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IB Traders' Insight

Global market commentary from IBG traders and market participants.

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2015-04-21 05:09:03

Posted by
Elaine Chen
Sales Trader
International Business Division
Guosen Securities
Contributor

Macro

GUOSEN Closing Bell (April.21)

NEWS

*Sinopec's different purchase and sale companies have recently raised the prices of Styrene, Chinese Securities Journal reported. On 20 April, Sinopec's sales company in Huadong increased the factory prices of styrene by RMB550/tonne or 5.24% to RMB11,050/tonne. That was the ninth increase in April while the aggregate increase in April was RMB2,650/ tonne or 31.55%. (AAstocks)

*The website of National Development and Reform Commission announced on Tuesday that the national railway freight for the first quarter in 2015 declined 9.4% year-on-year to 870 million tonnes. For March 2015, the national railway freight also dropped 10.1% yearly to 290 million tonnes. (AAstocks)

*Beifang Chuangye (600967.SH) has recently entered into contracts in respective amounts of nearly RMB1.6 million and nearly RMB0.4 million in connection with Shaanxi Yanchang Petroleum and a Jiangxi Province soda ash project. In addition, the company signed approximately RMB2 million pressure vessel contracts for the first quarter of this year. (AAstocks)

MARKET

Chinese stocks closed higher today, with the benchmark Shanghai Composite Index ended at 4293.62 points. The market rallied in the afternoon and recovered most of loss from yesterday, a few stocks certainly experienced great volatility, as market expectation and style were shifting. Home appliance and computer sectors led the gains; while building and machinery sectors led the falls. Combined turnover for both markets was 1437.5 bn yuan, down 20.2% dod.

 

CLOSE

%CHG

VOL (bn yuan)

%YTD

SH Composite

4293.62

+1.82

862.4

+32.74

SZ Component

14439.00

+4.09

575.1

+31.09

CSI300

4619.16

+2.15

685.3

+30.72

ChiNext

2566.09

+5.82

100.3

+74.35

 

Sector

Top 1

Led by

Top 2

Led by

Upward-leading

Home appliance

600839

Computer

000066

Downward-leading

Building

601186

Machinery

601766

 

FUND FLOW

This article is from Guosen Securities Co., Ltd. and is being posted with Guosen Securities Co., Ltd.’s permission. The views expressed in this article are solely those of the author and/or Guosen Securities Co., Ltd. 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.

2015-04-21 00:59:38

Posted by
Darren Chu, CFA
Founder
Tradable Patterns
Contributor

Technical Analysis

Soybean (ZS) Testing Descending Wedge Resistance on Daily Chart

ZS continued its one week rally yesterday, testing the descending wedge resistance (in the daily chart), and on the verge of hitting descending triangle resistance (in the weekly chart).  Weekly and daily RSI, Stochastics and MACD are mostly rallying or consolidating gains.  A breather could be in order for today as the 4hr momentum indicators begin to tire.

 

Soybean (CME ZS Jul15) Weekly/Daily/4hr/Hourly

 

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures, spot FX and equity CFD markets can be traded consistently profitably. Tradable Patterns’ daily newsletter (blog) provides technical analysis on a subset of ten to twelve CME/ICE/Eurex futures (commodities, equity indices, interest rates), spot FX and US equity markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns 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.

 

2015-04-21 00:58:05

Posted by
Darren Chu, CFA
Founder
Tradable Patterns
Contributor

Technical Analysis

Arabica Coffee (KC) Nearing Triangle/Wedge Resistance on Daily Chart

KC caught a downdraft halfway through yesterday's session before strongly bouncing back to where it opened.  KC is now just shy of hitting a triangle/wedge resistance line (on the daily chart) and a downchannel resistance line (on the weekly chart).  Weekly, daily and 4hr RSI, Stochastics and MACD are mostly either rallying or bottomish.  Significantly, the weekly MACD is making a bullish crossover.

 

Arabica Coffee (ICE KC Jul15) Weekly/Daily/4hr/Hourly

 

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures, spot FX and equity CFD markets can be traded consistently profitably. Tradable Patterns’ daily newsletter (blog) provides technical analysis on a subset of ten to twelve CME/ICE/Eurex futures (commodities, equity indices, interest rates), spot FX and US equity markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns 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.

