Option Investor

Daily Newsletter, Tuesday, 02/22/2005

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Table of Contents

  1. Market Wrap
  2. New Option Plays
  3. In Play Updates and Reviews
  4. Trader's Corner

Market Wrap

Reversal of Fortunes

02-22-2005 High Low Volume Adv/Dcl
DJIA 10611.20 -174.00 10783.45 10610.54 2.15 bln 714/2587
NASDAQ 2030.32 -28.30 2064.67 2030.17 2.07 bln 887/2352
S&P 100 567.25 -8.17 575.65 567.20 Totals 1601/4939
S&P 500 1184.16 -17.43 1202.48 1184.16
SOX 425.79 -1.90 437.96 423.71
RUS 2000 617.93 -12.20 630.17 617.93
DJ TRANS 3540.15 -79.80 3620.86 3539.71
VIX 13.14 1.96 13.20 12.09
VXO (VIX-O) 12.83 1.78 12.92 11.51
VXN 19.00 1.13 19.09 18.09
Total Volume 4,558M
Total UpVol 979M
Total DnVol 3,552M
Total Adv 1913
Total Dcl 5575
52wk Highs 354
52wk Lows 124
TRIN 1.46

Reversal of Fortunes

After struggling to move higher over the last two weeks the markets finally gave in to the lackluster buying and sellers appeared in force. Without a real reason to buy stocks the sellers outnumbered the buyers and market breadth turned ugly. The Dow suffered a -174 point drop and the largest drop in 21 months. 29 of the Dow 30 stocks finished in the red with 10 of them down over a buck. It was not a good day for the bulls.

Dow Chart - 180 min


Nasdaq Chart - Daily


The morning started off negative with soaring oil prices putting strong pressure on equities. After a gap down open buyers rushed into the dip but oil continued higher and those buyers were overrun by sell programs. Adding to the morning negativity was a continued series of weak economics and new assaults on the dollar. The Consumer Confidence fell to 104.0 from 105.1 and while not a material drop is was simply a continuation of the negative news trend of late. If you only looked at the headline number it would appear negative and that is how it was reported in the press. However, the January reading was revised up from 103.4 to 105.1 making today's 104.0 actually a gain from previously reported levels. I know it is confusing to have the markets react negatively to a number that was higher than last month but lower than the revised last month. Constantly revising prior month numbers in various reports is confusing to everyone. Had they revised January down or left it alone then today's 104.0 would have been hailed as an improvement. The markets should simply look at the current number and take it at face value. It was largely underreported that today's number was the third highest month since June-2002. Can that really be bad? The present conditions component jumped to 116.4 from 112.1 while expectations fell to 95.7 from 100.4. Those planning on purchasing a home or appliance fell but expectations for autos remained flat. Despite all the confusion I really doubt today's confidence number had any real impact on the markets. Analysts may have blamed it but I believe that blame was misplaced.

On the bright side the Richmond Fed Manufacturing Survey posted its third consecutive monthly gain. Granted the headline number of 4 may not indicate manufacturing is exploding but it is somewhat better than the -4 low posted back in November. It is also a long way from the recent cycle high of 12 back in September. Unfortunately the only major component to gain was shipments at +12 from -7. New Orders turned negative at -1 from +7 and Back Orders fell to -4 from -3. This proves again you can't tell a book by its cover or value an economic report by the headline number. Overall the continued mixed picture provided by current economic reporting is not giving investors a reason to load up on stocks.

There were three real problems impacting the market today and that was oil, bonds and the dollar. South Korea added its voice to the growing number of countries making the shift away from dollar denominated investments. The high profile announcement from a lower tier country may not have created too much interest except that they added their name to a growing list and that list contains some prior friends of the USA. Taiwan is also planning on reducing dollar investments and they follow China and Japan as previously big buyers now cooling. The ECB is also rumored to be ready to shift out of dollars after losing -$1.3B over the last two years on the falling dollar. Russia has already planned on exiting and the list goes on. The falling dollar makes our products cheaper and imports more expensive thereby shifting the balance of payments in our favor. As a byproduct of fewer dollar buyers there is softness in bonds and that raises interest rates. It is a perfect example of the domino theory and cause and effect. South Korea may not have been a high profile dollar buyer but it just punctuated the current wave.

