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Issue #97 
November 09, 2008 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Friday's Rally - Change of Short-Term Momentum?
DOW Friday close at 8943
This past week the DOW broke above previous week's high at 9457 and generated a high of 9654 and a successful re-test of the 9794 high seen 4 weeks ago. When the index failed to get above the 9794 high, disappointment set in and selling resumed dropping the index 1018 points from its high and making everyone believe that a re-test of the lows was forthcoming. Nonetheless, on Friday the index was able to generate a positive close above a previous support level on the weekly chart at 8852. Such action, coming in the heels of two strong down days, is likely to be viewed positively.
It is likely, though, that the indexes are in a corrective phase lasting from 4-8 weeks (this being the 4th week) and therefore another re-test of the lows at this time is an unlikely scenario. With the positive close on Friday, the momentum may have changed back toward further short covering rallies.
It also must be mentioned that with the presidential elections over and a feeling that the new president will soon address the problem and perhaps make a difference, it is likely that the negative fundamentals will be overcome by an attitude of renewed hope. It is a factor that must be included in any evaluation of the market.
On a weekly closing basis, strong support continues to be 8852 and major at 8379-8451. On a daily closing basis, support will be decent at Thursday's closing price of 9696, strong at 8578 and at 8541, and major at 8176. On a weekly closing basis, resistance is strong at 9325. On a daily closing basis, minor resistance will be found at 8970-9030 (20-day MA and psychological resistance), strong at 9265 and again at 9388, and major up at 9625.
Friday was an inside day with higher lows (8696) and lower highs (8944) than the previous day. Such action might just be a pause in the downtrend, but with the important close seen on Friday, it is possible that it signals a change of momentum. It is evident then, that the stage for the beginning of the week to be indicative of what is to follow for the next couple of weeks. It is likely that whichever one of those two levels gets broken, will signal further movement in that diretion.
It is important to mention that during corrective phases short-term action can often be misleading as the main trend is stalled. During this corrective phase, traders attack "minor" support and resistance levels trying to generate movement, renewed commitment by investors, and stop loss action. Nonetheless, since the general trend is stalled, often the market generates surprises and moves in the opposite direction the general investor believes the fundamentals call for. This likely means that the re-test of the lows will not occur this coming week and that a rally to test the highs, and perhaps break above them by a small amount, is forthcoming.
Thursday's low at 8637 and the 9030 level on the upside will be the keys to the week. Getting above or below either of these levels on Monday or Tuesday will likely set the stage for the rest of the week. In my opinion, Friday's close will generate further buying interest this coming week and re-tests of the recent highs will be seen.
Possible trading range for the week is 8696 to 9720.
NASDAQ Friday Close at 1647
The NASDAQ was able to close out the week at the same weekly closing low (1650) the index had when it first corrected upward after the initial drop from 2274 to 1650. Such a weekly close seems to suggest that a small inverted head and shoulders formation is being formed, that if broken this coming week (a weekly close above 1721) would generate a rally up to the 1900 level.
On the daily chart, Friday's green close gave Thursday's close at 1609 the possible tag of successful re-test of the low daily close at 1506. Another green close on Monday would signal that the index is likely heading higher for the short-term.
On the weekly closing chart, support is decent at 1647/1650 and major at 1552. On the daily closing chart, support is now decent at 1609 and major at 1506. On the intra-day chart, support is strong at 1566 and 1542, and major at 1494/1504. On the weekly closing chart, resistance is decent at 1721 and then nothing until the weekly gap area at 1905. On the daily closing chart, resistance is strong at 1770/1780 and then very strong up at 1844. On an intra-day basis, there is some minor resistance at the 20-day MA at 1677 and then nothing until 1783.
On Thursday the NASDAQ generated a small gap when it broke below the 20-day MA at 1679. The gap is between 1679 and 1677 and it will be a magnet for the traders if there is no weakness on Monday. Closure of the gap will likely generate further upside and with no intra-day resistance for another 100 points above the gap, the index could have a strong rally this coming week if it starts moving upward.
It is evident that the 20-day MA and gap at 1679 and Thursday's low at 1604 are the two levels of great interest for this week. With the NASDAQ having had an inside day on Friday (like all the other indexes did), whichever way the index breaks above or below those two numbers, will generate some decent follow through in that direction.
