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Weekly Market Update 8-12-16

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Themarkethaschanged.Perhapsthesinglemostdifficultpartofinvestingduringabubbleisthatassetpricesbecomecompletelydisconnectedfromtheirtrueunderlyingdrivers(earningsandeconomicgrowth).Forthisreason,bubblescanalwayslastlongerthanonethinks.Andthisbubblehasproventobethecase.BackinApril2015,Inotedthatwehadreceivedararemonthly“sell”signalontheS&P500.ThatsellsignalwastherarebutoftenHIGHLYaccurateSELLonthemonthlyMACD.

WEEKLY MARKET UPDATE 8-12-16

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AtthattimeIwrote:

Asyoucansee,thissignalhasbeenfairlyaccurateforpickingtops.Ofcourseit’smoreofanartthanasciencewhenitcomestotimingtheendofabullmarket(twoofthe“sell”signalshitonshort-termtopsin1998and2011,asopposedtotheultimatemarkettopswhichcamelater).However,itisworthnotingthatevenduringthoseperiodsinwhich“sell”signalsonlycoincidedwithtemporarytops(1998and2011),BOTHtimesstocksstagedadramaticcollapsebeforebeginningtheirnextlegup.~PrivateWealthAdvisory4/1/15

Thekeyitemwasthatwiththis“Sell”triggerinplace,stockswouldhavetogoabsolutelyVERTICALotherwisethebullmarketstarted2009wasOVER.ThiswasourcentralthesisforinvestingfromApril2015untiltoday.Anditservedusverywell.However,themarketHASgonevertical,breakingoutofatwoyeartradingrangetotheupsideonthemonthlychart.

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Whyhasthishappened?Thebondbubble.AsI’vewrittenbefore,theBondBubbleisthesinglemostimportantfactorinthefinancialsystem.EverymajormonetarypolicyemployedbyCentralBankssince2008hasbeenaboutmaintainingtheBondBubblebyanymeanspossible.ThemostaggressivepolicyconcernedthemovetoNegativeInterestRatePolicy(NIRP)bytheEuropeanCentralBank(ECB)inmid-2014andtheBankofJapan(BoJ)inearly2016.Whenthishappened,bondsforbotheconomiesbegantobreakout,pushingtheiryieldsintonegativeterritory.WHYDOESTHISMATTER?Becausethishascompletelyskewedtheentireinvestinglandscape.Withbondsnowpostingnegativeyieldsasfarouras10yearsinJapanand30-50yearsforsomeEUmembers,stockshavebecomeEXTREMELYattractivefromayieldperspective.Putanotherway,theoldadage“buybondsforincomeandstocksforcapitalgains”hascompletelyreversed.Investorsarenowbuyingbondsforcapitalgainsbyfront-runningCentralBanks…andinvestorsarebuyingSTOCKSforincome.Inthesimplesttermspossible,withbondsnowCHARGINGyoumoneytoownthem,investorsareseekingoutyieldinstocks.TheS&P500currentlyyields2.3%,whichisverylittle.ButcomparedtobeingCHARGEDtoownsomething,2.3%isMASSIVELYpositive.Asaresultofthis,stocksarebreakingout,drivenlargelybytradingalgorithmsprogramedtofindyieldanywherepossible.Thishaspushedstockstobreakoutofthatmassivetwoyearstradingrangetotheupside.ThisbreakouthasrefutedmythesisthatTHETOPisin.AsIsaidinApril2015,stocksneededtogoverticaltorefutethemonthlysellsignal.Theyhavedoneso.Anditnowlooksasthoughwe’reprimingforafinalblowoffrallytonewhighstosuckerineveryonebeforethebubblebursts.Howhighwillwego?

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TheS&P500willprobablytrytomakearunfor2,300.However,itfirstneedstoretesttheupperlineofthetradingrangetoconfirmthatthisupwardsbreakoutistheREALDEALandnotafalsebreakout.

Tobeveryclear…Stocksareseverelyoverboughtandoverextendedintheshort-term.WeNEEDtoseethatre-testoftheupperline.Thatwillbethemostcriticalpointforstocks.

