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David Moenning is a the Chief Investment Officer at Heritage Capital Management. Dave is also the proprietor of StateoftheMarkets.com, which provides free and subscription-based portfolio services. Dave began his investment career in 1980 and has been an independent money manager since 1987.... More
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  • A Tale Of Two Headlines

    Daily State of the Markets
    Tuesday, April 1, 2014

    After twenty trading days, the U.S. stock market (as defined by the S&P 500) has moved a whopping point and a half. Yippee.

    During those twenty days though - a span that encompassed all but one session for the month of March - there was a great deal of fretting about Russia, the Fed, interest rates, China, and the weather. During those twenty days the high flying mo-mo stocks in areas such as Biotech, Pharmaceuticals, and Social Media took it on the chin. And during those twenty days, the bears tried to convince anyone willing to listen that a market calamity was just around the corner.

    And yet, here we are with the S&P 500 a mere 0.3 percent away from its all-time high. So what gives?

    Cutting to the chase, the recent romp back to near all-time high territory was sponsored by a couple of headlines. One suggesting that Janet Yellen is as dovish as ever. And the other contending that the situation in Russia, at least as far as the stock market is concerned, is all but over.

    But before we get to the headlines the produced Monday's triple-digit joyride to the upside, let's review how we got here.

    First There Was Cold Was 2.0

    While the month of March started off favoring the bulls, Russia's decision to first intervene on Crimea's behalf and then annex the former Soviet state (which, for the record had only been part of Ukraine for something like 24 years) put fears of another Cold War (or worse) with Russia on the table.

    Suddenly there were worries about oil supplies. And then once people figured out that an awful lot of that oil usually winds up in Europe, the global macro geniuses began to hype the idea that an interruption in the flow of oil was sure to push the fragile Eurozone economy back into the abyss.

    Then there was the "invasion" of Crimea. On the surface, this had the look and feel of Iraq's incursion into Kuwait in 1990, which, of course, brought visions of severe market declines into the heads of those seeing the geopolitical glass as at least half empty. And to hear the bears tell it, Crimea was only the beginning. Putin was on the march.

    The movement of troops into Crimea was followed by the referendum, which was touted as an election rigged by the evil Russians in order to forcefully retake the territory it once occupied. But with voter turnout that was higher than any Presidential election in U.S. history and 97 percent of voters favoring rejoining Mother Russia, it was hard to get too worked up about the idea that either WWIII or another Cold War was about to begin.

    Then There Was The New Yellen Fed

    After 18 months of Ben Bernanke's QEIII program and the resulting 50 percent gain in the stock market, one of the major worries in the market during March was that the new Fed Chair, Janet Yellen wasn't going to be as accommodative as her predecessor.

    Remember, Bernanke's bunch had targeted an Unemployment Rate of 6.5 percent as the line in the sand that, when crossed, would cause the FOMC to begin removing the various party favors it had been providing for the past 5 years. So, with the Unemployment Rate starting to get uncomfortably close to that key, publicly stated threshold, those market participants who tend to dress in fur whenever possible, felt that the Yellen Fed might be forced to make good on Bernanke's plans.

    Then there was the "dot plots" and the definitions that Ms. Yellen provided. At her first-ever press conference, the new Fed Chair pleaded with the press to ignore the plots behind the curtain and to listen to what the FOMC statement was saying. However, based on the "dot plot" that everyone was now buzzing about and the new definition of "a considerable amount of time," it sounded to some like Ms. Yellen was planning to hike rates sooner than the market had been expecting.

    So, the bears had geopolitical issues in Russia/Ukraine, the ongoing economic concerns in China, and the fear that the Fed was planning to raise rates sooner than had been anticipated. Enter the two headlines.

    Headline #1: Fed's Extraordinary Commitment to Stimulus Still Needed

    During a speech in Chicago on Monday, Janet Yellen offered a great deal of comfort to anyone worried that the Fed was going to simply pack up and go home in the near term.

