Section by Section Briefs November 2, 2020 OPENING: The Bear Growls Are we entering a Bear market or will seasonality win out? We are leaning towards the former

The SCORECARD: Broken Ranges NDX and SPX trending lower. Biden Bump continues as Mids, small gain on S&P and Asian Markets gain steam WEEKLY RISK MANAGEMENT: Big Reversal in Risk Watching the VXST for a reversal and will help confirm if we are sitting in a bull or bear market. COLUMN EARNINGS: ERT Reversing Down from Column E Advisors A downward trending ERT has not been a support for rising stocks historically. The ERT is set to rollover this week.

A Weekly Newsletter from the COMMODITIES & PRICES: Falling research department at Column Commodities E Advisors Crude products are falling, Gold is languishing but Natural gas is driving higher. Ultimately it comes down to the CRB and the signals are not good.

RATES AND MONEY: Tight Money, higher yields and trouble? The jump in long bond yields has been a long time coming from a chart perspective. However, is this from a fall on money momentum? What are the follow on effects?

PORTFOLIO UPDATE: Oversold? Over the past week, several stocks dropped into short term downtrends but we suspect that too many of them did. In August, there was the polar opposite effect with too many buys.

CHART QUICK HITS - Industrial Metals over S&P’s - Bitcoin breakout continues - Euro turn lower, discretionary stocks lagging and more

COLUMN E ADVISORS “WEEKLY COLUMN” FOR NOVEMBER 2, 2020 1

Leading Off The Bear

Growls?

by Brendan McCarty

On Twitter last week, I posited that the current trading of the S&P 500 was much like what occurred in 2018 – an analysis we also posted in this opening last week. One Twitter user immediately said I was wrong, and when I asked why, like most on Twitter, this user would not answer (maybe watching their long positions melt after the Tweet?). Meanwhile, the S&P 500 cascaded, breaking through the critical 3300 level midweek. However, on the close Friday, the S&P ripped higher from 3230 to 3270 (month end shenanigans and squaring), and this morning is trying to regain that level once again. Overall, the action led to ripples through the market, and the bear was herd growling.

Indications that a potential bear market is developing was first visible through our Growth model, which we showed last week was trending lower. It had broken a key range and this week broke a similarly important moving average. Also, the NT Model, our primary trend indicator for the markets, fell below the zero line, which typically argues that a larger downtrend is now in play. However, it is still holding above the key moving average, supporting the bullish trend. Lastly, our stock models, which we shared in full detail on Wednesday in our “Just Stocks” note, are either oversold or pointing to a much larger dip for the largest names in the economy. Our short term rating and long term ratings on the sample both worsened. However, if one were to be a contrarian, as we will explain lower, the current range level is the polar opposite of what we saw at the end of August, before the selloff in stocks in September. Could that be the reason we are above 3300 early this morning?

There are positives, however! In the open and the risk section last week, we mentioned that our complacency model at this time of the year is typically a momentum indicator. If it is sitting at an extreme, it tends to support the argument that the trend will continue that way into year-end. The prior week, the indicator was mildly overbought. This dynamic historically sets up a year-end rally as a result. With that said, as we wrote about the fall of 2018, the market was very COLUMN E ADVISORS “WEEKLY COLUMN” FOR NOVEMBER 2, 2020 2 complacent as the buyers fought every dip through November, only to dump them all as Decembers bounce would not materialize. But last week, the overbought market rapidly moved away from this stance and towards oversold. Complacency did an about-face, as investors dumped stocks now vs. waiting till December!

The last time our Complacency Model shifted this aggressively was in September when the S&P 500 hit 3331 on 9/8. The market would stabilize that week, see a good bounce before submitting to lower prices ten days later and bottoming on 9/24. Before September, this model also similarly shifted gears on 6/11 – when the S&P 500 hit 3002. The market would bounce higher, and the S&P 500 has not seen that level since! While this all supports the bulls, the last data point will not. The last time the Complacency Model shifted like this was before the lockdowns in February when the S&P had hit 3116 on 2/26. The S&P 500, in typical bear market fashion, continued lower, ignoring the signal, and the selling accelerated in March.

Reviewing similarly aggressive moves since 2000, 21 have occurred in either October or November. On average, the return that followed over the next two months was 4.5%. This supports the seasonality and the momentum we have shown of rising stock prices through year-end. As a result, if the bounce follows, as this signal argues, the S&P 500, following historical returns, would finish at 3440 by year end. But is this the end of the story? No.

