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Issue #61 
March 02, 2008 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Indexes under a mountain of pressure!
DOW Friday close at 12266
This past week, the DOW experienced an emotional roller coaster ride that saw the market hopes rise early in the week only to be slammed to the floor at the end of the week. A strong rally of almost 400 points was seen between Monday and Wednesday only to see a 500 point drop on Thursday and Friday, to close the week on its lows. Such action was a severe blow to the hopes of the bulls as it was seen that the strong resistance level near the 12800 level is going to need more fundamental help than what has been seen already, in order to be broken.
Over the past few weeks there have been many instances where news was released, on an uncannily timely basis, to offer fodder to help the bulls case. Nonetheless, when all was said and done, the news was found to be more of a band aid solution than real answers to the problems and the market retreated in a decisive way after being exposed when the market failed to get through its major resistance level at 12743-12767.
Resistance is considered major at 12743-12767 and now the 12573 level (12552 on a closing basis) will likely take on a strong resistance tag. Support is now found at 12155 and then again at 12069, on an intra-day basis, and at 12182 on a daily closing basis. Major support is at 11971 on a daily closing basis and at 11635 on an intra-day basis.
With the DOW closing below the 20-day MA on Friday, below a minor daily closing support at 12284, and on the low of the day and the week, the index is now back under strong selling pressure and further downside is expected to be seen next week. Without any expected fundamental help on the horizon, it is likely the DOW will be on the defensive trying to hold itself above its support levels. Nonetheless, having had a 315-point drop on Friday (in a spike type fashion) it is expected that the 11970-12000 level will be tested next week. Failure to hold itself above that level will likely generate incursions down to test the 11635 intra-day low seen a few weeks ago.
Using the weekly charts, the failure to generate a higher close this week than last week, suggests a failure signal will be given if the stock closes next week below 12099. Such a failure signal opens up the possibility of a drop down to 11740 level. This objective is reached by using an equal measurement of the correction seen a few weeks ago from the weekly low at 12099 to the weekly closing high at 12743 (644 points). That measurement would be added to last week's closing high at 12384 and would suggest a drop down to 11740.
A week ago I mentioned the possibility that the DOW is in a sideways trading range between 11700 and 12700. A drop down to that level is probable now, based on the action last week.
Upon reaching that level, it will be seen if that is the correct evaluation or whether the downtrend has resumed.
NASDAQ Friday Close at 2271
The NASDAQ ended up the week with a new 17-month weekly closing low and continues to be the weak sister of the three leading indexes. In addition, it is the first index that is nearing the 200-week MA as that line is at 2250-2255. The NASDAQ was not a willing participant this past week in the rallies enjoyed by the other indexes and on the way down was the absolute leader. Even though the index did rally along with others, the NASDAQ was unable to break any previous daily high closes, as the DOW and the SPX were able to do. With Friday's new 17-month weekly low close, the index shows no previous support of any consequence until the 2073 level is reached.
During the last 10 years, the 200-week MA has only been broken twice. Back in 2001, the break generated a further drop of over 1300 points in a period of 18 months and in August of 2004, the break generated a rally of 1000 points over the next 3 years. With the weakness and new 17-month weekly low shown this week as well as the close being only 20 points away from the line, breaking of the 200-week MA has become a real possibility for the upcoming week.
Resistance is now going to be very strong at 2364 intra-day (2354 on a daily closing basis). Some minor but psychologically strong resistance should be found at 2300-2305. Support is decent between 2250 and 2263, as just recently there have been two intra-day lows at those prices. In addition, back in Jan-Mch06 the 2250 area acted as a strong pivot point for a period of 2 months having repeatedly closed right above or below that same price. Add to that the fact that 2250 is where the 200-week MA currently resides and you can state unequivocally the entire area is an important support level, even though not considered a major as no spike lows or highs have been seen at that price. Should the level not hold up, there is minor support intra-day at 2200 but little else until the 2073 level, on a daily closing basis, is seen.
With the way the NASDAQ has been showing weakness as of late, and the fact the DOW could end up dropping 600 points next week, it seems highly unlikely that the NASDAQ will be able to hold itself above the 2250 level. Nonetheless, it is possible that this coming week the other two indexes will take the leadership to the downside and the NASDAQ simply take on a very passive role and hold itself around this level.
