RF's Financial News

RF's Financial News

Sunday, September 24, 2017

This Week in Barrons - 9-24-2017

This Week in Barrons – 9-17-2017:


“This market is like a porcupine – always respected, but never loved.” …Arthur Guiterman

Thoughts:
Potentially the largest ‘prickly’ event this past week was the continued geopolitical tension between the U.S. and North Korea.  President Trump’s U.N. address was strongly focused on North Korea and Iran.  And Kim Yong-un of N.K. responded: “I will make the U.S. pay dearly for his speech.  I will tame Trump with fire."
But it’s natural for North Korea and the U.S. to continue butting heads because the Korean War never ‘officially’ ended.
Korean War casualties (1950 – 1953) saw over 3m Korean dead, injured and missing – 10% of their total population.  Officially, there was simply an armistice – a cease-fire between military forces.  No peace treaty was ever signed, and therefore, the Korean War wages on.  The population of North Korea has been separated from the outside world so long that they truly believe that Kim Jung-un is a God.  But why are they acting so ‘pointed’ toward the U.S.?  Simple, Kim Jong-un has seen us overthrow dictators in Iraq, Libya, and currently Syria.  The common thread was that none of those countries had nuclear weapons.  But couldn’t we just launch an attack and take out his nukes.  Yes, but N.K. has so many conventional weapons pointed at South Korea, that no matter how hard and fast we strike, they could easily kill 30,000 South Koreans in the first hour.  And, the President of South Korea has told us that they do NOT want us doing that.
            Recently, President Trump announced that China directed its Central bank, to contact all their member banks and tell them NOT to do any financial business with North Korea.  It will be interesting to see what trade and South China Sea concessions China expects in return.  But if they push hard enough, Kim will eventually have to make a move.  He's either got to fold up his nuclear program, or allow his nation to starve to death.  If he backs down on his nukes, he looks weak to his people.  And if he continues with his nuclear programs, his people will starve, lose faith, and commit mass suicides.  If the suicides start, Kim could figure that his days are numbered, and try to take out as many of us as possible before his overthrow.  One thing is certain, the financial markets aren’t bothered by it.  In 2007, the market didn't care about the housing and mortgage bubble, and then in 2008 we had the biggest crash in decades.  The financial markets aren't as smart as everyone thinks.  If China can't pull it off, or if N.K. makes a mistake and drops a missile on Japan or Guam or one of our ships – then the gloves come off.
            Diplomacy has often been called: “The business of handling a porcupine without disturbing the quills.”  The porcupine cannot eat when its spines are erect.  And if it doesn’t eat – it will starve.  And it if starves – the ‘prickly’ spines will die with the rest of the body.  North Korea, here’s hoping that diplomacy comes first.
            Switching gears: MJP pointed out that Uber got itself in a bit of a ‘sticky wicket’ this week.  Effective September 30th, Uber has lost its license to do business in London.  London is one of Uber’s largest and most lucrative markets, with 40,000 drivers and 3.5 million people using its app.  Uber won’t take this one lying down.
            It also seems that both Ford and GM are going through a rather ‘thorny’ patch as of late.  Ford recently scheduled downtime at five production facilities and GM is laying-off over 1,000 workers – both due to slowing automobile sales.  Whatever happened to all of those cars that would be purchased due to Hurricanes Harvey and Irma?
Toys R Us is even feeling a little ‘bristly’ as last week they filed for bankruptcy protection.  It appears everyone is buying their fidget spinners online, and that has left Toys R Us hundreds of millions of dollars in debt.  For now, most of its stores will stay open, but things ‘R’ definitely looking a little ‘spiny’.
            Last week the SEC yelled: “We’ve been hacked.”  They found that last year one of their electronic filing systems that stored corporate disclosures (non-public information) was breached.  The good news was that no personal data was compromised.  The ‘touchy’ news was that the hackers profited off of trades they made using the stolen information.


