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David Moenning is a the Chief Investment Officer at Heritage Capital, which focuses on active risk management of the U.S. stock market. Dave is also the proprietor of StateoftheMarkets.com, which provides free and subscription-based portfolio services. Dave began his investment career in 1980... More
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  • In Case You've Forgotten, It Doesn't Pay To Fight The...

    Daily State of the Markets
    Wednesday, October 22, 2014

    The bulls (or perhaps more accurately, the bull algos) put on quite a show again on Tuesday. For the fourth day in a row, stocks rocketed higher and the S&P 500 finished with the best one-day gain in more than a year. Not bad for a market that had been left for dead four days ago, right?

    Remember, it was just four days ago that the sky was falling. The market was cratering. And there was fear in the air. Just four days ago, the S&P was down -7.4% from its high - and it took heroic measures (and some surprisingly kind words from Mr. Bullard) to keep the decline from reaching double digits. And just four days ago, a fair number of investors were ready to head for the hills and never invest in stocks again.

    Four days ago, any long exposure felt like WAY too much exposure. Four days ago, investors were calling worrying about their portfolios, their strategies, and heck, even their financial futures. Four days ago angst was the watchword. And four days ago, it seemed that the bad old days had returned with a vengeance.

    But now that the S&P has spiked up +6.6% from the intraday low seen on October 15 (and +4.2% on a closing basis), everyone is breathing a little easier. And everyone now sees that what the algos take away can also be handed right back - in short order.

    However, the big rebound, which came directly on the heels of the big decline, left a fair number of folks scratching their heads.

    Wasn't the market worried about the potential economic damage from the Ebola outbreak? Wasn't Europe supposed to drag the global economy back into a quagmire? Wasn't China a problem? Wasn't ISIS a concern? Wasn't the U.S. economic recovery at risk? Wasn't there a great deal of worry about deflation? And wasn't this list of worries the reason behind the market's month-long swoon?

    Saying All the Right Stuff

    While the corrective phase that began on September 19 may or may not be over, it is safe to say that the dire outlook that was firmly in place last week has clearly faded. But the question now on many investors' minds is why on earth did the market just turn on a dime?

    First and foremost, James Bullard reminded the bears that the U.S. Federal Reserve was not out of bullets. In effect, what the St. Louis Fed President told a TV audience was that if the market didn't start behaving better soon, Ms. Yellen and her merry band of central bankers would take action. Bullard basically reminded traders that the Fed was not likely to stand idly by and watch a bunch of computerized trading algorithms ruin the economic recovery that has been so long in coming.

    The mere threat of the Fed pulling back on the taper was enough to stop the stock rout in its tracks five days ago. You see, traders were reminded that the FOMC is now data dependent. Therefore, if the data is bad, the Fed could actually try to do something about it. And if traders have learned anything over the last five years it is that markets just LOVE it when the Fed refills the QE punchbowl!

    But Wait, There's More...

    While Mr. Bullard's reference to changing up the Fed's current game plan was enough to cause stocks to rebound more than 40 points last Wednesday, it took some additional well placed words for the bulls to rediscover their mojo.

    There were word out of Japan that PM Abe might need to rethink the idea of implementing a tax that analysts have been worried about.

    There was the announcement by the People's Bank of China that they were injecting a bunch of yuan into the banking system. Oh and the economic data released this week wasn't nearly as bad as had been expected.

    There have been no announcements of new Ebola cases in the United States. This doesn't mean that the problem is solved, of course. But it also means that there is no burgeoning epidemic either.

    There was also word that Apple (NASDAQ: AAPL) had hit the ball out of the park with its latest earnings report. And to lots of investors, as Apple goes, so goes the economy and the stock market.

    And Then There is Super Mario and His "Bazooka"

    Finally, there was word out of Europe Tuesday morning that the ECB was talking about buying corporate bonds, with some reports suggesting that this could start in early December. The thinking here is that the ECB could direct its bond buys at the heart of the problem - the banking industry. Therefore, the potential for the debt crisis to once again become a contagion and threaten the fabric of the Eurozone could - in theory anyway - be reduced dramatically.

