The Chartist Actual Cash Account Access Code Status As of 04/18/19 Current 4449 Stock No

rating 49 Y Celeb ears THEP.O. Box 758,CHARTIST Seal Beach, California 90740 Published Editors: Dan Sullivan & Steve Mais Since 1969

April 18, 2019

THE CHARTIST ACTUAL CASH ACCOUNT ACCESS CODE STATUS AS OF 04/18/19 CURRENT 4449 STOCK NO. OF PURCHASE PURCHASE CURRENT GAIN PERCENT STOCK SYMBOL SHARES DATE PRICE PRICE (LOSS) CHANGED ALLSTATE CORPORATION ALL 52 9/7/12 38.51 96.70 3,026 151.1 AMAZON COM INC AMZN 8 9/7/12 256.77 1861.69 12,839 625.0 SPDR DOW JONES DIA 371 6/3/16 177.98 265.51 32,474 49.2 EBAY INC EBAY 41 9/7/12 19.28 35.98 685 86.6 EQUINIX INC NEW EQIX 10 9/7/12 201.22 446.44 2,452 121.9 HOME DEPOT INC HD 36 9/7/12 57.44 205.71 5,338 258.1 ISHARES RUSSELL 2000 IWM 1,271 1/10/19 142.15 155.61 17,108 9.5 SPDR S&P MIDCAP 400 ETF MDY 454 2/21/19 350.23 355.87 2,561 1.6 PAYPAL PYPL 41 9/7/12 29.81 107.36 3,180 260.1 SPDR S&P 500 SPY 627 6/3/16 210.32 289.99 49,953 37.9 SUNTRUST BANKS INC STI 75 9/7/12 27.62 63.51 2,692 129.9 T J X COS INC TJX 88 9/7/12 22.99 55.13 2,828 139.8

CURRENT STOCK VALUE $687,012.00 MONEY MARKET FUNDS $664,667.00 TOTAL COST $551,852.00 TOTAL PROFITS $135,160.00

HOTLINE RECAP Chartist Hotline, Tuesday, April 2nd, 3:00 p.m., West Coast Time.

Investors who are acting in sync with our Actual Cash Account and Aggressive Account are now advised to close out their positions in the following stocks. Sell all of the following: Comcast Corp New CL A (CMCSA), Discover (DFS), D R Horton Co (DHI), Disney (Dis), Fox Corp (FOXA), Lennar (LEN), Pultegroup Inc (PHM), Sherwin Williams (SHW). Again, the aforementioned sale recommendations are for the Actual Cash Account and Aggressive Account.

Investors who are acting in sync with the Aggressive Account are also advised to sell: CBS (CBS), Altria (MO), Abbvie (ABBV).

Per our hotline advice, we sold the following day, Wednesday, April 3rd. From the sale, the Actual Cash Account garnered a profit of $18,225 +114.57% (see printout on page 2). The Aggressive Account garnered a profit of $243,015 +118.1% (see printout on page 3). The aforementioned sales reduced the equity exposure in the Actual Cash Account and Aggressive Account by approximately 2.5%. The The Chartist 2 April 18, 2019

CHARTIST ACTUAL CASH ACCOUNT SALES NAME SYM DATE BOUGHT DATE SOLD QTY COST BASIS PROCEEDS $ GAIN % GAIN COMCAST CORP CLASS A CMCSA 9/7/12 4/3/19 116 $2,005 $4,670 $2,665 133.0% DISCOVER FINL S DFS 9/7/12 4/3/19 53 $2,041 $3,927 $1,887 92.5% D R HORTON CO DHI 9/7/12 4/3/19 101 $2,016 $4,237 $2,221 110.2% WALT DISNEY CO DIS 9/7/12 4/3/19 66 $2,919 $7,436 $4,518 154.8% FOX CORP CLASS A FOXA 9/7/12 4/3/19 28 $912 $1,013 $102 11.1% LENNAR CORP CLASS A LEN 9/7/12 4/3/19 60 $2,009 $2,945 $936 46.6% PULTEGROUP INC PHM 9/7/12 4/3/19 135 $1,989 $3,762 $1,773 89.1% SHERWIN WILLIAMS CO SHW 9/7/12 4/3/19 14 $2,017 $6,141 $4,124 204.4% Totals $15,907 $34,131 $18,225 114.57%

