Market Outlook | November 30, 2009

“A national debt, if it is not excessive, will be to us a national blessing.” Alexander Hamilton (1755 - 1804)

Dissecting Surprises:

It was only a week ago, when talks of asset bubbles were a growing concern for global policymakers. Similarly, buyers were looking for ways to protect annual profits. Two years ago, a unified asset appreciation preceded the sharp decline ahead of the 2008 crisis. Keeping that in mind, it takes us to last Friday, where Dubai’s decline symbolized and reinforced the danger of excessiveness. For some, it was not surprising. In fact, some might argue that this macroeconomic shock was overdue. Interestingly, Gold and stocks appeared to desperately seek a catalyst to serve as an excuse to sell. Veteran observers echo similar messages, in which reversals require news flow to cause a reaction. In the past week, this is strongly supported by the low levels of volatility along with asset appreciation. Basically, odds were increasing for short-term pullbacks, which are yet additional reasons for managers to hedge winning holdings and avoid major bets with year-end approaching.

Headline discussions can paint few reasons to stay cautious in extended assets, such as Gold and China. In term of actionable moves, to panic or claim a selling frenzy is rather early. Even a 6-8% broad market correction might be a natural pattern that’s much needed in the current cycle. Those heavily invested in elevated metals and emerging markets are reevaluating their risk relative to other areas. Those who thought they missed the metal rally might have time work in their favor. A Bloomberg survey showed 94% bullishness in Gold among investors, which is, perhaps, a scary signal of overly optimistic sentiment. This paints the mood and psychology heading into this first week of December. For months, the low interest rates policy has encouraged a shift towards risky assets. Basically, low rates confirm that unemployment is rising and that growth is weak. However, assuming this trend will continue without turbulence might be costly.

Looking Ahead:

Larger and more stable companies in developed markets stand to benefit as an alternative to speculative and elevated groups. In looking ahead to 2010, technology and healthcare in US presents relatively cheaper value and growth opportunities. Again, this rotation is slowly taking place, and it has yet to fully materialize. Again, most await a unified pullback as a chance to revisit ideas at a bargain. Importantly, observers are looking for non-synchronized movements to distinguish upcoming leaders and least liked groups. These actions, along with currency responses and policymakers’ thoughts, will be digested by investors.

Specific Ideas:

WTR (Aqua America) presents a long-term investment consideration for investors seeking price appreciation and yield which is relatively attractive given current market landscape, while offering favorable entry points. For portfolios, this fits the infrastructure theme and presents a positive exposure, water related investment. Previous chart patterns suggest a closer look for buyers, especially when stock nears $16 per share.

BBOX (Black Box Corp) is a distributor and manufacturer of communication products and infrastructure solutions. A four month bottoming process in stock price. Recent cash dividend announcement, new strategic alliance, and low valuation suggest an upside move for months ahead.

Article Quotes:

"A lot of things in China carry a whiff of excess. The cost of garlic is among them: wholesale prices have almost quadrupled from March. A halving of the planting area last year, and belief in the bulb's powers to ward off swine flu, provide some justification for the surge. But anecdotes of unbridled trading activity in Jinxiang county, home to China's largest garlic plant, suggest that the most likely cause is the most obvious - the abundant liquidity swilling through the system. New Loans in China may top Rmb10,000bn this year, double the run-rate of the preceding years; 2010 should bring another Rmb7-8,000bn." (Financial Times, November 24, 2009)

"Corporate profits from current production rose 10.6% in the third quarter, following a revised 3.7% gain in the second quarter. From a year ago, corporate profits fell 6.7%, the first single-digit decline after three straight quarters of significantly weaker profits. Corporate profits of the financial sector advanced 36.4% in the third quarter and made up the larger share of corporate profits. Corporate profits of the non-financial sector increased only 2.0%. The financial sector's performance is artificially boosted by the support programs in place." (Northern Trust – November 24, 2009)

Levels:

S&P 500 [1091.49] Upside run stalling between 1100-1080 in the near-term. Next key points on downside moves include 1080 and 1060

.

Crude [$76.05] Barely holding above 50 day moving average of $75.44. One moth downtrend developing since late October given a nearly 12% decline.

Gold [$1166] The commodity is 20.43% removed from its 200 day moving average. Poised for a sharp correction, while maintaining its uptrend.

