Phil thanks. You never cease to amaze me with your thoughtful perspective on a myriad of different issues and challenges. It's kind of an embarrassment of riches since I joined this board a few years back. The ride from Dow 9,000 or was it 8,000? up to Dow 15,000 seems hard to believe. I wish I could have it all over again, except with the capital I have now.
Phil has some great insight into the market. He's given me a different perspective on the market and I know I'm a better trader/investor because of it.
I've been trading options since the late 80's and Phil is right. Unless you know what is going to happen (how can you, unless you have insider information), then do what the smart money does - be the house. Remember guys, we're allowed to sell options. If you're afraid to be short, then do a spread to limit your liability. When I think about the money I've made and lost on options, a good approximation is that I win 30% of the time when I do a straight buy; I win about 70% of the time when I do a spread; I win nearly 90% of the time when I sell naked.
It was a nice day thanks to your help! Made over $1100 shorting TF every time it came up near 1260 and even more by going long oil before inventory under $46 and then waited patiently for the spike up into the close where I shorted it at 47.70 or so. Phil you gave me a road map and I simply followed the signs along the way.
Cory Booker for President. :) . Thanks for all the good futures guidance Phil! Having one of my best months yet. Account is up 75% YTD!
Thanks Phil for helping make this a much, much better year this year than last. Your tutelage has been so very helpful. Don't think I can say Thanks enough. And I thanks all the members here who were work hard in helping us all to become better traders, and I would say better people as well. The support many of you offered when we evacuated during the fire this past year helped me immeasurably.
Happy New Years to you all!
Phil/ et al- Thanks for the answers to my spread questions last night, as I really needed that little piece of knowledge to crystallize my understanding of spreads. Your help is much appreciated and I have been doing really well for the last couple of months with fewer and fewer missteps as I embrace the PSW ways and watching my portfolios grow.
New members – a word of advice: you should check out the track record of Phil's last few trades of the year, and what the return would be if you just rolled all the gains into the next years trade of the year. Remember – trade of the year is one he's virtually sure of, and he rarely misses on those
The strategy you have laid out pretty much mirrors much of my trading activity. I also mix in some momentum plays and "drop dead" bargains that come across my radar. My YTD trading profit is 63%. Back in March when Phil said "unless you think the world is coming to an end, then NOW is the time to start taking positions in Buy/Writes with the VIX so high." I jumped in with both feet - ( thanks, again Phil)
WOW, look at DRYS go. Nice call on the entry the other week Phil. I got 200 at $6.66 and sold a 7.5 call for $.50, then on the tear today sold another 7.5 call for $1. This should puts me in at an average of $5.91 and called away at $7.5 for a profit of $300+ after commisions. Once again another Phil trade pays for this months membership.
Phil, thanks for the call on the SKF puts earlier, I'm riding that horsie downhill right now, giddyup!
Thanks super helpful re: UGN example…..other inflation/market-correction-defensive-related play you threw out that has jammed UP in less than a month is TITN 6/14 $15 puts, up 40%. Excuse my enthusiasm but haven't had those types of gains in multiple plays in years let alone days doing it on my own…….maybe I should host the PSW infomercial!!!!
Phil, I just wanted to say thanks for being there. The world needs more of you. Your site continues to positively change my life daily.
You are doing a fantastic job. I think most of us our very well balanced and consequently have learned how to manage through these ever so short declines in the market without panic.
I've recently done exactly what Phil described. I upgraded my ability to trade the IRA acct. by transferring acct. from TDA to TOS. TDA would not allow spreads; TOS does. Neither will allow naked options. With spreads I am able to buy calls or puts several months out then sell front month calls or puts over and over. This allows me to collect premium, which is, of course, the goal. This wasn't an original idea. Phil put me onto it. Since the transfer I've substantially increased my performance in the IRA!
Thanks, after years of blood and blunders, I have reached a significant milestone – I don't lose money. Net net, I rarely have a losing week, market up, market down. And that I owe to you. Balanced positions. More premium sold than bought. Fundamental criteria applied to good companies, not momentum/ news headlines/ stock du jour/ triangle squeezies. But rather earnings, P/E, dividends, competitive position — the boring stuff that takes study, thought,….and patience. You have been a great teacher, and I have embarassed myself repeatedly day with how slowly I learn.
