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!
Phil – I think I finally figured out your "crystal ball" time frame. You're about 5-14 days AHEAD of what the market is going to do. It's taken me a long time to realize this, but boy it's been profitable. I go in when you recommend something at about 25% allocation, and then add to it each day it "goes the wrong way" Then BOOM, one day it's all good…. The long put list was literally exact in it's timing.
Phil, I meant to post over the weekend, but I was busy having fun . Last week was a very nice week for me, and I wanted to thank you for all that you do. I am pretty much back to cash and really feel like I am learning. I have out performed the $5kp by a very large margin. Thanks again for the service you provide.
Phil… My portfolio, in the past few months, has acheived a high degree of stabilization. I've noticed that on up days, down days, even days, it doesn't matter, my portfolio rarely varies more than 2%. And over the long haul it just slowly increases in value. I attribute this not to investment choices, but to style. Thanks to you and others on this site I'm paying close attention to position size, delta neutrality, downside protection, and concentrating on selling premium rather than buying it. I've developed increasing patience, not having to trade daily, or even weekly. I'm concentrating on the finer points of trading, letting the profits come to me, rather than the other way around. I appreciate the help everyone here has given in getting me focused on this principle. I'm pumped!…in a calm sort of way.
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.
I would like to thank Phil and PSW crew for the insight and assistance (even the liberals).
In December I initiated long stock positions buying stock, writing calls and puts in AAPL, WFR and CHK (scaling in and out). Over the last week I have been trimming back my positions selling stock and taking out my callers and putters. I am now back to my initial 25% position that I started with in December. However this time, my cost basis on shares AAPL, WFR, and CHK is $0! With money to spare from those positions.
Phil/USO Adjustment~~ Thanks for showing us the make it even (maybe even profitable) tricks for 'fixing' a losing position. I would have never known the trick if you didn't explain it. The option adjustment techniques are very helpful. Trading stocks would probably never offer that kind of flexibilities! Thanks!
PSW AC Conf: For those who may be on the bubble, I attended my first PSW LV in November. It was a real eye-opener. What I accomplished in a couple of days of exposure to Phil, Pharm, Craig, et al made my previous couple of years of hanging around the web site seem silly. If you are inclined in the slightest, you really should go. Just rubbing shoulders with other PSW members proved to be really valuable. Strictly on the basis of value, it's a great deal. You will have real time conversations with Phil and the gang and they will get to your questions and agenda items.
I can't believe it. After 2 Months of reading every post of every section on this site, the light bulb finaly went on. I was begining to think this was beyond me capacity to understand. Thanks Guys. Specifically Phil, Pharm, Cap, Matt. Im still Green as a leprechaun but I pulled the trigger on that SRS Vertical you laid down yesterday Phil. Very Clever. Now if I can just figure how to roll I migh make some money. Thanks for sharing, This community you have here is quite remarkable.
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.
Phil: Thank You!
Scaling, Scaling, and Scaling… then patience, patience, patience I'm 2 to 1 short and even on a day the broad market is up I had my largest one day gain in years. The last 6 weeks in fact have been great. I really feel I've learned to use some tools that will enable me to deal with the turbulence ahead. Selling short calls is definitely my preferred approach. Even allowed me to play golf this afternoon while the premium melted away and shoot a career low round. I owe you man!
PSW – Price/Value; The value of PSW on a regular basis exceeds by far the price of the annual subscription. The edition of February 26 'Which Way Wednesday – Popping or Topping?', – priceless for the serious investor.
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.
Thanks for all the work you put into this site. I have looked at a few other option advisory or "mentoring" services this year, but no one offers even a fraction of the content or the level of services you provide at PSW!
I like the retirement picks too. The futures trading is certainly more sexy, but the boring retirement picks are the ones that consistently make me money.
That was a quick double on the DIA calls. trailing stop in place.
I have learned more about options in the past 2 weeks as a full PSW member that the previous 5 yrs of making more bad than good option plays. The educational material alone is worth several times the price of admission. I have had an expensive education on what not to do- what is past is past- I am looking forward to profitable/fun future.
