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Issue #446 
September 27, 2015 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| End of the Year Rally Could Begin this Week!
DOW Friday closing price - 16314
The DOW, in spite of seeing a wave of buying interest in Blue Chip stocks on Friday, remained entrenched in the correction (short-term downtrend), having generated a red weekly close even though the index traded above the previous week's close for the first 6 hours of trading on Friday.
By the same token, the DOW outperformed the other indexes this past week, having closed only .5% below the previous week's close, whereas the NASDAQ closed 3% lower and the SPX 1.3% lower, suggesting that the traders might be seeing on the horizon a possible end to the correction but still see the high likelihood of further downside coming first, and as such prefer to err on the wrong side by buying the safer Blue Chip stocks.
The volatility in the DOW continues, having generated a 562 point trading range this past week, added to the 603, 555, 1299, 1011 and 1110 seen the previous 5 weeks before that, suggesting that the correction is not over but that most of the trading is now being technical in nature as the trading ranges seen the last 3 weeks have diminished when compared to the first 3 weeks of the correction.
To the upside and on an intra-week basis, the DOW shows very minor resistance at 16465 (Friday's high), very minor again at 16500 and minor at 16550. Above that level, minor to perhaps decent resistance is found at 16664/16669. Decent resistance will be found at the previous week's high at 16933.
To the downside and on an intra-week basis, the DOW shows minor to perhaps decent support at the 16000 demilitarized zone (15970-16030). Additional and minor to decent support will be found at 15855 and decent to strong at the recent low at 15370, that is further strengthened by the 200-week MA, currently also at 15395, as well as by the 15340 low seen on February 2014.
The chart of the DOW suggests that the index will be heading down at the beginning of the week as the traders are likely to target a break of the triple low that is found at the 16000 demilitarized zone (15979 seen on 9/1, 16026 seen on 9/4 and 16016 seen on 9/24). Having failed to generate any break of resistance on Friday's rally, there is no reason not to "technically" target the break of the triple low unless something fundamentally positive occurs over the weekend in Asia or Europe (not likely). As such, the chart suggests that the index could get down to the intra-week support at 15855 or even down to the 200-week MA, currently at 15395, at the beginning of the week. Nonetheless, the ISM report comes out on Wednesday and the Jobs report on Friday and those 2 reports could be pivotal to what the index does thereafter.
It should be mentioned that in the last big correction in the DOW back in 2011, the index generated the low of the correction, as well as a strong positive reversal week, the first week of October, suggesting that the traders will be looking at such an occurrence being a high probability this year as well, especially with those 2 important reports on the weekly schedule.
Probabilities favor the DOW heading lower at the beginning of the week but then turning around by the end of the week.
NASDAQ Friday closing price - 4686
The NASDAQ received the brunt of the selling interest this past week, having fallen 3% in value, compared to the DOW falling .5% and the SPX falling 1.3%. The lack of leadership does suggest that further selling pressure is to be seen and that the high-flying Tech sector will be the hardest hit.
By the same token, the NASDAQ bears were not able to generate any new sell signals on the weekly closing chart, having closed on Friday above the most recent low weekly close at 4683, also suggesting that the sell pressure to be seen this week could be short-term or temporary.
The main tech sector in the NASDAQ (AAPL, AMZN, NFLX, GOOG, and PCLN) all generated the kind of a chart week where further downside is expected to be seen, which does support the idea the index will see lower prices as well. By the same token, right across the board with all of those stocks, the main objective on the charts is a retest of the recent lows, meaning that the selling pressure is likely to be temporary or short-term as well.
To the upside and on intra-week basis, the NASDAQ shows minor but likely indicative resistance at Friday's high at 4985, which represents the unclosed and possible runaway gap up at 4795. Further intra-week resistance is found at 4814, at 4836 and 4856. Decent resistance is found at the resent high at 4960. On a daily and weekly closing basis, resistance is decent at the 50-week MA, currently at 4870 and at the 200-day MA, currently at 4920.
To the downside and on an intra-week basis, very minor support in the NASDAQ is found at 4657 and a tiny bit stronger at 4614. Below that level, there is decent support between 4547 and 4563. Below that level there is no support until the recent low at 4293 is reached. On a daily closing basis, support is found at 4547 and at 4500 (which is the most recent low daily close seen the day after the 4292 low was made).