    Yes, it is true that the ECB has been long on talk and short on action. However, it is safe to say that the mere threat every once in a while of Mr. Draghi bringing out his "bazooka" has been a pretty effective tool in keeping things together across the pond.

    Crisis Averted (Again)?

    The end result has been an impressive move in the stock market. Suddenly the S&P500 is back above the seemingly all-important 200-day moving average. And just like that, the venerable index is also back above the August low. As such, the technical picture has been improving.

    S&P 500 - Daily

    View Larger Image

    So, unless a new fear materializes, it appears that the recent decline was yet another in what has become a very long string of "healthy corrections" that tend to occur in a bull market. However, the bulls are most definitely not out of the woods just yet as the downtrend that began in mid-September remains intact.

    Thus, it will be important for the bulls to keep up the pressure. For example, a breadth thrust would be a welcome sign right about now. And on the other hand, if the smallcaps begin to weaken again, it could become a problem. Therefore, it is probably best to remain on alert for a while longer here.

    But the next time the market looks like it is about to come apart at the seams, it is important to remember that it just doesn't pay to "fight the Fed(s)."

    Turning To This Morning

    While the flood of earnings reports continues on Wall Street, the talk of the town remains the topic of the ECB buying corporate bonds. While several articles have discussed the benefits of such a scheme, ECB Governing Council Member Coene said today that there is "no concrete proposal" at this time to buy corporate bonds and that it is too early to tell if such a measure is needed. In Fedspeak, such a comment likely means the ECB has developed a plan but is not yet ready to unveil it. Recall that the ECB is quite good at "talking up" all kinds of plans but has been very light on implementation. In other news across the pond, a Spanish news report indicates that at least 11 banks (out of 130 total) from six countries have failed the latest ECB stress tests. Finally the talks between Russia and Ukraine on a deal to supply gas took a step backwards overnight. Here in the U.S. the NASDAQ will benefit from YHOO's earnings and U.S. futures are pointing to a flat-to-slightly higher open.

    Pre-Game Indicators

    Here are the Pre-Market indicators we review each morning before the opening bell...

    Major Foreign Markets:
    Japan: +2.65%
    Hong Kong: +1.37%
    Shanghai: -0.54%
    London: +0.15%
    Germany: +0.24%
    France: +0.14%
    Italy: +0.30%
    Spain: -0.16%

    Crude Oil Futures: +$0.10 to $82.59

    Gold: -$3.60 at $1248.10

    Dollar: higher against the yen, euro and pound.

    10-Year Bond Yield: Currently trading at 2.193%

    Stock Indices in U.S. (relative to fair value):
    S&P 500: +0.37
    Dow Jones Industrial Average: +6
    NASDAQ Composite: +5.76

    Thought For The Day:

    Don't cry because it's over. Smile because it happened. -Dr. Seuss

    Wishing you green screens and all the best for a great day,

    David D. Moenning
    President, Chief Investment Officer
    Heritage Capital Research
    Check Out the NEW Website!

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave (Twitter is the new Ticker Tape)

    Advertisement
    Will You Be Ready For The NEXT Bear Market?

    Heritage Capital Research's NextGen Active Risk Manager Can Help
    Contact Heritage for more information or call us at (847) 807-3590


    The opinions and forecasts expressed herein are those of Mr. David Moenning and may not actually come to pass. Mr. Moenning's opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report is for informational purposes only. No part of the material presented in this report is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program.

    Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

    The analysis provided is based on both technical and fundamental research and is provided "as is" without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

    David D. Moenning, an advisor representative of CONCERT Wealth Management Inc. (CONCERT), is founder of Heritage Capital Advisors LLC, a legal business entity doing business as Heritage Capital Research (Heritage). Advisory services are offered through CONCERT Wealth Management, Inc., an SEC registered investment advisor. For a complete description of investment risks, fees and services review the CONCERT firm brochure (ADV Part 2) which is available from your Investment Representative or by contacting Heritage or CONCERT.