• Ifthelineholds,thebubblewillenterafinalblowofftoptomid-2,200ifnot2,300.

• IfthelinedoesNOThold,it’safalsebreakoutandwe’regoingto1,900ontheS&P500andTHEtopisin.

Irealizetheaboveanalysisisprobablyshockingtomanyofyou.Butmycentralthesis(thatweareinabubblethatwillresolveinaCrashfargreaterthan2008)hasnotchanged.Theonlythingthathaschangedismytimelineforthisevent.Thefactisthatweareincompletelyunchartedwatersinthefinancialsystem.NEVERinhistoryhaveweseen$13trillioninbondspostingnegativeyields.Thisisbeyondlunacy…itisoutrightludicrous.

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ItlookedasthoughthegamewasupbackinlateFebruary/earlyMarchwhentheBoJwenttoNIRP.Atthattime,theYensurgedaggressivelyandtheJapanesebondmarketalmostcollapsed.

However,Japangotahandleonthesituation,andthebondbubblecontinued.Atthatpoint,twoofthefivemajorCentralBanksintheworldwereatNIRP.Andthemarketbeganitssharpbreakout.PutverysimplyCentralBankshavebettheentirefinancialsystemontheirtheories.TheprofessionalinvestorclasshasnochoicebuttodancetothetunetheDevilisplaying.Sohereismycentralthesisgoingforward:

1. Stocksandriskingeneralareseverelyoverboughtandneedtocorrect.ThiswillfeaturetheS&P500fallingto2,100orso,Oilplungingtosub-$40,andprobablyGoldandSilvercorrectingaswell.

2. AtthatpointtheMAJORmovehigher(theblowofftop)willbegin.AsImentionedearlier,theS&P500willprobablyshootfor2,300.Thisrepresentsabreakoutequaltothewidthofthetradingrange(200points)abovetheoldline(2,100).

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Oilwillprobablymakearunto$60perbarrel.

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InaworldinwhichbondsarenowNEGATIVE,preciousmetals,whichyieldZERO,arenowVERYattractive.Yes,we’vereachedthepointatwhichfinanceissoscrewedupthataZEROyieldisHIGHLYattractivefromanincomeperspective.Withthatinmind…Goldwillprobablymakearunto$1600.However,firstwe’recorrectingto$1,100orso.

Silverwillprobablymakearunto$27.50.However,firstwehaveadatewith$15.00.

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Mytimelinefortheaboveis:

1) Thecorrectioninriskassetsshouldhitinthenext3-4weeks.Afterthat…

2) Thefinalblowofftopwillhitandrunintoearly2017.Forthisreason,we’resittingonourhedgesfornow.Iexpectquiteafewofthemwillendbeinglosses,butbywaitingforthecorrectiontohit,thelosseswillbesmallerthantheyarenow.Oncethecorrectionhits,wewillunloadthesehedgesandclosemanyofourshorts.AtthatpointwewillbebuyingHEAVILYinpreciousmetalsminers,someoilplays,andsomeindividualstocks.Ialsoexpectwe’llseeUSTreasuryyieldsfallaggressivelytotrademoreinlinewithJapanandGermansovereignbondsyields.

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Thatwillbethefinalstageinthebubble.Itwillbetheultimatetrapthatluresinvestorsin.AsI’venotedbefore,thislatestbreakouthasoccurreddespitemostinvestorsSELLING.AsZeroHedgehasnoted,theSmartMoneyhasbeensellingstocksthroughout2016.Thiscontinuedlastweekasstockshitnewhighs.

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Oncestockscorrect/putinanewbase,itwillbethefinaltrapthatluresinvestorsintostocks.Thiswillbewhatpropelsthefinalblowofftopto2,300.Andthat’swhenTHERESETwillbegin.OncetheBondBubblegoes,THERESETwillbegin.THERESETwilltakeyearstounfoldbutwillendwhentheS&P500fallstonewlowsbelowtheMarch2009lows.Currentlymytargetis400orsoontheS&P500.

