Showing posts with label silver. Show all posts

Monday, June 4, 2012

Bear Market Is Here

Stock Market Cliff | Bear Market

Last week was a horrible week for markets and it ended on the worst day of the year in 2012. It is very bad fundamentally from a Europe debt and currency standpoint and from a slow growth and double dip recession view. Spain and Greece are in deep trouble and there don’t seem to be any strong and practical solutions coming forward anytime soon.

And, it is also in a very bad state based on the charts using technical analysis. Whenever a market loses more than 10%, it is a bear market by our standard. The S&P 500 has now lost 10.5% from the high on April 2, 2012. It is also extremely bearish when the markets close below their 200 and 250 SMAs. That happened on Friday on all 3 major US markets. The heavy selloff was fueled by a terrible US jobs report. The Labor Department reported the U.S. added a paltry 69,000 jobs last month falling well short of estimates calling for an increase of 160,000. The unemployment rate moved up from 8.1% to 8.2%.

The only ray of hope this week is that there is typically a bounce around these moving averages on the first level test so a few bulls may be lurking in the short term. However, if the markets close this week without the ability to get any buying above the 200 and 250 SMAs, then a repeat of the steep summer drops from 2010, 2011, and maybe even 2008 are likely and can’t be ruled out. From our studies in technical analysis, breaking through these 2 key moving averages can be like dropping off a cliff with quick and heavy selling pressure.

The Europeans are simply moving way too slow for investors. A big European meeting is happening at a June 28-29 EU summit, but that may be too late. German Chancellor Angela Merkel is now pressing for a central authority to manage euro area finances, and major new powers for the European Commission, European Parliament and European Court of Justice. She is also seeking a coordinated European approach to reforming labor markets, social security systems and tax policies. Until states agree to these steps, the officials say Berlin will refuse to consider other initiatives like joint euro zone bonds or a “banking union” with cross-border deposit guarantees. That kind of strong and unreasonable stance just won’t work for the markets. Finally, Germany’s insistence on gold bullion as collateral for supporting debt relief measures kicked off a strong gold rally on Friday.

The European politicians and the ECB need to act very soon if they want to help lessen the severity of what could be another financial collapse later this year or possibly much sooner. It is hard to predict at this point how it would compare to 2008 but it definitely will crush investors with too much equity exposure. It is not too early to start playing defense, raising more cash, and reducing equity risk.

As long as the Euro currency keeps falling and Europe has bank runs, stock markets are at a huge risk for a sharp selloff. It could happen anytime, it could involve a massive down day, and the depth could be 10% to 30% or more over the next several months if the right safety measures by the world’s central banks and funding organizations aren’t taken. Continue to RAISE CASH andREDUCE EQUITIES.

Here are the key levels for the S&P 500. More weakness this week could create a technical bounce between 1250 and 1260 but selling probably resumes after that without any positive European news.

More Selling Ahead:

Power Stock Picks:

MR is still looking at shorts. Here are a few more in addition to last week’s picks.

Investor Notes:

Gold and silver had strong bounces late last week and they may have higher to go in the short term. Oil is still looking for a bottom and investors can scale in on any more weakness a little at a time. The caution alert for retirement accounts and investors is still present. Selling more equities to protect from more heavy selling is prudent at this time, especially if you can take advantage of selling at higher prices during a market bounce. Make sure to be ready to sell even more in case the Euro completely unravels and takes the markets down hard.

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Keith Hugenberg

CEO Jalexa Trading Consultants, LLC

Friday, March 16, 2012

Technical Analysis | Gold and Silver

Gold and Silver Technical Analysis

In this gold and silver investment blog, Momentum Rider will be demonstrating a technical analysis pattern called an Inverse Head and Shoulders pattern. It is a bullish reversal pattern that occurs after a strong downtrend and it can produce a very powerful uptrend. Normally, the Inverse Head and Shoulders pattern is much smaller in time duration and in amplitude than the one we will be illustrating in gold and silver. But, as we explained in a previous blog on gold and silver, this pattern is part of a very large consolidation phase for the precious metals (see Gold and Silver To Shine Brightly in 2012). The gold and silver Inverse Head and Shoulders patterns will have significant upside energy because of their large size if they finally break out above their necklines. This will be explained in more depth later in the article.

