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Futures

FX Rundown - Blue Line Futures


Euro (March)

Fundamentals: The Euro has softened over the last two sessions but more in a consolidatory manner. This morning ECB hawk Lautenschlaeger said that slower growth and soft inflation was expected and is not enough to dent the anticipation of a rate hike later this year. She added that she will wait for projections in March before changing her view. We cannot blame her; the data has been soft but three is needed for a trend. On the U.S front, a slimmer economic calendar this week due to the government shutdown postponed Retail Sales and housing data yesterday. Today, Philly Fed Manufacturing unexpectedly bounced back strongly and broke the softer trend from ISMs and NY Empire State Manufacturing. Tomorrow, NY Fed President Williams speaks at 8:05 am CT and a crucial read on Michigan Consumer data comes at 9:00 am CT.

Technicals: The Euro is not testing the trend line from the November 12th low in the front-month only chart but instead a secondary trend line from the December 11th low that can be drawn with the expiring December contract on that date. Confirming the validity of this trend line is a similar one in the Dollar Index March-only chart with resistance coming at today’s high. For the Euro it comes in at 1.1420 and aligns with first key support from our report Tuesday at 1.1438. Buyers at this level can find comfort knowing that major three-star support is just below, it aligns with the trend line from that front-month November 12th low as well as the March low on the same date. We remain Bullish in Bias as we see intermediate and long-term value at this level. A move out above major three-star resistance should fund a further tailwind.

Bias: Bullish/Neutral

Resistance: 1.1504***, 1.1550-1.1553**, 1.1596-1.16325**, 1.1754***

Support: 1.1420-1.1438**, 1.1353-1.1390***, 1.1245***

Please sign up for a free trial of our research at Blue Line Futures to get 1 or all 4 of our daily reports.

 

Yen (March)

Fundamentals: The Yen has trended lower for three days now as equity markets turn their tires higher. Strong earnings from banks this week, a Brexit deadline assumed to be kicked down the road and news today that the White House is giving-in on the China tariffs have all weighed significantly on the Yen this week. Tonight, Japan National CPI is due at 5:30 pm CT and Industrial Production is due at 10:30 pm CT.

Technicals: The Yen closed below major three-star support at .9210-.9224, therefore, we must begin neutralizing our Bullish Bias. This was the gap from the January 2nd close and the breakout in the following session. Support still comes in below at .9140-.9162 and a check off this level and recovery can still remain constructive, however, longs must tread cautiously.

Bias: Neutral/Bullish

Resistance: .9310-.9326**, .9400-.9410***

Pivot: .9210-.9232

Support: .9140-.9162**, .90785-9091**, .9037**, .8998.9002***

Please sign up for a free trial of our research at Blue Line Futures to get 1 or all 4 of our daily reports.   

 

Aussie (March)

Fundamentals: The Aussie was trading on soft footing through the day with the U.S Dollar holding ground to higher and after news that a bipartisan group of lawmakers in Washington introduced a bill that would ban the sale of U.S chips and other components to Chinese companies that violate export control laws such as Huawei and ZTE. Remember, China is Australia’s number one trade partner and the Aussie has kept a pulse on U.S and China trade relations. So, when it was reported late this afternoon that the U.S is weighing lifting the trade tariffs on China, the Aussie ripped higher. These reports were denied by the Treasury and the U.S Trade Rep’s office but the currency was able to cling to a small gain on the electronic session. Aussie Home Loans data contracted last night but better than expected. Tonight, we look to New Home Sales.

Technicals: Price action is overextended and faces major three-star resistance overhead at .7254-.7278. While we have recently had a Bullish Bias, given such overhead, we are more Neutral currently. Still, the bulls have a clear upper hand above our pivot at .7178-.7186. We maintain that value for a buy opportunity does not come in until lower at .7118-.7132.

Bias: Neutral/Bullish

Resistance: .7254-.7278***, .7407****

Pivot: .7178-.7186

Support: .7118-.7132**, .7036-.7050***, .6809****

Please sign up for a free trial of our research at Blue Line Futures to get 1 or all 4 of our daily reports.   

 

Canadian (March)

Fundamentals: Despite a robust risk-sentiment today, the Canadian slipped after ADP Payrolls showed a decrease in jobs, the first since August. The Canadian has rallied strongly to start the year seeing a tailwind from the trade landscape, a bounce in equity markets and most importantly a recovery in the energy bloodbath. However, this move has exhausted itself and we prefer to tread cautiously until it comes in. Price action did respond to the reported comments on U.S tariffs on China, but the tape slipped ahead of the electronic close on a denial.

Technicals: All in all, price action has held the pivot level of .7536 and this leaves the bulls with the upper hand. On the bright side, today’s low was .75185 which was nearly a direct test to major three-star support at .7497. The tape responded off this low and remains constructive.