The probabilities seems to favor the upside as the reports on Friday were bearish and there was no fundamental reason for the indexes to pause and generate a green close. Such action seems to suggest that the bears have lost a bit of their momentum and if that is the case, the bulls will take this opportunity to generate further rallies within this corrective phase. If that happens, it is likely that last week's high at 1786 will be taken out and attempts to reach the weekly gap area at 1904 will begin to occur.
Possible trading range for the week is 1622 to 1804.
S&Poors 500 Friday close at 931
The SPX was able to close on Friday at a very important level between 928 and 940. That weekly closing area has shown itself to be, since 2002, a strong resistance (when trading below) as well as strong support (when trading above). The ability of the index to rally from Thursday's low at 900 and generate such a positive close, seems to suggest that this coming week, the index will be supported strongly.
It is evident that on a weekly closing basis, the area between 928 and 940 has been a major pivot point for the index. Back in 2002 when the SPX broke down to the 768-775 level, that area stood up as strong resistance for close to 8 months. On the recent breakdown from a weekly closing high at 1255, the index dropped down to weekly closing low of 899 and generated a small correction upwards to 939 before again dropping and generating a low weekly close at 876. The subsequent rally took the index back up above the area to generate a close at 968. With this drop back down and close in this important range on Friday, it seems to be a signal that whichever way the index closes this coming week, will determine the action for the next few weeks, if not longer.
On a weekly closing basis, support is strong between 928 and 940 and major down at 876. On a daily closing basis, support is very strong between 899 and 904 and major at 848. On an intra-day basis, support is decent at 899, decent again at 865 and major at 840/846. On a weekly closing basis, resistance is decent at 968 and then nothing until 1157/1166. On a daily closing basis, resistance is decent at 985 and major (from a double top) at 1003/1006. On an intra-day basis, the 20-day MA is at 940 and then nothing until 985.
The SPX is trading at a very important pivot point level at this time and it is likely that this week will define clearly the direction for the next few weeks. With so many negative fundamentals in place, it seems somewhat uncanny that the index has been able to place itself in a position where it could go either way.
Like with all the other indexes, the area between Thursday's low (899) and the 20-day MA (940) will determine which way the index is likely to be heading for the next few weeks.
Probable trading range for the week is 922 to 1030.
Once again the indexes seem to be facing an important pivotal week for the short-term. The failure last week to make new recent highs generated a strong drop and possible resumption of the downtrend. In addition, continued negative fundamental news such as the higher unemployment numbers should have quashed the hopes of any short-term recovery. Nonetheless, it was surprising to see the indexes rally on Friday, amid the negativity, and close at or above levels of chart importance.
As of late (last few months), the negativity in the stock market has reached epic proportions and the vision of a long and deep recession has been rampant. The hope of a fast recovery has been crushed in most cases. Nonetheless, it must be mentioned that the election of Obama to the presidency and his campaign promises of "change" have captured the imagination of the public and it could be the kind of a catalyst this market needs at this moment to stop the downside momentum. It certainly is something that needs to be factored in to the equation at this time.
There is no doubt in my mind that Monday and Tuesday are pivotal days. The trading parameters (support/resistance) are clearly defined in all three indexes (see above) and I do believe that whatever way the indexes go this week, the market will take to heart in a short-term strong way.
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Stock Analysis/Evaluation
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CHART Outlooks
Since I believe that the market is going to be heading higher this week, all mentions will be purchases. Nonetheless, since last week's trend is down, the possibilities do exist of further downside this week. Mentions will be in stocks with good chart patterns and clearly defined risk/reward ratios with decent probability ratings.
TNE (Friday close at 12.85)
TNE reached an area of major previous as well as psychological support at $10. On 3 different occasions over the past 5 weeks the stock went down to or near that level and in each occasion the stock generated a rally of $5 or more. A clearly defined double bottom has been built on the weekly chart at 10.20, and a subsequent successful re-test of that bottom has been seen. The probabilities have now changed toward upward movement and re-tests of the resistance levels above.
TNE is a well-run and fundamentally strong Brazilian company in the telecommunications area that has seen a 65% drop in price over the past 8 months, mainly due to the Brazilian stock market's collapse. Nonetheless, the stock has now reached what seems to be a strong level of support and has built a chart pattern from which rallies can now begin to occur.
