RF's Financial News

RF's Financial News

Sunday, March 5, 2017

This Week in Barrons - 3-5-2017

This Week in Barrons – 2-26-2017:


“Where were you when SNAP ripped off America?” … Editor of iBankCoin

Thoughts:
   Snapchat became a public company this week, and is currently holding a $30+B valuation. They are scheduled to take in about $400m in revenues this year, and accumulate over $500m in loses.  To quote SNAP executives: “We have incurred operating losses in the past, expect to incur operating losses in the future, and may never achieve or maintain profitability.”  It sounds like 1999 all over again, and according to 720 Global’s Michael Lebowitz: “The upcoming crash could be worse than during the dot com heyday.  Even though current valuations are not as extreme as they were in 1999, our current economic underpinnings are not as robust as they were then either.”  The following chart compares the dot com era (1995 – 1999) to what we’ve seen since 2012.  Notice: (a) productivity was almost double in the dot com era, (b) debt levels were almost one-third of what they are today, (c) interest rates were a ‘normal’ 5 to 6%, and (d) earnings growth was in the high single digits vs today’s negative.

   Jeffrey Saut (Chief Investment Strategist at Raymond James) says that he's never seen anything like what's happening now, and is heading for the sidelines.  In a note to his clients on Thursday he said: "I have been observing markets for 54 years, and I have never experienced anything like what is currently happening.  We modeled this post-election rally perfectly, but also expected a downside window of vulnerability in February that never materialized.  As a result, this week we sold 15 short-term tactical positions and are sitting things out until further notice.  In the short term, we do not understand what is going on.  And consequently, when we do not understand the current market environment, we tend not to play."
   We have a debt ceiling coming into play on March 15th.  If there's no deal agreed upon prior to March 15th, then the U.S. must work with "the money on hand" which runs out in late June.  At that time, Government agencies could be shut down, and it would be up to President Trump to decide which services remain open, and which ones are closed for good.  Rumor has it that they can't just mangle together a new debt ceiling because this one was cast as a ‘hard stop’ and written into the law.  David Stockman (the Director of the Office of Management and Budget (OMB) under Ronald Reagan) thinks that when the ‘debt ceiling holiday’ expires – there will be a market shakeup, gridlock, and the Government may even shut down.  He paints a pretty scary story, including suggesting we'll see at least a 20% market correction, with the good chance of a major crash.  Here's the link to his 25-minute interview:  https://www.youtube.com/watch?v=7xgNncFHAng&feature=em-share_video_user
   As SF and I discussed, the 2016 Gross Domestic Product (the measure of our economy’s growth) came in at a total of 1.6% growth for 2016, and 1.9% for Q4.



   I whine constantly about our markets making all of these new, all-time highs – because we don’t deserve to be up at these levels.  Our GDP was 3.6% in 1992, 4% in ‘94, and 4.8% in ’99 – with the DOW standing at 10,006 in March of 1999.  Meanwhile, in 2015 our GDP was 2.6%, and in 2016 it was 1.6% - and we’re flirting with 21,000.  I’m whining because in the strongest years of our economy, the DOW was over 10,000 points lower than it is today.
   Many will claim that Donald Trump’s pro-growth agenda will invigorate the economy and corporate earnings.  But we know that virtually all of Trump’s ideas face numerous headwinds along the path to implementation.  The numbers themselves scream ‘stagflation’, and there is little justification for paying such steep premiums for feeble earnings growth.  Meanwhile, Snapchat’s surging market capitalization just surpassed that of American Airlines and CBS.


Markets:



   Bank of America came out this week and told us that our markets are in one of those periods where you can throw convention to the wind because nothing is going to matter right now.  They said that we are in the "later stages of a bull market, during which fundamentals typically take a back seat to sentiment and technicals."  After all, just this week:
-       Ms. Janet Yellen said that they will hike rates very soon,
-       Same store retail sales declined across the board,
-       The Debt Ceiling is coming due on March 15th,
-       The IMF talked about the need to remove the U.S. Dollar as the sole global reserve currency,
-       Goldman Sachs and the Atlanta FED lowered their Q1 GDP estimates to 1.8%, J.P. Morgan now predicts 1.5%, and Bank of America cut their estimate to a meager 1.3%.