USD Index Chart - 180 min


Crude Oil Chart - Daily


A direct byproduct of the falling dollar was the soaring price of oil. Because oil is priced in dollars a sharp drop in the dollar requires a sharp spike in oil prices to maintain a level return. Put simply a -20% drop in the dollar means it will take 20% more dollars to buy the same barrel of oil. The value of oil did not change only the value of the currency used to purchase it. If a barrel of oil cost 50 euros yesterday it would still cost 50 euros today.

Oil prices soared to $51.70 intraday as the March futures contract expired for trading. Holders after today will take actual delivery and the demand for contracts was very strong. Those short the contract and facing having to deliver were forced to cover or be in serious trouble trying to come up with a load of oil on the spot market. This flurry of expiration activity coupled with the strong drop in the dollar pushed prices not just to $50 but well over $50 with a close at $51.30. This should be an expiration spike that could be reversed tomorrow but the trend is still higher and with the $50 resistance broken there is bound to be some fear in the market. Aggravating this spike is an increase in demand for heating oil due to colder weather in various geographies that depend on oil for heat.

In stock news Home Depot announced earnings that were inline with expectations but indicated consumer buying trends may be slowing. HD fell -1.70 on the less than exciting guidance and a failure to beat estimates as they had for the prior three quarters. HD closed at a four month low just over $40. The guidance suggesting weak consumer spending is just one more reason for weakness in the markets. While there are no specific signals that point to serious trouble ahead there is the fear of a new economic down cycle. There are also no specific indicators to contradict that fear. Investors would like to see some signs of improvement not the mixed signals currently showing.

Winn Dixie (WIN) filed for Chapter 11 bankruptcy due to strong competition from Wal-Mart, Target and others. WIN has 79,000 employees and the company tried to assure everyone it was going to rebound better able to compete with its low cost rivals. The stock fell from $3.50 to $1.50 on Feb-10th and today's announcement was not a surprise.

What was a surprise was today's relative strength in the SOX. After spiking higher at the open to 438 the index stubbornly refused to give back its gains until the very end when it finished down -1.94. Considering the -174 drop in the Dow and the nearly -30 point drop in the Nasdaq this SOX strength was amazing. Apparently winners in other sectors were being sold with the semiconductors benefiting from the sector rotation. If you remember we saw a sharp drop in the book-to-bill number last week to a new cycle low and several analysts suggested it was time to buy. The strength today in the face of broad based market selling was an indication quite a few funds must have taken that advice.

The selling today was very broad based with decliners nearly 3:1 over advancers. Declining volume was nearly 4:1 over advancing. The number of new 52-week lows rose to 125 and a level not seen since the mid January sell off. Unfortunately volume was also strong and reversed the recent trend of light volume on down days.

The Dow broke all semblances of support between 10650-10750 and posted its biggest one-day drop in 21 months of -174 points. It came within 35 points of seeing trading curbs applied at -210. This type of drop typically sees follow through selling as investors coming home after work react to today's selling and initiate plans to exit tomorrow. The Dow has no real support until 10400-10450 although there is congestion between 10500-10600. The double top I discussed last week is looking much more likely today and a break of 10400 would get really ugly really quickly.

The Nasdaq fell -28 points and is closing in on the 2020 level I mentioned last week as critical support. If we were going to see any buyers appear this would be my target. If you are still short from my 2090 suggestion then I would think about taking some profits around 2025 and watching 2020 for a trading long. I have mixed emotions about whether it will hold but it may be good for a small bounce when bargain hunters appear. Should 2020 break the bears will come out in force and any hopes of a spring rally will die. The Nasdaq broke support at the 100-day average at 2056 and that is a strong sell signal.

The S&P has gone from promising at 1212 to strongly disappointing at 1184 in only three days. It did this despite the soaring energy stocks that make up nearly 15% of the index. The sell off today was led by financials and they outweigh energy at 22% of the index. Ironically with oil soaring +$2 a bbl today the oil stocks were knocked for a loss as well. This tells me there are some broader underlying issues at work here. Interest sensitive stocks, energy stocks, techs, drugs, manufacturing and even commodity stocks all fell. For instance Phelps Dodge (PD) fell -2.22 despite near record copper prices again today. This was a day to not only throw the baby out with the bath water but the soap, towels, clothes and diapers as well. It was a market flush on news that should not have been that damaging.

