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Issue #427 
May 10, 2015 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Uncertainty Remains, Though Bulls Still Have Edge!
DOW Friday closing price - 18191
The DOW made a new all-time high weekly close on Friday, closing above the previous one seen 12 weeks ago at 18140. In addition, the index generated a positive reversal week, having gone below the previous week's low and closing above the previous week's high and on the highs of the week, suggesting that not only follow through to the upside will be seen but that the all-time intra-week high at 18288 will be tested and probably broken this coming week.
The DOW has taken over the leadership of the market and that is likely to continue throughout the next couple of months as the outlook for the overall market is still bullish but traders prefer the safety of the Blue Chip stocks during the normally slow and usually corrective summer months.
To the upside, and on an intra-week basis, the DOW shows minor intra-week resistance at 18205, very minor at 18244 and decent at 18288. Above that level there is no resistance except "general" resistance around the 18300 level. To the downside, minor intra-week support is found at the 18000 demilitarized zone (17970-18030) and then minor again at 18787. Stronger support is found at the 17700-17774 level.
It should be mentioned though, that the economic news this past week was not bullish and since the DOW has basically traded sideways-with-a-very-slight-bias-to-the-upside for the past 6 months, it does suggest that further upside is likely to continue but also likely to be limited, especially with the slow summer months ahead. It should also be mentioned that 14 weeks ago the index also generated a positive reversal week and a close on the highs of the week and on that occasion, the index generated an additional 3 weeks of green closes. Nonetheless, the index only appreciated 316 points (on a weekly closing basis) before selling of consequence was seen. Using that same situation as an example, it would suggest the index may find some decent selling interest around the 18500 level, if the general resistance at 18300 is broken.
The DOW is likely to continue higher this coming week but it should be said that much of Friday's rally had to do with the Tory victory in England as well as the fact it was the weekly close, meaning that it was not a good time for traders to stay short the weekend. The Tory victory is not likely to add much more to the market this coming week and with the indexes having made a new 5-week low on Wednesday, and no other economic news during the week was positive, it is certainly possible the index will give up much of the gains seen on Friday at the beginning of the week.
The 18000 demilitarized zone must now be considered indicative and likely short-term pivotal support for the DOW. If that support level gets broken, the traders will feel disappointment and the index may revert back to the sideways trading seen the past few months. The probabilities favor the bulls but slightly.
NASDAQ Friday closing price - 5003
As expected, the NASDAQ was the laggard this past week, having generated a red weekly close in spite of the gains seen in the other 2 indexes, both of which closed in the green. In addition, the failure to follow signal given last week when the index closed below the previous all-time high weekly close at 5026, was confirmed with a second red weekly close in a row below that level.
The NASDAQ did close near the highs of the week and further upside above last week's high at 5043 is expected to be seen this week, suggesting the bulls will have another chance to negate the failure to follow through signal. If accomplished, it would give them additional ammunition with which to test the recent intra-week 15-year high at 5119, as well as the all-time high at 5132 that if broken would suggest the uptrend has resumed. Nonetheless, if the failure signal is once again confirmed next Friday, especially with a close below the strongly psychological 5000 level, it would give the bears the kind of chart ammunition they need to generate a correction.
The NASDAQ has a difficult path to resuming the uptrend, given that AAPL is no longer in the index, PCLN gave a strong failure-to-follow-through signal this past week and GOOG seems to be stuck in a sideways trading range that does not offer short-term respite. NFLX and AMZN are the only high profile stocks that still look bullish but only NFLX was able to make a new all-time high this past week but is strongly overbought and probably overpriced, which in turn means its upside is likely to be limited. As such, the probabilities of the index resuming the uptrend have to be considered low.
To the upside, the NASDAQ shows minor to perhaps decent intra-week resistance between 5043 and 5046, decent at 5119 and strong at the all-time intra-week high at 5132. To the downside, minor intra-week support is found at 4952, a bit stronger between 4912 and 4921 and decent at last week's low at 4888. Further and possibly pivotal mid-term support is found at 4825.
This past week's rally in the NASDAQ is suspect since earlier in the week the index made a new 5-week low and in the process broke 2 intra-week supports of some consequence at 4921 and at 4912. The main turn around to the upside was on Friday when the English market rallied strongly due to the Tory win, meaning that the rally may have been unauthentic and could fail just as easily as it happened.