First, it is worth spending some time telling you more information about what this pattern is. In addition, we will be using some specific examples that should prove useful for your understanding. The Inverse Head and Shoulders pattern is a chart pattern used in technical analysis that predicts the strong reversal of a downtrend. The Inverse H&S pattern is broken down into three smaller parts. Note that you may also see this pattern named an “Inverted Head and Shoulders” or a “Head and Shoulders Bottom”.

The first part of the pattern is where the price falls to a low or trough from a downtrend and then rises back up a percentage of the previous downtrend (left shoulder). The second part consists of a fall to a lower price than the first trough low and then another rise back up (head). The third part of the pattern is a fall from the uptrend from part 2 that does not go as low as the second trough or the head (right shoulder). The right shoulder low frequently doesn’t get as low as the left shoulder low. Finally, the rise from the third trough low takes it to a breakout line connecting the highs from the left shoulder and right shoulder (neckline). Typically the average volume in the shoulders is lower than average volume in the head phase. Two chart examples are shown below:

Example 1: Breakout Above the Neckline On Volume (Safer Entry With Pattern Confirmation)

There are two recommended ways to take advantage of the powerful Inverse Head and Shoulders pattern. The first is to identify the pattern early and to buy in the trough of the right shoulder. The second way is to wait for a high volume breakout of the neckline. Playing the breakout is generally a safer entry with full confirmation of the pattern. Buying in the right shoulder trough has more risk but it can be more profitable because of the lower price entry.

The chart below is an example of an Inverse Head and Shoulders pattern that Momentum Rider identified for subscribers in the middle of 2010. Obviously, it was very successful and profitable for us. It was part of a bottoming process for the S&P 500 similar to what gold and silver looks like right now. Note that this pattern is fairly deep and long in duration at about 4.5 months. That large depth and long duration helped to provide a very powerful move up that followed the breakout from the neckline.

Example 2: Breakout Above the Neckline a With Strong Run Up in 2010 for the S&P 500

Technical Analysis 2

Technical Analysis Charts – Consolidation and Energy Buildup Phase:

Momentum Rider has written numerous recent blogs supporting much higher prices for gold and silver in 2012 and for several years to come. In fact, we already explained the concept of consolidation phases and energy storage and buildup for bigger moves. Here is a quick snapshot of those previously published charts from our March 8th blog. This concept is important to understand because it supports our higher risk recommendation of accumulating in the right shoulder price areas without waiting for the neckline breakout on high volume.

Buying gold and silver right now does add risk to the trade because the right shoulder trough could breakdown. If the right shoulder price goes below the head’s low price, then the pattern is negated and the bigger move up in silver and gold may not happen as we anticipate.

Silver Energy Buildup Phase (Technical Analysis):

Gold Energy Buildup Phase (Technical Analysis):

Technical Analysis Charts – Inverse Head and Shoulders Pattern

Because of our fundamental and macro event premise that gold and silver will go higher in 2012 and for years to come, Momentum Rider believes that there is a bullish Inverse Head and Shoulders pattern forming in both gold and silver. Furthermore, for reasons that we discussed above and in our previous blogs on this subject, MR is recommending that you start accumulating gold and silver during this choppy period of consolidation in the right shoulder patterns right now.

Refer to the charts below for the recommended accumulation price range for your gold and silver buys. Also, you can add to your long positions after a breakout above the necklines as noted on the charts.

For gold, the accumulation range is between $1,585 and $1,740 with a neckline breakout level of $1,775.

For silver the accumulation range is between $29 and $34 with a neckline breakout level of $36.

MR recommends that you start accumulating gold and silver in the form of ETFs, mining stocks, coins, jewelry, or even bars if you have a good way of buying and storing the actual metal. But please be careful with any company you buy gold and silver from and those companies that claim they will store it for you.

Another parabolic move in silver and gold prices similar to what happened in 2010 and 2011 is very probable and it could be even bigger this time around. Using technical analysis studies and past experiences with large Inverse Head and Shoulders patterns in markets, the next moves up in gold and silver could start in April and the duration and size of the moves could be substantial.

The simplest and probably the safest method to accumulate gold and silver is to buy the ETFs. The Silver ETFs MR likes are SLV or SIVR and the Gold ETFs are GLD or IAU. Start buying in small amounts right now and on any pullbacks before the big momentum move really kicks in. Watch for Momentum Rider’s frequent updates on gold and silver prices in blogs and in the MR Power Stock Newsletters.