    Ms. Yellen allayed fears that the Fed would continue to focus on the rapidly falling Unemployment Rate by saying, "The existence of such a large pool of 'partly unemployed' workers is a sign that labor conditions are worse than indicated by the unemployment rate."

    "While there has been steady progress, there is also no doubt that the economy and the job market are not back to normal health," Ms. Yellen added.

    An analyst from Jefferies summed it up nicely by saying, "This could be one of the most dovish speeches I have ever read from a Fed official."

    Another analyst from BNP Paribas said, "Yellen pulled out just about every dovish tool in the box as she highlighted that the economy needs extraordinary support for 'some time.'"

    Boom, stocks ramped higher as Ms. Yellen basically made it abundantly clear the Fed's ZIRP (Zero Interest Rate Policy), which makes those fancy carry-trades oh-so easy for the big banks and hedge funds, wasn't going away any time soon.

    Headline #2: Russia Signals It Will Withdraw Troops From Ukraine Border

    According to the WSJ, a German government official said Monday that President Vladimir Putin told Chancellor Angela Merkel by phone that he had "ordered a partial withdrawal" of military forces that had been amassing along Ukraine's eastern border.

    We probably don't need to go into much detail here as this headline reassured investors that, at least for now, Russia has no plans to annex any additional Ukrainian territory.

    Sure, Russia is sneaky. Yes, this could easily be a stall tactic. But investors don't really care about Russia's long game or Ukraine to any great degree. No, the market cares only that something nasty isn't about to break out.

    So There You Have It

    So... with Yellen reaffirming her reputation as being an uber dove and Russia backing down, there was reason to cover some shorts and perhaps do a little buying on Monday.

    The question of the day, however, is if the S&P can keep the upside momentum going and break on through to the other side soon. And this time, investors will be watching closely to see if any of the other indices will be joining in on the new-high fun. Because, if not, unless some new headlines crop up, the up-one-minute and then down-the-next market could easily continue.

    Looking for a disciplined approach to managing stock market risk on a daily basis? Check Out My "Daily Decision" System. Forget the fast money and the latest, greatest option trade. What investors need is a strategy to keep them "in" the stock market during bull markets and on the sidelines (or short) during bear markets.

    Turning to This Morning...

    March PMI (Purchasing Managers Index) data from China and Europe were in focus overnight. Despite continued weakness in the Chinese data (the official PMI hovered around an 8-month low) talk of economic stimulus has traders looking to front run the People's Bank of China this morning. With the exception of Japan, all the major overnight markets are higher and U.S. futures are pointing to an uptick at the 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: -0.24%
    - Hong Kong: +1.35%
    - Shanghai: +0.67%
    - London: +0.52%
    - Germany: +0.59%
    - France: +0.79%
    - Italy: +1.51%
    - Spain: +0.87%

    Crude Oil Futures: -$0.25 to $101.33

    Gold: +$1.20 at $1285.00

    Dollar: lower against the yen and pound, higher vs. euro

    10-Year Bond Yield: Currently trading at 2.744%

    Stock Futures Ahead of Open in U.S. (relative to fair value):
    - S&P 500: +4.51
    - Dow Jones Industrial Average: +43
    - NASDAQ Composite: +9.76

    Thought For The Day...

    You cannot escape the responsibility of tomorrow by evading it today. -Abraham Lincoln

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave


    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 and on our website is for informational purposes only. No part of the material presented in this report or on our websites 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. The opinions and forecasts expressed are those of the editors of StateoftheMarkets.com and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. One should always consult an investment professional before making any investment.

    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.

    The information contained in this report is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

    Employees and affiliates of HCM and Ridge 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 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.

    Apr 01 8:04 AM | Link | Comment!
  • A Sell Signal Worth Watching For Now

    Daily State of the Markets
    Monday, March 31, 2014

    In our last missive entitled A VIX Buy Signal Worth Watching, we reviewed an actionable buy signal using the VIX that is (a) easy to follow and (b) has proved its ability to put the odds in your favor over time. We received quite a few questions and comments on this article, most of which had to do with applying an appropriate/matching sell signal.