Actual Cash Account is now in a 50.8% invested mid-February and has continued to trend higher in position while the Aggressive Account is 46.9% the interim. invested. The results of the sale have been factored into our long-term track record that is available to The public has not embraced the rally to any great any subscriber upon request. degree. This is borne out by the massive inflows into high yield and investment-grade corporate STILL 50% INVESTED bonds. According to Morningstar, the public As we go to press, we are right on the verge of pumped a record-breaking $8 billion into funds moving into a 100% invested position. The that concentrate on less risky stocks in the first long-term record of stock market rallies of the quarter. This caution on the part of the public is current magnitude point to still higher prices over bullish from a contrary opinion standpoint. the coming months. Thus far, the intermittent pullbacks by the benchmark S&P 500 have been There is no question that the prevailing odds, given extremely shallow, limited to one or two trading the length and strength of the rally, favor higher sessions. The longest from high to low lasted only prices over the next three- and six-month periods. five trading sessions in early March with the S&P So what’s holding us back? Why aren’t we fully 500 giving up a little over 2%. invested? Why only half in? This market seems to have so much going for it. You’ve missed the rally. Also pointing to an extension of the rally was the The questions keep coming. Let’s go back to our exceptional strong January and the momentum last major buy signal on May 31, 2016. At the thrust buy signal on January 9th, as well as the time the Dow and S&P 500 were 13% and 14% 90% rule buy signal on February 20th. Since these off of their lows of the year. But the top two buy signals, the S&P 500 has added another performers were the market’s lower tier, the small- 12% and 4% respectively. While the rally and mid-caps. The Russell 2000 and S&P Midcap continues on schedule, the pace has been much Index were the clear leaders -- 22% and 21% off more subdued in recent days, especially the last 13 of their lows with the Value Line Geometric 20% trading sessions with the S&P 500 gaining 1.3%. off of its lows not far behind. In that instance the The Advance/Decline Line (A/D) has confirmed the lower tier had a clear cut lead, which is usually the rally. As you can see by the chart on page 5, it case after major sell offs. The small and mid-caps broke out into record high territory in had commanding leads as they did at the outset of

COPYRIGHT NOTICE: Copyright © The Chartist, Inc. All rights reserved. All materials contained herein are protected by United States copyright law and have been created, authored and prepared by The Chartist, Inc., unless otherwise indicated. Any reproduction, distribution or transmittal of the materials herein is prohibited and The Chartist, Inc. will pursue all available legal remedies against violators. Furthermore, any distribution, reproduction or transmittal of information or materials derived through a subscription to The Chartist services, BY A SUBSCRIBER TO A NON-SUBSCRIBER, is STRICTLY PROHIBITED. The Chartist, Inc. does not claim copyright as to any quoted material included herein and attributed to a third party. Copyright, trademark and other proprietary notices may not be altered or removed. The Chartist 3 April 18, 2019

