up from $18 on Friday. We would say we like them even more now. Or you can think about the $555 and sell them for around $18. Your effective entry price would be $537. 

Let&#39;s examine two key questions on Apple: (1) ]]>
</description>
<content:encoded>
	<![CDATA[If you read our article last week, you saw that we liked Apple (NASDAQ:AAPL) on its weakness (see Time to Think About Apple Again!). We sold January puts that effectively give us an entry price of $547. We still like that play on the weakness we see today.

The January $565 puts are now trading around $22 -- up from $18 on Friday. We would say we like them even more now. Or you can think about the $555 and sell them for around $18. Your effective entry price would be $537. 

Let&#39;s examine two key questions on Apple: (1) ]]>
</content:encoded>
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<title><![CDATA[The Market Calm Between Two Storms, One Real, One Fiscal]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/The-Market-Calm-Between-Two-Storms/10/30/2012/id/45421</link>
<pubDate>
			Tue, 30 Oct 2012 15:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/The-Market-Calm-Between-Two-Storms/10/30/2012/id/45421</guid>
<description>
<![CDATA[Hurricane Sandy has slowed the pace of Wall Street this week. That is probably an understatement. The markets are closed for the second straight day due to weather. This is the first time that&#39;s happened in over 100 years.
 
I love this kind of unexpected chance to take a breather. It gives me a chance to think about the markets and read a little bit more market research.
 
My current thoughts on the market: We are in for a bumpy ride at year-end and in to early 2013. Right now is the calm before the storm that just happens to ]]>
</description>
<content:encoded>
	<![CDATA[Hurricane Sandy has slowed the pace of Wall Street this week. That is probably an understatement. The markets are closed for the second straight day due to weather. This is the first time that&#39;s happened in over 100 years.
 
I love this kind of unexpected chance to take a breather. It gives me a chance to think about the markets and read a little bit more market research.
 
My current thoughts on the market: We are in for a bumpy ride at year-end and in to early 2013. Right now is the calm before the storm that just happens to ]]>
</content:encoded>
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<title><![CDATA[Time to Think About Apple Again!]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/aapl-apple-ipad-mini-iphone-sales/10/26/2012/id/45410</link>
<pubDate>
			Fri, 26 Oct 2012 16:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/aapl-apple-ipad-mini-iphone-sales/10/26/2012/id/45410</guid>
<description>
<![CDATA[Apple (NASDAQ:AAPL) dipped into the low $590s today on the back of "disappointing" earnings. I wouldn&#39;t call it disappointing earnings; I think they delivered exactly what was expected.

A bear might point to the lower-than-expected iPad sales. But I think that the iPad mini will fill the demand back in, and the iPad and iPad mini will combine to create great sales.

A bull would point to the blow-away iPhone sales and the iPhone 5 demand. Apple can&#39;t keep up with the production demand so far. In addition, the new line of Macs look terrific to me, and the early ]]>
</description>
<content:encoded>
	<![CDATA[Apple (NASDAQ:AAPL) dipped into the low $590s today on the back of "disappointing" earnings. I wouldn&#39;t call it disappointing earnings; I think they delivered exactly what was expected.

A bear might point to the lower-than-expected iPad sales. But I think that the iPad mini will fill the demand back in, and the iPad and iPad mini will combine to create great sales.

A bull would point to the blow-away iPhone sales and the iPhone 5 demand. Apple can&#39;t keep up with the production demand so far. In addition, the new line of Macs look terrific to me, and the early ]]>
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<title><![CDATA[Updated Status: How to Buy Into Facebook]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/options/articles/fb-facebook-investing-in-facebook-facebook/10/19/2012/id/45176</link>
<pubDate>
			Fri, 19 Oct 2012 14:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/options/articles/fb-facebook-investing-in-facebook-facebook/10/19/2012/id/45176</guid>
<description>
<![CDATA[Back on September 21, my firm started a Facebook (NASDAQ:FB) investment. I said I'd be a buyer if it dipped down to the $20-$21 range. But I wanted to force myself to be a buyer and get paid to be a buyer. So I sold $20 October expiration puts.
 
Here I am at the October expiration and Facebook is trading at just below $19. My options will exercise at $20 and after the market closes I will own those shares of Facebook. I already collected $0.30 for each share of Facebook in the put. Therefore my effective price will be ]]>
</description>
<content:encoded>
	<![CDATA[Back on September 21, my firm started a Facebook (NASDAQ:FB) investment. I said I'd be a buyer if it dipped down to the $20-$21 range. But I wanted to force myself to be a buyer and get paid to be a buyer. So I sold $20 October expiration puts.
 
Here I am at the October expiration and Facebook is trading at just below $19. My options will exercise at $20 and after the market closes I will own those shares of Facebook. I already collected $0.30 for each share of Facebook in the put. Therefore my effective price will be ]]>
</content:encoded>
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<title><![CDATA[How Important Is Mobile to Microsoft?]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/msft-hpq-dell-aapl-microsoft-hewlett/10/18/2012/id/45130</link>
<pubDate>
			Thu, 18 Oct 2012 13:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/msft-hpq-dell-aapl-microsoft-hewlett/10/18/2012/id/45130</guid>
<description>
<![CDATA[Microsoft (NASDAQ:MSFT) announces earnings after the market closes today, and it should be interesting as the firm continues to be a juggernaut in technology and still has several cash cow businesses that are driving the bus.
 
