Sold out my AAPL mar95 calls. Up over 100% today on them!
Phil - I'm with you just little bit longer than a month and you can not imagine how happy I am now, and not just because my P/L improved ( and I'm sure that it will be even better), but I found that the worst thing in trader's carrier is a LONELINESS. Here I found so many bright good guys, I looked for this service for years.
THANK YOU AND TAKE GOOD CARE OF YOURSELF BECAUSE I PLAN TO STAY HERE AND RIDE THIS CREASY MARKET WITH YOU FOR ANOTHER 20-30 YEARS
Thank God for Phil.
A few months ago (April) I didn´t even know what hedging was, and someone recommended I should check out some of Phil´s plays, especially on the retirement portfolio. When I first started to read it, none of it made a blind bit of sense to me, but I stuck with it and gradually began to work through some of the trades to see how it worked. Now I am putting on 5:1 SPY backspreads combined with bear put spreads, entering and leaving positions after consulting the VIX, and engaging in other esoteric maneuvers that are keeping my portfolio above water.
Your discussion during your web seminar on SPX and SDS today was great. It really let me see how you look at the numbers and use the 5% rule to see where inflection points occur and what the bands look like. This was incredibly helpful. I actually sold out of my small short position at a good profit ( which was more a bet on a short term fluctuation rather than a hedge after listening to you) and will look more deeply at my portfolio and how to hedge it. In addition your view on hedging was also very helpful looking at the leverage you can get w/ a small spread, and protect portfolio against a big move against me. Thank you for your sharing this. Very helpful.
Phil/BCS - Didn't realise they traded here. Should've known really. Thanks for the tip. managed to pick some up just before the close at a 15% discount to the UK closing price.
Thanks to Phil (again) for the lessons on the art of the roll, selling premium and hanging tight under fire (particularly in the first hour of trading-MADNESS). Watching you manage the $25KP has really helped my trading in a big way.
GMCR – Just bought back my Jan $90 callers on GMCR for a nice $10,000 gain. Thanks for the recommendation Phil! It was nice to cash in on a momo.
I'd like to wish Phil and everyone else that contributes to this board a very Merry Christmas and happy New Year. The wealth of knowledge on here is incredible, and it has greatly contributed to my understanding of markets, politics, and the world in general. This year was when Phil's teachings all seemed to click in place, and my portfolio's performance shot up, and for that I am very grateful. Thank you!
Phil/ I hope the next 5 year bear market will be as much fun and as profitable as this 5 year bull market. For those who survived 2008/2009, and who imbibed the wisdom of PSW, what a time it has been. Good to have you by my side. I think you are selling yourself short – you need to triple your prices :)
Great calls this week!
I want to thank you for sharing your wisdom with us. I've learned a lot (and still am) about your trading strategy, but also I see a man who truly cares about our country, America. Thank you.
Phil you are great, and not only is your market info spot on but you have the courage to call it like it is and write about it in a great tone.
Phil/Eric/Cwan/Matt/Cap/etc.. - I've learned so much from all of you and want to thank you. I'm up 23% this month thanks to all of your advice - Thanks, guys!
Phil - I am 3 month follower and shout a big thanks for all the good advice and training. I read all the materials and posts as suggested. I am retired CFO and took over my investments 2 years ago from broker after frustration with returns. I followed some conservative advice for retirees and have 60% bonds currently in a 5m portfolio. I had been doing covered calls on my stocks to boost returns and slowly am getting more aggressive after following your site and my son who has been with you for 6 months. I allocated 1.5m to stocks and am scaling up from 30%. I did some of the trades suggested in early June using Aug & Oct buy/writes on CSCO, WMT, MON, WFR, DO in addition to calls on XOM, CVX, PEP, PG, WM, T that I owned. Most are doing very well (4-24%) in 60 days. My good problem is that instead of getting longer, I will be making 6% quickly (50% plus annualized) and getting called away on many positions. What would you advise for getting long again. Thanks again for such a great job advising all of us!
Hey Phil - writing to thank you!
First of all, and I know you have heard this a few times form some others - the portfolio updates you have done - with entries and targets and even margin reqs are invaluable!
