Archive for January, 2009

Buy Flomax Without Prescription

Posted by Dan Hung

at January 29, 2009

Buy Glucophage Without Prescription

Posted by Dan Hung

at January 28, 2009

9 Comments

Buy glucophage without prescription, I haven't written about technical analysis in a long time. Glucophage internet, Given my shift away from trading and technical analysis to a more long term value focus, it's probably to be expected, purchase glucophage overnight delivery. Order glucophage no rx, But, I realize that a lot of investors out there have their interest piqued by technical analysis and hope to incorporate it in their investment analysis, glucophage buy online. Buy glucophage on line, I also realize that true value investing can be difficult. Many of us don't have the time or the expertise to do extensive balance sheet analysis to determine liquidation value of our investment targets, no rx glucophage. How, then, can we invest with true margin of safety, buy glucophage without prescription. Discount glucophage no rx, Obviously, the main objective is to determine your fair valuation through fundamental means - multiples analysis, glucophage order, Free glucophage, financial projections, DCF, find glucophage on internet, Buying glucophage online, etc - and invest in stocks trading at a discount. But, buy glucophage in us, Discount glucophage online, how do we enter without risking too much to the downside.

This is a situation where I may differ with Benjamin Graham and Warren Buffet, buying generic glucophage. Cost glucophage, I don't necessarily have the bankroll to continuously average down my positions. Buy glucophage without prescription, Further, I live by the tenet that paper losses can often turn into material losses with the passage of time and unexpected needs for liquidity. Thus, glucophage no rx, Cheap glucophage in canada, I realize that often times the trend really can be your friend. In the words of an investor I admire, cheap glucophage from canada, Glucophage, it is often better to be in the wrong stock at the right time than in the right stock at the wrong time. So, glucophage online stores, Buy glucophage low price, how do we determine the "right time".

The Rightside Chart

Here's Google's weekly chart from January 2005 to January 2008, glucophage information. This is a near perfect longterm up trend, buy glucophage without prescription. Glucophage in uk, This is what all investors wish their stocks' charts looked like 50-week moving average (1 year) support as well as the longterm trend coincide nearly perfectly signaling a modest and sustainable trajectory. Using a weekly chart gives you the overarching trend or, buy glucophage no rx, Discount glucophage without prescription, as an investor I admire calls it, the stock's continuum, compare glucophage prices, Glucophage price, and can provide context when you're fretting over more volatile day-to-day price movements.

Trend Reversals

Apple Reversal

Here's Apple's chart between mid 2002 and early 2004. Apple was notoriously trading near cash on the books before investors realized that this was not the same Apple of the mid-1990s and the rest is history, purchase glucophage online. Canada glucophage, Given Apple's history of poor cash usage and inability to get traction in its computer business, even the most seasoned value investor might not necessarily have felt completely comfortable with the stock, glucophage canada. Buy glucophage without prescription, But, a look at the chart provides technical confirmation that the market is beginning realize the intrinsic value at Apple. No prescription glucophage, First, we see the stock trade towards it's 50-day moving average and weakly break towards the 200-day moving average, purchase glucophage no rx. Buy glucophage online without prescription, The stock subsequently spends 6-months testing prior resistance while the 50-day and 200-day moving average converge. Finally, price of glucophage, Glucophage cheapest price, as highlighted, we see a breakout on heavy volume simultaneously with inversion of the 50-day moving average as well as a moving average cross over, overnight glucophage. Cheap glucophage no rx, In subsequent months, we see the formation of a new rightside chart where the 50-day moving average acts as support for the initial acceleration phase and we'll eventually see the 200-day moving average (roughly equivalent to the 50-week moving average) become the support for the long term continuum.

Apple's chart shows reversal happening in a swift and nearly simultaneous fashion, low price glucophage. The truth is, reversals can be longer and more painstaking, buy glucophage without prescription. Canadian glucophage, Generally, several steps will be accomplished:

Breakout through the 50-day SMA

Initial "weak" rise towards 200-day SMA

Retracement and testing of the 50-day SMA (accumulation)

Repeated testing of 200-day and 50-day resistance and support leading to convergence between the two moving averages

Strong breakout above the 200-day and the formation of a new rightside chart

A Case Study for Today

BKE Value and Technicals!

The Buckle is a company I've been watching for a while, approved glucophage pharmacy. The stock has been punished by the current retail pull back despite being one of few retailers able sustain same store sales growth, no debt, and significant upside for square footage growth (in the event of an economic turn around). Retailers, particularly ones with true growth stories, are rarely true value plays. They typically rent locations and source their clothes from other manufacturers and thus have few hard assets and, if run properly, are inventory light. For example, the Buckle has just $6.87 in tangible book value per share, a significant amount of downside risk if the Company were to be forced into liquidation for one reason or another.

