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Current RITE Report
Below is the most recent RITE Report along with a summary provided for your convenience. The report will be replaced with an updated version the first week of every month.
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Executive Summary as of March 11, 2019
MONTHLY EQUITY MARKET CONCLUSION:
Stocks: Stay Long
The RITE Index is good at 82.9%. Overall economy is in good shape with 15 out of 25 RITE Report’s important economic indicators being positive.
THE FULL REPORT
March 11, 2019
The RITE REPORT
The following RITE Report generates indices from the monthly compilation of business, economic, & political news snippets from Investment Business Daily & the U.S. Government, et al.
RITE Report
Chris Angle, Editor
222 Boston Post Road, #244
Waterford, CT 06385
Tel. 203/253-2008
Email: chrisangle1@gmail.com
CUSTOM RESEARCH:
Please note that custom economic and/or macro investment research and wealth advisory services are available on request.
CONTENTS
PART 1 – STOCKS
1) Macro-Economic Snippets w/Index
2) Indicators for Technical Analysis
3) Overall Investment Strategy Index
4) Summary
PART 2 – HEDGING
1) Hedging and Inflation Snippets
2) Hedging Summary
PART 1 – STOCKS
1) Macro-Economic Snippets
- A) Negative Economic and General Business Data Snippets
02/14
U.S. CENSUS: U.S. retail and food services sales for December 2018 were $505.8 billion, a decrease of 1.2 percent (+/-0.5%) from the previous month.
02/14
U.S. CENSUS: U.S. total business end-of-month inventories for November 2018 were $1,980.5 billion, down 0.1 percent (+/- 0.1 percent)* from last month. U.S. total business sales were $1,462.5 billion, down 0.3 percent (+/-0.2 percent) from last month.
02/25
CPB: The CPB World Trade Monitor shows that the volume of world trade decreased 1.7% in December, having decreased 1,8% in November (initial estimate -1.6%), and growth in 2018Q4 was -0.9% (1.3% in 2018Q3).
02/25
U.S. CENSUS: December 2018 sales of merchant wholesalers were $497.2 billion, down 1.0 percent (+/- 0.5 percent) from last month. End-of-month inventories were $661.8 billion, up 1.1 percent (+/- 0.4 percent) from last month.
02/26
U.S. CENSUS: Privately-owned housing starts in December 2018 were at a seasonally adjusted annual rate of 1,078,000. This is 11.2 percent (+/- 14.0%)* below the revised November 2018 estimate of 1,214,000.
03/01
BEA: Personal income decreased 0.1 percent in January after increasing 1.0 percent in December, the largest increase since December 2012. Wages and salaries, the largest component of personal income, increased 0.3 percent in January after increasing 0.5 percent in December.
03/04
U.S. CENSUS: Total construction activity for December 2018 ($1,292.7 billion) was 0.6 percent (+/-1.0 percent) below the revised November 2018 ($1,300.6 billion).
Total of Negative General Business and Economic News Snippets: 7
- B) Positive Economic and General Business News Snippets
02/13
BLS: In January, the Consumer Price Index for All Urban Consumers was unchanged on a seasonally adjusted basis; rising 1.6 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.2 percent in January (SA); up 2.2 percent over the year (NSA).
02/13
BLS: Real average hourly earnings increased 0.2 percent over the month in January, seasonally adjusted. Average hourly earnings increased 0.1 percent and CPI-U was unchanged. Real average weekly earnings increased 0.1 percent over the month.
02/21
U.S. CENSUS: New orders for manufactured durable goods in December increased $3.0 billion or 1.2 percent to $254.4 billion.
02/27
U.S. CENSUS: New orders for manufactured goods in December increased $0.3 billion or 0.1 percent to $499.9 billion.
02/28
BEA: Real gross domestic product (GDP) increased 2.6 percent in the fourth quarter of 2018, according to the “initial” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.
