RF's Financial News

RF's Financial News

Sunday, June 28, 2015

This Week in Barrons - 6-28-2015

This Week in Barrons – 6-28-2015:

          















Grexit is no Graccident


Thoughts:

Dear Ms. Yellen:

This week our Supreme Court validated same sex marriage, and our President did an ‘end run’ in order to get his TTP trade agreement approved.  But let’s discuss the mentality of refusing to pay what you owe – when you owe it, and then blaming your inability to pay on the lender.  Maybe in 2007-2008 when that Wal-Mart worker was buying the $5M house for $500 a month – you had a case of the banks not disclosing the finer points of the deal.  But in the case of Greece, we are talking about an entire nation of educated individuals, which signed agreements for billions of euros, and are now attempting to blame someone else (IMF & EU) for their own inability to repay their own debts.  If this works, shouldn’t college graduates try this as a way of NOT repaying their student loans?

As any politician, Alexis Tsipras (the Greek Prime Minister) would like to remain in power.  His best chance of doing so may be to let Greece leave the EU.  As of Saturday evening, there was a ‘no deal’ scenario on the table.  This will (most likely) lead to a ‘bank holiday’ on Monday.  Following the ‘bank holiday’, Greece will then institute capital controls – putting restrictions on how much of ‘your own money’ you can withdraw from your bank.  Ms. Yellen – we all need to watch this very closely because (as we all know) the U.S. is also ‘broke’.

In an interesting negotiating ploy, PM Tsipras (just hours before the final round of negotiations) took everyone by surprise by calling for a national referendum/vote by the Greek people on austerity.  “We did not have the mandate without consulting the Greek people,” said the Greek Finance Minister.  “For a decision like this, we believe that 50+1% is needed.”  

But this Grexit is NO Graccident.  With just four days left to reach a deal (after months of failed talks and no resolution in sight), it looks like the time has come for Greece to pull the plug.  Many of Tsipras’ radical left coalition want to retake control of Greek’s monetary policy; however, a majority of Greek citizens disagree because they know that leaving the euro would destroy their savings, give them less spending power, and distance them from the rest of Europe.  

Even if Tsipras had agreed to a deal with creditors, getting the measures through his own parliament would have been virtually impossible without the opposition being on board.  And going that route would have triggered new elections – costing him power and ultimately his job.  By calling for a ‘democratic’ referendum, Tsipras is attempting to shift the blame onto the backs of the ‘evil’ creditors.  Tsipras knows that the vast majority of Greeks oppose the creditor’s memorandum, because (in return for bailout money) it would force them to accept deep spending cuts and pension reforms.  By Tsipras pushing the vote on the referendum to July 5, it means that the referendum is pointless.  By July 5th, Greece will likely have defaulted on an IMF loan and the ECB will have cut off liquidity to Greek banks – leaving them vulnerable to collapse.  Put simply, Greece is on its way out of the Eurozone.  PM Tsipras can claim it was all Europe’s fault for not letting the Greeks decide, when in fact, by calling for the referendum AFTER the payment due date – he made the decision for them.

I appreciate that this negotiating ploy allows Tsipras to keep his job.  But it will also cause an exit of many wealthy Greeks from their home country, and will relegate Greece to ‘3rd world status’ for some time to come.  The IMF and the EU trusted Greece to pay them back.  How is Greece (or businesses within Greece) ever going to borrow non-collateralized funds again?  Why would anyone lend money to someone if one of the requirements for repayment was the DESIRE to pay you back?  I don’t know anyone who ever WANTED to repay a loan.  That’s the reason loans are referred to as ‘obligations’ and why they are listed in the ‘liabilities’ column of your personal / corporate balance sheet.  I’m sure if I asked every college graduate whether they WANTED to repay their student loans – I would receive a resounding NO.  I’m sure if I asked anyone with a credit card bill whether they WANTED to pay that bill – I would receive another resounding NO.  How many loan agreements have ever been written saying that you don’t have to repay the loan if you don’t FEEL like it?

Greece, how does the WANT to repay the loan ever come into the repayment decision?  PM Tsipras your last-minute negotiating strategy was no Graccident, and it may have saved your current job – but you’re going to have to pull a rabbit out of a hat to get your next one.  A country is only as good as the money it can borrow, and right now Greece – I do not WANT to lend you a dime.


The Market:

Consider this:
Every day the sun blankets the earth with enough solar energy to power every home on the entire planet for about 2,000 years.  The earth receives about 8.2 million ‘quads’ of BTU energy per year from the sun.  The human race currently uses about 400 quads of energy per year. Therefore, solar energy hitting the earth exceeds the total energy consumed by a factor of 20,000.