This brings up the option expiration question again. Today was settlement day for options and there could have been some overriding pressure from Friday's expiration. I would like to blame the drop on something but expiration does not normally produce a drastic drop on settlement. I would like to blame it on oil and interest rates but they also are only transitory issues. We are likely to see oil back under $50 this week once the March contract expiration gyrations are removed and the dollar will likely bounce from today's extreme drop. I don't see anything material on which to blame the drop other than the question I have been posing to you over the last two weeks. Why buy? There is no real reason to buy stocks this week or the next couple weeks. Tech investors want to hear Intel's mid quarter update in March before committing any new funds. The retail investor is on hold because of the January market malaise and today's drop is not going to help. If anything this will convince those who bought the January dip to hasten their exit.

Whenever a sudden and unexplained drop appears there is a cooling off period where the knee jerk reaction is to move to the sidelines and there is not a rush to buy the dip. While I believe today's drop was overdone and a reactionary event due to dollar, bonds, oil and mixed economics I would not suggest jumping back in just yet. We need for the market to establish a trend and until we break 10400/2020/1160 that trend is still very mixed. Above those levels we are still in the January congestion zone and we could go in any direction. My bias has turned more bearish after today but still skeptical. My recommendation remains the same to be flat/short under Nasdaq 2100 with a potential trading bounce at 2020. Should 2020 fail we will need to load up on bear repellent.


New Plays

New Option Plays

Call Options Plays
Put Options Plays

New Puts

Penn Natl Gaming - PENN - cls: 59.77 chg: -3.11 stop: 63.01

Company Description:
Penn National Gaming owns and operates casino and horse racing facilities with a focus on slot machine entertainment. The Company presently operates eleven facilities in nine jurisdictions including West Virginia, Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado, Maine and Ontario. In aggregate, Penn National's facilities feature over 13,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000 square feet of gaming floor space. The company is currently in the process of completing the disposition of the Shreveport, Louisiana Hollywood Casino. In November 2004, Penn National Gaming agreed to acquire all of the outstanding shares of Argosy Gaming Company, which it expects to complete in the second half of 2005. (source: company website)

Why We Like It:
PENN has actually been a big winner for investors over the last several months. The gambling sector in general has been pretty strong. But nothing goes up forever and with the market selling-off into what could be a new leg lower PENN looks like a big target for profit taking. Today's breakdown below the $62.50 level, technical support at the simple 50-dma and round-number support at the $60.00 mark on big volume looks like the sort of bearish signal we can buy puts on. The P&F chart agrees that PENN can trade lower since it's showing a sell signal with a $48 target. We're going to target an initial move to the $55 level and its 100-dma but we suspect that PENN could drop into the 51-52 range. Readers should be aware that PENN is due to split 2-for-1 on March 8th but we don't suspect it will have a bearing on PENN's performance at this time.

Suggested Options:
We are going to suggest the March or April puts. There does seem to be some pricing errors with the put strikes under $60. Double-check with your broker.

BUY PUT MAR 60 UQN-OL OI= 478 current ask $5.00
BUY PUT MAR 55 UQN-OK OI= 131 current ask $5.00 *probably a typo

BUY PUT APR 60 UQN-PL OI= 524 current ask $5.90
BUY PUT APR 55 UQN-PK OI= 574 current ask $5.00 *probably a typo


Picked on February 22 at $ 59.77
Change since picked: + 0.00
Earnings Date 02/03/05 (confirmed)
Average Daily Volume = 593 thousand


Research In Motion - RIMM - cls: 70.90 chg: -2.88 stop: 73.01

Company Description:
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. Through the development of integrated hardware, software and services that support multiple wireless network standards, RIM provides platforms and solutions for seamless access to time-sensitive information including email, phone, SMS messaging, Internet and intranet-based applications. RIM technology also enables a broad array of third party developers and manufacturers to enhance their products and services with wireless connectivity. RIM's portfolio of award-winning products, services and embedded technologies are used by thousands of organizations around the world and include the BlackBerry. wireless platform, the RIM Wireless Handheld(TM) product line, software development tools, radio-modems and software/hardware licensing agreements. Founded in 1984 and based in Waterloo, Ontario, RIM operates offices in North America, Europe and Asia Pacific. (source: company website)

