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Technical Analysis

Gramza - Technical Analysis (Gold, Dollar, Oil and more) Heading into Monday's Open with Dan Gramza


Dan Gramza takes a look at some key charts heading into today's open, including gold, oil and the dollar.

This Daily Market Studies are presented by an unaffiliated third party and Interactive Brokers LLC does not create the content of these presentations. You should review the contents of each presentation and make your own judgment as to whether the content is appropriate for you. Interactive Brokers LLC does not provide recommendations or advice. This presentation is not an advertisement or solicitation for new customers. It is intended only as an educational presentation.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This video is from Dan Gramza and is being posted with Dan Gramza’s permission. The views expressed in this video are solely those of the author and/or Dan Gramza and IB is not endorsing or recommending any investment or trading discussed in the video. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


17482




Macro

A Peek Into The Markets: US Stock Futures Flat Ahead Of Earnings - By Lisa Levin


Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade, ahead of earnings from several companies. The Chicago Fed National Activity Index for March is schedule for release at 8:30 a.m. ET, while the Composite Purchasing Managers' Index for April will be released at 9:45 a.m. ET. Existing home sales report for March is schedule for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average declined 2 points to 24,431.00, while the Standard & Poor’s 500 index futures rose 0.15 points to 2,671.50. Futures for the Nasdaq 100 index gained 5.75 points to 6,680.50.

Oil prices traded lower as Brent crude futures fell 0.07 percent to trade at $74.01 per barrel, while US WTI crude futures fell 0.41 percent to trade at $68.12 a barrel.

 

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.11 percent, STOXX Europe 600 Index falling 0.04 percent and German DAX 30 index dropping 0.11 percent. The UK's FTSE index was trading lower by 0.01 percent, while French CAC 40 Index slipped 0.07 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.33 percent, Hong Kong’s Hang Seng Index fell 0.54 percent, China’s Shanghai Composite Index gained 0.17 percent and India’s BSE Sensex rose 0.10 percent.

Broker Recommendation

Analysts at Deutsche Bank upgraded Michael Kors Holdings LimitedKORS from Hold to Buy.

Michael Kors shares fell 1.07 percent to close at $65.01 on Friday.

Breaking news

  • Hasbro, Inc. HAS reported weaker-than-expected results for its first quarter on Monday.
  • Subsea 7 S.A. confirmed a $7.00 per share proposal to acquire McDermott International Inc MDR.
  • CenterPoint Energy, Inc. CNP announced plans to acquire Vectren Corp VVC for $72 per share in cash.
  • Bank of Hawaii Corporation BOH reported upbeat earnings for its first quarter.

 

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This article is from Benzinga and is being posted with Benzinga's permission. The views expressed in this article are solely those of the author and/or Benzinga and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


17481




Macro

Markets Struggle With Upbeat North Korea & Trade War Headlines


Morning Briefing April 23rd 2018


Monday brings a flurry of data.

Spain and France both have double releases at 0700GMT. Starting with Spain, Industrial Orders are due, with prior y/y wda growth of 6.9%. Next is their services survey which previously showed y/y growth of 5.9%.

France's double release entails their flash manufacturing and services PMI data. March saw a disappointing drop to 53.7 from a prior 55.9 in manufacturing, whilst services saw a slight drop to 56.9 from 57.4.

Germany are next up with their manufacturing and services PMIs at 0730GMT. Manufacturing slowed from a high base in March from 60.6 to 58.2. Services fell from 55.3 to 53.9.

At 0800GMT we will get the Eurozone composite, manufacturing and services PMIs. The composite PMI slowed to 55.2 in March from a prior of 57.1. The PMI surveys reflected the drag from France in manufacturing and Germany in services, with manufacturing declining from 58.6 to 56.6 and services declining from 56.2 to 54.9.

Europe finishes up the morning with the general government deficit and debt estimates. The previous annual government deficit was 1.5% of GDP with debt making up an unchanged percentage to GDP of 88.9%.

Wholesale sales grew by 0.1% previously for Canada and will be released at 1230GMT.

Next up is the US at 1345GMT with their manufacturing and service PMI figures. Previously, manufacturing stood at 55.6, whereas services stood at 54.0.