The NASDAQ chart "strongly" suggests that the intra-week support at 4547 will be tested this week. The failure to close the recent runaway gap at 4795 on Friday (in spite of the strength seen in the morning and the rally to 4785, the negative reversal on the daily chart on Friday (higher highs and lower lows than the previous day, as well as a red close), as well as a close on the lows of the week, does suggest that the selling pressure at the beginning of the week will be strong and with no support of any consequence until 4547 is reached, getting down to that level is a high probability. By the same token and given than the recent low is 4293, the support at 4547 is suspect and could be broken if the momentum to the downside at the beginning of the week (and prior to the important economic reports) causes some panic selling to occur. Simply stated, a drop down to 4547 is likely to be seen but it could be more.
By the same token and based on what happened in October 2011, there is a decent possibility (perhaps even probability) that the NASDAQ will see a reversal by the end of the week and a green weekly close. It should also be said that the index is still in a long-term uptrend and did see a pause in the uptrend in Dec-Feb 2014/2015 when the index traded sideways for 9 weeks and generated 3 red weekly closes at 4653, at 4634 and at 4635. The index has now seen 2 low weekly closes over the past 7 weeks at 4706 and at 4683 and given that the index closed at 4686 on Friday, if a green close occurs next Friday, the same supportive scenario will be seen, which in turn would suggest resumption of the uptrend could likely occur.
Probabilities favor the NASDAQ seeing some (perhaps a lot) of weakness at the beginning of the week but then a reversal occurring at the end of the week and a green close.
SPX Friday closing price - 1931
The SPX has now spent 4 weeks in a row below the 100-week MA, currently at 1970, and that is not something that has occurred since 2011 when the index spent the same 4 weeks in a row below the line before generating a 1-week rally that took the index above the line, followed by another 2 weeks below the line, before resumption of the uptrend occurred.
The SPX closed near the lows of the week and further downside below last week's low at 1908 is expected to be seen this week, especially since the index has generated 6 red closes and near the lows of the day out of the last 7 days, meaning that no buying interest of consequence is being seen yet. By the same token, with the low of the 2011 correction seen the first week of October, followed by a reversal week, the probabilities have increased that the same thing might happen this week.
To the upside and on an intra-week basis, the SPX shows minor resistance at Friday's high at 1952 and then minor to perhaps decent resistance between 1970 and 1975, that includes a previous intra-week low of consequence, an intra-week high of minor consequence, as well as the 200 60-minute MA. Further minor to perhaps decent resistance is found between 1988 and 1993 and decent resistance at 2019/2020.
To the downside and on an intra-week basis, the SPX shows minor to perhaps decent support between 1903 and 1918 and then nothing until decent support is found at the recent low at 1867. Below that level, there is decent longer-term support at 1820.
The chart of the SPX suggests that the most recent low at 1904 will be seen this week and if broken (decent possibility) that the recent major intra-week low at 1867 will tested. A break of 1867, would strongly suggest that the bears will take the index down to the 1820 level that is long-term pivotal support. By the same token, it needs to be remembered that if the index closes next Friday below 1886, a major sell signal on the weekly closing chart will be given meaning that the probabilities do favor that level being seen at some point during the week but whether the index closes above or below that level on Friday will likely depend on how all the economic reports due out this week were evaluated by the traders.
Probabilities favor the SPX showing weakness at the beginning of the week and a positive reversal by the end of the week.
As stated above and based on the correction seen in 2011, the probabilities favor this coming week being a positive reversal week, with the indexes showing weakness at the beginning of the week and then strength at the latter part of the week. Nonetheless, there are many fundamental things that are occurring that are different from what happened in 2011, given that there is still an interest rate hike looming above (not so in 2011), the Boehner resignation could have deeper repercussions in December, as far as the debt ceiling issue is concerned (debt ceiling issues are always a "monkey wrench"), and the Chinese market not affecting the world's economic condition in 2011 as much as it is doing now. These potential negative events are impossible to factor in to the situation being seen now, meaning that the chart outlook is not as dependable as the charts suggest it might be.
