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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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  • Can We Trust The Bulls' Latest Stampede?

    Daily State of the Markets
    Tuesday, November 4, 2014

    With the S&P 500 having blasted up +10.9 percent in just 12 days, it is safe to say that the bulls have displayed a little "oomph" in their latest joyride to the upside. And to students of the game, it is the "oomph" behind the move that is really the key.

    You see, the important question on everyone's minds after a move such as we've seen over that last couple weeks is: Can it continue?

    The beauty of staying in tune with the trend of the market is that price cannot deviate from itself as a directional indicator. In other words, if one is long and price is moving higher, it is a good thing - always. However, the fact that price is moving up does little to help one with the question of whether or not the move can continue.

    Where's the Beef?

    For help in this regard, one can turn to momentum indicators. Put simply, if the bulls are rallying with gusto, it is generally a good indication that the move has not yet run out of steam. However, if an uptrend is merely limping along, then the move tends to be susceptible to any number of negative inputs.

    The uptrends that took place this summer were good examples of rallies that looked good from a price perspective but didn't have much in the way of "oomph" or momentum behind them. In fact, our Market Environment Models was actually neutral at the S&P's August and September highs, asking in effect, "Where's the beef?"

    S&P 500 - Daily

    View Larger Image

    However, this time around things are a little different. First, our Environment Model is positive. In fact, our weekly model has moved up to its highest reading of the year. And while anything can happen in the near-term, a strong reading from our primary market model is usually a good thing from an intermediate-term perspective.

    This Time There is Some "Oomph"

    Perhaps more important than the set of new all-time highs seen on the Dow, S&P, and NASDAQ 100 is the fact that our momentum indicators have started to flash positive "thrust" signals. And the bottom line here is that when momentum thrusts occur, the market has historically stayed in a positive mode for a decent chunk of time.

    The Price Stampede Indicator

    One such indicator is called a price stampede. The indicator is simple, yet effective. When the percentage of stocks above their respective 10-day moving averages exceeds 90, it is a good indication that the bulls are on the move. No, make that stampeding!

    One month after a price stampede, the S&P 500 has been up +1.24 percent on average since late 1980 versus the average gain of +0.77 percent seen for all 21-day trading periods. Of the 28 occurrences since 10/10/1980, the S&P 500 was higher 61 percent of the time.

    Three months later, the S&P 500 has gained +4.14 percent versus the +2.32 percent gain for all three month periods - and the trades were positive 70.3 percent of the time.

    Six months later, the song remains the same as the S&P 500 was higher 81.5 percent of the time after the price stampede signal and sported an average gain of +9.22 percent - compared to the average of all six-month periods of +4.75.

    And even one year after a price stampede, the S&P 500 still outperforms all one-year periods +16.5 percent to +9.9 percent, with a winning percentage of 96.1 percent. The word you are probably looking for right now is, "impressive!"

    So, given that for the last 35 years, the market has usually outperformed by a handsome margin after a price stampede, it is safe to say that the bulls have history on their side right now.

    And the good news is that the latest price stampede occurred on October 21, 2014.

    But Should We Still Trust the Stampede?

    The problem is that this signal, which once only fired every other year or so, now occurs with regularity. For example, over the last 35 years, there have been 28 price stampede buy signals. Ten of which occurred from 1980 through 2007, meaning that a price stampede occurred about once every 2.6 years on average. Therefore, this was once a VERY important buy signal to watch.

    But since 2007 the character of the market has clearly changed. The elimination of the uptick rule for short-sales creates boatloads of buying when the shorts cover. The advent of broad based market ETFs where as many as 3,000 stocks can be traded with the click of a button has added tremendous upside movement to stocks. And the invention of HFT designed to scalp fractions of a penny from trades and the ever-increasing use of high-speed algorithmic trading have clearly increased both the size and speed at which trends occur.

    Because of this, there have been significantly more price stampede signals in the last seven years. While there were 10 buy signals in the 28 years between 1980 and 2007, there have been 18 price stampede signals since the beginning of 2008.

    So instead of there being one price stampede every three years, there are now more than 2.5 per year on average. As such, the question begs to be asked: Does this indicator still work?

    The Recent History

    In looking at the price stampede signals since 2007, one finds that there were several VERY large moves - in both directions after buy signals have occurred. The key here is to understand that during bear markets, the "dead cat bounces" almost always create momentum signals that wind up being quite negative 1, 3, and 6 months out - because the bears tend to quickly return after a brief blast higher.

    However, if one removes the signals that occurred in 2008, the price stampede indicator produces returns that are similar to the historical averages over the next 3 and 6-month periods as well as the 12-month periods. Therefore, it would appear that this indicator, while not as pound-the-table strong as it once was, is still worth paying attention to.