But, given how well the Company has managed to perform through the downturn and management's shareholder friendly policies including a significant dividend (3.5+% at current prices) and a buy back plan, it would seem that the fair value for this stock is likely significantly better than $20-$22/share. Despite this, even if I believe that this stock has significant value above the current price, I'd be reticent to invest at these levels given the current risk/reward trade off. Looking at the current chart, though, it seems that the stock has found downside support and has begun base formation (accumulation). For me, I would be willing to trade a few basis points of return for a confirmation breakout which would provide a higher likelihood of immediate return and series of resistance levels to use as stop losses.

Full Disclosure: Long shares of Apple and Google at the time of writing. .

Technical Analysis, Tutorials

Buy Naltrexone Without Prescription

Posted by Dan Hung

at January 26, 2009

3 Comments

After reading a bit on the Dogs of the Dow theory and doing a little research of my own on large cap returns Buy naltrexone without prescription, , I seem to have convinced myself of the opportunity that may lie within U.S. large caps at the moment, order discount naltrexone online. Buy naltrexone from us, Never in the last ten years do I think we've had the opportunity to buy the security of U.S. large caps with an opportunity for both capital appreciation and equity income returns, order discount naltrexone. Naltrexone india, Obviously, part of the reason is that U.S, naltrexone cost. large caps are not quite as "secure" as we thought they were, buy naltrexone without prescription. Naltrexone tablets, But, if we know how to look, buy cheapest naltrexone online, Order naltrexone online, it's possible to find financial secure firms that will hopefully weather the storm and provide some very nice returns.

Dow Dividends

To demonstrate my process for ascertaining the security of a dividend, best price naltrexone, Find no rx naltrexone, I've run a quick dividend screen on the Dow using information available through the Yahoo. Finance Stock Screener, naltrexone generic. Naltrexone free delivery, (Given that many of these companies are issuing 4th quarter press releases, I've done my best to update EPS and FCF, buy naltrexone in canada. Buy naltrexone without prescription, Because audited balance sheets are typically not available in the releases, Debt/Equity and Current ratio numbers are likely from last quarter.) The screen looks for stocks with dividend yields > 3%, FCF Payout Ratio % < 60%, and Current Ratio > 1. Naltrexone medication, The dividend yield criteria is obvious. We're looking for companies which offer attractive income return, naltrexone sale. Buy cheapest naltrexone on line, It's anyone's guess when the stock market will rebound, but a secure dividend will provide the necessary cushion to ease the blow of interim volatility.

You may be wondering why I look at free cash flow payout ratio as opposed to the traditional payout ratio which uses net income, naltrexone without rx. Cheap naltrexone, This is because dividends are ultimately paid out of cash flow not GAAP net income. In the long run, net income is a more appropriate denominator because it provides a look at the run rate cash distribution/investment choices being made by management, buy naltrexone without prescription. But, discount naltrexone overnight delivery, Buy naltrexone no prescription required, in a recession, we care about the security of the dividend regardless of earnings, order naltrexone without prescription. Generic naltrexone cheap, In fact, an argument could be made that in an environment which presents very few viable investment opportunities, cheap naltrexone from uk, Naltrexone online cheap, paying out cash in excess of net income (or simply hoarding it) is the most responsible decision management could make.

Finally, we look at current ratio which is a liquidity ratio, naltrexone discount. Low cost naltrexone, The goal here is to identify companies which should comfortably be able to service it's liabilities over the next year. I choose current ratio > 1 in the screen, buy discount naltrexone online, Find naltrexone no prescription required, but generally we look for current ratio ~2 to be a healthy level. An even more conservative approach would be to look for quick ratio Buy naltrexone without prescription, > 1. Given the global credit crisis, naltrexone no prescription, Buying naltrexone, you can see why this would be a concern for us. In addition to examining a target's ability to service current liabilities, naltrexone vendors, Order naltrexone in canada, I've also loaded debt-to-equity ratios into the screen. A lazy investor would simply keep a very strict and very low tolerance for debt-to-equity (i.e, buy generic naltrexone online. Naltrexone overnight delivery, <1). But, one who's more savvy and apt to take on higher risk for return ought to continue his diligence to determine just what the debt is composed of, buy naltrexone without prescription. Maturity dates (timing risk), generic naltrexone online, Naltrexone for sale, lenders (counter party risk), and interest rate (interest risk) are all important factors in determining "good debt" from bad, generic naltrexone. Naltrexone pill, For example, a 5:1 debt to equity ratio might not be that bad for a Company which has secured long term financing and will likely be able to refinance years from now despite the fact that the market is punishing its stock due to current credit market worries.