This week there will be quite a bit of economic information due out, with Personal Income and Spending on Monday, the 20-city Case/Schiller report and Consumer Confidence on Tuesday, ISM Index and ADP Employment Change on Wednesday, and the Jobs Report on Friday. Further complicating things is the fact the under the present interest rate scenario outlook, positive reports could be seen negatively and vice-versa, meaning that it is impossible to anticipate how the reports will affect the market until after they come out.
Nonetheless, the chaos being seen seems to have been mostly factored in already into the action of the indexes, meaning that unless there are some "big" surprises in the reports (not likely), the probabilities do favor the chart outlook mentioned above being the most likely scenario.
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Stock Analysis/Evaluation
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CHART Outlooks
The chart history and timing of the correction seen in 2011, which seems to mimic much of what has happened this time around, does suggest that the indexes will see a spike low this week and a reversal, which in turn would be the beginning of the seasonal end-of-the-year rally which has been a staple of the market for a long time.
As such, all mentions this week will be purchases.
By the same token, the one thing that is still needed to be seen is the spike low like what was seen in the first week of October 2011, meaning that purchases should only be considered if such a spike down occurs and desired entry points are reached.
PURCHASES
SINA Friday Closing Price - 37.70
SINA has experienced a very volatile condition over the past 6 months, having seen a low of 31.92 in April, a high of 61.25 in June, and a drop back to 32.61 in August. The volatile condition has occurred based on 2 better than expected earnings reports in May and August as well as the announcement on June 1st that the CEO of the company had purchased $456 million in common shares. The recent drop back down to 32.61 has occurred mainly because of the Chinese economy finds presently in a recession, with its stock index having dropped 45% from its highs.
Nonetheless, over the past 5 weeks SINA has been able to generate a bit of a recovery from its lows, having rallied from 32.61 to a high of 40.44, seen on September 16th, and now seems to be on the way back on a quest to retest the 32.61 low that has not yet been retested successfully on the weekly chart since it was made.
SINA closed near the lows of the week on Friday and further downside below last week's low at 36.22 is expected to be seen this week. With the low for the past 4 weeks being 36.18, any drop below that level would be considered a possible retest of the 32.61 low.
To the downside, SINA shows minor to perhaps decent intra-week support between 34.78 and 35.05, which based on the outlook for the indexes and other stocks, is likely to be seen this week. That support level is further strengthened by intra-week lows seen in February and June 2010 at 35.27 and at 34.26, as well as a major spike low at 32.00 that ultimately generated an uptrend.
To the upside, SINA chart shows minor intra-week resistance at 38.20, at 38.76, and at 39.25 and decent resistance at the recent 40.44 high that also represents where the 200-day MA is currently at. Above 40.44, the stock shows minor to decent intra-week resistance at 42.77 and again at 44.87 which does represent a level of previous low weekly close resistance that got broken and caused the stock to drop down to the recent low. If the stock closes above 44.87, there is no resistance of consequence until the 200-week MA, currently at 54.95, is reached.
The purchase in SINA is based on the fact that the stock has traded above the $42 level for 78% of the time over the past 66 months and that the CEO of the company felt strong enough to purchase $456 million in shares at 41.49, suggesting that if the Chinese market starts a recovery from its lows, that the stock is likely to be one of the ones leading the way.
For the time being, the upside objective of the SINA purchase will be a return to the $50 level, which will be a magnet if the stock can get above the minor to perhaps decent resistance found at $42.
Purchases of SINA between 34.70 and 35.30 and using a stop loss at 31.65 and having a 50.00 objective, will offer a 5-1 risk/reward ratio.
My rating on the trade is a 3.25 (on a scale of 1-5 with 5 being the highest).
KNDI Friday Closing Price - 5.77
KNDI is another stock that has suffered greatly due to the big drop in the Chinese market, having seen a high of 22.49 in July 2014 and now trading below the $6 level just 15 months later. The stock has seen a total of 7 months in a row of red closes but also 11 out of the last 13 months, meaning that the stock can be categorized as oversold and likely overdone to the downside.
KNDI closed on the low of the week last week and further downside below last week's low at 5.76 is likely to be seen this week. By the same token, the probabilities also favor the low seen 5 weeks ago at 5.55 being broken and a fast move down to the 5.00 to occur.