If you recall, we have written in the past that in 2000 and 2007, the markets rolled over in the fall, indicating a bear market trend was at hand (2016 did not materialize like we thought it could). In 2000, there was a jump in panic as The Growth model has broken October ended (and that testy election through 13 month MA carried into 2001). In 2007, panic rose into the end of October as well and crescendoed in mid-November. In late 2014, before the downturn in 2015, panic rose once again though stocks just moved in a tight range for nearly two years while this downside signal subsided and then reversed higher at the end of 2016. In all three cases, panic sets the stage for a bear market turn at this time of the year. Is 2020 another example?

In 2000 and 2007, the NT Model and Growth model were already turning lower, in absolute turns (ie positive or negative) and versus their key moving averages. In 2014, both the NT and Growth models were trailing key moving averages lower but were still on an absolute basis, positive as these panic signs arrived. Now, in 2020, the picture is a bit messy. The Growth model is trending glower, but the NT is holding. The Growth model is positive, but the NT model is negative. Thus a result of a mixed long-term picture against oversold short-term measures. So which way are stocks going?

We are watching and see how the market handles today’s panic and how the NT and Growth respond over the next few weeks. 2000 and 2007 both had weak finishes to the year (7.6% in 2000, 5.1% in 2007), which pushed both lower. 2014 kept on climbing, and the bear never

COLUMN E ADVISORS “WEEKLY COLUMN” FOR NOVEMBER 2, 2020 3 arrived. A bounce in the equity markets, similar to June and September (both triggered by the aggressive move in the Complacency model), confirms the bull market is still in place, and a run into year-end is on the table. If the bounce does not materialize out of this signal, however, then the bear market is probably here, pending confirmation from the NT and Growth models.

THE MARKET SCORECARD Broken Ranges

The last few months for the S&P 500 (SPX) and the Nasdaq 100 (NDX), has been a tale of two cities. For the SPX, this index has been bouncing around through key pivots, whether 3300, 3390, or 3500, providing some clues on where the market is going. However, the NDX, has rejected the same 12,000 level repeatedly while finding buyers under 11,000, 11,500, and everywhere in between. What has resulted is wider ranges for the S&P and a consolidating one for the NDX. Is this just a representation of the buyers continuing to buy the winners and selling more in the SPX, which creates a tighter range in one and a broader range in the other? Possible. While the SPX topped at 3600 in August and the NDX around 12,000, the drop of late has continued to use this playbook as the NDX holds support, and the SPX gives ground.

This past week, the NDX finally fell lower on the back of the large-cap growth names saw major shifts in their direction – we detail some of those changes in our stock sample further down. But even with this selling, the NDX still did not break key supports, while the S&P lost 3300. The SPX has been holding firm to a rising uptrend since the summer between 3300/3700, with the lower end holding several times and 3390 also providing support. Last week both gave out as selling, and risk control measures sent the SPX down to 3200 on Friday morning. However, with the support in the NDX, the buyers poured into the S&P 500 late on Friday, and that has continued this morning over 3300 once again as the futures have rolled higher in early trade.

Clouding this picture is the election that comes tomorrow. Our way of “gaming” this election has been two-fold. First, look at the polls on aggregate (Realclearpolitics shows Biden up 7.2 pts, which is down 3 points from just last week). IBD’s rating, which was reliable in 2016, has narrowed a tad to +6 for Biden, so that gives us a pause. What we put much stock in, though, is the gambling odds. Those currently sit at 64.3 vs. 34.8, Biden over Trump. In this case, the “market” supports Biden and the Biden Bump we have been sharing over the past month.

If the Biden “Bump” is real and the odds above favor such, that means the Small/Mids and international markets outperformance will be a focus of investors following the election. In terms of the former, the small and midcaps have been gaining ground. Having trailed behind the SPX COLUMN E ADVISORS “WEEKLY COLUMN” FOR NOVEMBER 2, 2020 4 since Trump was elected, the midcaps have seen their momentum explode to the upside relatively speaking of late. While the Small caps are lagging behind this move, further momentum by the midcaps argues that it is just a matter of time before the small caps assert themselves.

