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NEWSLETTER:
September 2016
NEWSLETTER: September 2016
CONTENTS:
Markets Round Up P.3
Look back at August P.4
Trade Of The Month: August - Long FCOJ P.5
The Month Ahead: September P.6
The Month Ahead: Seasonality For September P.7
Technical Analysis Education: Renko Charts P.8
Stories From The Pits: Fat Fingers! P.14
Up Coming Events, Offers And News P.15
Markets round up:
• Japan: Yen weakened off from strength as markets expect some Japanes government intervention.
• Brexit worries fade – for the moment. GBP bouncing back from lows but ranging. FTSE getting to new recent highs but feels weak at these levels..
• S&P500 set new highs of 2193 but has been trading sideways for a while now. Waiting on the FED September interest rate decision.
• Crude Oil WTI hit recent highs in the mid $48’s before falling back to mid $40’s. Waiting on Septembers OPEC meeting to gauge future direction,
• Grains and Softs continued to come off and may be now are starting to find a bottom?• China – more encouraging economic signs filtering out which is helping to stabilise
markets.
Look back at August:
A complete mixed bag in August. FCOJ leading the gainers and Live cattle the losers. Indices mostly flat. Energy complex bullish, Metals bearish :
Trade of the month: August – Long FCOJ
It’s FCOJ again! Dominating the trade of the month section in 2016. Up 10.01% in August as disease and supply fears remained. Add to that hurricane Hermine hitting Florida and signifying the start of the hurricane season then FCOJ may till have some further room to go even higher! Last years hurricane season saw prices grow 55% over October / November.
Other notable bullish performers in August could be found in the Energies complex: WTI +9.7% and RBoB Gasoline +6.36%. On the bears side, Live Cattle was the worst performer -9.99% closely followed by Platinum at -9.83%.
The Month Ahead: September
Equities & Equity Indices:
September sees the world get back to trading after the long summer break. Traditionally though September is one of the weakest months of the year. With the US elections hotting up this may also draw some interest as to how the markets behave.
The FTSE 100 looks fragile at highs although poor economic data and post Brexit fears are not as prevalent currently. S&P 500 and US Indices hit new record highs in August but are struggling to break further upwards unless they get a push from somewhere – more than likely it will come from an interest rate decision. Seasonally the DAX and the Nikkei 225 are bearish.
Strong sectors: Financials, Technology.Weak Sectors: Healthcare, Pharmaceuticals, Bio Technology, Utilities.
Commodities:
China is looking a bit more stable and a cheaper USD may aid commodities. September is a crucial month for Crude Oil which waits on the OPEC summit that will look to control and restrict production. Russia will also try to get in on the act. If they do expect oil to surge. The metals markets will be following Chinas economic developments very closely. If the US do put up interest rates then we may see the precious metals complex go more bearish.
In terms of seasonality, Soybeans, Nat Gas and RBoB Gasoline are strongly bearish, whilst Hogs, Wheat, Rough Rice are normally bullish.
FX:
The world waits on whether the US will put up interest rates in September to try and boost the US economy. If they do, this will have a detrimental effect on Emerging Market currencies heavily denominated in US debt. The JPY has been very strong for a while and it will be only a matter of time before the Japanese government intervene possibly in September. Any more Brexit decisions from the UK government will help lead the GBP.
The Month Ahead: Seasonality for September:
The data in the table gives a ‘guide’ to the general direction of the assets in question (on average) based on historical seasonal patterns and analysis over the previous 20 years:
Technical Analysis Education: Renko Charts
Renko Charts at first glance could appear almost to be as ‘way out’ as it gets – the work of some Technical Analysis boffin with too much time on their hands! In fact, Renko charts aren’t some new tool created by the technological revolution, but have their roots firmly embedded in eighteenth century Japan. They were originally applied to trade Rice and formed the building blocks for a robust trading strategy.
WHAT ARE RENKO CHARTS?
These charts were named from the Japanese word for bricks, “Renga”. This type of chart completely ignores time and focuses solely on price changes that meet a minimum requirement. Renko charts use price “bricks” that represent a fixed price move. They move up or down in 45 degree lines with one brick per vertical column. Because of this unique approach to charting, it creates some great analytical applications for trading.