Keep learning more about technical analysis and look out for this very powerful Inverse Head and Shoulders pattern in the future. Take advantage of this investment opportunity in gold and silver as it could end up being one of the best things you could do for your retirement account in 2012.

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Thursday, March 15, 2012

Stock Market Breakout Holds | Commodity Value Stocks

Technical Breakout Holds and Commodity Value Stocks

The market bulls overcame the key levels finally this week with a strong breakout yesterday. After numerous failures at these levels and a selling scare last week, the buyers reacted positively to the Fed comments yesterday along with some important bullish action in the financials.

We have been watching for 5 things to get more bullish overall about the market at these highs. It is one thing to get near old highs but it is another to get a breakout to new highs. The rule of thumb in markets is that new highs usually lead to more upside.

The five things we are watching to give us a bit more confidence about the technical breakout are:

1) The major markets need to hold their breakout levels (1,375 S&P 500; 3,000 COMP; 13,000 DJIA) – today was a good pause and hold day above them and these levels NEED TO HOLD going forward.
2) The financials have to participate for a more sustained move higher – yesterday was a huge breakout technically for financial stocks and it was good for investor confidence with a passing of their stress tests.
3) The DOW transports and the Russell 2000 have bounced strongly to close the huge divergence with the rest of the markets. This had to happen to push higher instead of having the major markets be pulled down with their recent weakness.
4) Oil prices needed to stabilize and that has happened in the last 5 days.
5) The long term treasuries needed to show significant weakness (selling) to signal the big institutions are finally more comfortable about putting money back to work in equities. That happened in a big way the last 2 days with strong selling and a breakdown in the TLT below the 200 SMA. The TLT could have small bounces from here but the intermediate trend is down and that is the key.

It has been an impressive move up of 6 days in a row after the selloff. However, once again we can’t provide an all clear just yet. In the short term, AAPL has gone parabolic again at close to $600 and the VIX bounced strongly today suggesting a pullback is close. A minor pullback to relieve the overbought conditions would be natural and retesting the key breakout levels for support is often very typical price action. MR has a hold recommendation right now.

Using the Power Stocks Table:
(1) Risk: Conservative (Cons); Moderate (Mod); Aggressive (Aggr); Speculative (Spec)
(2) Stop: Typically use a 3 to 4% closing stop below the entry price
(3) Trailing Stops: Use the 10 EMA (Swing) or 20 SMA (Short Term Trader) for protecting gains once above it; SMA = Daily Simple Moving Avg; EMA = Daily Exponential Moving Avg.

Commodity Value Stocks:

Many commodity stocks in materials, energy, and agriculture and related stocks in railroads and shipping are still at some very attractive valuations. The statistics so far coming out of the US in 2012 are much better across the board. China’s growth is slowing but it is still close to 8%, and the reports out of Europe are only indicating a mild recession.

And, because oil and some refined products are going up in price, many of the energy stocks should do better going forward with earnings. This is the second list of stocks in our investor series on value stocks in these sectors. This is an excellent investment opportunity to pick up some of these stocks at real bargain prices if you hold them for 12 months or more.

Top Commodity Value Stocks:

Investor Notes:

Gold and Silver:

Gold and silver pulled back a bit after the Fed’s release and their comments this week. Investors took the news as a reduced probability of QE3 and it was supportive of the dollar in the short term. But both gold and silver are still holding their longer term trendlines and are actually tracing out bullish inverted Head and Shoulders patterns. These are strong patterns for big moves up if they play out and our recent blogs support higher prices later in 2012. It may take some patience in the short term with some choppy price action but scaling in on weakness is still prudent for long term investors in our opinion.

MR will publish a blog later this week on the inverted head and shoulders patterns along with a list of some beaten down and good value plays in the gold and silver miners. Check our our recent blogs.

Gold and Silver Game Changers

Gold and Silver Investment Supplies Dwindling

Long Term Treasuries

Also, we wrote a very important blog in February about how the Long Term Treasury Bond yields could only go up. We were in fact correct as the TLT has been mostly lower since that blog. And, the last 2 days finally started the heavy selling that we forecasted for 2012. This is good for equities as this money will be put to work in stocks and it is a vote of confidence that things are getting better. Read that earlier post and look to buy the TBT (Ultrashort Treasury) for bigger gains this year.