    Mr. Moenning is also the owner of Heritage Capital Management (HCM) a state-registered investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Neither HCM, Heritage, or CONCERT is registered as a broker-dealer.

    Employees and affiliates of Heritage and HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or Heritage/HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

    Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

    Oct 22 8:10 AM | Link | Comment!
  • The Big Picture: Time To Buy The Dip?

    Daily State of the Markets
    Tuesday, October 21, 2014

    Sometimes it can be advantageous to step back from the blinking screens and the wild intraday swings in order to try and get a feel for the bigger picture. On that note, there can be little argument that the U.S. stock market has undergone a corrective phase since what is now referred to as the "Alibaba top" (NASDAQ: BABA) seen on September 19. The question now, of course, is if the correction is over or if the bears are just resting while the bulls put in a few frenetic days of upside action.

    Corrections Are Part of the Game

    From a big-picture standpoint, it is important to remember that corrections in the stock market are part of the game. While pullbacks have been short and sweet over the past couple of years, historically, the market has seen at least one correction of -10% or more each year. And then history also shows that each year usually experiences a handful of pullbacks in the 5% range.

    However, it has now been 745 trading days (or almost three full years) since the last pullback of -10% or more on the S&P 500. It is worth noting that this is the second longest streak without a -10% pullback since 2000 and the third longest period of time without a meaningful correction in history.

    So, for starters this morning here's a tip. If the recent action put fear in your heart, then it is probably a good idea to "sell to the sleeping point" and to use the current rebound to lighten up a bit. The bottom line is that if a pullback of 5% - 6% is causing you consternation, then you are overexposed to risk.

    Although the market has been rebounding in furious fashion since the central bankers started talking it up by suggesting that more QE could be on the way if things get nasty, the question is if the current corrective phase will morph into the big, bad decline that so many analysts have been looking/calling for.

    The trend for the past three years has been for all dips to be bought and for all declines to end in a "V" fashion. As such, a great many traders probably expect the market to continue blasting higher. After all, the S&P is already up more than +4.5% in the last 4 days on an intraday basis and +2.2% on a closing basis. So, it is clear that the rebound is "on" and that it will be up, up, and away from here, right?

    A Few Things Are Different This Time

    However, there are a few things happening currently that were not in place during all the little pullbacks seen since 2011.

    First, this time around, there is no "crisis" for traders to breathlessly follow each and every day. No, this time, the worries are based on fundamentals such as global economic growth and inflation/deflation.

    Next up, there is the combination of technical divergences and narrow leadership. While this situation could easily rectify itself with a few more days of frenzied upside action, this dynamic duo has a nasty habit of showing up during important market tops.

    And finally, it is worth noting that some longer-term indicators are starting to wave red flags, which is an indication that all is not well beneath the surface. But again, if the bulls have indeed rediscovered their mojo thanks in part to the words of the world's central bankers as well as Apple's (NASDAQ: AAPL) gangbusters earnings report, then all of these pesky little technical issues could easily fall by the wayside.

    Speaking of Bounces

    Assuming the rally that is occurring in the pre-market holds up (S&P futures are up about 15 points as of this writing), there will likely be an awful lot of talk about the S&P recapturing its 200-day moving average. The press will trot out that idea that this means all is now right with the world again and that the bulls are back in business.

    Of course, time will tell on that score. But one good way to measure how far a rally within a corrective phase can go is to look at Fibonacci retracement levels.

    S&P 500 - Daily

    View Larger Image

    The chart above shows the Fibonacci retracement levels on a closing basis. The first key level - the 25% retracement level - was satisfied with yesterday's pop higher. Therefore, the next important level to look for is the 0.382 retracement, which currently resides at about 1920. And since this also happens to be an important retracement level on an intraday basis, it is a safe bet that this level should get some attention in the near-term. And after that, it looks like 1937 ad 1954 are key levels to watch.