On a weekly closing basis, support is strong at 11.46 and major at 10.46. On a daily closing basis, support is now very strong at 11.45, and major at 10.41. On a daily closing basis, resistance is decent at 13.80 and very strong between 14.85 and 15.06 from a previous high close, a previous low close, and the 50-day MA. Above $15, resistance is again strong up at 17.74-17.91. On an intra-day basis, resistance is decent at 14.18, minor at 14.63, strong at 15.62 and major at 18.00.
TNE is showing a strong double bottom at 10.21 that likely means that further downside is unlikely. In addition, on the daily closing chart, the stock is showing an inverted Head & Shoulders formation with the left shoulder at 11.45, the head at 10.41, the right shoulder at 11.46 and the necklines at 15.06 and at 13.83. A break of the neckline at 13.83 projects a rally up to at least the 17.20 level.
TNE does have a very strong resistance level up at the $15 level that is not going to be easy to break. Nonetheless, the stock is showing a perfectly built bottom formation and if the stock is able to close above 13.83, the probabilities favor a strong upward move toward the resistance up at $18.
The support is very strong at 11.45, but with the strong reversal pattern on Friday, it is not likely that the stock will get below a strong support level on the 10-minute chart at 12.40.
Purchases of TNE between 12.50 and 12.60 and using a stop loss at 11.35 and having an objective of 17.20 will offer a at least 4-1 risk/reward ratio. If a very sensitive stop loss is desired, you can place a stop loss at 12.30. In that respect, a rally up to only the strong resistance at 15.00 would still give you an 8-1 risk/reward ratio.
My rating on the trade is a 7.5 (on a scale of 1-10 with the strongest probability rating being 10).
NYX (Friday close at 26.88)
NYX is yet another stock that has built a strong double bottom on the daily closing chart at 23.66 and likely re-tested that level successfully on Thursday with the drop down to a closing price of 26.06. That closing low was followed by a higher close on Friday thus giving the move a tag of successful re-test. If the indexes do rally this week, as I anticipate they will, this is one of the stocks that seems to be ready to generate a nice rally.
The stock has now been in a sideways trading range between a low of 21.77 and a high of 34.59 for the last 4 weeks. It now seems likely, with the likely successful re-test of the lows, that the stock will be going higher to re-test the resistance levels above.
On a weekly closing basis, support is strong at 25.86 and again at 25.34. On an intra-day basis, support is major at the double bottom at 21.77/22.18. On a daily closing basis, support is major at 23.66 (double bottom on the daily closing chart) and minor at Thursday's closing low of 26.06. On a weekly closing basis, resistance is decent at 29.46 and again at 30.18. Above that level there is no resistance until the 20-week MA is reached up at $40. On a daily closing basis, resistance is decent up at 30.15, minor at 31.62, and very strong up at the highest daily close in the past 4 weeks at 33.31 as well as the 50-day MA at the same price. On an intra-day basis, decent resistance at 30.89, minor at 32.05, and strong at 34.59.
A successfully tested double bottom is a formation that will likely generate strong buying should the indexes generate a rally this week. In addition, NYX is volatile and wide-ranging stock that has enough room to the upside, before strong resistance is found, to make a good risk/reward ratio trade.
It is important to note that on the 10-minute chart, a very strong support level has been built over the past 2 trading days at 25.73. With the daily closing low on Thursday being 26.06, it is likely this level is being strongly defended and therefore a stop loss just below this area will be well-placed and will allow for a very good risk/reward ratio.
Purchases of NYX between 26.40 and 26.60 and placing a stop loss at 25.63 and having an objective of a rally up to 33.31, will offer a risk/reward ratio of better than 6-1.
My rating on the trade is a 7 (on a scale of 1-10 with the strongest probability rating being 10).
AA (Friday close at 11.19)
AA got the ball rolling to the downside several weeks ago as the first stock to report very negative earnings in this quarter. The stock was already severely oversold and at 6-year lows when the report came out. The stock then proceeded to make new 13-year lows and drop down to a long-term major trading area around the $10 level.