If the NASDAQ does break below the 2250 level convincingly, it could signal that things with the economy are a lot worse than have been or are being predicted, at least as far as the common market is concerned.
I must state, though, that the weekly and daily charts show an inverted flag formation that seems to be in the breaking stage. Using only weekly closing prices, the flag pole would be from 2724 to 2279, the flag area between 2279 and 2413. Should the bottom of the flagpole break (2279), it could signal a move down from the top of the flag at 2413 of 445 points, putting the index down at 2000.
S&Poors 500 Friday close at 1330
The SPX chart is also showed weakness this past week when it failed to get above the previous 1395 rally high, tested the 50-day MA successfully, and sold off to close the week on its lows and only 5 ticks above the 17.month low weekly close.
Though the chart did not break down, as the NASDAQ chart did, the weak close on Friday was below the 20-day MA and also below a previous daily low close at 1343. During the past 5 weeks, the weekly chart has generally shown intra-week strength only to end 3 of the last 5 weeks nears the lows of the week and just slightly above important support. One of the two other weeks the index showed minimal strength with a close at 1353 and only one week, the week it tested the breakdown level at 1387, was the index able to keep any of its strength, that happened 4 weeks ago and was considered a short-covering rally.
Resistance should now be quite strong at 1354-1355 (20-day MA) and a bit stronger at 1368, on an intra-day basis. Nonetheless, with the high on Friday being 1364 and the chart showing a spike low, it is unlikely the index will be able to get up to that level without a reversal type day. Major resistance will now be 1381. On a daily closing basis, support will be found at 1326 and then much stronger at 1311. Strong intra-day support is seen at 1270, and then some at 1317 and 1325.
The SPX weekly chart looks tilted toward a break of support and continuation of the downtrend as the index has not been able to hold on to any of its recent rallies and the support level seems to be getting tested a bit too much. Such action usually means that a break of support is around the corner.
With the strong spike-type weakness seen on Friday, follow-through action is likely to be seen on Monday. With the only support levels of consequence all being within 20 points of Friday's closing price, it is likely the sellers will be aggressive early in the week and try to push hard to generate a break of support, possibly as soon as Monday.
The action this past week was extremely indicative as it confirmed that the indexes are, at best, in a sideways trading range, or at worst, restarting the downtrend. The major resistance levels on the DOW and the SPX were tested successfully early in the week (on two separate occasions) and the bulls failed to generate any break. The failure brought in strong selling and put the bulls with their backs against the wall.
As it is, downtrends do not generally get turned around without several re-tests of support and the intra-day lows seen 5 weeks ago have yet to be tested even once. It is highly probable that this coming week those intra-day lows will be tested. Whether they hold up or not, will likely be the main question posed this coming week.
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Stock Analysis/Evaluation
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CHART Outlooks
It seems evident that the last couple of weeks have allowed many stocks to rally substantially from the lows made 5 weeks ago. Many stocks have reached previously established resistance levels of great consequence and with the indexes having failed to clearly establish continuation of the recent attempt for a rally, it seems evident that the short side is the place to be.
Whether the general market is in a sideways trend or the downtrend is resuming, there are a slew of stocks sitting at levels that should not be breached to the upside and offer clearly defined and good risk/reward ratios.
CCJ (Friday Close at 39.25)
CCJ is a stock than languished for over 5 years below the $5 price. In 2003 the stock finally broke out of its trading range and generated a 4-year up-trend that culminated at $56 back in June of last year. Since that high was made, and after a clearly defined re-test of the highs in October, CCJ has been in a downtrend of some consequence that took it down a low of 30.78 and a test of the 200-week MA just a few weeks ago.
After the re-test of the 200-week MA as well as successful re-test of the major support level at 30.90, CCJ generated a rally of $10 from the recent lows and now finds itself having reached a level of resistance of consequence once more.
Resistance is strong at Thursday's high of 40.63 (40.17 on a daily closing basis. The $40 level has been shown itself to be a strong resistance level as well as important pivot point repeatedly over the past 2 years. In addition, the 100-day MA is presently at 40.00 and with the present situation with the indexes breaking down, that level can now be considered major resistance. Should that level break, another strong resistance level will be found at 42.12. Minor support will be found at 37.50 and a bit more at 37.00 where the 50-day MA is trading currently at. Stronger support is seen at 35.00-35.22 from a couple of important lows as well as the 20-day MA. Should that support level break, support will be found at 32.00 and down to the 30.78 level low seen in January. Should that level break, there is no support of any consequence below that area.