Why We Like It:
We like RIMM as a put candidate based on its technical picture but we are aware that it may be a bit too aggressive for some traders. Make sure you and your account can handle some volatility. First we want to draw your attention to the double-top RIMM formed with the peaks near $95 in November and December. Second we want you to see how the bounce from the $64 level stalled near the 50 percent retracement of the December-January pull back. After more than three weeks of consolidation under the $80 level and its 50-dma the stock is turning lower and its MACD has produced or is on the verge of producing a new sell signal. Meanwhile the P&F chart has produced a "bullish signal reversed" pattern and points to a $62 target. Yet it's worth nothing that RIMM still has some support with the 200-dma near round-number, psychological support at the $70 mark. We want to use a TRIGGER at $69.75 to catch a breakdown. Our initial target will be $64.00 but we suspect RIMM can trade lower.

Suggested Options:
We are going to suggest the March puts. RIMM is due to report earnings in late March and we do not want to hold over the event.

BUY PUT MAR 75 RUP-OO OI=9302 current ask $5.80
BUY PUT MAR 70 RUP-ON OI=7130 current ask $3.00
BUY PUT MAR 65 RUP-OM OI=7318 current ask $1.30


Picked on February xx at $ xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 03/22/05 (unconfirmed)
Average Daily Volume = 7.9 million

Play Updates

In Play Updates and Reviews

Call Updates

Cooper Industries - CBE - cls: 68.80 chg: -0.69 stop: 67.95

CBE held up better than many of its peers but the stock looks vulnerable to more weakness just like the major indices. We would not suggest new bullish plays at this time. Readers can watch the $68 level for support. Conservative traders may want to exit early to avoid further losses.


Picked on February 03 at $ 70.01
Change since picked: - 1.21
Earnings Date 01/25/05 (confirmed)
Average Daily Volume = 436 thousand


Hartford Financial - HIG - cls: 70.50 chg: -0.73 stop: 69.95

We are still urging caution here. HIG is holding up relatively well compared to the IUX insurance index, which just broke down through what should have been support in the 325 level. We are not suggesting new bullish plays, especially with technicals turning bearish. If the IUX continues to sink HIG is likely to follow!


Picked on February 06 at $ 71.17
Change since picked: - 0.67
Earnings Date 01/26/05 (confirmed)
Average Daily Volume = 1.2 million


Loews Corp - LTR - close: 70.61 chg: -1.42 stop: 69.95

We need to be careful here. The IUX insurance index has broken down through what looked like potential support in the 325 level. Meanwhile LTR was not immune from the selling on Monday and the technical picture continues to worsen. There is a chance that LTR will bounce from round-number, psychological support at the $70.00 mark but conservative traders may want to consider an early exit.


Picked on February 15 at $ 74.15
Change since picked: - 3.54
Earnings Date 02/10/05 (confirmed)
Average Daily Volume = 452 thousand


Nova Chemicals - NCX - close: 47.96 chg: +0.44 stop: 44.95

Here is some good news! NCX showed relative strength and closed higher when the rest of the market traded down. The stock actually traded above the $48 level and produced a new quadruple top breakout buy signal on its P&F chart with a $57 target. We have been TRIGGERED at $48.01 so the play is open although given the market environment we would probably look for some confirmation of the breakout before initiating new positions.


Picked on February 22 at $ 48.01
Change since picked: - 0.05
Earnings Date 01/26/05 (confirmed)
Average Daily Volume = 383 thousand


Spectrasite Inc - SSI - close: 59.97 chg: -1.22 stop: 58.00

SSI was also caught in today's sell-off. Shares remain above its rising trendline of support and technical support at the 50-dma. Yet we suggest caution since SSI has closed under the $60.00 level.