During the past 4 weeks AA has been building what seems to be a strong bottom and support level and this past week the stock had a successful re-test of the previous low at $9 with a drop back down to 10.25. It seems likely that AA is ready to see a short-covering rally to test the gap the stock left the day of the earnings report up at 15.85.
On a weekly closing basis, support is major at 9.41 and decent at 11.25/11.19. On a daily closing basis, support is now decent at 10.26 and strong at 9.41. On an intra-day basis, support is decent at 10.15 and major at 9.04. On a weekly closing basis, there is minor resistance at 11.80 and then absolutely nothing until the previous major low close at 22.97 is reached. On a daily closing basis, resistance is decent at 12.47 and then again at 13.82. Above that level, there is no daily close resistance until the 50-day MA is reached up at 19.10. On an intra-day basis, decent but important resistance is found at 12.57, then again at 15.00. Resistance will also be decent to strong at the gap area left right after the earnings report between 16.71 and 15.86.
AA is a stock that traded for a period of 10 years between a low of $23 and a high of $47. With the bear market as well as the negative 2nd quarter earnings report, the stock dropped down to a major long-term level of support just below $10. Nonetheless, this is an established company with strong long-term fundamentals that should support the stock down at these low levels.
The stock has not yet had a short-covering rally of consequence from the 80% drop in price the stock has seen over the past 6 months. With the seemingly successful re-test of the lows this past week, it is now highly likely that rally will be forthcoming. A rally back up to the gap area is very likely, but if the gap is closed, there is absolutely no resistance above for another $8 run.
Purchases of AA between 10.90 and 11.19 (Friday's closing price) and placing a stop loss at 10.05 and having an objective of 15.86 will offer a 5-1 risk/reward ratio. If a longer-term position is desired, you would then place the stop loss at 8.94 and have an objective of 22.97 which would offer a 6-1 risk/reward ratio.
My rating on the trade is a 7.5 (on a scale of 1-10 with the strongest probability rating being 10).
ORB (Friday close at 18.98)
ORB is a stock that was still in a weekly up-trend during the first part of this year's stock market downtrend but then succumbed to the selling pressure when the DOW broke below the 10,000 level. Nonetheless, it is one of very few stocks that have not yet broken below its 200-week MA. Two weeks ago, in a spike type fashion, the stock plunged below the 200-week MA intra-day, but before the day was through, the stock had rallied and closed back above the line. Such a reversal type action, at an important level, seems to suggest that no further downside will be seen.
In addition, this past week the stock went back down to re-test the previous weekly closing low at 18.39 and though the stock traded on Friday as low as 18.23, it was successful in closing higher at the end of the day. A higher weekly close next week will mean that a successful re-test of the weekly low as well as of the 200-week MA has occurred.
On a weekly closing basis, support is very strong at 18.39. On a daily closing basis, support is very strong between 18.31 and 18.49 and major down at 17.42. On an intra-day basis, support is very strong at 17.40 and major at 15.46. On a weekly closing basis, resistance is decent at 20.49 (most recent weekly high close) and then nothing of consequence until the 100-week MA is reached up at 22.28. On a daily closing basis, no resistance is found until the most recent daily closing high at 20.49 is reached. Above that, there is also decent resistance between 20.76 and 20.94, and then nothing until the 50-day MA at 22.20 is reached. On an intra-day basis, there is minor resistance at the 20-day MA at 19.56 and then nothing of consequence until 20.92. Above that, there is also some resistance at 21.47.
ORB is showing an inverted Head & Shoulders formation on the daily closing chart with the left shoulder at 18.49, the head at 17.42, the right shoulder at Thursday's closing low of 18.38 and the necklines at 20.79 and 20.49. A break above the 20.49 level, on a daily closing basis, will give an objective of a rally up to the 23.46 level.
ORB is a stock that has shown a lot of strength in the face of a major bear trend in the market. If the indexes generate a rally over the next couple of weeks, this stock should be one of the biggest beneficiaries of such action as the stock is not in a downtrend but in a sideways trend.
Purchases of ORB between 18.70 and Friday's closing price of 18.98 and placing a stop loss at 17.30 and having an objective of a rally up to the 23.46 level, will offer a risk/reward ratio of 3-1, but with high probability rating. If a more sensitive stop loss is desired, a stop can be placed 10 points below Friday's low of 18.23. Under that scenario the risk/reward ratio would jump up to over 6-1 but drop the probability rating somewhat.
