Jan 18, 2018 - Market Update (Apple with USD 38 bln tax bill, bringing home USD 250 bln; Renault-Nissan a king over Volkswagen; Goldman Sachs dropping bond trading?; GE still on short side; Junk bonds spreads at record lows, China/Japan getting rid of Trys - nothing new; USDRUB floor between 55.70-56.00; Brent having hard time to stay above USD 70 mark; Biggest Bitcoin mines in China)

Short recap

Asia hitting record levels

Europe opening higher on bullish sentiment from US and Asia 

China growing too fast with respect to economic and pollution standards

Trump fighting back China with intellectual property breaches (likely getting ready for Davos)

Loud calls for EZ reform with new fiscal rules (GE) and joint safe assets (FR)

Equities

Cyber security start-ups having hard time

As very crowded market is moving fast and facing criminal predators, competition is a tough job

Volkswagen produced 10.7 mln cars last year

But the crown goes to alliance of Renault-Nissan though

Peugeot looking to come back to US market using know-how of Opel

Chinese interested in diabetes business from Johnson&Johnson (USD 3-4 bln)

Apple planning to open 2^nd Campus in US that is a part of 5-yr USD 30 bln investment package

And also repatriate USD 250 bln of overseas cash, thus paying USD 38 bln of taxes

Looking to create 20k jobs in US, focussing on data centers for iCloud, AppStore and Apple Music

Earnings

Goldman Sachs hit by a drop in bond trading

What makes question marks about keeping bond trading in current form

Or searching for new profit generating activities

Adjusted profit beat expectations but company is having harder time in trading than rivals

GE shares keep declining on USD 11 bln of charges and likelihood of a breakup

…already touched the GE story: Nov 15, 2017 – Story of the Week: Comparing old and new economy…General Electric and Tesla  link

Morgan Stanley, Bank of New York Mellon, IBM, AMEX reporting

New US corporate tax cut should help earnings to be revised higher

Bonds

10-yr Trys yield at 2.59% vs 2.56% yesterday

10-yr Bund yield at 0.57% vs 0.55% yesterday

Not only China but also Japan is lowering their Trys holdings  link

Back in 2004/05 both China and Japan held 50% of all Trys held by foreigners

And now they do 36% only

Junk bonds - The Great Credit Dilemma: When to Quit After Historic Rally?  link

Corporate bonds too expensive to own, but too valuable to sell

Schroder, Aberdeen fund managers plot exit strategies

USDRUB

Rising oil makes Russian officials not comfortable with strong RUB

As we saw back in 2017, they are quite good at defending certain levels

Support at 56.20 and 55.72 (Apr 2017 low)

Resistance at 56.73 (10 DMA), 56.76 (Sep/Oct 2017 lows), 57.20 (23.6% Fibo)

USDRUB weekly

Source: Saxo Bank

Crude Oil

Supported by decline in private inventories in US

And attacks from rebels in Nigeria

EIA inventories and OPEC Monthly report out today

With speculations about another decline in oil stocks and substantial rise of shale production

Brent having difficulties to stay above USD 70 level

Support 69.06 (10 DMA), 68.19 (23.6% Fibo), 66.84 (38.2% Fibo), 64.91 (50 DMA)

To watch the 66.84 key level

Source: Saxo Bank

WTI

Support 63.15 (10 DMA), 62.75 (23.6% Fibo), 61.43 (38.2% Fibo), 58.77 (50 DMA)

Source: Saxo Bank

Bitcoin miners locations

…or where is the cheap electricity and smart people are…

Data/events

ECB’s Weidmann (0800 GMT)

ECB’s Coeure (1430 GMT)

ECB’s Villeroy (1730 GMT)

Fed’ Mester (2305 GMT)

IMF’s Lagarde to speak today as well

Jan 19 – US fiscal deadline

Jan 23-26 – Trump in Davos with his crew

Will be interesting to see Macron/Merkel and the world

Against protectionism of Trump/US

Jan 23 – BoJ – any hints on potential taper?

Jan 25 - ECB

Jan 30 – US State of the Union

Trump to announce an infrastructure plan but is not clear who would build the infrastructure

Because of his anti-immigration policies

Jan 31 – FOMC

Feb 5 – Powell as Fed Chair

Feb 16 – Chinese New Year

Should you have any questions feel free to contact me anytime.

Good luck Champs!