Picked on February 16 at $ 61.80
Change since picked: - 1.83
Earnings Date 03/14/05 (confirmed)
Average Daily Volume = 391 thousand

Put Updates

Career Education - CECO - close: 33.92 chg: -1.99 stop: 37.51

Education stocks helped lead the slide on Monday and CECO fell 5.5 percent on above average volume. The breakdown under round-number support at the $35.00 level and its 100-dma is good news for the bears. Our entry point was at $34.90. CECO got a boost lower after a Sunday article in The Oregonian newspaper ran a negative story on the company and its marketing practices (source: Reuters).


Picked on February 22 at $ 34.90
Change since picked: - 0.98
Earnings Date 02/15/05 (confirmed)
Average Daily Volume = 2.1 million


Nike Inc - NKE - close: 83.90 chg: -1.61 stop: 87.01

NKE is rolling over under its three-month trendline of lower highs and today's drop looks like a new bearish entry point.


Picked on February 08 at $ 84.55
Change since picked: - 0.65
Earnings Date 12/16/04 (confirmed)
Average Daily Volume = 1.1 million

Dropped Calls

Eagle Materials Inc - EXP - close: 78.16 chg: -2.64 stop: 78.50

Watch out below! EXP has broken round-number support at the $80.00 level and technical support at its 38.2 percent Fibonacci retracement of the October-December gain. Technicals, like most stocks today, have turned south. We're closing EXP because shares have traded at or below our stop loss at $78.50. If shares trade under $78.00 it will produce a new P&F sell signal.


Picked on February 16 at $ 82.90
Change since picked: - 4.74
Earnings Date 01/26/05 (confirmed)
Average Daily Volume = 107 thousand


Kmart Holding - KMRT - close: 96.24 chg: -3.97 stop: 97.50

Bad news in the retail sector from Kohl's (KSS) and Winn Dixie (WIN) helped push the RLX index to a 2.4 percent decline. KMRT, being a high-flyer and still seen as a winner from its 2004 rise, was hit with profit taking today. The stock has broken down under its 50-dma, the descending trendline of support and resistance we outlined over the weekend, and its MACD has produced a new sell signal. It wouldn't surprise us to see the stock retest its 200-dma. We've been stopped out at $97.50.


Picked on February 13 at $103.02
Change since picked: - 6.78
Earnings Date 03/16/05 (unconfirmed)
Average Daily Volume = 2.5 million


RD Donnelley - RHD - close: 58.86 change: -0.72 stop: 58.95

The selling pressure was too much for RHD and the stock broke support at the $59.00 level and its 50-dma at least on an intraday basis. Traders tried to buy the dip but we would be very wary of new bullish positions here with the market sell-off and RHD's earnings coming up soon. We are stopped out at $58.95.


Picked on February 03 at $ 60.76
Change since picked: - 1.90
Earnings Date 02/25/05 (confirmed)
Average Daily Volume = 186 thousand

Trader's Corner

Pivot Points and other Things to Consider

It doesn't matter what a markets deals in - stocks, cows or widgets - they exist to facilitate trade, nothing more, nothing less. As such, in order to enhance the exchange process, prices will continually fluctuate between supply and demand. Markets detest a stand off, they cannot exist in a state of paralysis so are in constant motion caused by market traders adjusting bid and ask prices to keep the exchange going. As the price moves up, it brings in more buying or, as the price moves down, it brings in more selling.

As the market moves up the up move brings in selling. The selling is a response and firstly shuts off the buying and secondly causes the market to reverse and move down. The result is the up trend ends and a down trend begins. But what if the market moves up and the response is not selling but more buying? The market has to continue to move higher to bring in an opposite response - selling and a reversal. But until that equilibrium is reached the up move will remain "out of equilibrium" and continue to move up.

The same thing happens when the market moves down and brings in buying. The buying is a response and firstly shuts off selling and secondly causes the market to reverse and move up. The market will continue to move up until equilibrium is found.

These equilibrium points are the upper and lower boundaries of a range and markets will trade between the established equilibriums until a new equilibrium is reached above the high or below the low thus creating a new range and new equilibrium points. These equilibrium points of course are called support and resistance and are coveted by all traders. The market is always either in equilibrium or working towards it.

I would now like to explore what causes the equilibrium points to shift or move up or down and to do that I need to explain that market activity is divided into two categories: short-term activity and longer term activity or other time frame activity.