    So this morning, we thought it would be appropriate to talk about an actionable sell signal that investors might want to watch for in the near-term.

    Remember: Most Indicators Don't Go Both Ways

    But first, as we've stated a time or two, a great many investors incorrectly believe that stock market indicators are able produce both buy AND sell signals. This is simply not true. Some indicators provide excellent buy signals but lousy sell signals, and vice versa. So, again, please don't think that any single indicator can provide you with accurate signals to move in and out of the markets.

    For example, the VIX Buy Signal we reviewed has proven to be pretty reliable in terms of producing short- to intermediate-term buy signals. However, as a sell signal, it leaves a lot to be desired.

    In case the point has not been made clearly here, the real key to success in this game is to understand your tools and when to apply them. In short, you've got to use the right tool for the job at hand. Thus, investors should fill their quiver with indicators that provide good buy signals AND indicators that provide good sell signals. Simple, right?

    Let's Assume You Followed the VIX Buy...

    Let's assume you decided to jump on the VIX buy signal that was given a couple of weeks ago. Since then, the market has moved sideways in a tight range, albeit violently so on an intraday basis. If you bought on 3/17, your current position is flat to slightly down, depending on your entry point. Thus, the key question now becomes, where do you exit?

    While I do run the risk of beating a dead horse here, the key is to use the right indicator for the environment. Here's what I mean. We start with the big-picture environment, which can help us determine which type of indicator to use. Currently, our daily market environment model, which is designed to tell us which team is in control of the game is neutral. Thus, we are inclined to take less risk at this stage and remain flexible - because the bottom line is things could go either way right about now.

    The Plan For THIS Environment

    In English, the neutral reading of our market environment model tells us that the most important thing to do in the near-term is to be ready for the next big move. Again, getting the big moves right is the real key to long-term success.

    Generally speaking, stocks tend to exit a sideways, consolidation phase heading in the same direction they were moving before the consolidation began. As such, discretionary traders may want to bet that the current range will be resolved with an upside breakout.

    However, we prefer to avoid conjecture because our dang crystal ball is currently in the shop. Therefore, we need to have a game plan for both possible scenarios relating to how the current range will end.

    With our environment model neutral and price doing next-to nothing, experience has taught us that this is the time to let price be your guide. In other words, don't try to argue with Ms. Market. No, this is the time to keep your eyes and ears open and do as you are told.

    A Sell Signal to Watch For

    Anyone who has been at this game a while knows that letting price be your guide is easier said than done. Technical analysis can be tricky and very subjective. In fact, many of the really strong chart watchers will tell you that it is more art than science.

    The key is to have some sort of quantifiable indicator to tell you when it is time to head to the sidelines. Enter something called the Donchian Channel.

    The Donchian Channel

    According to Investopedia, a Donchian Channel is "a moving average indicator developed by Richard Donchian. It plots the highest high and the lowest low over the last period time intervals."

    In common terms, the Donchian Channel is a breakout indicator. When price closes above the channel, a buy signal is given. And conversely, when prices closes below the lower channel line, a sell signal is flashed.

    However, as is the case with most indicators, the trick is to know when to use them and when not to. In our shop, we like to look at the Donchian Channels only when the market is in a sideways trading range - and has been for some time.

    And the bottom line is this is one of those times.

    S&P 500 Daily with Adapted 14-Day Donchian Channel

    As the blue lines on the chart of the S&P 500 clearly indicate, the market is currently in a well-defined trading range. Thus, the idea is to "do nothing, absolutely nothing, until there is something to do." In other words, if you are long here, you should hold until/unless, the market closes below the lower band.

    The current situation is similar to that seen in January of this year (the area circled on the chart). While selling the big decline on 1/24 was certainly annoying, hindsight shows that this was the right move.

    The Trigger Point

    Cutting to the chase (I know, now my strong suit), should the S&P 500 close below 1839, this is your signal to exit long positions. And for those that like to "go the other way" with their positions on occasion, a meaningful close below 1839 is also your trigger point to put on short positions.