CCJ has been in a weekly downtrend Since last year and no signal has been given that the downtrend is over. There has not yet been a weekly re-test of the recent lows at 30.78 and therefore, even if the stock is now in a sideways trend, it is likely that support level will be tested, on a weekly basis, before any new buying comes in. It is also possible that the downtrend continues and the stock will break the support level and generate a major move down.
Sales of CCJ at 39.80 or better and placing a stop loss at 40.73 and having an objective of 35.16 will offer a risk/reward ratio of 4-1. The 35.16 is the minimum objective but it is very likely that a drop down to the $32 will happen and the risk/reward ratio would jump up to over 8-1.
My rating on the trade is a 7.5 (on a scale of 1-10 with the strongest probability rating being 10).
GPS (Friday close at 20.17)
GPS is a stock that during the last 30 months has been generally trading between the $16 and the $20 level and going back 3 years the highest level seen has been between 22.00 and 22.50. Back in August of last year, the stock broke below the support level at $16 and went down to 15.20. The subsequent failure-to-follow-though action caused the stock to generate a rally back up to the 22.02. Since then, though, it seems to be getting back into its normal trading range.
After the 22.02 high was seen the stock took a nose dive when the indexes broke down and proceeded to drop back down near the $16 level but has since rallied up to a high made on Friday at 20.70. With the indexes seemingly back under some pressure, it is likely that GPS will get back into its normal trading range between $16 and $20 and allow investors to trade the range successfully.
Resistance is quite decent at 20.79 with that high having been made back in November, just prior to the rally up to 22.02. Additional strong resistance will be found at 21.04 and 21.39. The conglomeration of strong resistance levels above the $20 level, seem to suggest that the likelihood of the stock being able to get above them, especially with an index market under pressure, are very low. On a daily closing basis, the 20.72 level offers the strongest resistance and daily closes above that level suggest a rally up to the 21.52 area would ensue. Decent support will be found at 19.13-19.22 but below that there is nothing until 18.44. On a daily closing basis, the 19.23 offers the best nearby support but if broken it is likely the stock will go down to 17.80-18.17 level where strong support is found. Below that level support is found at 17.02 (strong) and at 15.66 (major).
GPS has been a very consistent stock for several years and seems to be stuck within a clearly defined trading range. With the possible resumption of the downtrend in the indexes, the possibilities of the stock breaking down are stronger than those of it breaking out. As such, Sales of the stock above $20 seem to make a lot of sense.
Sales of GPS between 20.30 and 20.52 with a stop close only stop loss at 20.80 and a minimum objective of 17.20 will offer a risk/reward ratio of 6-1. Possibilities of a further breakdown to the $16 area are good and would increases the risk/reward ratio to 8-1.
My rating on the trade is a 7 (on a scale of 1-10 with the strongest probability rating being 10).
RIO (Friday closing price 34.84)
RIO is a stock with a mountain of resistance between 36.84 and 38.32 that seems highly unlikely to be broken without some major fundamental piece of news. It is a stock that for a large portion of the last 6 months has traded between the $30 and $38 level with one exception when the stock traded as low as $24.
After reaching the $24 level RIO got itself into a semi parabolic rally which resulted in a rally of $13 from its lows without so much as a strong correction along the way. Having reached the higher levels the stock seems to have run into a mountain of resistance and on Friday, the stock spiked lower giving notice that the parabolic rally may be over.
Resistance is very strong at 38.32 where a double top presently exists. Previous highs at 36.84 and 36.15 are also evidently good resistance. The most recent high at 37.54 seems to have been the end result of the parabolic rally and now should be seen as a major resistance. Support is found at 33.15 where both the 20 and 50 day MA's presently reside, but actual support of consequence, from previous lows, is not seen until the stock drops down to $30-31. Major support from the most recent lowest weekly low as well as the 50-week MA is down at 27.71.