The NASDAQ will continue to be the index to watch this week, if for no other reason than it is the only index with a major long-term intra-week resistance level above at 5119/5132. Evidently if the resistance level is broken, it will suggest the entire market is resuming the uptrend. By the same token, if the bears can prevent further upside and generate a red close next Friday, it could be the sign that no further upside will be seen, at least not until after the summer is over.
Probabilities in the NASDAQ slightly favor the bears.
SPX Friday closing price - 2116
The SPX generated a new 4 week low but then turned around to close near the highs of the week, suggesting further upside above last week's high at 2120 will be seen this coming week. The index is now only 5 points from its all-time high at 2125 and based on the action this past week, that all-time high is likely to be broken this coming week.
Nonetheless, for the past 12 weeks and on a weekly closing basis, the SPX has traded sideways, with the bulls having only accomplished rallying the index a total of 7 points above the high weekly close seen the third week of February at 2110, which in turn suggests that last week's rally will likely fizzle out, as has been seen repeatedly during this period of time.
The SPX is showing a bearish double top on the daily closing chart at 2117 and it is important to note that Friday's intra-day high was 2117, which was seen early in the day (at 11:50am) and for the next 4 hours of trading the bulls were unable to get above that level even though the index remained strong during the day as the low for the last 4 hours was only 2112 (5 point trading range). The end result was a close at 2116, which does mean the double top remains intact. It is likely the traders will be closely watching the index on Monday (especially the close) for clues as far as direction for the week, using Friday's high and intra-day low at 2112 as the chart parameters.
To the upside, the SPX shows minor to decent intra-week resistance at 2119 and decent at 2125. To the downside, minor intra-week support is found at 2094, a bit stronger between 2072 and 2077, and decent at last week's low at 2067. Below that level there is no support until the 2039/2045 area is reached.
Over the past 12 weeks, the SPX has generated a total of 5 weekly closes on the high of the week (including last week) and yet on the previous 4 closes the follow through to the upside the following week was as little as 1 point and as much as 9 points, meaning that the close on the highs on Friday, with an intra-week high at 2120, is not likely to take the index higher that 2129 this coming week and it could be as little at 2121, if and when the pattern is repeated.
Probabilities continue to favor the bulls but with the reason for last week's rally being flimsy (the Tory win in England), the probabilities are at best 51-49.
The indexes continue to trade in a volatile manner but with no clear direction due to the muddled picture of the economy. With both the ISM Index and Jobs Report having come out this last week and not due to come out for another 4 weeks, the probabilities continue to favor a mostly sideways trading range with a "very slight" upward bias.
Reports on Retail Sales, PPI, Industrial Production, Capacity Utilization and Michigan Sentiment are due out this coming week but none are likely to shed any new light on the economy, suggesting more of the same as seen the last 12 weeks will be seen this week.
Outside the U.S., events are still possible catalysts (such as the possible Greek debt default) but none of those have a clear time frame for resolution and as such difficult to factor in to an evaluation of the market. Expect volatility, as well as continued leadership by DOW stocks, but little progress in either direction.
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Stock Analysis/Evaluation
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CHART Outlooks
Based on the recent action and economic news, it is unlikely that the indexes will be doing much trending (in either direction) for the time being. Nonetheless, it does seem likely that the DOW will outperform the other indexes as money will likely swing more to the safety of Blue Chip stocks than go into more speculative companies, especially given that the summer months are usually the slowest of the year for growth.
There are 3 buy mentions and 1 sell mention this week. The buy mentions are all in stocks that have recently seen a strong correction and if the indexes continue to trade sideways with a slight upward bias, these stocks could appreciate back up to their recent high levels. The sell mention is geared to the idea that oil prices may have found their recent short-covering high.
PURCHASES
BA Friday Closing Price - 145.46
BA has been on a strong uptrend since March 2013 when it broke out from a 5-year high at 80.65 but accelerated even more after it made a new all-time high in September of that year, above the previous all-time high at 107.83. Just 2 months ago the stock got up to 158.83 but then received a disappointing earnings report where it mentioned the company had a short-term cash flow problem and off of that report the stock reached down last week back to the most recent previous intra-week all-time high seen in January of last year at 141.90, having seen a low this past week at 140.43.
