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Weekly Market Update 10-12-16

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Asyouknowfrommylastweeklyupdate,thebigitemsforthemarketsare:

1) TheECBisendingitsQEprogram.2) InflationisnowaREALproblemintheUS.

Sincelastweek,theUSDollarhasbeguntobreakoutofatrianglepattern.

Thefinancialworldhastakenthistomeanthatwe’reenteringaperiodofUSDollarstrengthbecausetheFedwillberaisingratesinNovemberorDecember.Idisagree.ArisingUSDollarisoneoftheeasiestproblemsfortheFedtoresolve.We’veseenthisthroughout2016:whenevertheUSDollarbeginstobreakabove97,theFedpostponesalltalkofhikingratesandverballyintervenestopushtheUSDollardown.

WEEKLY MARKET UPDATE 10-12-16

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TheFedcannotandwillnotstandforastrongUSDollarbecauseitdemolishescorporateearnings.Over47%ofcorporateprofitscomefromabroad.InthiscontextastrongUSDollarmeansweakcorporateprofits.We’venowhadsixstraightquartersofprofitcontractioncourtesyoftheUSDollarbeinginthemid-90s.TheFedisnotgoingtoletthissituationgetoutofhand.Indeed,nosoonerdidtheUSDollarbreakoutthanNYFedPresidentBillDudleyappearedtoverballyintervene.

TheFederalReservecanbe"gentle"inremovingmonetarystimulussinceU.S.inflationremainslowandtheeconomicexpansioncouldlastfiveormoreyears,oneofthemostinfluentialFedpolicymakerssaidonWednesday."We'reatapointwheretheeconomicexpansionhasplentyofroomtorun,"saidNewYorkFedPresidentWilliamDudley,echoingFedChairJanetYellen'smessagelastmonthafterthecentralbankdecidedtoleaveinterestratesunchangedatneararecordlowof0.25-0.5percent.http://www.nytimes.com/reuters/2016/10/12/business/12reuters-usa-fed-dudley.html?src=busln&_r=0

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TheUSDollarrolledoveralmosttotheminuteofthiscommenthittingthewires.ItthendroppedagainastheFedFOMCminutesrevealedtheFedcontinuestojawboneaboutraisingratesbutwon’tact.

Again,theFedcantalkdowntheUSDollarwheneveritwants.Iwanttobeclearhere.IcontinuetobelievethattheFedwillonedaylosecontroloftheUSDollarresultinginamassivedeflationarycrisis.IsimplyDON’Tbelievethatwe’rethereyet.Thatprocessisdowntheroad.Untilthen,theREALissueforcurrencieswillbeQEprograms,NOTinterestrates.InaworldinwhichEVERYCentralBankhasratesatornearZERO,ratesdon’treallymatter.WHATMATTERSISQEPROGRAMS.ConsiderTheEuro.ThesinglebiggestmovethattookplacewasinanticipationofaQEprogram.

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SimilarlyfortheBankofJapan,thesinglebiggestdropsintheYencoincidedwithanticipationofQEprograms.

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Meanwhileratesdidalmostnothing.ThebigmovefortheEurocamefromQE.Ifrateshadmattered,thethirdandfourthNIRPcutswouldhavehadmoreimpact.

TheinsignificanceofratesinaworldofZIRPandNIRPisevenclearerinJapanwheretheBoJ’sforayintoNIRPactuallyhadtheOPPOSITEofitsintendedeffect.

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Why?BecausetheBoJdidn’tannounceanothermajorQEprogramatthesametime.Again,thebigmovesincurrenciestodaywillconsistofeithertheannouncementorendingofQEprograms.Withthatinmind,currentlytheONLYpossiblechangeinQEprogramsconcernstheECB,whichcanandlikelyWILLenditsQEprograminMarch.TheBoJ,whichiscurrentlyengagedinaQEprogram,cannotenditwithoutimplodingitsfinancialsystem.TheFed,whichisNOTengagedinaQEprogram,cannotannounceanewoneduetopoliticalconsequences(thePresidentialelection)unlessweenterafull-scalecrisis.TheECBontheotherhandISengagedinaQEprogramandWANTStoendit.InotedthefirstsignsofthistwoweeksagowhenECBPresidentMarioDraghinotonlyFAILEDtoannouncemoremonetarystimulusbutdidn’tevendiscussthepossibilityofit!InsteadheurgedEUmemberstopickuptheslackandengageinFISCALstimulus.