Mr Hawk

  

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

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Jan 8, 2018 – Weekly Commodity – Commodity Index rebalancing may bring corrections this week

The second week of the year is usually about Commodity Index rebalancing. During this process Commodity Index funds adjust their portfolios to those indices they follow. This often results in buying the worse performing commodities and selling the high performers. Some commodities may see a short term bounce or drop but without fundamental support any correction will be short lived

Oil

The main topic on the ooil markets is the increasing compliance of OPEC members with the extented agreement to cap oil production, although this is in some cases forced by external factors as in case of Venezuela. How ever the effect is the same, at the ned of the equation containing less supply and rising demand the result can be only hogher prices. The positive mood is also supported by overall rise of manufacturing activity. The Energy sector overall maybe not loking that bright due to low Natural gas prices but the oil bulls seem to be driven by strong fundamentals. However WTI is currently testing a key resistance (or rather the top of resistance zone) which could be hard to break as technical sellers will increase activity – also dont forget about rebalancing as crude had a very good year in 2017 and positions need to be adjusted.

Weekly Chart WTI Crude

Corn

Grains in general had a bad year despite several attempts to bounce, no real trend reversal took place. The high ending stocks and concerns about weak US exports pushing prices down. There are fears that the USDA Wasde report will bring another weak export data although on the spot market the export premiums seem to move despite missing any support of freight prices. After corn prices drop again below 350 this opens the room for testing 340 or even 330 in the coming weeks.

Weekly Chart Chicago Corn Futures

Sugar

With the cancelled European sugar quotas the market doesn‘t have a bright future ahead. The prices in Europe are still strongly diverging from the global sugar markets altough the move will have to come after the minimum sugar prices in Europe where also ending with the quota system. The prices tested 15.50 twice and recently dropped back. Give the oversupply and missing any short term weather threats, sugar will probably revisit the bottom of the uptrend channel which could be also broken on the way to tes new lows this year however the prices at or below production cost will bring drop in supplies in the long run.

Weekly Chart Sugar No 11

Good Luck and remember to watch your risk and be consistent.

Mr. Tech Man

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016.

Contact: landoftradingATgmailDOTcom, Blog: landoftrading.blogspot.com

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Dec 5, 2017 - Weekly Commodity: OPEC delivered extension now focus turning to US production & inventories

Commodities had a bad week caused primarily by correction in metals which couldn’t be compensated by slight bounce in Energy and Agriculture. The OPEC delivered extension of the production cut as the market expected, however as this was already priced in there wasn’t enough buying power to take prices to new highs.

As the huge rally from the end of summer was mainly based on the expectations that in Vienna the OPEC and the non-members lead by Russia will agree on the extension of the production cap, the news had limited impact last Thursday. The Friday move was likely just another reduction of short positions where some bears gave up. The biggest worries are now around the growing US oil production. While shale oil companies more and more seem to commit to growing shareholder value rather than market share, the US oil rig count and the US production is still on the rise. This can mean a hurdle in the efforts of OPEC and Russia to bring the market back to balance.

US Oil production – Source EIA and Land of Trading

The speculative positioning is extremely skewed toward the long side (763,786 longs vs 153,953 shorts) and such a concentration always brings the risk of a volatile squeeze. The effect of the extension of the supply cut on the inventories could be delayed according to Saudi oil minister by a seasonal decline in demand during winter. US oil rig counts published by Baker Hughes however keep growing currently at the highest levels since September.

CFTC COT Report NonCommercials positioning WTI

Technically we are in a strong resistance zone on WTI and after the OPEC deal was priced in well ahead, the market doesn’t seem to be strong enough to break much higher anytime soon. I expect the prices under the pressure of incoming bearish to drop back to previous supports before they would take off again.

WTI Weekly Chart

Good Luck and remember to watch your risk and be consistent

Mr. Tech Man

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. 

Contact: landoftradingATgmailDOTcom, Blog: landoftrading.blogspot.com

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Nov 28, 2017 – Weekly Commodity: Oil bulls supported by Canadian supply disruption, Thursday OPEC meeting in focus

The last week was rather quiet due to Thanksgiving but we had some interesting moves in the commodity space due to unexpected events. First of all the tired oil bulls got some support from the Canadian supply disruption while the grain market was kept low due to huge ending stocks and good weather forecast from South America. We saw also a revival of the industrial metals on South American mine strikes and drop in LME stocks.

After the news that TransCanada will reduce supply by 85% for November due to pipeline leak the bulls tried another run and pushed WTI to new highs while reaction on Brent was subdued. The Spread between the two dropped below 5$ for a day but bounced back quickly. The market is watching OPEC meeting in Vienna this week and the final agreement about the extension of the production cut. The key player is Russia this time as showed reluctance to extend the deal however market priced in 6-9 month extension. If the cartel and Russia fails to agree on this at least, oil may see a significant drop, while the upside potential is limited by already large speculative long and potential shale hedging activity.