    But since the market moves have been coming faster and harder in recent years, it is probably a good idea to utilize a protective stop strategy on any momentum-based buy signal one follows. The bottom line is that a price stampede can quickly turn on you if the computers start to sense bad news or a new crisis.

    In conclusion, it would appear that the price stampede signal is either a harbinger of good things to come or merely a big move within an ugly market. And given that the S&P has just moved to a fresh all-time high, here's hoping it's the former.

    Turning To This Morning While the recent market has been all about QE, today the focus appears to be shifting back to the prospects for global growth. First, China is said to be planning to spend $16.3 billion on a 'New Silk Road' project which would link its markets to three continents. Next, the European Commission cut its outlook for growth. The 2014 GDP forecast was cut to +0.8% from +1.2% and the 2015 growth rate was cut to +1.1% from +1.7%. Specifically, Germany's growth rate was cut to just +1.1% in 2015 from 2.0%, France's was reduced to +0.7% from +1.5% and Italy's was cut to +0.6% from +1.2%. And finally, Oil is continuing yesterday's decline on word that Saudi Arabia has unexpectedly cut prices for crude sold to the United States. Apparently the Saudis have lowered crude prices to the U.S. by $0.45 per barrel. Turning to the global stock markets, Japan continued to rally on the expansion of the QQE plan, China markets were flat, European bourses are down slightly, and U.S. futures point to a soft 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: +2.73%
    Hong Kong: -0.29%
    Shanghai: +0.04%
    London: -0.05%
    Germany: +0.26%
    France: -0.12%
    Italy: -0.38%
    Spain: -0.41%

    Crude Oil Futures: -$2.42 to $76.33

    Gold: -$1.30 at $1168.50

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

    10-Year Bond Yield: Currently trading at 2.318%

    Stock Indices in U.S. (relative to fair value):
    S&P 500: -5.56
    Dow Jones Industrial Average: -35
    NASDAQ Composite: -16.38

    Thought For The Day:

    If you wait until you're ready, you may be waiting the rest of your life. -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.

    Nov 04 8:16 AM | Link | Comment!
  • The QE Dance Continues

    Daily State of the Markets
    Monday, November 3, 2014

    It appears that the dance with QE will continue today. For anyone invested in stocks, this has been a beautiful dance to watch for several years now. It's a bit of a two-step and here's how it works. First, the markets fret over what appears to be economic weakness. This causes stocks to move lower and everybody frets about the global economy slipping back into recession. But then the Fed, the Bank of Japan, the Bank of England, the European Central Bank, and/or the People's Bank of China starts talking about printing money and/or taking steps to stimulate economic growth. Bam, the problem is solved and everybody is dancing again.

    In case you are not clear on why QE in Japan helps the U.S. stock market, remember, it's all about global liquidity. When a central bank pumps newly minted cash into the global financial system, that money has to go somewhere. And the bottom line is that over the last few years, an awful lot of it has wound up in the U.S. stock and bond markets.

    To be sure, Friday's market was all about the "liquidity trade" as the Bank of Japan surprised/shocked the markets by announcing a 60 percent increase to its QQE (Qualitative and Quantitative Easing) program. Apparently, the BOJ likes to surprise the markets in order to create maximum impact for the firing of their "bazooka."

    To review, the BOJ will now be buying 80 billion yen a year (about $730 billion) worth of Japanese government bonds, REITs, and ETFs. Yep, that's right fans, the BOJ isn't even trying to be coy about their real objective here as they are buying equity ETFs and REITs outright.

    The thinking is that if you can "inflate" the value of stocks and real estate, the consumer will feel better about their financial situation. And if everyone "feels better" they are more apt to spend money and the do their part to grow the economy.

    In Japan, they appear to be pulling out all the stops on this idea. You see, in addition the massive increase in the country's QQE program, Japan's Government Pension fund announced that it will more than double the allocation to Japanese stocks in its portfolios. Going forward, the pension funds will have a target allocation of 25% in stocks, up from 12%. Wow.

    iShares Japan - Daily

    View Larger Image

    The news was greeted with cheers for stock markets around the world. Japan's Nikeii kicked things off with a surge +4.83% on Friday (Japanese markets are closed today for a holiday). Obviously, investors think that some of that freshly minted QE cash is going to wind up in Japan's stock market in the coming year.

    S&P 500 - Daily

    View Larger Image

    The end-of-month joyride to the upside continued around the world as Europe saw big gains and the U.S. stock market indices surged to new record highs on the Dow Jones Industrial Average, the S& 500, and the NASDAQ 100. Oh, and the NASDAQ Composite hit a new cycle high as it continues to close in on the 5,000 level seen back in the spring of 2000.