This stock seems to have generated this strong rally up to the $37 level based on momentum, help from the indexes, and strong short covering due to the failure-to-follow-through previous breakdown of major support. Having reached a level where selling is very strong, the stock is likely to go back down to re-test the lower levels before attempting any further rallies.
Sales of RIO between 35.79 and up to 36.22 with a stop loss at 36.94 and a minimum objective of $31 will offer a risk/reward ratio of at least 4-1. Decent possibility that if the indexes show further weakness that RIO could drop down to the $28 level and increase the risk/reward ratio closer to 7-1.
My rating on the trade is a 6.5 (on a scale of 1-10 with the strongest probability rating being 10). The rating would be higher if a stop loss was placed at 37.94 as that would mean the recent high would need to be taken out. Nonetheless, with the spike down on Friday and a previous strong resistance at 36.77 being in effect, the stop loss at 36.94 is a good one.
HOKU (Friday closing price 9.60)
HOKU is a stock that has always had a lot of speculative play on both sides of the coin and in January of this year, upon reaching the new high, the stock immediately gave it up and gave a failure-to-follow-through signal that generated a drop all the way back down to the 7.50 level in a matter of 12 weeks. The subsequent rally back above the $10 level has created an inverted flag formation of some consequence and if broken, a break below 7.50 would likely generate another major drop down to below the $4 level.
Nonetheless, the likelihood of the stock being in at least a trading range between the 10.50 and 7.50 is very high as the stock has traded in that range for the last 6 months about 70% of the time. With the indexes in a sideways or lower trend and the stock failing to keep itself above the $10 level recently, it is highly likely that a drop down to the 7.50 level is forthcoming.
Resistance is very strong at 10.54 from 2 recent highs at 10.54 and 10.44 as well as the 50-day MA, which was consistently tested on the rally but not broken. In addition, the $10 level will always be considered a strong psychological resistance level. Support is decent at 8.86 from two previous intra-day lows as well as the 200-day MA.
With the indexes under pressure and the resistance level so clearly defined, as well as the inverted flag formation currently in place, shorting HOKU seems to be the way to go.
Sales of HOKU between 10.00 and 10.30 and placing a stop loss at 10.64 and having a minimum objective of 7.50 will offer a risk/reward ratio of 4-1. There is a gap between 6.20 and 7.50 and another one between 4.63 and 5.87, and should the stock break the flagpole of the inverted flag formation as well as support at 7.50, closure of both gaps would be highly likely. Such a break would increase the risk/reward ratio of this trade to over 10-1.
My rating on the trade is a 7 (on a scale of 1-10 with the strongest probability rating being 10).
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Updates
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| Monthly & Yearly Portfolio Results
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Open Positions and stop loss changes
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| Status of account for 2007: Profit of $9758 per 100 shares after losses and commissions were substacted.
Status of account for 2008, as of 2/29 Profit of $1378 using 100 shares per mention (after commissions) Closed out profitable trades for February per 100 shares per mention (after commission)
PMCS (long) $2 NUAN (long) $348 FCEL (long) $135 ABB (short) $6 NTES (short) $106 Total Profit for February, per 100 shares and after commissions $597 Closed out losing trades for February per 100 shares of each mention (including commission)
ELN (short) $120
AMKR (short) $100 NKTR (short) $165 WIND (long) $37 CAT (short) $596 CHINA (long) $33 JNPR (short) $15 PDCO (short) $220 SWKS (short) $47 Total Loss for February, per 100 shares, including commissions $1333 Open positions in profit per 100 shares per mention as of 2/29
KO (short) $273
Open position in loss per 100 shares per mention as of 2/29JNJ (short) $174 RX (short) $201 SBUX (short) $70 GW (short) $23 VLO (short) $509 SVNT (long) $277 Total $1527
ITG (short) $182
Status of trades for month of February per 100 shares on each mention after losses and commission subtractions. TRLG (short) $130 AA (short) $45 Total $357
Profit of $434
Status of account/portfolio for 2008, as of 2/29Profit of $1812 using 100 shares traded per mention.
