Feb 5, 2017 - Weekly Macro W6 (RBA and RBNZ rate decisions, trade balance Ger, UK, US, CA, China and IEA Oil Report)

The coming week won’t be boring at all and there are plenty of events to follow. First of all we have the RBA and the RBNZ rate decisions. Despite no change is expected in MPs  we will get a hint how policy makers see the economy in the light of recent development (new US policy, metal rally stalling etc.). We have plenty of trade balance figures, most importantly Germany, UK, US and Chinese trade data. The oil traders will be on alert as after the regular weekly API and EIA oil stocks we have on Friday the IEA Monthly Oil Market Report (and Monthly OPEC report on Monday).

Monday

After midnight the Australian Retail sales will be released. After the huge volatility in 2009-2010 the growth has stabilized in the range between -0.1% and 0.7% last year with only one negative month. Later the session the Chinese Caixin Services PMI could be a market mover after last weeks disappointing manufacturing figures. The German Factory Orders will kick start the European session which fell rapidly in January more or less in line with the seasonal pattern. Analysts expect a modest rise btw 0.5-0.6%. In the afternoon the Feds' Labor market Conditions index will be released but as the components are already known, only minor effect is expected. The US Mortgage Deliquencies will be published this week, but no date or time is known yet. The indicator is declining since 2010 and no major change is expected.

Tuesday

Pretty busy day ahead starting with RBA rate decision. The central bank is in a rather difficult situation given the strengthening AUD and overheated housing market. While industrial metals has seen a bit of a rally at the end of last year which definitely helps the economy, the booming housing market can cause problems in the medium term. Although Gov. Lowe is not really keen to join the QE race, the Rate Statement will give us a picture how the policymakers see the current developments. European morning will be quiet with only French trade balance and UK monthly HPI. Canadian trade balance will be released in the afternoon. Last month it reached positive levels for the first time since 2015 and further rise is expected. US JOLTS labour market summary will be released in the afternoon, but only minor impact is expect given the current cycle of the US job market. As the first oil report of the week the API oil stocks will give us a hint if the rising trend in inventories continues. The GDT dairy price index from New Zealand will be released during the evening but ahead of RBNZ rate decision, I expect only minor impact unless there is a huge surprise.

Wednesday

We can have a little rest in the middle of the week as the European morning is almost empty. Keep in mind that Chinese trade data and FDIs can be released anytime in the second half of the week. The afternoon could be interesting for Loonie traders as we have housing starts from Canada and later on the EIA Crude inventories.  The evening will be busy for Kiwi traders as the RBNZ is scheduled to deliver its rate decision with MP statement, followed by the RBNZ News conference an hour later.

Thursday

Chinese trade data and FDIs could be released in the morning if not released a day before. At the early Asian session New Home Sales from Australia will give us an insight in the housing market. A few minutes later the RBNZs governor Wheeler is due to testify on MP before the Finance and Expenditure Select Committee in Wellington. The European morning session is empty on the data front and the first important data will come from overseas, namely the Canadian house price index and the US jobless claims.

Friday

Again, keep in mind Chinese data could be released if it not happened the previous days. The RBA Monetary Policy Statement will be published which will be likely in line with the rate decision statement, just with a little more details, still could have impact on AUD crosses. The most important data of the European morning will be the IEA Monthly Oil Market Report, which will give us a hint how the OPEC report may look like on Monday. The members of the cartel participating in the agreement claimed repeatedly they take the cut seriously, however it would be for the first time that there will fail to deliver on their promises. Let’s see… We have also an Extraordinary EU Summit from which rumours may eventually hit the market during the whole day. In the afternoon the Canadian job report and the result of the Consumer Confidence Survey done by University of Michigan may be the main market movers.

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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Jan 15, 2017 - Weekly Macro W3 (BoC and ECB rate decisions, China GDP and Trump inauguration)

After a sleepy Monday we will have some important bank earnings and we start this week the regular central bank meetings too. From US bank earnings worth to mention among others  Morgan Stanley, Citigroup and Goldman Sachs. From Central banks we have Bank of Canada and ECB rate decisions and we finish the week with Chinese GDP and with US presidential inauguration boycotted by 23 democrats.