But an article in the Wall Street Journal asks the question today: If Microsoft can't get its mobile strategy worked out, will it become a value trap stock, a la Hewlett-Packard (NYSE:HPQ) and Dell (NASDAQ:DELL)?
 
Given the long-term importance of mobile to almost all technology companies, the long-term answer to this question is obvious: Microsoft must show traction in mobile over the long-run to ]]>
</description>
<content:encoded>
	<![CDATA[Microsoft (NASDAQ:MSFT) announces earnings after the market closes today, and it should be interesting as the firm continues to be a juggernaut in technology and still has several cash cow businesses that are driving the bus.
 
But an article in the Wall Street Journal asks the question today: If Microsoft can't get its mobile strategy worked out, will it become a value trap stock, a la Hewlett-Packard (NYSE:HPQ) and Dell (NASDAQ:DELL)?
 
Given the long-term importance of mobile to almost all technology companies, the long-term answer to this question is obvious: Microsoft must show traction in mobile over the long-run to ]]>
</content:encoded>
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<title><![CDATA[JPMorgan, BlackRock, Goldman, and More: Examining the Underlying Components of XLF]]></title>
<link>
			http://www.minyanville.com/sectors/financial/articles/XLF-c-blk-jpm-gs-financial/10/2/2012/id/44602</link>
<pubDate>
			Tue, 2 Oct 2012 13:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/financial/articles/XLF-c-blk-jpm-gs-financial/10/2/2012/id/44602</guid>
<description>
<![CDATA[The financials sector has had a nice 12-month run. You might remember that the sector was volatile at the end of summer 2012 thanks to the debt crisis in Europe. The sector has recovered nicely since then with a one year return in the Financial Select Sector SPDR  (ETF ) (NYSEARCA:XLF) of 40%. Not too shabby.
 
Of course, the financials had a lot of room to run. It was the most beat-down sector in the 2008-09 credit crisis. In fact, it is still the most beaten down sector by far when valuations are compared to he highs in late 2007. ]]>
</description>
<content:encoded>
	<![CDATA[The financials sector has had a nice 12-month run. You might remember that the sector was volatile at the end of summer 2012 thanks to the debt crisis in Europe. The sector has recovered nicely since then with a one year return in the Financial Select Sector SPDR  (ETF ) (NYSEARCA:XLF) of 40%. Not too shabby.
 
Of course, the financials had a lot of room to run. It was the most beat-down sector in the 2008-09 credit crisis. In fact, it is still the most beaten down sector by far when valuations are compared to he highs in late 2007. ]]>
</content:encoded>
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<title><![CDATA[Making the Bull Case for Financials Courtesy of QE3]]></title>
<link>
			http://www.minyanville.com/sectors/financial/articles/XLF-BAC-JPM-financials-financial-sector/9/28/2012/id/44415</link>
<pubDate>
			Fri, 28 Sep 2012 16:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/financial/articles/XLF-BAC-JPM-financials-financial-sector/9/28/2012/id/44415</guid>
<description>
<![CDATA[The financial services sector has been sitting in its time-out chair for at least four years now. The sector has really never recovered to the pre-2008 financial crisis levels. Any optimism that it might recover to those levels soon is probably misplaced. However, the sector has some nice room to still run over the long haul, and I&#39;ll make that case below.
 
We know the two biggest reasons financial services stocks are still so depressed compared to 2007 levels: (1) given the new rules that they are forced to play by, they will not get back to their pre-2008 earnings ]]>
</description>
<content:encoded>
	<![CDATA[The financial services sector has been sitting in its time-out chair for at least four years now. The sector has really never recovered to the pre-2008 financial crisis levels. Any optimism that it might recover to those levels soon is probably misplaced. However, the sector has some nice room to still run over the long haul, and I&#39;ll make that case below.
 
We know the two biggest reasons financial services stocks are still so depressed compared to 2007 levels: (1) given the new rules that they are forced to play by, they will not get back to their pre-2008 earnings ]]>
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<title><![CDATA[How to Buy Into Facebook (NASDAQ:FB)]]></title>
<link>
			http://www.minyanville.com/sectors/consumer/articles/facebook-fb-nasdaq253Afb-buy-facebook-facebook/9/21/2012/id/44267</link>
<pubDate>
			Fri, 21 Sep 2012 12:25:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/consumer/articles/facebook-fb-nasdaq253Afb-buy-facebook-facebook/9/21/2012/id/44267</guid>
<description>
<![CDATA[At my firm, we like buying things at a bargain. For instance, if anyone out there wants to sell me their brand new iPhone 5 for $100, I am listening!