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
Gel1…..I've been here 6 months, mostly watching and learning. Lots of smart people on the site and I've learned a lot from Phil and many others. //// Inflan - I have to trump your sentiments regarding the wisdom of the board. I have to thank Phil and the many contruibutors for a 80% profit for 2009. I have learned a lot and am still learning ( even occasionally about political issues - ha! )
Iflantheman & Gel1
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)
I have been reading the "free" PSW for about a year and have always liked Phil's style as it closely resembled the way I like to trade (mostly naked put options). I have been a paid subscriber for about 5 weeks and I have been learning a lot from Phil and other members. I had made some money on Phil's "free" ideas in the past and I joined because one of Phil's futures ideas paid for my subscription within the same day (NG). Phil deserved my subscription and I was eager to learn more. I just did a quick tally and within the last 5 weeks the ideas that I chose to follow from Phil generated over 25K in options profits and 12K in futures profits (some of my trades were more conservative than what Phil's had suggested). I have a lot to learn, experience and confidence to gain. Thanks again Phil and Successful Trading to all.
3 for 3! Sold on initial excitement and made a double on USO, 70% on AMZN and 70% on SPY options from Friday.
Thanks and much appreciated for the suggestions.
There are a lot of us that have been here a long time and we all learn something everyday. Just keep asking questions, there are a lot of smart people here and they are willing to help and then of course, you have Phil.
Phil, I don't know if I told you lately but you da man! I'm doing so much better following your guidelines. It's like you actually know what you are talking about. 8-) I've tried a lot of services and none of them are as comprehensive or honest AND successful. I appreciate all youz other guys/gals input as well…learning tons as a relative newbie to this game.
Best day ever trading the futures, thanks to Phil's excellent call this am, and his "play the laggard" instruction. Well done Phil!
Phil - It is nice being more discipline with my trading. Generally, I am out earlier than most, but my results, overall, are much better than they were when I was trying to squeeze 80 cups of lemonade out of one lemon! On the other side, I am learning the value of rolling and turning losses into non-losses or small gains. I so appreciate the time you have spent with me and others who have benefited greatly from your knowledge. Thank you!
I did the same thing via your logic (sold puts that is). I glanced one time and they were already up 15% which is considered a good return for an overnight hold in most circles. This is PSW though and to us it's just another day…
thank you for the thorough response(s). I joined this group last week to take my education to the next level. the school i am involved with very good at calling out levels but very little live trading and little help in managing a position going against you.
I like the combo of knowing where the major levels are coupled with your approach to getting in. learned a lot this week.
You called all the trends and market movements with perfection this week. I enjoyed it! Thanks for keeping us sane!
HOTT / Got great trades with it: Enter 6.75 at open, out at 7.18 (avg) at 10:13
Reentered at 7.00 and out all 7.11 few minutes ago- Was a small play but I collected enoght for next month PSW subscription.
Shares in Hewlett-Packard (Ticker: HPQ) popped more than 3.0% to a new 52-week high of $29.82 this morning on an upgrade to ‘buy’ from ‘neutral’ with a price target increase to $39.00 from $29.00 at Bank of America Merrill Lynch.
The stock rose almost 90% during 2013, starting the year at $14.79 and closing it out at $27.98. Activity in August expiry options today suggests one trader is positioning for the price of the underlying to soar again during 2014. It looks like the strategist purchased a 2,000-lot Aug $34/$38 bull call spread at an average net premium of $0.74 per contract. The trade starts making money if shares in HP rally 16.5% over today’s high of $29.82 to exceed the breakeven price of $34.74, with maximum potential profits of $3.26 per contract available on the spread in the event that shares jump 27% to $38.00 by August expiration. Shares in Hewlett-Packard last traded above $38.00 in May of 2011.
GES – Guess? Inc. – Shares in apparel and accessories retailer Guess are trading lower on Wednesday ahead of the company’s third-quarter earnings report after the closing bell. Options changing hands on the stock during morning trading indicates some traders are bracing for shares to potentially drop to the lowest level since early-October by December expiration. The stock currently trades down 2.0% on the day at $33.24 just before 11:30 a.m. EST.
Around 1,700 of the Dec $29 strike put options have changed hands on GES so far today, more than two times the open interest level at that strike of 780 contracts. Time and sales data suggests most of the $29 puts were purchased at a premium of $0.40 each, positioning buyers to make money if shares in Guess drop 14% from the current price of $33.24 to breach the breakeven point at $28.60 by December expiration.
Options volume on the retailer is roughly five times the average daily level ahead of the company’s earnings release, with volume currently up above 5,400 contracts versus average daily volume of around 1,060 contracts.