Here’stheVERYBIGPICTURE…Since2000wehavehadsuccessivebubblesinmoreandmoreseniorassetclasses.TheTechBubblewasastockbubble.ThencametheHousingBubble,whichrepresentedthesinglelargestassetclassmostconsumerseverpurchase(homes).WearenowintheBONDbubbleorabubbleforENTIRECOUNTRIES.Whenthisbubblebursts,(whenbondsimplode),theRESETwillhit.Atthatpoint,Gold,Silver,andanythingthatisacrisishedge/currencythatcannotbetrashed,willgoBALLISTIC.

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Ontothemarkets!Thewarningsignsofthenear-termcorrectionarealreadyhere.Indeed,itlookslikeanotherroundofdeflationishittingasIwritethis.Long-termUSbonds(TLT)havebrokenoutofawedgepattern.

Commodityproducers,likeUSSteel(X)arealreadyrollingoversharply.

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ActiontoTake:ShortUSSteel(X).BasicmetalsproducerRioTinto(RIO)looksreadytogo.

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ActiontoTake:ShortRioTinto(RIO)Freeport-McMoran(FCX)isabouttotakeoutitsrallytrendline.

ActiontoTake:ShortFreeport-McMoran(FCX).Preciousmetalswillbenext.Silverlooksverysicktome.$17isbeckoning,henceourowningUltraShortSilverETF(ZSL).

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ThestoryisthesameforGold.We’vesimplycometoofartoofast.Iwouldn’tbesurprisedtoseeabreakto$1150,henceourexposureviatheUltraShortGoldETF(GLL).

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Thisconcludesthisweek’sWeeklyMarketUpdate.Inconclusion,thebreakoutinriskassetshasalteredtheinvestmentlandscape.ItissettingthestageforafinalblowofftoptosuckerinEVERYONE.ThisblowofftopwillbedrivenbyacrazedsearchforyieldandthebeliefthatCentralBankscansomehowmaintainthebondbubbleasmoreandmorebondyieldsmoveintonegativeterritory.However,intheverynearterm,weareoverdueforanotherroundofdeflation.Theriskonrallyneedstocool/correct.Wewillbeusingthiscorrectiontogetoutofourhedgesandprepareforthefinalblowofftop.Mycentralthesisremainsthesame…butthetiminghasshifted.TheRESETloomsbutistakinglongerthanIthoughtitwould.ThisisALWAYStheproblemwithbubbles…andwillbeparticularlytruefortheBONDBUBBLE,thesinglelargestbubbleinfinancialhistory.However,thefactremains,theCentralBankshavecompletelybackedthemselvesintoacorner.With$13trillioninbondspostingnegativeyields,theycannottightenwithoutblowingupthebondbubble.EVER.Thefinalblowofftopbeckons.Afterthat,THERESETbegins.I’mwatchingthemarketscloselyandwillissueupdatesasneeded.Barringanynewdevelopmentsyou’llnexthearfrommenextWednesdayinourusualWeeklyMarketUpdate.Untilthen…

ChiefMarketStrategistPhoenixCapitalResearch

BestRegards,

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OPEN POSITIONS

US DOLLAR CARRY TRADE IMPLOSION PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

UltraBullishDollarETF UUP 5/23/11 $21.79 $24.7213%

UltraShortEuro EUO 4/10/15 $27.68 $24.01 -13% UltraShortYenETF YCS 5/27/15 $94.48 $60.47 -36%

RELATIVE US STRENGTH PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

NuveenMuni.Fund NIO 1/2/14 $13.12 $16.30 42% Wal-Mart WMT 7/30/14 $74.78 $73.96 5% Exxon XOM 9/24/14 $95.82 $87.79 -2% 7-10YrTreasuryETF UST 11/26/14 $55.54 $64.09 17%

20+YrTreasuryETF TLT 7/15/15 $116.89 $140.10 23% RPXCorp RPXC 8/5/15 $15.48 $10.71 -31% Apple AAPL 9/11/15 $114.21 $108.01 -4%

Pricesasofmarket’scloseon8/12/16at2:30PM

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INFLATION PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

Gold 3/17/10

$1,120$1,342.00

20%

Silver* 3/17/10

$16.23$19.73 22%

UraniumETF URA 6/8/16 $15.49 $14.38 -7%*Avg.priceof$17.50and$14.97

RETAILMELTDOWNPORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

Amazon(SHORT) AMZN 2/25/15 $484.19 $771.08 -59% AmericanEagleOutfitters(SHORT) AEO 5/26/16 $15.36 $18.90 -23%

