RF's Financial News

RF's Financial News

Sunday, May 21, 2017

This Week in Barrons - 5-21-2017

This Week in Barrons – 5-21-2017:






































This Jean-Michel Basquiat painting set a new Sotheby’s record of $110.5m.


WannaCry – the Test
   This week WannaCry cured cancer AND found the missing dryer sock by architecting a ransomware attack that quickly became the worst digital disaster to strike the open Internet in years.  It crippled global ATMs, transportation, and even hospitals.  However, it lacked the follow-through of a ‘Live Free or Die Hard’ remake, and more resembled a cybercrime with mistakes at practically every turn.  WannaCry spread with a speed and scale that has never previously been achieved.  It used a recently ‘leaked’ NSA Windows vulnerability (called EternalBlue), and set loose the worst epidemic of malicious encryption ever seen.  But despite infecting more than 200,000 systems across 150 countries, WannaCry’s ‘finishing move’ limited its scope and profitability.
   As a bit of background, ransomware was a concept originally outlined in an   NSA e-mail that detailed:
-       The exact methodology on how to create a Malware that would encrypt a user’s hard drive,
-       Then deliver a message to the infected user asking for ransom in exchange for a decryption key,
-       Use one of several cryptocurrencies to accept the ransom payment,
-       And finally, deliver the digital decryption key back to the user – allowing them access to their old (unharmed) dataset.

   WannaCry’s integration of the NSA / Windows exploit into a virus was pure genius; however, their questionable ‘finishing-move’ decisions included:
-       Building in a web-based ‘kill-switch’ that shortened the spread of the Malware,
-       Handling bitcoin payments in an unsophisticated fashion that allowed for far easier back-tracing,
-       And using a ransom payment function that made it virtually impossible to automatically know who paid the ransom and who didn’t.

   A genius attack of this magnitude (that involved so many sophomoric missteps) begs the question: If the cybercriminals had actually gotten the ‘easy parts’ correct – could the results have crippled the world?  As Craig Williams (a cybersecurity researcher with Cisco’s Talos team) stated: “WannaCry was a high damage, high publicity, and high law-enforcement visibility crime – with one of the lowest profit margins we’ve seen from any ransomware campaign.  This will attract copycats, and the next set of criminals will be far more skilled at fueling the spread of their epidemic and profiting from it.”
   WannaCry’s reach caused so much damage that it’s goal may not have been profitability at all.  Instead, what if it was a group trying to embarrass the NSA by wreaking havoc with its own ‘leaked’ hacking tools.  What if this was just a warning shot – a shot across the bow?  Sure, in China, the ATMs went dark.  In Britain, hospitals went down, clinics closed, and surgeries were postponed.  But several elements just don’t add up: (a) First, the criminals attacked Windows XP – an old operating system, released in August of 2001, that Microsoft had stopped supporting in April of 2014.  So, the attack was not on the newest or even on the most widely used equipment.  (b) Second, payment was demanded in bitcoin.  Bitcoin is a widely-known cryptocurrency (that without some really high end forensic technology sleuthing) masks who is sending or receiving payments.  Do you think the CIA, FBI, and 17 other intelligence agencies like the idea of someone being able to be paid without their knowledge?
   But what if this widespread cyberattack on an outdated computer operating system demanding bitcoin as payment – wasn’t just some kid’s idea?  What if it was a ‘trial balloon’ floated by the ‘major players’.  I find it too coincidental that following an amazingly blistering run in bitcoin (going from $1,400 to over $2,000 in under 2 weeks), a worldwide ransomware attack goes out demanding bitcoin for payment.  I can see the headlines already: “Bitcoin has to be reined in, because the ‘bad guys’ use it for drugs, firearms, and ransomware.”  The press will attack bitcoin for its global ubiquitous footprint, and expose the vulnerability of older technology – further forcing companies to upgrade and buy new.
   Don’t shoot the messenger here, but Edward Snowden forewarned us.  He told us about manufacturers inserting ‘kill switches’ in virtually all the hardware and software we buy.  He talked of dams, trains, airports, cell towers, power stations, electrical grids, and banks coming to a halt.  He specifically talked of how the NSA had created a back door into Windows XP that could be exploited.  Guess what, if TV’s can spy on people and send information back to Samsung – don’t you think that every router, cable modem, and control box come with manufactured ‘back doors’?  What if your next Microsoft ‘Updating’ message displayed ‘Disabled Forever’ instead.  WannaCry was just a test that we failed miserably.  It was a demonstration of how quickly and pervasively a cyber-attack could cripple our entire civilization.  I would ask everyone to arrive at a ‘back-up-plan’ of survival without power, running water and grocery stores.  My yardstick in the cybercrime war is: As long as the cybercriminal is paid ten-thousand times more than the cyber-policeman, I know who’s going to win this war.