Nonetheless, KNDI spent 29 months trading below the $5 level (between Jan 2011 and June 2013) and when that level was broken to the upside the stock got into a 9-month rally that took it to 22.40, suggesting that the fundamentals of the company need to be truly negative (not just the Chinese market falling) in order for the $5 level to be broken to the downside after such a long downtrend. As such, it does suggest that a purchase of the stock as close to the $5 level as possible is likely to generate a profit even if the Chinese market heads lower.
To the upside, KNDI shows decent intra-week resistance between 6.75 and 7.25 and a bit stronger at 8.50, that does include the 200-week MA, currently at 8.25, and that is highly likely to be seen if a short-covering rally occurs. By the same token, the monthly chart does suggest that at some point in the future (perhaps over a period of 6 months) a rally back up to the weekly close support level at 11.31, that held up for 18-months between December 2013 and May 2015 but when broken caused the recent move down to this level, will be retested, meaning that even though the mid-term objective of the trade is only back up to the $8 level, on a longer term basis the stock could bet back up to $11.
To the downside, KNDI chart shows that decent to possibly strong weekly close support is found at 5.00. Nonetheless, on an intra-week basis, further support of consequence is found at 4.12. The 4.12 level is a level that if broken, would give additional negative ammunition to the bears.
Purchases of KNDI around the 5.00 level and using a stop loss at 4.02 and having an 8.00 objective will offer a 3-1 risk/reward ratio. Nonetheless, the probability rating on the trade being successful if the desired entry point is reached is high enough that having a lower than 4-1 risk/reward ratio makes the trade a must-do.
My rating on the trade is a 4 (on a scale of 1-5 with 5 being the highest).
I do want to mention that I am planning on Averaging down on ARNA this week on any dip down near the 2.00 level and use a stop loss at 1.67 and having a 3.40 objective.
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Updates
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| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| AREX generated a second red close week, suggesting the stock is in the process of retesting the all-time weekly closing low at 2.02 (intra-week at 1.65). The stock closed in the bottom half of the week's trading range and further downside below last week's low at 2.04 is expected to be seen. Nonetheless, intra-week support is found at 1.86 and it is unlikely that the stock will get below that level unless oil prices take a big tumble this week. Probabilities do favor some weakness at the beginning of the week but some recovery toward the end of the week, possibly with a green close next Friday. ARNA generated a very negative 22% drop week, inasmuch as the important weekly close support at 2.46 was broken on Friday and the selling aggressively picked up when that occurred. The stock closed near the lows of the week, suggesting further downside below last week's low at 2.19 is likely to be seen this week. The stock shows one "last" intra-week support of consequence at 2.00 that if broken would likely cause the stock to go back to the 17-month trading range between 1.20 and 2.00 seen between September 2010 and February 2012. The fundamental and chart picture does not support such a scenario occurring, meaning that the low of this recent downtrend might be seen this coming week. Intra-week support is found at 2.00 and on a weekly closing basis, it is at 2.17. Weekly close resistance will now be decent between 2.80 and 3.07 and a bit stronger at 3.42. Probabilities favor weakness being seen at the beginning of the week but then recovery, with a decent possibility of a green close next Friday. CAT reported lower than expected earnings this past week, as well as received a downgrade immediately thereafter, causing the stock to take a big drop in price and breaking the important and pivotal intra-week support at 67.54. The stock closed on the lows of the week, suggesting further downside below last week's low at 64.65 will be seen this week. Minor intra-week support is found at 63.33 and then nothing until the $60 demilitarized zone, where some buying interest and a bounce might occur. Further and more important monthly close support (next Wednesday) is found at the 200-month MA, currently at 58.40. Nonetheless, if the stock closes on Wednesday below 58.40, a drop down to the $50 level might be seen. Minor resistance will be found at 67.54 and a bit stronger up at the $70 demilitarized zone. Probabilities favor the stock getting down to the $59/$60 level and bouncing back up to the $70 level but there is a slim to minor possibility that if the indexes are under strong selling pressure this coming week, that the bulls will be unable to hold the $59-$60 level and if that occurs, $50 will become