I find myself understanding what is done here IN THEORY most of the time..however, there is a much bigger difference in placing and setting up the hedges properly than just understanding…This has been eye opening for me and Ifeel like I just took a major step in trading during the last week.
Don't expect to get rich quick here, but you can get easy 30 - 50 % per year, just by buying good stocks at discount (as we often discuss), selling monthly premiums of calls and puts.
Phil, did you by chance publish the weekly webinar on Youtube yet? I have been watching these and they are awesome. Unfortunately, I can't cut out of work to attend live webinars. Again, they are just awesome content – thank you.
Newer member here, but just wanted to say thank you too. I've learned so much and I hope you'll be around for a long time helping us learn along the way.
hil, I hit my targets for the year in my 401K (thanks in no small part to your site), so I cashed out of all positions a couple of weeks ago. Feels good... I'm conservative with this money –looking for 2% per month, which i've been able to do… thx.
I have followed along with your commentary and alerts and have been flabbergasted at your quick analytical skills and your journalistic skills to explain it clearly. In a little over three weeks I have cleared almost 1000.00 dollars and got an intensive education at the same time. I would like to immediately upgrade my membership.
My watch list looks like a grid where Phil's recommendations went UP and everything else went DOWN! It looked something like an ad for Philstockworld. I am half in cash, followed the recommendations (AAPL TASR YHOO) on a 20K portfolio and still up 1% for the day. Thanks!
I am struck by several things over the last few days. First is how level-headed we all are as Greece and China develop. Second is how very helpful it is to see the different trading styles we have, partly because of personal preference and partly because of different stages of development and education. It's very helpful. Well-done, Phil, to have developed this community.
I am not a user of phil's site now, but was for a couple years. His advice and information is excellent. Perhaps even better, you get access to real-time trades of additional traders on his site (OptTrader, etc) and the other members who post what they are buying and selling. Overall, its a very valuable information tool. Expensive, but paid for itself many times over. I did not renew my membership because I switched jobs and did not have time to trade nearly as much.
Phil: UNH, hedged stock position, doing great, up over 50 %,
Why were the analysts wrong?
If I were a Japanese investor who purchased US stocks prior to November at Y80 yen to the dollar, with the US market up an average of 15% or more and upon selling the asset I covert dollars to Yen, also realizing an additional 25% gain (one dollar now converts to 100+ Yen rather than the 80 I used at time of purchase), I think I would be unloading US assets also.
But analysts never do the math in their articles nor very rarely bring up or discuss the ramifications of currency fluctuations. I don't include Phil in this group as this is a valuable lesson I am learning from him.
Phil: Once again thanks for those inciteful comments, and the old links to Sage's portfolio management (I hadn't read before). I'm an experienced stock trader, but over the last 3 or 4 months have come to appreciate options trading here at PSW, and the consistency of your many premium-selling strategies. It is liberating to have to worry less about getting direction right and being able to generate 5% MONTHLY returns with close to delta-neutral positioning. Much appreciated!
Way back did 20 of your suggested short BP Jan 11 26 P @ 4.3 now .85 — sold half. this am —
paid for a years sub AGain!! thank you very much!
Sold the BG puts I got yesterday at $1.30 for $2 just now. Might be a little early, but I'm happy with that gain. Thanks Phil.
Phil: That NFLX call was awesome. The speed at which NFLX options decayed was precipitous. The blow out spike that allowed me to double and roll my callers to 190(!) and the ridiculous 170 weeklies @3.50 a day away from Op-Ex. The gains I realized in that trade floored me when I took a long at my portfolio value on Friday. What a great way to start the 3rd Quarter.
Blessings, ALL: So we have completed two months of 2015. So far it has been a good ride with my PSW all short put portfolio showing a 15.73% gain with $83K in profits harvested in 2015.
Option markets anticipate volatility of the underlying product between now and when the options expire. If there is segment of time between now and when the options expire that traders expect the market to be slow, they will lower bids accordingly. This has the effect of lowering statistical volatility readings without lowering the perception of *real* volatility going forward.