The Markets:


“A Skill is successfully walking a tightrope. Intelligence is never trying it.” … Marilyn vos Savant

Factually:
-       This week the FOMC announced that it would raise rates one more time before the end of the year, and said that it would begin a $10 billion a month unwinding of its $4.5T balance sheet – starting in October.  The reduction would increase by $10B per quarter until a ceiling of $50B per month is reached and maintained.  It will take about 10 years to reclaim their assets.  Most economists agree that it never achieved the intended results – so let the games begin.
-       MJP reminded me that Automobile default rates registered their largest increase since 2011.  But that’s ok because with declining auto sales and the normal end-of-year push to make room for newer models – I’m sure easier credit conditions are right around the corner.  Yet again, we get to lend more money to people who can’t pay it back – using the excuse that: ‘We’ll make it up on volume’.
-       Speaking of disasters, it seems that the world desperately wants OUT of the U.S. dollar.  China and the BRICS are trading for oil in their own currencies.  Venezuela will no longer accept dollars for oil.  And now Russian President Vladimir Putin has instructed his government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year.
-       2 weeks ago, we talked about a blockchain ‘smart contract’ that could repossess your TESLA without human intervention.  One barrier to that implementation would have been the regulatory uncertainty surrounding whether the smart contract would be enforceable.  The State of Arizona appears to be setting the pace on that as it recently passed an amendment to ensure the validity and enforceability of digital signatures recorded on blockchain contracts.  In doing so, it offered a boost to smart contract utility – placing them on a legal par with traditional contracts.  This positions Arizona as a solid place to set up a blockchain company, and also broadcasts to other jurisdictions that a constructive approach is both possible and productive.
-       Last week Cambridge University came out with a comprehensive 114-page study on cryptocurrencies that looks at the digital currency world from an empirical data perspective.  Key highlights of the study include the number of users and wallets, the burgeoning cryptocurrency industry sectors and the impact the technology is having, as well as interesting information about exchanges, payments and mining.
-       Lately bitcoin has entered bear market territory; however, a 30% pullback after such an amazing rally this year should not come as any surprise.  There were many of these corrections on bitcoin’s journey to $5,000, and those who had the stomach to sit through them have been handsomely rewarded.  Some critical crypto-levels follow:

BTC (3,669) – Bitcoin fell from $4,975 to its 50% Fibonacci retracement level of $2,974.  It has strong support at $3,500.  If it breaks that level, then the final support is at $3,409, which is the 61.8% Fibonacci retracement.  Long positions can be added once Bitcoin breaks out and closes above $4,113.15.  Traders should refrain from buying on dips because a breakdown below $2,974 will be very bearish.
ETH (280) – Ethereum’s fall to the $240 area was predicted, but if it breaks below that it is likely to fall to $223 – which is 78.6% Fibonacci retracement level.  If that level also breaks, then the digital currency will retest the lows at $200.  Traders should wait for a breakout above $312 to initiate any long positions.
LTC (48) – Litecoin is also in a strong downtrend.  If it doesn’t find support at $45, it is likely to fall to $42 and after that to $38.  Litecoin will not be out of the woods until it breaks out above the $60 level.

Right now, there's very little that I want to buy-n-hold in this market, simply because it's not wise to buy-n-hold after a 9-year gallop to all-time highs.  Moreover, the economy was being pushed by banksters printing money NOT by organic growth, and the banksters are stopping some of the printing presses.  What’s the end game here?  The ECB currently owns 11% of all European Corporate debt.  Do they plan on owing 90% of all companies in Europe?  The Japanese Central Bank owns over 50% of their stock market – is their goal to own 90%?  It sounds too incredible to believe, but that's the path they're on.
Even the Bank of International Settlements (BIS) in their August writings seemed a bit confused about what to do with the situation.  They hit on several topics including: the enormous debt situation, stagnating wages, and how Asia provided the world with cheap labor – robbing other nations of that advantage.  They talked about how low interest rates could help to pay off our debt, but how it also encourages people to borrow more – increasing the debt.  Right now, global debt and unfunded liabilities are out of control – totaling $2.5 quadrillion.  [Debt = $240T, Pensions = $400T, Medical = $250T, and Derivatives = $1.5 quadrillion].  This level of indebtedness cannot be paid back.  And what can't be paid – won’t be paid.  But it’s their last sentence that caught my eye: "There is no silver bullet, but we recommend policy measures to switch from debt to equity finance."
What the heck is equity finance?  Are they talking about corporations and governments issuing more equity paper such as stock?  Or about using equity in corporations (that central banks are accumulating) as collateral against their outstanding loans?  One thing is certain – this isn't your father’s market any more.  Something's going on, and we’re all living through it.  I can argue about this insanity, as we have no choice but to tag along – being long these markets until something changes.  I’m playing in the financials, the ‘hurricane rebuild’ stocks, and taking what the market will give me. 


