RF's Financial News

Sunday, February 15, 2015

This Week in Barrons - 2-15-2015

This Week in Barrons – 2-15-2015:

"Me? I don't have a money problem. Now my creditors, THEY have a money problem" … Willie Nelson

Thoughts:

Dear Ms. Yellen:

This picture reminds me of the old adage, "If you owe the bank $1,000, YOU have a problem. If you owe the bank $1 million, THEY have a problem."

Willie Nelson was known to have enormous debts, and one day (when a reporter asked about them) he replied: "Me? I don't have a money problem. Now my creditors, yeah – they have a money problem." Along the same lines, I’m concerned: Does anybody really pay their bills anymore?

For example: The IMF (International Monetary Fund), after being worried about the situation in the Ukraine, has decided to grant them yet ‘another’ bail out loan. Ironically most of the money will go to paying back much of what the Ukraine owes to Russia. But when will the Ukraine ‘ever’ pay back the IMF? Greece is still in talks where they are asking the EU to forgive ALL of their debts. And if the EU does that, who pays back all of Greece’s creditors? The size of the Greek debt is really unimportant. What really matters is WHO they owe the money to. This could be another ‘Lehman’ moment where Greece folds, and the ripples go throughout the banking community and ‘blow up’ (and declare worthless) all of the derivative contracts based upon Greek debts throughout the world.

The more I think about this, it was just last week when the EU told Greece: (a) “We don’t do bridge loans”, and (b) “You have 10 days to tow the line or leave the EU.” So if the EU does offer a 70-year ‘bridge loan’ to Greece, that means that Greece (a country broken beyond repair) will have shown the EU who is boss.

I find that paying your bills goes hand-in-hand with telling the truth. This week the world was notified that Brian Williams (of NBC News) had been placed on an un-paid suspension for 6 months – for various ‘non-truthful’ indiscretions. The ties between politics and media have become so convoluted that it’s virtually impossible not to touch on a ‘conflict of interest’ wherever you step: For example:

- Elizabeth Sherwood is the White House Special Advisor. Ben Sherwood (the President of ABC) just happens to be Elizabeth’s brother.

- Hillary Clinton’s Deputy Secretary was Tom Nides. Virginia Mosely (the President of CNN) is Tom’s wife.

- Susan Rice is the National Security Advisor. Cameron Rice (the Executive Producer of ABC News) is Susan’s husband.

- And Ben Rhodes is the White House Security Advisor for Strategic communications. David Rhodes (the President of CBS) is Ben’s brother.

I’ll stop here, because with these types of connections, dependencies and implications – it’s impossible for any news anchor (Brian Williams included) to deliver you the truth 100% of the time.

Ms. Yellen, with you being a staunch Keynesian (along with the entire Federal Reserve Board of Governors) I realize you view deflation as the greatest threat to our economy. In fact, your current policies are focused on creating a 2 to 2.5% ‘inflationary’ environment. You must be frustrated by having to continue: (a) a Zero Interest Rate Policy (ZIRP), (b) buying treasuries and mortgage backed securities, (c) watching the dollar move higher, (d) view our ever-widening trade gap, (e) see our capital inflows weaken, and (f) watch our Consumer Price Index (CPI) contract. The consumer weapons used to fight inflation are ‘credit’ related; however, the consumer weapons used to fight deflation are ‘cash’ related. As every nation continues to ‘pass-the-buck’ to every other nation, I’m curious – when are you going to press the ‘re-set’ button? The reason I asked is that the next time I hear Willie sing: “If you’ve got the money, I’ve got the time” I’d like to know that somebody actually had the money to ‘pay their bill’ and that anybody is consistently telling me the truth.

The Market:

This market is moving based upon three elements: (a) the price of oil, (b) the strength of the U.S. dollar, and (c) the availability of ‘easy’ money. Historically, no bull market ends without a ‘speculative’ phase. If 2014 was the bull market that everyone loved to hate, then 2015 will be the ‘speculative’ phase that precedes the ending of the bull market. This next phase could be very powerful and easily take us from 4,400 to 6,000 on the NASDAQ. Some signs that I’m seeing for that are: (a) Bonds (TLT) are quickly falling, (b) the U.S. dollar is going sideways to higher, (c) the Yen broke support and is falling, (d) Oil prices are stabilizing and remaining low, and (e) Gold prices are falling.