As for the international markets, there are plenty of positives playing out there as well. The Nikkei 225, for the first time since 2017, has seen rising momentum versus the S&P 500 and the Dow. The 20 week moving average of the ratio vs. both of these indexes has contained every breakout since 2016. This week, it is on the rise once again. The last piece of this Biden Bump puzzle China – since its explosive move in May as Biden’s lead widened out in the polls, China has slowly gained on the S&P 500. Following the election, we could see this continuing higher after 5+ years of Momentum vs the underperformance. S&P 500 is improving for the Nikkei 225 So what is the plan for the week ahead? We are watching the 3300 level, which the S&P 500 has taken in early trade. A hold above this level beyond the election would support the Complacency bounce mentioned in the opening and the bulls through year-end. A break further below 3300 opens up 3200 and then 3000. For the NDX, 11,000 is the 20 week MA, but we think 10,500 will be more significant. But if that level comes into play, that may mean investors have given up on the expensive growth names. That may imply thus a much larger break lower. A break of 10,500, targets 9750 next.

Risk Management Big Reversal in Risk

As mentioned in the opening, there was a big reversal in risk this week from moderately overbought towards oversold (though not there just yet). What drove this move? Interestingly a drop in risk-taking relative to stocks (the ERT); a rise in volume volatility, and a spike in delta to its highest levels since the middle of August. Options positioning moderated to its lowest levels (i.e., less puts and closer to neutral) since early October. Credit improved a bit. One more chart that caught our eye this week was the CBOE S&P 500 9 day VIX (VXST). What we found Extreme in when comparing it to the ERT model was interesting. the ratio

First, when looking at this comparison through our momentum model's lens, we found that extremes in this measure gave reasonable indications that a market low was in the cards though big moves the other way have also played out. In short, when this model is at an extreme, this model has given us an idea that a much larger move is coming! The second piece of information is during a given trend, this is an ideal way of identifying what the trend is. If the S&P 500 bounces in the

COLUMN E ADVISORS “WEEKLY COLUMN” FOR NOVEMBER 2, 2020 5 next few weeks and does not make a new low, one can say the bull market is still alive and well. However, if this signal is similar to February’s, this would be another signal that the existing paradigm has changed. As a result, how the market handles this low will be a “tell” the market structure going forward.

Another model within our risk basket we are monitoring is the comparison of the NDX vs. volatility. The NDX turned on a dime higher vs. volatility following the March lows but has turned lower since September. A critical moving average is below, and a break would support a rise in risk aversion setting up a steeper decline for the leadership in this current market. Through the lens of the Ulcer Index, an oscillator one can use to look at extreme moves, it resembles two other periods in the past – March of 2001 and December of 2008. In both cases, equity markets fell aggressively in the months that followed.

Earnings Falling ERT’s are a negative

Since FSLY was crushed on a revenue miss earlier this month, we have written investors were not taking misses anymore in stride. Among many others, what has followed was a hit to JBHT, INTC, AAPL, and FB. Investors want to see blowout earnings, similar to last quarter, and for the most part, they have been pretty good but not as tremendous. According to Factset’s summary released on Friday, “the percentage of S&P 500 companies beating EPS estimates for the third quarter and the magnitude of the earnings beats are at or near record levels.” However, “despite the increase in earnings, the index is still reporting the third-largest year over year decline in earnings since Q3 2009.” That best sums it all up – beating on earnings in the current environment but just not enough.

With this behavior of investors relative to earnings, is this a risk to the equity market from now on? Is this an indication that the overvaluation of the markets will not move towards fair valuation? In 2002, the S&P’s earnings grew by nearly 20%, but the S&P continued to fall throughout the year as the PE fell. Also, earnings risk-taking via our ERT model is set to trend lower this week unless we see a significant rise in both trailing and forward earnings. This would be the first time that this indicator has done anything but increase since June 8th.

So what typically happens when the ERT is moving lower? Well, over 1, 3, and 5 years, the total summed daily return for these periods is the following, respectively: .2%, -7.5%, and - 1.5% vs. 12%, 39.5%, and 55.8% when the ERT is rising. Just in case you do not think the last five years is a good sample, how about 10 and 20 years? When the ERT is falling, the ten-year total return is -23% or -2.3% per year, and 20 years total return is -132% or -6.6% per year on average. If anything, the sample of the last five years indicates that investors were more aggressive than usual when buying stocks, which means the downside could be more significant than just what the 1, 3, and 5-year numbers shown.

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Prices and Commodities Prices Falling?