Moving back to Europe, at 1400GMT, ECB Executive Board member Benoit Coeure will participate in a conference on 'Resolution in Europe: The Unresolved Questions' in Frankfurt.

Back to the US, existing home sales will hit at 1400GMT. February saw growth in this figure with a unit reading of 5.54 million compared to 5.38 million in January.

For those wanting more in the evening, at 2130GMT, BOC Gov Stephen Poloz and Senior Deputy Gov Carolyn Wilkins will testify before the Canadian House of Commons Standing Committee on Finance.

This is followed up in Australia at 2200GMT with RBA Assistant Governor Chris Kent speaking at the HIA breakfast.

Finishing the calendar is Australia's quarterly CPI data at 0130GMT with prior underlying y/y CPI of 1.9%.

Global Economic Trading Calendar


Markets


SNAPSHOT: Below gives key levels of markets in the second half of the Asia-Pac session: - Nikkei 225 down 67.83 points at 22094.61 - ASX 200 up 21.423 points at 5890.2 - Shanghai Comp. down 3.258 points at 3068.284 - JGB 10-Yr future down 7 ticks at 150.51, yield up 0.7bp at 0.067% - Aussie 3-Yr future down 4 ticks at 97.69, yield up 4.1bp at 2.271% - Aussie 10-Yr future down 6 ticks at 97.12, yield up 5.5bp at 2.862% - US 10-Yr future down 6 ticks at 119.11+, yield up 1.3bp at 2.9732%

US TSYS: US-yields are higher ex. the 30-Year sector, with the 7-Year sector underperforming on the session thus far. As a reminder, earlier on, MNI sources noted better buying had been seen this morning. Despite this the space managed to extend on Friday's closing lows following positive US-China trade rhetoric over the weekend & suggestions that North Korea is willing to cease its nuclear development programme. - The Eurodollar strip was softer in the main.

JGBS: The JGB curve has continued the steepening seen on Thursday & Friday of last week, JGB futures went into the lunch break at 150.50 (-8 ticks), after printing session lows of 150.43. - Last week's soft 20-Year JGB auction & the steepening of the US yield curve have pressured JGBs. - The latest round of BoJ Rinban operations, covering the 1-5 Year buckets, saw a steady nominal amount of purchases, with the offer to cover ratios broadly unchanged.

BOJ: *** BoJ offers to buy total Y605bln of JGB's from the market all sizes unchanged from the previous operation. - Y250bln worth of JGBs with 1-3 Years until maturity - Y330bln worth of JGBs with 3-5 Years until maturity - Y25bln worth of JGBi's

AUSSIE BONDS: The space continues to operate around Friday's closing-slightly lower levels, although a solid auction of a 10-Year Bond basket constituent has helped to underpin the space. - The latest auction result isn't all that surprising given the recent run of strong results in the auctions of the shortest Bond in the 10-Year futures basket. - The domestic 3-/10-Year yield differential last trades 1.9bp steeper at 58.9bp, while the AU/US 10-Year yield spread sits 1.0bp wider at -11.0bp. - 3-Month BBSW fixed unchanged today which has provided a degree of support to the front Bill contract.

STOCKS: Asian stocks began the week in mixed fashion as cross currents on the geopolitical & trade war fronts left investors in a somewhat indecisive state. - The Nikkei 225 lost 0.2% with the health care sector acting as the major laggard, while financials benefitted from the uptick in yields. - The Hang Seng lost 0.3% as the IT sector weighed, with energy names also slipping although the telecoms sector cushioned the fall. China's CSI 300 fared a little better, printing the most modest of gains. - Australia's ASX 200 added 0.4%, as miners and financials helped the index move higher, while the IT sector was the largest decliner. - US index futures were higher from the off.

OIL: The major crude metrics were largely unchanged today with WTI trading at $68.35, while Brent traded at $74.10. - Friday saw the weekly Baker Hughes US rig count move higher, while a terrorist attack on Libya's Waha oil pipeline over the weekend wasn't enough to put a bid into the space.

GOLD: The Yellow metal lost $3 to trade at $1333/oz as North Korean & US-China issues seemingly eased over the weekend.