Obviously options do not always estimate future stock volatility correctly. In fact they never get it exactly right, it’s an estimate. Surprises happen. But all things being equal, we are not going to be volatile over the next couple weeks. If you see a low VIX, you can call it complacency, or you can say that it’s simply a realistic anticipation of non-activity in a traditionally slow stretch. I am going with the later.
And I am using VIX for simplicity sake, but it’s for every option.
The point is that IF volatility looks low and you are inclined to call that complacency, and then are inclined to use that perception of complacency as a sign to get bearish, be very careful.
Yes, it’s noteworthy that in this time of Fannie and Freddie meltage, there’s no evidence of Fear. But by the same token we have 10 slow calendar days in front of us, so it’s perfectly rational to lower bids ahead of that.
Again, at this particular juncture in time, the VIX futures and options provide a better volatility gauge than the *cash* VIX. And they have barely budged, as the market expects 22+ volatility in September. The fact that there is a premium in the futures is expected, in fact, barring an actual uptick in fear, it happens every time. As I noted last week about the VIX Sep futures, "These are trading markets, and as such will price in the holiday. Right now
Courtesy of Allan – recommending long positions in a couple solar stocks, Canadian Solar Inc., CSIQ, and Trina Solar Ltd., TSL.
A friend of mine [David Gordon] emailed me this weekend and suggested that I take a step back from my charts, remove my trend lines and allow my intuitive powers out, in an attempt to see the charts as what they are, not what I am interpreting them to be. So for much of Sunday I have been occupied with looking at charts without any preconceived bias. The result: The solars look great.
Above is a CSIQ-Daily of price only, you decide.
Below the weekly, does this help?
Finally, let’s throw my trend lines back on:
Next, a simple line chart of another Solar, TSL, with only Triangle signals:
And once again, with my trend lines:
Solars are great trading stocks, they seem to cycle very nicely and provide excellent Intermediate percentage returns. For example, either of these two Solars could return 50% on a modest move back to the top of their respective channels.
I still don’t know if this sector belongs in the Energy complex, the Technology complex, or are their own complex. Doesn’t matter. My trend lines merely represent what my eyes are seeing, without the trend lines. Both these stocks look to be oversold and beginning a rally to overbought…….and that is the Trade.
Is Obama the liberal’s liberal or something else? In How Obama Reconciles Dueling Views on Economy, the New York Times attempts to portray Obama as some sort of quasi free-market half-conservative "Chicago School" pragmatist in favor of more regulation, handouts, and redistribution of wealth schemes. Is that possible? Let’s take a look.
The United States remains a fabulously prosperous country, relative to almost any other country, at any point in history. Yet Americans seem to realize that something has gone wrong. In recent polls, about 80 percent of respondents say the economy is in bad shape, and almost 70 percent say it’s going to get worse. Together, these answers make for the most downbeat assessment since at least the early 1980s, and underscore that the next president will be inheriting a set of domestic problems as serious as any the country has faced in a long time. John McCain’s economic vision, as he has laid it out during the campaign, amounts to a slightly altered version of Republican orthodoxy, with tax cuts at the core. Obama, on the other hand, has more-detailed proposals but a less obvious ideology.
Well before this point on the presidential calendar, it’s usually clear where a candidate fits within the political spectrum of his party. With Obama, there is vast disagreement about just how liberal he is, especially on the economy. My favorite example came in mid-June, shortly after Obama named Jason Furman, a protégé of Robert Rubin, the centrist former Treasury secretary, as his lead economic adviser. Labor leaders recoiled, and John Sweeney, the head of the A.F.L.-C.I.O., worried aloud about “corporate influence on the Democratic Party.” Then, the following week, Kimberley Strassel, a member of The Wall Street Journal editorial board, wrote a column titled, “
Farewell, New Democrats,” concluding that Obama’s economic policies amounted to the end of Clintonian centrism and a reversion to old liberal ways.
Some of the confusion stems from Obama’s own strategy of presenting himself as a postpartisan figure. A few weeks ago, I joined him on a flight from Orlando to Chicago and began our conversation by asking about his economic approach. He started to answer, but then interrupted himself. “My core economic
Fascinating topic: pharmaceutical companies, financial interests, and politics. Might also be interesting to those of us with daughters, who may be thinking about whether to get them vaccinated for HPV. Courtesy of Deborah at Wall Street Weather.