Good Luck and remember to watch your risk and be consistent.

Mr. Tech Man

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016.

Contact: landoftradingATgmailDOTcom, Blog: landoftrading.blogspot.com

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Nov 21, 2017 – Weekly Commodity: Crude trader’s focus back on fundamentals, oversupply

After a week of increased uncertainty following the anticorruption crackdown in Saudi Arabia, the focus is re-shifting toward fundamentals again. A Tuesday sell-off was triggered by the IEA monthly report where the agency reduced its’ global demand forecast by around 100k bpd in contrary to the last OPEC Monthly report from a day earlier. The bears got some additional support in the evening from the increased oil inventories reported by API. The next day the official government data confirmed the oil stock accumulation but didn’t cause additional selling as the main damage was done on Tuesday.

Although the crude jumped up 2.6% on the last trading day of the week, further rally will need some geopolitical support as the fundamentals seems to be improving. The US oil production hit new multi month record at 9.65 mil bpd and it seems the crude output is on its way to reach 10 mil bpd in a few months time. Additional pressure came from Russia with its wavering support for the extension of the OPEC production curb deal. The cartel has a schedule meeting on 30th November where the member states should decide whether to extend the agreement beyond March 2018.

The next important oil related reports are:

Tuesday – EIA Monthly Energy Review and API weekly oil stocks and refinery operations

Wednesday – EIA weekly petroleum status report

For the technical view please check the weekly WTI chart:

Good Luck and remember to watch your risk and be consistent

Mr. Tech Man

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. 

Contact: landoftradingATgmailDOTcom, Blog: landoftrading.blogspot.com

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Nov 14, 2017 – Weekly Commodity: Did the Crude bulls run too far?

After the spectacular rally since September crude bulls are taking a brake recently. The main reasons of the rally were partially old news about the extension of OPEC and Non-OPEC production cut beyond March 2018. The geopolitical tension on the Middle East added further support to the bulls and the spread between the Brent and WTI widened to over 7$. Another strong support that helped the market rally were news about dropping inventories. However some analysts started to question this drop, especially the one reported from the Middle East.

Now with elevated speculative positioning where net longs are close to records seems that traders lost confidence a little. We have ahead this weekly oil reports and Monthly oil report from IEA and later the month from EIA which will be closely watched. However be aware of the fact that geopolitical tension could fuel a rally far beyond the levels that fundamentals would justify.

Technically WTI seems to have completed the 5th wave (or could be close to the end) and the 38.2% of Fibonacci level seems to be a good reason for a correction. I expect the prices to retrace somewhat toward the $52.50 support and then we will see if prices rally one more time ahead of a deeper correction.

Good Luck and remember to watch your risk and be consistent

Mr. Tech Man

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

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Apr 3, 2017 - Market Update

Short recap

Asia slightly higher

Europe opening higher

JPM and GS cut the US GDP outlook

Fed talking about shrinking of balance sheet in H2

Inflation heading lower in EU but higher in US (PCE)

Institutional investors lowered their exposure to US and UK equities on risks related to fading Trump rally and Brexit/UK brake-up risks

Poland to announce the purchase agreement of eight Patriot antimissile systems soon (USD 7.6 bln)

S&P 500 turning bearish?

Descending trendline but above 50 DMA

First rulings over Volkswagen emission scandal to come soon from German courts

Monsanto to report earnings on Wed, market expecting strong numbers

As farmers look at record planting of soybean and corn, South America doing well as well

Tesla shipped more cars than expected in Q1

Market looking at steeper production rise in H2

If that happens, stock price to move higher

BlackBerry surprised and proved that the move to more lucrative business software field was right decision

Boeing’s largest 787-10 Dreamliner successfully complete its first flight

CFTC speculative positions as of Mar 27:

EUR flat, massive liquidation of USD longs, significant reduction in JPY shorts, GBP keeps record shorts

WTI longs still liquidated

Oil – the sign of relief for bulls is the break of USD 51.95 and USD 54.45 (61.8% Fibo) in both WTI and Brent

EURUSD – support at 1.0570 (23.6% Fibo)

If broken likely to test the lows around 1.0340

DXY – support at trendline

Resistance at 100.50 and 101.00

USDJPY – USD might have run out of steam after reversal on Friday

Resistance at 112.16

Vols trading extremely low

Watch AUDJPY for any signs of downside and potential risk off hedge

10-yr Trys yield at 2.40% (sitting in a mid-range)

10-yr Bunds yield down to 0.32% on a strong change in the stance on inflation expectations and confirmation of ECB’s neutral position in policy tightening