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TheEuropeanCentralBankleftits€1.7trillion($1.9trillion)stimulusunchangedatapolicymeetingThursday,brushingoffconcernsovereconomicshockwavesfromBritain’svotetoleavetheEuropeanUnionanddisappointinginvestorsexpectingtheECBtoactagainsoon.

Thedecisiontostandpat,evenasnewforecastsshowedtheECBmissingitsinflationtargetforyears,underlineshowcentralbanksareapproachingthelimitsofwhattheycanachievewithoutsupportfromotherpolicyareas,notablygovernments.InChinaearlierthismonth,Groupof20leaderswarnedthatmonetarypolicyalonecan’tfixtheworld’seconomicills,andpledgedtoboostspendingandadoptoverhaulsaimedatboostinggrowth.Despitethat,Mr.Draghisaidpolicymakersdidn’tevendiscussfreshstimulus,andpraisedtheeffectivenessofthebank’sexistingpolicymeasures,whichincludenegativeinterestratesand€80billionamonthofbondpurchases.http://www.wsj.com/articles/european-central-bank-leaves-rates-unchanged-1473335620

Thenlastweek,wegotthefollowing:

ECB Said to Build Taper Consensus as QE Decision Time Near

TheEuropeanCentralBankwillprobablygraduallywinddownbondpurchasesbeforetheconclusionofquantitativeeasing,andmaydosoinstepsof10billioneuros($11.2billion)amonth,accordingtoeuro-zonecentral-bankofficials.Aninformalconsensushasbuiltamongpolicymakersinthepastmonththatassetbuyingwillhavetobetaperedonceadecisionistakentoendtheprogram,theofficialssaid,askingnottobeidentifiedbecausetheirdeliberationsareconfidential.Theydidn’texcludethatQEcouldstillbeextendedpastthecurrentend-dateofMarch2017atthefullpaceof80billioneuros($90billion)amonth.http://www.bloomberg.com/news/articles/2016-10-04/ecb-said-to-build-tapering-consensus-as-qe-decision-time-nears-itvni14p

Andthenjustthisafternoonthefollowinghitthewire:

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TheEuropeanCentralBankmaydiscusstechnicalchangestoitsasset-buyingschemenextweekbutadecisioncouldbedeferreduntilDecemberwhenthebankwillalsodecidewhethertoextendtheschemebeyondMarch,sourcesfamiliarwiththediscussionsaid.Compromiseproposalscouldincluderelaxing,onatemporaryandpartialbasis,aruleforcingtheECBtobuydebtinproportiontothesizeofeacheurozoneeconomy,thesourcesfamiliarwiththediscussionadded.ThatcouldpotentiallyreducetheECB'spurchaseofGermandebt,riskingrenewedconflictwithBerlin,whichhasalreadyarguedthattheECBissubsidizingindebtedcountries.Otherproposalsmayincludebuyingalimitedamountofbondsyieldinglessthanthedepositrate,whichtheECBcurrentlyrulesout,andbuyingabiggershareofanyindividualbondissue,thesourcesadded.

http://in.reuters.com/article/us-ecb-policy-idINKCN12C21VFolks,theECBisgoingtoendQE.It’sclearlybuildingthisnarrativeinthemediausingsurrogates.Withthatinmind,IbelievetheEurowillbemakingaMAJORmovehigherinthenext6months.TogiveyouanideaofwhatitlookslikewhenaCentralBankendsamajorQEprogram,considerthemovethatoccurredintheUSDollarwhenthemarketrealizedtheFedwouldbeendingQEinOctober2014.

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IbelievetheECB’sendingofQEinMarch2017willresultinasimilarlymassivemovewiththeEuromovingto120orso.Thecurrent“test”ofthebottomlineofthiswedgepatternfeelslikeafalsebreakout.Technicallyspeaking,theEurohasbeeninanuptrendsinceDecember2015!!!

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ThiswillcoincidewiththeUSDollarrollingovertoretesttheuppertrendline(blueline)ofthismassivewedgepatternwe’vebeenfollowinginthelastfewmonths.

ThiswillforceGoldandSilversharplyhigher.AsI’venotedpreviously,GoldessentiallytrackstheYen/USDollarpair.

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WhentheUSDollardrops,itwillpushthispairsharplyhigher.GoldandSilverwillfollow.Ibelievewe’llseeGoldatthemid-$1400sbyJanuary.