But one of the hardest things to do psychologically as an investor is purchase a stock or ETF while it is in the middle of a decline. The decline truly tests how much of a 'bargain' you really thought that stock was.

When Facebook (NASDAQ:FB) had its IPO, we said we'd be interested in buying it if it went down to the $20 to $21 range.

So some folks have ]]>
</description>
<content:encoded>
	<![CDATA[At my firm, we like buying things at a bargain. For instance, if anyone out there wants to sell me their brand new iPhone 5 for $100, I am listening!

But one of the hardest things to do psychologically as an investor is purchase a stock or ETF while it is in the middle of a decline. The decline truly tests how much of a 'bargain' you really thought that stock was.

When Facebook (NASDAQ:FB) had its IPO, we said we'd be interested in buying it if it went down to the $20 to $21 range.

So some folks have ]]>
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<title><![CDATA[Making the Bull Case for Financials Courtesy of QE3]]></title>
<link>
			http://www.minyanville.com/sectors/financial/articles/XLF-BAC-JPM-financials-financial-sector/9/18/2012/id/44105</link>
<pubDate>
			Tue, 18 Sep 2012 12:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/financial/articles/XLF-BAC-JPM-financials-financial-sector/9/18/2012/id/44105</guid>
<description>
<![CDATA[The financial services sector has been sitting in its time-out chair for at least four years now. The sector has really never recovered to the pre-2008 financial crisis levels. Any optimism that it might recover to those levels soon is probably misplaced. However, the sector has some nice room to still run over the long haul, and I&#39;ll make that case below.
 
We know the two biggest reasons financial services stocks are still so depressed compared to 2007 levels: (1) given the new rules that they are forced to play by, they will not get back to their pre-2008 earnings ]]>
</description>
<content:encoded>
	<![CDATA[The financial services sector has been sitting in its time-out chair for at least four years now. The sector has really never recovered to the pre-2008 financial crisis levels. Any optimism that it might recover to those levels soon is probably misplaced. However, the sector has some nice room to still run over the long haul, and I&#39;ll make that case below.
 
We know the two biggest reasons financial services stocks are still so depressed compared to 2007 levels: (1) given the new rules that they are forced to play by, they will not get back to their pre-2008 earnings ]]>
</content:encoded>
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<title><![CDATA[The Market Plays Along as the Fed Gets It Wrong]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/255EGSPC-spy-s2526p500-market-market-rally/9/14/2012/id/44011</link>
<pubDate>
			Fri, 14 Sep 2012 10:50:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/255EGSPC-spy-s2526p500-market-market-rally/9/14/2012/id/44011</guid>
<description>
<![CDATA[Do you hear that humming sound from Washington? It&#39;s the US printing presses making money! The Fed launched QE3 yesterday with a material size behind it. The fact that they have started QE3 ahead of the election really surprised me. But the size of it does not. If you are going to show the political courage to make this move ahead of the November vote, then you better do it big to show that it must have really been necessary.
 
But was it necessary? Was it even the right tool for this Fed to use? I think the answers are ]]>
</description>
<content:encoded>
	<![CDATA[Do you hear that humming sound from Washington? It&#39;s the US printing presses making money! The Fed launched QE3 yesterday with a material size behind it. The fact that they have started QE3 ahead of the election really surprised me. But the size of it does not. If you are going to show the political courage to make this move ahead of the November vote, then you better do it big to show that it must have really been necessary.
 
But was it necessary? Was it even the right tool for this Fed to use? I think the answers are ]]>
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<title><![CDATA[Two Ways to Play If Stock Correlation Continues to Decline]]></title>
<link>
			http://www.minyanville.com/business-news/markets/articles/255EGSPC-spy-s2526p500-stocks-stock-market/9/12/2012/id/43945</link>
<pubDate>
			Wed, 12 Sep 2012 11:20:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/business-news/markets/articles/255EGSPC-spy-s2526p500-stocks-stock-market/9/12/2012/id/43945</guid>
<description>
<![CDATA[One of the most important articles I read in weeks was on the blog on the Wall Street Journal yesterday. It was about the correlation of the top 10 S&P 500 sectors to the broader S&P 500 Index (^GSPC). Correlation reached a very high level in July and August of this year. Here is an excerpt from the article:
 

	The correlation between the S&P 500&prime;s 10 sectors currently averages 83.7%, compared to 85.7% in August and 89% in July, according to Nicholas Colas, chief market strategist at ConvergEx Group.
 

	But before anyone gets overly excited, he notes these figures are ]]>
</description>
<content:encoded>
	<![CDATA[One of the most important articles I read in weeks was on the blog on the Wall Street Journal yesterday. It was about the correlation of the top 10 S&P 500 sectors to the broader S&P 500 Index (^GSPC). Correlation reached a very high level in July and August of this year. Here is an excerpt from the article:
 

	The correlation between the S&P 500&prime;s 10 sectors currently averages 83.7%, compared to 85.7% in August and 89% in July, according to Nicholas Colas, chief market strategist at ConvergEx Group.
 

	But before anyone gets overly excited, he notes these figures are ]]>
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