    Time To Buy the Dip?

    Another big-picture item to keep in mind is that this likely remains a secular bull market. As a quick reminder, a secular cycle tends to last around a decade or more. The chart below shows the secular cycles over the last 25 years.

    S&P 500 - Daily

    View Larger Image

    Why bring up something so long-term in nature when the day-to-day market condition remains in flux? Because history shows that meaningful corrections which occur within the context of a secular bull market tend to be strong buying opportunities.

    And then there is the fact that we are entering the best seasonal time of the year. Remember, all of the stock market's gains over the past 115 years have occurred during the November through April period.

    So, for those long-term investors with cash on the sidelines, it is probably time to start doing some dip-buying. Heaven only knows if the corrective phase is over. And it is certainly a good idea not to put all of your cash to work at once as the fundamental worries could easily return after the bulls enjoy a spirited bounce. But the key here is that putting money to work when things get tense has been a very good strategy for a very long time.

    Turning To This Morning

    The big stories this morning include the deluge of data out of China, the talk of the ECB buying corporate bonds, and the flow of earnings reports here at home. China's GDP growth came in at 7.3%, which was down from last quarter's rate of 7.5% but above the consensus expectations of 7.2%. In addition, Industrial Production rebounded to 8% on a year-over-year basis from August's 6.9% rate. Across the pond, Reuters is reporting that the ECB is considering buying corporate bonds on the secondary market as soon as December. And in the U.S. Apple came through with blowout earnings while reports from McDonalds and Coca-Cola have also been released this morning. At this time, U.S. futures are off their best levels but still point to an positive open on Wall Street.

    Pre-Game Indicators

    Here are the Pre-Market indicators we review each morning before the opening bell...

    Major Foreign Markets:
    Japan: -2.03%
    Hong Kong: +0.08%
    Shanghai: -0.71%
    London: +0.89%
    Germany: +1.07%
    France: +1.55%
    Italy: +1.94%
    Spain: +1.60%

    Crude Oil Futures: +$0.20 to $82.91

    Gold: +$4.10 at $1248.80

    Dollar: higher against the yen, euro and pound.

    10-Year Bond Yield: Currently trading at 2.209%

    Stock Indices in U.S. (relative to fair value):
    S&P 500: +10.34
    Dow Jones Industrial Average: +51
    NASDAQ Composite: +32.32

    Thought For The Day:

    Life is not about waiting for the storm to pass, It is about learning to dance in the rain. - Unknown

    Wishing you green screens and all the best for a great day,

    David D. Moenning
    President, Chief Investment Officer
    Heritage Capital Research
    Check Out the NEW Website!

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave (Twitter is the new Ticker Tape)

    Advertisement
    Will You Be Ready For The NEXT Bear Market?

    Heritage Capital Research's NextGen Active Risk Manager Can Help
    Contact Heritage for more information or call us at (847) 807-3590


    The opinions and forecasts expressed herein are those of Mr. David Moenning and may not actually come to pass. Mr. Moenning's opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report is for informational purposes only. No part of the material presented in this report is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program.

    Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

    The analysis provided is based on both technical and fundamental research and is provided "as is" without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

    David D. Moenning, an advisor representative of CONCERT Wealth Management Inc. (CONCERT), is founder of Heritage Capital Advisors LLC, a legal business entity doing business as Heritage Capital Research (Heritage). Advisory services are offered through CONCERT Wealth Management, Inc., an SEC registered investment advisor. For a complete description of investment risks, fees and services review the CONCERT firm brochure (ADV Part 2) which is available from your Investment Representative or by contacting Heritage or CONCERT.

    Mr. Moenning is also the owner of Heritage Capital Management (HCM) a state-registered investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Neither HCM, Heritage, or CONCERT is registered as a broker-dealer.