   I can remember 1999 when all cares went out the window, and more and more people started believing that stocks could only go up.  Marc Faber (editor of The Gloom, Boom & Doom Report) thinks that this rally's disruption won't be caused by any single catalyst.  "Very simply, this market will start to go down, and as it goes down, it will trigger selling, and then it will be like an avalanche."  So Cashin, Rogers, Stockman, Faber, and a host of well-known others are incredibly worried about this market action.  Yet this market continues to (as the song suggests): Defy Gravity. 
   Finally, a small news release (after the close of business on Friday) came out saying that the CME and Thompson Reuters have decided to pull out of the LBMA.  The LBMA is the ONLY physical silver market.  The COMEX is the silver’s fake paper market, but the LBMA is the place that the big boys go to actually buy large quantities of physical silver.  Lately they’ve been having a hard time locating large amounts of the physical metal to make good on deliveries.  So, just two years into a 5-year contract the CME and Thompson Reuters are bailing out of the exchange.  I think it had something to do with what occurred this past Thursday – when seconds after the European markets closed ‘someone’ decided to dump $2B worth of silver onto the market.  Someone (a government like the U.S. for example) didn't like the fact that silver was starting to get a lot of attention, and used the paper silver market to dissuade others from buying it.  It makes sense to me that the CME and Thompson Reuters could no longer mimic the illegal behavior on the COMEX and decided to throw up their hands and walk away.  They know the charade can't go on much longer, and they want out before the whole darn mess blows up.  We talked previously on how the oil producing nations are selling oil for Chinese Yuan's and then selling those Yuan's on the Shanghai gold exchange for physical gold.  Maybe I'm fantasizing but it seems to me we're getting closer to the day when the physical markets finally put the paper markets out of business.
   This week we saw a 300-point up day on Wednesday, and a pullback on Thursday and Friday.  Now, the question becomes: “Is this run-up tired, over, or just taking a pause?”  In the old days, I’d go by the 3-day rule.  If an index made a big surge, I'd give it 3 days to pull back, regroup, and retake the highs.  I think we see things move higher on Monday.  If we sag lower on Monday, it could be the start of some concern – especially in front of Friday’s Non-Farm Payroll’s Report.  I'm not sure this run is over, even IF we get a convincing pullback.   Simply understand that everything you buy right now – you could be buying at the very top of the market.  It's been over 100 days since the market had a 1% drop.  In more normal times, 5 -7% drops were common.  A trader I know (who rubs shoulders with the uber-rich) said: "I'd buy long dated puts, go long the TZA and SKF, and everyone gets wealthy".


Tips:
   Recently I’ve been considering some longer-term, downside plays.  If the market were to put in a 3,500-point plunge, I’d like to be in on the receiving end of that gift.  For example, a rate hike AND a ‘hard stop’ on the debt ceiling could be difficult for the markets get past.  There are many ways to make money during a retracement: (a) buy put options, (b) scale into inverse ETF's, and (c) short stocks.  The question becomes, what will give you the best bang for your buck?  I vote for buying put options, then buying 3X inverse ETF’s, and lastly shorting stocks.  As the weeks progress, I’ll be glad to review some ideas on put options chains to buy, but in terms of inverse ETF’s:
-       The inverse of the DOW is the DOG (meaning as the DOW would FALL – an investment in the DOG will RISE an equal amount).
-       The inverse of the S&P is the SH.
-       If you want a little more risk, you can move into the 2X and 3X ETFs, meaning a 2X ETF will move 2 times higher than the index falls, and a 3X ETF will move 3 times higher.
-       2X of the DOW = DXD, and 3X = SDOW.
-       2X of the S&P is SDS, and 3X = SPXU.
-       The Russell 2000 inverse ETF is the RWM, the 2X = TWM, and the 3X = SRTY.
-       The 2X on the financial sector is the SKF, and the 3X = FAZ.