the target. ENG bulls have been able to keep the stock above the 1.00 level for 4 straight weeks, as well as generate a mini short-term uptrend on the weekly closing chart, suggesting the stock could be ready for a short-covering rally back up to the 1.24-1.31 level. The stock had an uneventful week but did close on the highs of the week, suggesting further upside above last week's high at 1.04 will be seen this week. Resistance is found at 1.08 that if broken would open the door for a rally up to 1.24-1.31, which does include the 100-day MA, currently at 1.28. Support is found at .96 that if broken would likely push the stock down to test the recent multi-year low at .88. Probabilities slightly favor the bulls. FCEL generated a strong 20% drop in price this past week with no new news to cause the downdraft. The drop in price could be because PLUG (a company that does much of what FCEL does) received positive news but the rally that ensued failed to take the stock above the 200-week MA and as such caused the stock to close near the lows of the week (though still in the green), which in turn might be what caused selling to occur in FCEL. Nonetheless, it was expected that at some point the all-time low in FCEL at .64 would be tested before stronger buying interest would surface and the probabilities favor that the move down will turn out to be the required retest of the lows. The stock closed on the lows of the week and further downside below last week's low at .69 is likely to be seen this week. Intra-week support is minor to perhaps decent at .68 and then decent at .64. It should be mentioned that if the bulls can generate a green close next Friday, that the close this past Friday at .695 would generate a double bottom as the previous all-time low weekly close was at .688. Resistance is found at .84 and at .89 and stronger at 1.00. Probabilities favor some weakness at the beginning of the week and a reversal and green close at the end of the week. FSLR generated a red weekly close and near the lows of the week, suggesting further downside below last week's low at 42.15 will be seen this week. The stock did close below the 200-week MA, currently at 44.05, suggesting that the bulls will need to generate a green weekly close next week to negate the break. By the same token, it was expected that the recent 8-month low at 40.25 was going to be tested at some point and the probabilities do favor that scenario occurring this week. Intra-week support of some consequence is found at 41.56 that will fulfill the lower-low-than-last-week scenario. Resistance, on a daily closing basis, is now somewhat pivotal at 43.64, meaning that if the stock does go below last week's low but then generates a close above 43.64, that the bulls will step up to buy. Like with the indexes and many stocks, probabilities favor some early week weakness, followed by a rally and a green weekly close on Friday. IBM generated a green weekly close on Friday, making the previous week's close at 144.51 into a successful retest of the 58-month low weekly close at 143.70. The stock did close in the green and in the upper half of the week's trading range, suggesting further upside above last week's high at 146.98 will be seen this week. Nonetheless, the overall outlook for the stock based on the long-term chart (weekly and monthly) still suggests that the stock has a decent probability of heading down to the $130-$133 level before any recovery or consequence is seen. By the same token, the probabilities of the indexes turning around this week does suggest that a short-term trader could take profits on any move below 144.00 this week and look to re-short the stock at or slightly above the $150 level, that does look like it wants to be seen once again. KMX continued to generate weekly closes around the $60 demilitarized zone (now 4 in a row), suggesting the traders are waiting to see what happens with the overall market before making any decisions. The stock closed in the middle of the week's trading range, meaning the stock will likely move in conjunction with the indexes this week, which could be down at the beginning of the week and up at the end of the week. The stock did get a downgrade this past week that caused it to fall down to the 56.68 level before buying came in. Nonetheless, the drop will be seen as a successful retest of the recent 10-month low at 55.26 if the stock gets above last week's high at 62.68 this coming week. As such, consideration should be given to taking profits on the short positions on any drop back down below the 58.60 level. PGR generated an uneventful inside green-close week but did close in the bottom half of the week's trading range, suggesting that the stock will go below last week's low at 30.32 this coming week. On the weekly chart, the stock has not yet shown any kind of a retest of the recent spike low at 27.23, meaning that any drop below last week's low this week could end up being considered such a retest. Minor support is found