MONDAY

Another easy Monday ahead of us. We have practically nothing on the calendar except a few light-weight data from Europe in the morning (UK HPI and EZ Trade Balance) and BOEs governor Mark Carneys’ speech in the evening. It will be Martin Luther King Day in US, so expect lower liquidity

TUESDAY

The World Economic Forum will take place 17-20 January in Davos-Klosters, Switzerland. The UK inflation (CPI, PPI, HPI) will kick-start the morning in Europe where another increase is expected in line with the rising trend. The Cable was under pressure recently due to the foggy Brexit plans of the governments. This will be followed by the German ZEW Economic Sentiment which was unchanged but analyst expect now a 5 point improvement. During the day Theresa May is scheduled to speak in London about triggering Article 50 although the time is not announced yet. According to Livesquawk’s tweet, it supposed to be a “Major Brexit Speech”… so let’s see. In the afternoon the Empire State Manufacturing index may move the USD. The index is struggling to break above 10 point level and given the uncertainty around the new president the analysts don’t expect it to break the lvl. Later the night GDT price index will be released, which could add some volatility to the NZD crosses.

WEDNESDAY

The day will be pretty packed with data starting with UK Employment in the morning and from the set of UK data probably the Average earnings is the key as inflation is in focus given of BoE. The claimant count change was between +/- 10k during last 1.5 year and not expected bring any big surprise out of this range, expectation is around +4k. The final CPI in EZ will be released an hour later, and no change is expected compared to prelim figures. In the US inflation figures a moderate increase in CPI and no change on core data is expected. The markets may react also on

Industrial Production and Capacity Utilization figures 45 mins later. The event of the day will be the Canadian rate decision, MP statement and the following Press Conference. Despite the pick-up in the oil prices the key problem remains in housing market and the relations with US during Trump. The BoC will probably choose a hold and wait strategy this time. In the evening we have the Feds Beige Book and Yellen speaking in San Francisco. Also don’t forget that the API Oil Stock will be released a day later on Wednesday due to M.L. Kings day.

THURSDAY

The Australian employment figures will come out during early Asian session. The rise of Employment is expected to slow down after a surprise jump last month while unemployment should be steady at 5.7%. The calendar looks pretty empty at the European morning, but the big shot will come in the afternoon, starting with the ECB rate decision followed by the press conference in 45mins. The same time as it start we will get Canadian Manufacturing Sales and the US  Building Permits, Philly manufacturing index and US jobless claims so GMT 1:30 PM rather be in front of you monitor. The EIA will report Crude inventories as the last significant data of the day.

FRIDAY

Fed chair Yellen will speak after midnight at the Stanford Institute but the main volatility booster of the day could be the Chinese GDP & Industrial Production but no or minor change is expected only. The UK retail sales is scheduled for the mid European morning and a slight decline is expected. In the Afternoon Canadian CPI and Retails Sales may add to the volatility. In the evening also watch out for the regular oil rig count from Baker Hughes. The last event of the week is the inauguration of Donald Trump as US president and more and more Democrats pledge to boycott the presidential inauguration. There are also plenty of demonstration planned for the whole week protesting against Trump as president.

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 10, 2016 - Weekly Macro W50 (Chinese industrial data, FOMC, SNB, BoE rate decisions)

After the last week when all central banks acted in line with expectations investors and traders are expecting Fed to raise its benchmark rate by 25 bps as economic data keep improving and the outlook for more fiscal stimulus will increase the inflationary pressures in the coming years. We will have also SNB and BoE rate decisions during the week and both are expected to stay on hold but analysts are curious how the central bankers assess the current conditions.  Chinese investment and industrial data as well as Japanese industry data will be coming out during the week with tentative dates and times.

Monday:

It‘s going to be another “lazy Monday” with very few data. In the early morning the Japanese Tertiary Industrial Activity will be released which represents practically the Service sector. The last 2 releases were at zero or slightly lower and the consensus expects a little increase in October data. The FDI in China will be release this week but we have no exact date or time. The US Federal Budget Balance will also be watched by Republicans in the light of the planned fiscal expansion in the US, mostly which is responsible for the current “Trump rally”. There are concerns that the space for increased fiscal spending will be limited due to raising interest rates in the coming years.

Tuesday:

We start the day with the quarterly index of home prices in 8 state capitals of Australia, where the analyst expect a 2% jump after the slight decline in the second quarter. This will be followed by the Chinese Industrial and Fixed Asset Investments, in both cases no change is expected as both are in kind of consolidation phase. We will start the European session with some inflation data, first will be Germany where no change is expected in both monthly and annual data, followed by the UK CPI expected to rise and UK PPI which is expected to fall. Later in the morning the German Zew Sentiment index is scheduled and it is expected to jump confirming the better economic outlook. In the afternoon US import prices may cause minor rise of volatility but the effect will be muted given the expected FOMC rate decision next day.

