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2015-07-03 04:55:43

Posted by
Darren Chu, CFA
Founder
Tradable Patterns
Contributor

Technical Analysis

VIX (VX) Weekly MACD Positively Crossing

The VIX (VX) bounced following yesterday's Non-Farm Payrolls (NFP) off the 50%-61.8% Fib retrace of the approximately 14-18 rally, and appears close to completing a bull flag (as seen on the daily chart).  Significantly, the weekly candle has pierced above a 6 month downchannel resistance line.  Weekly and daily RSI, Stochastics and MACD are all rallying, except for the weekly MACD which is just making its positive crossover.  With the 4hr RSI and Stochastics consolidating, and with the US on holiday today, the VX is closed today.  I'll be looking to go long Monday in the 16-16.5 range.

 

VIX (CFE VX 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

 

2015-07-03 04:55:37

Posted by
Darren Chu, CFA
Founder
Tradable Patterns
Contributor

Technical Analysis

S&P500(ES) Bear Flag in Late Stages

The S&P500 (ES) edged slightly lower following yesterday's Non-Farm Payrolls (NFP), and appears close to completing a bear flag (as seen on the daily chart).  Weekly RSI, Stochastics and MACD, and daily MACD are bearishly sloping down.  With the daily RSI and Stochastics consolidating due in large part to today's US Independence Day, I'm not expecting a decisive move lower today on the ES, but will watch Monday for a short entry in the 2060-2075 range.

 

S&P500 (CME ES Sep15) 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

2015-07-03 04:55:32

Posted by
Darren Chu, CFA
Founder
Tradable Patterns
Contributor

Technical Analysis

Nasdaq100 (NQ) Bear Flag in Late Stages

The Nasdaq100 (NQ) edged lower following yesterday's Non-Farm Payrolls (NFP), only to bounce a bit into the close.  Nevertheless, NQ  appears close to completing a bear flag (as seen on the daily chart).  Weekly RSI, Stochastics and MACD, and daily MACD are bearishly sloping down.  With the daily RSI and Stochastics consolidating due in large part to today's US Independence Day, I'm not expecting a decisive move lower today on the NQ, but will watch Monday for a short entry in the 4410-4440 range.

 

Nasdaq100 (CME NQ Sep15) 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

2015-07-03 04:50:04

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

Macro

GUOSEN Closing Bell (July.03)

NEWS

*The service sector continued to expand in June, but at its slowest rate since January, according to an industry index released by HSBC on Friday. The HSBC/Markit China's services purchasing managers' index (PMI) was posted at 51.8 in June, down from 53.5 in May. The index samples more than 400 private service-sector companies in China. A reading above 50 indicates expansion, while a reading below 50 represents contraction. HSBC said the slowdown in service activity growth reflected softer new business gains in June, with service providers signaling the slowest increase in new orders in 11 months. (Xinhua)

*China has submitted a plan to drastically cut co2 emission by 2030 to the Secretariat of the UN Framework Convention on Climate Change on Tuesday. Under the plan, it promised to cut such emissions per unit of GDP by 60 to 65 percent from 2005 levels, the announcement came as Chinese premier Li Keqiang was in Paris for an official visit to France – the presidency of this year’s climate summit. "China's carbon dioxide emission will be curbed by around 2030 and China will work hard to achieve the target at an even earlier date," Li said in a statement after meeting French President Francois Hollande in Paris. The statement also said that China pledged an increase in non-fossil energy sources to represent at least 20 percent of total energy by 2030; and a target to increase the forest coverage by around 4.5 billion cubic meters from the 2005 level. (People’s Daily)

*The nation's top legislature has ratified an international tax convention that will, for the first time, facilitate multilateral information exchanges as a means of fighting evasion. The ratification on Wednesday of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters came two years after China signed the convention in August 2013. Developed by the Organization for Economic Cooperation and Development and the Council of Europe in 1988 and updated in 2010, the convention provides a comprehensive multilateral framework for the exchange of information and assistance in tax collection. It has become the most comprehensive multilateral instrument available for all forms of tax cooperation, with 70 countries having signed it as of March. (China Daily)

*China consumers' association has expressed support for a non-profit lawsuit filed by Shanghai Consumer Council on June 2. Shanghai Consumer Council filed public interest litigation against Tianjin Samsung Electronics Co. and Guangdong Oppo Electronics Industry Co. on June 1 for infringement of consumers' rights including pre-installing excessive numbers of apps. The result of comparison tests shows Oppo X9007 and Samsung SM-N9008S rank the first and second respectively among phone models which have the highest number of preinstalled apps that cannot be uninstalled. (CRI Online)

MARKET

Chinese stocks closed lower today, with the benchmark Shanghai Composite Index ended at 3686.92 points. The market sunk again after brief recovery at noon, just as the investors gained some confidence and believed solid ground had been reached, the market was thrown off cliff again. Speculations on more support from Beijing this weekend grow, on the other hand, there are also criticisms of excessive intervenes that did more harm than good in both short and long term. None sector gained; while military and coal sectors led the falls. Combined turnover for both markets was 1153.0 bn yuan, down 10.4% dod.

