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Are we on the verge of a major worldwide economic downturn?

Well, if recent warnings from prominent bankers all over the world are to be believed, that may be
precisely what we are facing in the months ahead. As you will read about below, the big banks are
warning that the price of oil could soon drop as low as 20 dollars a barrel, that a Greek exit from the
Eurozone could push the EUR/USD down to 0.90, and that the global economy could shrink by more
than 2 trillion dollars in 2015. Most of the time, very few people ever actually read the things that the
big banks write for their clients. But in recent months, a lot of these bankers are issuing such ominous
warnings that you would think that they are actually writing for InsidersPower. Of course we have seen
this happen before. Just before the financial crisis of 2008, a lot of people at the big banks started to get
spooked, and now we are beginning to see an atmosphere of fear spread on Wall Street once
again. Nobody is quite sure what is going to happen next, but an increasing number of experts are
starting to agree that it wont be good.
Lets start with oil. Over the past couple of weeks, we have seen a nice rally for the price of oil. It has
bounced back into the low 50s, which is still a catastrophically low level, but it has many hoping for a
rebound to a range that will be healthy for the global economy.
Unfortunately, many of the experts at the big banks are now anticipating that the exact opposite will
happen instead. For example, Citibank says that we could see the price of oil go as low as 20 dollars this
year . . .
The recent rally in crude prices looks more like a head-fake than a sustainable turning
point The drop in US rig count, continuing cuts in upstream capex, the reading of
technical charts, and investor short position-covering sustained the end-January 8.1% jump
in Brent and 5.8% jump in WTI into the first week of February.
Short-term market factors are more bearish, pointing to more price pressure for the next
couple of months and beyond Not only is the market oversupplied, but the consequent
inventory build looks likely to continue toward storage tank tops. As on-land storage fills
and covers the carry of the monthly spreads at ~$0.75/bbl, the forward curve has to
steepen to accommodate a monthly carry closer to $1.20, putting downward pressure on
prompt prices. As floating storage reaches its limits, there should be downward price
pressure to shut in production.
The oil market should bottom sometime between the end of Q1 and beginning of Q2 at
a significantly lower price level in the $40 range after which markets should start to
balance, first with an end to inventory builds and later on with a period of sustained
inventory draws. Its impossible to call a bottom point, which could, as a result of
oversupply and the economics of storage, fall well below $40 a barrel for WTI, perhaps
as low as the $20 range for a while.

Copyright 2015 InterAnalyst, LLC

Look Whos Living on the Edge

Even though rigs are shutting down at a pace that we have not seen since the last recession, overall
global supply still significantly exceeds overall global demand. Barclays analyst Michael Cohen recently
told CNBC that at this point the total amount of excess supply is still in the neighborhood of a million
barrels per day . . .
Oil prices have rebounded recently, but analyst Michael Cohen doesn't think the rally will
last. He's predicting prices will likely head back down.
"The market has been very focused on the rig count," the head of energy research
commodities for Barclays said in an interview with "Squawk on the Street."
"What we saw in the last couple weeks is rig count falling pretty precipitously by about 80
or 90 rigs per week, but we think there are more important things to be focused on and that
rig count doesn't tell the whole story."
He expects to see some weakness going into the shoulder season for demand. In addition,
there is an excess supply of about a million barrels of oil a day, he said.
"We have to incentivize further storage through the course of this first half of the year. In
order to do that, we expect that the front-month contracts are likely to weaken."

Getty Images - A man at a gas station in Dellwood, Mo.

Oil rose for a third straight session on Monday after OPEC projected less supply from
countries outside the organization and forecast greater demand for crude this year. U.S.
crude futures were up $1.53, almost 3 percent, at $53.22 per barrel late in the
morning. Benchmark Brent futures rose 67 cents, or 1 percent, to $58.47, after revisiting
Friday's one-week peak of $59.06.