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Tothatendwerecentlyopenedpositionsinanumberofpreciousmetalsminers,specifically:

OpenPositions SymbolGoldMinersETF GDXGoldMiningJuniorsETF GDXJ

SilverWheaton SLWSilverStandardResources SSRI

BarrickGold ABXNewGold NGDNaturalGasTrust UNG

Feelfreetobuyanyoftheseifyouhavenotalreadydoneso.Alloftheaboveitemsarebeingdrivenbythespikehigherinyieldsaroundtheglobe.THATishowweknowQEisending:bondshavebegunadjustingtoalackofpurchases.TheyieldonUS10Year-Treasurieshasbrokenabove1.75%.Theyieldonthe10-YearJapaneseGovernmentBondisclosinginon0%.AndtheyieldonGerman10-YearBundshasbrokenabovenegativeto0.03%.

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TheseareMASSIVEmovesinthespanofafewmonths.ThesemovesaretellingusthatQEisendingandinflationiscoming.Indeed,thefiveyear,five-yearforwardinflationexpectationratehasbrokenthedownwardtrendlinethathelditbackforthreeyears.Thissignalsthemarketisbeginningtoanticipatea

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seriousriseininflation.

Movingontostocks.TheS&P500finallybrokeoutofitstrianglepatterntothedownside.We’renowexperiencingabriefbouncebeforethenetlegdownbegins.

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Mytargetforthistheultimatedownsidetothismoveissomewherearoundthe2,050.Wehavesupportat2075and2040.Butifthingsgetreallyuglywecouldseeamovetoeven1900.

Indeed,allmajorindexesarerapidlylosingmomentumwiththeS&P500,theRussell2000,andtheDowJonesIndustrialAverageallbelowtheir50-DMAs.

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Inshort,nowmorethaneverIamconvincedthattheECBwillbeendingQEinthenearfuture.ThiswillpushtheEurosharplyhigher,theUSDollarsharplylower,andunleasharapidrisein

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preciousmetalsminers,aswellasnaturalgas(werecentboughttheNaturalGasETF(UNG)whichyoucanbuynowifyouhavenoalreadydoneso).Thisistheroadmapgoingforward.Intheverynearfuture,stocksareduetodropto2,050orsoontheS&P500.Thiswillbematchedbyasharpdropinemergingmarkets.Atthatpointwewillunloadourmarkethedges.Thisconcludesthisweek’sweeklymarketupdateforPrivateWealthAdvisory.I’mwatchingthemarketscloselyandwillissueupdatesasneeded.Barringanynewdevelopmentsyou’llnexthearfrommenextWednesdayinourusualweeklymarketupdate.Untilthen,

ChiefMarketStrategistPhoenixCapitalResearch

BestRegards,

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OPEN POSITIONS

CURRENCY PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

EuroTrust FXE 10/5/16 $109.03 107.16 -2% UltraShortYenETF YCS 5/27/15 $94.48 $64.06 -32%

RELATIVE US STRENGTH PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

NuveenMuni.Fund NIO 1/2/14 $13.12 $15.27 35% Exxon XOM 9/24/14 $95.82 $87.13 -3% RPXCorp RPXC 8/5/15 $15.48 $10.33 -33%

Pricesasofmarket’scloseon10/12/16Priceincludedividends

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INFLATION PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT PRICE

GAIN/ LOSS

Gold 3/17/10

$1,120$1,255.00

12%

Silver* 3/17/10

$16.23$17.53 8%

UraniumETF URA 6/8/16 $15.49 $12.59 -19%

GoldMinersETF GDX 10/5/16 $23.56 $23.07 1% GoldMiningJuniorsETF GDXJ 10/5/16 $39.12 $38.30

2%

SilverWheaton SLW 10/5/16 $23.24 $23.05 2% SilverStandardResources SSRI 10/5/16 $10.74 $10.61

3%

BarrickGold ABX 10/5/16 $15.98 $15.83 2%

NewGold NGD 10/5/16 $4.02 $3.92 1%

NaturalGasTrust UNG 10/5/16 $8.69 $9.21 6% *Avg.priceof$17.50and$14.97

RETAILMELTDOWNPORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

Amazon(SHORT) AMZN 2/25/15 $484.19 $834.00 -72% AmericanEagleOutfitters(SHORT) AEO 5/26/16 $15.36 $17.83 -16% Facebook(SHORT) FB 9/27/16 $128.69 $129.05 0% Apple(SHORT) AAPL 9/27/16 $113.09 $117.34 -4% *Avg.priceof$385.37and$583