BA generated a positive reversal this past week, as well as a close on the highs of the week, suggesting the 140.43 can now be considered the correction low and that further upside above last week's high at 145.94 will be seen this week. By the same token, the stock gapped up on Friday between 142.18 and 142.98 and the gap is highly likely to be closed at some point this week since there was no news to support the gap. A drop down to that level will be seen as a good opportunity to purchase the stock, especially since a retest of the 140.43 low is expected to be seen before the bulls try to resume the uptrend.
The fundamental outlook for the BA remains strongly positive as is stated by a buy mention that is presently in place at Sterne Agee that offers a $196 upside price target. Sterne Agee analyst Paul Ausick stated today (May 3rd): We reiterate our view that the Free Cash Flow profile of BA should remain robust through peak production levels in 2018. Yesterday's reiteration of the 2015 outlook for >$9.0 billion in cash from operations despite the soft start to cash generation in 1Q15 gives us confidence in robust 2H15 for [free cash flow].
From purely a chart point of view, it can be said that BA has strong support at the $140 level, which was the breakout point from a 1-year sideways trading area between $120 and $140 that lasted all of 2014. With no reason at this time to believe the DOW is ready to generate a strong correction or that the fundamental picture of the company has changed to the negative, it seems highly unlikely that the bears will have any success in taking the stock below the $140 level, especially now with the reversal seen this past week.
To the upside, BA shows minor intra-week resistance at 148.25 and just a little bit stronger at the $150 level, mostly because of 2 previous lows of some consequence at 149.79 and at 149.44, as well as from the psychological resistance that can be expected at the $150 level. Further but likely decent as well as pivotal resistance is found between 154.09 and 155.50 that if broken would suggest the all-time high at 158.83 would be tested and probably broken as well.
To the downside, BA shows minor support at 142.75/143.04 and then nothing until the previous weekly closing high at 141.90. Further support is found at last week's low at 140.43.
The long term outlook for BA suggests the stock will continue higher at some point this year and attempt to get up to the Sterne Agee objective of $196. Nonetheless, for the sake of this mention, the objective will be the $150-$153 level, which is a level with a "high" probability of being reached before any long term decision on the stock is made.
Purchases of BA between 141.26 and 142.19 and using a stop loss at 139.65 and having a $150-$153 objective will offer a 4-1 risk/reward ratio.
My rating on the trade is a .5 if using the stop loss mentioned and a 4 if not using a stop loss (on a scale of 1-5 with 5 being the highest).
MMM Friday Closing Price - 160.60
MMM has been on a sideways trading range between $155 and $170 for the past 6 months and there doesn't seem to be any reason to think the stock will be breaking that trading range anytime soon. With the stock trading near the $155 level, the stock fits in well with the trading strategy that supposes the DOW will continue trading sideways but will be the leader and have a slight bias to the upside and that trading the range is the thing to do for the next few weeks.
MMM has been mimicking the DOW almost to a tee for the past few years, suggesting that what the index does the stock will do. In addition, the stock shows strong chart reasons to believe the downside is extremely limited at this time, given that the 50-week MA (currently at 153.60) and the 200-day MA (currently at 155.35) have held firm since January 2012 (3+ years), having broken the 50-week MA only once and then only by 1 week and the 200-day MA by 7 days, all in October of last year, meaning those lines are dependable. As such, it seems unlikely either of those lines will be broken at this time, unless some negative news comes out. With the earnings report already out for this quarter, it is likely the stock will move more on what the index does than on anything else, with a high probability of trading up to the top of the trading range.
To the upside, MMM shows minor resistance at 160.86 and again at the bottom of the gap area between 161.45 and 162.47, which was created when the stock reported earnings on April 23. Further minor to perhaps decent resistance is found at 162.90 and at 165.70, in which the latter also shows the 50-day MA, currently at 164.70. Decent resistance is found at 164.70 and strong at 170.50.
To the downside, MMM shows decent support at the previous week's low at 156.01, which does include the 200-day MA, currently at 155.75. Below that level there is no support until psychological support is found $150 that includes the previous high at 147.67.
MMM closed in near the highs of the week and further upside above last week's high at 161.40 is likely to be seen. Nonetheless, the stock gapped up on Friday between 159.20 and 160.06 but closed near the lows of the day, suggesting the first course of action will be to close the gap. Intra-week support is found at 158.50 and at 157.75 and a drop to one of those levels is likely to be seen this week. General support is found at the 157.00 level.