“Merck lobbied every opinion leader, women’s group, medical society, politicians, and went directly to the people – it created a sense of panic that says you have to have this vaccine now.” - Dr. Diane Harper, professor of medicine at Dartmouth Medical School and a principal investigator on the clinical trial of Gardasil, to The New York Times.
An editorial accompanying a study published online yesterday by The NewEngland Journal of Medicine(“Human Papillomavirus Vaccination – Reasons for Caution”) by Charlotte J. Haug, M.D., Ph.D, questioned the “lack of sufficient evidence of an effective vaccine against cervical cancer.” An article on the marketing of Merck’s (MRK) Gardasil vaccine in The NewYork Times describes how the company managed to get “an obscure killer confined mostly to poor nations to the West’s disease of the moment.” Merck is forecasting sales could top $2 billion this year.
According to the government’s Centers For Disease Control and Prevention (CDC) website, “11,892 women in the U.S. were told that they had cervical cancer in 2004, and 3,850 women died from the disease. It is estimated that more than $2 billion is spent on the treatment of cervical cancer per year in the U.S.” Scrolling further down the CDC’s web page shows statistical trends that “suggest that cervical cancer incidence and mortality continue to decrease significantly overall." These statistics are from 2004 – two years before the FDA approved Merck’s Gardasil vaccine.
Cervical cancer is caused by the human papillomavirus (HPV) virus. As Merck’s Gardasil Patient Information sheet states: “There are more than 100 HPV types; Gardasil helps protect against 4 types (6, 11, 16, and 18). These 4 types have been selected for Gardasil because they cause approximately 70% of cervical cancers and 90% of genital warts.”
Most of the population has contracted the HPV virus but their immune system has been able to combat it on its
Monday was manic as usual, with very nice pre-market gains quickly turning sour. We fell from 11,665 on Monday morning all the way back to 11,300 on Wednesday and finished the week at 11,628 – not exactly inspiring overall but we held our Aug 4th lows, which were better than our July 28th lows, which were better than our July 15th lows so it's kind of like progress only without the higher highs that indicate a proper recovery. So it looks as though we may still be consolidating, and that means perhaps another trip to 11,800 and the next time back down we'll be hoping to hold 11,450 as a firm bottom to call it progress.
It's all going to depend on the first two days of this week, if we can race up to 11,800, we have a good chance of breaking up, if we can't get there until Wednesday, we can expect it to be "hump day" and back down we go. From a data perspective we have July Existing Home Sales, probably not exciting, on Monday, followed by Consumer Confidence, July New Home Sales (blah) and the FOMC minutes on Tuesday. Nothing there that sounds like we'll be making new highs is there?
Our best chance for a big rally is Wednesday's GDP, which may be even higher than the 2.7% projected (thanks to the stimulus checks). It's very, very, very hard to sell a recession story when the economy is growing at 3%. If we can couple a better than 2.8% GDP with less than 400,000 jobless claims on Thursday morning AND we're holding 11,800 from Tuesday THEN we may get back over 12,000, that's the best-case scenario for the week.
We get earnings from TMA on Monday evening and Tuesday we see AEO, BIG, CHS, SFD, TUES, BGP and JCG, which will…
Analyst Richard Bove has stated Lehman CEO Richard Fuld has "lost control of the game." That is something I completely agree with as it should be obvious to all. Bove went on to say "If he doesn’t do something this weekend, as of next week, the game is on." That makes absolutely no sense. Nor does Bove’s price target of $20 per share.
Yes, Lehman has been shopping around for buyers, but buyers have been balking. I talked about Lehman talks collapsing and how poorly Lehman’s preferreds trade in
The same way sovereign funds balked over Lehman Brothers CEO Dick Fuld’s terms to sell them a chunk of the firm, some private equity firms are balking over Fuld’s terms to sell them a part of Lehman’s investment management business, which includes the firm’s crown jewel, the Neuberger & Berman asset management unit, sources have told CNBC.
As first reported by CNBC, Fuld, Lehman’s long-time chief executive, is looking to sell a 70 percent stake in the investment management division and have an option to buy it back at a later date. As a carrot to the potential buyer is a warrant to purchase a 20 percent stake in Lehman that could be cashed in when the credit crisis abates and the firm’s stock price recovers.