And it's a funny thing – if you don't lose, the gains start to pile up. The arithmetic is cruel to the downside, and becomes a gift in the other direction. And I'm in this for the long run, having made myself unemployable through a need for diversification. Moreover, what I've learned here has also elided into other areas, including real estate and ex-U.S. investment. Pretty cool. Have a great weekend.
Market manipulation…. One of the things I've gained from this site is the concept of market manipulation. I never thought it was so prevalent, but now I know it is. I actually consider its effect when I make trades. Several days ago, when AAPL was moving toward 220 I sold 210 calls. My reasoning was that they will probably pin this month at 210. They came in big time as the stock moved ever closer to 210. I agree with Phil's comment that one of the things we need to do is find out what they are manipulating, and how, and hitch a ride. They are doing this with several equities. I've actually seen one article describing several equities that were being manipulated to pin at expiration each month, and describing how it was done, and of course Phil has described it well. In some ways it's easier to figure this out than it is a ‘normal' market behavior, and thus easier to make money in certain equities.
I have followed a lot of Phil's picks over the last several years and made money using the exact option strategies he outlines. Of all the contributors on SA, he offers the most actual and ready to implement advice that has put money in my account. Many of us on SA actually are sad when we don't see Phil's postings for an extended period.
Boring trading – Phil/ Thanks to PSW, my yearly covered-writes are on pace for 15%. Add the long puts and well over 20%… and I look at it once a day and never lose sleep over it. Actually doing better than my trading account at this point (Thanks, summer 2013)
Anyway, the point is that anyone with enough money would be wise to do the 20% – 40% stuff and do trading as a hobby…
Well I want to thank P. Davis for his style and for the fact that he affirmed my thoughts for a correction. He was right and his confirmation of my bias saved me thousands. Mr. Davis is amoral when it comes to money. He realizes the poor are screwed but we must fight to win. A measure of sarcasm and dark humour and it is great reading. 100% right on the correction.
I would like to echo the sentiments of dclark41. Joining this site was the best thing I have ever done to aid my growth as a trader/investor. There are so many smart and experienced people here sharing their ideas that regardless what your investing style is you will learn something daily. Thank you and all the regular contributors for your generosity.
Phil, I'm up 34x what I paid in fees for your service, and that only counts the trades I didn't think of myself. Thanks!
On Optrader's section yesterday he was asked how he works with AAPL as an investment. He replied that he just ‘plays with the covers'. I've got a separate portfolio where I use primarily this technique over the past 6 months. Up 60% The principles involved are stock selection, patience, patience, using covers to protect profits, rolling covers to maximize premium return, and exiting when covers are gone and stock price is high. Sometimes it's hard to remember where you learn to do this stuff, but much of it is from integrating principles I've learned here with thing I already knew. Thanks for the help on this, Phil and others.
Phil – just wanted to say a sincere thank you for teaching me how to offset, hedge, roll, and not panic. My account is up 10% in the last two weeks, and far from panic, this is becoming great fun. Thanks again,
The best play I made this year was PSW. Will renew my membership tonight. Looking for the same trading profit percentages next year, but will have an advantage from the compounding, and much better skills acquired from you and the many skilled PSW co-pilots. Thanks!
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.
SPY/Phil, I took a big swing on January 26th following your advice to another member and bought 1615 contracts of Mar 185/190 BCS on SPY that will expire ITM today paying $290,700 on the $500k bet. I thought it might be fun to see what a winning trade looks like. Great call on your part and looking back it seems pretty obvious.
Happy holidays to all members of PSW. Just completed my 6th year and still my favorite site to read. Thank you all for your contributions and support especially you, Phil!
My watch list looks like a grid where Phil's recommendations went UP and everything else went DOWN! It looked something like an ad for Philstockworld. I am half in cash, followed the recommendations (AAPL TASR YHOO) on a 20K portfolio and still up 1% for the day. Thanks!