Copyright 2015 InterAnalyst, LLC

Last week, the market rallied on news that the U.S. oil rig count was at a three-year low.
The count was down 87 rigs from the week prior, and down 315 from last year, according
to the oil services Baker Hughes.
However, Cohen noted that just because the rig count is down doesn't necessarily mean that
production is cut.
In fact, drilling productivity is expected to increase over the course of this year, he said. In
addition, there is a lag between the time that you drill a well and the time that you connect
it.
For example, rig counts dropped by over 600 in Texas in 2008-2009, but production only
fell 50,000 barrels per day in the Lone Star State during that period.
"There's a wave of production growth that we still see producers enjoying from the time
when prices were $100 a barrel."
And the truth is that many firms simply cannot afford to shut down their rigs. Many are leveraged to
the hilt and are really struggling just to service their debt payments. They have to keep pumping so that
they can have revenue to meet their financial obligations. The following comes directly from the Bank
for International Settlements. . .
The 50 per cent plunge in oil prices since the middle of last year cannot be solely blamed on
falling demand and the battle between the United States shale industry and large MiddleEastern oil producers over market share. Debt and futures trading have played an
important role, according to new research from the Bank for International Settlements.
Since its 2014 peak of $US111.05 a barrel in June, Brent crude has slumped as much as 56.9
per cent. Since mid-January, oil has recovered more than 22 per cent and is trading around
$US58.50 a barrel.
A huge increase in debt in the oil sector has exposed producers to solvency and liquidity
risks, a new preliminary report from BIS says.
"The greater willingness of investors to lend against oil reserves and revenue has enabled
oil firms to borrow large amounts in a period when debt levels have increased more
broadly," BIS said.
"Issuance by energy firms of both investment grade and high-yield bonds has far outpaced
the already substantial overall issuance of debt securities."
The value of assets held by energy companies have come down dramatically, thanks to the
plunge in oil prices, meaning the debt is no longer backed by something as valuable as
when it was originally sold.
The potential cost of borrowing, through the issuance of high-yield bonds, has increased
close to 5 percentage points since the middle of last year, according to BIS.

Copyright 2015 InterAnalyst, LLC

"Against this background of high debt, a fall in the price of oil weakens the balance sheets
of producers and tightens credit conditions, potentially exacerbating the price drop as a
result of sales of oil assets, for example, more production is sold forward," BIS said.
"Second, in flow terms, a lower price of oil reduces cash flows and increases the risk of
liquidity shortfalls in which firms are unable to meet interest payments. Debt service
requirements may induce continued physical production of oil to maintain cash flows,
delaying the reduction in supply in the market."
There is also the issue of emerging market oil producers having borrowed large amounts of
money in US dollars. The US dollar has surged ahead against most currencies and this is
creating larger debt for producers outside America.
BIS said that selling futures or buying put options have been ways for oil producers to
hedge their exposure to volatile oil revenue.
"Since 2010, oil producers have increasingly relied on swap dealers as counterparties for
their hedging transactions. In turn, swap dealers have laid off their exposures on the
futures market as suggested by the trend increase in the CFTC [Commodity Futures Trading
Commission] short futures positions of swap dealers over the 2009-2013 period," BIS said.
But, with increased volatility, swaps deals have cooled on oil producers and have been less
inclined to sell to them.
"In response to greater reluctance by dealers to take the other side of sales, producers
wishing to hedge their falling revenues may have turned to the derivatives markets directly,
without going through an intermediary. This shift in the liquidity of hedging markets could
have played a role in recent price dynamics."
The 'financialisation' of the oil market has played a significant role in its recent downturn,
ANZ global head of financial markets research Richard Yetsenga said.
"I think what you're seeing is US dollar liquidity has become less plentiful the last couple of
years and it really started with [Ben] Bernanke talking about tapering in the first half of
2013," Mr Yetsenga said.
"Since that period, I think you can identify a range of financial assets globally that have
progressively reflected that more difficult liquidity market."
Mr Yetsenga believes that the traditional supply-demand model for oil died 15 years ago,
but the price was rallying higher in the 2000s, whereas now the financialisation model is
working in the other direction and gearing down as liquidity leaves the market.
In the end, a lot of these energy companies are going to go belly up if the price of oil does not rise
significantly this year. And any financial institutions that are exposed to the debt of these companies or
to energy derivatives will likely be in a great deal of distress as well.
Meanwhile, the overall global economy continues to slow down.