Purchases of MMM between 157.00 and 157.75 and using a sensitive stop loss at 155.65 and having an upside objective of 165.72, will offer a 4 risk/reward ratio.
My rating on the trade is a 3 (on a scale of 1-5 with 5 being the highest).
LLL Friday Closing Price - 116.45
LLL is a company that provides intelligence, surveillance, and reconnaissance systems in the United States and internationally. From September 2011 to February 2015, the stock rallied from a low of 58.30 to a high at 132.92 and for the past 12 weeks, the stock has been on a corrective phase that has reached 15% and that has pushed the stock down to a low of 112.72, seen 2 weeks ago.
LLL generated a green close last week, as well as a close on the highs of the week, suggesting the correction may be over. The stock reached a decent intra-week support level at 113.01 (with a drop down to 112.72) and now seems to be moving back up to test the high. The close on the highs of the week suggests further upside above last week's high at 116.96 will be seen this week.
With LLL still in a strong uptrend, the probabilities of the uptrend resuming are high but even if the stock gets into the kind of sideways trading that is being seen in the index market, the chart still offers a nice upside objective at $125 that would be considered a needed retest of the all-time high.
To the upside, LLL shows minor to perhaps decent resistance at the $120 demilitarized zone, given the fact that level has previous shown support and resistance power, as well as the fact the 200-day MA is currently at 120.20. Nonetheless, the weekly chart suggests the upside objective is the right shoulder of a potential Head and Shoulders formation at 127.27 (125.56 on a weekly closing basis).
To the downside, LLL shows intra-week support between 112.72 and 113.01 that includes the recent low as well as a 14-week area of previous consolidation seen between February and May of last year. Below that level though, there is no support until decent support at 105.14.
LLL gapped up on Friday between 115.29 and 115.79 and the probabilities are high that gap will be closed since there was no news attached. Intra-day support suggests the stock will drop down to at least the $115 level, if not down to 114.13, which is where the mini breakout to the upside occurred on Thursday.
Purchases of LLL between 114.15 and 115.10 and using a stop loss at 112.62 and having a 125.00 objective, will offer a 4-1 risk/reward ratio. Even if only the $120 level is reached (high probability), the trade will still offer at least a 2-1 risk/reward ratio.
My rating on the trade is a 2.75 (on a scale of 1-5 with 5 being the highest).
SALES
XOM Friday Closing Price - 88.99
XOM is a company that has been under sell pressure this year due to the glut of oil in the market. The stock has fallen from the all-time high seen in July of last year at 104.72 (when oil was trading above $100 a barrel) to the low seen a few weeks ago at 82.58 (when oil fell to $42 a barrel).
XOM has always been a good stock to trade technically, especially when using the 100-month and 200-week MA lines. In the past 24 years the stock has only broken the 100-month MA once, currently at 82.30, even though it had tested the line on 5 occasions. Nonetheless, the time it did break the line (June to August 2009), it did break it by as much as $4. Over the past 10 years, the stock has broken the 200-week MA, currently at 89.40, on 4 different occasions with the shortest break being 4 weeks and the longest break being 23 months.
XOM broke below the 200-day MA in February of this year and it has now been 11 weeks the stock has stayed below the line, though it does need to be mentioned that with the recent rally in oil from $42 to $62 the stock managed to get back up to the line this past week to test it.
Oil prices are not expected to go much higher and it should be mentioned that quite a few analysts are still expecting that oil prices will go back down and with high possibilities that the recent low at $42 will be broken as well. As such, the probabilities of XOM heading back down to its recent low and possibly breaking it as well are high.
To the upside, XOM shows resistance at the $90 demilitarized zone but stronger intra-week resistance between 93.45 and 93.49. It also should be mentioned that the 200-day MA, currently at 92.20, is also considered decent resistance. To the downside, the stock shows support at 86.03, at 84.70 and at the recent low at 82.68. Nonetheless, it does need to be mentioned that other than the 100-month MA, currently at 82.30, the stock shows no history of support at that price, suggesting that if oil drops below $42, the stock could drop down to the long standing support at the $80 level. Given that the 100-month MA was broken once by $4 for 3 months, a drop down to the $80 level is a good possibility.
The biggest problem with the XOM short trade will be the entry point as the $90 demilitarized zone, which does include the 200-week MA at 89.45, has to be considered a decent resistance level. Nonetheless, rallies up to the mid 93's are certainly possible, even within the context of the stock getting back down to the $80 level thereafter.