Praising PSW for enlightenment is a bit akin to praising the Pope for being holy. I've been reading PSW for about two months now and have learned more about investing technique and the world in general than I've learned from the books and seminars I've paid for. Thanks for the enlightenment, the education, the guidance and the truth, which is not a commodity these days, but a virtue in short supply.
Phil - I LOVE these futures trades at random hours! I wasnt able to get in on the 612 part but if I had it wouldve been 130$ (2.6%) on a 5k contract in less than 30 minutes. I know you have to sleep, spend time with fam, ect but Im just letting you know that your posts after hours/late at night has made people who followed them a decent chunk of change. Thank you, we appreciate it!
When we commented yesterday morning on the unexpected "going concern" notice in Sears' just filed 10-K which sent the stock crashing, we pointed out the immediate spin provided by Eddie Lampert's distressed retailer which promised that its comeback plan may help alleviate the concerns, “satisfying our estimated liquidity needs 12 months from the issuance of the financial statements", to which however we added the footnote that "the question is what happens when vendors start demanding cash on delivery as concerns about SHLD's liquidity concerns continue to grow."
As it turned out, we wouldn't have long to wait, because overnight Reuters reported that the worst case Sears scenario we envisioned for Sears is now taking shape and that suppliers to Sears have told Reuters they are doubling down on defensive measures, such as reducing shipments and asking for better payment terms, to protect against the risk of nonpayment as the company warned about its finances.
The company's disclosure turned the focus to its vendors as tension is expected to mount ahead of the key fourth-quarter selling season amid rising concern about a potential bankruptcy, they said.
Quoted by Reuters, the managing director of a Bangladesh-based textile firm said his company is using only a handful of its production lines to manufacture products for Sears' 2017 holiday sales. Last year, nearly half of the company's lines in its four factories were producing for Sears. "We have to protect ourselves from the risk of nonpayment," said the managing director, who declined to be identified for fear of disrupting his company's relationship with Sears.
Furthermore, precisely as we predicted, Mark Cohen, the former CEO of Sears Canada and director of retail studies at Columbia Business School said vendors will keep a close eye on Sears' finances. "Whatever vendors continue to support them are now going to put them on even more of a short string. That means they’ll ship them smaller quantities and demand payment either in advance or immediately upon delivery."
He added: "Sears stores are pathetically badly inventoried today and they will become worse."
Another supplier to Sears, Arnold Kamler, CEO of New Jersey-based bicycle manufacturer and importer Kent International Inc, said he was not surprised by Sears' Tuesday announcement.
Just when international oil benchmarks are sliding down, banks are preparing to review the credit lines of U.S. E&Ps. Starting in April, lenders will reassess companies’ creditworthiness on the basis of reserves, production trends, current prices, and future prospects for the industry, among others. Should anything spark worry, banks will be quick to start reducing their exposure, cutting credit lines and arresting producers’ recovery at a crucial point.
This year, U.S. E&Ps have announced an overall spending increase of $25 billion from 2016, an 11-percent rise, as a clear sign of continuing optimism after the November OPEC-non-OPEC deal that aimed to shave 1.8 million barrels of crude off daily global supply.
Besides boosting spending plans, producers have been adding rigs at a respectable pace: at the end of last week, active oil and gas rigs in the United States totaled 789, an increase of 313 over a year ago. They are also investing in more efficient drilling technologies, aiming for ever lower production prices in the aftermath of the oil price crash.
The banks could put a stop to all this if they deem the outlook for oil prices or any other element of their assessment methodology unfavorable. For oil prices, more bad news seems to be on the way if we are to trust Goldman Sachs.
The investment bank said in a note yesterday that record-high investments in 2011-2013 could start bearing fruit this year and the next two, adding around a million barrels of crude to global daily production on an annual basis in the period 2017-2019. That will only happen if the mega projects that swallowed the huge investments deliver as expected, which is by no means certain.