HPQ – Hewlett-Packard Co. – Options on HP are active today, with the price of the underlying stock climbing as much as 4.3% to a new 52-week high of $28.70 during morning trading. Overall options volume on Hewlett-Packard, currently hovering near 55,000 contracts as of the time of this writing, is more than 75% of the stock’s average daily volume of around 70,000 contracts. Trading in calls on the stock is far outpacing that of puts, with the call/put ratio hovering near 5.0 as of 11:20 a.m. EST.
HPQ – Hewlett-Packard Co. – Shares in HP are down roughly 1.8% at $20.87 on Monday amid a down day for U.S. stocks, as the partial U.S. government shutdown extends into its second week.
Trading traffic in weekly put options on the maker of printers and PCs indicates one strategist is positioning for the price of the underlying to potentially drop to the lowest level since April by expiration. It looks like the trader purchased a 2,000 lot Oct 11 ’13 $19.5/$20.5 put spread for a net premium of $0.19 per contract. The bear put spread starts making money below a breakeven price of $20.31, and could generate maximum potential profits of $0.81 per contract in the event that HP’s shares drop 6.5% from the current price of $20.87 to settle at $19.50 at expiration.
Shares in Hewlett-Packard are down roughly 25% since the beginning of August. The company will hold the HP Securities Analyst Meeting 2013 on Wednesday starting at 8:00 a.m. PT.
HPQ – Hewlett-Packard Co. – Options on Hewlett-Packard are among the most active as measured by volume on Wednesday, with heavy trading in upside calls on the stock. Shares in HPQ are currently off 0.10% on the session at $21.29 as of 1:00 p.m. ET, reversing an earlier gain of 1.4% that saw the stock touch an intraday high of $21.615.
The most traded options on HPQ today are the Oct 18 ’13 $22 strike calls, with upwards of 36,000 contracts in play against open interest of around 15,300 contracts. Time and sales data indicates most of the calls were purchased at a premium of $0.44 each; the single-largest print being 27,564 calls that traded just after 10:15 a.m. ET. The calls may be profitable at expiration if shares in HPQ rally more than 5.0% over the current price of $21.29 to exceed the effective breakeven point at $22.44. Shares in Hewlett-Packard last closed above $22.44 back on August 29th.
Overall options volume on HPQ is approaching 69,000 contracts as of the time of this writing, which is more than twice the stock’s average daily volume of around 32,000 contracts. Heavy trading in calls on the stock finds the call/put ratio hovering above 7.5 in early afternoon trading.
HPQ – Hewlett-Packard Co. – Trading in January 2014 expiry put options on HPQ this morning suggests one strategist may be positioning for shares in the tech giant to weaken further during the next five months. Shares in Hewlett-Packard Co. are off their lows of the session, down 0.40% at $22.18 as of 12:10 p.m. ET. The stock has dropped 20% since the beginning of August, though shares are still up more than 50% year to date. One trader bracing for shares to move lower appears to have purchased 6,000 in the money put options at the Jan 2014 $24 striking price at a premium of $3.20 per contract. The puts make money at expiration if shares in HPQ decline another 6.0% from the current price of $22.18 to breach the effective breakeven point on the downside at $20.80. Shares in the name last traded below $20.80 at the end of May.
YHOO – Yahoo! Inc. – Weekly options changing hands on Yahoo today suggest some traders are positioning for a near term pop in the price of the underlying, while other strategists brace for selling pressure to persist during the next few trading sessions. Shares in YHOO are down 2.0% at $27.15 as of 12:30 p.m. ET. Options players looking for shares in the name to rebound appear to have purchased more than 400 in the money calls at the Aug 30 ’13 $27 strike for an average premium of $0.42 apiece. Call buyers may profit at expiration this week if shares in Yahoo rise 1.0% over the current price of $27.15 to settle above the average breakeven price of $27.42. Conversely, traders snapping up more than 750 of the Aug 30 ’13 $26.5 strike put options for an average premium of $0.08 per contract today are prepared to…
HPQ - Hewlett-Packard Co. – Bullish options are changing hands on PC and printer maker, Hewlett-Packard Co., this morning, with shares in the name up sharply on comments from CEO, Meg Whitman, at the company’s Discover Conference in Las Vegas. Shares are currently up the most in the Dow Jones Industrial Average, trading higher by 3.1% at $25.00 as of 11:50 a.m. ET. The stock earlier rallied more than 5.0% to touch a new 52-week high of $25.49. Traders positioning for shares in HPQ to extend gains during the next couple of trading sessions snapped up weekly calls on the stock straight out of the gate this morning. The most active weekly calls by volume are the Jun 14 ’13 $25.5 strike contracts, with around 3,200 calls traded before midday in New York. It looks like most of the calls were purchased, with roughly 1,000 of the total volume picked up by one strategist at a premium of $0.23 each. The trader stands ready to profit at expiration should shares in the HPQ settle above the breakeven price of $25.73. The Jun 14 ’13 $26 strike calls are also active today, with around 350 lots purchased at an average premium of $0.08 apiece.