The majority of trading in a day is done by floor traders or "short-term" traders. These short-term traders constantly move prices up and down to these areas of equilibrium - aka support and resistance, exploring the narrow limits of equilibrium. Trading for the day will stay between this narrow range unless "outside" buyers and sellers (longer-term traders) are attracted to the price action. If the narrow range of support or resistance established by the short-term traders can be thrown off balance then off floor longer term traders will be attracted and enter the market, as buyers if short term resistance is overcome or as sellers if short term support is violated. These breakout points then usually reverse their function and serve as test points, i.e. previous resistance becomes support and previous support becomes resistance.

The current range of trading expands as the longer term traders enter the market because of an event whether it be a surprise event or a scheduled event. Better yet the current range of trading expands as the longer term traders enter the market because of their "perception" of an event not so much the event itself. If established support and resistances can be successfully broken then more long term traders will join the fray and continue to throw the market out of equilibrium. This will continue until an opposite response is elicited and equilibrium is once again achieved.

Let's take a minute and look at the events that will bring longer term traders into the market that in turn throws it out of equilibrium and breaks through resistance or support. All events that affect equilibrium fit into three basic categories:

* surprise events
* unlikely events
* likely events.

And each one has a different effect on the markets. Broadly speaking, surprise events have a short-term impact, unlikely events have an intermediate-term impact and likely events have a long-term impact.

  1. A surprise event - or the perception of what the surprise event means - will cause current price to move sharply in one direction then back again. The event doesn't usually have a fundamental impact on price at least right away so market participants react immediately and then reassess as they consider the longer-term implications. The capture of Osama Bin Laden would be a surprise event that would throw the market out of equilibrium until the market participants could assess what impact this event will have longer term, if any.
  2. An example of an unlikely event is a CPI report that made a dramatic rise instead of falling like the analysts had predicted. The result is very much like a surprise event because market participants react immediately and price is thrown out of equilibrium until they have time to assess the news. The longer the participants take to assess the longer price will stay out of equilibrium. But unlike the surprise event that initially has no fundamental impact on longer term value, the unlikely event does have an impact on longer term value.
  3. 3. A likely event usually has no impact on the market because it has already been discounted but definitely does have an affect on longer term value.

To recap you know that support and resistance areas are areas when the market has returned to equilibrium and that events will throw price out of balance because these events will bring in the longer term positional traders that are not interested in trading the market from one area of equilibrium to another like a short term trader is.

Now if you knew the range boundaries of support and resistance used by short term traders you would have a way of knowing when the significant areas where longer term traders may try to take the market. The short term traders calculate these range boundaries from the previous day's high, low and close.

The calculation for the new day are calculated from the High (H), low (L) and close (C) of the previous day.

Pivot point = P = (H + L + C)/3
First area of resistance = R1 = 2P - L
First area of support = S1 = 2P - H
Second area of resistance = R2 = (P -S1) + R1
Second area of support = S2 = P - (R2 - S1)

So if there has been no significant market event you can expect the short term traders to take prices to test the near term support and resistance and the pivot price. If these near term support and resistance areas fail then the second such area will likely be tested. If we have a surprise, unlikely or likely event the second area of support or resistance could fail and the long term positional players will likely enter the market and start a market trend.

These pivot points are areas you should take note of and respect for they can be both perilous and areas of opportunity. Perilous because the floor traders "sweep" these points looking for stop orders as they swing up and down the pivot points. However, if you correctly identify support or resistance it can offer a low risk entry point with a close stop loss point identified.

Even if you are not a day trader, knowing the key pivot, support and resistance points can help the longer term positional trader identify potential entry points and stop loss levels for a trade if other criteria have determined the direction in which you should be trading.

Calculate your own pivot points or use the ones that OI posts each and every day as the areas of support and resistance. Study the next day's price action in the context of those pivot points so that you get familiar with the dynamics of the market.

Today's Newsletter Notes: Market Wrap by Jim Brown, Trader's Corner by Jane Fox, and all other plays and content by the Option Investor staff.


Option Investor Inc is neither a registered Investment Advisor nor a Broker/Dealer. Readers are advised that all information is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All opinions, analyses and information included herein are based on sources believed to be reliable and written in good faith, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, we do not necessarily update such opinions, analysis or information. Owners, employees and writers may have long or short positions in the securities that are discussed.

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