Time To Short Long Term Treasury Bonds – A Safe Bet

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Gold and Silver Investment Supplies Dwindling

Gold and Silver – Falling Supplies with Inflation and Fiat Currency Concerns

This article details the dwindling supply of gold and silver in the mining and investor marketplace. The dwindling supplies of silver and gold coupled with fiat currency concerns and future inflation concerns will be major catalysts for exploding silver and gold prices. The price increases could start later in 2012 and will probably last for years to come.

The futures and currencies markets continue to show evidence of a major “de facto” assignment of gold as the world reserve currency. It is clear from the continue falling US dollar and troubled Euro that paper currencies are being trusted less and less by investors. Gold has been climbing relative to every currency for the last five years or more and it could be ready for an even bigger move. Fears are increasing concerning the inevitable inflation to come. And, many investors cannot forget the fiat currency specter of the past and are worried whether history will repeat itself.

And like gold, silver also has a monetary history, and it is acting in a similar way but just on a smaller scale – for now. Momentum Rider believes that silver probably offers an even better value proposition and a much higher upside than gold. If you look at some of the gold and silver ratios discussed later in this article, silver has a much better chance of getting a massive short squeeze in the market.

Gold and Silver Investor Supply Dwindling

The amount of gold and silver leftover for investors to buy is dwindling rapidly every year. That means that just like precious art, rare collectables, or any other popular shrinking supply investment, the prices will escalate very quickly when everyone realizes the supply is running out.

To get some perspective on the dwindling supply, in 2010 the world mined about 800 million ounces of silver and roughly 90 million ounces of gold. In addition, the amount of recycled silver from that year was about 220 million ounces and 55 million ounces for gold. So in one year, the total amount of gold mined and recycled was 145 million ounces and for silver it was approximately 1 billion ounces. The total amounts were about the same for 2011 and may even go down in 2012. As an aside, most of the mined silver supply comes from Mexico and Peru. It remains to be seen how stable and productive these two countries will be in the future for keeping the silver mined amount up. Any disruption in these two countries production would decrease the available supply significantly.

Examining the yearly demand side, 2011 saw non-investment demand for silver (industrial, silverware, jewelry, photographic, etc.) near 620 million ounces. That left about 380 million ounces for investor purchases. On the gold side, the non-investment use was about 15 million ounces so investors had 130 million ounces available. Looking at a yearly basis going forward and using current prices, the amount of silver to invest in is only a mere $12 billion dollars. The amount of gold to invest in every year is roughly $220 billion dollars.

Obviously, one must also consider the existing “investor owned supply” inventory of gold and silver as well. The most recent estimates have silver bullion at about 1.2 billion ounces and gold bullion near 2.2 billion ounces. Again, putting that into current dollar terms ($32/oz silver and $1700/oz gold), investors own silver bullion and coins worth 38 billion and gold bullion and jewelry worth 3.7 trillion dollars. That is the amount that could be recirculated at the right price from existing investor supply.

Key gold and silver ratios:

Silver to Gold Yearly Mine Production Ratio: 9 to 1 (see above)

Gold to Silver in the Ground Ratio (Economic/Mineable per USGS): 6 to 1

Physical Ratio of Silver to Gold Above Ground (CPM Group): 5 to 1

2011 Ratio of Investment Dollars Silver to Gold Ratio: 1 to 1

Current Gold to Silver Price Ratio: 52 to 1

Historically, in most of the 20th century, the Gold to Silver Price ratio was about 15 to 1. It is really only in the last 5 to 10 years that the ratio has increased dramatically in ranges from 35 to 1 up to 100 to 1. So looking at the other ratios above, it would seem reasonable that silver’s price would move up relative to gold quite a bit in the coming years. As an example, to simply get back to 30 to 1, silver would be priced at $60/oz if gold is priced near $1,800/oz.

If world government storage figures for silver and gold inventories are included, it is estimated that 60 million ounces of silver and about 1 billion ounces of gold are owned and stored by governments. And it should be noted that this amount is likely to grow going forward as many countries have been buying gold since 2009. And the governments, that sold over 3 billion ounces of silver between 1965 to 2000 are now mostly finished with silver sales. With only 60 million ounces of silver stored, they couldn’t affect the silver market pricing much anyway.