This week:

- U.S. Initial jobless claims jumped to over 300k. Why are 304K people on the ‘first time’ unemployment line – if jobs are so plentiful?

- Retail sales FELL 0.8%. Evidently all the money people are saving on gasoline isn't making it into the stores.

- The Baltic Dry Index (the main ‘shipping’ measure) has hit record lows.

- Home mortgage applications fell 9%.

- Russia was given permission by Cyprus to open a military base a mere 40 miles away from an existing NATO base.

- Russia (after signing the world’s largest energy deal with China) is now talking with Turkey and Egypt to trade in ‘home currencies’, not U.S. dollars.

- Germany came out publically against the U.S. saying: "We are NOT on board with sending arms to Ukraine, because arming them will NOT create peace".

- Marine LePen (the leader of the third largest political party in France) came out and said: “As for the Ukraine, we should not behave like our American lackeys. The aim of the Americans is to start a war in Europe by pushing NATO to the Russian border.”

Last week the S&P made a new high, with the DOW only a handful of points away from that lofty goal. There is a possibility that the S&P breakout won't hold; however, the smart money is with the DOW making it over its old highs. If the DOW manages to get up and over the December highs, that means the Russell 2000 index (IWM), the S&P and the DOW will all be at new highs with NO overhead resistances. That could indeed cause a short squeeze, and the markets would move considerably higher in a short period of time.

So watch for the DOW to close over 18,053. If that happens, then anyone who was shorting that upper resistance area will get scared and buy into this market in a heartbeat – sending things even higher. But, a single day of all-time highs does not a trend make. So we need to consider that the S&P could be showing us a false breakout, and certainly any bad news out of the Ukraine or Greece could drop us like a rock. After all, the world right now is a powder keg, and matches are lying around everywhere.

TIPS:

Google, Twitter, and some of the stocks that previously held the markets back are beginning to ramp-up fairly aggressively. TLT (the bond indicator) is experiencing some serious selling, and has broken below its 55-day moving average. I’m looking for TLT to stabilize, but the fact that TLT came down so aggressively is adding more fuel to this stock market rally.

Below is a chart of the ‘technicals’ for the up-coming week:

A couple thoughts for next week:

- FedEx (FDX) to the long side – ahead of earnings,

- Winnebago (WGO) and Nike (NKE) = looking to get long,

- Procter & Gamble (PG) has gotten crushed with the strength of the dollar – looking at selling a Put Credit Spread.

- Apple (AAPL) is a little extended, and selling a weekly Call Credit Spread seems like the right move.

- Gilead (GILD) is on the move again – and could be a great long candidate.

- Styker (STK) along with Merck (MRK) are also looking good to the upside.

I’m still selling into this market volatility, and don’t be surprised if we see a pull back early in the week – prior to monthly options expiration this Friday:

- TWTR – FEB – BUY the +46/-50 Call Debit Spread,

- JPM – FEB – SOLD the +58/-60 to -60/+62 Iron Condor – looking for a pin around $60 this week and therefore also BUY the FEB +58 / -60 / +62 Butterfly,

- NFLX – FEB – SOLD the +450 / -455 Put Credit Spread,

- AAPL – FEB – BUY the +128 / -130 / +132 Butterfly – looking for a pin around $130 this week,

- RUT – MAR – SELL the +1040/-1050 to -1270/+1280 Iron Condor,

- RUT – MAR – BUY the +1130 / -1200 / +1260 Call Butterfly,

- SPX – FEB – SELL the +1870 / -1875 to -2110 / +2115 Iron Condor

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> .

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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.

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Until next week – be safe.