Standard set up of a Renko chart:
Renko charts are very similar to western Point and Figure (PnF) charts or Kagi charts in the way they ‘exclude’ time. Renko charts use bricks, PnF uses columns of X’s and O’s and Kagi charts thin and fat lines.
Technical Analysis Education: Renko Charts
CONSTRUCTION: SETTING THE BRICK SIZE AND SETTING UP THE CHART.
The chart: In practice, this is normally set up off the close or a range e.g. high / low. The Close gives one data point and less volatility to the chart, compared to a ‘range of data’ approach which increases the fluctuations in the bricks and therefore results in more bricks. One way of countering this volatility could be to take the High/Low and divide by 2. Which one to use? It’s down to your own personal preference and trading strategy/approach.
Brick sizes: predetermined by the analyst/trader. They are given a fixed value, that like Point and Figure charts, that will filter out smaller price movements, in the process leaving the user a clearer picture of the asset’s trend. Because Renko ignores time, bricks will only change once the pre-set criteria is met. For example, if the brick value is set to 100 points, then a move of 100 points is needed to draw another brick. Anything less would be ignored and the chart would remain the same.
The brick size can be a fixed number e.g 20, 50, 100 – whatever you think is appropriate, but a more intuitive method that takes into account the volatility of the asset being traded, is to use ATR (Average True Range). How? Calculate the ATR from a ‘normal’ bar / candlestick chart and input this figure into the set up of the Renko chart. Depending on how many trading signals you would like, you can adjust the sensitivity of the ATR: more signals ATR/ 2 or /4, less signals * ATR by 2. Play around with the ATR number for the asset you are trading.
Technical Analysis Education: Renko Charts
S&P500 Index : Fixed versus floating (ATR) approach to setting your brick size.
On the left a fixed $25 brick approach and on the right an ATR/2 ($14/2) approach both over the same period:
Notice the much finer detail on the ATR approach – this can create whipsaws and less smooth data, but overall the ATR approach is more dynamic than the fixed, and takes into consideration the current trading climate. The ATR results would have been more in line with the fixed approach if they weren’t divided by two. How you determine what to use is down to your own trading approach and objectives – there is no set answer.
Technical Analysis Education: Renko Charts
TRADING RENKO CHARTS
Renko can be a great tool to trade just by itself, for filtering out the ‘noise’ of the market or as an extremely powerful tool for spotting support and resistance levels and trends.
Crude WTI with a 10 period Moving Average:
Technical Analysis Education: Renko Charts
TRADING RENKO CHARTS
Trade signals are generated when the direction of the trend changes and the bricks alternate colours. For example, a trader will sell an underlying asset when a red brick (bearish) is placed at the end of series of climbing green bricks (bullish). Since this type of chart was designed as a way to follow the general price trend of an asset, there can often be false signals where the colour of the bricks changes too early, producing a whip-saw effect.
With the advancement in IT software, you can enhance your charts with other Technical Analysis tools, to create some highly effective trading strategies. Below, is a WTI Renko chart with a 10 period moving average, Bollinger bands and Fibonacci and DMI:
Technical Analysis Education: Renko Charts
TRADE MANAGEMENT:
Renko charts are also excellent for trade management – for the use of stops, trailing stops and finding key levels of support and resistance that can aid your decision making around your trading.
Rules for using stops:
• Use levels of support and resistance
• Use indicators e.g. moving averages, bands etc.
• You can trail your stops a number of bricks or behind significant price levels.
CONCLUSION:
Renko charts are now available to all through almost all of today’s charting packages. They are easy to use and understand and, thanks to today’s technology, easy to apply. This ancient and highly effective trading approach should not be ignored and should be incorporated into your trading plan as the building blocks for a robust trading strategy.
Stories From The Pits: Fat fingers!
Mistakes, they do happen – they’re called ‘fat fingers’
It is the occasional tendency of stressed traders working in fast-moving electronic financial markets to press the wrong button on their keyboard and in the process, lose a fortune! For new traders it could be for example not taking into account a decimal place or hitting buy instead of sell. It is not as un-common as you think even in the professional world of trading.
One such classic example was where a novice trader working for a bank (Mizuho) keyed in a sell 610k shares at 1 Yen in J-Com (on their Japanese Stock Exchange debut) when he should have sold 1 share at 610k Yen – the order was filled despite that order being 41 times the size of the outstanding shares on the market and with a bit of slippage he ended up losing £1.6 billion and costing his employer a lot of money! The Nikkei 225 index fell by 1.95% because of this losing countless others a small fortune.