02/28
U.S. CENSUS: The homeownership rate in the fourth quarter 2018, 64.8 percent, was not statistically different from the rate in the fourth quarter 2017 (64.2 percent). The homeownership rate in the West was higher than in the fourth quarter 2017, while rates in the Northeast, Midwest, and South were not statistically different from the rates in the fourth quarter 2017.
03/01 BEA: Wages and salaries, the largest component of personal income, increased 0.3 percent in January after increasing 0.5 percent in December.
03/05
U.S. CENSUS: Sales of new single-family houses in December 2018 were at a seasonally adjusted annual rate of 621,000. This is 3.7 percent (+/- 16.4%) above the revised November 2018 estimate of 599,000.
03/07
BLS: Productivity increased 1.9 percent in the nonfarm business sector in the fourth quarter of 2018; unit labor costs increased 2.0 percent (seasonally adjusted annual rates). In manufacturing, productivity increased 2.0 percent and unit labor costs increased 2.2 percent.
03/08
WSJ: THANK YOU TAX REFORM: The American economy is a tremendous engine of prosperity when politicians get out of the way, and for proof look no further than Thursday’s report on fourth-quarter growth. It’s clearer than ever that business investment has rescued the U.S. economy by shifting into a higher gear. Tax reform and deregulation, take a bow.
Growth in the fourth quarter came in higher than expected at 2.6% after a December financial-market scare, and the internals were better than the top line. Consumer spending declined a bit but was still strong. Growth from government spending was negligible—so much for claims of a deficit-led boom in “demand.”
The best news was business investment, which contributed 0.69-percentage points to GDP growth. This is even better than it looks because housing subtracted 0.14. Housing has now been flat or worse for most of the last two years, but that may be a silver lining.
03/08
BLS: Total nonfarm payroll employment changed little in February (+20,000), and the unemployment rate declined to 3.8 percent. Employment in professional and business services, health care, and wholesale trade continued to trend up, while construction employment decreased.
03/08
U.S. CENSUS: Privately-owned housing starts in January 2019 were at a seasonally adjusted annual rate of 1,230,000. This is 18.6 percent (+/- 26.6%) above the revised December 2018 estimate of 1,037,000.
Total of Positive General Business and Economic News Snippets: 12
Table of Positive v. Negative General Economic & Business News
Month % Neg % Pos
2017
Jan 34% 66%
Feb 04% 96%
Mar 19% 81%
April 30% 70%
May 22% 78%
June 44% 56%
July 40% 60%
August 17% 83%
Sept 29% 71%
Oct 16% 84%
Nov 32% 68%
Dec 23% 77%
2018
Jan 23% 77%
Feb 35% 65%
March 38% 62%
April 16% 84%
May 43% 57%
June 50% 50%
July 8% 92%
August 29% 71%
September 28% 72%
October 0% 100%
November 20% 80%
December 36% 64%
2019
January 23% 77%
February 47% 53%
March 37% 63%
3) Economic Analysis/Indicator Summary
Indicator TREND/COMMENT
(DAILY) – HIGH YIELD BONDS (HYG)
Up (02/08/19; 03/08/19 – 85.10) Positive
(DAILY) – iSHARES SELECT DIVIDEND (DVY)
Up (03/08/19 – 97.28) Positive
03/01/19 – ISM – PURCHASING MANAGERS INDEX
Mfg: 54.2 – Economy Expanding Positive
03/04/19 – CONSTRUCTION SPENDING (Census Bureau)
Construction spending during December 2018 was estimated at a seasonally adjusted annual rate of $1,292.7 billion, 0.6 percent (±1.0 percent) below the revised November estimate of $1,300.6 billion. The December figure is 1.6
percent (±1.2 percent) above the December 2017 estimate of $1,272.6 billion.