DAN'S AGGRESSIVE ACCOUNT SALES NAME SYM DATE BOUGHT DATE SOLD QTY COST BASIS PROCEEDS $ GAIN % GAIN ABBVIE INC ABBV 8/13/12 4/3/19 188 $6,442 $15,719 $9,277 144.0% CBS CORP CLASS B CBS 8/13/12 4/3/19 348 $12,359 $16,775 $4,417 35.7% COMCAST CORP CLASS A CMCSA 8/13/12 4/3/19 1398 $24,153 $56,334 $32,181 133.2% DISCOVER FINL S DFS 8/13/12 4/3/19 651 $23,933 $48,292 $24,359 101.8% D R HORTON CO DHI 9/7/12 4/3/19 597 $11,910 $25,069 $13,159 110.5% WALT DISNEY CO DIS 8/13/12 4/3/19 822 $34,372 $92,562 $58,189 169.3% FOX CORP CLASS A FOXA 8/13/12 4/3/19 342 $10,604 $12,433 $1,830 17.3% LENNAR CORP CLASS A LEN 8/13/12 4/3/19 749 $23,013 $36,823 $13,810 60.0% ALTRIA GROUP INC MO 8/13/12 4/3/19 355 $12,394 $19,715 $7,321 59.1% PULTEGROUP INC PHM 8/13/12 4/3/19 1790 $22,413 $49,935 $27,522 122.8% SHERWIN WILLIAMS CO SHW 8/13/12 4/3/19 171 $24,112 $75,063 $50,951 211.3% Totals $205,706 $448,721 $243,015 118.1% this bull market. At the present time, this your replacements are incompetent? I would really commanding lead is not in evidence. Since like an answer to my inquiry. I have been a February 22nd the S&P 500 has added another follower for over 20 years and believe I should 4% while the Russell 2000 has lost 1.6%. And receive an answer. Answer: I’m alive and well. while the S&P 500 is bumping up against all-time Every day is a gift. There have been several times highs, the Russell 2000 still has close to 12% to in the past when we have been in a 50% invested make up. This has made us somewhat cautious; position. It is not always a 100% in or out. As a but, if the S&P 500 breaks out, we will have no long-term subscriber, you are well aware that we choice but to deploy the remaining 50%. don’t always get it right. And this is one of those occasions. Nevertheless, we would not have done Question: You used to inform us when to sell anything differently under the circumstances. 100% or get back into the market 100%. Since the lows, the Dow Jones Industrials have gained Question: Your caution might be justified. Have 18% and you are only 50% invested. My question you taken “sell in May and go away” into is, did you die about eight or nine months ago, and consideration? Answer: We have yet to see the The Chartist 4 April 18, 2019

DAN’S AGGRESSIVE ACCOUNT STATUS AS OF 04/18/19 STOCK NO. OF PURCHASE PURCHASE AMOUNT CURRENT CURRENT GAIN PERCENT STOCK SYMBOL SHARES DATE PRICE INVESTED PRICE VALUE (LOSS) CHANGED ABBOTT LABORATORIES ABT 188 08/13/12 31.75 5,969 73.90 13,893 7,924 132.8 ALLSTATE CORPORATION ALL 633 08/13/12 37.98 24,041 96.70 61,211 37,170 154.6 AMGEN INCORPORATED AMGN 150 08/13/12 82.38 12,357 177.47 26,621 14,264 115.4 SPDR DOW JONES DIA 1,806 06/03/16 177.98 321,432 265.51 479,511 158,079 49.2 EBAY INC EBAY 526 08/13/12 17.31 9,105 35.98 18,925 9,820 107.9 EQUINIX INC NEW EQIX 133 08/13/12 183.57 24,415 446.44 59,377 34,962 143.2 HOME DEPOT INC HD 210 09/07/12 57.41 12,056 205.71 43,199 31,143 258.3 ISHARES RUSSELL 2000 IWM 7,347 01/10/19 142.15 1,044,376 155.61 1,143,267 98,891 9.5 SPDR S&P MIDCAP 400 MDY 2,850 02/21/19 350.23 998,156 355.87 1,014,230 16,074 1.6 PAYPAL PYPL 526 08/13/12 26.77 14,081 107.36 56,471 42,390 301.0 SPDR S&P 500 SPY 3,047 06/03/16 210.32 640,845 289.99 883,600 242,754 37.9 SUNTRUST BANKS INC STI 442 09/07/12 27.60 12,199 63.51 28,071 15,872 130.1 T J X COS INC TJX 1,078 08/13/12 22.20 23,932 55.13 59,425 35,493 148.3 VISA INC CL A V 385 08/13/12 32.17 12,385 160.16 61,662 49,276 397.9 3,155,349 3,949,462 794,113 25.2% BEGINNING VALUE 10/09/07 $5,000,000 MONEY MARKET FUNDS $4,492,955 MARGIN BALANCE $0 NET CURRENT VALUE $8,442,457 TOTAL PROFITS $3,442,457 % RETURN 68.85%