China, Asia, and India Could Try and Corner the Market over Time – The Hunt Brothers Part 2

Momentum Rider has no reason to believe that China, Asia, and India have any plans to collectively corner the market in silver or gold. However, they are massive speculators, investors, and consumers of both gold and silver right now. Without officially joining forces to corner the market, their collective buying power unleashed in the gold and silver market with the new planned exchanges could have the same end result. And the prices could end up doing what they did in the late 1970′s when the Hunt brothers tried to corner the silver market.

Another parabolic move in silver and gold prices similar to what happened in 2010 and 2011 is very probable and it could be even bigger this time around.

The simplest method is to simply buy the ETFs. Silver ETFS we like are SLV or SIVR and Gold is GLD or IAU. Start buying in small amounts right now and on any pullbacks before the big momentum move really kicks in. Watch for Momentum Rider’s frequent updates on gold and silver prices in blogs and in the MR Power Stock Newsletters.

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Monday, March 12, 2012

Gold and Silver Game Changers

Gold and Silver Investors in China and Asia

This article is going to provide information on some new mercantile exchanges for trading silver and gold that will explain why their creation could help skyrocket silver and gold prices in 2012. The emergence of these mercantile exchanges are truly going to be “game changers” in our opinion and the price escalation in precious metal prices could even start in the next few months.

New mercantile exchanges are getting started in China, Asia, and India and existing ones are gaining in popularity. The citizens in these countries have an insatiable appetite for gold and silver investing. Having easier access to local mercantile exchanges for their large institutions and individual investors is the key to why future silver and gold buying will explode.

For those of you that are unfamiliar with futures contracts trading, the king for many years has been the Chicago Mercantile Exchange (CME). They are still the top exchange for buying gold and silver futures contracts. They run the NYMEX which is the world’s largest physical commodity futures exchange. In addition, they control the COMEX which is the global exchange for copper, aluminum, silver, and gold. And, they run the CBOT for trading options and futures contracts on gold, silver, U.S. Treasury bonds, and energy and they even control the Dow Jones Industrial Average. The CME was the only game in town for big money players outside the United States. Investors had to trade in US dollars and they needed to obey the CME’s rules.

What that really means is that for many years China, Asia, and India were shut out from taking delivery of gold and silver unless they purchased contracts through the CME. And practically speaking, getting delivery from the US is not convenient.

Also, the huge fall in silver prices in late April of 2011 was brought about by a large number of successive margin call limit raises by the CME. This is easy to do in a non-competitive exchange world when you are the dominant player. As we explain later, adding very big exchange players in the gold and silver markets will probably curtail that type of ”artificial price fixing” from the CME. And without a momentum stopping action by the CME in a more competitive environment, the momentum buying from huge speculators in China and Asia could drive prices much higher than ever before.

Gold and Silver Game Changer #1 – Hong Kong Mercantile Exchange

The world of the CME being the dominant player in gold and silver futures trading is quickly changing. It has been slowly changing in recent years and it will change even more going forward. The Hong Kong Mercantile Exchange (HKME) recently opened and is now a major player in gold and silver futures contracts. The biggest difference is that it is the first time in history that the Chinese and Asian countries can purchase gold and silver futures’ contracts and actually take physical deliveries in Hong Kong.

Enabling much easier access to the physical precious metals to investors will most likely propel the HKME to become the dominant gold and silver gateway for all of China and Asia. No longer will China and Asia be at the mercy of the CME’s rules and the United States.

If you think that is not a huge market changing event for gold and silver then you would be dead wrong. Today, the Chinese are the biggest consumers of silver in the world and accounted for a mind boggling 25% of the global silver consumption last year. The silver demand rose 67% in 2010 in China alone. And this demand is expected in increase dramatically in the next few years.

In addition, not only can the Chinese and Asians take delivery of gold and silver locally but they can buy it in much smaller dollar increments. For those who want to trade gold and silver futures contracts on the new Hong Kong Mercantile Exchange, the buy-in is only a 1,000 troy ounce minimum. This is dramatically less than the current minimum contract from the CME of a 5,000 troy ounce minimum. That change alone will provide a huge advantage to smaller buyers. It should naturally increase the buying volume size and probably the total amount of silver and gold purchased. The larger volume purchases with more attractive buy-in parameters will put a strong upside pressure on gold and silver prices as the HKME gains momentum.