Hopefully you wont do this to that extent if you follow your Risk / Trade management rules but mistakes will happen: get over them and move on.
Up coming event, Offers, News:
Core Trader Training Courses coming soon……
We are now taking bookings for our courses in 2016:
Canterbury: Wed 21st & Thu 22nd September,Canterbury: Wed 16th & Thu 17th November,
Next Trading Surgery:
28th September 20163pm to 5pm: Canterbury
Innovation Centre
Refer anyone onto our ‘Core Trader Training Programme’ and receive £100 cash*
(*Terms and conditions apply)
One 2 One Training:
Need on-going support?Need to talk over your results and trading issues?Want to identify your weaknesses?Want to become a better trader?
For those who have been on the Core Trader Training Course, One2One training is currently only £150 per hour + VAT. For those who haven’t, the hourly rate is £250 + VAT.
Please contact us on 01227 811731 or via our booking enquiry form.
Disclaimer:
All rights reserved. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system in part or in whole without the express written permission of The Stop Hunter Ltd; except where permitted by law.
Commentaries, information and other materials contained in any part of this document are purely educational in nature and are not intended to amount to advice on which reliance should be placed. They should not be relied upon for the purpose of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. We therefore disclaim all liability and responsibility arising from any reliance placed on any information displayed in this document (including without limitation liability and responsibility for any investment decision made), or by anyone who may be informed of any of its contents.
Trading and investing involves a very high degree of risk. Past results are not indicative of future returns and financial instruments can go down as well as up resulting in you receiving less than you invested. Do not assume that any recommendations, insights, charts, theories, or philosophies will ensure profitable investment.
THE TRADERS CLUB WEEKLY REPORT:
02/09/16
CONTENTS:FX Majors Traded Pairs Summary P.5
US Dollar Index Watch P.6
FX Majors Currency Strength P.7
FX Major Charts P.8
FX Emerging Markets P.9
FX Emerging Market Chart of the week P.10
FX EM Driver Charts: GSCI, USD Index, MSCI Index P.11
FX Big Impact News P.12
Index Watch: UK FTSE100 P.14
Index Watch: US S&P500 P.15
Index Watch: Far East: Nikkei 225 & Hang Seng P.16
Index Watch: US Market Sentiment Dashboard P.17
US and UK Equities Short Lists P.19
US and UK Sector Analysis P.20
THE TRADERS CLUB WEEKLY REPORT: 02/09/16
FOREX
Indices
Equities
CONTENTS:Commodities to Watch P.22
COT & Seasonality Hot List P.23
Commodities Chart of the Week P.24
China Watch P.25
Base & Precious Metals Market Overview P.26
Key numbers P.27
Seasonality Trends P.28
Base Metals P.29
Precious Metals P.35
Energy P.39
Crude WTI Watch P.40
WTI Brent Spread Strategy P.41
RBoB Gasoline Watch P.42
THE TRADERS CLUB WEEKLY REPORT: 02/09/16
Commodities
Forex:
FX Major Traded Pairs Summary:
Comment: A busy news week ahead for interest rate decisions: AUD, CAD and EUR. All are expected to stay the same as prior. AUD announced Tuesday and currently 1.5%, CAD Wednesday – currently 0.5% and EUR Thursday at 0%. Monday starts quietly with the US and CAD off on Bank holidays. A couple of other news stories to look out for: Monday at 03:30 JPY, BoJ Governor Kuroda speaks and on Thursday China announces its trade balance figures.
NZD continues its ‘stealth’ climb to strength versus the other majors. USD looks flat, JPY coming off and is why Mondays BoJ news could be important for its short term direction. GBP surprisingly still making gains post Brexit.
US Dollar Index Daily Chart:
US Dollar Index Watch:
Comment:A re-bound within the range last week. The index looks to be stuck between two resistance zones from 95 to 97, Momentum possibly slowing. No inspiring directional moves look likely unless some key economic data can give it a push.
How to use: The US Dollar index is a basket of key currencies against the USD. The Index gives a good guide to the strength or weakness of the USD versus these other currencies. (JPY,CAD,GBP, SEK,CHF,EUR). NB. It can also be traded as a futures contract.