This message contrasts with an earlier one, contained in another note to investors, which saw global oil supply tightening thanks to the OPEC deal. In fact, at the time – a month ago – Goldman was of the opinion that the draw in global stockpiles would completely offset the rise in U.S. shale output.
But for now, Brent crude is now trading below $51 and WTI has dropped below $48 a barrel. Investors are watching OPEC again for a possible extension of the production cut deal, but it’s still uncertain if it will happen, and even if it does, no one knows what the effect of an extension would be.
You and I are both rational beings who let facts drive our thinking, but it seems our fellow humans are not so thoughtful. Or at least that’s what the research says. It turns out that behavioral psychologists have been undermining the bastions of human reasonability for decades, starting with some nefarious characters in the Stanford University psych department back in the ’70s, whose devilishly clever experiments were then taken a frightening step further at that equally suspect institution over on the other coast: Harvard. Don’t these mental types have anything better to do than conclusively prove that nobody (but you and I) can think straight?
Apparently not. And then the Harvard guys had the temerity to suggest that the human race’s muddleheadedness goes allllllll the way back to the time we spent trotting around on the African savannah. Remember that? Lotsa fun – if you didn’t get chewed up by a pack of hyenas or run down by a herd of water buffalos. You see, we weren’t just sitting out there on the plain playing checkers or debating the finer points of Cartesian philosophy. No, we were hanging on by the skin of our teeth – even as our teeth got smaller so our brains could get bigger. But it turns out that the most significant way our brains got bigger – and the main reason we survived and evolved into the total media animals we are today – was that we figured out how to cooperate.
Or at least that’s what the Harvard guys say. Their argument runs more or less like this:
It’s quite frustrating … when you think about it. But I guess it’s better to face the truth about ourselves than to go along blindly, always wondering over the irrational hijinks our fellow two-leggeds are forever getting up to.
The whole sordid – but not entirely unhopeful – story is laid out by Elizabeth Kolbert in a piece titled “Why Facts Don’t Change Our Minds,” in – you guessed it – The New Yorker … yes, the only rag in the greater English-speaking world that insists
Recently, British Prime Minister Theresa May expressed concern over Moscow’s apparent involvement in an attempted coup in my home country.
From 2010 to 2015, I was the ambassador to NATO from Montenegro, a young democracy in southeast Europe that is part of the former Yugoslavia. Montenegro was targeted by an apparent coup attempt during its last parliamentary election on Oct. 16, 2016. While Russia has denied involvement, details of the plot shared by a Serbian man arrested at the scene point to what The New York Times called “Russian efforts to sow mayhem.”
As some of the plotters later confessed, their goal was to overthrow Montenegro’s government, kill then-Prime Minister Milo Djukanovic and put into power political groups that oppose Montenegro’s NATO membership. Russia is on the record as opposing that membership bid and promised “retaliatory actions.”
Despite Russian opposition, joining NATO is one of Montenegro’s major foreign policy goals. The overwhelming majority of NATO members, 26 states, have already ratified the country’s membership and the process seemed on track for completion at the next NATO summit in May of 2017.
However, the addition of new members to the alliance requires unanimous support, and Spain and the U.S. still haven’t passed ratification.
Nanomachines are tiny molecules – more than 10,000 lined up side by side would be narrower than the diameter of a human hair – that can move when they receive an external stimulus. They can already deliver medication within a body and serve as computer memories at the microscopic level. But as machines go, they haven’t been able to do much physical work – until now.
My lab has used nano-sized building blocks to design a smart material that can perform work at a macroscopic scale, visible to the eye. A 3-D-printed lattice cube made out of polymer can lift 15 times its own weight – the equivalent of a human being lifting a car.
Rotaxanes are one of the most widely investigated of these molecules. These dumbbell-shaped molecules are capable of converting input energy – in the forms of light, heat or altered pH – into molecular movements. That’s how these kinds of molecular structures got the nickname “nanomachines.”
For example, in a molecule called rotaxane, composed of one ring on an axle, the ring can move along the axle to perform shuttling motions.