    The QE Dance Continues

    This morning, it appears that the QE dance will continue as PMI data out of China and the Eurozone has traders back to gnawing at their fingernails and worrying about economic growth.

    In China, the official Purchasing Managers Index (PMI) came in at a five-month low. Although the reading of 50.8 is technically above the all-important 50 level (the demarcation line between economic expansion and contraction), the PMI reading was below the consensus of 51.2 and September's 51.1.

    In addition, the New Orders component declined, which, of course is not a harbinger of good things to come. The concern here is that the weak data comes on the back of the government having targeted specific industries with stimulative measures.

    Then across the pond, the Eurozone's PMI improved from September's 14-month low. However, the reading of 50.6 was below the September level and the New Orders index fell for a second consecutive month.

    The good news is that Germany's PMI moved back above the 50-level to 51.4. This was an improvement from the September read of 49.9, which had caused traders to sit up and take notice of the sudden weakness in the area's biggest and best economy.

    The Next Move

    The next move in the QE dance is for stocks to pull back as traders worry about the outlook for the global economy. Given that stocks around the globe enjoyed a QE-induced sugar high to end the month, we must recognize that markets are now overbought on a near-term basis and could be susceptible to some selling.

    So, will the dance continue? Or will favorable seasonality coupled with performance anxiety cause the fear of missing out (or losing your job) to take over? Remember, hedge funds are badly underperforming this year and Bloomberg is out this morning with an article about how mutual funds are lagging as well.

    Thus, the question for the coming sessions is which worry will be the focus? Stay tuned, this ought to be interesting.

    Turning To This Morning

    The focus of today's markets appears to be back to economic data. Traders have the PMI data from Europe and China to noodle on and there will be PMI data in the U.S. later this morning. In Europe, the concern is that an economic malaise may be setting in. While the PMI data did show some improvement, it was hardly robust. And with China's PMI numbers also coming in on the weak side, the concern is that Europe could be in for a long struggle. Therefore, the next move is likely up to the ECB, which has been "talking up" a QE program for some time but has yet to actually fire its "bazooka." European stocks are lower across the board this morning and U.S. futures are pointing to a slightly lower open.

    Pre-Game Indicators

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

    Major Foreign Markets:
    Japan: Closed
    Hong Kong: -0.34%
    Shanghai: +0.41%
    London: -0.53%
    Germany: -0.58%
    France: -0.55%
    Italy: -1.47%
    Spain: -0.69%

    Crude Oil Futures: +$0.34 to $80.88

    Gold: +$0.10 at $1171.70

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

    10-Year Bond Yield: Currently trading at 2.333%

    Stock Indices in U.S. (relative to fair value):
    S&P 500: -1.15
    Dow Jones Industrial Average: -23
    NASDAQ Composite: +0.39

    Thought For The Day:

    The richest man is not he who has the most, but he who needs the least. - 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.

    Nov 03 9:01 AM | Link | Comment!
  • The New Battle Cry: Inflation Or Bust!

    Daily State of the Markets
    Friday, October 31, 2014

    As someone who entered the investing business in 1980, it is very odd to see the central bankers of the world now focused on trying to increase inflation. Back in the day, inflation was the enemy. An enemy Paul Volcker was locked in battle with for years as runaway inflation threatened the very core of the U.S. economy after the oil shocks in the 1970's.

    Now fast-forward 30 years or so and one finds that today's enemy is just the opposite. Today everyone is worried about and focused on the potential for deflation. As a result, central bankers from the U.S., Europe, and Japan have been doing their darndest to boost the official inflation readings over the last couple years.

    The key appears to be that none of the world's bankers want to see a replay of what happened in Japan from 1989 through, well, today. In short, a deflationary cycle took over twenty five years ago in Japan that has kept the economy stagnant and has been a cycle that so far at least, has been nearly impossible to escape.

    As a student of the Great Depression, Ben Bernanke knew that a downwardly spiraling deflationary cycle was the biggest threat to the U.S. economy after the credit crisis ended. As such, "Gentle Ben" did everything in his power to push up the value of such things as stocks and real estate.

    And although the unemployment rate in the U.S. has come down dramatically since 2009 and the economy now appears to finally be able to stand on its own two feet, Janet Yellen's Fed is also taking no chances with deflation. While Yellen's bunch did finally put an end to their latest and greatest QE program this week, they will continue to reinvest the income from the $4+ trillion in bonds they now own and will keep rates near zero for a "considerable time."