   At some point, I could see myself holding a bunch of TZA, FAZ, and some put options. 

This coming week I’m watching:
-       Precious Metals = They are moving higher on: uncertainty, fear, European mayhem, and inflation.  They are moving lower due to interest rate hikes, the strong dollar, and technical price action.  My recommendation is to (a) buy dips, (b) take profits on rallies, and (c) maintain a core long position.
-       GOLD = I’m looking for gold to rally back above $1,250.8.  If gold could break above that, then look for another rally up to $1,270.0 – which is currently the 200-day moving average.
-       SILVER = Inflation concerns have far exceeded consensus.  Changes to Dodd Frank would enable banks to become more flexible in their lending, increase consumer credit, and create more inflation.  After the 38% Fibonacci retracement, the next key level for silver will be $18.50.
-       BLUE – Bluebird Bio is in the high-shorted biotech sector.  BLUE recently broke out of its range, pulled back, and with the entire sector being strong – watch it in the next two weeks.
-       SMTC – Semtech Corp. is in the semi-conductor sector.  It’s showed strong revenue and profit growth, and has recently pulled back to the 50-EMA.  Watch for a bounce, but be careful – earnings are later in the week.
-       NFLX – NetFlix is in the leisure and movie sector.  It has strong institutional support and has pulled back into its 50-EMA.  Watch for a bounce, and be ready to buy AFTER the bounce.
-       SPX / RUT – Look at buying at-the-money, short-term, butterflies that expire in 9 to 12 days.  These take advantage of the current low market volatility, low delta (< 10), and high theta (> $80 per contract per day).

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:

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 <http://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



Sunday, February 26, 2017

This Week in Barrons - 2-26-2017

This Week in Barrons – 2-26-2017:



Thoughts: 
   For quite a while it's been my thought that the metals markets might start to make a move in March.  One reason is that the mining stocks have been left out of the overall stock market rally.  Secondly, I sense some real creaks and groans in the precious metal exchanges as of late.  In terms of background, gold and silver are not priced on physical demand, but rather by paper futures contracts that can be shorted.  The world’s Central Banks (including our FED) have been manipulating gold and silver lower for over 20 years.  They have plead guilty to gold and silver price fixing, but the problem still exists.  For example, last Thursday (on a single exchange) over 1B ounces of silver were being shorted.  Factually, there are only 800m ounces of silver globally mined in the entire year.  It’s this HUGE paper short position that is causing the price of silver to be artificially held down.  A short position of this size in any other market, would be sounding alarm bells to regulators – who would force the shorts to unwind their positions in order to reduce the likelihood of a short squeeze.  However, precious metal regulators have been trained to look the other way.  The only redeeming factor is that each time it takes more and more ‘paper shorts’ to keep the price of the precious metals down.  What happens if they can't get the prices as low as they want?  The market maker is left on the wrong side of the trade and the physical metal must be delivered at the lower price with the market maker taking the loss.  These instances are growing but thus far still manageable.
   The bigger problem that is brewing is due to the Chinese Government.  The oil producing nations of Saudi Arabia, Russia and Turkey have decided that they don't like the old petro-dollar set up.  Instead, they have started to sell their oil for Chinese Yuan, and then trade those Yuan on the Shanghai exchange for physical gold.  This is causing the demand for physical gold to consistently be higher than the paper price.  I have said for many years that the price manipulation of gold and silver will end when the physical delivery of the metals overwhelms their ability to lower the price via shorts.  Due to the Yuan’s convertibility spreading around the globe, and the continued trust in the Shanghai Exchange – the demand for physical gold has almost been parabolic.
    Central Banks and Treasury Departments have had to dramatically increase the production of their short-futures contracts for the precious metals – in order to offset all of this new physical demand.  I think we could be nearing a tipping point where the ‘shorts’ lose control.  After all, until recently oil producers have been forced to sell their oil in U.S. Dollars.  As the U.S. Dollar lost its global luster, the Chinese crafted a way to exchange oil for assets that have maintained their value for over 5,000 years – mainly gold and silver.  Currently metals brokers are having to make one-off deals with ‘vaults’ around the world - in order to find enough supply to satisfy demand.
   But the demise of a currency is nothing new.  The 2nd World War caused at least 95 currencies to vanish.  When times are good, people are just fine using paper with pictures on them and digital entries as money.  But when times get ugly, they will instinctually turn back to gold and silver.  Gold/Silver World studied the demise of 599 paper currencies through the ages and found: (a) 30% ended by consolidation and other legal reforms – such as the creation of the Euro in 1999, (b) 15% ended through acts of independence – such as the United States, (c) 27% were destroyed by hyper-inflation through the over-issuance of paper money by governments and central banks, and (d) 28% were destroyed by war.
   If I'm right, and the metals exchanges are losing control of the pricing mechanism, we could soon see a dramatic rise in both metals.  Even if I'm only half right and they simply get forced to allow the prices to move higher in a controlled manner, it stands to reason that the miners are going to see another surge. 
If you do not own any physical gold or silver, I would recommend that you buy some.  I have never wavered on my prediction that we will see gold upwards of $3,000/oz. (currently $1,250) and silver above $70/oz. (currently $18).  Nothing feels better than having a roll of shiny silver eagles in your hand, and knowing that they can’t be re-created out of ‘thin air’ by a push of a button.