Copyright 2015 InterAnalyst, LLC

On Monday, we learned that the Baltic Dry Index has dropped to the lowest level ever. Not even during
the darkest depths of the last recession did it drop this low.
And there are some at the big banks that are warning that this might just be the beginning. For
instance, David Kostin of Goldman Sachs is projecting that sales growth for S&P 500 companies will be
zero percent for all of 2015. . .
America's biggest companies now expect that sales will be flat in 2015.
In a note to clients this weekend, David Kostin at Goldman Sachs wrote that consensus
forecasts for sales growth in 2015 is now at 0% as declining estimates among energy
companies have taken their toll on expectations.
Here's Kostin:
"Consensus now forecasts 0% S&P 500 sales growth in 2015 following a 5% cut in
revenue forecasts since October. Low oil prices along with FX headwinds and pension
charges have weighed on 4Q EPS results and expectations for 2015."
Excluding energy, S&P 500 sales forecasts have been cut to 4% from 5%.
The negative revisions to sales forecasts have largely come from the energy and materials
sectors, Kostin notes, with sales estimates in those sectors falling by 23% and 5%,
respectively.
And so as the crash in oil prices takes it toll on America's largest oil companies, the 500
biggest companies now face the collective specter of no sales growth this year.

Copyright 2015 InterAnalyst, LLC

Others are even more pessimistic than that. According to Bank of America, the global economy will
actually shrink by 2.3 trillion dollars in 2015.
One thing that could greatly accelerate our economic problems is the crisis in Greece. If there is no
compromise and a new Greek debt deal is not reached, there is a very real possibility that Greece could
leave the Eurozone.
If Greece does leave the Eurozone, the continued existence of the monetary union will be thrown into
doubt and the euro will utterly collapse.
Of course I am not the only one saying these things. Analysts at Morgan Stanley are even projecting
that the EUR/USD could plummet to 0.90 if there is a Grexit
The Greek Prime Minister has reaffirmed his governments rejection of the countrys
international bailout program two days before an emergency meeting with the euro areas
finance ministers on Wednesday. His declaration suggested increasing minimum wages,
restoring the income tax-free threshold and halting infrastructure privatizations. Should
Greece stay firm on its current anti-bailout course and with the ECB not accepting Greek Tbills as collateral, the position of ex-Fed Chairman Greenspan will gain increasing
credibility. He forecast the Eurozone to break as private investors will withdraw from
providing short-term funding to Greece. Greece leaving the currency union would convert
the union into a club of fixed exchange rates, a type of ERM III, leading to further
fragmentation. Greek Fin Min Varoufakis said the euro will collapse if Greece exits, calling
Italian debt unsustainable. Markets may gain the impression that Greece may not opt for a
compromise, instead opting for an all or nothing approach when negotiating on
Wednesday. It seems the risk premium of Greece leaving EMU is rising. Our scenario
analysis suggests a Greek exit taking EURUSD down to 0.90.
This is the month when the future of the Eurozone will be decided. This week, Greek leaders will meet
with European officials to discuss what comes next for Greece. The new prime minister of Greece,
Alexis Tsipras, has already stated that he will not accept an extension of the current bailout. Officials
from other Eurozone countries have already said that they expect Greece to fully honor the terms of the
current agreement. So basically we are watching a giant game of financial chicken play out over in
Europe, and a showdown is looming. Adding to the drama is the fact that the Greek government is
rapidly running out of money.
According to the Wall Street Journal, Greece is on course to run out of money within weeks if it
doesnt gain access to additional funds, effectively daring Germany and its other European creditors
to let it fail and stumble out of the euro. We have witnessed other moments of crisis for Greece
before, but things are very different this time because the new Greek government is being run by radical
leftists that based their entire campaign on ending the austerity that has been imposed on Greece by
the rest of Europe. If they buckle under the demands of the European financial lords, their credibility