We asked last week if Gold was peaking? That question was driven by the Fed’s current policy, which is effectively tightening as the momentum of money slows rolls over. Our Money Model, which we showed last week, peaked, and is rolling downward. When momentum is declining in money creation, assets tend to deflate, and the dollar tends to strengthen. What happened this past week? Stocks, bonds, and commodities all fell, and the dollar rallied. Was this investor risk positioning ahead of what could be a contentious election predicted by some? Perhaps but history is not on the bulls' side when it comes to a fall in money momentum.

While we thought that the fall in money momentum would directly affect Gold’s trend, we did not think of Crude Oil would take such a hit last week. Crude Oil had a terrible week, reversing once again from the 13-month moving average. This rejection makes it four months in a row where the price has been repelled from 13-month moving average. The dive this time is the steepest since the spring. Not helping things is the fall in both heating oil and gasoline. Even with colder temps stateside, the fall in heating oil argues that the demand issue is more significant than we thought. So the question is if the economy is so strong, why are energy products so weak? Too much supply or too little demand?

Perhaps Natural gas has an answer. Natural Gas had a solid month, climbing from under 2.5 to 3.35 by the end of the month. If one is looking for hope in the heating oil end of the world, as people turn on their heat as the cold winter arrives, natural gas may be it, but typically speaking, they turn higher together at this time of the year. Natural gas has been climbing since July when it was at $1.90. From a momentum standpoint, this is the best move for the commodity has had since 2018. Unfortunately for the bulls in 2018, natural gas never saw those prices again and moved lower. With heating oil not joining this move, could the same be in store and the result of the Natural gas climb was nothing more than a short squeeze?

So, if we can’t get an idea for demand from the energy sector, how about commodities as a whole? Well, for such, we look at the Reuters/Jefferies CRB Index. We thought the CRB would be breaking out by now to the upside based on our scenario of rising prices like 1973. Gold played its part earlier this year, but CRB has not, and is now this index is threatening to break lower. Like Crude, the CRB has had trouble breaking through key moving averages ever since late August – the most prominent, the 65 week. This average has kept a lid on the CRB’s moves since late 2018 when the index traded at 185 – it closed Friday at 144.73. In February, the CRB broke good support at 170, and the markets collapsed around the same time. Could another breakdown, this time from 142, play out that causes a fall away from commodities?

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Rates and Money Tight money, higher yields

Last week we noted that breakout in the long bond, which peaked at 1.69% on the rise (and finished at 1.64% on Friday). At the time, we wrote that such a move could result in a stronger dollar as most competing currencies across the globe feature lower long rates. This drive higher in the bond yield was spurred on by the falling momentum in the money models we utilize. As it appears, there will be less money for investors to spend, which means there will be less for the US debt markets. Not helping US paper demand is the uncertain future of the US budget given the massive deficits and flat economy. Given the uncertainty, we took a deeper dive into our money model's behavior versus the long bond yield.

First, when the money model is on the rise, it creates money to buy more US debt, and this action drives rates lower. With the Fed an active buyer in the market, to “spur economic growth,” UST rates have fallen and barely climbed much since the equity markets bounced in March. By the way, once upon a time, the Fed did not buy assets in such a public way to get the economy going – they used overnight rates to achieve such. However, as rates have fallen over the past 20 years, the need for other means to stimulate the economy has risen, and bond buying has become a heavily used tool. Since 2008, mortgage backs, US Treasuries, and recently ETFs have become a “tool” for them to buy and, in turn, pump money into the system. As a result, over the past ten years, assets in our economy, inflated by the Fed’s largess, have reacted to easy and tight policies more quickly – such as the long bond breaking out past 1.40% over the past month.

What is interesting about the current move in the bond, relative to our money model, is this: For the first time in 10 years, the momentum of the money model is more correlated to the movement of the long bond better than the actual level. In other words, the bond is more sensitive to the momentum than the absolute level of the model. This idea implies that the Fed would need to start buying more bonds, more aggressively to reverse this momentum. This would then mean then a considerable rise in the absolute level of money in the system, which the Fed does not want to undertake now. So, what could result from this lack of buying?