R.F. Culbertson

<mailto:rfc@culbertsons.com>

<http://rfcfinancialnews.blogspot.com>

Sunday, February 8, 2015

This Week in Barrons - 2-8-2015

This Week in Barrons – 2-8-2015:

Thoughts:

Dear Ms. Yellen:

On Friday the latest labor report showed that the U.S. created 257,000 jobs in January. This number exceeded even the wildest expectations. In fact, December’s job creation number was also increased by 80,000 more jobs, and November’s was increased by over 70,000 additional jobs. The U3 unemployment rate moved up from 5.6% to 5.7%. 82% of the hiring was accomplished by small and medium-sized businesses, and 86% was in the service portions of our economy. Those are impressive headline numbers, which would ‘normally’ reflect a roaring economy, but instead are being accompanied by decreased corporate revenue, reduced consumer spending, and lower earnings.

The report continued to show a decline in the labor force participation rate. Year-over-year we’ve had over 1.1M people leave the U.S. labor force. The ‘silver lining’ is that companies learned how to shed jobs and increase productivity during the 2008 collapse. Companies learned that productivity depends upon ‘skilled labor’, and that 20% of your employees will generate 80% of your productivity. Currently, we do NOT have the skilled labor necessary to fill our employment vacancies. Obamacare has only amplified this problem as employers are reluctant to ‘take a chance’ on an un-skilled prospect due to the mandate of supplying them with healthcare. In fact, the largest gain in the workforce (by far) has been in temporary and part-time workers residing below the 30-hour Obamacare threshold. So although mathematically President Obama has created jobs, in reality companies have turned many full-time employees into part-time and then hired other part-timers to make-up the difference – all to avoid paying for healthcare.

Ms. Yellen, some people think that our nation has a problem with the minimum wage. Honestly, only 2% of the entire U.S. work force is working for minimum wage. In fact, the average hourly wage in the U.S. is $25/hour. The real problem is building a skilled labor force. The lack of ‘skilled labor’ has caused the real unemployment rate to spike above 9%, and the workforce participation rate to fall like a rock. Skilled labor is NOT just about college degrees, but also about trades and crafts such as: plumbers, mechanics, and electricians. Unfortunately, our colleges and our public schools have eliminated shop class, home economics, and other real-world skills – in order to focus on teaching to an SAT or GED test - rather than teaching to supply the economy with skilled labor. Therefore, until we can increase our supply of skilled labor – we are indeed limited as a nation.

The Market:

Factually this week:

- The U.S. productivity index fell another 1.8%,

- The Challenger Grey report showed layoffs rising 17% year-over-year,

- The Ukrainian currency fell 30% as their government continued to implode,

- Denmark cut its interest rate for the 3rd time in a month to -0.75%, and is close to introducing negative mortgages (the bank PAYS YOU to live in a house.)

- Nestlé’s corporate bonds are paying a negative rate. Which means you have to PAY THEM to loan THEM money.

- The ISM manufacturing index tumbled to a one-year low as factory orders plunged for the 5^th month in a row.

- Over the past several weeks, more than 20K oil workers have lost their jobs as companies pare their workforces to deal with the drop in oil prices.

- Markel (of Germany) and Hollande (of France) are going to Russia to talk about solutions to the Ukraine. Otherwise, the NATO commander is saying that the military option is on the table. And, the Russian Foreign Minister is speaking at a security conference in Munich – laying out exactly who was and still is responsible for what's happening in the Ukraine.

- The ECB is playing a game of ‘liars poker’ with Greece. On Friday, Mr. Dijsselbloem (the Head of the Euro-group) said: "The Greeks have 10 days to apply for a bail out, or leave the Euro".

- If we calculated our unemployment rate as we did in 1994, the U.S. rate would be 22%. In fact, the CEO of Gallup (the polling company) went on record as saying: “America's 5.6% unemployment rate is one big lie.”

- Fundamentally, our financial institutions are exposed to $5.4T in loans and debt from the oil industry. Remember, a mere 20% of this exposure ($1T in loans and debt from the housing industry) triggered the 2008 Financial Crisis.