The Markets:






















   This week markets continued their march higher in the hopes of promised tax cuts, repatriation holidays, infrastructure builds (delayed 1 year), and regulation reductions.  As the chart shows, most American's have seen little real growth in the past 30 years.  For the first time, it is unlikely that our children will be better off than their parents.  Factually:
-       In 2016, S&P 500 corporations paid $20.2B (27%) LESS in dividends than in 2015.  That's the largest number of dividend cuts since the height of the 2009 recession.
-       Bloomberg reported that the U.S. currently has half as many publicly listed companies as it did 20 years ago.
-       SocGen said that 40% of all U.S. publicly traded companies are NOT profitable.
-       Our gasoline inventory glut is at a 27-year high.
-       In January, the U.S. Manufacturing and Services PMI’s both came in much LOWER than expectations.
-       Bloomberg also reported that most earnings reports are non-GAPP, and therefore – fictitious.  Banks are being allowed to report ‘mark to model’ rather than ‘mark to market’.  That means that banks can report what their ‘models’ say assets SHOULD be worth – rather than what the ‘market’ says that they are truly worth.

   The U.S. is sitting atop $20T in debt.  Our President is advocating big tax cuts, deficit spending to create jobs, cuts in regulations, and trade protectionism.  All of these will contribute to rising inflation and interest rates.  The jury is still out as to whether he will be successful in ‘draining the swamp’ before it ‘swallows’ him, but his contempt for lobbyists, political bureaucrats, media, and most members of Congress is well-known.  This week’s ‘Vegas line’ on whether President Trump finishes out his term is: 50-50.  After all, you can’t take over the world’s most powerful nation, and threaten to overthrow a multi-decade system that has empowered a class of global elites without a fight.
   Investor bullishness (as shown by the chart on the left) has entered into extreme optimism territory.  And just last week CNBC had an enthusiastic panel discussion entitled: "Best Move: Just Buy Everything?" 