One indicator that we are watching is the performance of the banks relative to our money model. When the banks are rising versus our money model, this indicates the system is stable and “easy” if you will, which encourages risk-taking and higher asset prices. Rising rates tend to be a byproduct of such as the market balances supply and demand. When the opposite occurs, and conditions are tightening, this has not supported asset prices or the economy. Add in higher rates in such a scenario, and the damage is greater. For example, in late 2001, long rates moved higher, and this model continued lower, lengthening the recovery. A spike in rates in January

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2009 was another example where assets deflated (they would move lower into March 2009). This higher level of long rates could be a reason for the sluggish return of the economy as it bounced back from the global financial crisis in the years that followed through 2011. A spike in rates in late 2018, could have been the precursor to the selling of assets in December. And now, in 2020, the bond is rising, and assets are once again deflating. The longer these higher rates persist, the more damage that could develop to the system.

Just Stocks Oversold?

Last week we introduced a much larger “Just Stocks” piece on Wednesday morning. We will be continuing this going forward, featuring our technical review. However, in this Weekly Column going forward, we will limit the notes here to the changes occurring in the portfolio with a much more detailed chart breakdown for Wednesday's note. We plan to get through all 25 on our list through year-end and then resetting the deck on December 31 with a new list for 2021.

If you recall from the initial note from last week, our model is made up of five pieces – a price trend, breadth model, a short term range projection, a measure versus earnings risk in the market, and a measure versus market risk. From there, we determine the short term and long term directions. What is the difference between these two models? The range projections do not have a time frame. Stocks tend to oscillate between price levels when consolidating or project to levels when in rally mode. For example, we may be positive on a stock long term, but we could be negative on a stock in the short term. In this case, we would be looking for the stock to correct one range level and then bounce. If we are negative on a stock in the short and long term, we will look for the stock to break through multiple levels on the downside.

So what is the current status of the portfolio? On the close on Friday, the portfolio's total rating stood at -1.48 vs. -.60 last week. This implies a downtrend for the portfolio that worsened from the week before. For the short term, the signal deteriorated as well to -.68 through the close on Friday. Of the 25 stocks in this portfolio, only two still have short-term uptrends – AAPL and Exxon, and we are neutral on four others. This means 80% of the portfolio is trending lower in the short term. The 80% level is the highest seen thus far since tracking this from August. By the way, the polar opposite occurred in August with 80% trending higher in the short term! This proved to be a countertrend signal and a large portion of these names began to weaken. Is the same scenario setting up going the other way?

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In terms of changes this week to the model, we have 10 with much of them shifting on a short- term basis. HON and NFLX both fell to negative over the long term. Here is the latest rundown

• XOM: Positive Short term (from Negative Short term). Based on a candle formation, we took XOM higher to a positive outlook over the short term. If $34 continues to hold, this line in the sand could attract some attention and get the buyers more confident in the name. • FB: Negative Short term (from Positive Short term): FB was a disappointment as we thought it would join its long-term bullish posture and breakout. We still maintain a positive view on FB, but the price action is against that trend. A reversal back above $270 would change this posture. • AMZN: Negative Short Term (from Neutral): We watched the $3200 level to see which way the stock would pivot, thus our neutral stance on the short term. On the back of a fuzzy earnings forecast, the stock cratered and broke lower. Watch $3100, which could slow this decline. The bottom of the range is $2800. • NLFX: Negative both Short and Long Term (previous Neutral): This is our first full downgrade of a stock in a while. The price action is just not great now, and the way it behaved last week, even with a price hike’s on revenue, argues that it may be a bit too expensive for investors. We are watching $480 – a break back above it would change the dynamics. • AAL: Neutral Short term (from Negative Short term): AAL has hit support on the chart at $11. The formation is like XOM’s but not as bullish in our mind. The next move could be telling. • JPM: Neutral Short Term (from Negative Short term): JPM, like AAL, also hit a key pivot at $95 and reversed. The next move will be telling. • MA: Neutral Short term (from Negative Short term): MA hit $290 support, and like some others on this list today, we are waiting for the next move. The break of the 65 week is not a positive, however. • HON: Negative Long Term (from Positive Long Term): The reversal last week from $172 was downright ugly. Support came in at $160, which is the 20 week, but lower prices are in store, it appears. • BAC: Neutral Short term (from Negative Short Term): Another stock that has found support on a key range. A bounce from here could set up a move towards the 65 week. A fall through looks like 21, however. • CRM: Negative Short Term (from Positive Short term): Big reversal from 270 turned into a break of support at 240. Looking for 220 and then 190. A reversal back above 240 changes the story.