 

CLOSE

%CHG

VOL (bn yuan)

%YTD

SH Composite

3686.92

-5.77

648.0

+13.98

SZ Component

12246.06

-5.25

505.0

+11.18

CSI300

3885.92

-5.41

538.2

+9.97

ChiNext

2605.28

-1.66

128.3

+77.02

 

Sector

Top 1

Led by

Top 2

Led by

Upward-leading

 

 

 

 

Downward-leading

Military

000561

Coal

600397

 

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.

2015-07-02 15:52:32

Posted by
Kevin Kastner
Washington Deputy Bureau Chief for Economic Data Operations
MNI News
Contributor

Macro

MNI US DataWatch

The July 6 week will be relatively quiet, falling between two busy weeks on the calendar. Data on non- manufacturing conditions, trade, consumer credit, and weekly initial claims make up the key data in the week, a breather before the release of all of the mid-month data in the following week.
Here is a closer look at the key data in the coming week:
 
NONMANUFACTURING ISM FOR JUNE, MONDAY, JULY 6, AT 10:00 A.M. ET
 
The ISM non-manufacturing index is expected to rise to 56.0 in June after falling to 55.7 in May. Regional data from the Dallas and Richmond districts suggest a stronger pace of growth, but the flash Markit Services index fell 1.4 points to 54.8 in the month.
 
 
INTERNATIONAL TRADE FOR MAY, TUESDAY, JULY 7, AT 8:30 A.M. ET
 
The international trade gap is expected to widen to $43.0 billion in May after sharp movements in the previous two months. Boeing reported another decline in aircraft deliveries to foreign buyers while manufacturing industrial production was down 0.2% and excluding motor vehicles was down 0.3%, suggesting exports were soft. At the same time, import prices were up 1.3% overall and flat excluding a strong gain in the price of imported petroleum products.
 
CONSUMER CREDIT FOR MAY, TUESDAY, JULY 7, AT 3:00 P.M. ET
 
Consumer credit usage is forecast to rise by $18.5 billion in May after $20.5 billion rise in April. Retail sales were up 1.2% while sales were up 1.0% excluding motor vehicles and still up 0.7% also excluding gasoline station sales, suggesting that revolving credit use posted another solid gain. Nonrevolving credit use should be again the core of the overall increase.
 
 
WEEKLY JOBLESS CLAIMS FOR JULY 4 WEEK, THURSDAY, JULY 9, AT 8:30 A.M. ET
 
The level of initial jobless claims is expected to decline by 3,000 to 278,000 in the July 4 holiday week after a 10,000 increase in the previous week. Claims data in July tend to be volatile due to annual auto retooling shutdowns, though the impact recently has been smaller than in previous years. In any case, analysts will look for any large movements in the next few weeks with caution. The four-week moving average rose by 1,000 to 274,750 in the June 27 week. The 279,000 level in the June 6 week will roll off the four-week average calculation as the current week is added, which would keep the moving average roughly steady if the MNI forecast is realized in the current week, all else being equal.

Seasonal adjustment factors expect unadjusted claims to rise sharply in the July 4 week, typically the start of a spike in claims related to auto retooling shutdowns. Unadjusted claims rose by 9,983 in the previous week. In the comparable week a year ago, unadjusted claims rose by 16,721, less than seasonal factors had expected, resulting in a 6,000 decline in the seasonally adjusted figure.

 

Keep pace with the latest corporate news with MNI's US Risk-O-Meter, a weekly recap of credit risk appetite! For more information and a full version of the US Risk-O-Meter, email Steven Levine at slevine@mni-news.com. Click here for moreabout MNI.

 

This article is from Market News International (MNI) and is being posted with MNI’s permission. The views expressed in this article are solely those of the author and/or MNI 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.

2015-07-02 13:05:13

Posted by
Steven Levine
Fixed Income Reporter
MNI News
Contributor

Fixed Income

MNI's U.S. Risk-O-Meter

Sales of new investment-grade corporate bonds plunged to just one deal this past week, amid ongoing uncertainties over Greece’s debt dilemma. Triple-’A’ rated Asian Development Bank was the sole issuer to price new notes, ahead of the Greek government’s referendum on Sunday. Overall, high grade corporate debt supply was silent and again disappointed expectations, as Greece default concerns, the jobs report and Friday's U.S. bond market close for the Independence Day holiday helped to keep a lid on new supply. Syndicate managers expect those issuers waylaid by recent market volatility to enter the primary market in the week ahead if conditions are sufficiently stable.

 

Keep pace with the latest corporate news with MNI's US Risk-O-Meter, a weekly recap of credit risk appetite! For more information and a full version of the US Risk-O-Meter, email Steven Levine at slevine@mni-news.com. Click here for more about MNI.