This week I had the sincere privilege of escorting Hyliion (http://hyliion.com - a small company in the energy space) down to Washington, D.C. to ‘show-off’ it’s energy saving technology.  7 years ago I predicted that the only way out of our current financial mess was to return to ‘cheap energy’.  That path seems to be working.  But along with enhancing the supply, we are going to have to simultaneously reduce demand.  And that’s where companies like Hyliion and solar come into play.  The key to any of these newer technologies is the energy storage system that is being used, and most often that is ‘the battery’.  Unfortunately batteries: (a) are expensive, (b) are heavy, and (c) they wear out.  Storage is the key and watch for that technology to change quickly over the coming years.  Biosolar is a newcomer to the battery space and claims that it could power a Tesla (auto) 2 times further, for one-fourth the price, and recharge faster.  People are beginning to pay attention to the battery/storage problem, and that means that the solution is no longer an ‘if’ but rather a ‘when’.

Gretigue, is the buzzword that Wall Street coined over the endless fatigue over the ‘Greece is saved’ vs ‘Greece is doomed’ headlines that we experience every day.  And now with the Greek referendum, this thing may just never end.

This week the S&P’s closed at 2101, and Carl Icahn told CNBC that this market is ‘very overpriced’.  When the big guys start saying things that go against the main stream ‘keep the faith’ routine, it means that they are covering their butts.  Carl doesn’t want to catch hell from the public when the market rolls over, and he was caught saying ‘buy stock’.  This way he can still invest, and if there is a serious correction he gets to say: ‘Told ya so’.  And of course the market is overpriced.  You mix lower earnings, with QE, and toss in corporate stock buybacks and you get an overpriced market.  Understand that the corporate buybacks are being implemented using borrowed funds – so there is nothing ‘cheap’ about this market.  I constantly wonder how healthy most of these companies are having $50M in cash, and $500M in debt.

We remain in a range bound trading bracket, with 2125 being the top of the S&P range, and about 2075 at the bottom.  When a market is locked in a sideways channel, often it can get tossed around inside that channel by virtually anything.  One earnings report can send you up 100 DOW points, and one scare about rate hikes can send you down another 100.  The days are completely dominated by rumors mixed with a little bit of news.

This range will break when it breaks, and until then we don’t have much choice but to splash around inside it.  I think it’s safe to say we’ll remain range bound for at least the next two weeks.  This coming week is shortened for Independence Day, and the July 4th trading week is routinely the slowest week of the entire year.  The July implied volatilities have already been reduced, and will only continue to fall as we move along.

We could conceivably remain range bound for a few more months.  I think things will get more interesting at the end of this week – when we have the June jobs numbers to analyze.  We will then dive straight into earnings season starting with Alcoa on July 8th.  And we will finish up July with another FOMC meeting on July 29th.  So although on the surface things appear calm, underwater there is a tremendous storm brewing. 

TIPS:

I’m watching:
-       LL (Lumber Liquidators) for a new Iron Condor,
-       HUM (Humana), AET (Aetna), UNH (United Health), Cigna and XLV are all poised ‘technically’ to move higher, and
-       I continue to sell Iron Condors (40 to 90 days out) on the SPX around the 2100 level.

I’m currently holding:
-       AGU (Agrium) – SOLD the July 97.5 / 100 Put Credit Spread,
-       DPZ (Domino’s Pizza) – SOLD the July Iron Condor 95 / 100 to 125 / 130,
-       IWM – SOLD the August 112 / 114 to 132 / 134 Iron Condor,
-       KR (Kroger) – SOLD a July 70 / 72.5 Put Credit Spread,
-       RH (Restoration Hardware) – BOUGHT a July / August $95 Calendar,
-       RUT – SOLD the August 1140 / 1150 to 1330 / 1340 Iron Condor,
o   BOUGHT the July 1180 / 1250 / 1310 Butterfly
-             SPX:
o   SOLD – Iron Condor – July @ 1990 / 1995 to 2180 / 2185,
o   SOLD – Iron Condor – July4 @ 1860 / 1870 to 2235 / 2245,
o   SOLD – Iron Condor – July4 @ 1940 / 1945 to 2175 / 2180,
o   SOLD – Iron Condor – July4 @ 1955 / 1960 to 2185 / 2190,
o   SOLD – Iron Condor – July4 @ 1955 / 1960 to 2175 / 2180,  
o   SOLD – Iron Condor – July5 @ 1870 / 1880 to 2230 / 2240,
o   SOLD – Iron Condor – July5 @ 1925 / 1930 to 2195 / 2200,
o   SOLD – Iron Condor – July5 @ 1935 / 1940 to 2195 / 2200,
o   SOLD – Iron Condor – July5 @ 1925 / 1930 to 2185 / 2190,    
o   SOLD – Iron Condor – Aug1 @ 1935 / 1940 to 2225 / 2230,
o   SOLD – Iron Condor – Aug2 @ 1920 / 1925 to 2230 / 2235,
o   SOLD – Iron Condor – Aug @ 1840 / 1850 to 2250 / 2260,
o   SOLD – Iron Condor – Aug @ 1885 / 1890 to 2180 / 2185,
o   SOLD – Iron Condor – Aug4 @ 1895 / 1900 to 2195 / 2200,
o   SOLD – Iron Condor – Aug4 @ 1895 / 1900 to 2240 / 2245,
o   SOLD – Iron Condor – Sept1 @ 1880 / 1885 to 2215 / 2220.