So far, harnessing the mechanical work of rotaxanes has been very challenging. When billions of these tiny machines are randomly oriented, the ring motions will cancel each…
If you give Paul Ryan the benefit of the doubt and all the undecideds, all the concerned, and all the supporters end up voting to repeal and replace, you reach 210 votes. That is six short. So at least six of the no votes need to change their minds.
EVEN amid Brazil’s pungent stew of recent big corporate scandals, the latest is particularly stomach-turning. On Friday March 17th, in time for a traditional weekend churrasco, or barbecue, the federal police accused some of the country’s biggest meat producers of bribing health inspectors to turn a blind eye to grubby practices. These include repackaging beef past its sell-by date, making turkey ham out of soyabeans rather than actual birds and overuse of potentially harmful additives. The police operation, dubbed Weak Flesh, could reduce Brazil’s meat exports, worth $13bn a year, and damage its two big global meat producers, JBS and BRF.
Two days later the president, Michel Temer, treated 27 diplomats from the country’s main export markets to prime Brazilian cuts at a steakhouse (pictured [by AP]) in the capital, Brasília. Nevertheless, straight after that China, the European Union, Chile and South Korea, which together consume a third of Brazilian meat sold abroad, said they would ban some or all imports from Brazil until it can allay misgivings about its inspection regime. The reactions from China and Chile provoked particular anguish. Unlike the EU, which has restricted products only from the 21 plants that are under investigation, they have barred all Brazilian meat from crossing their borders until further notice.
Phil discusses Brazil's new meat scandal's impact on the country's economy:
Brazil's push to root out corruption is considered short-term pain for long-term gain. For more on new meat scandal's impact on Brazil's economy, CGTN's Rachelle Akuffo spoke to Phil Davis, publisher of PhilStockWorld.com.
Ever since the 2008-2009 financial crisis, every time the stock market has experienced a -5%, -10%, or -15% correction, industry pundits and media talking heads have repeatedly sounded the “Double Dip Recession” alarm bells. As you know, we have yet to experience a technical recession (two reported quarters of negative GDP growth), and stock prices have almost quadrupled from a 2009 low on the S&P 500 of 666 to 2,378 today (up approximately +257%).
Over the last nine years, so-called experts have been warning of an imminent stock market collapse from the likes of PIIGS (Portugal/Italy/Ireland/Greece/Spain), Cyprus, China, Fed interest rate hikes, Brexit, ISIS, U.S. elections, North Korea, French elections, and other fears. While there have been plenty of “Double Dip Recession” references, what you have not heard are calls for a “Double Dip Expansion.”
Is it possible that after the initial 2010-2014 economic expansionary rebound, and subsequent 2015-2016 earnings recession caused by sluggish global growth and a spike in the value of the U.S. dollar, we could possibly be in the midst of a “Double Dip Expansion?” (see earnings chart below)
Whether you agree or disagree with the new political administration’s politics, the economy was already on the comeback trail before the November 2016 elections, and the momentum appears to be continuing. Not only has the pace of job growth been fairly consistent (+235,000 new jobs in February, 4.7% unemployment rate), but industrial production has been picking up globally, along with a key global trade index that accelerated to 4-5% growth in the back half of 2016 (see chart below).
Jeroen Dijsselbloem, a key euro area dealmaker, is facing calls to resign after he suggested that southern European countries had squandered their money on “booze and women”.
The Dutch finance minister was already under pressure after his Labour party was crushed in last week’s elections in the Netherlands. This had raised questions over whether he would retain his position as minister and be able to see out his term as president of the eurogroup of eurozone finance ministers — a crucial role that places him at the heart of negotiations on fiscal policy and bail-outs.
In an effort to stress the responsibilities that come with being in a currency union, Mr. Dijsselbloem said that northern Europe had shown “solidarity” with the south during the crisis, but that solidarity comes with “duties”. “I cannot spend all my money on booze and women and beg for help afterwards,” he said, adding this applies on a personal, national and European level.
The comments have been seized on by politicians across southern Europe, including Portuguese prime minister António Costa, as an offensive stereotyping of nations that bore the brunt of the euro area’s sovereign debt crisis.