2015-04-21 00:55:10

Posted by
Darren Chu, CFA
Founder
Tradable Patterns
Contributor

Technical Analysis

Natural Gas (NG) Nearing Downchannel Support on Daily Chart

NG gapped down (from Friday's close) on yesterday's opening, and continued sliding throughout the session, sitting precariously at upchannel support (in the 4hr chart) and just above downchannel support (on the daily chart).  At the same time, NG isn't far off from testing downchannel resistance (on the weekly chart), which appears to coincide roughly with the 2.7 horizontal resistance level (in the daily chart).  Weekly, daily and 4hr RSI, Stochastics and MACD are mostly bottomish with a slight downward bias.

 

Natural Gas (CME NG May15) Weekly/Daily/4hr/Hourly

 

Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures, spot FX and equity CFD markets can be traded consistently profitably. Tradable Patterns’ daily newsletter (blog) provides technical analysis on a subset of ten to twelve CME/ICE/Eurex futures (commodities, equity indices, interest rates), spot FX and US equity markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.

 

This article is from Tradable Patterns and is being posted with Tradable Patterns’ permission. The views expressed in this article are solely those of the author and/or Tradable Patterns 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.

2015-04-20 16:12:36

Posted by
Russ Koesterich, CFA
BlackRock
Contributor

Stocks

Winter Chill, Spring Thaw?

Investment Directions

Market Outlook

So far, 2015 is playing out more or less as we expected. Still, that doesn’t mean it’s without surprises. The continued downward movement on U.S. bond yields has been somewhat unexpected, given the Federal Reserve (Fed) is setting the stage for higher interest rates later this year. However, that is partly the consequence of an arguably bigger surprise: the softening of the U.S. economy.

U.S. Deceleration: Blip or Backslide?

A bitterly cold winter in many parts of the country probably had a hand in depressing economic readings of the past few months, but we worry more about the longer-term impact of the ascendant dollar. Its rise to multi-year highs against other major currencies is pressuring profits and earnings expectations for many exporters and multinationals. We think first-quarter gross domestic product (GDP) growth may well disappoint, although we do expect a reacceleration in the second half.

Is the Bull Market About to End? Not Necessarily.

While U.S. stocks are some of the most expensive among developed markets, valuations are still below the market peaks of the past 30 years. By most measures, there are few signs of a recession, and monetary conditions will probably stay accommodative for the foreseeable future. We think the odds favor at least one more anniversary for this six-year bull run, even if returns over the next few years could wind up less than impressive.

Holding Steady Amid Volatility

Surprises or not, we maintain our main investment positioning of overweighting stocks and underweighting bonds. Long-term interest rates have never been this low for this long, and we expect them to rise modestly this year. Our emphasis is still overseas equity opportunities, while we apply more caution toward momentum plays of all shapes and sizes amid more rapid market movements. Volatility remains below the long-term average, but it’s on the rise in both the stock and currency markets, and the spike thus far in 2015 suggests a more volatile year to come.

The full report from Russ Koesterich is availble here.

 

Russ Koesterich, CFA, is BlackRock's Chief Investment Strategist and Head of the Model Portfolio & Solutions business. He is a founding member of the BlackRock Investment Institute, delivering BlackRock's insights on global investment issues. For more of Russ’s weekly commentaries, visit the BlackRock site.
 

This article is from BlackRock and is being posted with BlackRock’s permission. The views expressed in this article are solely those of the author and/or BlackRock 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.

2015-04-20 14:52:26

Posted by
Singapore Exchange

Contributor

Futures

SGX India-related Futures' Participation Rockets as Indian Equity Demand Soars

  • Singapore Exchange (SGX) Nifty Index Futures’ volume for the first quarter surged over 30% compared to the same period last year. At the same time, SGX INR/USD currency futures achieved a record daily volume of 32,055 contracts traded (over US$1 billion in notional turnover) on 8 April.
  • The Organisation for Economic Co-operation and Development (OECD) forecasts growth of over 7% for India, making it the fastest-growing economy in the world. The Indian government has vowed to raise exports to boost jobs growth.
  • India’s retail investors are starting to get back into the stock market via the mutual funds route.