To follow me on Twitter.com and on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm. 

Please be safe out there!

Disclaimer:
Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews.  You can learn more and get your free subscription by visiting: <http://rfcfinancialnews.blogspot.com> .

Please write to Mr. Culbertson at: <rfc@culbertsons.com> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <rfcfinancialnews.blogspot.com>.

If you'd like to view RF's actual stock trades - and see more of his thoughts - please feel free to sign up as a Twitter follower -  "taylorpamm" is the handle.

If you'd like to see RF in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: http://www.youtube.com/watch?v=K2Z9I_6ciH0


To unsubscribe please refer to the bottom of the email.

Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations.  Mr. Culbertson and related parties are not registered and licensed brokers.  This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document.  Past performance is not indicative of future performance. Please make sure to review important disclosures at the end of each article.

Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN MANAGED FUNDS. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.

Remember the Blog: <http://rfcfinancialnews.blogspot.com/> 
Until next week – be safe.

R.F. Culbertson
<http://rfcfinancialnews.blogspot.com>

Sunday, June 21, 2015

This Week in Barrons - 6-21-2015

This Week in Barrons – 6-21-2015:

   















Is this raccoon grabbing a quick ride, or is the gator taking his lunch to work?


Thoughts:

Dear Ms. Yellen:

In our lives, I think we are constantly deciding whether we are the raccoon or the alligator.  Are we just grabbing a quick ride like the raccoon?  Or are we the alligator and simply taking our lunch to work?  I remember President Nixon – one of the best at speaking like the raccoon, but acting like the alligator:
-       He spoke like an anti-Semite, but ‘in fact’ saved Israel.
-       He constantly made racist remarks, yet de-segregated the public schools in the South.
-       He acted like a conservative, but signed more social welfare legislation than any president except for LBJ and FDR.

I think of Nixon as an alligator, and John Mitchell (his attorney general) said it best: “Watch what we do, not what we say.”

I bring this up Ms. Yellen because in last week’s news conference following your FOMC decision, you said that the economy was performing WELL – but then you proceeded to:
-       Lower your GDP forecast for 2015 from 2.0% to 1.8% - after you already lowered it from 2.7% in March,
-       Reiterate that there would be 2 – 0.25% rate increases in 2015, but then lower your 2016 rate forecast from 1.875% to 1.625%, and finally
-       Reiterate that it would only be appropriate to raise rates when you see further improvement in the labor market, and you’re reasonably confident that inflation will move back to the 2% long-term target.

Bottom line, doesn’t that mean that our economy is going from bad to worse, and you probably won’t raise rates at all?  And like the raccoon, you’re just hoping to just grab a ‘free ride’ until the next big event comes along?

And could that next big event be a war?  We all know that nothing turns an economy around like a war.  I’m listening to the U.S. ‘claim’ that Russia is becoming more aggressive in the Ukraine, but I’m watching us send additional heavy military and Air Force jets into the region.  Who’s being the aggressor here?  And if Eastern Ukraine (backed by the U.S. and NATO) were to successfully take back Western Ukraine, not only would tens of thousands of Ukrainians die – but wouldn’t Putin would be forced to protect his borders and build more missiles?  In a world where every individual economy is going in the toilet, isn’t the phrase “Give Peace a Chance" needed more than ever?  Unfortunately history has shown that it's times like these, when banksters have instigated wars to boost their individual economies.  Today seems no different.  So (in this case) I’m betting on the individual economies being the raccoons – just grabbing a quick ride.  While the banksters are the real alligators – just taking their lunch to work.