    Employees and affiliates of Heritage and HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or Heritage/HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

    Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

    Oct 21 8:45 AM | Link | 1 Comment
  • Central Bankers Start Talking The Talk

    Daily State of the Markets
    Friday, October 17, 2014

    Thursday was yet another wild ride on Wall Street. While the intraday swings paled in comparison to Wednesday's insanity, there was still plenty of volatility to go around. With the algos clearly still in charge of the action, it is somewhat difficult to make heads or tails of it all. But let's give it a go anyway.

    There were basically five key takeaways from the action:

      1. The warnings from both Wal-Mart (NYSE: WMT) and eBay (NASDAQ: EBAY) regarding the outlook for the Holiday Shopping Season
      2. There was no real Ebola news to speak of
      3. Another "E" was in focus (as in QE)
      4. The 2-minute, 19 point blast in the S&P 500
      5. The outperformance of smallcaps

    Let's take these one at a time. First there was the Reuters report on Wal-Mart and eBay. The article pointed out that both companies had cut their outlooks for the holiday shopping season and thus, the fourth quarter could quickly become a problem.

    Speaking of the all-important shopping season, the National Retail Federation currently expects holiday sales to rise 4.1% to $616.9 billion, while Deloitte has forecasted a 4.5% gain.

    The bottom line here is the news from WMT and EBAY was a bit of a surprise and caused trader to wonder whether they need to start rethinking the outlook for the economy in general and retail in particular.

    No News is Good News

    Next, while you may not have noticed, there wasn't a new case of Ebola reported in the U.S. yesterday. Frankly the Ebola situation is not really a primary driver of the market action. But, the algos do seem to do some selling every time a new report hits the wires. In addition, it was noted that none of the family of patient who died in Dallas have shown signs of the virus after 21 days. This is key because 21 days is considered the common incubation period for virus. Therefore, the mass outbreak theme seemed to settle down a bit.

    +19 Points in 2 Minutes?

    Although the volatility has been exceptionally high of late, you don't often see the S&P 500 move 19 points in just 2 minutes (and a total of 22 points -or +1.2% - in 4 minutes). And yet that is exactly what happened at 10:21 am eastern Thursday morning. While there are indeed a boatload of milliseconds in 2 minutes, the big blast smacked of somebody somewhere saying enough is enough, let's take this thing the other way for a while.

    More QE?

    Or perhaps more correctly, stocks popped after the algos got word that the usually hawkish St. Louis Fed President, James Bullard, surprised the market with a rather dovish remark. In short, Mr. Bullard said publicly that the Federal Reserve should consider putting the tapering of its QE program on hold for a bit due to the market selloff to see how the U.S. economic outlook evolves.

    In an interview on Bloomberg TV, Bullard said that the Fed cannot accept the recent drop in inflation expectations seen in the Treasury Inflation Protected Securities. Remember, the Fed now wants to see inflation expectations increase, not decrease.

    "We have to make sure inflation and inflation expectations remain near our target. And for that reason, a reasonable response of the Fed in this situation ... we could go on pause on the taper at this juncture and wait until we see how the data shakes out into December," Bullard said.

    Bullard added, "If the economy is still as robust as I am describing it, then I think we could just end the program in December. But if the market is right, and this is portending something more serious for the U.S. economy, then the committee would have an option of ramping up QE at that point."

    The keys here are (a) Bullard has been fairly vocal in his call for rates to rise in March 2015, which is before the general consensus for a June lift-off, (b) Bullard was the second Fed official in a week to mention MORE QE and (c) the St. Louis Fed President's comments definitely took the market by surprise.

    So, BAM, just like that, the morning rout was over and stocks were rebounding hard from deep losses - for the second day in a row.

    Are Smallcaps Back?

    Finally, the action in the smallcaps is worthy of note. For the second day in a row, the Russell 2000 outperformed its blue-chip brethren - by a mile. For example, while the S&P 500 did finish in the green (which admittedly is a bit better than the Dow's loss of 25 points), the Russell posted a gain of +1.27%. And over the past 3 days, the smallcap index sports a gain of +3.5% versus a loss of -0.64% for the S&P 500. Although it has been tough sledding in the Russell for quite a while now, this action is clearly encouraging.

    iShares Russell 2000 (NYSEARCA:IWM) - Daily

    View Larger Image

    So, are smallcaps back? Is the correction, which totaled -13.2% as of Monday, now over? Is there finally value in them 'thar hills? Or are traders simply covering their short plays here?