DXY– US Dollar Index [75.02] Staying steady within a narrow range of 75-75.50. Basically, currency traders are eagerly awaiting a macro event.

US 10 Year Treasury Yields [3.20%] Rates continue to decline after peaking at 3.57%. Downtrend appears clear, and a rise in rates is not fully clear.

Dear Readers:

The positions and strategies discussed on MarketTakers are offered for entertainment purposes only, and they are in no way intended to serve as personal investing advice. Readers should not make any investment decisions without first conducting their own, thorough due diligence. Readers should assume that the editor holds a position in any securities discussed, recommended, or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Post, considered liable for the future investment performance of any securities or strategies discussed.

Market Outlook| November 23, 2009

Weekly Result:

S&P 500 1,091.38 -.19%
DJIA 10,318.16 +.46%
NASDAQ 2,146.04 -1.0%
Russell 2000 584.68 -.27%
MSCI Emerging Markets 40.77 -.19%

Setting the stage:

Numbers circling around investors heads include the S&P 500 index ability to hold above 1100 and the possibility of above 20% year-to-date returns. For some, Thanksgiving marks the beginning of the holiday season and the end of significant risk taking. So far, risky assets have been encouraged globally as a result of central bank decisions. Now, managing the current uptrend is not only an issue of portfolio management but an area relating to foreign policy. Recently, regulators of emerging markets continue to see asset appreciation as a potential bubble. The market environment since March has been rewarding for participating investors. That said, policymakers are a bit confused and not sure how to respond to recent rise in stocks and Gold prices. Yet again, the Federal Reserve’s message of low rates is a powerful influence. Clearly, a shift where saving money in banks does not present desired returns. A quick glance at money market rates tells this story and helps explain the growing issuance of corporate bonds.

In looking ahead, any changes in the Feds tone or alteration from current language set the stage for a pivotal turning point. Maybe then can a much anticipated trend reversal drive down markets with a correction greater than 10%. At this point, that’s pure speculation as it has yet to take place. Last week, the Federal Reserve acknowledged some of the concerning economic factors such as commercial property. Now, perhaps this weakness is the justification to an ongoing low rate policy. Observers are left to scrutinize the motivation behind this policy and gauge some guesses to future consequence. A delicate matter that requires a resolution in the early part of 2010. On the other hand, lack of confidence in the Federal Reserve is growing as congress attempts to redefine roles of a central bank.

Revisiting Bubble Talk

It was over two years ago, where asset bubble became more pronounced. Then and now, the three major drivers of asset bubbles include Credit, Crude and China. Clearly, credit was first to crack and led to the financial crisis of 2008. China and Crude related areas witnessed an inevitable corrections but snapped back on market stability. Today, long-term holders are having a flashback to 2007 both in enjoying rewards and fearing elevation. Ironically, nervousness increases when ones ideas materialize at a faster pace than expected. However, the same logic does not apply in bottoms such as March of 2009. Slowly, the S&P 500 is climbing back but would need to rally over 45 % from current levels to reach all-time highs of October 11, 2007. Uniform rising and sinking is an intriguing theme that continues to linger. In other words, there are various financial instruments but mostly comes down to making directional bets. In the past two years, around the holiday season investors were facing a similar challenge. Again, Gold and S&P appear to move in tandem while the Dollar and rates move lower. Generally, a money manager was forced to get the broad directional call versus identifying a differentiated fundamental view.

An interesting period where the importance of cycles, remind us of the commodity uptrend has taken place many years. Over a 10 year run in Gold has produced a return of 350% and ninth consecutive year of positive annual returns. Clearly, the past and present justify the thought process that motivate many to buy more metals. Keeping that in mind, the Federal Reserve hinted of reaching stability by closely watching the US dollar. That said, few bears argue the markets is overvalued by simply comparing 1982 vs. today’s P/E ratio. Others base their views based on political leadership, interest rates, dollar policy , and various unsolved international relations. When all said and done, we’re adjusting to a new era.

Happy Thanksgiving !