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Chart Quick Hits

The turn in the Industrial metals index versus the S&P 500 is here, and with it could Industrial come a bunch of dominos. The last time the two tied to the timing of the break of metals over momentum is like September of 1999 and September of 2011. What followed in each of these situations is similar. The dollar continued to rise in 1999 and bottomed in the S&P’s 2011. Industrial metals would outperform precious metals for the next few years in 1999 through 2001 and for four years following the lows in 2011 into 2015. Gold climbed in 1999 through 2001 but fell lower in 2011. Copper would meander around following the 1999 and do the same again following the 2011 turn. On the equity side, Midcaps and Small caps gained along with international markets. While we cited the last indexes in our NT scorecard section under the Biden Bump, it appears industrial metals also see the Biden election as a support as well.

BTC’s breakout continues though it moderated a bit last week. The move past 11,500 Bitcoin was swift up to 14,000, so that may be why the trend slowed this past week. Breadth breakout continues to improve, supporting the move, and broke out to the upside a few weeks back. We wonder what a continued rise higher in rates would do to this equation, so continues we will continue to watch any correlations there, but right now, the BTC bulls have much to smile about.

A few months ago, we were all in on a Euro breakout, but the COVID issues are catching Euro breaks up to them, and some good old fashioned uncertainty has lifted the US Dollar higher, lower putting further pressure on the single currency. It seems like so long ago that the Eurozone nations agreed to that historic package to help the EU grow again, but the COVID issues continue to weigh on things, and the Euro has moved lower. We are watching the 13-month MA as a first target around 1.14. Below is the bottom of the range at 1.12. Upside still is 1.18 though the sellers are also perched at 1.20.

The breakout by the discretionary stocks relative to the staples paused in October Discretionary again (that makes it three months in a row), and we wonder what follows next. Stocks moving Typically, a breakout that lingers like this is waiting for more information. If that information does not come along, the breakout is unwound. If this breakout is sideways unwound, this would be an indication that the economy is slowing. Stay tuned.

The S&P 500 equal weight index has been lagging for some time, relative to its sister Equal Weight index, the S&P 500. However, it appears the trend is in the process of reversing. There Stocks is nothing concrete yet to this reversal as the ratio needs to climb over 1.35 and also reclaim the 13-month moving average – a level it has languished below since the turning? spring of 2017. Also, it looks a bit like September 2008, a period that was followed by lower levels for this ratio as investors rushed into large-cap names as defense. The next few months should be interesting.

We will look at this more in-depth in the weeks ahead, but the Renko chart of the VIX is VIX through a above key resistance, and its momentum is turning higher for the first time since the Renko Lens spike in March. The turn looks very much like that of April 2010, before the problems in May and June of that year. There was also a turn in 2014 that looks similar as well though that period was a bit choppy. We will review this chart more in future Columns, but it warns that something is percolating for now.

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Important Disclaimer

Information contained herein is only current as of the printing date and is intended only to provide observations and views of Column E Advisors, LLC as of the date of writing unless otherwise indicated. Column E has no obligation to provide recipients hereof with updates or changes to the information contained herein. Performance and markets may be higher or lower than what shown and the information, assumptions, and analysis that may be time-sensitive in nature may have changed materially and may no longer represent the views of Column E. Statements containing forward-looking views or expectations are subject to a number of risk and uncertainties and are informational in nature. Actual performance could and may have, differed materially from the information presented herein. Past performance is not indicative of future results. The data utilized herein is from sources we deem reliable. While we consider the information from external sources to be reliable, we do not assume responsibility for its accuracy. The views expressed herein are solely those of Column E and are subject to change without notice. This material is for informational and educational purposes only and is not an offer to sell or the solicitation of an offer to buy the securities or other instruments mentioned. Any such offering will be made pursuant to a definitive offering memorandum.

This material does not constitute a personal recommendation or take into account the investment objectives, financial situations, or needs of individual investors, which are necessary considerations before making any investment decision. Investors should consider whether any advice or recommendation in this research is suitable for their circumstances and, where appropriate, seek professional advice, including legal, tax, accounting, investment, or other advice.

Every investment involves risk, and in volatile or uncertain market conditions, significant variations in the value or return on that investment may occur. Past performance is not a guide to future performance, and future returns are not guaranteed. Charts, where noted, are Courtesy of Stockcharts.com

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