But potential buyers—which include nearly every major private equity firm—are starting to balk at Lehman’s initial offer, according to Wall Street executives familiar with the matter.
Their problem is the price. Lehman is pricing the investment management division at around $10 billion, meaning a 70 percent stake would cost $7 billion. But the real cost will be much more than that, because asset management firms are only worth something if employees remain with them following such a
"Recall that dollar volume flow (aka money flow) represents the dollars flowing into or out of a particular stock or market. We look at each transaction in each stock and multiply the transacted price times the volume of that transaction. If the transaction occurred on an uptick, we add it to a cumulative total; if the transaction occurred on a downtick, we subtract it from the cumulative total. That cumulative total at the end of the day is the money that has been flowing into (if the sum is positive) or out of (if the sum is negative) the stock…."
Excerpt: "A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China’s central bank.
“If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,” Yu said in e-mailed answers to questions yesterday. “If it is not the end of the world, it is the end of the current international financial system.”
Freddie and Fannie shares touched 20-year lows yesterday on speculation that a government bailout will leave the stocks worthless. Treasury Secretary Henry Paulson won approval from the U.S. Congress last month to pump unlimited amounts of capital into the companies in an emergency.
China’s $376 billion of long-term U.S. agency debt is mostly in Fannie and Freddie assets, according to James McCormack, head of Asian sovereign ratings at Fitch Ratings Ltd. in Hong Kong. The Chinese government probably holds the bulk of that amount, according to McCormack.
Industrial & Commercial Bank of China yesterday reported a $2.7 billion holding. Bank of China Ltd. may have $20 billion, according to CLSA Ltd., the Hong Kong-based investment banking arm of France’s Credit Agricole SA. CLSA puts the exposure of the six biggest Chinese banks at $30 billion.. .."
Excerpts: "Midwest Bank Holdings Inc. Chief Investment Officer Don Wiest is wagering U.S. Treasury Secretary Henry Paulson will rescue him from a failing $67 million stake in Fannie Mae and Freddie Mac.
Melrose Park, Illinois-based Midwest and banks from Philadelphia-based Sovereign Bancorp to Frontier Financial Corp. in Everett, Washington, own preferred shares in the beleaguered mortgage-finance companies that have lost more than half their $35 billion value since June 30. Concern that Paulson may step in with a rescue plan that would wipe them out along with common stock investors has sent the securities tumbling.
Cassandra on Peak Credit and our economic future. She worries, "some will think that these ruminations border on the insane" but I don’t think so, all appears perfectly sane to me. Courtesy of Cassandra does Tokyo.
Does Peak Credit inevitably follow piqued credit? Well if you’re my age, and you thought so and positioned accordingly, you’d have been bankrupted a very long time ago – possibly as early as the late 1980s. And if you were a glutton for punishment, you’d have been toasted again in 1994, another time in 1998, yet again in 2002, and rubbing one’s nose in it, perhaps every year after that until midsummer two-thousand-and-seven. Dog days indeed for those bearish on the ability of the financial system to manufacture, distribute, and service debt, whether in real or nominal terms, or in relation to any measure of the economy or change in the growth thereof.
Yet as pessimistic on its sustainability (and wrong!!) as one would have been in the past, one should now be as optimistic one’s assessment that this is The Big One, that we’ve smacked head-first into the boundary of the maximum amount of debt that can be assumed by households, corporates and governments in our economy and be reasonably sustained with the fruits of our labour, and investment. Actually, I would posit that we long-ago pierced any reasonably sustainable threshold, and only through sheer inertia and the fortuitiousness of pulling of rabbits-out-of-hats have we lasted this long. But it is the anchoring of popular belief in faith and absent solvency from days long passed combined with the extrapolation a series of non-extrapolatable macro income streams which could cause any sensible human being believe or have believed that the boundary lay somewhere in front of us and not far behind us.