My rating on the trade is an 8 (on a scale of 1-10 with the strongest probability rating being 10).
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Updates
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| Updates on Held Stocks
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Open Positions and stop loss changes
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| NUAN rallied this week to a strong resistance level up between 10.08 and 10.40 and failed to generate any further upside. Nonetheless, the stock needed to re-test the lows and the drop down in the latter part of the week to the 8.62 level might be considered a successful re-test of the 2-year weekly closing low at 8.52, if the stock is able to close higher next week. In addition, the area the stock has been trading at for the last 3 weeks, between 7.51 and 8.52, is an area that has been considered strong support for the last 2 ½ years. Like the indexes, it is likely that the action of the stock this week will determine the direction for the next few weeks. If the stock is able to rally and close above 9.22, further upside will be expected. If the stock fails and closes below 8.52, drops back down to test the 7.51 would be likely. AA dropped back down on Thursday to 10.15 (10.26 on a daily closing basis) and with a higher close on Friday gave a signal of a successful re-test of the lows at 9.00, as well as of the psychological support at $10. In addition, prior to the weekly low close at 9.41, the stock had had a weekly close at 11.25 that generated a small rally. With the close on Friday at 11.19, if the stock manages a higher close next Friday, it can be said that support was also tested successfully. Resistance is now strong at 12.47 on a daily closing basis, but a close above that level would be a buy signal that would likely generate a rally up to the resistance up at 15.00-15.85. The chart seems to be suggesting that a bottom has been found and if the stock starts to rally above Thursday's high at 11.72, the probabilities of a bottom being in place increase strongly. In addition, any rally above Friday's high at 11.28 would also be positive, as it would get the stock trading above the 20-day MA again. Any close below 10.26 would now be considered a negative. AXP rallied this week above the psychological resistance up at $30 but failed to generate a higher weekly close than last week and put the stock on the defensive with a likelihood of a re-test of the support level down in the low $22's. Such a move down would be a successful re-test of the lows if the 22.03 level holds up on both an intra-day and daily closing basis. Nonetheless, on the daily closing chart, the green close on Friday was a positive, as the break of the 20-day MA up at 25.50 should have generated further downside movement. A close above 26.39 would be a strong positive and generate rallies back up to the low $30's, while a close below 24.92 will likely generate a move down to the low 22's. Like with the indexes, it is likely the stock will give a strong signal either way on Monday or Tuesday. Overall, though, even with a drop down to the $22 level, it seems the stock is building a strong bottom formation. MT rallied strongly this past week but failed to get above the resistance up at the $33 level and fell back strongly toward the latter part of the week. On Thursday the stock tested successfully the previous low close at 19.14 with a close at 20.88. In addition, the stock on Friday was able to rally late in the day to close above the previous weekly low close at 21.96 with a close at 22.30. All of these actions seem to suggest that the stock has found a bottom and is in the process of generating a more lasting rally. A weekly close next Friday above 26.25 would likely generate a rally up to at least the 33.60-34.60 level where minor resistance is found. On a daily closing basis, there is no resistance at all until 31.70 is reached. A close above that level would likely generate a rally up to the $40 level. A daily close below 20.88 would be negative and a close below 19.14 would re-stimulate the downtrend. Two gaps were left open this week at 29.00-27.52 and again at 24.88-23.55, closure of the first gap will likely cause closure of the second. Resistance, though, will be decent at 23.55 (first gap). WDC showed this week, with a lower weekly close, that the resistance level based on previous low weekly closes during the last 2 years, between 16.05 and 16.77, is strong. Nonetheless, after the stock corrected back down from that resistance, it was able to stay above the 20-day MA on Thursday and Friday (something other strong stocks were unable to do), and that means that buying interest is also strong at these lower levels. On a daily closing basis, the