Copyright 2015 InterAnalyst, LLC

will be gone and Syriza will essentially be finished in Greek politics. But if they dont compromise,
Greece could be forced to leave the Eurozone and we could potentially be facing the equivalent of
financial Armageddon in Europe. If nobody flinches, the Eurozone will fall to pieces, the euro will
collapse and trillions upon trillions of dollars in derivatives will be in jeopardy.
According to the Bank for International Settlements, 26.45 trillion dollars in currency derivatives are
directly tied to the value of the euro.
Let that number sink in for a moment.
To give you some perspective, keep in mind that the U.S. government spends a total of less than 4
trillion dollars a year.
The entire U.S. national debt is just a bit above 18 trillion dollars.
So 26 trillion dollars is an amount of money that is almost unimaginable. And of course those are just
the derivatives that are directly tied to the euro. Overall, the total global derivatives bubble is more
than 700 trillion dollars in size.
Over the past couple of decades, the global financial system has been transformed into the biggest
casino in the history of the planet. And when things are stable, the computer algorithms used by the big
banks work quite well and they make enormous amounts of money. But when unexpected things
happen and markets go haywire, the financial institutions that gamble on derivatives can lose massive
quantities of money very rapidly. We saw this in 2008, and we could be on the verge of seeing this
happen again.
If no agreement can be reached and Greece does leave the Eurozone, the euro is going to fall off a cliff.
When that happens, someone out there is going to lose an extraordinary amount of money.
And just like in 2008, when the big financial institutions start to fail that will plunge the entire planet
into another major financial crisis.
So at the moment, it is absolutely imperative that Greece and the rest of the Eurozone find some
common ground.
Unfortunately, that may not happen. The new prime minister of Greece certainly does not sound like
he is in a compromising mood. . .
Greeces new leftist prime minister, Alexis Tsipras, said on Sunday he would not accept an extension to
Greeces current bailout, setting up a clash with EU leaders who want him to do just that at a summit
on Thursday.
Tsipras also pledged his government would heal the wounds of austerity, sticking to campaign pledges
of giving free food and electricity to those who had suffered, and reinstating civil servants who had been
fired as part of bailout austerity conditions.
Prior to the summit on Thursday, Eurozone finance ministers are going to get together on Wednesday to
discuss what they should do. If these two meetings dont go well this week, we could be looking at big

Copyright 2015 InterAnalyst, LLC

trouble right around the corner. In fact, Greece is being warned that they only have until February
16th to apply for an extension of the current bailout. . .
Euro zone finance ministers will discuss how to proceed with financial support for Athens at a special
session next Wednesday ahead of the first summit of EU leaders with the new Greek prime minister,
Alexis Tsipras, the following day.
However, the chairman of the finance ministers said the following meeting of the Eurogroup on Feb. 16
would be Greeces last chance to apply for a bailout extension because some euro zone countries would
need to consult their parliaments.
Time will become very short if they (Greece) dont ask for an extension (by then), said Jeroen
Dijsselbloem.
The current bailout for Greece expires on Feb 28. Without it the country will not get financing or debt
relief from its lenders and has little hope of financing itself in the markets.
And as I mentioned above, the Greek government is quickly running out of money.
Most analysts believe that because of the enormous stakes that one side or the other will give in at
some point.
But what if that does not happen?
Personally, I believe that the Eurozone is doomed in the configuration that we see it today, and that it is
just a matter of time before it breaks up.
And I am far from alone. For example, just check out what former Fed chairman Alan Greenspan is
saying. . .
Mr Greenspan, chairman of the Federal Reserve from 1987 to 2006, said: I believe [Greece] will
eventually leave. I dont think it helps them or the rest of the Eurozone it is just a matter of time
before everyone recognizes that parting is the best strategy.
The problem is that there is no way that I can conceive of the euro of continuing, unless
and until all of the members of Eurozone become politically integrated actually even just
fiscally integrated wont do it.
The Greeks are using all of this to their advantage. They know that if they leave it could break apart the
entire monetary union. So this gives them a tremendous amount of leverage. Greek Finance Minister
Yanis Varoufakis has even gone so far as to compare the Eurozone to a house of cards. . .
The euro is fragile, its like building a castle of cards, if you take out the Greek card the others will
collapse. Varoufakis said according to an Italian transcript of the interview released by RAI ahead of
broadcast.
The euro zone faces a risk of fragmentation and de-construction unless it faces up to the fact that
Greece, and not only Greece, is unable to pay back its debt under the current terms, Varoufakis said.