NUAN broke below the 20 and 50 day MA's on Friday and gave a signal that the recent up-trend has stalled. Nonetheless, by closing above the 16.33 level on Friday, no resumption of the downtrend was signaled. Resistance will now be very strong at 17.33 and without that level being taken out, it is likely that NUAN will continue to weaken. Some intra-day support down at 15.63 and on a daily closing basis, at 15.89. A level to watch closely is 15.33, on a daily closing basis. A close below that level will likely bring further weakness and generate a drop down to the major support at 14.74. A break of that support level, would greatly weaken the chart and put NUAN in a dangerous situation where much further downside could be forthcoming.
VLO tested successfully, this past week, the previous breakdown level between 62.00 and 62.41 with a high daily close at 62.36. In addition, after successfully testing that level the stock moved down and closed below the 60.00 level which was considered a pivot point and an important support, not only on a daily closing basis but a weekly basis as well. On Friday, VLO broke below the 20-day MA but failed to give a sell signal as it closed above the 56.46 level of support. Nonetheless, on a weekly basis, the close below 58.31 was a mini sell signal that more downside is expected. No support on the weekly chart until 54.03 is seen. Resistance is now seen at 59.27 (20-day MA) and very strong at 60.00. Decent intra-day support will now be seen at 56.48 and stronger down at 55.16. There is still a gap left down at 53.16-53.50 that is a magnet and a daily close below 56.46 will likely generate a move down to close the gap. In looking at the intra-day chart, moves below 55.16 show no support until the mid 51's and even then, the support there is considered minor. Strong support is found down at 50.00. SVNT had a negative week as the stock failed to confirm the breakout daily close at 24.10. In addition, the nearest daily closing support is/was at 22.80 and with Friday's close at 22.66, it is possible that support level has broken. The chart now shows a possible double top up at the 24.00 level and if another close on Monday occurs below 22.80 that double stop will begin to look imposing. There is no support of any consequence until the 50-day MA is reached down at 21.41 and even then, that is not considered a strong support. Major support will continue to be between 19.70-20.00. The bulls have committed themselves, with the rally and new daily high close on Thursday, to take this stock higher and failure-to-follow-through signals can be very strong in the opposite direction. If SVNT cannot begin to re-generate a new up move on Monday and it closes below 22.80 again, I would tend to take profits and look for a new entry point in a couple of weeks. TRLG continues to trade above the $20 psychological level and on Friday, was one of only a few stocks to close in the green and look strong. The close, though, was below the most recent high close at 20.49 and therefore it can be said that the stock seems to be giving lower high closes since the high close at 20.79 was seen. Support, on a daily closing basis, is at 19.60 from the 20-day MA and below that, the 50-day MA is at 19.26. The chart continues to look tilted toward an upside rally and any daily close above 20.79 will likely generate a move up to at least 21.74. On the downside, a move below 18.89 would change the chart picture toward a sideways trend. KO continues to trade in a very bearish weekly flag pattern that if broken (an intra-day print below 57.39) would likely generate an immediate move down toward the $53 level. There is now a double top at 60.45 that projects down to 54.39 if the 57.39 level gets taken out. The 60.45 level must be considered major resistance at this time. Friday's action, though negative, did not generate any new signals in either direction. ITG gave a strong sell signal this past week when it failed to follow through to the upside, after a new 16-month daily and weekly closing highs were made. Failure-to-follow-through signals are strong indicators of likely movement in the opposite direction and in the case of ITG it happened this past week. The 47.52-47.99 level, on a daily closing basis, should now be decent resistance, Support is strong at 45.89, on a daily closing basis as well. Major support, on an intra-day basis, is down between 44.51 and 45.01. Based on ths spike type action on Friday, I would venture to guess that a range between 47.44-45.33 could be seen on Monday. JNJ looks to be on the verge of breaking down. On Friday, the stock was able to barely hold on by its fingertips at the end of the day. The close on Friday at 61.96 was only 8 ticks above the only near-by strong support left. A close on Monday below 61.88 will likely generate a move down to the 60.73 area, on a daily closing basis. There is minor resistance at 62.98 but no other resistance is found until the 63.80-64.00 level is seen. Any intra-day drop below 61.36 will generate a break of the inverted flag formation and