Pricesasofmarket’scloseon10/12/16Priceincludedividends

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MARKET HEDGE PORTFOLIO

POSITION SYMBOL BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

UltraShortNikkeiETF EWV 1/6/15 $67.46 $41.76 -38% UltraShortEmergingMarketETF EEV 1/20/16 $24.03 $15.29 -36% UltraShortChinaETF FXP 1/20/16 $59.95 $30.51 -49% UltraShortBrazilETF BZQ 1/20/16 $74.40 $17.96 -76% UltraShortFinancials* SKF 2/10/16 $56.82 $39.95 -30% UltraShortRussell2000ETF** TWM 2/10/16 $47.92 $29.84 -38% UltraShortS&P500ETF SDS 7/27/16 $16.60 $16.80 1% RioTinto(SHORT) RIO 8/12/16 $31.08 $32.81 -6%

*Avgpriceof$60.95and$51.69**Avgpriceof$52.94and$42.90

EU BANKING CRISIS PORTFOLIO

POSITION SYMBOL

BUY DATE

BUY PRICE

CURRENT

PRICE

GAIN/ LOSS

EuropeanFinancialsETF EUFN 7/5/16 $14.86 $17.16 -15%CreditSuisses CS 7/5/16 $10.30 $13.11 -27% Santander(SHORT) SAN 2/3/16 $4.13 $4.40 -7% Barclays(SHORT) BCS 7/5/16 $7.92 $8.22 -4% FranceETF(SHORT) EWQ 9/16/16 $23.38 $23.73 -1% ItalyETF(SHORT) EWI 9/16/16 $10.78 $10.86 -1%

Pricesasofmarket’scloseon10/5/16Priceincludedividends

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RECENTLY CLOSED POSITIONS

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Apple AAPL 4/2/14 $77.51 9/29/14 $98.84 28%

EuropeanFinancials(SHORT) EUFN 4/15/14 $24.89 10/10/14 $22.47 11%

UltraShortRussell2000 TWM 4/15/14 $49.46 10/10/14 $52.28 6%

UltraShortBrazil BZQ 10/15/14 $62.00 10/21/14 $71.92 16%

UltraShortGold GLL 10/24/14 $94.15 11/14/14 $104.21 11%

UltraShortSilver ZSL 10/24/14 $104.89 11/14/14 $122.00 17%

EnduroRoyaltyTrust NDRO 5/22/13 12.05 11/28/14 $7.06 -26%

UltraShortEuro EOU 1/20/15 $23.49 3/5/15 $26.51 13%

UltraShortBrazil BZQ 1/6/15 $91.07 3/6/15 $100.74 11%

Target TGT 5/28/14 $55.34 4/1/15 $82.13 52%

Pfizer PFE 7/30/14 $29.26 4/1/15 $34.56 20%

GeneralElectric GE 2/5/14 $24.57 4/13/15 $27.89 18%

BPPrudhoeBayRoyaltyTrust BPT 1/2/14

$76.775/20/15 $66.70 5%

ConocoPhillips COP 3/5/14$66.30

5/20/15 $65.27 4%

RussiaETF TRF4/9/15 $10.62 5/20/15 $11.36

7%

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RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

UtraShortOilETF SCO 5/27/15 $61.08 7/6/15 $70.30 15%

UltraShortGoldETF GLL 2/25/15 $95.49 7/7/15 $101.75 7%

Copper(SHORT) JJC 3/10/15 $31.35 7/7/15 $28.78 8%

UltraShortBrazilETF BZQ 5/27/15 $85.70 7/7/15 $92.02 7%

IndustrialMetalsETF UBM 3/25/15 $15.24 7/7/15 $13.56 11% UltraShortChinaETF(half) FXP 3/10/15 $36.45 7/8/15 $41.93 15%

UltraShortOilETF(half)SCO 7/21/15 $76.19 7/23/15 $82.14 8%

UltraShortBrazilETF(half)

BZQ 7/21/15 $91.39 7/23/15 $102.36 12% UltraShortBrazilETF(secondhalf)

BZQ 7/21/15 $91.39 7/24/15 $109.60 20% UltraShortOilETF(secondhalf)