FX Majors Currency Strength:
Weak Neutral Strong
GBP, NZD,
JPY, USD,AUD,CHF,
CAD,EUR,
Currency Strength Analysis:
GBP continues to pick up strength from lows, whilst JPY has weakened considerably from its tops. NZD over the last few weeks looks to have been the strongest of the majors. The USD runs in a neutral tightening range.
How to use:
Data is based off weekly and daily currency strength quantitative analysis to present a ‘feel’ for the longer term sentiment, strength and weakness levels in the major currencies.
FX Majors Charts:Charts of interest this week – the longer term view: NZDJPY:
NZDJPY: If you were to put a pair together at the moment based purely off of short term strength momentum it would be these two. NZD has continued to build whilst JPY has weakened considerably. Despite this, the longer term trend still looks bearish and current price is coming into longer term resistance at 75.447. Downside on the Fibonacci's would be back to just above 69 and it needs to break 75.5 for the next up target being around 78.7.
FX Emerging Markets:
Comment: Commodity weakness, flat EM stock indices and a neutral USD Index have put most of the EM currencies into no mans land. The Brazilian real post Olympics looks stronger as does the KRW and TWD benefiting from a more stable Chinese economy. MXN ahead of US elections and ZAR are the pick of the more bullish outlook trades as they weaken versus the USD.
How to use: The left side of the table gives a fundamental economic view of where the Emerging Market currencies stand measured in an ‘Overall Health’ rating. This analysis is then married up to the technicals: price and momentum to draw a conclusion as to the overall direction of the individual currency in the medium to longer term. All Emerging Market currencies are versus the USD.
FX Emerging Markets Chart of the week: ZAR
Comment: South African Rand (ZAR) a still very fragile economy, heavily reliant on China and Commodity demand has weakened heavily over the last few weeks versus the USD and the other majors but gained strongly relative to other EM currencies. Recent gains up to late 14’s have put the price in the cloud and has upside resistance lurking just under 15 with the next major short term Fibonacci target then becoming 16. Momentum does look toppy and any reversal from here could see price retrace back to mid 13’s.
FX EM Driver Charts: GSCI, USD & MSCI Index:How to use:These are 3 key drivers of the Emerging Market currencies that can be easily monitored.
The GSCI Index is a basket of commodities (heavily energy weighted) – commodities are a key component of a lot of these countries economic development.
The MSCI Index is a basket of emerging market equity indices. This can paint an overall picture of health in the EM stock markets.
The US Dollar Index: almost all the debt of the EM countries are denominated in USD. So the US economy, changes in interest rates etc can play a pivotal role on the movement on any of the underling EM currencies.
FX Big Impact News:
How to use:
About Economic News:
Each week major economic news comes out from around the globe that can have a serious impact on the currency markets.
The most important news (in our opinion) is listed here…………..
Indices:
Index Watch: UK FTSE 100:UK FTSE weekly charts showing a possible shift in momentum towards bearishness after gaining nearly 27% this year? Kagi is showing weak bullish conditions on the dailies with break up levels being around 6950’s. 6700 and then 6500 are the next down supported levels.
Weekly Heikin Ashi chart:
Daily Kagi chart:
4hr 3 Line Break chart:
Index Watch: US S&P500S&P500: Stuck at the top of record highs. Price drifting off as momentum slows and volatility picks up. Neutral overall feel. Short term retracement levels at 2138 then 2100. Kagi daily = weak bullish.
Daily Heikin Ashi chart:
Daily Kagi chart:
4hr 3 Line Break chart:
Index Watch: Far East – Nikkei 225 & Hang Seng
Nikkei 225 back to resistance at 17000 – reversed twice from here in the last few months with support back at 16500. If breaks 17000 there is more noise around 17200.
Hang Seng short term bullish conditions hold in an indices dominated by financial service and property stocks. Breaking up from 23000 and heading into resistance at 23392, with next upside around 24500. down support at 22200.
Index Watch: US Market Sentiment Dashboard:
General Sentiment: Neutral
VIX (CBOE Volatility Index): The fear gauge. Volatility up a couple of points over the last few weeks giving a bit more of a neutral feel to the S&P 500 Index as it decides where to go next?
(>30 = investor fear/uncertainty & <20 = less stressful markets)
How to use:
Data is based off weekly and daily currency strength quantitative analysis to present a ‘feel’ for the longer term sentiment, strength and weakness levels in the major currencies.