Above are all the open positions in the Chartist long-term managed account. On each and every trade, actual cash is deployed. Copies of the complete Track Record are available upon request. Whenever the Chartist makes recommendations concerning this account, they are placed on our Hotline at approximately 3:00 PM West Coast Time. The Actual Cash Account is NOT hypothetical. It is the personal account of Dan Sullivan. We do not act on behalf of ourselves or the Actual Cash Account until the day after our hotline is activated, this gives everyone ample time to accept or reject the advice placed on the Hotline. The Chartist does have discretionary managed accounts who may buy or sell the same securities listed in our publication before or after they are recommended on our newsletter or hotlines. The performance results of the Actual Cash Account are presented gross of advisory fees. Officers, employees, affiliates and clients of The Chartist, Inc. may have positions in securities and may make additional purchases or sales. influx of “sell in May and go away” reports that analysis that you would recommend? Answer: are prevalent in the financial press this time of Relationship Investing by Jeffrey F. Weiss is a great year. For the uninitiated, “sell in May” is based on read for beginners and veteran investors alike. It is the fact that investing in the Dow, excluding a book of insights with invaluable advice; such as, dividends since 1950 between May 1st and concentrate on what you stand to lose if you are October 31st, would have produced negative wrong, not on your potential gain if you’re correct. results. All the gains on balance were garnered Weiss believes, as we do, that no one knows more between November 1st and April 30th. The lack than the stock market does. And disrespecting its of coverage can more than likely be attributed to verdict can prove ruinous. Gregory Zuckerman the performance of the Dow over the last six years. sums it up, “Weiss is the rare Wall Street veteran There were only two losing periods that were who has a plainspoken, straightforward writing hardly worth sidestepping: 2015 -1% and last year style that’s both entertaining and informative.” -3.4%. Long-term readers of The Chartist know that we have never been fans of “sell in May,” SELECTED QUOTES however, the great bulk of all of the bear market Victor Dergunov, Founder, losses since 1950 have been realized during this Albright Investment Group period. A lot of the fear surrounding Q4 of last year originated from the Fed being hawkish and from a Question: Are there any new books on technical lot of corporate misses, coupled with worse-than- The Chartist 5 April 18, 2019

TRADER’S PORTFOLIO PURCHASE PURCHASE CURRENT PERCENT MENTAL STOCK SYMBOL DATE PRICE PRICE PROFIT STOP BERKSHIRE HATHAWAY CL B BRKB 04/23/14 127.49 209.99 64.71 184.75 MCDONALDS MCD 11/04/15 112.19 194.91 73.73 156.56 WASTE CONNECTIONS WCN 06/02/17 64.97 88.55 36.29 69.88

The above recommendations are for short- or intermediate-term Traders. Mental Stops are deployed on all = Raise Mental Stops = Adjusted For Split recommendations. When a stock drops below its mental stop and stays under on a closing basis, it should be sold the next day. * expected forward guidance. Apple (AAPL) infamously topped right around as the broader market topped out. Then, it went to on to lower forward guidance. Apple was not alone, as Amazon (AMZN), Nvidia (NVDA), and many other corporate bellwethers sounded alarm bells over forward projections.

However, Q4 earnings were not as bad as many market participants had imagined, and here we are, in Q1 2019 earnings season, and most companies appear to be providing robust results. Perhaps more importantly, there doesn’t appear to be much troubling forward guidance, suggesting the growth scare of late last year was mostly just a scare, and actual growth appears to be moving forward at an acceptable pace.

While the earnings season is still in its early stages, some notable companies have reported, and most earnings announcements appear very healthy. For instance, Netflix (NFLX) beat EPS estimates by 33%, Bank of America (BAC) beat by 8%, CSX Corp. (CSX) beat by 12%, Citi (C) beat by 5%, Goldman Sachs (GS) beat by 20%, etc. There appear to be more earnings beats than misses, and forward guidance, while cautious at some companies, does not appear to suggest that a recession will materialize in the immediate future (next 12 months).