Wednesday:

It will be the Fed rate decision day so expect low liquidity as market is waiting for the results from the 2-day FOMC meeting. The European morning will be however, busy for pound traders as UK job data will be released. We will look at the UK Jobless Claims which is expected to decline, and the Unemployment Rate along with the Average earnings, both expected to stay unchanged. In afternoon the volatility could be increased by the US Core Retail Sales and US Core PPI, as market participants may adjust their positions after the data release ahead of the rate decision. A little later we have US industrial production and Capacity Utilization rate with minor effect expected. As the Non-OPEC countries lead by Russia agreed during the WE to follow the cartel and cut production by 600 barrels a day, the crude got some support from these news. The regular EIA Crude oil report scheduled for Wednesday afternoon may add some more momentum to the rally, but be careful as the supply glut is still a reality and as the prices rise, more and more rigs will be reopened. The last big event of the day and probably also in 2016 will be the FOMC meeting. Can we expect any bad surprise from Yellen and team? The probability of a 25 bps rate hike to 0.75% level is around 95% in other words it is widely expected. The good US data, the rise in bond yields as well as inflation expectations and a bullish stock markets, all these factors seem to be supporting the case. Please read more about the event in this article from my colleague Mr Hawk link .

Thursday

We will start early Asian session with Aussie job figures. The employment growth is slowing down since May 2016. A negative trend behind the data is the increasing share of part time employment which jumped from 31.1% to 32% in October. Therefore the stable unemployment rate at 5.6% couldn’t be considered positive in these circumstances. Hopefully the rising base material prices will help to revive the mining industry, which may help to change this negative trend. The Swiss National Bank will announce its monetary policy and key benchmark rate in the European morning at the same time with German PMI followed by the Eurozone PMI figures. Both regions experienced an increase in sentiment during the last months but no huge jump is expected. According to analysts the surprise spike in UK Retail sales was rather a one-time event and the consensus is for stabilization instead. The week pound however could give some support before the Christmas. The BoE will announce its rate decision and assessment of the economy at lunchtime. The Benchmark rate is not expected to be changed as the bank needs to keep some gun powder dry ahead of triggering the Article 50 and the start of the formal talks about the Brexit conditions. However the Monetary policy statement will tell us how the policy makers see the shape of the British economy. In the afternoon the US inflation, Jobless Claims and Philly and NY Manufacturing PMIs may increase the volatility along with Canadian Manufacturing sales, the later for the CAD crosses. A less followed but interesting housing market indicator will be release later afternoon, the NAHB housing market index which is a leading indicator of the construction sector. After a surprise jump in the summer the index is slowly declining and no change is expected ahead of Christmas.

Friday

The last day of the week will be rather boring as the market will be digesting the events of the week and waiting for next weeks‘ BoJ rate decision. The Final European CPI numbers however may move the markets in the morning. In the afternoon the US housing data will add some volatility as some leading indicators will be release, namely the Building permits and Housing starts. In both cases we saw a positive surprise in the last month however despite the overall optimism after Trump's presidential victory, the economists expect a slight decline.

Always 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 4, 2016 - Shenzhen overtaking New York…really? Let’s see, starting tomorrow…Part 2.

Tomorrow on Dec 5, 2016 the awaited Shenzhen-Hong Kong Connect comes to life and foreign investors (expecting primarily fund managers) will be able to access another Chinese stock exchange. General expectation are much higher than for Shanghai-Hong Kong Connect as the Shanghai Stock Exchange lists mainly stocks of state owned enterprises. More at (Part 1) link.

We also expect much higher interest from foreign investors as the shares of more appealing names from so called “New economy” than those listed in Shanghai are very likely to attract investors and speculators from abroad.

Shenzhen stocks by industry (Market cap %)

32% Manufacturing

25% Tech, media and telecom

18% Consumer goods and services

8% Pharma

5% Real estate and construction

5% Finance

3% Utilities and transportation

3% Other

Initial impact

-          Increase in trading volumes on Shenzhen Stock Exchange that will be driven by new interest from hedge funds

-          A part of the new trading volume will come from flipping foreign institutional portfolios from special institutional accounts to new Connect accounts

-          Market should initially rise but some cautious will be in place

Later on

-          The launch is positive for decision whether to include Chinese stocks to MSCI indices, especially to those tracking Emerging markets

-          Such as step would attract additional investors as hedge and mutual funds, pension funds and other types of speculators that will relocate some parts of their portfolios in order to diversify and benefit from new market opportunities. For example, only the index fund rebalancing and including Chinese shares can bring additional USD 400 bln of new money to Chinese stock markets.