Equities:
US & UK Equities Short Lists:
How to use:
The shortlist is based on a top down approach on the ‘fundamentals’. The list tries to find the strongest and weakest sectors currently and then the strongest and weakest stocks within those sectors. After that, technical analysis should be used to ‘time’ any trade entry and a consideration made on the general strength of the Stock Indices in which they trade.
US & UK Sector Analysis:
Strong industries: Industrial Conglomerates, Household Goods, Automobile & Auto Parts, Chemicals
Weak industries: Healthcare, Pharmaceuticals, Bio Technology, Renewables, Coal, Holding Companies
Financials sector (US): (Daily chart): gaining strength?
Utilities sector (US): (Daily chart): looking the weakest of the bunch currently?
Commodities:
Commodities To Watch:
The below trend direction analysis is based on an assessment of the daily technicals. Use more detailed technical analysis e.g. indicators, support and resistance, sentiment: COT, Open Interest etc. for possible trade entry, exits and stops.
Bullish Opportunities: Not behaving as it should: Bearish Opportunities:
FCOJ: Watch out for Hurricane season to drive prices up further.
Zinc: Positive fundamentals, strengthening China give the metal a more positive outlook.
WTI Crude Oil: Weak technicals and a fundamental situation of vast oversupply = more bearishness to come? September OPEC meeting crucial for short term price direction.
RBoB Gasoline: Seasonally weak.
Corn: Weak technicals and fundamentals but could be approaching seasonal lows before rallying.
Soybeans: Production concerns, Funds OB? Seasonally weak. Of the big 3 looks the weakest?
Oats: Weak technicals and a fundamentals.
Rough Rice: Weak technicals and fundamentals.
COT And Seasonality Hot list:
How to use:
The COT Index Assessment is based on a weekly index calculation and net positions of the ‘large speculators’ category of the CFTC report.Seasonality: historical price data has been analysed over a 20 year period to draw conclusion as to the seasonal direction of price.Technicals: An assessment is made on the current longer term price trend and the current price momentum leading to (and including COT data and seasonality) an overall assessment for the possible price direction of the asset.
Commodities chart of the week (Non Metals/ Energy):
FCOJ
Frozen Concentrated Orange Juice: Hurricane season is upon us : hurricane Hermine currently hitting Florida where most of the orange crop resides. This first hurricane salvo forced prices back up to near recent record highs. With prices surging since late April by nearly 60% a tough hurricane season could drive prices up further. Last years hurricane season witnessed a 55% price rise between October and November. FCOJ is a very volatile asset with historical moves in the daily 5% to 7% range! Near down support at 173.93 then 160. Highs 195.56.
China Watch:
Key: Dashboard: China is a key driver of both Precious and Base Metals sectors. For example nearly 50% of global demand in Copper heads towards this country and it’s one of the biggest users of gold. Understanding what China is doing is key to understanding the ‘flow’ of the market sentiment and what could move price. The dashboard should let you ascertain the current economic situation in China. NB: Updated charts this week are coloured red.
Dashboard:
Manufacturing PMI was better than expected 50.4 vs 49.9 but Caixin manufacturing PMI came in just under the forecast of 50.1 at 50. (Greater than 50 = industry expansion). Stock Markets in China remain moderate bullish. Neutral feel generally for the Chinese economy. Look out for Trade Balance figures out Thursday coming.
Base & Precious Metals Market Overview:
Base: A weaker USD, more promising outlook from China meant Base metals were more positive with Zincand Lead benefitting the most. China looks the key to prices for the rest of 2016. Copper is underperforming versus the complex with poor sentiment and seasonals driving it lower.
In Precious not so good US data reported meant traders were more confident that a US rate rise in September was less likely to happen giving a slightly more bearish outlook to prices. If data continues to suggest no rate rise then expect prices to come off but also expect to see short profit covering.
Sentiment:
Base overall feel = Neutral.
Precious overall feel = Weak bearish
Key Numbers:
Key: S1 = next short technical level etc, L1 = next long technical level etc. built around the current price.R/R = Risk Reward either going long or short based on current price and stops / target at L1 and S1Longer term trend = determined from weekly charts
Seasonality Trends:
The major metals are now entering a much stronger bearish seasonality period as industrial buying traditionally rescinds and precious metals wait before buying kicks in from the Far East. Copper is currently most correlated in terms of price to its historical trend in the short term and Platinum in the longer although this correlation is not all that strong.