I sometimes see market participants make the argument that since we are in the longest bull market expansion of all time, it is bound to end The Chartist 6 April 18, 2019 soon. Bull markets don’t die of old age, and while us things are going very well and we are making the current expansion is bound to end someday, it good progress. Hmmm… can be extended under the right market conditions. Robert Shiller recently mentioned that a Trump It happened again this morning – reelection “should boost stocks and delay a recession”. I completely agree with the Nobel Larry Kudlow, director of the National Economic Prize-winning scholar; stocks are not likely to Council, said negotiations over complaints that decline substantially until a recession becomes China has predatory technology policies were evident or a Democratic nominee gets elected. going “very well” and making good progress.

Furthermore, one cannot ignore the Fed dynamic, To be fair, it isn't always Larry. Sometimes, Steve which now appears to be supportive of risk assets, Mnuchin carries the trade baton for the Trump stocks particularly. Also, the Fed has no reason to administration. I will give them both credit, raise rates, as PCE inflation is just at 1.5%, well considering that every time they repeat the claims below the Fed’s 2% target rate. of progress, they produce a "hopium"-fueled boost to stock prices, which is their primary objective. If Relatively easy monetary policy, coupled with a it keeps working, why not keep doing it? Donald Trump reelection, will likely prolong this current bull cycle, possibly by several years. In this The enthusiasm these prognostications have scenario, stocks could potentially go a lot higher. produced has led to one of the strongest market The markets like President Trump, and for good rallies on record since last December's low. The reason. If you look at President Trump’s economic S&P 500 has risen 24% since that time. We must policies, many are focused on providing a go back to the beginning of the bull market in 2009 constructive environment for business and the to see such an explosive move over fewer than four economy to thrive in. months. Prior to that, we must go back to 1999. Rallies like this don't happen often, which begs the The president has a strong chance of winning, and question, is today more like 2009 or 1999? there is still quite some time until the election process. I expect the market can advance nicely When Larry and Steve don't have time to into the 2020 election, and likely won’t have a prognosticate, any one of several Fed governors are substantial decline until, and only if, it becomes more than happy to fill the void with jawboning nearly evident a Democratic candidate can win. commentary designed to cajole markets higher. Sometimes, we get a multi-board-member Lawrence Fuller, CIO; Fuller Asset Management; approach, as we had today, when Larry was http://www.fulleram.org/ followed by Eric and Charles with more I can't help but think that the pending trade deal easy-money platitudes. with China, which has been long on sizzle, will be extremely short on substance. We have been Boston Fed’s Eric Rosengren said the central bank getting the sizzle day after day since the beginning does not need to adjust monetary policy at the of the year, as if it were a scene from the movie moment, and Chicago Fed President Charles Evans Groundhog Day. Bill Murry keeps waking up each said rates can stay unchanged until the fall of 2020. morning to see Larry Kudlow on television, telling

Pursuant to SEC Regulations, we are required to offer subscribers who paid $200.00 or more to The Chartist during the past twelve months a copy of our ADV Form, Part 2 (free of charge). This form, which is filed with the SEC annually, provides general information about The Chartist and its services. The Chartist 7 April 18, 2019

RELATIVE STRENGTH RATINGS Trailing 200 50 Trailing Annual EPS Est. DMA DMA Name Symbol Last Price P/E Div Yield Market Cap Next Year Price/Sales Chg % Chg %

•1 VISA INC. V 160.16 34.45 0.57% 351.881B 6.16 16.56 12.20% 3.81% Operates an open-loop payments network worldwide.

•2 TWILIO INC. TWLO 122.13 --15.093B 0.26 23.22 22.90% -2.45% Provides a cloud communications platform that enables developers to build, scale, and operate communications within software applications.