SCO 7/21/15 $76.19 7/27/15 $87.36 15%

LinkedIn(SHORT)LNKD 6/17/15 $215.45 8/4/15 $194.96 10%

AustraliaETF(SHORT)EWA 1/6/15 $21.97 8/11/15 $19.85 11%

UltraShortEmergingMktsETF

EEV 1/20/15 $19.48 8/11/15 $21.56 11%

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RECENTLY CLOSED POSITIONS CONTINUED

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

UltraShortChinaETF FXP 3/10/15 $36.458/19/15 $41.59 14%

ChinaRealEstateETF(SHORT) TAO 6/11/13 $20.11 8/24/15 $17.21 14% SouthKoreaETF(SHORT) EWY 8/18/15 $48.17

8/24/15 $43.82 10%

IndiaETF(SHORT) INP 8/18/15 $70.188/24/15 $59.38 18%

Santander(SHORT) SAN 8/13/15 $6.638/24/15 $5.99 10%

SpainETF(SHORT) EWP 8/13/15 $34.088/24/15 $31.38 8%

AustralianDollarETF(SHORT)

FXA 5/27/15 $77.368/26/15 $70.99 8%

UltraShortSilverETFZSL 7/29/15 $120.84

8/26/15 $132.02 9%

UltraLongS&P500 SSO 9/2/15 $56.129/9/15 $59.37 6%

UltraLongRussell200 UWM 9/2/15$79.20 9/9/15 $83.75 6%

CanadaDollarETF(SHORT)

FXC 5/27/15 $79.819/23/15 $74.47 7%

Canon(SHORT) CAJ 7/31/13 $30.849/23/15 $29.12 6%

UltraShortSemiconductors

SSG9/18/15

$54.00 9/24/15 $60.2011%

UltraShortBrazilETFBZQ 9/22/15 $172.16

9/24/15 $199.00 16%

DeutscheBank(SHORT)DB

10/28/15$30.31 11/12/15 $26.17 14%

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POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Santander(SHORT)SAN

10/28/15$5.70 11/27/15 $5.36 6%

UltraShortGoldETFGLL 7/29/15 $112.00

11/27/15 $117.38 5%

UltraShortOilETF SCO 11/12/15 $95.3512/2/15 $108.18

13%

UltraShortBrazilETF BZQ 11/12/15 $66.3212/2/15 $72.46

9%

BancoDeChile(Short)

BCH 8/18/15 $61.8912/8/15 $57.68 7%

RussiaETF(SHORT)RSX 12/2/15 $16.35

12/8/15 $15.32 6% UltraShortEmergingMarketsETF EEV 11/12/15 $22.14

12/8/15 $23.767%

SpainETF(SHORT)EWP

9/30/15$29.66 1/14/16 $27.64 7%

UltraShortEmergingMarketsETF

EEV12/17/15

$23.84 1/14/16 $25.316%

SingaporeETF(SHORT)EWS 9/22/15 $10.31

1/7/16 $9.57 7%

MexicoETF(SHORT) EWW 12/23/15 $51.151/7/16 $46.66 9%

FranceETF(SHORT)EWQ

9/30/15$24.07 1/11/16 $22.64 6%

Nvidia NVDA 6/26/13$14.14

1/13/16 $30.04119%

Auto-Zone AZO 9/25/13$422.73

1/13/16 $716.2169%

Intel INTC 12/20/13$25.14

1/13/16 $32.4036%

Target TGT 5/28/14$55.34

1/13/16 $72.6838%

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POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Tesla(SHORT) TSLA 2/25/15 $203.761/14/16 $196.41 4%

UltraShortFinancialsSKF

9/18/15$52.39 1/14/16 $55.20

5%

EuropeanFinancials(SHORT)

EUFN1/6/16

$19.36 1/15/16 $18.02 7% UltraShortS&P500 SDS 9/18/15 $22.33

1/15/16$23.58 6%

MalaysiaETF(SHORT)EWM 9/22/15 $7.50

1/15/16 $7.16 5%

Kraft KHC 9/24/14 $56.811/15/16 $68.79

27%

McDonalds MCD 10/30/14 $92.871/15/16 $115.25

29%

Santander(SHORT)SAN

1/6/16$4.52 1/19/16 $4.19 7%

RetailETF(SHORT)XRT

1/13/16 $40.66 1/20/16 $38.01 7%

Coke KO 8/28/13$36.80

1/22/16 $41.8121%

GeneralElectric GE 2/5/14$24.57

1/22/16 $27.9120%

EliLilly LLY 12/3/14 $71.131/22/16 $83.09

20%

UniversalCorporation UVV3/5/15

$48.051/22/16 $52.23

12%

Pfizer PFE 7/30/14 $29.262/1/16 $30.16

8%

Microsoft MSFT 12/3/14 $48.082/1/16 $54.70

16%

28

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Netflix(SHORT) NFLX 1/27/16 $91.152/8/16 $81.55 11%