Article Quotes:

“During the month of October, the Federal Government spent $2.30 for every dollar of revenue it took in. Given the fact that this is the fifth time this year that the ratio has exceeded two, one might think that this type of deficit spending is commonplace. However, going back to 1970, October was only the 13th month that the ratio ever exceeded two. Prior to 2008, the ratio exceeded two on average once every 6.5 years. In the last two years, the ratio has exceeded two on average once every three months.” (Bespoke, November 18, 2009)

"China is among the emerging markets facing risks of property and commodity market bubbles, central bank adviser Fan Gang said, joining officials from the region in expressing concern about surging asset prices. 'The real risk is really asset bubbles,' Fan, who heads the National Institute of Economic Research, said... A 'Chinese asset bubble would be something very dangerous, that would cause the overheating' elsewhere as well, he said. Low interest rates sustained by the Federal Reserve, a weakening dollar and capital inflows to emerging markets have added to the dangers, Fan said. (Bloomberg, November 18, 2009)

Levels:

S&P 500 [1091.39] Fractionally lower relative to last week. Holding above 1100 can set the mindset and mark a key resistance level.

Crude [$76.72] Pausing after a peak in mid October. The commodity is trading within a narrow range between 76-80. This explains a 20 day moving average of $78.53. Committed buyers are staying patient but any fuzzy news flow is setting up to cause a sensitive reaction. Too early to call tops at this stage

Gold [$1140] Making new intra-day and weekly highs. A continuation of an explosive autumn run. At this stage, the risk is building for latecomers but this trend is a powerful force. In other words, sharp sell-offs have resulted in additional buyers.

DXY– US Dollar Index [75.61] Attempting to bottom but a clear downtrend in place. Failed to hold 76 and bottom pickers are a little edgy. More of a bottoming confirmation is needed to attract believers of a trend reversal.

US 10 Year Treasury Yields [3.35%] Developing downtrend after peaking at 4% in earlier this June. Among, chartists 3.20% is the next most watched level. A break below that can spark discussions of rates below 3%.

Dear Readers:

The positions and strategies discussed on MarketTakers are offered for entertainment purposes only, and they are in no way intended to serve as personal investing advice. Readers should not make any investment decisions without first conducting their own, thorough due diligence. Readers should assume that the editor holds a position in any securities discussed, recommended, or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Post, considered liable for the future investment performance of any securities or strategies discussed.

Market Outlook| November 16, 2009

Weekly Results:
S&P 500 1,093.48 +2.26%
DJIA 10,270.47 +2.47%
NASDAQ 2,167.88 +2.62%
Russell 2000 586.28 +1.02%
MSCI Emerging Markets 40.85 +3.46%

“Mistrust the man who finds everything good, the man who finds everything evil, and still more the man who is indifferent to everything.” Johann K. Lavater

Good Stories vs. Solid Management

It appears that some observers cheer for one directional side, regardless of the calendar year or investment cycle. Perhaps. there is a bullish and bearish crowd that craves stories that support their views. Maybe, outspoken pundits present a thesis, rather than those seeking outperformance by participating in financial markets. However, an astute observer should grasp arguments from both views while staying informed. From a money management perspective, the above points are less relevant, especially since one-sided views lack flexibility. And active participants know too well that emotional responses are costly and that eliminating noise is a necessary exercise. That said, the critical questions reside in answering overall outlook for the first quarter of 2010.

Patiently Waiting

As the holiday season approaches, lofty investor expectations can create room for disappointments. However, Federal Reserve seems too encouraged on recent trends. On the other hand, political pressures are accumulating, regarding the near zero interest rate policies. This partially explains the non-trending behavior in interest rates and the ongoing strength in risky assets. Any changes of recent policies relating to interest rates, inflation, and US Dollar are expected to create significant mood changes to what appears to be a stabilizing market. Sideline observers are skeptical until policymakers restore trust with solid confirmation of existing mixed data points. At this point, investors can’t easily declare compliancy, even though the technical picture argues for cautiousness.

The trend shift toward optimism, established in the spring, simply showcased that risk taking has been rewarding. This enabled stock market indexes to normalize from abnormal lows. Of course, this cheerful response is not visible in some headlines, economic numbers, and sentiment studies. Mangers will have to distinguish cheerleading versus selective approaches in the weeks ahead. For some, selling now is difficult after enjoying favorable gains since March 2009. This is understandable for believers of a sustainable, multi-year cycle recovery. On that note, selling now appears too premature. At least, waiting to add to long positions is an option as well. Again, those in the sell camp have been whipped around and have been mostly wrong in the past six months. This is creating a growing hesitancy to bet against markets, and it may result in more sideway to up patterns. However, finding timely buy ideas seems limited. Meanwhile, adding to winners (such as materials, emerging markets, and small cap) seems a bit ambitious as well.