area between 15.34 and 15.92 is very important to the stock. Any close above or below those prices this week will likely generate further movement in that direction. A close above 16.47 will likely generate a rally up to the $20 level. Major support on a weekly closing basis is 14.32 and on a daily closing basis is 13.05. The recent highly positive earnings report increases the chances of the stock rallying if the indexes do not break down. STP was able to rally Friday and close at the same previous all-time weekly closing low at 14.64. The rally was a strong positive as the stock was trading $3 lower on Thursday. Another strong positive is a double bottom that has been built on the daily chart at 11.95/10.06. Such a double bottom at all-time lows seems to suggest the stock has found a major support level from which to begin to longer-term rally. There is no resistance on the daily chart until the 18.27 level is reached. Strong resistance on the daily closing chart will be found up at 20.23. On the weekly closing chart, decent resistance is found at 17.50. Above that level there is no strong resistance until 30.62 is reached. Any daily close below 11.95 would be strongly bearish. Any intra-day rally above 15.90 will likely generate more upside movement. BA closed a bearish weekly gap between 53.00 and 53.34 this past week and gave notice that a bottom has been found and that further upside is expected. Nonetheless, as soon as the gap was closed the stock dropped in conjunction with the indexes and it is likely that at some point a drop down to the mid $42's could be seen as a re-test of the lows. Nonetheless, like with the indexes, the short-term picture is still a bit cloudy, as the stock was able to close Friday at a very important area between 46.52 and 47.08. That area represents strong short-term support. A close above 47.08 any day this week would be a strong positive while a close below 45.72 a short-term negative. The probabilities favor a drop below this past week's low at 45.34 this coming week. Nonetheless, the favorable close on Friday could mean the re-test of the lows could be postponed for a few weeks and a rally back up to the resistance at 53.62 could be seen.
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1) NUAN - Purchased at 8.87. Stop loss at 7.41. Stock closed on Friday at 8.90.
2) MT - Purchased at 47.03 and then again at 45.97. Averaged long at 46.50. No stop loss at present. Stock closed on Friday at 46.58.
3) AXP - Purchased at 24.65. No stop loss at present. Stock closed on Friday at 25.31.
4) STP - Purchased at 12.56. Stop loss at 11.40. Stock closed on Friday at 14.60.
5) WDC - Purchased at 15.55. Stop loss at 14.99. Stock closed on Friday at 15.83.
6) MT - Purchased at 21.48. Stop loss at 19.07. Stock closed on Friday at 22.30.
7) AMZN - Purchased at 48.03. Liquidated at 47.45. Loss on the trade of $58 per 100 shares plus commissions.
8) AXP - Purchased at 25.59. Liquidated at 24.75. Loss on the trade of $84 per 100 shares plus commissions.
9) MT - Purchased at 26.03. Liquidated at 26.17. Profit on the trade of $14 per 100 shares minus commissions.
10) NUAN - Liquidated at 10.10. Averaged long at 12.20. Loss on the trade of $639 per 100 shares (3 mentions) plus commissions.
11) SGR - Liquidated at 18.16. Long at 15.32. Profit on the trade of $286 per 100 shares minus commissions.
12) TRA - Liquidated at 23.29. Averaged long at 19.11. Profit on the trade of $1251 per 100 shares (3 mentions) minus commissions.
13) AXP - Liquidated at 30.10. Averaged long at 23.76. Profit on the trade of $1901 per 100 shares (3 mentions) minus commissions.
14) VLO - Liquidated at 20.68. Profit on the trade of $377 per 100 shares minus commissions.
15) AA - Purchased at 10.64. Averaged long at 16.08. No stop loss at present. Stock closed on Friday at 11.19.
16) RIO - Liquidated at 14.87. Long at 11.74. Profit on the trade of $313 per 100 shares minus commissions.
17) CAG - Liquidated at 17.93. Long at 19.40. Loss on the trade of $147 per 100 shares plus commissions.
18) BA - Liquidated at 53.76. Averaged long at 49.48. Profit on the trade of $878 per 100 shares (2 mentions) minus commissions.
19) ELON - Liquidated at 8.73. Purchased at 7.36. Profit on the trade of $137 per 100 shares minus commissions.
20) ITG - Purchased at 19.86. Liquidated at 21.74. Profit on the trade of $188 per 100 shares minus commissions.
21) EBAY - Purchased at 14.89. Liquidated at 15.66. Profit on the trade of $77 per 100 shares minus commissions.
21) WDC - Purchased at 14.70. Liquidated at 17.48. Profit on the trade of $278 per 100 shares minus commissions.
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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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