*Avg.priceof$385.37and$583

Pricesasofmarket’scloseon8/12/16at2:30PM

20

MARKET HEDGE PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

UltraShortNikkeiETF EWV 1/6/15 $67.46 $42.30 -37% UltraShortEmergingMarketETF EEV 1/20/16 $24.03 $15.41 -36% UltraShortChinaETF FXP 1/20/16 $59.95 $32.39 -46% UltraShortBrazilETF BZQ 1/20/16 $74.40 $19.98 -73% UltraShortFinancials* SKF 2/10/16 $56.82 $40.68 -28% UltraShortRussell2000ETF** TWM 2/10/16 $47.92 $30.37 -37% UltraShortGoldETF GLL 5/26/16 $82.75 $68.39 -17% UltraShortSilverETF ZSL 7/20/16 $29.20 $27.69 -5% UltraShortS&P500ETF SDS 7/27/16 $16.60 $16.36 -1% USSteel(SHORT) X 8/12/16 $21.08 NEW SHORT RioTinto(SHORT) RIO 8/12/16 $31.08 NEW SHORT Freeport-McMoran(SHORT) FCX 8/12/16 $11.75 NEW SHORT

*Avgpriceof$60.95and$51.69**Avgpriceof$52.94and$42.90

EU BANKING CRISIS PORTFOLIO

POSITION SYMBOL

BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

EuropeanFinancialsETF EUFN 7/5/16 $14.86 $16.82 -13%CreditSuisses CS 7/5/16 $10.30 $12.00 -17% DeutscheBank(SHORT) DB 7/5/16 $14.18 $14.23 0% Santander(SHORT) SAN 2/3/16 $4.13 $4.27 -3% Barclays(SHORT) BCS 7/5/16 $7.92 $8.46 -7% Pricesasofmarket’scloseon8/12/16at2:30PM

21

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Apple AAPL 4/2/14 $77.51 9/29/14 $98.84 28%

EuropeanFinancials(SHORT) EUFN 4/15/14 $24.89 10/10/14 $22.47 11%

UltraShortRussell2000 TWM 4/15/14 $49.46 10/10/14 $52.28 6%

UltraShortBrazil BZQ 10/15/14 $62.00 10/21/14 $71.92 16%

UltraShortGold GLL 10/24/14 $94.15 11/14/14 $104.21 11%

UltraShortSilver ZSL 10/24/14 $104.89 11/14/14 $122.00 17%

EnduroRoyaltyTrust NDRO 5/22/13 12.05 11/28/14 $7.06 -26%

UltraShortEuro EOU 1/20/15 $23.49 3/5/15 $26.51 13%

UltraShortBrazil BZQ 1/6/15 $91.07 3/6/15 $100.74 11%

Target TGT 5/28/14 $55.34 4/1/15 $82.13 52%

Pfizer PFE 7/30/14 $29.26 4/1/15 $34.56 20%

GeneralElectric GE 2/5/14 $24.57 4/13/15 $27.89 18%

BPPrudhoeBayRoyaltyTrust BPT 1/2/14

$76.775/20/15 $66.70 5%

ConocoPhillips COP 3/5/14$66.30

5/20/15 $65.27 4%

RussiaETF TRF4/9/15 $10.62 5/20/15 $11.36

7%

RECENTLY CLOSED POSITIONS

22

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

UtraShortOilETF SCO 5/27/15 $61.08 7/6/15 $70.30 15%

UltraShortGoldETF GLL 2/25/15 $95.49 7/7/15 $101.75 7%

Copper(SHORT) JJC 3/10/15 $31.35 7/7/15 $28.78 8%

UltraShortBrazilETF BZQ 5/27/15 $85.70 7/7/15 $92.02 7%

IndustrialMetalsETF UBM 3/25/15 $15.24 7/7/15 $13.56 11% UltraShortChinaETF(half) FXP 3/10/15 $36.45 7/8/15 $41.93 15%