Modi Gathers Garlands of Approval

In a sign of affirmation for Prime Minister Narendra Modi's leadership, Moody's ratings revised India's sovereign rating outlook from  "stable" to "positive" on 8 April.

The decision to revise the ratings outlook, which is a step closer to an upgrade of the credit rating, is based on a prognosis of improving economic conditions – “there is an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years,” the agency said in its release.

"India's relatively weak business environment and standards of governance, as well as widespread infrastructure bottlenecks, will not change overnight, but there is ample room for improvement," the ratings agency added.

Separately, the OECD on 9 April forecast India’s economic expansion to continue even as growth slows in neighbouring China.

The optimistic assessment is based on OECD’s Composite Leading Indicators (CLIs) that are designed to anticipate turning points in economic activity relative to the prevailing trend.

“CLIs signal growth easing in China and Canada, albeit from relatively high levels. In Brazil and Russia, CLIs point to a loss in growth momentum while in India, the CLI continues to indicate firming growth,” it said in a statement. India’s CLI has been on the rise since October 2014, and touched 99.5 in February this year.

On the basis of new GDP calculation implemented earlier in the year by the Indian government, the nation’s economy is estimated to expand at 7.4% this fiscal year, which  would make India the fastest-growing  economy in the world.

Exports Cloud Growth Outlook

Despite positive growth projections, India’s falling exports could be a cause for concern.

India's exports in 2015 fell for the second time in three years, declining 1.23% year-on-year or US$4 billion. Market analysts have said the rupee must be eased to more competitive levels if ambitious targets for India’s growth in manufacturing are to be achieved.

In nominal terms, the rupee has gained against other majors such as the euro and the pound sterling since the start of the year.

Chart 1: India Merchandise Exports Data

Source: Bloomberg

The Indian government vowed to double the country's exports to US$900 billion in the next five years as part of Prime Minister Narendra Modi's plans to boost the economy and provide more jobs for the growing population.

Commerce Minister Nirmala Sitharaman said “the government wants to increase India's share of global trade volume from the current 2% to 3.5%”.

Critics, on the other hand, have expressed doubts on the viability of the target, warning that the government would first have to tackle corruption, unreliable power supplies, and the country's run-down infrastructure.

Two years ago, India’s export story looked convincing. Merchandise exports grew at a healthy annual average growth rate of 22% in the five years preceding the Lehman crisis. However, India’s export growth stalled in 2013 and dipped in 2014.

India’s Stock Market Revives

Since the start of the year, the CNX Nifty Index has delivered 6.66% (13 April) or 8.05% returns in US dollar terms. Stock market turnover has also increased gradually.

On the other hand, there are fresh signs that retail investors, who almost gave up on equity participation after the 2008 financial crisis, are dipping their toes into the bourses via the mutual funds.

“India's equity market remains a foreign show with US$335 billion current foreign ownership, 23% stake in top 500 companies with ongoing flows to match," Citigroup said in a report.

"But with domestic Mutual Fund flows beginning to match foreign flows (US$6m), a possible bottoming in insurance outflows, and equities rising in retail saver Mutual Fund wallets (over 50%), we see a domestic dawn...in a foreign landscape," the report added.

Chart 2: India Stock Market Turnover

Source: Bloomberg

SGX’s India-related products saw larger trading interest in the first three months of 2015.

Volume for the SGX Nifty Index Futures has vastly surpassed 2014’s, growing by over 30% year-on-year, corresponding to the 30% rise in the index.

Concurrently, the SGX INR/USD futures contract achieved a new record daily volume of 32,055 contracts on 8 April, representing over US$1 billion in notional trading turnover. Tighter futures bid-ask spreads averaging less than the equivalent of 0.5 NDF pips have contributed to the surge in trading activity, culminating in a record total monthly volume of 216,215 contracts traded in March 2015, which is more than 20 times the volume a year earlier and up 15% month-on-month.