Sales of XOM between 89.60 and 92.10 and using a stop loss at 93.75 and having an 80.00 objective, will offer anywhere from a 2.5-1 to a 6-1 risk/reward ratio (depending on the entry point).
My rating on the trade is at 3.75 (on a scale of 1-5 with 5 being the highest).
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Updates
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| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| AREX made a new 4-week low and in the process failed to go above the previous week's high in spite of the previous week's reversal and close on the highs of the week. The stock closed on the lows of the week and further downside below last week's low at 7.51 is expected to be seen this week. Nonetheless, the short to mid-term uptrend remains intact. Support of some consequence is found between 6.85 and 7.00 that should not be broken at this time unless the fundamental reasons for the rally have changed (not likely). Minor resistance is now found at 8.07, a bit stronger at 8.34 and decent at 8.93. Further and decent resistance is found at 9.57. Objective remains the $10 demilitarized zone which includes the 200-day MA, currently at 10.50. Probabilities favor some kind of positive reversal this week which could include a trading range of 6.85 to 8.20. Additional purchases can be made around the 6.90 level, using a 5.99 stop loss and a 10.30 objective, which would offer a 3.7-1 risk/reward ratio with a probability rating of 3.25. ARNA generated a new 18-week low weekly close on Friday, breaking the triple low found on the weekly closing chart between 4.31 and 4.33 (closed on Friday at 4.24). Breaking that triple low was highly likely, inasmuch as any multiple lows above 2 are usually broken. Since January, when the stock successfully tested the 200-week MA, currently at 5.48, it has been on a clear short-term downtrend that has not yet shown any indication of turning around. Minor to perhaps decent intra-week resistance is found between 4.47 and 4.51 and then decent and likely indicative (as to the short-term downtrend) at 4.79. The stock closed slightly in the lower half of the week's trading range and further downside below 4.09 is expected to be seen with 4.01 as the likely objective. Though support is decent at 3.85, if seen again it would be considered an additional negative, which in turn could cause the stock to slide down in an attempt to close the gap down between 3.59 and 3.66. Probabilities favor additional weakness this week but some buying interest to be found around the 4.01 level. BWA generated a green weekly close on Friday that accomplished invalidating all the negatives of the less than expected earnings report that came out 2 weeks ago. The gap between 60.29 and 59.59 was closed on Monday and further upside was seen the rest of the week, causing the stock to close out the week just 19 points below the weekly close resistance level at 61.41 that is considered a level that if broken would bring about new buying interest. The stock closed out the week on the highs of the week and further upside above last week's high at 61.66 is expected to be seen, Intra-week resistance is found at 62.70 and at 63.30 that if broken would offer at least a rally up to the 64.07 level. Nonetheless, the stock is showing a bullish flag formation on the weekly chart that offers a 72.08 objective if the top of the flag at 63.30 is broken. Minor support is now found at 59.60 and decent support at 58.33. Probabilities favor the bulls. CBRL generated a positive reversal week, having made a new 11-week low and then closing in the green. The stock closed near the highs of the week and further upside above last week's high at 138.33 is expected to be seen. Intra-week resistance is found between 142.49 and 142.84 and then again at a previous intra-week low of consequence at 146.43 that does include the 50-day MA, currently at 146.20. Daily close support of consequence is now found between 131.50 and 132.50. Minor intra-week support is found at 133.00 and stronger at 132.14, as well as at last week's low at 131.29. Probabilities favor the stock being in a trading range between 132.50 and 142.50 for the next few weeks. ENG has generated a weekly close below the 200-week MA, currently at 1.71, on 28 out of the last 32 weeks. Nonetheless, the stock has also been in a 2-year mid-term "uptrend" that is delineated by a 3-point trend line that is presently at 1.52, using both the intra-week and weekly closing prices. With the stock having dropped down to 1.55 this past week but then bouncing up to close near the highs of the week, it does suggest that either the trend line or the MA line will be broken soon, if not this week. The chart formation presently in place suggests that a weekly close above 1.71 or below 1.52 would be indicative. Nonetheless, it would be more short-term indicative for the bears than the bulls as the bulls still would need to close above the MA line for more than just 2 weeks and likely would need to close above 1.80 for the buying to pick up. A close above 2.00 though, would likely bring in strong buying interest. Probability favors the bulls at this time. FCEL made a new 5-week