Tips:



This week played out with Gold pulling back under $1,300/oz. and Crude Oil consolidating over $50/barrel.  The U.S. dollar held steady, and Treasuries moved slightly lower.  The index ETFs did show some investor rotation with the S&Ps (SPY) remaining steady, the Nasdaq (QQQ) rolling lower, and the Small Cap Index (IWM) pushing to all-time highs.  What does this mean for the coming week?  Equity markets could continue to see some short-term rotation out of the Nasdaq and into the Small Caps as the end of the 3rd quarter approaches.  I’m looking for a pause in both Gold and Crude Oil.  The U.S. dollar will continue to move sideways and down, while our Treasuries will see their uptrend at risk. 

Factually:
-       The S&Ps ended the week at 2,502.22 – marginally higher than where they started (2,500.23).
-       The tech-heavy Nasdaq declined by -0.3% to finish at 6,426.92 – within a couple pennies of its downside expected move.
-       Only the Dow Jones Industrial Average finished higher at 22,331.92 – again within cents of its upside expected move.
-       Mortgage rates went up for the first time in nearly two months.  According to Freddie Mac, the interest rate on a 30-year fixed rate mortgage increased to 3.83%, after topping 4% in mid-July and hitting 4.32% last December 2016.  With the FED planning on raising interest rates one more time in 2017 and three more times in 2018, the cost of financing a home will continue to rise.  Also because the FED will be reducing its balance sheet moving forward, this will also put upward pressure on rates.

This week Apple reminded us of what a really bad iPhone launch looked like.  It was the worst in Apple’s history.  Apple launched the new iPhone 8iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K.  Apple (AAPL) shares have fallen over 7% since their September 12th announcement – making it their worst monthly performance since April 2016.  If you’re feeling nervous about Apple and others like it, and would like to hedge your portfolio – the following ‘risk twist spread’ should be comforting for you.  The trade offers an excellent 1 to 10 (risk to reward) ratio.  Meaning you would risk $100 to make $1,000 if the S&Ps would decline 10% anytime between now and January 19th, 2018.

Risk Twist Spread:
-       SPY = Jan 19 – 2018 / PUTS = Sell (1) 245 / Buy (3) 235 / Sell (1) 233
-       Notice: virtually no upside risk – and a nice hedge to the downside.












Recommendations:
Bullish: (Sell PCS = Sell a Put Credit Spread):
-       Apple (AAPL = 151.89) – Sell PCS – Sept 29: +147 / -148,
-       Applied Opto (AAOI = 63.80) – Sell PCS – Sept 29: +58 / -58.5,
-       Lumentum Hldgs (LITE = 55.10) – Sell PCS – Sept 29: +52 / -52.5,
-       Restoration Hdwr (RH = 72.22) – Sell PCS – Sept 29: +66.5 / -67.5,
-       SPX Futures (SVXY = 89.11) – Sell PCS – Sept 29: +82 / -83,
-       T-Mobile (TMUS = 64.06) – Sell PCS – Sept 29: +60 / -60.5,
-       Small Cap Bull (TNA = 59.60) – Sell PCS – Sept 29: +52 / -52.5,
-       UltraBull QQQ = (TQQQ = 111.88) – Sell PCS – Sept 29: +102.5 / -103.5,
-       Weibo (WB = 100.04) – Sell PCS – Sept 29: +91.5 / -92.5