Bias: Neutral/Bullish

Resistance: .7588-.7615***, .7649**

Pivot: .7536

Support: .7497***, .7452-.7465**, .7330-.7383***, .72535***

Please sign up for a free trial of our research at Blue Line Futures to get 1 or all 4 of our daily reports. 

 

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Bill Baruch is President and founder of Blue Line Futures. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications. 

Blue Line Futures is a leading futures and commodities brokerage firm located at the Chicago Board of Trade. We work with clients that range from institutional to professional to novice and from self-directed to broker-assisted. No matter what type of trader you are, our mission is simple; to put the client first. This means bringing YOU strong customer service, consistent and reliable research and state of the art technology. 

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Blue Line Futures and is being posted with Blue Line Futures’ permission. The views expressed in this material are solely those of the author and/or Blue Line Futures and IBKR is not endorsing or recommending any investment or trading discussed in this material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22372




Macro

Interactive Brokers - Asia-Pacific: The Week Ahead (Jan 21-28)


Interactive Brokers senior market analyst Steven Levine provides some highlights for what to look for in the Asia-Pacific region in the week beginning January 21. Experience the IBKR Platform! Use our powerful trading platform to begin trading a simulated account for free and without commitment.

Click here to start your free trial today:

https://www.interactivebrokers.com/mkt/?src=youtube7&url=%2Fen%2Findex.php%3Ff%3D1286

 

Produced on January 15, 2019

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22355




Technical Analysis

Pension Partners - The Great Paradox in Markets


Over the past few weeks, the stock market has moved from an oversold extreme to an overbought extreme, a function of the violent December sell-off followed by the near-vertical rally.

On December 24, the S&P 500 closed at 2,351, down 14.8% on the month and 20% from its all-time high. Notably, the NYSE McCllellan Oscillator (a market breadth indicator) hit one of its lowest levels in the past 20 years: -109.61.

Note: Data on $NYMO (McClellan Oscillator) is from Stockcharts.com and goes back to June 1998.

By all accounts, the market was extremely oversold. What happens when the market is extremely oversold?

It tends to bounce, with above-average forward returns over the next 12 months (+20.7% vs. +7.9% for all readings) and a higher probability of a positive return (up 87% of the time over next 12 months vs. 76% for all readings).

Note: Highlighted area in table represents the bottom 1% of all $NYMO readings, or the most short-term oversold data points going back to June 1998.

And bounce it did, with the S&P 500 rallying 10% in the next 2 weeks. What happened to the McCllellan Oscillator? It shifted 180 degrees, hitting its 2nd highest level in the past 20 years on Jan 9: +117.76.

By all accounts, the market was now extremely overbought (on a short-term basis, at least). What happens when the market is extremely overbought?

It tends to continue to rally, with above-average returns over the next 12 months (+20% on average vs. +7.9% for all readings) and a higher probability of a positive return (up 98% of the time over the next 12 months vs. 76% for all readings).

Note: Highlighted area in table represents the top 1% of all $NYMO readings, or the most short-term overbought data points going back to June 1998.

Are these results intuitive? Certainly not.

It is one of the great paradoxes in markets that both extreme oversold and extreme overbought conditions tend to be followed by above-average returns. How is this possible? Likely because extreme strength begets strength (momentum) while extreme weakness does the same (mean reversion). Momentum and Mean Reversion are the most powerful forces in markets, and they exist because investors overreact and underreact to new information, again and again.

What will happen from here? Nobody knows. The best we can say in markets is what is more or less likely to happen, and those odds are forever changing.

When the market has been this extremely overbought in the past, it has tended to continue its ascent with above-average performance. But alas, tends to is far from always. There are a number of examples where the market suffered nasty declines after extreme overbought readings (Feb/Nov/Dec 2008, Jan 2009, Jul 2011, etc.)…

These “exceptions” should come as no surprise, for there is no holy grail in markets that can predict the future with perfect foresight. There are only probabilities. Accepting this reality as a trader or investor can go a long way.

--

Originally Posted on January 11, 2019

CHARLIE BILELLO, CMT

Charlie Bilello is the Director of Research at Pension Partners, LLC, an investment advisor that manages mutual funds and separate accounts. He is the co-author of four award-winning research papers on market anomalies and investing. Mr. Bilello is responsible for strategy development, investment research and communicating the firm’s investment themes and portfolio positioning to clients. Prior to joining Pension Partners, he was the Managing Member of Momentum Global Advisors and previously held positions as a Credit, Equity and Hedge Fund Analyst at billion dollar alternative investment firms.

Mr. Bilello holds a J.D. and M.B.A. in Finance and Accounting from Fordham University and a B.A. in Economics from Binghamton University. Charlie holds a J.D. and M.B.A. in Finance and Accounting from Fordham University and a B.A. in Economics from Binghamton University. He is a Chartered Market Technician (CMT) and also holds the Certified Public Accountant (CPA) certificate.