    The only caveat here is that everybody in the game sees the same key level on the chart. As such, the algo's will likely exaggerate any move to the downside if 1839 is breached - just as they did on the 1/24 sell signal. This is just the way the game is played these days.

    However, if you like to play the game with the odds on your side, using a Donchian Channel (we like a 14-day Donchian Channel, moved forward 1 day) may be something to keep in your quiver when Ms. Market is in an undecided mode.

    Looking for a disciplined approach to managing stock market risk on a daily basis? Check Out My "Daily Decision" System. Forget the fast money and the latest, greatest option trade. What investors need is a strategy to keep them "in" the stock market during bull markets and on the sidelines (or short) during bear markets.

    Turning to This Morning...

    While there has been no breakthrough in negotiation with Russia, the de-escalation of the situation with the Ukraine has traders breathing a sigh of relief this morning. Overnight markets were largely encouraging with only Shanghai finishing the first quarter in the red. Futures in the U.S. are pointing to some improvement at the 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: +0.90%
    - Hong Kong: +0.39%
    - Shanghai: -0.22%
    - London: +0.42%
    - Germany: +1.44%
    - France: +0.73%
    - Italy: +1.57%
    - Spain: +1.27%

    Crude Oil Futures: -$0.41 to $101.26

    Gold: +$1.90 at $1296.20

    Dollar: lower against the yen, euro and pound

    10-Year Bond Yield: Currently trading at 2.746%

    Stock Futures Ahead of Open in U.S. (relative to fair value):
    - S&P 500: +6.53
    - Dow Jones Industrial Average: +53
    - NASDAQ Composite: +15.92

    Thought For The Day...

    "Peace hath higher tests of manhood than battle ever knew..." -J Whittier

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave


    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 and on our website is for informational purposes only. No part of the material presented in this report or on our websites 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. The opinions and forecasts expressed are those of the editors of StateoftheMarkets.com and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. One should always consult an investment professional before making any investment.

    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.

    The information contained in this report is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

    Employees and affiliates of HCM and Ridge 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 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.

    Mar 31 7:56 AM | Link | Comment!
  • A VIX Buy Signal Worth Watching

    Daily State of the Markets
    Friday, March 21, 2014

    Before we were so rudely interrupted by all the hullabaloo surrounding Ms. Yellen's definition of a "considerable" amount of time (now known to be six months), we were looking at how the VIX could be used to help identify decent entry points for traders looking to get long the U.S. stock market. And since the market still appears to be trying to make up its mind which way things will go from here, this appears to be as good a time as any to expand on the idea of using the VIX to "buy the freaking dips."

    As we discussed earlier in the week, a simple (okay, really simple) approach to identify turning points in the market after a correction is to wait for the VIX to first spike and then reverse lower.

    Below are the charts we used as Exhibit A. No, this is not a sophisticated approach. But hey, it DOES seem to do a decent job.

    S&P 500 Daily

    VIX Daily

    If you will recall, at the end of Wednesday's report, we promised to apply some fancy math to this approach to see if we couldn't come up with a more consistent, more quantifiable way to use the VIX to help you BTFD. So here goes.

    But First, Some Caveats

    Before we get started, there are a couple caveats worth noting. First, it is important to recognize that the character of the stock market has changed over the last few years. Blame it on Virtu, Getco, Citadel, Goldman or JPMorgan and their algos if you'd like. But there should be little argument that both the volatility and the speed with which moves now occur have increased.

    Next, too many investors believe that all stock market indicators produce strong buy AND sell signals. This is simply not true. Some indicators provide excellent buy signals but lousy sell signals, and vice versa. So, please don't think that any single indicator can provide you with accurate signals to move in and out of the markets. In this case, we are looking at only the buy side of the indicator - for good reason.

    Finally, it goes without saying that investors should never use any indicator in a vacuum. No, the game is a wee bit harder than that. The trick is to find a quiver full of weapons to use, and then now which arrow to use and when.

    Our VIX Buy Signal

    With the necessary disclosures and disclaimers out of the way, let's get to our buy signal. The idea is to use the VIX and its 20-day moving average. Simple enough, right? Next, we need to calculate the number of standard deviations the VIX is from its 20 dma. A little tougher, but a quick Google search should do the trick.