Mr. Costa on Wednesday called for Mr. Dijsselbloem’s resignation, saying “Europe will only be credible as a common project” when he has stepped down and “made a clear apology to the countries and peoples who were deeply offended by his comments”.
Describing the comments as “absolutely unacceptable” and “very dangerous,” he said that they showed another face of populism, expressed by people “dressed in sheep’s clothing” and making comments that were “racist, xenophobic and sexist”.
Carlo Calenda, Italy’s economic development minister, said: “Without heartfelt, clear, formal and public apologies, his ability to remain in the job should be questioned.”
Former Italian president Matteo Renzi entered the fray with “The sooner he resigns the better it is. If he wants to offend Italy, he should do it
By Mauldin Economics. Originally published at ValueWalk.
Studying history has little practical utility in averting past outcomes. We are doomed to repeat history whether we know it or not.
The value in knowing history is not that one might prevent its recurrence. Its value is that it allows you to identify those things that don’t change and that shape events… no matter the year on the calendar.
That’s why I want to show you four maps that highlight what parts of the world looked like in the past… and that point the way toward what may come in the future.
The map below simplifies a great deal of China’s ancient and imperial history. It shows seven states that fought for control of the historic Chinese heartland during the Warring States period (475–221 BC).
In December 2016, Muddy Waters' Carson Block said China's largest dairy farm operator, Hong-Kong listed China Huishan Dairy Holdings Co., is "worth close to zero" and questioned its profitability in a report. Today, with no catalyst, it suddenly almost is. The stock collapsed over 90% in minutes to a record low.
The sudden crash wiped out about $4.2 billion in market value in the stock, which is a member of the MSCI China Index.
From 2001 to 2011, would you have rather owned the S&P 500 or Gold Miners (Gold Bugs Index/HUI)? If you answered the Gold Bugs index, you would be correct. The left chart below compares the performance of the Gold Bugs Index and the S&P 500. From 2001 to 2011, the Gold Bugs index out performed the S&P 500 by 1,400% (left chart below).
Since 2011, miners have been weaker than the S&P 500 by a large percent. Could the stage be for another period where the mining stocks are going to be stronger than the broad markets again?
Yesterday's selling didn't follow through with additional losses, instead, indices dug in at lows and managed to recover some of yesterday's selloff. The best recovery came from the Semiconductor Index. It gained over 1% as it bounced off its 20-day MA. However, it wasn't enough to stop a 'sell' trigger in the MACD and CCI.
Next is the Nasdaq 100. It staged a recovery, but not from a typical support level. Unfortunately, it has a MACD trigger 'sell' from early March and a new 'sell' trigger between the -DI an...
Taking a "resp-shit" or "potty break" from "in the Toilet Thursday" or "Thursday's in the Loo"... One of our favorite scenes from the 1998 cult classic The Big Lebowski, the ash can scene where Walter Subchak (John Goodman) eulogizes the departed Donnie (Steve Buscemi) with Jeffrey Lebowski (Jeff Bridges) looking on.
Reminder: OpTrader is available to chat with Members, comments are found below each post.
This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).
We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options.
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Having rebounded rapidly from the ETF-decision disappointment, Bitcoin suffered another major setback overnight as Chinese regulators are circulating new guidelines that, if enacted, would require exchanges to verify the identity of clients and adhere to banking regulations.
A New York startup called Chainalysis estimated that roughly $2 billion of bitcoin moved out of China in 2016.
As The Wall Street Journal reports, the move to regulate bitcoin exchanges brings assurance that Chinese authorities will tolerate some level of trading, after months of uncertainty. A draft of the guidelines also indicates th...
ISPs will soon be able to sell your most private data without your consent.
As expected, Republicans in Congress have begun the process of rolling back the FCC's broadband privacy rules which prevent excessive surveillance. Arizona Republican Jeff Flake introduced a resolution to scrub the rules, using Congress' powers to invalidate recently-approved federal regulations. Reuters reports that the move has broad support, with 34 other names throwing their weight behind the res...
Phil has a chapter in a newly-released eBook that we think you’ll enjoy.
In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.
This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.
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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