UltraShortOilETF(half)SCO 7/21/15 $76.19 7/23/15 $82.14 8%

UltraShortBrazilETF(half)

BZQ 7/21/15 $91.39 7/23/15 $102.36 12% UltraShortBrazilETF(secondhalf)

BZQ 7/21/15 $91.39 7/24/15 $109.60 20% UltraShortOilETF(secondhalf)

SCO 7/21/15 $76.19 7/27/15 $87.36 15%

LinkedIn(SHORT)LNKD 6/17/15 $215.45 8/4/15 $194.96 10%

AustraliaETF(SHORT)EWA 1/6/15 $21.97 8/11/15 $19.85 11%

UltraShortEmergingMktsETF

EEV 1/20/15 $19.48 8/11/15 $21.56 11%

RECENTLY CLOSED POSITIONS CONTINUED

23

RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

UltraShortChinaETF FXP 3/10/15 $36.458/19/15 $41.59 14%

ChinaRealEstateETF(SHORT) TAO 6/11/13 $20.11 8/24/15 $17.21 14% SouthKoreaETF(SHORT) EWY 8/18/15 $48.17

8/24/15 $43.82 10%

IndiaETF(SHORT) INP 8/18/15 $70.188/24/15 $59.38 18%

Santander(SHORT) SAN 8/13/15 $6.638/24/15 $5.99 10%

SpainETF(SHORT) EWP 8/13/15 $34.088/24/15 $31.38 8%

AustralianDollarETF(SHORT)

FXA 5/27/15 $77.368/26/15 $70.99 8%

UltraShortSilverETFZSL 7/29/15 $120.84

8/26/15 $132.02 9%

UltraLongS&P500 SSO 9/2/15 $56.129/9/15 $59.37 6%

UltraLongRussell200 UWM 9/2/15$79.20 9/9/15 $83.75 6%

CanadaDollarETF(SHORT)

FXC 5/27/15 $79.819/23/15 $74.47 7%

Canon(SHORT) CAJ 7/31/13 $30.849/23/15 $29.12 6%

UltraShortSemiconductorsETF

SSG9/18/15

$54.00 9/24/15 $60.2011%

UltraShortBrazilETFBZQ 9/22/15 $172.16

9/24/15 $199.00 16%

DeutscheBank(SHORT)DB

10/28/15$30.31 11/12/15 $26.17 14%

24

RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Santander(SHORT)SAN

10/28/15$5.70 11/27/15 $5.36 6%

UltraShortGoldETFGLL 7/29/15 $112.00

11/27/15 $117.38 5%

UltraShortOilETF SCO 11/12/15 $95.3512/2/15 $108.18

13%

UltraShortBrazilETF BZQ 11/12/15 $66.3212/2/15 $72.46

9%

BancoDeChile(Short)

BCH 8/18/15 $61.8912/8/15 $57.68 7%

RussiaETF(SHORT)RSX 12/2/15 $16.35

12/8/15 $15.32 6% UltraShortEmergingMarketsETF EEV 11/12/15 $22.14

12/8/15 $23.767%

SpainETF(SHORT)EWP

9/30/15$29.66 1/14/16 $27.64 7%

UltraShortEmergingMarketsETF

EEV12/17/15

$23.84 1/14/16 $25.316%

SingaporeETF(SHORT)EWS 9/22/15 $10.31

1/7/16 $9.57 7%

MexicoETF(SHORT) EWW 12/23/15 $51.151/7/16 $46.66 9%

FranceETF(SHORT)EWQ

9/30/15$24.07 1/11/16 $22.64 6%

Nvidia NVDA 6/26/13$14.14

1/13/16 $30.04119%

Auto-Zone AZO 9/25/13$422.73

1/13/16 $716.2169%

Intel INTC 12/20/13$25.14

1/13/16 $32.4036%

Target TGT 5/28/14$55.34

1/13/16 $72.6838%

25

RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Tesla(SHORT) TSLA 2/25/15 $203.761/14/16 $196.41 4%

UltraShortFinancialsSKF

9/18/15$52.39 1/14/16 $55.20

5%

EuropeanFinancials(SHORT)