On a final note, buy naltrexone cheap, Naltrexone without a prescription, you'll notice that Verizon Communications doesn't quite fit the criteria of my screen. In addition to wanting to submit ten stocks for your perusal, I added this because I wanted to show a Company who's stock has held up generally well, but has a low current ratio. This doesn't mean the Company is insolvent. Buy naltrexone without prescription, In fact, it's likely just more a nature of the Verizon business - a mature telecommunications services provider. You'll notice that despite relatively modest shareprice depreciation, the stock provides 6% dividend and pays out nearly all of its net income. Management of a mature business ought to do this. Generally low debt-to-equity also leads me to believe that the Company is likely in the process of reducing debt load as its need to lever for growth diminishes.

Obviously, this list is just an initial screen. There are definitely some interesting picks in there and all are trading well below their 200-day moving averages implying (if you believe in it) potential for mean reversion in addition to very attractive dividend yields. I'd be interested to hear thoughts from anyone who's looked at these stocks in more detail as far as whether or not they feel my screening criteria were at least directionally correct.

Full Disclosure: Long shares of GE at the time of writing. No positions in any other stock mentioned. .

Fundamental Analysis, Stock Screens, Tutorials

Buy Nasonex Without Prescription

Posted by Dan Hung

at January 21, 2009

2 Comments

In my last post about various dogs of the Dow Buy nasonex without prescription, strategies, I outlined the potential for market beating stock picks through the identification of depressed Dow stocks. Nasonex free sample, The general idea is that this forced contrarian strategy is a good way to induce all too often over optimistic investors to truly buy low and, hopefully, nasonex side effects, Cheapest generic nasonex, sell high.

These efficacy of various Dow underdog strategies is hard to prove over a long period of time. But, nasonex non prescription, Nasonex overnight, the idea that the Dow offers a risk averse entry to the stock market.

DJIA vs, <b>cheap nasonex no prescription</b>. <b>Buy nasonex from canada</b>, SP500

As you can see, the Dow Jones Industrial Average since 1950 has provided a .3% lower annualized return than the S&P 500 over the last half century with 9% less volatility and lower downside deviation, order nasonex no prescription required. (You can learn to calculate these metrics in my post series on Portfolio Performance Metrics.) So, while the Dow Jones has underperformed the S&P over the last 50 years, it has provided a modicum of "safety" for those looking for less volatile year-to-year price movements.

But, why should you buy the Dow today, buy nasonex without prescription. Nasonex discount, First and foremost, the Dow Jones' indicated dividend yield is currently almost 4.0% whereas the S&P 500 offers just 3.3%, nasonex overnight shipping. Buy cheapest nasonex online, This provides some level of cushion as you wait for the markets to turn around. More importantly, real nasonex without prescription, Nasonex information, if history can be our guide, you won't have to wait long for an eventual rebound, generic nasonex cheap. Nasonex pharmacy online, DJIA Sequential Down Years

Since 1928, the Dow Jones has posted just 28 down years with 5 sets of sequential down years, cheapest nasonex online. Buy nasonex without prescription, Implying that, over the last 80 years, there have only been 19 year plus periods in which the market destroyed value. Order nasonex overnight delivery, 65% of 80 years provided positive return. And, nasonex online sale, Nasonex us, more importantly, years following a >20% decline averaged a 26.1% rebound, generic nasonex. Free nasonex, Not enough for those who bought before a decline to be made whole, but a very intriguing possibility for those of us with capital after a major market disjunction, canadian nasonex. Cheapest nasonex price, (Data from Data360.org)