The Market:






   
   On Wednesday of last week, the market lost almost 400 DOW points, and over 40 S&P points.  The excuse for the fall was that Trump was soon to be impeached over asking Comey to drop the Michael Flynn / Russia investigation.   It was a high-volume sell-off that plunged the S&P, the DOW, the Russell Small Cap Index, the Transports, and the Financials well below their respective 50-day moving averages.  But we’ve seen these 1-day wonders before.  If the market can jump for 300 points on March 1 and spend the next 2 months drifting sideways and lower – doesn’t it stand to reason that it could fall 300+ points and spend the next month inching back higher?
   For months, our market has ignored the issues with North Korea, Syria, falling auto sales, fading GDP, and a hundred other things – and continues to hit all-time highs.  Now, because the Democrats and the media are fixated on a note that the previous FBI director wrote – THAT is the reason that the market is pulling back?  This week alone we saw: (a) the N.Y. Empire State report, which was supposed to be Positive 7 – come in at Negative 1, with new orders crashing, (b) North Korea launch yet another missile, and (c) Chinese manufacturing and retail data badly miss estimates to the downside.
   On Thursday, the market ramped up for a 110-point bounce, and on Friday the market shook off any remaining doubts and put in a 141 point up-day – retaking its 50-day moving averages on both the DOW and the S&P.  It would be simple to say that we’re going to march right back up and challenge the all-time highs, but I don’t think it’s really that easy.  First, the real power for the push higher on Friday came from one of our very own FED heads – James Bullard.  Headlines like these kept hitting the wires: (a) “FED's Bullard questions need for June rate hike”, and (b) “FED’s Bullard wants to retain the option to do QE in the future if needed.”  Obviously, the market loved hearing that a June rate hike might be put on hold, and the additional QE was just icing on the cake.
   The IWM (Russell ETF) and the XLF (ETF for the financial sector) remain below their 50-day moving averages.  The DOW, S&P, and the NASDAQ all remain below where they opened on Wednesday of last week.  Put all of this together and I think that we might stall out, and see a bit of sideways action in the near future.  It's obvious that the Central Banksters are not ready to let this market roll-over and correct, but on the other hand I don't think they have the firepower to make it to new highs either.  So, I’m looking for yet another bout of choppy sideways action for this next week. 


Tips:
   First and foremost, often a person’s home contributes to being one of their largest investments.  SF contributed the following chart showing the location, the median home price, and income requirement (assuming a 10% down payment, associated monthly costs, a 4% mortgage on a 30-year fixed rate loan, and a maximum debt-to-income ratio of 45%).  If you wish to own a home, you may want to synch-up your income potential along with location in order to help make your dream a reality.




   



















   As you look at the following chart of technology players, evaluate which will outperform as: (a) Concerns over President Trump continue to dominate the headlines, (b) Bets on a FED rate hike continue to recede, (c) Declines in the U.S. Dollar continue to strengthen both gold and oil, and (d) Shifting into a global risk-off mode continues to be the norm and not the exception to the rule.  Also in terms of ‘vulnerability’, view these same 5 tech companies along the lines of what vertical niches do they monopolize.  For example: Google (Alphabet) controls ‘search’, Amazon controls ‘retail’, Facebook controls ‘advertising’, Microsoft controls the ‘operating system’ – what does Apple control again?




   





















   SPX – For every single week in 2017, the S&P Index (SPX) has ended the week within it’s expected move.  The expected move for next Friday, May 26th includes a lower end of 2354 to an upper end of 2410.  Therefore, selling an Iron Condor surrounding those strikes would be the appropriate move.
   Finally, traders seem to be looking at the probability of President Trump either (a) being impeached, or (b) not serving a full term.  In terms of options, the market at this point is a bet on Trump vs Washington, DC.  If you are a contrarian on the Washington news cycle and are bullish/neutral on Trump and the QQQs, then the ‘jade lizard’ that is: (a) Short the $132 Put, (b) Short the $139 Call, and (c) Long the $140 Call for the June monthly expiration has a 65% probability of making 50% of its max profit before expiring – all the while generating $3.80 in daily positive theta.

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:

Startup Incinerator = https://youtu.be/ieR6vzCFldI

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, May 14, 2017

This Week in Barrons - 5-14-2017

This Week in Barrons – 5-14-2017:



“The Art of the Meal”… by Donald Trump

Dear Mr. Trump:

   On September 14th 2016, you said: “I like fast food because at least I know what they’re putting in it.”  On April 12th 2017, you said: “When I was dining with Chinese President Xi Jinping, I authorized the Syrian airstrike while they were serving the most beautiful piece of chocolate cake that you’ve ever seen.”  And on May 12th 2017, you stated: “My signing of this executive order scales back our high-school’s meal nutritional requirements.”  Mr. Trump, not only are you overly fixated on food, but I’m with Mrs. Obama on this one when she replied: “Mr. Trump, why don't you want our kids to have good food at school?  What is wrong with you?  Your executive order loosens school meal standards that are aimed at combating childhood obesity.  Why would anyone want their kids growing up eating crap?"
   Are you just trying to get back at the Senate for making a joke of your latest healthcare bill?  Are you afraid to concentrate on doing one thing well – because it may define your presidency?  Warren Buffet (at his annual stockholders meeting) cited: “Our bloated health care system is the true barrier to America's world competitiveness, and where we keep getting more out of whack with the rest of the world.  Medical costs are the tapeworm of American economic competitiveness."  Both Mr. Buffett and Mr. Charles Munger (his business partner at Berkshire Hathaway) advocate a single-payer healthcare system.  Under this plan, the United States would enact a universal type of coverage for all citizens with an opt-out provision that would allow the wealthy to still get concierge medicine.  But instead of working toward making one element great, you seem to be inflicted with ‘shiny object syndrome’ – where your latest ‘shiny object’ is X-FBI Director Comey.  Be aware, the world is telling you that healthcare is much more important.
   Currently, health care costs are 17.1% of G.D.P. – up from 13.1% as recent as 1995.  The health care percentage of G.D.P. in Germany is only 11.3%, in Japan it’s 10.2%, in Great Britain it’s 9.1%, and in China it’s only 5.5%.  That puts the United States at a material disadvantage far beyond any tax code improvements.  It harms American corporations specifically because they bear such a large share of those costs.  After all, corporations spend an average of $12,591 per year for coverage of a family of four – up 54% since 2005.
   As for the elephant in the room (your firing of FBI Director Comey), I honestly was not as taken aback by your action as I was by this week’s interview with Mr. James Clapper (the former director of National Intelligence).  Mr. Clapper, who served both Democratic and Republican administrations, ended his prepared remarks with a reminder of what the Russian investigation is really all about: "The Russians used cyber operations against both political parties, including hacking into servers used by the Democratic National Committee and releasing stolen data to WikiLeaks and other media outlets.  Russia also collected information on certain Republican Party affiliated targets, but did not release any Republican related data.  The Intelligence Community Assessment concluded 1st that President Putin both directed and influenced these campaigns in order to erode the faith and confidence of the American people in our presidential election process.  Secondly, President Putin did so to demean Secretary Clinton.  Thirdly, he sought to advantage Mr. Trump.  These conclusions were reached based on the richness of the information gathered and analyzed, and were thoroughly vetted and approved by the directors of the three agencies and myself."  So, by firing Mr. Comey you intensified the Russian investigation, and pushed back healthcare reform, tax reform, and your infrastructure projects even further.  I’m assuming that is what you intended?
   Finally, on this Mother’s Day, please remember to say ‘Thank You’ to your mother for all of her efforts.  Being a ‘good mom’ is a phrase so embedded in our everyday thinking that (in some ways) it has lost its meaning.  We often use ‘good’ as a synonym for competent.  But a ‘good mom’ is far more than a measure of her competence.  It also takes into account her humanity, her values, the qualities inherent in her character and other intangible traits.  Mr. Trump, I’ve come to believe that individually pursuing goodness all the while surrounding yourself with good people – is the only leadership decision that really matters. When we ask ourselves why we admire leaders, the answer is that they put other people first and understand and practice good values.  Good leaders are committed to improving everyone around them, more than they are committed to improving themselves.  They feel a duty to serve others by inspiring and shaping.  To quote Tom Peters: “Leaders don’t create followers, they create more leaders.” 
   I see our values as our critical competitive advantage moving forward.  I was reminded on Friday – at the passing of a dear friend – that the success portion of our brains receives the highest level of stimulation when we willingly and actively give to others.  Mr. Trump, I would ask you to consider elevating your giving abilities before the Senate begins impeachment proceedings and I begin seeing signs (resembling the below) on street corners all around the U.S.

























The Market:



   
This week:
-       The PPI (Producer Price Index) came in elevated at 1.9% per year.  This heightened level of inflation will allow the FED to increase rates in June. 
-       The ECB and Mario Draghi now own over 10.2% of all European corporate bonds.
-       The Bank of Japan is now a top 10 shareholder in more than 90% of the companies within the Nikkei 225 Stock average.
-       The Swiss National Bank increased their U.S. stock allocation by 14%.
-       The Volatility Index (VIX) crashed to a 9-handle this week.  It hit its lowest level (and highest level of investor complacency) since February 2008.
-       Marc Faber said: “Assuming Central Banks continue their QE programs, one day the socialists will own everything.  It's almost the perfect crime.  You print up billions of Euro's or Franc's or Yen, trade them for corporate debt and stock, and in the end, you own real businesses for NOTHING.”