•3 ADOBE INC. ADBE 270.57 50.2 - 132.025B 9.67 13.82 8.67% 2.28% Operates as a diversified software company worldwide.

•4 THE TRADE DESK, INC. TTD 198.74 103.51 - 8.809B 3.29 18.46 32.88% -0.12% Provides a self-service omnichannel software platform that enables clients to purchase and manage data-driven digital advertising campaigns.

•5 SERVICENOW, INC. NOW 237.4 --42.851B 4.29 16.43 17.28% -1.54% Provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide.

•6 SHOPIFY INC. SHOP 220.72 --24.605B 0.87 22.93 35.42% 9.59% Provides a cloud-based multi-channel commerce platform for small and medium-sized businesses.

•7 AMAZON.COM, INC. AMZN 1,861.69 92.44 - 916.05B 39.87 3.93 10.76% 5.79% Operates as an online retailer in North America and internationally.

•8 WASTE CONNECTIONS, INC. WCN 88.55 42.78 0.66% 23.336B 3.07 4.74 10.61% 2.60% Provides solid waste collection, transfer, disposal, and recycling services primarily in the United States.

•9 ARISTA NETWORKS, INC. ANET 323.38 79.73 - 24.49B 10.8 11.38 29.79% 6.61% Develops, markets, and sells cloud networking solutions.

•10 WORKDAY, INC. WDAY 187.83 --41.698B 2.21 14.78 14.27% -1.10% Provides enterprise cloud applications for finance and human resources worldwide.

•11 INTUIT INC. INTU 257.77 54.2 0.67% 66.781B 7.43 10.71 15.42% 0.64% Provides business and financial management solutions for small businesses, consumers and accounting professionals.

•12 CHIPOTLE MEXICAN GRILL, INC. CMG 700 110.94 - 19.408B 15.77 3.99 31.27% 4.72% Operates Chipotle Mexican Grill restaurants.

•13 AUTODESK, INC. ADSK 169.2 --37.145B 4.82 14.45 16.96% 5.69% Operates as a design software and services company worldwide

•14 MARVELL TECHNOLOGY GROUP LTD. MRVL 24.85 - 0.97% 16.379B 1.41 5.72 37.81% 20.44% Designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits.

•15 O'REILLY AUTOMOTIVE, INC. ORLY 399.46 24.81 - 31.313B 19.81 3.28 11.98% 3.87% Engages in the retail of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States.

•16 PAYPAL HOLDINGS, INC. PYPL 107.36 62.78 - 125.846B 3.48 8.14 18.56% 4.97% Operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide.

•17 XILINX, INC. XLNX 134.95 40.97 1.05% 34.164B 3.83 11.62 33.79% 6.41% Designs and develops programmable devices and associated technologies worldwide.

•18 MASTERCARD INCORPORATED MA 240.89 43.02 0.45% 247.131B 8.93 16.53 14.88% 3.75% Provides transaction processing and other payment-related products and services. The Chartist 8 April 18, 2019

Trailing 200 50 Trailing Annual EPS Est. DMA DMA Name Symbol Last Price P/E Div Yield Market Cap Next Year Price/Sales Chg % Chg %

•19 THE PROGRESSIVE CORPORATION PGR 75 16.97 3.30% 43.8B 5.37 1.37 10.26% 3.00% Provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance.

•20 MERCADOLIBRE, INC. MELI 492 - 0.03% 22.24B 2.77 15.45 31.33% 0.42% Operates online commerce platforms in Latin America.

•21 KEYSIGHT TECHNOLOGIES, INC. KEYS 89.84 93.49 - 16.889B 4.41 4.17 26.93% 3.14% Provides electronic design and test solutions.

•22 MCDONALD'S CORPORATION MCD 194.91 25.85 2.19% 148.813B 8.78 7.08 8.03% 4.65% Operates and franchises McDonald's restaurants in the United States and internationally.

•23 THE BOEING COMPANY BA 380.07 21.29 1.81% 214.543B 22.93 2.12 3.75% -2.47% Designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems.