Currency wars along with oil prices are providing the catalyst for significant market volatility. I expect increased volatility as we continue to move deeper into the 1st quarter of 2015. The Fed is not going to raise rates, and (if anything) will become more accommodative. The ECB and BOJ will remain accommodative. The market will move on what happens to the U.S. dollar and oil prices, not because of real economic fundamentals or earnings. The price of oil has been rising for several days on the idea that the oversupply will end soon due to oil companies cutting back on exploration and drilling. The thought is that as the supply dries up, the price will increase, and funds are buying oil stocks in anticipation of that event. I think that a surge in oil related buying would help keep the market from closing below its December lows.

Speaking of a rebound, this week’s market bounce was nothing short of spectacular. Last Monday we were on the edge of a cliff when the fake Greek headline hit the wires. The headline stated that the Greek government was reversing its stance on NOT bowing to EU pressure, and ready to toe the line. Our market gained 800 points in 4 days.

There is a combo platter of volatility out there, and none of it will be solved by Monday. Trying to call a direction is tougher than usual. I will revert back to the numbers that have worked in the past. Until we put in a close over 2,064 on the S&P, we still have to consider the idea that we are trapped between January’s low and 2,064. I think that we will ‘try’ again to break over 2,064. I also think that the EU will find a way to dismiss all of Greece’s debts in order to have it remain in the Euro-zone.

According to a note from the Goldman Sachs equity strategy team, we’re seeing the most depressing forward guidance in 34 quarters – since the summer of 2007 right before the financial crisis. Couple that with the fact that markets have been down 12 out of the past 13 weeks following a Friday ‘jobs report’, and you get a nervous market. On Friday the S&P closed at 2,055 and the DOW at 17,824. In order for this market to go higher for a sustained period of time, I believe that the DOW needs to be over 17,840 and the S&P over 2,064. Under those levels on either index simply puts us in no man's land, and makes me nervous about getting long this market in the week ahead.

TIPS:

Navigating the trading day:

- Do NOT trade in the first 45 minutes of the day.

- Markets often pop at 11:30am (EST) – when the European markets close.

- Wall Streeters take their ‘Power Lunch’ between 12:45 and 1:30pm – so ‘the weekend crew’ is manning the desks at that point. Here is where you can catch some ‘interesting’ reversals.

- The 2:15pm ‘Bump’ is when the trades discussed over lunch begin to hit the tape.

- 3:30 to 4pm is the ‘Run for the Roses’ and it is truly where and when all the action is, but you must be nimble in order to trade here.

Below is a chart of the ‘technicals’ for the up-coming week:

For next week I’m mainly selling into this increased volatility with:

- AMGN – MAR – SELL the +140/-145 PCS,

- CP – MAR – SOLD the +155/-160 to -200/+205 Iron Condor,

- RH – FEB / MAR – BUY the Call Calendar FEB -90 / MAR +90,

- RUT – MAR – SELL the +1040/-1050 to -1270/+1280 Iron Condor,

- RUT – MAR – BUY the +1130 / -1200 / +1260 Call Butterfly,

- SPX – FEB – SELL the +1870 / -1875 to -2110 / +2115 Iron Condor, and

- TLT – MAR – BUY +131 / -138 Call Debit Spread.

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:

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

Creativity = http://vimeo.com/user8991651/review/105373017/0d0c374c28

Investing = http://vimeo.com/user8991651/review/105373016/a5e84dd610

Marketing = http://vimeo.com/user8991651/review/105373015/d7237d026d

Sales = http://vimeo.com/user8991651/review/105373014/0e44b43962

To unsubscribe please refer to the bottom of the email.

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

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

R.F. Culbertson

<mailto:rfc@culbertsons.com>

<http://rfcfinancialnews.blogspot.com>

Sunday, February 1, 2015

This Week in Barrons - 2-1-2015

This Week in Barrons – 2-1-2015:

“This is a Game Changer’…” John Madden

Thoughts:

Dear Ms. Yellen:

Who do you think will win today’s big game? If I compare our economy to the Super Bowl, I think that the major indicators and the earnings data that were reported this week could be true ‘game changers’.