In 2017, Charlie was named the StockTwits Person of the Year. He is a frequent contributor to Yahoo Finance and has been interviewed on CNBC, Bloomberg, and Fox Business.

You can follow Charlie on twitter here.

Disclosures:

Pension Partners, LLC is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. For more information about Pension Partners please visit: https://adviserinfo.sec.gov/ and search for our firm name.

The information herein was obtained from various sources. Pension Partners does not guarantee the accuracy or completeness of such information provided by third parties. The information given is as of the date indicated and believed to be reliable. Pension Partners assumes no obligation to update this information, or to advise on further developments relating to it.

This writing is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation regarding any securities transaction, or as an offer to provide advisory or other services by Pension Partners, LLC in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this writing should not be construed as financial or investment advice on any subject matter. Pension Partners, LLC expressly disclaims all liability in respect to actions taken based on any or all of the information on this writing.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Pension Partners, LLC and is being posted with Pension Partners, LLC's permission. The views expressed in this material are solely those of the author and/or Pension Partners, LLC and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22349




Stocks

Benzinga - Ligand Pharmaceuticals Hit By Bearish Citron Report - By Wayne Duggan


Ligand Pharmaceuticals Inc. LGND shares were falling Wednesday after Citron Research issued a report alleging that Ligand’s business model is a “pipe dream," saying the company is deceiving investors about its long-term outlook.

 

Citron’s Take

“Ligand is a company designed for the ‘lazy investor’ whose stock price has 80-percent downside from its current levels,” Citron editor Andrew Left said in the short report.

Ligand makes extraordinary efforts to promote its “Big Six” drug pipeline, which includes drugs being developed by Eli Lilly & Co (NYSE LLY) and Bristol-Myers Squibb Co BMY, Left said. Yet half of Ligand’s projected “Big Six” revenue milestones come from one company, Viking Therapeutics VKTX, he said. 

“If Ligand thought the Viking pipeline was even remotely realistic, they would not be buying back their own stock — rather they would buy Viking stock or the whole company." 

Both Ligand and Viking investors have been net sellers of the company’s stock, Left said. 

Vernalis is supposedly going to account for another 10 percent of future revenue milestones, according to Citron. 

“With a primary Vernalis drug failing its trials and the acquisition price for the entire company being slightly more than a public shell, Citron has broken down the busted pipeline of the $11-million Vernalis that is supposed to bring in $364 million of ‘potential milestones,” Left said. 

Citron has a $35 price target for Ligand stock, implying about 67-percent additional downside.

At the time of publication, Ligand Pharmaceuticals had not responded to a request for comment on the Citron report. 

 

Other Critics

Citron isn’t the only Ligand critic. Grant’s Interest Rate Observer set a $20 price target for the stock just last week.

Lemenson Capital Management CIO Rev. Fr. Emmanuel Lemelson has been a Ligand bear since 2014 and even sent a letter to Congress alleging the company has a long record of fraud.

“Ligand’s accounting and business model is by design opaque and complex,” Lemelson said in his 2018 letter. “The SEC, by ignoring the warnings about Ligand, despite a multiyear effort to explain the fraud in clear and simple terms, has categorically failed in its core mission.”

Lemelson has also compared the behavior of Ligand management to that of disgraced former Retrophin CEO Martin Shkreli, who is now serving a prison sentence for securities fraud.

"After several years researching the business practices of Ligand, a clear pattern of unethical conduct has emerged, including abuse of accounting loopholes and guidelines and misuse of the Orphan Drug Act of 1983, which has been used to increase the prices of its drugs dramatically," Lemelson said in 2016.

 

Feuerstein Fires Back

STAT News' Adam Feuerstein issued his own criticism of Citron on Twitter on Wednesday.

"So, @CitronResearch short thesis on $LGND boils down to $VKTX needing to blow up. Alright, good luck, Andrew. If $VKTX pans out, you’re toast, but then, he’ll probably be out by then. The rest of the report is un-readable," Feuerstein wrote.

Few companies do more to disclose information about their business than Ligand, the biotech expert said. 

"What I found most disappointing (and fundamentally dishonest) about Andrew’s work is the accusation that $LGND is lying to investors about its royalty-based business model," he wrote.

Feuerstein urged investors to take a look at Ligand's 10-K filings and said the Citron report was closer to sensationalism than research.

After Wednesday’s sell-off, Ligand shares are down 52 percent overall over the past six months. The stock was trading down 17.65 percent at $108.51 at the time of publication Wednesday. 