   Thanks to CW for producing the following graph showing that the S&P 500 median Stock Price-to-Sales ratio is at its highest level in history.  This means that the average stock today is significantly more overvalued NOW than it was during the Internet Bubble of 1999.  While Trump’s proposals may eventually stoke the flames of economic growth, the reality is that (2nd chart) earnings estimates are actually being revised downward as the months go on.


   If the markets were to substantially decline from here, all of the preventive measures put in place post 2008 would quickly implode due to the enormity of the derivative exposure.  I remember years ago Warren Buffet warning that our true ‘weapons of mass destruction’ were our derivatives – and there are over $700T of them out there right now.
Market bubbles tend to lull J.Q. Public into a ‘Stocks must go Up’ psychosis – only to have ‘Stocks start to Fall’ and then:
-       Instead of SELLING, J.Q. Public is conditioned to buy the dip.
-       And as prices continue to decline, they buy more. 
-       They then stop buying, and start to make excuses for why it's best to hold.
-       Then one day they can't take it anymore, and sell it all.
-       This ‘capitulation’ sale usually occurs within 30-days of the absolute bottom, and the market starts running higher again.
-       But they don't get back in because they were ‘burned’, and no longer ‘trust’ the market. 
-       The market continues higher without them, and after a few years they start thinking that this time it is ‘different’.
-       They begin to nibble, and as the market goes higher they get braver and buy more.
-       Then just about when the market is at its absolute top, they go ALL IN and get smashed – again.

   This is the ‘rinse-n-repeat’ fear I have.  The most important job you have as an investor is to train yourself to sell when you sense the wheels about to come off.  If you hold through the first dip of a pull back and the next bounce doesn't take you to higher levels – that is your signal that you should be looking for the exits.  Art Cashin (head of floor operations for UBS) said: “We are wildly overbought", and believes that the President’s State of the Union Address on February 28th could mark a top in the markets.  Art is worried that tax reform will not be revenue neutral, the Tea Party Republicans will vote it down, and the market will come down hard in response.  The market has been up 11 days in a row.  That is something not seen since 1987.  It's overbought, extended, expensive, and stupid – but it can get more of each of those.  We need to lean into it, but the air up here is certainly thin.


Tips:
   With unusual options activity beginning in the mining sector, keep an eye out because this sector tends to move quickly.  For example, back in December I saw some unusual options buying on several mining companies including PAAS.  It soared from under 14 to over 21 in just a few weeks.  Last Friday I saw some similar, bullish options activity in JNUG.  If it continues to warm up, it could turn into a nice trade.
    When is the last time you saw a trade with an 81% chance of success, and one that you could adjust to suit your own timeframe and risk criteria?  As I said last week, this is the 1st in a series of 3 types of transactions that will achieve over 80% probability of success with minimal risk. 



Above is a transaction set-up on IWM (a Russell 2000 index), but you could use virtually any index product.  The index currently sits at $138.65 (dark vertical line on graph), and the expected move between now and March 17th is a little over $4.  Looking at all 3 scenarios:
1.   If the IWM were to fall $4 by March 17th – you would be up over $1,000, and would have taken a little over $1,500 in risk.
2.   If the IWM were to go UP rather than DOWN, your upside risk is $0.
3.   If the IWM were to go down MORE than $4, it would have to go through the $4 level first, and therefore give you a chance to get out of the deal at a profit before incurring the loss.

The particulars of the deal are as follows:
-       IWM is currently at $138.63.
-       March 17th Expected Move = $4.40
-       The Downside Deal (shown) – Cash-Flow neutral:
o   Buy 3 March 17, of the 135 / 139 Put Debit Spread, and
o   Sell 7 March 17, of the 131 / 135 Put Credit Spread.
-       The Upside Deal (not shown) – Cash-Flow neutral:
o   Buy 3 March 17, of the 139 / 143 Call Debit Spread, and
o   Sell 7 March 17, of the 143, 147 Call Credit Spread.

You can shorten or lengthen the timeframes on this type of trade in order to suit your particular trading style and risk criteria.

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:

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 <http://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