at 30.17 and then nothing until again minor supports at 29.60, at 29.31 and at 29.12 are reached. The stock has been outperforming the indexes as of late, suggesting that any dip down to and slightly below the $30 demilitarized zone can be considered as an opportunity to take profits. Resistance is found at Friday's high at 31.17 and then stronger between 31.42 and 31.70 (all-time intra-week high). PHM generated a red weekly close but the bears were unable to make a statement, given that the stock closed in the middle of the week's trading range and still around the $20 demilitarized zone that has been weekly close support for the past 23 weeks. Intra-week support is found between 19.69 and 19.28 that if seen this week can be used to consider taking profits on the short positions because further downside is not likely to be seen unless the indexes go below the recent lows (not likely). Resistance is found at 20.44 and at 20.79. PRAA generated a drop below last week's trading range, as well as a red weekly close, making the previous week's intra-week high at 55.99 into a successful retest of the minor spike high seen in February at 56.09. The stock closed near the lows of the week, suggesting further downside below last week's low at 52.77 will be seen this week. Minor intra-week support is found at 52.23, minor to decent at 52.01, minor again at 51.51 and at 51.07 and stronger at 50.03, at 49.43 and strong at 47.84. The stock is likely to see 52.01 this week but if broken the probabilities would favor the 50.00 demilitarized zone being seen. Given that the indexes are likely to see weakness at the beginning of the week and strength at the end of the week, taking profits this week on a dip down to the $50-$52 level this week should be strongly considered. WMT has now generated 4 weeks without a new intra-week low below 61.51 being made, suggesting that if the indexes do head lower at the beginning of the week and then turn around at the end of the week that the stock is likely to do the same. The intra-week low at 61.51 did fulfill the mention's first objective of getting down to the important previous high weekly close objective of 62.41/62.48, meaning that if the indexes are to reverse this week that further downside is not likely to be seen until after a small short-covering rally occurs. As such, given that the indexes could generate a reversal this week, consideration should be given to taking profits on any dip below 63.30. XOM has now generated 4 weeks in a row with intra-week lows at 71.51, 71.80, 71.72, and 71.76, suggesting that the bears have run out of ammunition to push the stock back down to test the multi-year low seen 6 weeks ago at 66.55. The stock did close near the highs of the week and further upside above last week's high at 73.61 is likely to be seen this week. Minor resistance is found at 74.68 and stronger between 75.47 and 75.98, which does include the 50-day MA, currently at 75.95. Probabilities continue to favor the stock staying within that trading range this week but a break above 75.98 would suggest the stock will rally on upward toward the $80 level, while a break below 71.50 would suggest the stock will drop down to the $70 demilitarized zone. Though this stock has some sensitivity to the index market, it works more off of oil prices, meaning that for now the probabilities continue to favor the stock trading between $70 and $76 for the next few weeks.
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1) FCEL - Averaged long at 2.227 (4 mentions). No stop loss at present. Stock closed on Friday at .69.
2) ENG - Averaged long at 1.92 (3 mentions). No stop loss at present. Stock closed on Friday at 1.03.
3) FSLR - Averaged long at 59.404 (4 mentions). No stop loss at present. Stock closed on Friday at 43.29.
4) AREX - Averaged long at 6.013 (3 mentions). No stop loss at present. Stock closed on Friday at 2.18.
5) ARNA - Averaged long at 4.30 (3 mentions). No stop loss at present. Stock closed on Friday at 2.24.
6) PGR - Averaged short at 30.73 (2 mentions). Stock closed on Friday at 30.67.
7) PHM - Shorted at 22.06. Stop loss now at 22.35. Stock closed on Friday at 19.96.
8) PRAA - Shorted at 63.64. Stop loss now at 59.35. Stock closed on Friday at 53.20.
9) KMX - Averaged short at 65.12 (2 mentions). Stop loss at 64.35. Stock closed on Friday at 59.73.
10) XOM - Averaged long at 76.825 (2 mentions). No stop loss at present. Stock closed on Friday at 73.23.
11) IBM - Averaged short at 146.68. No stop loss at present. Stock closed on Friday at 145.42.
12) CAT - Averaged short at 74.915 (2 mentions). Stop loss at 77.35. Stock closed on Friday at 64.98.
13) WMT - Shorted at 63.94. Averaged shor at 64.705 (2 mentions). Stock closed on Friday at 63.78.
Previous Newsletters
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Encyclopedia of Chart Patterns. A must have for chart aficionados! |
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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