-       Axovant Sciences (AXON = 24.99) – Sell PCS – Oct 20: +12.5 / -15,
-       DBV Technologies (DBVT = 43.46) – Sell PCS – Oct 20: +15 / -10,
-       Zogenix (ZGNX = 14.4) – Sell IC – Oct 20: +3 / -12 Puts to -14 / +22 Calls

My Crypto-Currency Holdings Include:
-       Ethereum (ETH), Litecoin (LTC), Dash (DASH), Digix (DGD),  MaidSafeCoin (MAID), Metal (MTL), OmiseGo (OMG), PIVX (PIVX), Patientory (PTOY), Steem (STEEM), and NEM (XEM).

To follow me 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 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 StockTwits 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.  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. 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, September 17, 2017

This Week in Barrons - 9-17-2017

This Week in Barrons – 9-17-2017:



“Bitcoin is a fraud.” … Jaime Dimon (CEO of JP Morgan Chase) … 9/12/2017

Mr. Dimon – You’re losing the ‘Race for the (fiat currency) Cure’:
Mr. Dimon, this past week at the Developing Alpha Conference I heard you call bitcoin a fraud.  Not minutes after you finished your statement (as seen by the graph above detailing bitcoin purchases) your bank started buying bitcoin hand-over-fist.  Your bank finished that day’s crypto-buying frenzy slightly behind Morgan Stanley but ahead of Credit Suisse in the ‘Race for the (fiat currency) Cure’.  The above snapshot combines client and bank crypto-purchases, but I was a little surprised to see JPM as the 4th most active buyer of bitcoin notes on a day where you called it a ‘fraud’.  It’s yet another example of a bankster doing their variation of the ‘pump-and-dump’.  I just thought that you (being one of the world’s most influential banksters) after calling bitcoin a fraud – would have instructed your bank to be net ‘sellers’ and NOT net ‘buyers’ of crypto for at least one day.
But it goes further than that – doesn’t it Mr. Dimon?  JPM doesn’t simply purchase bitcoin notes after you call it a ‘fraud’, JPM is also heavily immersed in the ‘blockchain’ technology associated with the crypto-currency world.  In fact, JPM has applied for over 175 U.S. ‘bitcoin alternative’ patents since 2013.  JPM is also working on additional Ethereum-based blockchain solutions alongside Zcash’s (another crypto-currency) development crew.  To jog your memory, your Ethereum project is called ‘Quorum’, and has its own Github repository that explains how the permissioned blockchain does not need consensus mechanisms like Proof-of-Work (POW) or Proof-of-Stake (POS).



Oh Mr. Dimon, if that memory escapes you – maybe a picture of one of your previous derivative executives Ms Blythe Masters, (pictured above) along with a Bitcoin appreciation chart will jog your memory?  After all, Ms. Masters (after leaving JPM) started her own blockchain firm called Hyperledger which is now run by the Linus Foundation with Ms. Masters remaining on its board and heavily involved with their blockchain efforts.  And you must remember the departure of your former 50-year-old veteran commodities trader, Mr. Daniel Masters, who joined JPM right after college and recently left JPM announcing the Island of Jersey’s first fully regulated Bitcoin hedge fund.  It seems that his Global Advisors Bitcoin Investment Fund (GABI) will hold bitcoin denominated in sterling, and focus on U.K., European and Middle Eastern clients.
Mr. Dimon, if you think bitcoin is in a bubble – according to currency experts: you ain’t seen nothing yet.  They are expecting bitcoin to surge over 300 times – when it is granted ‘legitimate currency’ status.  Iqbal Gandham, U.K managing director at eToro, has mapped other ‘legitimate currencies’ against bitcoin and the math is telling him that once bitcoin attains ‘legitimate currency’ status – it will be worth upwards of $1m per coin.  He simply equated the Satoshi (the tiniest component of bitcoin = 0.00000001 bitcoin) to the ‘penny’ and asked the question: “When the Satoshi equals one penny – what does bitcoin equal?”  The answer becomes over $1m per coin.  This also falls in line with John McAfee’s prediction of bitcoin reaching $500,000 over the next 3 years.