- The U3 (your official unemployment indicator) is beginning to show it’s true colors in that instead of the published 5.6% rate – the U.S. is really closer to a 9.3% unemployment rate. Most economists think that we should be focused on the labor participation rate – which is at its lowest levels since the 70’s.

- The CPI (your official rate of inflation) has been so radically changed over the years that it no longer measures inflation, but rather the cost of living. Your fear of ‘deflation’ was reinforced this week as consumer spending contracted in the 4^th Quarter – while wages remained stagnant.

- And GDP (your official measure of productivity) has been modified to include $100’s of billions of non-tangible assets – allowing the U.S. economy to appear far more robust than it really is. This week the data showed that GDP slowed far more than previously anticipated – to an anemic 2.6% growth rate.

I also think that the most recent Gartner report is a ‘game changer’. Peter Sondergaard reported that 1 in every 3 jobs will be converted to software and/or robots within the next 10 years. Peter said: "New digital businesses will require less labor, and machines will make sense of data faster than humans can.” Another study by Oxford predicts that robots will replace 47% of ALL jobs over the next 15 years. What is surprising is that the study also found that the displaced workers will have absolutely nowhere else to go. The original idea was for displaced workers to be re-trained and placed back into the workforce. But the numbers are showing that for every 100 displaced workers, there will only be jobs for 1.

Finally Ms. Yellen, I’m still trying to figure out what you meant to say with Wednesday’s FED statement. You said that the economy had gone from ‘solid to strong’. You replaced “keeping interest rates low for a considerable time” with “we can be patient on raising interest rates”. And then you said that the vote was unanimous. Does that mean that the vote was unanimous for the economy being ‘strong’, or unanimous with ‘being patient’ about raising interest rates? And I’m still troubled, if things are so ‘gosh darn’ strong – why do you still need a ‘zero interest rate policy’?

This dollar rally is truly a ‘game changer’. I know that you’ve tried to ‘talk down’ the value of the dollar, but that hasn’t worked. If the European Central Bank (ECB) and the Bank of Japan (BOJ) remain uber-accommodative with their QE, and you raise interest rates even 25 basis points – won’t the dollar spike higher and put serious deflation pressures on our economy? This year we could see everything from a war breaking out in the Ukraine, to China being included in the SDR currency basket, to the BRICs (Brazil, Russia, India and China) splintering completely away from the U.S., to the Euro-zone dissolving. The market chop we have seen lately is telling me that nobody knows what to do, and therefore confusion reigns.

Good luck today. May the best team win.

The Market:

Factually:

- Facebook (FB) came out with their quarterly earnings and originally beat the estimates, until everyone noticed they only beat those estimates because they got their tax rate lowered, and put those gains in as earnings.

- International Paper, United Technologies, Microsoft, Proctor and Gamble and Caterpillar all missed their top line revenue and bottom line earnings estimates. The CEO of Caterpillar even came on CNBC and pleaded with the FED not to raise interest rates because business is so lousy out there.

- The Durable Goods Index came out this week. They were predicting a gain of 0.3%, and instead it came in at MINUS 3.4% with the previous month being revised downward.

- According to Bankrate.com, 75% of Americans are living paycheck-to-paycheck with little to no emergency savings, and 27% of those surveyed have NO savings at all.

- The Baltic Dry Index (a general gauge of economic activity) has crashed to a 28-year low. That is lower than the 2008 meltdown.

- This week a major snowstorm was to cripple New York City, and even it missed the mark. I find it ironic that climatologists can predict with utmost certainty that global warming will completely wipe out our civilization within the next 40 years, but we still can’t forecast a local snowstorm accurately.

- On Friday we learned that in New York, an unemployed mother (on Food Stamps and $0 in income) was able to buy a BMW for her daughter. She was honest with the BMW dealer, and they assured her that she did indeed qualify for a sub-prime car loan. Didn’t we see this movie before? A rerun of the consequences of this madness is now warming up.