Initial risks

-          Short-term volatility after the launch

-          Shenzhen listed stocks having high valuations and PE ratios that may scare cautious investors:

Hang Seng Composite SmallCap Index (Hong Kong) with PE at 11

Hang Seng Index with PE 12

ChiNext Composite Index (Chinese equivalent to NASDAQ) with PE 58

Medium to longer term risks investors should take a note of

-          Yuan depreciation

-          Availability of proper analysts coverage

-          Lack of credible and internationally recognized accounting practices

-          Government regulation, political interference and support of certain companies and industries

-          Different local standards, market surveillance and actions from regulators

-          Prospects for economic growth

-          Confidence of domestic investors that is still a bit unpredictable based on Western investors’ standards

-          Status of emerging market with all the pros and cons that are topped with possibility of sudden capital inflows and outflows as well as well-above average market volatility

On the other the door to another huge stock market is getting opened what creates enormous amount of new opportunities that are waiting to be discovered. The numbers tell the whole story:

-          As there are 417 shares listed on Hong Kong Stocks Exchange while 881 on Shenzhen Stock Exchange

-          Also worth of mentioning that the market capitalisation of combined Hong Kong, Shanghai and Shenzhen will be half of the one of NYSE but higher than NASDAQ.

-          In other words, the combined market will rank as the second in the world by market capitalisation

-          And with double the number of listed companies than NYSE has.

Sounds like lots of new opportunities and tempting? Yes, it does!

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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Nov 21, 2016 - Why Trump, Putin and Erdogan are good for Europe?

Simply, because of the change. Europe needs to redefine itself in the field of:

-         Whether to continue with a closer cooperation or return some of the decision making powers back to national governments. We believe going back is not the smartest move as it would lead to fragmentation and loss of benefits of common market.

-          Security and military perspective – still growing threats from Russia and terrorism will lead to redefining and creation of EU army and closer police cooperation. All of that is also happening in the light of Donald Trump becoming the US president and questioning the role of NATO especially, in Eastern Europe.

-          Uncontrolled immigration and external borders protection – is the deal with Turkey really good for EU? The EU must have a full control of its borders as it is not possible for thousands of refugees to freely move across the continent. Also having a deal with the antidemocratic leader doesn’t bode well for democratic values.

-          Economic and international trade – well, as the EU is the largest market in the world as well as largest trading partner for China, definitely should benefit from it. It should also take advantage of its position on the back of likely upcoming protectionism from US side. Actually, the last week’s ASEAN meeting can be an interesting inspiration as Asian countries are open to closer cooperation without US. Why not to join such an initiative from EU side as well when Americans don’t want?

-          Increasing populism and nationalism in Europe – European public will have a unique chance to express their wishes in the upcoming referendum in Italy and elections in Austria, Netherlands, France, Germany, Czech Republic and Slovenia, and decide whether Europe should follow the path of irresponsible promises without accountability. The only thing EU needs right now is pragmatism and leadership what leads us to German elections and Sunday’s official announcement of Angela Merkel to run for a Chancellor again.

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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Sep 25, 2016 - Shenzhen overtaking New York…really?

Foreign money flying directly to Chinese mainland equities as a part of financial markets reform are getting more and more precise shape. The end of summer festivities, the noise around BoJ and especially, discussions about FOMC (not) hiking overshadowed recently interesting news about approving Shenzhen-Hong Kong Connect by Chinese government. Well, sounds exotic but what does it actually mean?

Few facts

-          Foreign traders have limited possibilities to trade Chinese stocks despite some companies being listed in Hong Kong or New York

-          Chinese stocks are split in three main groups:

A-shares – denominated in Renminbi can be traded by local (mainland) investors on the Shanghai or Shenzhen stock exchanges

B-shares – domestically listed foreign investment shares denominated in foreign currencies that foreigners are allowed to trade under Chinese government restrictions on the Shanghai or Shenzhen stock exchanges

H-shares – shares of companies that are incorporated in mainland China and are traded in Hong Kong. The H-shares are usually traded at premium versus A-shares.

               

-          The Shanghai Stock Exchange – mostly heavy industry or materials companies and state-owned companies and banks are listed there. It did not experience any substantial increase in trading volumes after the Shanghai-Hong Kong connect was put in place in 2014.

So why is Shenzhen more appealing to foreign investors than Shanghai?

-          The Shenzhen Stock Exchange – mostly smaller companies from consumer staples, technology or healthcare are listed on its Main or SME board and overall, it is seen more as a “new economy” stock exchange. The trading volumes in its 880 stocks listed have risen by 80% since 2014.

What to expect?