generate an objective down to the $57 area. Follow-through to the downside on Monday is probable but also needed by the bears in order to break the chart. SVNT continues to try to rally but has been unable to get a daily close above 21.20 which would generate additional buying. Nonetheless, the stock maintains itself above a strong up-trending 50-day MA and likely will decide a short-term direction this coming week as the trading ranges have shrunk to a bare minimum. A daily close above 21.20 or below 20.00 will likely generate strong follow through. GW has spent the last 9 trading days trying to generate a break of resistance and further upside. So far it has not been successful and on Friday the stock got back on the defensive. The stock has been trading in a narrow 40 point range between 61.5 and 6.56, on a daily closing basis, and on Friday is closed near the low of that trading range. A close below 6.15 will begin to put added pressure on the stock and a close below 5.88 could re-generate drops down to the low 5's. A break above 6.56, on a daily closing basis, would be bullish. AA on Friday, gave a failure-to-follow-through signal on the daily chart with a close below the two previously important high closes at 37.85 and 37.41. Such a close signals that the stock has failed to generate new buying after the stock was able to trade most of the week as high as the mid 39's. On a weekly basis, AA was able to close above the previous high weekly close at 36.91 but not by any substantial amount and therefore it cannot be said the stock broke out on a weekly basis. In addition, the weekly close Friday was at the 50-week MA and 200-day MA, on a closing basis, and does not confirm or deny the strength seen this week will continue. There is important support at 36.55 as that is where the 20 and 100 day MA are presently at, and on an intra-day, daily close, and weekly closing basis, the 35.00 area is not only strong support but a major pivot point. Resistance should now be strong at 37.97. This is a stock that is likely to give some sort of a strong signal this coming week. RX broke below what was a bullish looking flag formation and if there is follow through on Monday, will negate that bullish flag. In addition, the stock closed below the 50-day MA as well as below the previous daily closing day support at 22.97. A close again below 22.97 on Monday, will likely generate further movement down to 22.00 and perhaps as low as 21.20. If the selling pressure continues and the stock continues to weaken, the 21.18 to 21.50 level will likely become a major pivot point. 21.50 is the lowest weekly close since November 2004 and 21.18 the lowest weekly close since September 2003. Both of these levels must be considered major support. Below those two level there is no support until the mid 18's are reached. SBUX had the lowest weekly close since January 2004 and looks set to drop down toward the $10 level as there is absolutely no support of any great consequence between the $18 level and the $10 level. If the stock sees follow-through selling on Monday and begins to trade below the recent low at 17.75, it will likely go almost straight down to the 15.26 level where some minor support is found. Resistance is now major at 19.25-19.33 and the stock can be sold using that level as a stop-loss point. With the potential for a drop down to the $10 level, adding shorts on a break of 17.75 still offers a great risk/reward ratio trade.
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1) KO - Shorted at 60.01. Now averaged in at 59.825. Stop loss at 60.53. Stock closed on Friday at 58.46.
2) JNPR - Covered all short positions at 27.89. Profit of $20 per 100 shares (5 mentions) minus commissions.
3) CAT - Covered all short positions at 72.27. Loss on the trade of $575 per 100 shares (2 mentions) plus commissions.
4) VLO - Shorted at 62.86. Stop loss on the trade now at 60.27 stop close only. Stock closed on Friday at 57.77.
5) CHINA - Liquidated long position at 3.74. Loss on the trade of $19 per 100 shares plus commission.
6) AA - Shorted at 36.69. No stop loss at present. Stock closed on Friday at 37.14.
7) SBUX - Added shorts position 17.98. Now averaged in at 18.32. Stop loss at 19.35. Stock closed Friday at 17.98.
8) ITG - Averaged short at 45.97 (3 mentions). No stop loss at present. Stock closed on Friday at 46.58.
9) JNJ - Shorted at 63.70. Stop lowered to 63.98 stop close only. Stock closed on Friday at 61.96.
10) GW - Shorted at 6.43. Stop loss lowered to 6.76. Stock closed on Friday at 6.20.
11) TRLG - Shorted at 19.13. Stop loss at 21.10. Stock closed on Friday at 20.43.
12) RX - Shorted at 24.52. Stop loss now at 24.26. Stock closed on Friday at 22.51.
13) SWKS - Shorted at 8.61. Covered at 8.94. Loss on the trade of $33 per 100 shares plus commissions.
14) SVNT - Long at 19.89. No stop loss at present. Stock closed on Friday at 22.66.
Previous Newsletters
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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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