FOREX: Over the weekend reports noted that North Korean leader Kim has agreed to suspend nuclear & missile tests, but subsequent reports noted that US President Trump will tell Kim to first dismantle the sites and denuclearise before economic sanctions can be lifted. - This led to a lack of impetus in markets, despite positive developments on the US-China trade front. USDJPY edged higher to trade at 107.80. - GBP added 20 or so pips to trade at ~1.4020. Reports suggested that UK PM May may be open to staying in the customs union, but that has been brushed aside by Downing St. following reports of further internal dissent within the ruling Conservative Party. - EURUSD moved further away from the 1.2300 level, shedding 15 or so pips to last deal at ~1.2270, while the AUD, CAD & NZD struggled for any real direction. - USDHKD benefitted from IPO chatter, which has allowed the cross to edge away from the top end of its permitted trading band.

Technical Analysis


 BUND: (M18) Above 158.74 To Gain Breathing Room

*RES 4: 159.06 21-DMA
*RES 3: 158.95 Low Apr 17 now resistance
*RES 2: 158.74 Low Apr 16 now resistance
*RES 1: 158.45 Hourly support Apr 19 now resistance

*PREVIOUS CLOSE: 157.93

*SUP 1: 157.67 Low Mar 19
*SUP 2: 157.47 55-DMA
*SUP 3: 157.34 Low Mar 14
*SUP 4: 156.22 Monthly Low Mar 8    

*COMMENTARY: Losses continued Friday with the close below the 100-DMA (158.15) adding to bearish confidence. Bears now focus on a break of 157.34 needed to confirm traction below the 55-DMA and initially target 156.02-22. The Bolli base (158.16) is the key concern for bears. Layers of resistance have been left in the wake. Bulls still need a close above 158.74 to gain breathing room and above the 21-DMA to return focus to 159.55-69 where Mar highs are noted.

EUROSTOXX50: Capped Ahead Of 200-DMA & 55-WMA

*RES 4: 3570.95 Alternating daily support/resistance
*RES 3: 3523.28 Low Feb 2 now resistance
*RES 2: 3516.47 55-WMA
*RES 1: 3511.22 200-DMA

*PREVIOUS CLOSE: 3494.20

*SUP 1: 3476.59 Low Apr 18
*SUP 2: 3455.22 Hourly support Apr 17
*SUP 3: 3435.58 Low Apr 16
*SUP 4: 3411.63 Low Apr 11

*COMMENTARY: O/B daily studies appear to be impacting with the index struggling to gain traction above the 100-DMA (3489.79) and remaining capped ahead of the 200-WMA, 55-DMA and Bollinger top (3529.50). Bulls need a close above 3523.28 to confirm breaks of key resistance levels and to target 2018 highs. Bears look for a close below 3476.59 to gain breathing room and below 3383.17 to focus on 2018 lows.

Eurex Futures Market Close


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MNI subscribers make critical decisions with deeper insight and greater confidence. Pinpoint information and market-moving interviews let them react instantly to market changes and more importantly, anticipate future market moves. MNI reporters are market professionals in the news business. They work like journalists but think like traders. When interviewing Fed officials, our reporters ask the same questions you would ask. They cover the angles you would cover. Write the way you read.

MNI’s news services are now available via the IB Trader platform. Please click here to view our provider page or contact MNI directly on sales@mni-news.com or +1 212 669 6400 for our Americas sales team and +44 207 862 7408 for our EMEA sales team.

This article is from Eurex Exchange and is being posted with Eurex Exchange’s permission. The views expressed in this article are solely those of the author and/or Eurex Exchange and IB is not endorsing or recommending any investment or trading discussed in the article. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


17480




Futures

Tradable Events this Week


1. Data Dump

The week kicks off with a flood of data from both the Eurozone and the U.S while the currency market finds itself at an inflection point. The Dollar Index traded to and closed at the highest level since the first week of April. On the flip side the Euro traded to and closed at the lowest level in the same period. The 90 benchmark in the Dollar Index is a psychological level in which it has struggled mightily to hold since breaking down through in January; major three-star resistance comes in at 90.49-90.79. Economic data from the U.S has not given true support to the Dollar; the Citigroup Economic Surprise Index is at the lowest level since the start of Q4 2017. In fact, it has retreated from a six year high above 80 to near 20. These data points have more or less been a battle of the best house on a bad block with its Euro counterpart. Our motto is; if you get the Dollar right, you will get a lot of things right. Tomorrow morning, regional PMIs from France are due at 2:00 am CT and Germany at 2:30. The Eurozone read is at 3:00 am CT. From the U.S, we have the same trio of PMIs (Manufacturing, Markit Composite and Services) at 8:45 am CT. Existing Home Sales data is due at 9:00 am CT. German Ifo Business Sentiment is due on Tuesday; this will be a key read after Consumer Sentiment last week was the worst since 2012. From the U.S on Tuesday is Case Shiller, Consumer Confidence and New Home Sales. This two-day stretch will be absolutely critical in confirming or denying the price action to finish last week and ahead of Thursday’s ECB and BoJ meetings as well as the first look at U.S Q1 GDP on Friday.