VFC - VF Corp. – Shares in the owner of a portfolio of well-known apparel and footwear brands, including The North Face, Timberland and Seven for All Mankind, rallied 0.80% to a new all-time high of $189.60 this morning following the company’s Investor Day conference on Tuesday. VF Corp. yesterday outlined revenue and growth targets and strategic initiatives. Analysts at Janney Montgomery Scott maintain a ‘Buy’ rating on the stock and raised their target price to $210.00 from $188.00. Fresh interest in July expiry puts on VFC this morning suggests one or more options traders are bracing for the price of the underlying to potentially decline during the next five weeks. The most actively traded contracts today are the Jul $180 puts, with upwards of 1,000 contracts in play versus…
XLU - Utilities Select Sector SPDR – A large trade in XLU puts yesterday suggests at least one options market participant is preparing for the strong run in the price of the underlying to run out of juice in the near future. Shares in the Utilities Select Sector SPDR ETF are up 0.20% today at $41.00, on the heels of a 17% move to the upside since the end of 2012. The biggest print in XLU options yesterday was the purchase of a block of 50,000 Jun $40 strike puts at a premium of $0.51 each. The bearish strategy starts making money if the price of the underlying slips 1.2% from the current price of $41.00 to breach the breakeven point on the downside at $40.49.
HPQ - Hewlett-Packard Co. – Weekly calls changing hands on Hewlett-Packard today look for shares in the name to rally in the near term. The stock is up 3.0% this afternoon to stand at $20.24 as of 12:25 p.m. ET. Shares in HPQ had been on a tear, rallying more than 60% during the first three months of 2013 to a six-month high of $24.05 on April 1st. Since then, however, the computer hardware maker’s shares have declined roughly 15% to reach the current level. Options traders positioning for shares to move higher next week appear to be buying the May 03 ’13 $20 and $21 strike calls this morning. It looks like traders snapped up 2,600 of the $20 strike calls at an average premium of $0.33 each and around 3,200 of the $21 strike calls for an average premium of $0.16 apiece. Call buyers stand ready to profit at expiration next week in the event that shares in HPQ exceed average breakeven points at $20.33 and $21.16, respectively. HPQ reports second-quarter earnings after the close on May 21st.
HPQ - Hewlett-Packard Co. – An upgrade to ‘Overweight’ from ‘Equal Weight’ with a price target of $27.00 at Morgan Stanley this morning is helping shares in Hewlett-Packard rise to the highest level since May of 2012. Shares in HPQ, up roughly 100% since touching down at a multi-year low of $11.35 in November, rallied 2.5% on Monday morning to trade at $22.72 as of 11:30 a.m. ET. Perhaps seeking to lock in HPQ’s strong gains during the past five months, some options traders appear to be snapping up protective puts on the stock. Notable volume in the May $23 strike put options changed hands during the first half of the trading day, with volume topping 5,400 contracts versus previously existing open interest of 297 lots. It looks like most of these in-the-money contracts were purchased in the early going at an average premium of $1.28 apiece. Profits, or downside protection, on the strategy kick in if shares in Hewlett-Packard drop 4.4% from the current price of $22.72 to breach the average breakeven point on the downside at $21.72 by May expiration.