Mr. Dimon, you do remember that you and your fellow banksters were the impetus for bitcoin – as it was created at the height of your financial crisis - yes?  It emerged as one of the clearest alternatives to government-backed currencies.  It is decentralized from central banks or governments, and underpinned by a blockchain technology that acts as a non-alterable digital ledger.  In fact, for many, the blockchain technology is the most crucial and lucrative aspect of the crypto environment.  It’s that aspect in particular that allows it to execute things like: mortgages, stock trades, and loans without any bankster intervention.
Mr. Dimon, your exact quote was: “Bitcoin is a fraud because it’s value is being driven by speculation and not by utility.”  If you’re saying that bitcoin has not seen wide-spread adoption for day-to-day transactions, and is missing that ‘killer app’ – you’re right.  But, the number of bitcoin transactions occurring across the globe has been rising by leaps-and-bounds in 2017.  And those ‘killer apps’ that you wish to see are not only being built by independents but by the likes of: Microsoft, Google, Oracle, Apple, and JPM as well.  So, I must assume (at this point) that the crypto-currency ‘fat lady’ is warming up.  Sure, there are regulatory rumblings out of China in order to better control their ICOs, and yes, the Chinese have closed 3 crypto-exchanges.  But that leaves over 20 open and active crypto-exchanges, and China is still doing the bulk of global bitcoin mining.
In fact, just this week Merrill Lynch named bitcoin along with the FAANG stocks their two most ‘crowded trades’.  Their survey is one of the most respected on Wall Street as it includes over 200 global fund managers with at least $600B under management.  ‘Crowded’ simply means investors believe that there are too many people on one side of the trade, and it could be due for a reversal.  But I don’t see you calling Facebook, Apple, Amazon, Netflix and/or Google frauds.  And I haven’t seen any of those stocks on your ‘must sell’ list.
So, Mr. Dimon, it appears that your ‘bitcoin is a fraud’ remark was not only a well-time publicity stunt, but also an extremely profitable one to JPM.  Unfortunately, you cannot hide the fact that JPM is deeply invested in blockchain technology, and JPM (like hundreds of other financial institutions) is just hoping that it won’t be totally replaced by crypto and blockchain technology in the years to come.  I’m often reminded of the great Henry Ford quote: “If the people ever understood the banking system…there would be a revolution in the morning.”


The Markets:


Factually:
-       The S&P 500 reached the 2,500 mark for the first time while posting its largest weekly gain since January.  These gains came together with the news that the Republicans in Congress are preparing to release the outline of a tax reform plan later this month.
-       Traders paid little attention to another missile test by North Korea.
-       The Japanese Yen saw its biggest weekly fall in 10 months, and the U.S. dollar its largest rise since April.
-       And OPEC is forecasting higher demand for its oil in 2018, and is pointing toward a tighter global market.  The International Energy Agency (IEA) is also reporting that the oil glut is shrinking due to the strong European and U.S. demand along with production declines.  Of course let’s see what happens once Houston comes fully back on-line.