The Market:

The market this week:
-       Fell hard on Monday – touching an intra-day low at 2072,
-       Bounced on Tuesday,
-       Added to its gains on Wednesday,
-       Went ‘bananas’ on Thursday – with the DOW up over 200 points, and
-       Rolled back over on Friday – losing over 100 DOW points.

What we saw this week was the market’s version of a ‘Hail Mary’ pass.  The market was perched on the edge of a cliff.  If 2072 didn't hold on the S&P, we were going down to 2050 (the 200-day moving average) in a hurry.  The ONLY time the S&P has traded down to its 200-day moving average since November of 2012 was a short period in October of 2013 – which scared the hell out of everyone.  But time after time (when this market has gotten close to rolling over) the FED and Central banks around the world have bought stocks, pumped money, and did all manner of things to save the day.  This time they did more of the same.  But added in some ‘fake’ rumors on Greece, bullish talk by various talking heads, and of course more stalling from Ms. Yellen and other banksters on interest rates.

Historically, next week is generally a bad week for the markets.  And as Friday’s fade and last minute collapse into the close suggests, we could see more ‘follow-thru’ to the downside on Monday.  But this coming week could rely as much on Greece as it does on past history.  If a ‘kick the can’ solution is found, then we could be in rally mode.  But if the Greek banks are forced to close to prevent a ‘run’, and there is no hint of any deal – we are indeed heading much lower.  In fact, many of the weekend headlines are about 'Monday bringing Salvation or Ruin’ to Greece.  Considering that this market is based upon perception rather than fundamentals, it will be Greek news that helps to steer the markets next week.

The bigger picture (however) is much cloudier.  Let’s suppose Greece is ‘saved’ (again) and our markets rally - why?  Greece is only important (a) to remain a NATO country, and (b) to keep other failed states like Italy, Spain, and Ireland from leaving the Euro along side it.  In other words, if the EU/IMF spend umpteen billion euros to keep Greece in the Eurozone, all they have accomplished is keeping together an alliance of bankrupt nations.  That’s hardly a success, and certainly not a reason for U.S. stocks to rally.

However, the world is waking up to our markets being in a massive bubble.  Presidential candidates Donald Trump and Ron Paul talk about it daily.  Even a few mainstream media outlets have questioned why the markets are so high.  Maybe they all saw Caterpillar's latest financial report?  Caterpillar (for 30 straight months) has seen declining retail sales.  If there was a ‘global recovery’ in place, don’t you think that just once in 2.5 years Caterpillar would have an experienced a sales up-tick?

Be careful this week, because it could be absolutely news driven, and news can turn on a dime in any direction.  If you're trading, take profits quickly as we're still in a pattern where dips are bought and rips are sold.


TIPS:

On Friday, the Chinese markets experienced a huge (6%) downward spike.  And going into Friday’s close, the XLF (the Exchange Traded Fund (ETF) that tracks the financials) suddenly moved 1.6% lower.  Therefore, China could take some of the attention away from Greece this week.  I’m still looking for bonds to continue their rally, and for the XLF to continue their downward momentum (at least early in the week).  Often the tone of the overall market is dictated by the financials; however, there has been continued strength in healthcare (XLV) and especially the bio-techs (IBB).  With banks (XLF) and energy (XLE) having issues, and healthcare (XLV) and bio-techs (IBB) setting the pace higher – look for the S&P (SPX) to remain ‘range bound’ – hanging around that 2100 area.  2100 has been a natural magnet for the SPX all year, and I’m looking for that to continue into next month.

I’m watching:
-       COST, CBI and JNJ are fundamentally set to the upside.
-       VRX, QRVO, TTWO, and AMAZN are all poised ‘technically’ to move higher.
-       I continue to sell Iron Condors (40 to 90 days out) on the SPX around the 2100 level.