Copyright 2015 InterAnalyst, LLC

I would warn anyone who is considering strategically amputating Greece from Europe because this is
very dangerous, he said. Who will be next after us? Portugal? What will happen when Italy discovers it
is impossible to remain inside the straitjacket of austerity?
After all this time and after so many bailouts, we have finally reached a day of reckoning.
There is a very real possibility that Greece could leave the Eurozone in just a matter of months, and the
elite know this.
That is why they are getting prepared for that eventuality. The following is from a recent Wall Street
Journal report. . .
The U.K. government is stepping up contingency planning to prepare for a possible Greek exit from the
Eurozone and the market instability such a move would create, U.K. Treasury chief George Osborne said
on Sunday.
A spokeswoman for the Treasury declined comment on the details of the contingency planning.
The U.K. government has said the standoff between Greeces new anti-austerity government and the
Eurozone is increasing the risks to the global and U.K. economy.
Thats why Im going tomorrow to the G-20 [Group of 20] to encourage our partners to
resolve this crisis. Its why were stepping up the contingency planning here at home, Mr.
Osborne told the BBC in an interview. We have got to make sure we dont, at this critical
time when Britain is also facing a critical choice, add to the instability abroad with
instability at home.
And if Greece does leave, it will cause panic throughout global financial markets as everyone wonders
who is next. Italy, Spain and Portugal are all in a similar position. Every one of them could rapidly
become the next Greece.
But of even greater concern is what a Grexit would do to the euro. If the euro falls below parity with
the U.S. dollar, the derivatives losses are going to be absolutely mind blowing. And coupled with the
collapse of the price of oil, we could be looking at some extreme financial instability in the not too
distant future. When big banks collapse, they dont do it overnight. But we often learn about it in a
single moment.
Just remember Lehman Brothers. Their problems developed over an extended period of time, but we
only learned the full extent of their difficulties on one very disturbing day in 2008, and that day changed
the world.
If that happens, we could see a massive implosion of the 26 trillion dollars in derivatives that are
directly tied to the value of the euro. We are moving into a time of great peril for global financial
markets, and there are a whole host of signs that we are slowly heading into another major global
economic crisis.
So dont be fooled by all of the happy talk in the mainstream media. They did not see the last crisis
coming either.

Copyright 2015 InterAnalyst, LLC

10

In 1986, Livio S. Nespoli wrote is first Investment Book called Invest with
History. In it, he revealed how an investor could use historical precedent
along with social mood and demographic trends to accurately predict the
direction of the markets, sometimes decades in advance.
Since then, Livio had delivered countless seminars to thousands of
professional and amateur investors teaching them how to accurately
identify booms and busts well ahead of the mainstream. He gained
international national attention for his warning investors of the 2000 peak
and 2008 stock market collapse months before they happened. But this was not the first time he was on the
money with his big picture forecast.
For example, in February of 2000 Livio accurately forecast the stock market collapse and the multi-decade
economic collapse that would begin. In other words, his proprietary indicators, which are now available to all
investors, accurately predicted the major economic and stock market events that could have made you
substantially richer over the past 18 years.
How does he do it? Well, while most economists focus on short-term trends, policy changes, elections, things
that are volatile, unstable and can change from day-to-day. Livio has always focused on long-term trends and
cycles, not the day trader mentality. Demographics. Business cycles. Socionomic patterns. Things that have
demonstrated themselves over hundreds and even thousands of years to be consistent, predictable and
measurable.
In addition, through over 80 years of research he has found that most of the largest financiers have known of
these proven and predictable Socionomic patterns. He has provided devastatingly accurate market entry and
exit points by helping you follow those historically proven cycles.
He studies the past to forecast the future, an approach that enables subscribers to position themselves with
an incredible degree of accuracy. Then he makes minor tweaks and adjustments in response to intermediate
term events that occur along the way.
And thats what he brings to you on his InterAnalyst subscriptions so youll know whats coming next, where
the immediate opportunities are, and where to park your money for the longer term.
As an InterAnalyst subscriber, you will know, for example, when its time to start profiting from the rise of
specific economies and exactly what investments will hand you the fastest profits.
Youll learn when commodities will likely reach their peak in their cycle and how to ride the gains. Youll also
learn when theyll turn down and what investments to make to profit from any moves down.
And youll learn when the property market will turn up again. Youll learn when, money markets and bonds
would be a better investment than equity allocations and when not. Youll be ahead of the markets on every
boom and bust and access the tools you can use to prepare yourself to profusion.

Copyright 2015 InterAnalyst, LLC

11

Our Point Of View

A body of research in positive psychology suggests that optimism has a number of benefits: social,
psychological and physical (Schneider, Gruman, & Coutts, 2011). Optimism has been correlated with
improved mental and physical health, better work and educational outcomes, and richer social
relationships.
While optimism appears to be a healthy orientation, things are not quite so simple. Some researchers
identify two classes of optimism: realistic and unrealistic (Weinstein, 1980). Unrealistic optimists are at
risk for self-deception, especially in domains such as risk assessment (Collingwood, n.d.). Realistic
optimists, on the other hand, more successfully incorporate data about situations and events, balancing
the best of optimistic and pessimistic perspectives. The realistic optimist point of view could be summed
up by the adage: "hope for the best, prepare for the worst".