What continues to bother me is our underfunded corporate and government employee pension plans.  Boeing (as an example) for the past decade has largely neglected its pension fund deficit – all the while doling out lavish rewards to its shareholders.  What is causing me to raise an eyebrow is how Boeing plans on fixing this problem.  Just last month, Boeing made its largest pension contribution in over a decade when it transferred $3.5B of its own stock into the pension fund.  It's a bold move, and to pension experts, one that isn’t worth the risk.  Why didn’t they just ‘cash-out’ the shares and transfer the cash into the fund.  Instead, after a record-setting 58% rally this year, Boeing is betting that it can keep producing the kind of earnings that push their shares even higher.  If all goes well, not only will the pension fund benefit, but Boeing says it will be able to forgo contributions for the next four years.  If anything goes awry, the $57B pension fund (which covers a majority of its workers and retirees) could easily end up worse off than before.
            So, the pensions (and retirement) of so many of Boeing’s employees - rest on the idea that the market never crashes.  Does anyone but me see a problem with that?  This is just like the Norwegian wealth fund, which wants 70% of its pension money in equities.  Either they know that the Central Banksters will never let stocks fall, or they've been conned into something truly frightening.  My guess is that they have seen so much financial engineering, and so much manipulation, that they're banking on things going just swimmingly forever.  Maybe they should consider the following headline: CVS Needs Aggressive Buybacks to Meet FY18 Estimates.”  Jefferies (the brokerage house) is saying that based upon organic growth, revenue, and expense estimates – the only way that CVS is going to make its earnings projections is by re-purchasing a lot of their own stock and thereby reducing the number of shares outstanding.  I’m guessing that CVS will sell corporate debt to fund a massive stock buy-back program, boosting earnings per share, while incurring a huge debt liability during a time of rising interest rates.  Who does this benefit again – oh yeah – the current executive team.
            Market-wise, the 3 major U.S. stock benchmarks ended the week on a bright note despite the twin hurricanes.  Unfortunately, the devastation brought about by Harvey and Irma in succession will have a negative impact on the U.S. economy.  The early estimates indicate that the effects will have a downward impact on third-quarter growth.  According to economists, the damage by Harvey could reach $160B – which should earn it the notorious distinction of being one of the costliest storms on record.
            There is an FOMC meeting this coming week.  The good news for the meeting is that the U.S. dollar is being ‘crushed’ as of late, and that increases the probability of higher inflation going forward.  The markets are not anticipating anything coming out of the meeting, and expect the meeting to have a more-dovish stance than normal given the storms.
            What has me worried for this coming week is the SKEW.  The SKEW measures the value of the out-of-the-money puts against the out-of-the-money calls.  The SKEW is currently extremely high (sitting around 1.45) and is saying that more investors are buying out of the money puts (hedging against stocks going down) than calls.  It’s also telling me that the experts are looking for the market to move in larger increments this coming week.  So, when the pros tell me that this ‘wild market ride’ is going to continue a while longer – I’d best listen.


Tips:
Recommendations:

Bullish: (Sell PCS = Sell a Put Credit Spread):
-       Applied OptoElec (AAOI = 58.3) – Sell PCS – Sept 22: +53/-53.5
-       Gold Miners (DUST) – Sell PCS – Sept 22: +20.5 / -21.5
-       First Solar (FSLR = 50.45) – Sell PCS – Sept 22: +44/-45
-       Gold Miners Bear (JDST = 49.38) – Sell PCS – Sept 22: +45/-46
-       Lumentum Hldgs (LITE = 57.25) – Sell PCS – Sept 22: +52.5/-53
-       Restoration Hdwr (RH = 73.3) – Sell PCS – Sept 22: +68.5/-69
-       Shopify (SHOP = 120.26) – Sell PCS – Sept 22: +109/-110
-       SPX Futures (SVXY = 86.04) – Sell PCS – Sept 22: +75/-76
-       UltraBull QQQ = (TQQQ = 115.11) – Sell PCS – Sept 22: +110/-111
-       Wayfair (W = 79.76) – Sell PCS – Sept 22: +73.5/-74.5 for $0.15

-       DBV Technologies (DBVT = 43.46) – Sell PCS – Oct 20: +10 / -15
-       Axovant Sciences (AXON) – Sell Iron Condor – Oct 20: +5 / -15 to -22.50 / +40 // and Buy a Call Debit Spread – Oct 20: +20 / -40

My Crypto-Currency Holdings Include:
-       Ethereum (ETH), Litecoin (LTC), Dash (DASH), Digix (DGD),  MaidSafeCoin (MAID), Metal (MTL), OmiseGo (OMG), PIVX (PIVX), Patientory (PTOY), Steem (STEEM), and NEM (XEM).

To follow me 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 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 StockTwits 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.  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. 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.

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http://rfcfinancialnews.blogspot.com/> 
Until next week – be safe.


R.F. Culbertson