-          If all goes as planned, the new Shenzhen-Hong Kong connect should be operational in Dec 2016, thus opening access to 80% of the Chinese stock market to foreign investors

-          As Chinese officials indicated the aggregate quotas for funds flows are to be removed as well it will provide investors with ample of new opportunities. It doesn’t mean that current restrictions put in place for Shanghai-Hong Kong connect are fully used but Shenzhen with its new economy titles will definitely be more attractive to foreign investors.

-          On the flip side the regulators are still very open to implement trading suspensions in case of market panic as we had witnessed back in Aug 2015

-          The PE ratio of 67 is a significant drawback for investors looking for value, thus challenging attractiveness and ability for future grow. But would you dare not to be exposed there…?

-          Also a no short-sales possibility of stocks may be an issue during market corrections as stock lending is almost inexistent in mainland China.

This event may not be fully recognized by the market at the moment but we see it as a new big kid on the block that will be able to change the rules of the game despite all of the above mentioned question marks. The main trigger will likely be the real chance of Chinese A-shares to be included in MSCI’s indices what may happen even before June 2017.

Well, any questions just ask…

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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Weekly Macro Overview 32W

This week’s Macro Overview is a little shorter due to holidays. We saw 2 rate cuts in the Commonwealth last week, both well expected. The first came from Royal Bank of Australia on Tuesday and the later from the Bank of England on Thursday. Traders were also watching the US employment data in the second half of the week, which were in general better than expected pushing the USD higher.

Monday:

It was a PMI day but the traders mostly didn’t get what they were expecting. The Chinese numbers were rather mixed and the Spanish, UK and US numbers were worse than expected.

Tuesday:

Tuesday early morning the RBA cut its benchmark rate by 25 bps. After the initial depreciation of AUD the traders reversed the direction as the wording of the Rate Statement suggested this could be the end of the easing. The AUDUSD rallied above 0.7600. Later in the morning the UK construction sector PMI was better than expected. In the afternoon the US PCE Price Index came out at 0.1% vs previous 0.2% and the unchanged Personal Spending couldn’t help the dollar which reached 1.1200.

Wednesday:

After the boring morning with only an unchanged UK services PMI we had ADP employment from the US. The improving data (also upward revision of the last figures) gave us a hint that the NFP Friday won’t be as low as expected. The dollar started the appreciation and this was probably the key moment of the week however, the Friday’s confirmation was still needed to let the dollar bulls run.

Thursday:

The worse than expected Australian Retail Sales didn’t really stop the bulls but managed to slow down the momentum after the Tuesday disappointing Rate Statement. The BoE cut the key rate as expected by 25 bps, also increasing the Asset purchase by GBP 60 bln, raising the questions whether this step wasn’t premature. The GBPUSD fell 200 bps in reaction to Carney’s speech half an hour later. In the afternoon, the US jobless claims came out more or less in-line with expectations and with muted reaction prior to US NFPs on Friday.

Friday:

After a sleepy morning the awaited job data caused the USD strengthening around 100 points against most of its peers despite the unchanged Unemployment Rate. The NFPs were worse than the previous (which was revised to the upside) but was much better than expected. Also the Average Earnings improved by 0.3% vs. forecasted 0.2% and previous 0.1%, what creates a better ground for an increase of the inflation.

Next week

Monday:

The only thing worth to watch is the Chinese trade balance, but not much of a change is expected. Maybe later the Canadian housing data could give some hint which direction the loonie will take.

Tuesday:

During Tokyo session, the Chinese inflation data can spur some volatility and later in the European session, the UK manufacturing will give us some hint, regarding the impact of the Brexit vote to the British economy. In the afternoon keep an eye on US job market data.

Wednesday:

The JOLTS job openings from the US will be released in the afternoon. They are expected to support the last week’s improvement in NFPs. The kiwi traders should be vigilant in the evening, as RBNZ may follow the RBA and cut the benchmark rate.

Thursday:

The regular US jobless claims and the New Zealand retail sales could be the only important data but don’t expect too much volatility around unless there is a huge surprise.

Friday:

Early in the morning, the Chinese Industrial production will be released with no change expected. We have also flash GDP from Europe later in the morning (Eurozone and Germany) which may have impact mainly on EUR crosses. In the afternoon, the Retail sales data and PPI are expected to be released in the US (expecting all worse than the previous set of data). However, given the rejection of the resistance in EURUSD (former support of the uptrend line) last week, a positive outcome could give a nice boost to the dollar bulls.

Have a successful week and don’t forget:

Watch you risk and be consistent in your trading!

Mr. TechMan

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: landoftradingATgmail.com

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