Chart 3: Monthly Performance and Volume of SGX CNX Nifty Index Futures

Source: Bloomberg

Chart 4: Monthly Volume Performance of SGX INR/USD Futures

Source: SGX

 

This article is from Singapore Exchange and is being posted with Singapore Exchange’s permission. The views expressed in this article are solely those of the author and/or Singapore 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.

2015-04-20 14:15:32

Posted by
Russ Koesterich, CFA
BlackRock
Contributor

Macro

QE: The Silver Lining of Slower Growth

Weekly Commentary Overview

  • Stocks struggled last week amid more evidence that economic growth is not accelerating as expected. Renewed worries over the future of Greece also contributed to last week’s market action.
  • Sluggish global growth represents the nagging headwind for stocks, particularly in the United States where expectations remain high. However, as has been the case for most of the past six years, slow growth and the monetary stimulus intended to combat it are benefiting some markets—and hurting others.
  • In the case of China lower growth has a silver lining: greater monetary and fiscal stimulus. And we see investors being similarly consoled in Europe.
  • Among the other beneficiaries of this environment are many, although not all, financial companies.

Stocks Struggle Amid More Signs of Sluggish Growth

Stocks struggled last week amid more evidence that economic growth is not accelerating as expected. In the United States, the S&P 500 Index fell 0.99% to 2,081, the Dow Jones Industrial Average dropped 1.28% to 17,826, and the Nasdaq Composite Index lost 1.30% to close the week at 4,931. As for bonds, the yield on the 10-year Treasury fell from 1.95% to 1.87% as its price correspondingly rose.

Renewed worries over the future of Greece also contributed to last week’s market action. But sluggish global growth represents the nagging headwind for stocks, particularly in the United States where expectations remain high. However, as has been the case for most of the past six years, slow growth and the monetary stimulus intended to combat it are benefiting some markets—and hurting others.

Consumers Saving, Not Spending

Last week brought more evidence of what is shaping up to be a very soft start to the year for the U.S. economy. Despite a sharp advance in consumer sentiment, retail sales in March once again disappointed, leaving adjusted retail sales up just 1.3% year-over-year, the slowest rate of increase since 2009.

Rising wages and cheaper oil prices should be supporting sales, but Americans are being more conservative than in past cycles; instead of spending more, they are saving more. In February, the savings rate rose to 5.8%, the highest since 2012.

And the softness was not limited to the consumer. Both industrial production, which contracted by 0.6% in March, and housing starts were below estimates. The persistent softness in U.S. economic data has led economists to lower their estimates for first quarter gross domestic product (GDP) growth to 1.4%, down from 3% as recently as November. Growth should rebound in the second quarter, but the United States will struggle to hit the 3% growth rate that investors expected at the beginning of the year. Another implication of the slowing growth: It suggests that earnings estimates for the year may still be too high.

The situation in the world’s second-largest economy, China, is also one of diminished expectations. First quarter growth in China decelerated to 7%, the slowest pace in six years. And in many ways, that statistic understates the slowdown. Fixed asset investment slowed to a 14-year low, while retail sales, which are expected to compensate for a slower rate of investment, fell to a nine-year low.

The Comfort of Quantitative Easing

In the case of China, however, lower growth has a silver lining: greater monetary and fiscal stimulus. To be sure, investors there are hoping slower growth will lead to stimulus by the government. And we see investors being similarly consoled in Europe. Last week, European Central Bank (ECB) President Mario Draghi reiterated his commitment to Europe’s quantitative easing program. The 60-billion-euro-a-month bond-buying spree has pushed 10-year German Bund yields down to nearly 0%.

Even in the United States, the weak pace of global growth has reassured investors that a potential interest rate hike by the Federal Reserve does not represent a near-term threat. Last week, U.S. rates fell toward their April lows. At the same time, interest rate volatility has also dropped, with the MOVE Index, which measures volatility in the U.S. Treasury market, recently hitting its lowest level in months.

Among the beneficiaries of this environment are many, although not all, financial companies. With interest rates low and most central banks stuck in a position of near-permanent easing, it should come as little surprise that many large financial firms are seeing a benefit.