Most analysts blame the ‘uncertainty of corporate earnings in a high dollar environment’ for the markets most recent downturn. I don’t agree. Corporations have been faking and producing non-GAAP earnings for years. The only issue now is that our corporations are losing the ability to compound debt upon debt by the FED stopping QE. The current economic ponzi scheme requires Central Banks to continue devaluing their currencies, cutting rates to negative, and printing money. Given we received a ringing economic endorsement from the FED this week, my question is: If 93 million Americans are no longer in the workforce, and 49 million Americans are on food stamps, and 75% of Americans are living paycheck to paycheck – how does the FED categorize that as ‘strong’?

In my opinion, the FED has come to the realization that their manipulations of the U.S. currency have failed. Why do I think this? Last week Larry Summers (past U.S. Treasury Secretary) said from Davos, Switzerland: “We have to recognize that the era when central bank improvisation can be the world’s growth strategy is coming to an end.” I think that the FED knows that our economic system is beyond repair and to ‘keep face’ they’re going to tell us how great things are until a gigantic event happens that they can blame things on.

Currently the market is incredibly weak. The DOW is just 120 points away and the S&P only 20 points from their respective December lows. If they fail those lows, there is little question that we will then test their respective 200-day moving averages. The 200-day averages are a 5.6% correction from the December highs. In the last 5 years, that is about as deep a correction as we would get before the FED or the Plunge Patrol Team would come to the rescue. However in today’s non-QE environment, if we lose the 200-day moving averages we could fall into a major 15 to 20% correction within days.

The danger is to the downside. Earnings have not been good. The global situation is deteriorating. The Greeks are talking about defaulting on their debt and withdrawing from the EC. Russia has not taken the war bait. Our FED is acting tough in the face of a sagging economy. Unless something unforeseen changes quickly, I can make the case for a pretty hefty market plunge. The reason I labeled today's letter a ‘Game Changer’ is because we're not far from falling off the economic cliff. This is the biggest test we've had in a long time. Yes, they can pull a rabbit out of the hat and hold us here and try and work us higher. But it doesn't look likely right now. The best course of action right now is defensive. If you're sitting with a big portfolio of stocks and you simply don’t want to sell, then you should consider buying puts against your holdings for protection.

TIPS:

Of the 19 trading days in January, 13 of them were spent as triple-digit down days on the DOW. That is one terrifying statistic that demonstrates how scared investors are of our slowing economy. My current list of potential candidates for this coming week is as follows:

- Wells Fargo (WFX) – looking for an Iron Butterfly,

- Abbvie (ABBV) – looking for a move higher,

- Harley Davidson (HOG) – looking for a move to the upside,

- IBM – looking for an iron condor,

- FedEx (FDX) – potentially moving to the upside,

- Kansas City Southern (KSU),

- 3M (MMM),

- 3D Systems (DDD),

- Stryker (SYK), and

- Wynn (WYNN).

For next week I’m mainly selling into this increased volatility with:

- AMGN – MAR – SELL the +140/-145 PCS,

- CP – MAR – SELL the +155/-160 Put Credit Spread (PCS), and SELL the -200/+205 Call Credit Spread (CCS) as the CCS approaches $0.83,

- LL – FEB / MAR – BUY the Call Calendar FEB -65 / MAR +65,

- RH – FEB / MAR – BUY the Call Calendar FEB -90 / MAR +90,

- RUT – MAR – SELL the +1040/-1050 to -1270/+1280 Iron Condor,

- RUT – MAR – BUY the +1130 / -1200 / +1260 Call Butterfly,

- SPX – FEB – SELL the +1870 / -1875 to -2110 / +2115 Iron Condor, and

- TLT – FEB – BUY +135 / -141 Call Debit Spread.

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:

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

Creativity = http://vimeo.com/user8991651/review/105373017/0d0c374c28

Investing = http://vimeo.com/user8991651/review/105373016/a5e84dd610

Marketing = http://vimeo.com/user8991651/review/105373015/d7237d026d

Sales = http://vimeo.com/user8991651/review/105373014/0e44b43962

To unsubscribe please refer to the bottom of the email.

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