Negative
03/10/19 – (BLS) UNEMPLOYMENT Overall: Positive
– 03/10/19 Unemployment Rate (BLS):
Decreased to 3.8% (Positive)
– 03/08/19 Civilian Labor Force Participation Rate (BLS):
Unchanged at 63.2% (Neutral)
– 03/08/19 Employment-Population Ratio (BLS):
Unchanged at 60.7% (Neutral)
– 03/11/2018 Employment Trends Index (Conference Board TM)
Increase (Negative)
03/07/19 – (BLS) PRODUCTIVITY Overall: Positive
Nonfarm Business Sector
-Productivity +1.9% (Positive)
-Output + 3.1% (Positive)
Manufacturing
-Productivity increased + 2% (Positive)
-Output: +2.7% (Positive)
12/04/18 – QUARTERLY FINANCIAL REPORT – MFG, MINING, WHOLESALE TRADE, & SELECTED SERVICE INDUSTRIES (Census Bureau) – U.S. manufacturing corporations’ seasonally adjusted after-tax profits in the third quarter of 2018 totaled $158.1 billion, down $24.5 (±0.5) billion from the after-tax profits of $182.5 billion recorded in the second quarter of 2018, but up $10.8 (±1.5) billion from the after-tax profits of $147.3 billion recorded in the third quarter of 2017. Negative
02/14/19 – RETAIL SALES (U.S. Census)
Advance estimates of U.S. retail and food services sales for December 2018, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $505.8 billion, a decrease of 1.2percent (±0.5percent) from the previous month, but 2.3percent (±0.5percent) above December2017.Total sales for the 12 months of 2018 were up 5.0 percent (±1.4 percent) from 2017.Total sales for the October 2018 through December 2018 period were up 3.7percent (±0.5percent) from the same period a year ago. The October 2018 to November 2018 percent change was revised from up 0.2percent(±0.5percent)*to up 0.1percent (±0.4percent).
Negative
02/14/19 – MANUFACTURING AND TRADE INVENTORIES AND SALES (U.S. Census Bureau):
The combined value of distributive trade sales and manufacturers’ shipments for November, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,462.5 billion, down 0.3 percent (±0.2 percent) from October 2018, but was up 4.2 percent (±1.2 percent) from November 2017.
Negative
02/15/19 – INDUSTRIAL PRODUCTION INDEX (INDPRO) Negative
Downtick: 109.4447
(Year over Year) Positive
02/28/19 – Velocity of M2 Money Stock: 1.460 – Q4 2018 Positive
03/08/19 – NEW RESIDENTIAL CONSTRUCTION (U.S. Census):
Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,230,000. This is 18.6 percent(±26.6 percent) above the revised December estimate of 1,037,000, but is 7.8 percent (±12.7 percent) below the January 2018 rate of 1,334,000. Single‐family housing starts in January were at a rate of 926,000; this is 25.1 percent (±29.0 percent) above the revised December figure of 740,000. The January rate for units in buildings with five units or more was 289,000.
Positive
04/04/19 – CONFERENCE BOARD
LEADING ECONOMIC INDICATORS ™ Unchanged: Neutral
04/04/19 – CONFERENCE BOARD
COINCIDENT ECONOMIC INDICATORS ™ Increased: Positive
03/05/19 – NEW RESIDENTIAL SALES (U.S. Census Bureau)
Sales of new single‐family houses in December 2018 were at a seasonally adjusted annual rate of 621,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 3.7 percent (±16.4 percent) above the revised November rate of 599,000, but is 2.4 percent (±21.3 percent) below the December 2017 estimate of 636,000.
Increased: Positive
02/21/19 – ADVANCED REPORT ON DURABLE GOODS MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS (U.S. Census Bureau)
New orders for manufactured durable goods in December increased $3.0 billion or 1.2 percent to $254.4 billion, the U.S. Census Bureau announced today. This increase, up two consecutive months, followed a 1.0 percent November increase. Excluding transportation, new orders increased 0.1percent. Excluding defense, new orders increased 1.8 percent. Transportation equipment, up four of the last five months, led the increase, $2.8 billion or 3.3 percent to $90.2 billion.