For more on the bull case for the Dow, check out this analysis provided by Ned Davis Research, nasonex bangkok. This shows a renormalization of price dividend ratios which has been shown to be the best long term predictor of overall market performance, buy nasonex without prescription. Buy cheap nasonex online, While we may still seem to be "overvalued" based on this metric, remember that shareholder returns have shifted towards share buybacks over dividends in the last decade which has inflated price dividend ratios, no prescription nasonex. Nasonex australia, Furthermore, realize that indicators rarely trade without hesitation from overvalued to undervalued, nasonex cheap drug. Buy nasonex, While there is a case to be made that the Dow may stay rangebound for years as dividends catch up to pricing and bring us back within historical valuation levels, intermediate rallies are very likely, nasonex online. Buy nasonex online without prescription, For those with a longer term outlook, increasing dividends will only improve yield on cost (though current valuations do not necessarily scream "value"), purchase nasonex no rx. Cheapest nasonex prices, If this article has piqued your interest, you can trade the Dow Jones Industrial index using ETFs such as iShares Dow Jones US Industrials (IYJ), nasonex online cheap, Sale nasonex, Dow Diamonds (DIA), and the Ultra Dow (DDM, discount nasonex overnight delivery, Find cheap nasonex online, provides 2x exposure). There's even a Dogs of the Dow ETN which unfortunately debuted just over a year ago (DOD).

Full Disclosure: No positions in the stocks mentioned at the time of writing., order discount nasonex online. Pharmacy nasonex. Buy nasonex online cheap.

Curious Investments, Market Commentary

Buy Nizoral Without Prescription

Posted by Dan Hung

at January 19, 2009

3 Comments

I read Winning with the Dow's Losers Buy nizoral without prescription, by Charles Carlson years ago, but haven't really thought about it until recently. Find nizoral on internet, As you might guess, this is basically a book about the "Dogs of the Dow" strategy first publicized by Michael O'Higgins in his book, purchase nizoral without prescription, Nizoral canada, Beating the Dow. O'Higgins claims to have discovered this strategy in 1970s after being burned by the "Nifty Fifty" during the bear market in 1973-1974, cheap nizoral internet. Buy nizoral pills, For those that don't know, the strategy is basically a simple contrarian strategy that limits the stock picking universe to the Dow Jones Industrial Average (DJIA), nizoral without prescription. Order nizoral, The idea being that the Dow Jones will do the heavy "due diligence" for you since you can be generally sure that a company included in the DJIA is one of America's largest and most steadfast corporations. As such, people who ascribe to a dogs of the Dow philosophy believe that you can outperfor the Dow simply by buying some set of the worst performing Dow components, buy nizoral without prescription. O'Higgins advocated choosing the ten Dow stocks with the highest dividend yield and rebalancing yearly.

Charles Carlson takes this O'Higgins' theory one step further in Winning with the Dow's Losers and believes that you can beat the Dow on capital appreciation alone simply by looking for stocks with the largest percentage drop in share value or trading furtherst below their 200-day moving average which he defines using close ratio (share price to 200-day MA), nizoral approved. Nizoral no online prescription, The majority of his book involves the presentation of back testing data going back to the 1930s including analysis of companies which have been added and subtracted from the Dow Jones. To follow up on his assertions, fda approved nizoral, Cheap nizoral from uk, Carlson has even set up a website - DowUnderdogs.com - where he provides yearly analysis of Dow losers and tracks their performance.

In the end, it's hard to say that this strategy is fool proof, buy nizoral in us. Order nizoral no prescription, In fact, if you look at the performance of the strategy over the last year, order cheap nizoral online, Nizoral pill, you'll find that nearly all configurations of the Dow Underdogs strategy vastly underperformed the Dow. Buy nizoral without prescription, Furthermore, Carlson's book itself presents that the 10-stock strategy barely outperforms the Dow over the last 70+ years with outperformance just north of 100bps better than the Dow itself. And, order nizoral on internet, Buy nizoral on line, would anyone really be bold enough to commit the majority of their capital to a strategy that relies on just 3 or 5 Dow components. These strategies seemingly offer better performance but significantly more volatility over the same period.

Overall, generic nizoral online, Nizoral malaysia, Winning with the Dow's Losers is a well written book that presents a pretty effective case for a so-called "lazy strategy" that has the potential to outperform over a long period of time. I think it's real value is getting the reader to think more about the value of "contrarian" investing and realizing that today's losers will not necessarily be down and out forever, buying nizoral online. Nizoral online sales, The key, though, order generic nizoral, Nizoral tablets, is not to confuse this strategy for a true value strategy. In the end, Carlson relies more on technical concepts like mean reversion and relative performance to prove that his strategy can beat the Dow, buy nizoral without prescription. Furthermore, nizoral price, Nizoral pills, the strategy, as any "lazy strategy, no rx nizoral, Cheap nizoral in canada, " suffers from the fact that it prescribes a yearly rebalancing when market cycles are not bound to any predetermined time frame. One of the reasons why the strategy so bady underperformed last year is exactly this, buy nizoral from india. Canada nizoral, Two of the Dow's biggest losers in 2007, GM and Citi, buy cheapest nizoral, Cheap generic nizoral, were at the center of the downturn that has only accelerated in 2008. Will these two stocks someday rise from "worst to first, order nizoral from us, Nizoral cheap, " possibly. But, buy nizoral generic, Nizoral pharmacy, from 2007 to 2008, they went from worst to worst-est, nizoral buy. Purchase nizoral, Speaking of which, it would be interesting to see how this strategy performs on a dollar cost averaged basis.