Data

China on holiday until Wed

EZ: Unemployment to print new low

US: ISM Manufacturing Index expecting slightly lower

US: Construction market looking at higher number

Tue:

EU making a formal statement on Brexit about what they want to achieve

Wed:

FOMC Minutes

Thu:

ECB Draghi, Weidmann and Praet speaking (especially Draghi’s remarks on inflation will be closely watched)

ECB Minutes

Trump to meet Chinese president

Trump to use trade to wage on North Korea

Fri:

US NFPs

Fed Speakers this week:

William Dudley (Mon at 1430 GMT)

Patrick Harker (Mon at 1900 GMT)

Jaffrey Lacker (Mon)

Daniel Tarullo (Tue)

Fred Williams, James Bullard

Apr 23 – French presidential elections

Apr 29 – EU Summit to sign off the Brexit negotiations guidelines – until then we won’t have clearer EU position on Brexit

May 7 – French presidential elections 2^nd round

Should you have any questions feel free to contact me anytime.

Good luck Champs!

Mr Hawk

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

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Mar 20, 2017 - Market Update

Short recap

Asia mixed after last week

EU markets opening lower

G20 take away:

Free trade short of support

Mnuchin to correct imbalances – but the simple message to US is: “Consume less, Save more”

End of globalization trends? Or end of US on globalization map?

Merkel and Abe showed strong support for free trade on Sunday (after G20)

G20 outcome is negative for stocks

FOMC feelings still present in the market

Positive on EU stocks (if French elections positive) but higher EUR is a risk

US stocks negative view, may be playing with put options going to Q2

Deutsche Bank to issue news shares worth of EUR bln as a part of strategy shift

Swiss Re to focus more on tailor made solutions to generate more profits out of the deals

Tesla raised USD 1.2 bln to fund its activities, especially Model 3 and battery production

The proof that investors are still interested to participate at Tesla story via shares or convertible notes

Sinopec close to buying refinery from Chevron in South Africa (USD 1 bln)

Bombardier still struggling to handle the deal with Toronto Transportation Agency worth of CAD 770 mln

Oil – speculative shorts double while longs were cut (COT report)

May be pointing to new weakening cycle in oil as US shale production keeps rising

Critical levels: WTI USD 51.15 and Brent USD 48

Gold – also experienced net long positioning cut by almost the half (COT report) going to FOMC last week

Risk to upside move higher on weaker USD, geopolitical risks and huge demand from India

Levels: 1238 (61.8% Fibo), then targeting last high at 1263

USD close to key support levels, trading below 100 DMA

DXY 99.26 (61.8% Fibo), H+S, descending support line around 98.90

Few Fed speakers this week with Yellen (Thu) can clarify the FOMC stance
Important event for USD will be Obamacare repeal vote on Thursday
If passed, likely USD supportive - a sign of Trump having support for his further policies

EURUSD not clearly ready to break 1.0800/50 on political risks ahead of French elections

But market keeps pricing out the risk of Le Pen win despite her advances in the polls

Security question back on the table after shooting at the airport in Paris

10-yr Trys yield at 2.49%, failed to break clearly 2.60% level again

Back to 2.30%-2.50/60% range

Bund yields rising at short end while longer end is unchanged

10 bps rise in EZ rates by Jan 2018 is already priced in

Visco (ECB) – rising rates and terminating QE can be closely linked

Data

EZ: Labour Cost Index – expected to go higher

US: Chicago Fed National Activity Index – expected to go higher

France – election debate tonight

Should you have any questions feel free to contact me anytime.

Good luck Champs!

Mr Hawk

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

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Feb 28, 2017 - Market Update

Short recap

Asia up on Wall Street and month-end flows

EU trading mixed

Trump met with Chinese official to talk about security and meeting with CN president

Abe/Kuroda – will keep stimulus in place

Some EU firms not able to repatriate profits from China (unconfirmed rumour)

But PBOC confirmed that companies use standard channels to do so

Saudis looking at crude oil around USD 60 level this year

Oil supported by OPEC cuts despite higher US production

But WTI may test 52.70 as the market can not break through 55.00

Banks refraining from commenting the political developments in order to avoid being biased

Fed’s Kaplan sent a strong message yesterday on rate hike (Mar 15 now priced at 50%)

Would need to have the same strong rhetoric from Yellen and Fisher as well

But FOMC may pre-confirm the May hike in March instead of rising rate

GE-FR spread contracts to 66 bps from 79 bps on Macron

Still some politics around new Scottish referendum

USDJPY

Likely range of 110-115 as a first reaction to Trump surprise good or bad

But all comes back to 10 yr US Trys yield

Data

Tue:

2^nd estimate of US GDP expecting at 2.1% vs 1.9% last month

US: House prices – expecting at 5.3%

US: Consumer confidence – expecting no change

Fed’s Williams, Bullard speaking

Trump speaking (1100) – recorded interview on Fox to be released

Trump at joint session of Congress (0200-0330 Wed morning)

Likely to express opinions and plans closer to Congress way of thinking in order to get his plans through

If not, would need to fight with Congress to get them approved

Will touch taxes and infrastructure but more details on taxes on Mar 13-14 as a part of the budget

During the speech to watch the reaction of 10 yr Trys yield (currently 2.36%) as the rest of the market will just follow

Support levels: 2.30%, 2.15% and 2.00%
Resistance at 2.52%

Good luck Champs!

Mr Hawk

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

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Feb 27, 2017 - Market Update

Short recap

Asia started on a bad note but recouped the losses

EU markets opened higher

Trump not to cut social welfare programs: Social Security and Medicare

US Treasury Sec Mnuchin – fiscal stimulus impact this year muted (not helping USD and yields)

Busy week with plenty of Fed speakers to be watched for clues on Mar 15 rate hike (priced at 40%)

If there are no really strong comments, especially from Yellen on Friday, we should look at May or June meeting rate hike

Chinese Navy will benefit from rich funding as China to challenge US on the sea

Speculative longs in WTI from HFs reaching new high at 443 mln barrels

Russell 2000 lagging S&P 500 on fiscal stimulus delayed till end of summer or later

Note that small to medium caps will benefit more from fiscal stimulus, thus are much more sensitive to any news

LSE & Deutsche Borse merger unlikely getting approved by EU Commission

Nokia 3310 is back (by the way, I love my BlackBerry Bold…)

Stada is opening the books as a part of acquisition process

Bond yields hitting the lows on risk off and disappointment on Trump

10 yr US Trys yield at support level of the 2.31-2.55% range

GBP not feeling well on a risk of new Scottish referendum

EURUSD still in a range of going nowhere (1.0500-1.0680)

With 1.0500 super strong and battle ground within the range of 1.0500-1.0520 on the downside

Trump’s speech or US PCE inflation can shed some light on further direction

USDJPY – still very sensitive and may react strongly on Trump if we see lots of pro-inflationary talk that will spur the yields rise

Below 1125.50 we have next target 111.60 if Trump doesn’t deliver

Take a not of shrinking Ichimoku cloud on daily chart

Market may be pre-positioning for disappointment

May hit 110 or 115 (chance are widely open)

Vols pretty cheap either direction

Gold – 200 DMA at 1262 ahead of us

May see some profit taking ahead of Trump tomorrow

Fibo levels: 1250 (50%) and 1279 (61.8%)

Data

Mon:

EZ: Business Climate Indicator – to decline slightly

EZ: Consumer confidence – to decline more

US: Durable Goods Orders – to rise

US: Pending home sales – expecting 1% increase

Fed’s Kaplan (1600) – Q&A session

Tue:

2^nd estimate of US GDP expecting at 2.1% vs 1.9% last month

US: Consumer confidence – expecting no change

US: House prices – expecting 5.3%

Fed’s Williams, Bullard speaking

Trump at joint session of Congress (0200-0330 Wed)

Likely to express opinions and plans closer to Congress way of thinking than his ideas from presidential campaign

Wed:

US: Consumer spending – expecting 0.3% increase

US: Personal income – expecting 0.3% higher

ISM Manufacturing – expecting no change

Fed’s Kaplan, Brainard speaking

Beige Book

Thu:

Fed’s Mester speaking

Fri:

US: ISM Non-manufacturing activity index – expecting no change

US: NFPs only next week on Mar 10

Fed’s Yellen, Evans, Lacker, Powell, Fisher speaking

Super Wednesday Mar 15, 2017

Dutch elections

FOMC meeting

US debt ceiling deadline – if no agreement is reached as of Mar 16 the USD 20.1 trillion limit on federal debt is in place

What will stop Trump from his stimulus plans until the deal with Republicans is agreed

Good luck Champs!

Mr Hawk

DISCLAIMER: This material was created for informational purposes only and represents the Land of Trading team’s view of the past and current economic and capital market environment. It is not an investment advice and should not be viewed that way at all, and the creators of this material cannot be held liable for any potential losses resulting from trading, where despite this disclaimer someone would consider this material as an investment advice. All rights reserved ©2016. Contact: landoftradingATgmailDOTcom

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