   This isn't a new concept.  It was especially prevalent during the 1930's – only then it was called counterfeiting.  It was illegal.  You would print bogus $10 bills that cost you a penny and then go out and buy goods from a retailer.  Unfortunately, our Central Banksters have taken this to a whole new level by counterfeiting money – only this time buying the entire corporation.  Central Banksters are buying companies in the telecom, drug, and energy space.  Basically, companies that you’d like to own if you were ‘in charge’.  And it is this Central Bank buying that is pushing stocks higher.  After all, baby boomers are taking money out of the market, pension funds are maxed out, and millennials don't have all that much to put in.
   When does it stop?  The ‘greater fool’ theory comes to mind.  The greater fool theory states: “the price of an object is determined not by its intrinsic value, but rather by irrational beliefs and expectations of market participants.  A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price.”  So, is the plan that our Central Banksters will just keep printing money, buying stocks and bonds, sending markets higher until they own significant percentages of the world's major businesses – and then they pull the plug on everyone?
   No matter how bullish you are, or how badly you've been brainwashed into watching the market rise for the last 8 years – there are times when the market struggles.  We are currently in one of those times.  We are stuck just below the all-time highs and having an issue getting past them.  As said by Wolf Richter: “Over the past 10 weeks, five (FAANG) stocks in the S&P 500 Index have gained over $260B in market value.  They are: Facebook, Apple, Amazon, Netflix, and Google.  But what about the rest of the S&P 500?  On March 1, the index closed at 2,394, and last Friday it closed at 2,399.  In those 10 weeks, it went absolutely nowhere.  Which means that the remaining 495 (non-FAANG) stocks in the index LOST $260B in value.”  So, we’re going nowhere fast, and trading volumes are horrible.
   The technical patterns suggest that a lower market is coming:
-       On the SPX (S&P), the MACD indicator is about to go sub-zero (where the black line crosses below the red line.)
-       On the XLF (the financial sector ETF), it is still well below its 50-day moving average, with the MACD indicator about to fade below zero.
-       The IWM (the proxy for the Russell small-company index) is barely holding above its 50-day moving average, and the MACD is already below 0. 
-       The only elements holding this market up are the FAANG stocks, the semiconductors, and the Emerging Markets (EEM). 

   This is the type of set-up that has ruined so many hedge funds over the past couple of years.  The charts are set up to run lower, we are heading into the summer doldrums, and the hedgies figure that the market is primed for a correction – so they go short and buy put options.  Then (out of the blue), we get some early morning, large futures buyer from an unnamed account and boom we soar for 200 points.  We are in that very same situation again.  We have a June rate hike coming.  Earnings season is just about over.  The GDP number is guiding lower, and both financials and small caps are struggling.  Everything says that it’s time for a correction.  But not so fast.  If the Central Banksters do not want us to go lower, then we'll either trade sideways here for a couple months or they will simply push us higher.
   Go to www.stockcharts.com and plug in the symbol ‘SPX’.  Since April 25th you will see a clear daily bottom at the 2,381 level.  As long as we don't plunge through the 2,381 level – nothing will have changed.  In fact, they could send us back to 2,399 again on the upside.  So, under 2,380 – look out below.  And over 2380 – hunt for longs.


Tips:


   In terms of gold and silver, if you wish to see the live time difference between what gold and silver sell for in the U.S. (on our ‘crooked’ COMEX) versus over on the Shanghai metals exchange go to: http://didthesystemcollapse.com/.  Right now, there is a $1.38 (8.4%) difference on an ounce of silver.
  To quote MC: “Like gold, Bitcoin has become a store of value.  It is the timing of transactions and disagreements between developers that have crippled any real consensus.  You can thank the Chinese (with their 8 cents/kwh electricity costs and their low gpu hardware costs) for rocketing Bitcoin (and other crypto currencies) forward.  As nations continue to buy gold, Chinese demand is driving Bitcoin higher given supply is known and the record keeping immutable.”


   Above you see charts of both Apple (AAPL) and Amazon (AMZN) – the two stocks (along with the Emerging Markets ETF = EEM) that are holding this entire market place together.  Unfortunately, with the S&Ps marking time and the Russell 2000 Small Cap Index heading lower, you need to be cautious of the NASDAQ’s upside potential vs its downside risk.
   For the S&Ps (SPX), this coming week I’m looking at an expected move of plus or minus $23 – giving us an S&P range of between $2,368 and $2,414.  Currently, we are staying in that tight range, 85% of the time – while the other 15% of the time we explode for 3X deviation moves.  Also, keep your eyes open this coming week for any wild reversals out of Amazon (AMZN) and Apple (AAPL).  When you get advances that are this narrow in scope, any ‘profit-taking’ selling can stimulate a lot more selling – causing a significant downside correction in the NASDAQ itself.

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 <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:

Startup Incinerator = https://youtu.be/ieR6vzCFldI

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