Increased: Positive
02/21/19 – EXISTING HOME SALES (NAR) -1.2% Negative
02/28/19 – REAL GDP (BEA) 4Q + 2.8%: Positive
03/01/19 – PERSONAL CONSUMPTION EXPENDITURES (Dept of Commerce – BEA
– 0 .5%: Negative
03/01/19 – PERSONAL INCOME (Dept of Commerce – BEA)
+ 1.0%: Positive
02/26/19 – CONSUMER CONFIDENCE INDEX
(Conference Board TM) Increased: Positive
02/28/19 – RESTAURANT PERFORMANCE INDEX: 101.2 –
Expanding: Positive
12/21/18 – Corporate Profits BEA Increased: Positive
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $78.2 billion in the third quarter, compared with an increase of $65.0 billion in the second quarter.
02/27/19 – MANUFACTURERS’ SHIPMENTS, INVENTORIES, & ORDERS (CENSUS BUREAU):
New orders for manufactured goods in December, up following two consecutive monthly decreases, increased $0.3 billion or 0.1 percent to$499.9 billion, the U.S. Census Bureau reported today.
Increased: Negative
02/25/19 – CPB WORLD TRADE MONITOR
CPB: The CPB World Trade Monitor shows that the volume of world trade decreased 1.7% in December, having decreased 1,8% in November (initial estimate -1.6%). Decreased: Negative
SUMMARY
Positive 15
Negative 9
Neutral 1
4) RITE Investment Strategy Index
Scale:
0 = Neutral;
+10 = High Opportunity Environment;
-10 = Extreme Negative Risk Miasma
EFFORT, RISK, FREEDOM,
KNOWLEDGE/INFO COMMENTS
1) Domestic Political Risk + 8 Political gridlock: Excellent
2) Tax Risk + 8 Corporate Taxes cut
3) Individual Incentive (Freedom) + 8 Regulations are decreasing
4) Production of Knowledge + 8 Economy positive as corporate taxes were cut
5) Technical Analysis + 7 Market: Long Term Bull
6) General Business
& Economic Snippets + 2 Positive Snippets 63%
7) Economic Indicators + 5 OK, but down from 18/6/1
to 15 Pos; 9 Neg; 1 Neu
Sum of Total + 46
RITE Strategy Index: Same at 82.9%.
History of Strategy Index (Started 2009) Statistics noted below are approximate.
Month/Yr Index % DJIA Gold Oil WSJ Dollar Index
2017
Jan 2 77.1% 19,762.60 1,152.0 53.89 92.94
Feb 9 87.8% 20,172.40 1,232.9 53.03 90.94
Mar 1 90.0% 21,142.85 1,243.0 53.93 91.41
April 4 88.5% 20,689.24 1,257.2 51.32 90.29
May 3 85.7% 20,579.90 1,248.5 47.82 89.89
June 7 85.0% 21,173.69 1,293.2 45.92 88.10
June 30 82.1% 21,349.63 1,241.2 46.29 87.74
Aug 4 83.5% 22,092.81 1,264.3 49.52 86.32
Sept 1 83.5% 21,987.56 1,338.6 47.39 85.60
Oct 6 83.5% 22,773.67 1,278.9 49.25 86.95
Nov 6 86.4% 23,548.42 1,279.7 57.22 87.72
Dc11MdDy 85.0% 24,358.26 1,248.2 57.94 87.18
2018
Jan 4 89.2% 25,075.13 1,324.2 61.94 85.62
Feb 9 89.2% 24,190.90 1,322.5 59.72 84.09
March 7 87.9% 24,801.36 1,326.3 61.35 83.49
April 6 86.4% 23,932.76 1,337.3 61.95 83.99
May 4 89.2% 24,262.51 1,316.0 69.79 86.16
June 10 85.0% 25,316.53 1,303.5 65.56 86.86
July 8 88.6%. 24,456.48 1,255.9 73.92 87.62
August 10 89.3% 25,313.14 1,219.2 67.75 90.14
Sept 7 88.6% 25,916.54 1,199.9 68.03 89.92
Oct 9 89.3% 26,412.82 1,191.4 78.89 90.30
Dec 7 72.8% 24,388.95 1,255.6 52.51 90.27
2019
Jan 8 87.1% 23,787.45 1,283.3 50.56 89.32
Feb 11 82.9% 25,106.33 1,310.6 52.49
March 10 82.9% 25,450.24 1,298.6 56.04 90.27
5) Summary
MONTHLY EQUITY MARKET CONCLUSION:
Stocks: Stay Long
The RITE Index is good at 82.9%. Overall economy is in good shape with 15 out of 25 RITE Report’s important economic indicators being positive.