 

This article is from Market News International (MNI) and is being posted with MNI’s permission. The views expressed in this article are solely those of the author and/or MNI 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.

2015-07-02 11:33:28

Posted by
Barron's

Contributor

Options

As Greece Crumbles, This Alibaba Trade Looks Savvy

With global markets falling hard, investors can boost income by selling calls against big, moribund stocks.

 

Keep calm and trade on.

Despite menacing shadows hanging over the global financial markets, many seasoned investors believe Greece’s credit crisis will ultimately prove contained.

Major stock market indexes are sharply lower, creating opportunities for investors to sell calls against mega-cap stocks. The trade monetizes global investor fear sparked by Greece’s decision to shutter banks and limit the flow of money out of the nation.

Consider Alibaba Group Holdings (ticker: BABA), China’s largest e-commerce company. With Alibaba down some 20% this year, recently trading around $81.90, investors can sell Alibaba’s September $87.50 call, which was recently bid for $2.20.

By overwriting the stock — that describes the strategy of selling upside calls against stock holdings — investors can increase Alibaba’s return simply for agreeing to sell the stock at a higher price.

If the stock fails to advance beyond the strike price of the call, the money can be kept. Many investors use this conservative options strategy to enhance the yield of moribund stocks they consider to be long-term holdings.

Should the stock be at or above the $87.50 strike price at September expiration, investors are obligated to sell the stock or buy back the call at a higher price.

To be sure, any trade or investment is exposed to the vagaries of Greece’s credit crisis. This creates a great deal of short-term market uncertainty.

The CBOE Volatility Index, widely regarded as the world’s barometer of investor fear, is sharply higher. In recent trading, the VIX was up some 32% at 18.46. Some investors were happy. In recent weeks, they bought upside VIX calls in anticipation volatility would spike.

To be sure, the market has long been worried about the Greek debt crisis. During the worst of the credit crisis in 2008, when it was feared that major companies would tumble and the global financial system was at risk, some investors began discussing sovereign credit ratings as increasingly subject to political will.

If citizens had to choose between repaying creditors or maintaining domestic government services, countries might choose the latter, and default on their debts. That’s essentially the choice facing Greek voters in a July 5 referendum.

Even if Greek citizens vote against the terms of the European Union’s bailout, Credit Suisse is telling clients that ‘Grexit’ — the market’s phrase for Greece exiting the EU — remains unlikely. Debt default risk, however, appears high.

Thomas Lee, Fundstrat Global Advisors’ portfolio strategist, is advising clients that the European Central Bank and policy makers will support the market and try to develop a solution for Greece.

Lee says investors should remember the ECB is executing a quantitative easing program that would be expanded to deal with contagion issues from Greece. Hence, the Greek economy could sink deeper into its depression, but Europe could avoid serious collateral damage such as a recession. The same may be true for China, the world’s largest emerging market, even though Greece’s issues may exacerbate existing difficulties, including a slowing economy and a central-bank supported Chinese stock market.

When it comes to China, JPMorgan’s strategists recently told clients to be bullish on the stock market and bearish on the economy. This is sharp departure from the general view that investors should avoid emerging markets when the U.S. Federal Reserve raises interest rates, as is expected later this year, perhaps in September.

For now, Greece’s troubles are contained, even though they are causing some turbulence around the world. Until the facts change, selling upside calls against depressed stocks such as Alibaba represent a reasonable response to the crisis.

 

Get investing analysis that moves stocks and markets—Subscribe to Barron’s for just $1 a week.

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

2015-07-02 11:03:34

Posted by
Waverly Advisors, LLC
Technical/Quantitative Market Research
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.
 
 
This article is from Waverly Advisors and is being posted with Waverly Advisors’ permission. The views expressed in this article are solely those of the author and/or Waverly Advisors 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.
2015-07-02 11:01:55

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.

 

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

2015-07-02 10:59:29

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

Technical Analysis

Waverly Advisors Morning 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): AEP, ASHR, AZN, CELG, COST(F), D, EXC, FE, GNRC, HCP, NVS, PCG, PG, SCG, SYT, TIF, VZ, WDC, ACC, HCN, HIG, HPT, LHO, NKE, SBGI, UDR, VTR, WRI, BBY, OHI, AIV, ARMH, EXR, GAS, HPQ, O, TSLA, AEE, AWK, BP, CS, DTE, ES, RIO, SO, CVC, EL, HSBC, LBTYA, LBTYK, MNTA, SNI, TD, CL, DUK, PLD, RY, SPG, WR, DCT, DFS, CAG, DTV, ED, EIX, EQR, HSY, K, NNN, PEG, VIPS, WEC, CHL, BHP, DSW, ETR, NEE, HLS
 
For more information about Waverly Advisors please click here.
 
 
This article is from Waverly Advisors, LLC and is being posted with Waverly Advisors, LLC’s permission. The views expressed in this article are solely those of the author and/or Waverly Advisors, LLC 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.
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