low at 1.21, as well as closed on the lows of the week, suggesting that further downside below that price is likely to be seen this week. Intra-week support is found at 1.19 that if broken would additionally weaken the chart and offer a drop down to the 1.10-1.14 level, if not down to the 2-year low at 1.05. Unfortunately for the bulls, the chart suggests the stock will see further weakness and that the support at 1.19 will be broken. Likely pivotal resistance is found at 1.31. Fundamentally, the stock continues to be recommended by several analysts but the action has not been reflecting that support. Probabilities favor the bears this week. FSLR dropped down into the gap area between 49.97 and 54.63 with a drop this past week to 54.57. Nonetheless, the bulls were able to generate some buying interest and the stock closed slightly in the upper half of the week's trading range, suggesting further upside above last week's high at 57.82 will be seen this week. It is important to note that the 100-week MA, currently at 55.50, is a line that in this stock has been dependable over the years and if the stock gets above last week's high, and especially if it closes in the green next Friday, it would be seen as a successful retest of that line. On the other side of the coin, the 50-week MA, currently at 57.85, has also been dependable over the years and that line was broken this past week as well. As such, this coming week is pivotal for the stock, inasmuch as a break above or below last week's trading range (54.57-57.82) is likely to be indicative, especially on a weekly closing basis. The probabilities slightly favor the bulls. NFX generated a strong down move this week, having made a new 5-week low and totally negating the previous 4 weeks of green closes with a close below the weekly closing price seen 5-weeks ago. The stock closed near the lows of the week and further downside below last week's low at 34.78 is expected to be seen this week. The stock did generate a green daily close on Friday and on the highs of the week, suggesting the first course of action for the week will be to the upside and above Friday's high at 36.51. Resistance is found between 37.00 and 37.50, which does include the 200 60-minute MA, currently at 37.60. Objective of the short trade is 33.80, which is where the 200-day MA is currently located, and based on the drop seen last week, the probabilities are high that level will be seen this week. There is additional support on the weekly chart at 32.80 that might be reached as well. Probabilities favor the bears though some green, up to perhaps 37.60, is likely to be seen this week. TOL generated a positive reversal, having made a new 13-week low and then closing in the green. The stock did close near the highs of the week and further upside above last week's high at 37.11 is likely to be seen this week. It should be mentioned that the stock did get down to 35.03, which is where the 50-week MA is currently at, and bounced off of it, suggesting the 34.75-35.00 mention objective has been fulfilled. The stock did close on the lows of the day on Friday and the first course of action is likely to be to the downside, with the intent of testing the 35.03 low. Support is found at 36.03 and a bit stronger at 35.45. Such a drop should be used to take profits on the trade.
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1) FCEL - Averaged long at 2.227 (4 mentions). No stop loss at this time. Stock closed on Friday at 1.21.
2) ENG - Averaged long at 1.92 (3 mentions). No stop loss at present. Stock closed on Friday at 1.65.
3) FSLR - Averaged long at 59.404 (4 mentions). No stop loss at present. Stock closed on Friday at 56.37.
4) AREX - Averaged long at 6.08 (3 mentions). Stop loss now at 5.99. Stock closed on Friday at 7.71.
5) ARNA - Averaged long at 4.30 (3 mentions). No stop loss at present. Stock closed on Friday at 4.24.
6) TOL - Averaged short at 37.45 (2 mentions). Stop loss now at 39.11. Stock closed on Friday at 36.59.
7) BWA - Purchased at 60.38. No stop loss at present. Stock closed on Friday at 61.27.
8) CBRL - Purchased at 140.37. No stop loss at present. Stock closed on Friday at 136.82.
9) NFX - Shorted at 39.49. Stop loss at 40.35. Stock closed on Friday at 36.44.
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The opinions and commentaries by Mr. De Vito are not a recommendation to buy or sell, but rather
a charting guideline, based on his own knowledge and experience, regarding the stocks he is following or
that are brought to him by others. Mr. De Vito does not presently offer a track record of his trading experiences.
No inference of success and/or failure should be assumed. The
information enclosed above, regarding his background, length of trading, and experience, is correct
but is not meant to suggest, state, or infer any future success in trading, based on his opinions. The information herewith included should only be used by investors who are aware of the risk inherent in securities trading. Mr. De Vito accepts no liability whatsoever for any loss arising from any use of the information and/or comments he supplies. |
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