 

2. Stocks Slipping

The S&P finished 1.7% from its high on the week while the NQ 2.8% from its. After a strong start on Monday and Tuesday came on the lowest volume stretch of the year, the fickle market turned south. Adding to pressure was a surge in yields; the 10-year Treasury hit the highest level since 2014. This weakness also points to profit taking ahead of the heart of earnings season. The tech sector must show up this week and once again become a leader in order for the recent rally to remain constructive; Google is due Monday after the bell, Facebook Wednesday and Amazon Thursday. In addition, Boeing, 3M, Caterpillar, Verizon, AT&T, Comcast, Exxon and others are also due this week. Major banks posted great earnings, but the crowded sector incurred a wave of profit taking directly after. On Friday, this profit taking showed signs of being over as the XLF finished +0.11% when the rest of the market was down. Earnings are the lifeblood of stocks and we now look to a crucial line in the sand for the S&P at 2654.75 in order to keep this recent uptrend intact.

 

3. Central Banks

The European Central Bank and the Bank of Japan separately meet and conclude with monetary policy decisions on Thursday (U.S hours). In January, both central banks laid the groundwork for tightening policy later this year. Since, each has danced with comments from officials or tweaks to the policy statement. Expectations for any further changes this week are extremely low and because of this, the door is now open for an upside surprise in their respective currencies. Our focus this week is most closely on the ECB. In our first Tradable Event above, we pointed to poor data from both the U.S and Eurozone. This signals that weakness in the Euro is at least partly due to dovish expectations for this week’s meetings. When coupled with an over-extended net-long position, you get the 1% slip that took place in the back half of last week. Price action traded to a low of 1.2299 and we have major three-star support at 1.2254-1.22765. If there is any scent of a hawkish surprise, it is likely that we see a sharp rip higher.

 

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Bill Baruch is President and founder of Blue Line Futures. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications. 

Blue Line Futures is a leading futures and commodities brokerage firm located at the Chicago Board of Trade. We work with clients that range from institutional to professional to novice and from self-directed to broker-assisted. No matter what type of trader you are, our mission is simple; to put the client first. This means bringing YOU strong customer service, consistent and reliable research and state of the art technology. 

This article is from Blue Line Futures and is being posted with iBlue Line Futures’ permission. The views expressed in this article are solely those of the author and/or Blue Line Futures and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


17479




Fixed Income

Rareview - At What Level Does the Fed Stop?


This week, the flatness of the US yield curve began to invert in a pronounced way across several forward points.

It is becoming increasingly likely that the slope of the yield curve will reach zero around the June FOMC meeting. Currently, the market is priced for the 100% certainty of an interest rate hike at the June meeting. Any interest rate hikes beyond that, which are already priced in the market at 75% or greater, will invert the yield curve.

Below is a chart of the 5/10 US OIS curve, 6 months forward. As you can see, for the first time in this cycle it began to invert earlier this week. A variety of other curves, including the 2/10 curve, will invert about the same time. Sidebar: While many look at the yield curve through the lens of 2/10 or 5/30, we grew up with 5/10’s because it is the purest representation of the Fed’s relative stance of tightness or easiness.

 

Ultimately, this reinforces our view that this cycle’s neutral Fed funds rate is about 1.75%. It is 1.69% today and will go beyond that at the next meeting.

The only question remaining to ask for a fixed income investor is at what level does the Fed stop? Right now, the market is priced for 4 more interest rate hikes to 2.75%. Our guess has been 2.25% or 2.5%, but it is only a guess.

