Weekly Market Update 10-12-16phoenixcapitalmarketing.com/PWA10-12-16.pdf · WEEKLY MARKET UPDATE...
Transcript of Weekly Market Update 10-12-16phoenixcapitalmarketing.com/PWA10-12-16.pdf · WEEKLY MARKET UPDATE...
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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%
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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%
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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%