And, not surprisingly, the HKME has already signed up over 20 of the biggest brokerage trading firms in Asia. Those firms will undoubtedly create some huge volume buying in the near future, and that bigger buying is probably going to get going by the Summer of 2012.

The last silver squeeze, which Momentum Rider forecasted for subscribers, was started in mid 2010 and ended in late April of 2011 when silver prices went from $16 to $48. And that big short squeeze was without this new and powerful HKME. It could be even more staggering with new exchange buying pressures that could easily push silver to over $60.

Gold and Silver Game Changer #2 – Pan Asia Gold Exchange

The opening of Pan Asia Gold Exchange (PAGE) is scheduled to be in June 2012. This could literally take silver and gold prices to a triple from the current prices when buying momentum takes over. This is because in June, Chinese will be able to buy spot gold and futures contracts in their own Chinese currency. It will be the first time in history that the ruling currency will be used in speculative commodities like gold and silver. This is monumental in importance in terms of its positive affect on higher gold and silver prices. It could also be the start of the Chinese trying to undermine the US dollar in order to move their currency up the currency importance list.

You see PAGE will enable all 320 million retail customers and their 2.7 million corporate customers of the Agricultural Bank of China to use the Chinese money in their bank accounts to trade gold and silver. How significant is that? If just 2% of the Agricultural Bank of China customers buy 250 ounces of silver ($8,000 worth at $32/oz)), that would require 1.6 billion ounces of silver to come off the market. It would remove almost 10% of the yearly available silver amount open to worldwide investors. It is easy to see how fast the opening of PAGE could accelerate gold and silver prices upward.

It is all part of China’s five year plan to dominate global financial markets and the global economy. The PAGE also has the potential to eventually win the spot market for gold over London’s Metals Exchange and the Comex in New York.

The PAGE opening in June 2012 could conceivably force most short positions in gold and silver to cover before its buying power is unleashed. And the big institutional players will probably front run the opening which means that gold and silver prices will start going up well before PAGE opens in June. Based on our opinion, the PAGE’s future prospects almost guarantees a short squeeze and fast run up in prices that could rival the late 1970′s and early 1980′s.

Some are predicting the potential for $200 per ounce for silver and $5,000 and ounce for gold. That would not happen in the next few years but it is not out of the question by 2020.

Gold and Silver Investing

Here is the best and safest non-leveraged way to play this big move in gold and silver prices. We recommend buying the SLV, PSLV, or SIVR ETFs for silver and the IAU or GLD ETFs for gold. They track the spot prices one-for-one.

Of course there are also leveraged ETFs that can traded when the momentum heats up and you can buy gold and silver miners, you can buy coins, and futures contracts and options are also something to consider.

Leveraged Silver ETFs: AGQ (2X); USLV (3X) – these decay mathematically as investments so holding them long term is not advisable – used for trading

Leverage Gold ETFs: DGP (2X); UGL (2X); UGLD (3X) - these decay mathematically as investments so holding them long term is not advisable – used for trading

Another parabolic move in silver and gold prices similar to what happened in 2010 and 2011 is very probable and it could be even bigger this time around. The opening of some new exchanges are truly game changers for the gold and silver prices and for investors.

Start buying in small amounts right now and on any pullbacks before the big momentum move really kicks in. Watch for Momentum Rider’s frequent updates on gold and silver prices in blogs and in the MR Power Stock Newsletters.

To get our weekly TOP stock and ETF picks and detailed market commentary automatically sent to your email, enter your name and email address in the form below.

To find out more about why our subscription services continue to crush the market since we started in 2004, go to www.momentumrider.com.

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Investors can take advantage of our best trader services in our premium Gold Trader Membership. Get access to the top Momentum Rider trader portfolios, Special Reports, and stock picks by trying it out risk free for a few months. Get instant access now to the MR “Gold Trader Membership”…get more info

_________________________________________________________

Good luck in your trading and investing,

Keith Hugenberg

CEO Jalexa Trading Consultants, LLC

_______________________________________________________________

This BLOG POST is brought to you by the publishers at Jalexa Trading Consultants, L.L.C. Nothing in this post should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed to address your particular investment situation. No communication by our employees to you should be deemed as personalized investment advice. Any investments recommended in this blog post or through any of its advertisements should be made only after consulting with your investment professionals and only after reviewing the financial statements of the company or investment.

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