Copper (HG) Seasonals:
Base Metals:
Copper: LME
3m price: Lagging behind the rest of the complex. Technically looks weak.
Aluminium:
3m price: Ranging between 1600 and 1700 – momentum turning south.
Zinc:
3m price: 63% gains since January – looks the strongest of the complex.
Lead:
3m price: Broken through 1900’s and like Zinc being driven by more solid Chinese news in the shorter term. Kagi showing more bullish signs.
Nickel:
3m price: Retracing back from 11000 highs on Philippine mining news.
Precious Metals:
Gold:
US Interest Rates and FED policy key to Golds short term direction – currently weakening on probability that US September rate rise wont happen.
Silver:Like Gold, US Interest Rates and FED policy key to Silvers short term direction – currently weakening on probability that US September rate rise wont happen.
Platinum:
Slightly different fundamentals to Gold and Silver but caught up in the same FED interest rate watch game.
Energy:
Crude WTI Watch:
WTI Crude Oil:
Putin putting his oar in ahead of OPEC meeting on production control in September which gave price a small rebound. In short term, market factoring in the meeting with prices down from recent resistance zone highs to mid $43’s. Now entering a strong seasonally weak period.
Key numbers:
Rig counts:US: 489 (-2 change), -388 change from last yr.International:938 (+11 change) -180 change from last yr.
Crude WTI Brent Spread:
The Crude WTI Brent spread trade plays the differential between the two similar crudes. The strategy looks for changes in the
spread either for breakouts or reversals. Current level: -1.73 (Last week -1.75)(Nov spread)
RBoB Gasoline Watch:
RBoB Gasoline:Strong historical seasonals remain and down nearly 17% from recent highs last week. Trading around resistance at 1.32. Momentum bearish.
Septembers OPEC meeting may have an impact on the short term direction of RBoB.
Key numbers:
Author: Stephen Hoad, The STOP HUNTER
Stephen Hoad has worked in the City of London for nearly twenty years. He has worked for some of the top Investment Banks and Trading Houses, in a career that has taken him from global risk management (front office, market, quantitative), to successful commodities options trader, to own account proprietary trader.
His professional experience in the world of trading and risk management is vast and he has extensive knowledge of financial markets, especially in the fields of Commodities, FX and Equities. He has a strong quantitative background and is a qualified Technical Analyst – he is on the elite panel of lectures teaching the STA Diploma in Technical Analysis. He also holds an MSc in Financial Markets & Derivatives and a BA (Hons) in Business & Economics. His career has taken him worldwide and he has lectured in London, the Far East and the USA.
He is a leading expert in technical analysis, systematic/automated trading, derivatives products, financial and quantitative theory, risk management and regulatory practices. He also has experience of dealing and trading with China.
He now runs THE STOP HUNTER, which provides quality education, training, mentoring and resources to private investors throughout Kent, London and the South East, who want to learn how to successfully trade the financial markets. He also trades from his offices in Canterbury, Kent. Stephen also undertakes consultancy work in the City and is also a part-time University lecturer.
If you’d like to get in touch or require anyfurther information please contact us at:
w: www.thestophunter.co.ukt: 01227 811731e: [email protected]
For real-time market news, charts & much more follow us on Twitter:
@thestophunt3r
Disclaimer:
All rights reserved. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system in part or in whole without the express written permission of The Stop Hunter Ltd; except where permitted by law.
This document is intended solely for use by the individual recipient (Traders Club Member). It may not be reproduced or distributed for corporate purposes or personal gain without the express written permission of The Stop Hunter Ltd.
Commentaries, information and other materials contained in any part of this document are purely educational in nature and are not intended to amount to advice on which reliance should be placed. They should not be relied upon for the purpose of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. We therefore disclaim all liability and responsibility arising from any reliance placed on any information displayed in this document (including without limitation liability and responsibility for any investment decision made), or by anyone who may be informed of any of its contents.
Trading and investing involves a very high degree of risk. Past results are not indicative of future returns and financial instruments can go down as well as up resulting in you receiving less than you invested. Do not assume that any recommendations, insights, charts, theories, or philosophies will ensure profitable investment.