    So, when the VIX first moves more than two standard deviations from the 20-day, and then reverses below the two standard deviations line, a buy signal is flashed.

    In English, what this tells us is that the market has experienced a correction and a corresponding spike in the VIX. Then, when the VIX moves back below the two standard deviation line, it tells us that volatility is retreating. This, in turn, means that the correction in stock prices may have run its course.

    The Stats

    Since 2011, there have been 21 "initial" buy signals given. Note that this indicator often produces "double-barreled" buys as the VIX oftentimes spikes, retreats and then spikes again. For our purposes, we are using only the first buy signal.

    Of those 21 buy signals, 17 have led to higher prices in the ensuing weeks on the S&P 500. If my calculator is correct, this means that when our VIX Buy Signal occurs, the odds of success are 81 percent. Not bad, eh?

    Looking at the stats back to 1995, 5 days after an initial buy signal the average gain on the S&P is +0.27 percent, which is exactly 50 percent better than the average gain of +0.18 percent for all five-day periods.

    Two weeks after the buy signal, the gains in the market are again about 50 percent better than average (+0.53 percent vs. +0.35%). And four weeks later, the S&P's average gain has been +1.11 percent, which is 61 percent better than the average gain of 0.69 percent for all 20-day periods.

    When eye-balling the chart of this indicator, it is clear that this indicator has been quite good over the past two years. In short, the buy signals have consistently provided investors with very good opportunities to BTFD's.

    The Latest Signal

    The latest buy signal was flashed on March 17, 2014 (the one before that occurred at the end of January). So, while there are never ANY guarantees at all in this business, this indicator does seem to tell you that the odds favor the bulls for the next few weeks.

    To be sure, the recent dip wasn't much and of course there is a chance that it isn't over. However, our VIX signal did flash an initial buy. And with 81 percent odds, you couldn't be blamed for buying this little dip.

    Publishing Note: I am traveling early next week and will publish morning commentaries as time permits.

    Looking for a disciplined approach to managing stock market risk on a daily basis? Check Out My "Daily Decision" System. Forget the fast money and the latest, greatest option trade. What investors need is a strategy to keep them "in" the stock market during bull markets and on the sidelines (or short) during bear markets.

    Turning to This Morning...

    Lawmakers in Washington take note. When you play nice, good things happen. Fitch affirmed the AAA rating for U.S. last night and changed its outlook to "Stable" from Ratings Watch Negative. Although there isn't much news to report other than the U.S. and Russia trading various sanction, Asian markets were largely positive and Europe bourses are higher save Italy. As usual, the U.S. futures are following Europe in the early going and point to a higher open at this stage of the day.

    Pre-Game Indicators

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

    Major Foreign Markets:
    - Japan: Closed
    - Hong Kong: +1.20%
    - Shanghai: +2.73%
    - London: +0.63%
    - Germany: +0.48%
    - France: +0.35%
    - Italy: -0.04%
    - Spain: +0.19%

    Crude Oil Futures: +$0.47 to $99.37

    Gold: +$11.10 at $1341.60

    Dollar: higher against the yen, lower vs. euro and pound.

    10-Year Bond Yield: Currently trading at 2.776%

    Stock Futures Ahead of Open in U.S. (relative to fair value):
    - S&P 500: +7.14
    - Dow Jones Industrial Average: +53
    - NASDAQ Composite: +18.68

    Thought For The Day...

    People too weak to follow their own dreams will always find a way to discourage yours --Unknown

    Positions in stocks mentioned: none

    Follow Me on Twitter: @StateDave


    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 and on our website is for informational purposes only. No part of the material presented in this report or on our websites 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. The opinions and forecasts expressed are those of the editors of StateoftheMarkets.com and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. One should always consult an investment professional before making any investment.

    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.

    The information contained in this report is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

    Employees and affiliates of HCM and Ridge 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 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.

    Mar 21 8:03 AM | Link | Comment!
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