EUFN1/6/16

$19.36 1/15/16 $18.02 7% UltraShortS&P500 SDS 9/18/15 $22.33

1/15/16$23.58 6%

MalaysiaETF(SHORT)EWM 9/22/15 $7.50

1/15/16 $7.16 5%

Kraft KHC 9/24/14 $56.811/15/16 $68.79

27%

McDonalds MCD 10/30/14 $92.871/15/16 $115.25

29%

Santander(SHORT)SAN

1/6/16$4.52 1/19/16 $4.19 7%

RetailETF(SHORT)XRT

1/13/16 $40.66 1/20/16 $38.01 7%

Coke KO 8/28/13$36.80

1/22/16 $41.8121%

GeneralElectric GE 2/5/14$24.57

1/22/16 $27.9120%

EliLilly LLY 12/3/14 $71.131/22/16 $83.09

20%

UniversalCorporation UVV3/5/15

$48.051/22/16 $52.23

12%

Pfizer PFE 7/30/14 $29.262/1/16 $30.16

8%

Microsoft MSFT 12/3/14 $48.082/1/16 $54.70

16%

26

RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Netflix(SHORT) NFLX 1/27/16 $91.152/8/16 $81.55 11%

ItalyETF(SHORT)(half)

EWI1/27/16 $12.05 2/9/16

$10.88 10% BarclaysPLC(SHORT)(half) BCS 1/27/16 $10.37

2/9/16$9.09 12%

DeutscheBank(SHORT)(half) DB 2/3/16 $16.65

2/9/16$14.95 10%

ItalyETF(SHORT)(otherhalf)

EWI1/27/16 $12.05 2/11/16

$10.71 11% BarclaysPLC(SHORT)(otherhalf) BCS 1/27/16 $10.37

2/11/16$8.64 17%

GoldMinersETF GDX 5/13/15 $17.49 3/23/16 $19.22 11% GoldMiningJuniorsETF GDXJ 1/27/16 $19.12 3/23/16 $26.91 41% SilverStandardResources SSRI

4/20/16 $8.08 4/28/16 $9.0812%

DRDGOLD DRD 4/20/16 $4.34 4/28/16 $4.97 15%

OilETF OIL 3/17/16 $5.64 4/29/16 $6.17 9% SugarETN SGG 4/27/16 $35.79 5/12/16 $38.66 8%

DBCommoditiesETN DBC 3/17/16 $13.59 5/19/16 $14.466%

WheatETF WEAT 4/27/16 $9.03 6/7/16 $9.44 5% AgricultureETN RJA 4/27/16 $6.49 6/7/16 $6.87 6% DeutscheBank(SHORT)(otherhalf) DB 2/3/16 $16.65 6/9/16 $15.68 6% UltraShortOilETF SCO 5/26/16 $79.52 6/14/16 $83.50 5% SpainETF(SHORT)(otherhalf) EWP 1/22/16 $26.44 6/14/16 $25.46 4%

27

RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

NovaGold NG4/20/16 $5.95 6/24/16 $6.51

9%

GoldMinersETF GDX6/8/16 $26.36 6/24/16 $26.86

2%

GoldMiningJuniorsETF GDXJ6/8/16 $40.21 6/24/16 $42.22

5%

DRDGOLD DRD6/8/16 $5.12 6/24/16 $5.47

7%

SilverStandardResources SSRI

6/8/16 $11.09 6/24/16 $12.2611%

Santander(SHORT) SAN 2/3/16 $3.866/27/16

$3.61 6%

GermanyETF(SHORT) EWG 3/10/16 $24.256/27/16

$22.86 6%

USNaturalGasFund UNG6/8/16 $7.44 6/27/16 $8.11

9%

DeutscheBank(SHORT)DB 7/5/16

$13.45 7/6/16 $12.50 7%

Barclays(SHORT)BCS 7/5/16

$7.23 7/6/16 $6.88 5%

UltraShortOilETFSCO 7/6/16

$84.54 7/8/16 $92.52 9%

Stamps.com(SHORT) STMP 5/26/16 $84.407/11/16 $78.31 7%

UltraShortOilETFSCO 7/20/16

$92.70 7/25/16 $102.47 11%