It is true that traditional banks are struggling with low rates and declining net interest margins. Wells Fargo reported that its net interest margin fell below 3% for the first time in at least a decade.

However, financial firms with large capital market operations and merger-and-acquisition desks are thriving. Low rates have translated into a surge in mergers and an increase in currency trading, both big moneymakers for investment banks. Last week, JP Morgan and Goldman Sachs reported strong numbers, with Goldman’s profits at a five-year high. We see the favorable environment for this sector continuing, and accordingly, we would remain overweight large, global financial firms.

 

Russ Koesterich, CFA, is BlackRock's Chief Investment Strategist and Head of the Model Portfolio & Solutions business. He is a founding member of the BlackRock Investment Institute, delivering BlackRock's insights on global investment issues. For more of Russ’s weekly commentaries, visit the BlackRock site.
 

This article is from BlackRock and is being posted with BlackRock’s permission. The views expressed in this article are solely those of the author and/or BlackRock 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.

2015-04-20 13:30:34

Posted by
IB Securities Lending Desk
Contributor

Technical Analysis

Waverly Advisors Summary Stats

%Chg: percent change from the previous day’s close

SigmaSpike: the day’s change expressed as a standard deviation of the last 20 trading days. Values inside +/- 1.0σ are generally insignificant, +/- 2.5σ are large (for the volatility of the particularly instrument), and +/-4.0σ are very large.

C/DayRng: the current price as the pipe “|” within the day’s range. Can easily see at a glance if trading near high or low of the day. The day’s open is “:”. You can read more about this indicator in my book.

For sectors: analysis is done using the State Street Sector SPDRs (XLE, XLF, etc.) %Chg is the day’s change for the SPDR, and Excess is the Excess Return for the day (the SPDR’s return – the S&P 500 return).

 

For more information about Waverly Advisors please click here.

2015-04-20 13:27:59

Posted by
Waverly Advisors, LLC
Technical/Quantitative Market Research
Contributor

Technical Analysis

Waverly Advisors Update: Largest Advances / Declines

The individual stock tables are simply ticker lists showing the largest values for the following criteria:

SigmaSpike: Largest volatility-adjusted moves. (Note that this measure, though we might call it a “standard deviation spike”, does not assume that anything is normally distributed. You’ll see a handful of +/-4.0σ moves on many days, and +/- 10σ do happen.)

GapOpen: The stock’s opening gap, expressed as a SigmaSpike.

FromOpen: Stocks often reveal stronger trending character by their relationship to their opening print, rather than to the previous day’s close. This screen evaluates the move off the open as a SigmaSpike.
 

For more information about Waverly Advisors please click here.

2015-04-20 13:24:08

Posted by
Waverly Advisors, LLC
Technical/Quantitative Market Research
Contributor

Technical Analysis

Waverly Advisors Afternoon Update

Largest Rel Volume: Stocks with the largest multiple of their 20 day average volume. Note that the “average” value for this number will change as the trading day progresses, but the relative position of a stock within this list should show some persistence. These are likely stocks in the news, or stocks experiencing a sharp flow of new information.

Largest Rel Ranges: First, we express each stock’s daily range as a % of the 20 day average range, and then choose the 10 with the largest values of that measure. These are the stocks with the largest daily ranges, relative to their own typical daily ranges.

Gap Analysis shows stocks with open gaps (today’s high < yesterday’s low or today’s low > yesterday’s high) remaining.

Stocks with Open Gaps (for the Day): A, ABBV, ADM, ALSN, APC, ARMH, ASHR, BBL, BDX, BIDU, BMS, BWA, CAT, CHL, CIEN, COTY, DB, DDD, DNOW, EMR, ETN, FBHS, FE, FNF, GG, GIS, GPRE, GS, HAS, HSBC, HUM, IBM, INFY, JNJ, KORS, LULU, MCK, MHFI, MNST, MRK, MRO, NCLH, NSC, NVO, OMC, PAH, PCG, PEP, RCL, RDS.A, RDS.B, RIO, RMD, SAP, SNE, SWK, TEL, TMO, TROW, TTM, UA, UGI, WMB, YUM

 

For more information about Waverly Advisors please click here.

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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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