    The result of the U.S. Fed's efforts on stocks and real estate have been nothing short of impressive. While home prices have not completely recovered from their bubbly heights, they have advanced smartly from the lows. And the U.S. stock market has enjoyed an advance of more than 200 percent since the dark days of 2009.

    S&P 500 - Daily

    View Larger Image

    Japan Implementing U.S. Playbook

    In light of these results, Japan's Prime Minister Shinzo Abe decided a couple years back to use the U.S. Fed's playbook with regard to ending the deflationary cycle. The plan was to implement a QE program in Japan that on a percentage of GDP basis, was even bigger than the program in the U.S.

    However, the Japanese have taken the idea one step further by buying up ETFs and Real-Estate Investment Trusts as well as bonds. Thus, the Japanese government was less vague about its intentions and has been directly buying stocks, bonds and REITs on the open market.

    The problem is that so far at least, the plan has not been nearly as successful in Japan as in the U.S.

    iShares Japan (NYSEARCA:EWJ) - Daily

    View Larger Image

    As the chart above clearly shows, Japanese stocks have not enjoyed the joyride to the upside that has been seen in the U.S. What's more, the rate of inflation has remained stubbornly low lately. And the bottom line is this appears to be unacceptable to the powers that be in Japan.

    Japan Now Pulling Out All the Stops

    However, this may be about to change as the BOJ shocked the financial world overnight by upping its QE program from about ¥50 billion a year to ¥80 billion - an increase of 60 percent!

    Japan's central bank said they would buy longer-term JGB's (Japanese Government Bonds) and would triple the rate of purchases of ETFs and real-estate investment trusts.

    But wait, there's more. The Government Pension Investment Fund announced yesterday that it was raising its allocation to domestic equities to 25 percent from 12 percent.

    It will suffice to say that Japanese officials want stocks to get moving higher.

    Officially, the BOJ still believes that the Japanese economy is recovering. However, officials also voiced concerns about their efforts to win the war on deflation.

    "If the current downward pressure on prices remains, albeit in the short term, there is a risk that conversion of deflationary mind-set, which has so far been progressing steadily, might be delayed," the BOJ said in a statement.

    In stepping back to look at this situation, the word you are probably looking for here is, wow! The Japanese are clearly going for broke and pulling out all the stops in an effort to get stocks and real estate moving higher.

    So far so good on that score as the Japanese stock market soared +4.8 percent overnight.

    Why Should We Care About Japan?

    The key here is that there is going to be a lot more money sloshing around the global financial system looking for a home. And if the past is any guide, a fair amount of the freshly minted money is likely to end up in the U.S. stock market.

    So, while the U.S. is now stepping away from the printing press, it looks like the Japanese are planning on picking up the slack.

    Oh, and speaking of more money printing, the traditionally hawkish ECB Governor Ewald Nowotny told CNBC today that one "should never say never" when pressed on the topic of an official QE program in the Eurozone.

    So, what has the response been to all of this been in the market? So far at least it appears that the phrase of the day is "Party on, Wayne!"

    Turning To This Morning

    Today's market is all about QE. The Bank of Japan shocked the markets overnight by boosting its QQE (Qualitative and Quantitative Easing) program by an eye-popping 60%. The BOJ will now be buying 80 billion yen a year (about $730 billion) worth of Japanese government bonds, REITs, and ETFs. (Yep, that's right, the BOJ is being sly, they are buying stocks outright.) In addition Japan's Government Pension fund announced that it was more than doubling its allocation to Japanese stocks, going from 12% to 25%. Then across the pond, the ECB's Ewald Nowotny, who is traditionally quite hawkish on anything relating to boosting the economy via monetary policy said "we should never say never" when pressed on the topic of QE in the Eurozone. Global markets have popped in response with Japan surging almost 5%, Europe's bourses are up smartly, and S&P futures are pointing to a new all-time highs at the open.

    Pre-Game Indicators

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

    Major Foreign Markets:
    Japan: +4.83%
    Hong Kong: +1.25%
    Shanghai: +1.21%
    London: +1.24%
    Germany: +2.11%
    France: +2.26%
    Italy: +2.15%
    Spain: +1.93%

    Crude Oil Futures: -$0.64 to $80.48

    Gold: -$29.70 at $1168.90

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

    10-Year Bond Yield: Currently trading at 2.332%

    Stock Indices in U.S. (relative to fair value):
    S&P 500: +21.65
    Dow Jones Industrial Average: +176
    NASDAQ Composite: +59.21

    Thought For The Day:

    If you can't explain it simply, you don't understand it well enough. - Albert Einstein

    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 31 8:53 AM | Link | Comment!
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