PART 2: HEDGING
1) HEDGING/INFLATION SNIPPETS
DEFLATION SNIPPETS 0/0%
None this month.
INFLATION SNIPPETS 2/100%
02/14
BLS: The Producer Price Index for final demand edged down 0.1 percent in January, as prices for final demand goods decreased 0.8 percent, and the index for final demand services increased 0.3 percent. Prices for final demand advanced 2.0 percent for the 12 months ended in January.
02/13
In January, the Consumer Price Index for All Urban Consumers was unchanged on a seasonally adjusted basis; rising 1.6 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.2 percent in January (SA); up 2.2 percent over the year (NSA).
INFLATION TABLE
(RITE Report Issue Date is the first of the month; Statistical Data is the latest closing price which is noted in the WSJ on the close of the last day of the month, but the RITE Report does not represent that these data are accurate.)
Month Inflationdata.com CRB
Annual Inflation Rate
2017
Feb 09 2.07% 192.756
Mar 01 2.50% 190.81
April 04 2.74% 185.59
May 2.38% 176.96
June 2.20% 176.30
June 30 1.87% 174.776
July 31 1.63% 180.68
Sept 4 1.73% 180.95
Oct 6 1.94% 180.95
Nov 6 2.23% 192.57
2018
Jan 04 2.20% 195.37
Feb 09 2.11% 188.51
Mar 07 2.07% 194.44
April 06 2.21% 192.25
May 05 2.36% 203.25
June 10 2.46% 200.04
July 06 2.80% 198.052
Aug 10 2.95% 191.69
Sept 7 2.95% 190.36
Oct 5 2.70% 198.334
Dec 7 2.52% 183.08
2019
Jan 9 2.18% 175.96
Feb 11 1.91% 177.86
March 12 1.52% 181.23
2) HEDGING SUMMARY
Gold No call
US Dollar Stay Long
Oil No call
For your reference we include a directory of:
The RITE Report Major Trade Advice Summary
Date Approx.
Mrkt Level Market Advice
2009
2009/05/01 8,212 Stocks Go long.
2009/05/01 895 Gold Go long.
2009/05/01 USD Go short
2009/06/01 51.12 Oil Go long
2010
2010/02/01 USD Stop going short;
Take profits. get out.
2011
2011/04/01 2,376 Stocks Market to go sideways;
end of bull.
2011/05/01 12,763 Stocks Take profits 55.4% Gain
2011/06/01 102.7 Oil Go Neutral 100.9% Gain
2011/06/01 12,441 Stocks Take profits (re-confirmation)
2011/07/01 USD Go short
2011/08/01 USD Cover the short; no direction
2011/08/01 12,240 Stocks Trading Range
2012
2012/03/01 107 Oil Go long
2012/05/01 104 Oil Go neutral 2.8% Loss
2012/06/01 12,772 Stocks Take profits; a downtrend started
2012/06/01 1,564 Gold Sell: Take profits 74.7% Gain
2012/07/01 1,604 Gold Buy: Go long
2012/08/01 13,090 Stocks Advised not to be in the
Stock Market at all
2012/09/01 80.025 USD Go short
2012/11/01 3,096 Stocks Confirmation:
Not to be in Stock Market
2013
2013/01/02 13,104.30 Stocks Go Long
2013/03/01 82.47 USD Index Take loss; go neutral
2013/05/31 15,115.57 Stocks Take profits 15.3% Profit
2013/08/01 15,499.54 Stocks Go Long
2013/12/01 92.78 Oil Go Short
2014
2014/01/02 98.70 Oil Take off short:
Go Neutral 6.38% Loss
2014/02/28 16,321.71 Stocks Take profit;
go to cash 5.0% Increase
2014/03/01 16,532.61 Stocks Go long
(Unrealized gain potential)
2014/10/31 1,173.5 Gold Sell (36.8% loss)
2015/01/30 1,283.0 Gold Go long
2016/04/04 35.32 Oil Go long
2016/07/01 49.05 Oil Take Profit – 38% Gain
2016/12/02 176.3 Gold Sell – Loss 8.3%
2016/12/02. 91.50 WSJ Dollar Index Go Long
2018/08/11 67.75 Oil Go Short
2018/10/15 (Intraday) 71.35. Oil Go Neutral
PRESENTLY
2019/03/08
Stocks (DJIA) 25,450.24 Stay Long
(Unrealized gain potential)
Gold 1,298.6 No call
US Dollar 90.27 Stay Long
(Unrealized loss potential)
Oil 56.04 No call
CUSTOM RESEARCH:
Please note that custom economic and/or macro investment research and advisory services are available on request.