I’m currently holding:
-       AGU (Agrium) – SOLD the July 97.5 / 100 Put Credit Spread,
-       DPZ (Domino’s Pizza) – SOLD the July Iron Condor 95 / 100 to 125 / 130,
-       FEYE (FireEye) – BOUGHT – June4 53.5 / 55 / 56 Broken Wing Butterfly,
o   SOLD – 49 / 51 Put Credit Spread,
      - IWM – SOLD the August 112 / 114 to 132 / 134 Iron Condor,
-     -       KR (Kroger) – SOLD a July 70 / 72.5 Put Credit Spread,
-     -       RH (Restoration Hardware) – BOUGHT a July / August $95 Calendar,
-     -       RUT – SOLD the August 1140 / 1150 to 1330 / 1340 Iron Condor,
o   BOUGHT the July 1180 / 1250 / 1310 Butterfly
-     -       SPX:
o   SOLD – Iron Condor – July2 @ 2005 / 2010 to 2180 / 2185,
o   SOLD – Iron Condor – July2 @ 1985 / 1990 to 2190 / 2195,
o   SOLD – Iron Condor – July2 @ 1985 / 1990 to 2160 / 2165,
o   SOLD – Iron Condor – July @ 1990 / 1995 to 2180 / 2185,
o   SOLD – Iron Condor – July4 @ 1860 / 1870 to 2235 / 2245,
o   SOLD – Iron Condor – July4 @ 1940 / 1945 to 2175 / 2180,
o   SOLD – Iron Condor – July4 @ 1955 / 1960 to 2185 / 2190,
o   SOLD – Iron Condor – July4 @ 1955 / 1960 to 2175 / 2180,  
o   SOLD – Iron Condor – July5 @ 1870 / 1880 to 2230 / 2240,
o   SOLD – Iron Condor – July5 @ 1925 / 1930 to 2195 / 2200,
o   SOLD – Iron Condor – July5 @ 1935 / 1940 to 2195 / 2200,
o   SOLD – Iron Condor – July5 @ 1925 / 1930 to 2185 / 2190,    
o   SOLD – Iron Condor – Aug1 @ 1935 / 1940 to 2225 / 2230,
o   SOLD – Iron Condor – Aug2 @ 1920 / 1925 to 2230 / 2235,
o   SOLD – Iron Condor – Aug @ 1840 / 1850 to 2250 / 2260,
o   SOLD – Iron Condor – Aug @ 1885 / 1890 to 2180 / 2185,
o   SOLD – Iron Condor – Aug4 @ 1895 / 1900 to 2195 / 2200,
o   SOLD – Iron Condor – Aug4 @ 1895 / 1900 to 2240 / 2245,
o   SOLD – Iron Condor – Sept1 @ 1880 / 1885 to 2215 / 2220.

To follow me on Twitter.com and on StockTwits.com to get my daily thoughts and trades – my handle is: taylorpamm. 

Please be safe out there!

Disclaimer:
Expressed thoughts proffered within the BARRONS REPORT, a Private and free weekly economic newsletter, are those of noted entrepreneur, professor and author, R.F. Culbertson, contributing sources and those he interviews.  You can learn more and get your free subscription by visiting: <http://rfcfinancialnews.blogspot.com> .

Please write to Mr. Culbertson at: <rfc@culbertsons.com> to inform him of any reproductions, including when and where copy will be reproduced. You may use in complete form or, if quoting in brief, reference <rfcfinancialnews.blogspot.com>.

If you'd like to view RF's actual stock trades - and see more of his thoughts - please feel free to sign up as a Twitter follower -  "taylorpamm" is the handle.

If you'd like to see RF in action - teaching people about investing - please feel free to view the TED talk that he gave on Fearless Investing: http://www.youtube.com/watch?v=K2Z9I_6ciH0


To unsubscribe please refer to the bottom of the email.

Views expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or inducement to invest and is not in any way a testimony of, or associated with Mr. Culbertson's other firms or associations.  Mr. Culbertson and related parties are not registered and licensed brokers.  This message may contain information that is confidential or privileged and is intended only for the individual or entity named above and does not constitute an offer for or advice about any alternative investment product. Such advice can only be made when accompanied by a prospectus or similar offering document.  Past performance is not indicative of future performance. Please make sure to review important disclosures at the end of each article.

Note: Joining BARRONS REPORT is not an offering for any investment. It represents only the opinions of RF Culbertson and Associates.

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN MANAGED FUNDS. WHEN CONSIDERING ALTERNATIVE INVESTMENTS (INCLUDING HEDGE FUNDS) AN INVESTOR SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS AND OTHER SPECULATIVE INVESTMENT PRACTICES MAY INCREASE RISK OF INVESTMENT LOSS; MAY NOT BE SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Opinions expressed in these reports may change without prior notice. Culbertson and/or the staff may or may not have investments in any funds cited above.

Remember the Blog: <http://rfcfinancialnews.blogspot.com/> 
Until next week – be safe.

R.F. Culbertson
<http://rfcfinancialnews.blogspot.com>