ItalyETF(SHORT)(half)

EWI1/27/16 $12.05 2/9/16

$10.88 10% BarclaysPLC(SHORT)(half) BCS 1/27/16 $10.37

2/9/16$9.09 12%

DeutscheBank(SHORT)(half) DB 2/3/16 $16.65

2/9/16$14.95 10%

ItalyETF(SHORT)(otherhalf)

EWI1/27/16 $12.05 2/11/16

$10.71 11% BarclaysPLC(SHORT)(otherhalf) BCS 1/27/16 $10.37

2/11/16$8.64 17%

GoldMinersETF GDX5/13/15 $17.49 3/23/16 $19.03

9%

GoldMiningJuniorsETF GDXJ1/27/16 $19.12 3/23/16 $26.78

40%

SilverStandardResources SSRI

4/20/16 $8.08 4/28/16 $9.0812%

DRDGOLD DRD4/20/16 $4.34 4/28/16 $4.97

15%

OilETF OIL3/17/16 $5.64 4/29/16 $6.17

9%

SugarETN SGG 4/27/16$35.79 5/12/16 $38.66

8%

DBCommoditiesETN DBC 3/17/16 $13.59 5/19/16 $14.46 6%

UltraShortOilETF SCO 5/26/16 $79.52 6/14/16 $83.50 5% SpainETF(SHORT)(otherhalf) EWP 1/22/16 $26.44 6/14/16 $25.46 4%

29

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

NovaGold NG4/20/16 $5.95 6/24/16 $6.51

9%

GoldMinersETF GDX6/8/16 $26.36 6/24/16 $26.86

2%

GoldMiningJuniorsETF GDXJ6/8/16 $40.21 6/24/16 $42.22

5%

DRDGOLD DRD6/8/16 $5.12 6/24/16 $5.47

7%

SilverStandardResources SSRI

6/8/16 $11.09 6/24/16 $12.2611%

Santander(SHORT) SAN 2/3/16 $3.866/27/16

$3.61 6%

GermanyETF(SHORT) EWG 3/10/16 $24.256/27/16

$22.86 6%

USNaturalGasFund UNG6/8/16 $7.44 6/27/16 $8.11

9%

DeutscheBank(SHORT)DB 7/5/16

$13.45 7/6/16 $12.50 7%

Barclays(SHORT)BCS 7/5/16

$7.23 7/6/16 $6.88 5%

UltraShortOilETFSCO 7/6/16

$84.54 7/8/16 $92.52 9% Stamps.com(SHORT) STMP 5/26/16 $84.40 7/11/16 $78.31 7%

UltraShortOilETFSCO 7/20/16

$92.70 7/25/16 $102.4711%

USSteel(SHORT) X 8/12/16 $21.08 8/26/16 $19.76 6% FreeportMcMoRan(SHORT) FCX 8/12/16 $11.75 8/26/16 $10.85 8% ProSharesUltra7-10YearTreasury UST 11/26/14 $55.54 9/9/16 $62.25

14%

20+YearTreasuryETF TLT 7/15/15 $116.89 9/9/16 $135.89 19% UltraShortOilETF SCO 8/31/16 $94.76 9/16/16 $100.04 6% DeutscheBank(SHORT) DB 7/5/16 $14.18 9/20/16 $12.66 11%

30

POSITION SYMBOL BUY DATE

BUY PRICE

SELL DATE

SELL PRICE

GAIN/

LOSS

Apple AAPL 9/11/15 $114.219/27/16 $114.07

2%

Wal-Mart WMT 7/30/14 $74.789/27/16 $72.16 2%

UltraShortSilverETFZSL 7/20/16

$29.20 10/4/16 $31.80 9%

SilverJuniors(SHORT) SILJ 8/31/16 $15.3910/4/16 $14.03 9%

UltraBullishDollarETF UUP 5/23/11 $21.79 10/5/16 $24.9515%

UltraShortEuro EUO 4/10/15 $27.6810/5/16 $24.00 -13%

UltraShortGoldETFGLL 5/26/16

$82.75 10/5/16 $77.03 -7%