EBAY - eBay, Inc. – Bullish options looking for shares in the online marketplace operator and payment services provider to reverse recent losses are active today. The stock is down 1.0% on the day at $49.90 as of 11:50 a.m. in New York, on the heels of a more than 12% pullback in the price of the underlying from the stock’s 52-week high of $57.27 set back in February. Trading traffic in weekly calls on eBay suggests some traders are preparing for shares in the name to rebound this week, with upwards of 2,600 lots in play at the Mar. 22 ’13 $52.5 strike versus open interest of 1,122 contracts. It looks like most of the call options were purchased earlier in the session at an average premium of $0.08 each. Call buyers may profit at expiration this week in the event that EBAY shares rally 5.4% over the current…
HPQ - Hewlett-Packard Co. – Shares in HPQ fell to their lowest level in a decade on Tuesday after the company announced fourth-quarter results that missed analyst expectations for sales and included an $8.8 billion impairment charge related to its Autonomy business. Options on the PC maker are seeing heavy volume amid an ugly selloff in the price of the underlying, currently trading down 11% at $11.84 as of 12:35 p.m. ET. Nearly 250,000 call and put options have changed hands on the stock versus the average daily options volume of 47,726 contracts. Calls are slightly more active than puts, with the call-to-put ratio hovering around 1.1 in early-afternoon trading. Weekly calls, specifically the Nov. 23 ’12 $12 strike contracts, attracted particularly heavy trading traffic today. It looks like some strategists are betting the stock could rebound somewhat off its post-earnings report lows by the end of the week. Upwards of 23,000 of the $12 strike weekly calls traded in the first half of the session today against open interest of just 696 contracts. It appears most of these contracts were purchased for an average premium of $0.10 apiece, and may mean some options market participants are placing cheap near-term bullish bets on the computer maker. Traders long the weekly contracts make money as long as shares in HPQ increase 2.2% over the current price of $11.84 to settle above the average breakeven price of $12.10 at expiration.
KKD - Krispy Kreme Doughnuts, Inc. – It’s a sweet day for investors in Krispy Kreme Doughnuts, Inc., with shares in the name soaring 22.5% on the back of better-than-expected third-quarter earnings to the highest level in more than a year. Shares in the doughnut maker are off earlier highs, but continue to trade up approximately 20% on the session at $9.04 as of 11:50 a.m. ET. Buyers of bullish options on Krispy Kreme yesterday prior to the earnings report are enjoying sizable overnight…
As you can see from David Fry's SPY chart, we went up and finished down but the volume was a bit lower to the upside than the sell-off into the close. MSFT and INTC led us to the downside – no surprise really as we discussed both this weekend as Dow components to avoid in the current cycle.
There was no significant economic data, just the usual nonsense about Greece and, of course, the drumbeat of fear regarding the US fiscal cliff that the MSM is banging 24/7. "What's up with that fiscal cliff" is now how 90% of my conversations begin with anyone who knows what I do for a living.
I now find that it's easier to say "Oh, we're all totally doomed" than to explain why we're not because when, for example, I say this to one of my Mother's friends – they nod wisely and agree with me while, if I try to explain why they shouldn't worry so much – they get all confused and then say to my Mom – "I thought he was supposed to understand the stock market."
I guess I should have tried this with my children. Rather than sitting up for 15 minutes or so explaining why there are not monsters under their bed – I could have just agreed with them and said "Yep, big hungry ones!" Maybe they'd never sleep again but at least I'd sound knowledgeable about monsters and the imminent dangers they posed to sleeping children.
Stocks are now at 3-month lows and it's been a month since we strung together 2 up days in a row (Oct 15-17) with the S&P falling from 1,470 on Oct 5th to yesterday's low of 1,371 fir a 99-point drop in 25 trading sessions (6.8%) – losing an average of 4 S&P points a day with 1,360 being our Must Hold line on the Big Chart. The S&P and the NYSE are both, so far, holding their lines (NYSE is 8,000) and they are our broadest indexes but we're pretty close to having to layer our disaster hedges as we cross those -7.5% lines.
Flanigan’s Enterprises, Inc. (Flanigan’s) operates a chain of full-service restaurants and package liquor stores in South Florida. The company operates package liquor stores under the Big Daddy’s Liquors name, which offer private label liquors, beer, and wines; and restaurants under ...
The damage was done premarket and value buyers were quick to take advantage. The index which benefited the most was the Nasdaq. It started today just above the 50-day MA and rallied off that. Volume wasn't great and the technical picture didn't really improve, but action like today's can prove to be a good starting point for a swing low.
Despite the gain in the Nasdaq, Breadth metrics are weakening but are neither overbought nor oversold. The next strong swing low will likely take a tag of the light green ...
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Since the summer of 2016, stocks have done very well and bonds have been thumped, as rates have risen sharply. Is it time for these trends to take a break? Below compares the performance of the S&P 500, with the popular bond ETF TLT over the past 9-months.
CLICK ON CHART TO ENLARGE
The performance spread between stocks and bonds over the past 9-months is a big one! Rare to see the spread between the two...
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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