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Book Reviews

Buy Remeron Without Prescription

Posted by Dan Hung

at January 15, 2009

1 Comment

I wrote earlier today about why I believe Apple will be fine Buy remeron without prescription, despite Steve Jobs' surprise leave of absence. And, remeron overnight delivery, Buy remeron canada, overall, it seems investors agree (at least at current market value) with the stock falling just 2% after trading down nearly 7% in after-markets the night before, remeron rx. Purchase remeron online, Despite this, I've noticed many fear mongers out there advocating the all out demise of Apple with no real look towards the stock's valuation, remeron for order. Cost of remeron, The surprise news definitely clouds some of Apple's longterm revenue visibility (just ask retailers what happens when investors are uneasy about the future), but this doesn't necessitate a meltdown in share price if the valuation adequately discounts worries about the future.

Apple's share price already implies a near doomsday scenario
Apple currently has $27.54/share of cash and short term investments, find remeron without prescription. Remeron side effects, Net working capital currently creates $4.38/share of cash. Assuming a wind down of this business would require a working capital reserve of $5/share to pay down the negative net working capital, this leaves approximately $22/share of cash on the balance sheet which can be considered "distributable" to shareholders, buy remeron without prescription. Given today's closing price of $83/share, buy remeron from us, Buy remeron on internet, that would imply that the value of Apple's future cash flows is just $83 - $22 = $61/share.

Apple DCF Analysis

From the above table, buy remeron lowest price, Find no rx remeron, you can see that Apple's share price currently implies two highly pessimistic scenarios.

Free cash flows will immediately decline 27% from last year and never grow again

Free cash flows will fall 5% annually until it finally shuts its doors

In the less severe, order remeron in canada, Buy remeron from canada, but still rather conservative case that Apple's free cash flow falls 15% in the year and never grow again, we determine a current value for the stock at $89.72/share, remeron vendors. Compare remeron prices, And, if the management without Steve Jobs manages exactly as sucessfully as it did in the last fiscal year and doesn't grow the Company ever again, low price remeron, Remeron medicine, the stock ought to fetch $101.67. Buy remeron without prescription, It would seem that at current share prices, as long as Apple can maintain itself as a going concern, investors are getting an opportunity to not only buy the Company's potential growth for free, but also receive a margin of safety in the Company's operational results in excess of 15%.

Is growth even possible without Steve Jobs?
Apple has momentum in its personal computer business, an entrenched and dominant market share in personal media players, the top platform in the budding mobile computing business, and ancillary products (AppleTV and iTunes, in particular) which can be leveraged both for growth and tightening its grip on its consumers through interdependence on its products. Furthermore, remeron from canada, Buy discount remeron online, recent moves by Apple such as the hiring of Mark Papermaster and a slew of chip designers, signals a pipeline of product ideas that is far from running dry, remeron online review. Best price for remeron, What investors should worry about
The management team which succeeds Steve Jobs is first and foremost responsible for managing the business. Innovation and vision will come to a patient management team that does not waste money on fruitless "investments" and acquisitions as they may be tempted to do (*cough* yahoo *cough*), lowest price remeron. Find remeron, There ought to be two priorities:

Maintain run rate free cash flows similar to those of 2007 and 2008

Conserve and build upon cash and short term equivalents

If these two conditions are not met, then shareholders should not give the Company the benefit of the doubt and demand an immediate return of excess cash and short term investments, overnight remeron. Remeron free sample, I believe Apple's board of directors and current executive team realizes this and is more than capable of continuing executing Apple's strategy producing high-end personal computing products. And, find discount remeron, Remeron prescription, as such, believe that Apple's stock is also trading at a potentially attractive discount despite worries over succession, drug remeron. Cheap remeron tablet, Full disclosure: Long shares of AAPL at the time of writing (and considering adding to my position). Cheapest generic remeron online. Online pharmacy remeron. Order remeron without prescription. Buy remeron online australia. Get remeron. Remeron free delivery. Remeron non prescription. Cheap remeron tablets. Buying generic remeron. Order remeron in us.