Caveats
1) Past performance is not indicative of future results.
2) Trading stocks, futures, and options involves substantial risk of loss and is not suitable for all investors.
RITE Report
222 Boston Post Rd., #244
Waterford, CT 06385
Tel. 203/253-2008
Email: chrisangle1@gmail.com
(The RITE Report’s name was derived from the acronym of the four variables inherent in all economic transactions; Risk, Information/Knowledge, Time, and Effort. Of course, this would be for a service, and if the product were a material good, there would be an additional factor of Material – or Land as the economist would say. See The Philosophical Equations of Economics at www.philosophypublishing.com for further info on this subject.)
FOR YOUR REFERENCE
1) Chris Angle is the author of:
The Nature of Aesthetics – 978-0-9661126-4-1
Defining Ethics Good & Evil – 978-0-9661126-5-8
Truth and the Nature of Decisions – 978-0-9661126-6-5
The Philosophical Equations of Economics – 978-0-9661126-3-4
These books may be viewed at: www.philosophypublishing.com
2) Chris Angle is the host of The Philosophical Angle, a TV and Podcast Program, which discusses concepts in current media.
http://www.youtube.com/user/philosophypublishing
DISCLAIMERS/CAVEATS:
1) Past performance is not indicative of future results.
2) Trading stocks, futures, and options involves substantial risk of loss and is not suitable for all investors. Carefully consider the suitability based upon your experience, objectives, financial resources and other relevant circumstances. Alternative investment products, including hedge funds and managed futures, involve a high degree of risk. Alternative investment performance can be volatile and are not suitable for all investors. An investor could lose all or a substantial amount of his or her investment.
3) This communication does not constitute an offer to sell, or a solicitation of an offer to buy or sell, any products named herein, commodities interests, futures contracts, or securities, and is intended for informational purposes only. Any offer for any investment product will be made solely by the appropriate disclosure document or private placement memorandum.
4) The RITE Report has been prepared either from publicly available information or reflects the opinions of the author. Information contained in this report is believed to be reliable but may not have been independently verified. The RITE Report does not guarantee, represent or warrant, or accept any responsibility or liability as to, the accuracy, completeness or appropriateness of the information contained herein. At no time will the RITE Report make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. Information contained herein may not be current due to, among other things, changes in the financial markets or economic environment. Opinions reflected in the materials are subject to change without notice. Forecasts represent estimates. Information provided by the RITE Report is expressed in good faith, but it is not guaranteed. Long-term success, trading or investing in the markets, demands recognition of the fact that error and uncertainty are part of any forecasting effort. Investing carries risk of losses. Information provided by the RITE Report does not constitute, and should not be used as a substitute for tax, legal, or investment advice. Please ask your broker or your advisor to explain all risks before making any trading and investing decisions.
5) Commodity Futures Trading Commission: Futures, Options and foreign currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
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