Culpability is not singular. Stern-Stewart, investor short-termism and systemic mono-focus, along with greedy managers replete with agent/principal dilemmas must assume blame on the corporate side. Selfish American Voters repeatedly demanding representatives requite incongruous financial goals with cynically lame and unsustainable fiscal policies, along with a near complete detachment from reality in regards to present consumptive desires in relation to both incomes and longer-term savings requirements are just as at fault as the monetary wrecktitude resulting from an
Based on his erratic behavior during the campaign, many fear what Donald Trump will do in office. Some believe that his strong personality could lead to disastrous policies that could negatively affect health care, nuclear warfare and other aspects of our lives.
As a scholar of presidential power, I’d suggest such concerns are likely overblown. Despite his distinct individuality, Trump faces the same institutional constraints as any other president. In the end, he may be a more predictable president than many would believe.
Just hours after President Trump was sworn into office, amid Chuck Schumer's jabs over HUD, the Senate has confirmed retired Marine General James Mattis as defense secretary and retired Marine General John Kelly as homeland security secretary. They were both expected to be confirmed easily, and were, but Democrats promised fights over several other nominees.
Mattis was the first to be confirmed by a vote of 98...
By The Foundation for Economic Education. Originally published at ValueWalk.
During the dark ages, nations like China were relatively advanced while Europeans were living in squalid huts.
Governments were forced to adopt better policies because labor and capital had significant ability to cross borders in search of less oppression.
But that began to change several hundred years ago. Europe experienced the enlightenment and industrial revolution while the empires of Asia languished.
What accounts for this dramatic shift?
I’m not going to pretend there’s a single explanation, but part of the answer is that Europe benefited from decentralization and jurisdictional competition. More specifically, governments were forced to adopt better policies because labor and capital had significant ability to cross borders in searc...
Consumer Confidence of late has continued to move higher, now reaching above the highs hit back in 2007. Long-Term S&P 500 returns are far below historical norms, when confidence is this high. We are not saying that high consumer confidence means the market is at a top!
Below is a look at the Advance/Decline line on a short-term basis.
CLICK ON CHART TO ENLARGE
Joe Friday Just The Facts; It could be important for support to hold, of this bearish rising wedge above.
Twelve months ago, the mood of the Russian delegation at the World Economic Forum in Davos was distinctly gloomy, with oil prices near 12-year lows below $30 per barrel and Western sanctions depressing their economy and financial markets.
Small Caps again took the brunt of the selling as Shorts took advantage of yesterday's small rally back to former support (turned resistance) to enter positions. With the 'bull trap' in full effect, the next target down for the index is 1,308. Of supporting technicals, only Stochastics [39,1] is left to break its bullish alignment,
The S&P took a modest loss, but not enough to break it out of its consolidation. Volume was also lighter. With the Russell 2000 on the way down, it's suggesting the S&P will follow suit....
Once again it's "in the Toilet Thursday" or "Thursday's in the Loo".
In our last episode, How to Poop On A Date? we were graced with a delicate shituation: what ever to do when your finally back at her place, snuggling in for a little "brown chicken brown cow" and you get hit with "Love Potion #2".
This week in How to Poop At Work? ,what to do when your at a big fancy pants meeting, when out of nowhere, you need to download a brown load?
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Sam Brownback, the Kansas governor whose tax cuts brought him political turmoil, recurring budget holes and sparse evidence of economic success, has a message for President-elect Donald Trump: Do what I did.
In 2013, Mr. Brownback set out to create a lean, business-friendly government in his state that other Republicans could replicate. He now faces a $350 million deficit when the Kansas legislature convenes in January and projections of a larger one in 2018. The state’s economy is flat and his party is fractured...
Come join us for the Phil's Stock World's Conference in Las Vegas!
Date: Sunday, Feb 12, 2017 and Monday Feb 13, 2017.
Beginning Time: 8:00 am Sunday morning
Location: Caesar's Palace in Las Vegas
Caesar's has tentatively offered us rooms for $189 on Saturday night and $129 for Sunday night. However, we have to sign the contract ASAP. We need at least 10 people to pay me via Paypal or we may lose the best rate for the rooms. (Once we are guaranteed ten attendees, I will put up instructions to call the hotel for individual rooms.)
Note: The material presented in this commentary is provided for
informational purposes only and is based upon information that is
considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW)
nor its affiliates
warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
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