•24 HESS CORPORATION HES 65.86 - 1.52% 19.957B 1.17 3.24 16.14% 9.32% Explores for, develops, produces, purchases, transports, and sells crude oil, natural gas liquids (NGLs), and natural gas.

•25 LULULEMON ATHLETICA INC. LULU 173.31 48.01 - 22.348B 5.39 6.8 21.48% 11.45% An athletic apparel company, together with its subsidiaries, designs, distributes, and retails athletic apparel.

•26 WORLDPAY, INC. WP 111.23 2,780.75 - 34.589B 5.41 8.81 22.02% 4.40% Provides electronic payment processing services. Stocks which are added to the Relative Strength Ratings are not buy recommendations. Conversely, stocks that are deleted from the ratings are not sell recommendations. Basically, the ratings can be thought of as our watchlist. The Relative Strength Ratings represent our way of tracking high relative strength stocks. By high relative strength, we are referring to stocks that are significantly stronger than the overall market, as of the day of publication of the newsletter. These are the stocks we are currently monitoring and are potential buy candidates.

ADDITIONS DELETIONS MARVELL (MRVL) SALESFORCE.COM (CRM) HESS (HES) ABBOTT LABS (ABT)

SYM=Stock’s ticker tape symbol. EXCH=Exchange the stock is traded on (A=AMEX) (N=NYSE) (O=NASDAQ). LAST=Closing price as of publication date. P/E Ratio=Current stock price divided by trailing annual earnings per share. YIELD=Current yield based upon the current price and the total dividends over the past 12 months. MKT CAP=calculated by multiplying the Last Trade by the current number of shares outstanding. EPS EST (CURRENT YEAR)=The estimated annual earnings for the current fiscal year. EPS EST (NEXT YEAR)=The estimated annual earnings for the next fiscal year. PCT FROM 200d MA=% above/below 200 day moving average. PCT FROM 50d MA=% above/below 50 day moving average. Actual performance results of the Actual Cash Account represent the performance of one continuous account managed by The Chartist, Inc. (“The Chartist”). The performance results reflect the reinvestment of dividends and other account earnings, and are net of applicable account transaction and custodial charges. Past performance may not be indicative of future results and the performance of a specific individual client or newsletter subscriber’s account may vary substantially from the performance results. No current or prospective client or subscriber should assume that future performance will be profitable, equal the performance results reflected above, or that any of the above holdings (or the account) is suitable for his/her individual situation. All performance results have been compiled solely by The Chartist, are unaudited, and have not been independently verified. Information pertaining to The Chartist’s investment advisory operations, services, and fees is set forth in The Chartist’s current written disclosure statement, a copy of which is available from The Chartist upon request.

If the subscriber were to become a managed account of The Chartist to manage a portfolio similar to the Actual Cash Account, performance would be reduced by 1.25% annually, reflecting the maximum investment management fee that would have been charged by The Chartist under its current managed accounts fee schedule. For reasons including variances in actual account holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged The Chartist’s managed account services, and any account contributions or withdrawals, the performance of a specific client’s account may vary substantially from the above indicated results.

SUBSCRIPTION RATES: $290.00 FOR 1 YEAR, $530.00 FOR 2 YEARS OR $770.00 FOR 3 YEARS 800-786-8916

CHARTIST MANAGED STOCK ACCOUNTS For information about our money management services, please give our office a call at 800-786-8916 and ask for Steve Mais. The minimum account size is $100,000.00 per account. The Chartist 9 April 18, 2019

RealTHE money portfolios–nothingCHARTIST hypothetical

Published by The Chartist Asset Management Registered Investment Advisors 5122 Katella Avenue, Suite 200 Los Alamitos, CA 90720 562.596.2385

Contact Information For The Chartist Newsletter Technical Questions:

Email: [email protected] Web: www.thechartist.com

For Personalized Investment Management Contact Steve Mais Email: [email protected] Phone: 800.786.8916 Web: www.thechartist.com