 

Latest Ratings for LGND

Date

Firm

Action

From

To

Sep 2018

H.C. Wainwright

Maintains

Buy

Buy

Aug 2018

Goldman Sachs

Initiates Coverage On

 

Neutral

Aug 2018

Roth Capital

Downgrades

Buy

Neutral

 

--

Originally Posted on January 16, 2019

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Benzinga is a fast-growing financial media outlet that empowers investors with market-moving content. The site also manages Benzinga Pro, a streaming platform with real-time headlines, data and actionable alerts. Sign up for a free trial and profit with faster news now.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Benzinga and is being posted with Benzinga's permission. The views expressed in this material are solely those of the author and/or Benzinga and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22364




Macro

Briefing.com - Some Traffic Congestion


No one should be surprised that the futures for the major indices are lower this morning.  There was a good probability that would have been the case even if there wasn't any news to rationalize the negative disposition.

At yesterday's close, the S&P 500 was up 11.3% from its December 24 low.  The speed of the ascent reflects a market that is overbought on a short-term basis and due for a period of consolidation.

That observation isn't new.  We have been calling attention to the idea for the better part of the last two weeks, yet market participants have been reluctant to give in to the idea, which has been the surprise that has kept the market propped up as it has fueled a fear of missing out on further gains that has led to, well, further gains.

The start of today's session, though, should invite some backtracking.  The S&P futures are down seven points and are trading 0.3% below fair value.  The Nasdaq 100 futures are down 11 points and are trading 0.4% below fair value.  The Dow Jones Industrial Average futures are down 71 points and are trading 0.4% below fair value.

That isn't much frankly given the scope of the gains that have been registered, yet the tempered conviction of buyers at the moment fits neatly with the S&P 500 sitting in a zone of technical congestion in the 2600-2645 area.

In other words, the climb from here will be more challenging than the easy-breezy jaunt from the deeply oversold December 24 low.

Alas, Morgan Stanley (MS) has seemingly provided a selling catalyst this morning with a fourth quarter earnings report that fell short of top and bottom-line expectations.  Shares of MS, which have risen 21.1% from their December 24 low, are indicated 4.4% lower.

That pullback could rein in the red-hot financial sector a bit, which would be a drag on the broader market.  

There are some other excuses in the selling mix this morning, too, namely trade concerns following reports that the U.S. is intent on pursuing criminal charges against Huawei for stealing trade secrets from U.S. companies and that lawmakers are working to introduce legislation that would ban the sale of chips to Chinese telecom equipment providers.

There is the disappointing first quarter revenue guidance from Taiwan Semiconductor (TSM), which is an Apple (AAPL) supplier; there is the government shutdown mess; there are concerns about the economic slowdown in China; and there are reportedly Brexit worries.

Remember, these are excuses, which means they may not be the real reason for the negative disposition, only that they provide some cover to try to explain the weakness in the futures market.

This morning's economic data can't be blamed for the weakness.  It was better than expected.

Initial claims for the week ending January 12 decreased by 3,000 to 213,000 (Briefing.com consensus 221,000) while continuing claims for the week ending January 5 increased by 18,000 to 1.737 million.

The key takeaway from the report is that the low level of initial claims continues to reflect a solid labor market.

Separately, the Philadelphia Fed Index for January jumped to 17.0 (Briefing.com consensus 10.5) from 9.1, paced by an eight-point pop in the new orders index to 21.3 that was the highest reading in six months.

The key takeaway from this report was the indication that 46% of firms expect increased activity over the next six months while only 15% are anticipating a decline.

--Patrick J. O'Hare, Briefing.com

--

Briefing In Play offers live market-moving analysis, earnings and news coverage, broker ratings changes, as well as comprehensive economic coverage and commentary. Briefing in Play Plus includes everything in Briefing In Play, and features investment idea generation and in-depth analysis. Briefing Trader includes everything in Briefing In Play Plus, and features live trading ideas with specific entry/exit points as well as access to the new streaming audio feature, Trader Audio.

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this material are solely those of the author and/or Briefing.com and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22365




1 2 3 4 5 2 1866

Disclosures

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The material (including articles and commentary) provided on IB Traders' Insight is offered for informational purposes only. The posted material is NOT a recommendation by Interactive Brokers (IB) that you or your clients should contract for the services of or invest with any of the independent advisors or hedge funds or others who may post on IB Traders' Insight or invest with any advisors or hedge funds. The advisors, hedge funds and other analysts who may post on IB Traders' Insight are independent of IB and IB does not make any representations or warranties concerning the past or future performance of these advisors, hedge funds and others or the accuracy of the information they provide. Interactive Brokers does not conduct a "suitability review" to make sure the trading of any advisor or hedge fund or other party is suitable for you.

Securities or other financial instruments mentioned in the material posted are not suitable for all investors. The material posted does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before making any investment or trade, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Past performance is no guarantee of future results.

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