To make matters more complex, the idea of optimism and pessimism as dispositional attributes is giving
way to a more nuanced view of these constructs (Paul, 2011). Neither perspective is inherently good
nor "bad", both can be adopted as needed, both may be considered highly functional depending on the
situational context.

Copyright 2015 InterAnalyst, LLC

12

In some situations, "defensive pessimism" can be a powerful motivator to make better choices. For
example, being pessimistic about the economy may be a motivator to avoid debt and manage your
money more effectively.
Personally, I've always considered myself something of a realist.
On a scale of half-empty to half-full, most of the time I think "oh, there's a glass with some water in it,
let's measure it".
In some contexts, I'm more optimistic (e.g., if I'm working on this newsletter and I have a sufficient
degree of control over it, I'm usually reasonably optimistic that it will succeed), in other contexts, I'm
less optimistic (e.g., if I'm out fishing on a Sunday morning, and the tides are all wrong and I'm out of
bait, I'm reasonably pessimistic about bringing home dinner).

InsidersPower
I believe socionomics, social mood, and capital flows drive economies in cycles globally. Because of the
World Wide Web there is no time in history that allows for easier data gathering and tracking because
all countries are now highly correlated.
This InsidersPower Newsletter is a compilation of current economic articles written, not by us, but by
global authors within the last 90 days. They represent the current global social mood and creates a
global Point of View that has, by the way, been extremely accurate from ancient Greece and Rome to
our own current society.
It represents current economic reality on a global scale whether its positive or negative. Ultimately,
through the Current Investment Guideline found at the bottom of the Wealth Preserver
InsidersPower page. It delivers the opportunity of an optimistic, positive and profitable outcome for you.
Based on the criteria already outlined, I believe InsidersPower to be an extremely REALISTIC newsletter
that carries both OPTIMISTIC and PESSIMISTIC content that delivers an OPPORTUNISTIC outcome.
Ultimately, I just hope you enjoy its content and profit handsomely.
InsidersPower has received both positive and negative comments by readers and we appreciate both so
please opine anytime to InsidersPower@InterAnalyst.us.
By the way . . . which point of view dominates your personality? Now ask your friend or spouse to see
if they agree!

Copyright 2015 InterAnalyst, LLC

13

NEWSLETTER DISCLOSURE
This financial newsletter is a description of how financial markets behave and how we read current market
conditions. There may from time to time include commentary describing different investment theories
that may increase market accuracy. The purpose of our market-oriented publication is to outline the
progress of markets to educate interested parties in the successful application of the information within
the financial letter. While a course of conduct regarding investments can be formulated from such
application information. At no time will this financial letter make specific recommendations for any
specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice
is intended.
InterAnalyst does not scribe all articles; rather, we sift through thousands of current economic and
financial articles written by hundreds of contributors from around the globe. Like InterAnalyst, our
contributors do not care which direction the markets are going. Our contributors offer articles that help
us discern which way the markets may trend in the future.
InterAnalyst is solely responsible for the design, some articles, the current investment guideline herein,
the Wealth Preserver and Wealth Maximizer signals on the InterAnalyst.us website.
This financial newsletter is neither a solicitation nor an offer to buy or sell security of any kind. No
representation is being made that any account will or is likely to achieve profits or losses similar to the
illustrations herein. Indeed, events can materialize rapidly and thus past performance of buy and hold,
trading system, or any other methodology is not necessarily indicative of future results particularly when
you understand we are going through an economic evolution process and that includes the rise and fall
of various governments globally on an economic basis and the fact that economies continually cycle.
Past results of any individual or trading strategy published are not indicative of future returns.
Hypothetical or simulated performance results have certain limitations. Unlike an actual performance
record, simulated results do not represent actual trading. Also, since the trades have not been executed,
the results may have under-or-over compensated for the impact, if any, of certain market factors, such as
lack of liquidity. No representation is being made that any account will or is likely to achieve profit or
losses similar to those shown.
The indicators, strategies, columns, articles and discussions (collectively, the information) are provided
for informational and educational purposes only and should not be construed as investment advice or a
solicitation for money to manage since money management is not conducted. Therefore, by no means is
this publication to be construed as a solicitation of any order to buy or sell any security. Accordingly, you
should not rely solely on the information in making any investment. Use the information only as a starting
point for doing additional independent research in order to allow you to form your own opinion regarding
investments. Dont trade with money you cant afford to lose and never trade anything blindly.
Always consult with your licensed financial advisor before making and investment decision. Its your
money and your responsibility.

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