    Unfortunately, the damage to the smallcap index has been so significant that we won't be able to tell if the decline is over until the next bounce has run its course. We will note that the Russell remains in an intermediate-term downtrend and as such, would need to put in a "higher high" for the move to be taken seriously. This would require a close over 1180 on the index and $117.20 on the IWM. But first, there is important resistance to deal with just above current levels.

    Time For That Bounce?

    Getting back to the bigger picture, the action of the last two days would seem to indicate that the Fed is being fairly responsive in terms of trying to "talk" the market out of falling further. And given the buying that has come in during the intraday insanity seen in the last two days, it would appear that it is time for the bounce everyone is looking for.

    The only question is whether or not the bounce will fall into the "dead cat" variety. Time will tell.

    Turning To This Morning

    While stocks struggled a bit in Asia, bourses in Europe and futures in the U.S. are charging higher so far in the early going. And although technicians will point to the fact that the indices managed to avoid breaking down further in the last two days, the bottom line today is that there is an awful lot of dovish central bank talk happening. On the back of Bullard's surprising remarks yesterday regarding putting the taper on hold and the possibility of "ramping QE back up again," both the ECB and Bank of England have gotten on board and said all the right things today. In addition, there was a front page story in China talking about system-wide monetary stimulus for the remainder of the year. And as you might suspect, this has been enough for traders to decide that it might be time to push prices in the other direction for a while. The key question of course, is if the early rally can hold.

    Pre-Game Indicators

    Here are the Pre-Market indicators we review each morning before the opening bell...

    Major Foreign Markets:
    Japan: -1.39%
    Hong Kong: +0.53%
    Shanghai: -0.66%
    London: +0.82%
    Germany: +1.66%
    France: +1.82%
    Italy: +2.19%
    Spain: +2.24%

    Crude Oil Futures: +$1.15 to $83.85

    Gold: -$3.60 at $1237.60

    Dollar: lower against the yen, euro and pound.

    10-Year Bond Yield: Currently trading at 2.177%

    Stock Indices in U.S. (relative to fair value):
    S&P 500: +20.05
    Dow Jones Industrial Average: +159
    NASDAQ Composite: +43.42

    Thought For The Day:

    It's not the load that breaks you down, it's the way you carry it. -Lou Holtz

    Wishing you green screens and all the best for a great day,

    David D. Moenning
    President, Chief Investment Officer
    Heritage Capital Research
    Check Out the NEW Website!

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave (Twitter is the new Ticker Tape)

    Advertisement
    Will You Be Ready For The NEXT Bear Market?

    Heritage Capital Research's NextGen Active Risk Manager Can Help
    Contact Heritage for more information or call us at (847) 807-3590


    The opinions and forecasts expressed herein are those of Mr. David Moenning and may not actually come to pass. Mr. Moenning's opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report is for informational purposes only. No part of the material presented in this report is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program.

    Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

    The analysis provided is based on both technical and fundamental research and is provided "as is" without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

    David D. Moenning, an advisor representative of CONCERT Wealth Management Inc. (CONCERT), is founder of Heritage Capital Advisors LLC, a legal business entity doing business as Heritage Capital Research (Heritage). Advisory services are offered through CONCERT Wealth Management, Inc., an SEC registered investment advisor. For a complete description of investment risks, fees and services review the CONCERT firm brochure (ADV Part 2) which is available from your Investment Representative or by contacting Heritage or CONCERT.

    Mr. Moenning is also the owner of Heritage Capital Management (HCM) a state-registered investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Neither HCM, Heritage, or CONCERT is registered as a broker-dealer.

    Employees and affiliates of Heritage and HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or Heritage/HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

    Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

    Oct 17 8:16 AM | Link | Comment!
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