In this same spirit, the flat level of the yield curve has become a topic of conversation for Fed policymakers. After all, they get briefed twice a day on the forwards, too.

As a reminder, this began but was dismissed by most at the time, back on March 5th, when the San Francisco Fed released this paper on yield curve inversion. We showcased it in these pages on that day. The significance is that the San Francisco Fed is typically known as the research division of the Fed – it produces the most working papers of any division – and its President, John Williams, is Powell’s “economic study buddy.”

The crux of the paper, which was written by a member of the San Francisco’s Fed research division who helped pioneer the now infamous “r*”, suggested that combining the flat level of the yield curve with other asset valuations, suggested that the probability of a recession was either at or near a critical threshold that would suggest a recession was on the horizon within the next 6 to 24 months. For those who haven’t been following closely, the yield curve is 20 bps flatter than when that paper was released.

No less than five Fed policymakers in the last week, including San Francisco Fed President John Williams, the current mouthpiece for the Fed, have stated that either an inverted yield curve would either make them consider stop raising interest rates, or induce them to stop altogether. It is no coincidence to us that Williams’ comments on Wednesday, following nine straight days of flattening in the 5/30 curve, coincided with a bottoming in the flattening pressure.

But we would note that if what the policymakers have said is true, this concept will be put to the test at the September meeting. Knowing that, it calls for any short fixed income expressions to have an upside hedge after the June meeting.

Finally, we point you to today’s sight beyond sight.

Last night, the following story titled, “White House Officials See More Labor Market Slack Than Fed Does,” was released.

Here is what Kevin Hassett, Chairman of President Donald Trump’s Council of Economic Advisers, said regarding joblessness:

“I’m not sure full employment is one number,” Hassett told a conference sponsored by the Institute of International Finance on Thursday in Washington, adding, “I think it could be in the 3’s now.”

Here is what Mark Calabria, Vice President Mike Pence’s chief economist, said regarding joblessness:

There is “obviously a very vigorous debate about -- are we at full employment? Is there room for the labor market to grow?,” Calabria told the Global Finance Forum in Washington. “It is certainly our belief that there are a tremendous amount of people on the sidelines, for a variety of reasons.”

The key point here is two-fold:

  1. The White House, specifically the person who briefs President Trump on the economy, is saying that below 4% may be equivalent to full employment now. The latest unemployment rate is 4.1%, the same level it has been for six months in a row.
  1. Larry Kudlow, Director of the National Economic Council under US President Donald Trump, was vocal on trade tariffs. The risk is that he is even more vocal on curtailing future interest rate hikes and uses what the White House believes to be NAIRU (i.e., sub-4%) as the reasoning.

The sight beyond sight is to watch out for this narrative to show up in any “Fed-speak.”

Why? Because that would argue for a slower path of interest rate hikes or remove some of the euphoria around wage inflation.

---

To see the remainder of today's edition, please sign up for a subscription to Sight Beyond Sight through Interactive Brokers.

Sight Beyond Sight® is a global macro trading newsletter written daily by Neil Azous. With close to two decades of institutional experience across asset classes, Neil interprets the day-to-day economic, policy and strategy developments and provides actionable trading ideas for investors. We invite clients of Interactive Brokers to sign up for a free trial in Account Management. If you are not a client of IB, you can sign up for a free trial by visiting our website.

This article is from Rareview Macro and is being posted with Rareview Macro’s permission. The views expressed in this article are solely those of the author and/or Rareview Macro and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


17476




1 2 3 4 5 2 1011

Disclosures

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The material (including articles and commentary) provided on IB Traders' Insight is offered for informational purposes only. The posted material is NOT a recommendation by Interactive Brokers (IB) that you or your clients should contract for the services of or invest with any of the independent advisors or hedge funds or others who may post on IB Traders' Insight or invest with any advisors or hedge funds. The advisors, hedge funds and other analysts who may post on IB Traders' Insight are independent of IB and IB does not make any representations or warranties concerning the past or future performance of these advisors, hedge funds and others or the accuracy of the information they provide. Interactive Brokers does not conduct a "suitability review" to make sure the trading of any advisor or hedge fund or other party is suitable for you.

Securities or other financial instruments mentioned in the material posted are not suitable for all investors. The material posted does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before making any investment or trade, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Past performance is no guarantee of future results.

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