Clues

Volatility spiked few weeks ago, but it has quickly returned to calmer levels. It was an intriguing behavior that showcased early signs of fear. Yet, it was short-lived, as the volatility index retraced back to reasonable ranges. Earnings report continues to build optimism in core Large Cap areas. For example, Fed Ex signaled an optimistic forecast for holiday shipping. In fact, volume is projected to increase relative to 2008. Obviously, this was only an estimate, but the upbeat message signals some fundamental improvements in retail related areas. Perhaps, some economic data might underestimate innovation and entrepreneurship. As for financials, lagging indicators, such as foreclosure data, point to further deterioration. Importantly, sentiment in the sector is overly negative and can present surprises.

Article Quotes:

"Note the still widening spread between US 10-year yields over 2-year yields, otherwise known as the yield curve, on this historical. It is still rising, indicating to me that quantitative easing continues. The time to start thinking about closing long portfolios in anticipation of the next bear market, I suggest, will be when the yield curve next inverts by moving below zero. However, the lead was so early last time (early 2006) that some of us became complacent about it." (David Fuller Fullermoney, November 13, 2009)

“Despite deterioration in nonresidential construction, the housing sector appears to be stabilizing. With regard to wealth, after plunging 24 percent in inflation-adjusted terms from mid 2007 through the first quarter of this year, net worth across all American households rose slightly in the second quarter and will likely be found to have risen in the third. And, after surging to incredibly high levels, interest rate spreads have returned to near-normalcy in the commercial paper and mortgage markets and are returning to Earth in the bond market.” (Richard Fisher, November 10, 2009)

Levels:

S&P 500 [1093.48] Positive trend despite choppy trading pattern this fall. Expect back and forth swings between 1040-1100.

Crude [$76.35] Remains in a consolidation mode after retesting around $80. Short-term participants will closely watch the magnitude of pending sell-offs.

Gold [$1104] Trading near annual highs and continues to recovery sharply. Gold is up almost 20% since July 29th lows. Odds are increasing for minor pullbacks.

DXY– US Dollar Index [75.25] Once again, the index is trading closer to its annual lows. Few technical based observers mark 76 as a critical level.

US 10 Year Treasury Yields [3.42%] Closed few points removed from its 50 day moving average of 3.39%.Failing to surge past 3.57% and has held steady above 3.30%. Again, Fed policy or guidance can spark movements away from a narrow range.



Dear Readers:

The positions and strategies discussed on MarketTakers are offered for entertainment purposes only, and they are in no way intended to serve as personal investing advice. Readers should not make any investment decisions without first conducting their own, thorough due diligence. Readers should assume that the editor holds a position in any securities discussed, recommended, or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Post, considered liable for the future investment performance of any securities or strategies discussed.

Market Outlook | November 9, 2009

Weekly Results:

S&P 500 1,069.30 [+3.20%], DJIA 10,023.42 [+3.20%], NASDAQ 2,112.44 [+3.29%], Russell 2000 580.35 [+3.12%], and MSCI Emerging Markets 39.48 [+3.39%]

Digesting labor market results and stock market behavior can be two spate issues. Momentum is a powerful force that’s pointing to further upside moves.

Once again, we learned that sell-offs failed to reach more than 10%. Again, this is visible in the S&P 500, where the recent correction equaled around 6%. Ironically, those waiting for significant corrections might need markets to move much higher. Basically, an inevitable two week correction took place, forcing investors to reassess. This is poised to play out with a few weeks removed from year-end. The weakening labor market is not much of a surprise, heading into last Friday. Job numbers continue to be an established trend, given a 22 month contraction. In fact, some have pointed out that employment data is a lagging indicator, and macroeconomic aspects support those points. In looking ahead, a favorable cycle is forming in innovation themes despite a weak credit setting and lack of lending. Technology and biotech stand to benefit from increasing merger and acquisitions. Improvement in credit conditions, combined with increased IT spending, create opportunities in US technology.

Skepticism resurfaces, at times, among observers that state overbought technicals and pricy valuations. For money managers this might not be actionable until sentiment turns negative. Also, a shock in macroeconomic expectation can serve as a catalyst to trend reversals. At this stage, observers would be fighting the trend in making this assumption. Simply, the dominating theme is a movement towards risky assets such as emerging markets and commodities. This is evident, based on low rates and messaging from Federal Reserve. Thus, performance seekers are less hesitant to take an opposite view. In other words, many are not willing to risk profits earned since March lows.

Momentum is a factor that drives and attracts participants. Gold is picking up buyers, and previous performance is creating more believers in an already decade long-run up. For investors, Gold’s strength is hard to ignore, especially after a 333% appreciation since July 1999. Short term hurdles will struggle to deter those waiting for exposure. At the same time, paper assets, measured by the financial sector and US dollar, remain relatively weak. Simple, relative performance charts paint this picture. Global investors have accepted this fact, based on sector rotation data. The faith of paper assets will be mostly determined by policymakers and central banks. Until then, point sentiment and psychology is bound to flock towards outperformers from this year’s rally.

Article Quotes:

• “The Fed's balance sheet is bloated, but liquidity injections into the banking system have still failed to trigger a self-feeding expansion in money and credit. The monetary base has expanded by $788 billion in the past year, while outstanding bank loans have contracted by $638 billion. Meanwhile, actual inflation and inflation expectations remain tame.” (BCA Research, November 6, 2009)

• “Insiders sold $6.2 billion worth of shares in August, the most since May 2008, while insider buying has been under $1 billion for seven straight months for the first time since 2005, according to a report by research firm TrimTabs. Because insiders cannot trade around earnings season, insider volume at $3.6 billion in October was about half that in August, but the actions of executives at many companies that have reported suggest selling will pick up.” (Reuters, November 6, 2009)

Levels:

S&P 500 [1069.30] Trading within a range between 1040-1080. A sideway pattern that began in mid September. Longer-term outlook maintains its uptrend bias.

Crude [$77.43] Continues to pause after reaching annual highs of $82. Trend points to a positive movement with buy interest around $72 and $74. Upcoming sell-offs can paint a better read on buyer conviction.

Gold [$1096] Has a solid breakout that reconfirms a bullish trend. Short-term traders might shy away from accumulating at these elevated levels. Investors seek to gain confirmation on Gold price’s ability to stay above $1100.

DXY– US Dollar Index [75.79] Has recent strength in the US dollar, lacking further evidence of a turnaround. Having said that, a bottoming process is beginning to convince some investors on a potential of a trend shift.

US 10 Year Treasury Yields [3.49%] No major changes have occurred week after week. There has been a lack of major fluctuation in nearly five months.

Dear Readers:

The positions and strategies discussed on MarketTakers are offered for entertainment purposes only, and they are in no way intended to serve as personal investing advice. Readers should not make any investment decisions without first conducting their own, thorough due diligence. Readers should assume that the editor holds a position in any securities discussed, recommended, or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Post, considered liable for the future investment performance of any securities or strategies discussed.

Weekly Results:

S&P 500 1,036.19 -4.02%

DJIA 9,712.73 -2.60%

NASDAQ 2,045.11 -5.08%

Russell 2000 562.77 -6.34%

MSCI Emerging Markets 38.19 -6.40%

“If two men agree on everything, you may be sure that one of them is doing the thinking.” Lyndon B. Johnson (1908 - 1973)

Early hints:

There are plenty variables to watch in upcoming weeks and few things to digest from recent developments.

Dollar and volatility index (VIX) bottomed together on October 21, 2009, which marked a turning point that triggered recent sell-offs. On that date, the VIX contracts expired for October and jumped from 14 month lows. On the other hand, October 21st witnessed a short-term peak of 1101.36 in the S&P 500 Index. Uniformly, these signals showcased the feelings of participants towards a turbulent November. Similarly, these actions also matched technical signals of increased odds of pullbacks. In other words, buyers are waiting for better pricing and timing to reconsider purchase. Meanwhile, sellers are aggressively taking a cautious stance, based on early evidence of cycle declines. The early part of earnings season provided upside surprises. Perhaps that created great expectations, while raising the bar too high. Therefore, the stage was set for disappointments after a solid 7 month run.

From a global point of view, the recovery in the dollar is a key macro trigger that has been long awaited by financial markets. Similarly, the comfort level is being tested for those betting on higher commodities and lower dollar. Economic data and Fed actions can create further reasons for trend disruption. Heading into this week, short-term trading is subject to emotionally driven responses, which can be costly from a trading perspective. Importantly, fear appears to become the dominant market theme. Therefore, the power of perception can’t be underestimated, and it can quickly turn into reality. That said, the prudent move is to minimize risk and observe as events unfold at the start of the month.

Assembling the parts

Again, investors are adjusting from one extreme of bullishness to panic mode, continuing into a “stabilization” cycle. The big picture suggests that pending retracements are expected. Clearly, confidence is fragile, and the management of the financial system will face further scrutiny. For commodity holders, multi-year trends of Gold and Crude are not yet broken. Of course, fear will increase, given the psychology of markets. Generally, extremes offer opportunities, such as shorting in 2007 and going long in March 2009. However, many will attempt to identify if the recent recovery can be labeled extreme as well. Also, with the S&P up 14.7% year-to-date and with 42 trading dates left in 2009, managers might strongly consider taking profit to lock-in gains.

Weakening Financials:

More convincing is needed for suspicious observers, given the lack of credit extension and weaker consumer spending. Unlike the rest of the broad markets, Homebuilders peaked on September 17, 2009. Similarly, commercial real estate deterioration is evident, and few banks continue to file for bankruptcy.

Specific Ideas:

Worth a look are select opportunities in healthcare, technology, and infrastructure related and smaller companies with promising growth:

INSU (Insituform Technologies): This company might not offer the best entry point, but it may be an appealing company in small cap for longer-term investors. It’s an infrastructure play, offering exposure to Sewer Rehabilitation. Profitability increased in global projects as net revenue rose 14% from previous quarter. Long-term tecnhincals show favorable odds for a sustainable recovery.

BKE (Buckle Inc): Stock is trading at compelling levels for value seekers, despite a weak consumer and spending cycle. It’s a casual retailer, showing fundamental strength. Currently, it’s among the heavily shorted stock in the S&P 600 Index. It offers a contrarian bet, especially with growing pessimism.

Previous Ideas: ASEI (American Science and Eng), SXE (Stanley Inc), and RVBD (Riverbed Technology).

Article Quotes:

• "The percentage of US companies beating earnings estimates currently stands at 74%, but below, we highlight how this 'beat' rate has changed throughout earnings season. As shown in the charts below, as earnings season has progressed, the percentage of companies beating estimates has declined, while the percentage of companies missing estimates has increased.” - (Bespoke, October 29, 2009)

• "Capmark Financial Group Inc., the lender that filed for bankruptcy this week, was making billions of dollars in property loans just as investor Sam Zell was exiting the U.S. office market in early 2007. In 2006 and 2007, Capmark originated $60 billion in commercial mortgage loans, most for office buildings, according to the Oct. 25 bankruptcy filing. While Capmark was lending, Zell was selling Equity Office Properties Trust at the top of the market for $39 billion, including debt." – (Bloomberg, October 27, 2009)

Levels:

S&P 500 [1036.19] Few points above October 2nd lows of 1019. Short-term indicators suggest oversold conditions, as the index retraced 6%.

Crude [$77.00] Minor consolidation from October 21st highs of $80. The commodity continues to maintain its upside momentum.

Gold [$1040] Strength remains intact. Forming a trading range between 1020-1040.

DXY– US Dollar Index [76.34] Bouncing back from annual lows. Last week, index surpassed its 20 day moving average. At early stages of a much anticipated trend reversal.

US 10 Year Treasury Yields [3.48%] No significant changes. Rates are struggling to hold above 3.50%, which suggest the lack of structural changes.

Dear Readers:

The positions and strategies discussed on MarketTakers are offered for entertainment purposes only, and they are in no way intended to serve as personal investing advice. Readers should not make any investment decisions without first conducting their own, thorough due diligence. Readers should assume that the editor holds a position in any securities discussed, recommended, or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any Publish Post, considered liable for the future investment performance of any securities or strategies discussed.