ENERGY REBOUND CONTINUES

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Beryl Oliver
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3% for the week and it is now up 18% since the beginning of the year. Buy when the blood is running in the street.

1 April 22, 2016 Password for this week s Standard Newsletter Archives is: rates ENERGY REBOUND CONTINUES Although there was no production freeze agreement at OPEC s big Doha meeting last week, the price of oil continues to rebound. Oil was up 8.3% for the week and it is now up 18% since the beginning of the year. Buy when the blood is running in the street. That is how the saying goes. With blood running in the streets of Fargo, North Dakota and Houston, Texas-is it time to be buying energy stocks? 1

2 Let s begin by first looking at the biggest factor for the energy sector-oil prices. It now appears that oil finally hit bottom at $26.05 per barrel back in late January. While blood may not be running through the streets of Fargo and Houston, the domestic shale boom has definitely come to an end for now. It also appears that our Middle-east competitors, have successfully driven us out of the global markets. Believe it or now, the U.S. was actually exporting oil for a while. Maybe this was the straw that broke the camel s back? The drop in oil prices has had massive repercussions all around the world. We have a family from our neck of the woods that has now come back after spending a few years in Fargo, North Dakota. The boom is over. The former CEO of Chesapeake Energy, Aubrey McClendon is now dead from a gruesome suicide. Bankruptcy courts in oil states are filling up with local oil producers that went out on a limb to get at that $110 per barrel oil. Banks are checking their balance sheets to see how much energy related debt they have on their books. The junk bond market continues to be nervous. Oil rigs sit idle all over the world, while cash strapped companies have cut expenses to the bone in an effort to survive. 2

3 Schlumberger (SLB) called the current situation in the energy sector a full-scale cash crisis, yet their stock is breaking out right now! Believe it or not, Saudi Arabia issued their first round of debt in twenty-five years! They need a quick $10 billion as they are now running a budget deficit. Yet, the Gulf States Index ETF is making a torrid move. 3

The drop in oil prices have caused S&P 500 earnings growth to come to a screeching halt. Earnings have been growing since the bear market bottomed back in 2009.

4 The drop in oil prices have caused S&P 500 earnings growth to come to a screeching halt. Earnings have been growing since the bear market bottomed back in During that time, earnings have grown from $59.95 per share to about $118 per share. This year we are expecting about $120 per share, which represents a very, very meager increase over last year. This leveling off in earnings, and the stock market for that matter, has mostly been caused by the crash in earnings from the energy stocks. Yet the energy sector is exploding to the upside right now. 4

5 With just $120 per share in earnings expected for the S&P 500 this year, what does that make this year s market worth? The long-term average multiple of the S&P 500 has been about 14.5X, but these are not average times. We currently have a Fed that did an about face in early February, after the market had its worst January in history. The Fed had warned us of four rate hikes this year, but that seems very unlikely now. We basically still have a zero-interest-rate policy here in the U.S. This policy has now been place since December of 2008! This is allowing for a higher than usual market multiple right now. I have been using a number in the 17X area. This gives me a 2016 S&P 500 valuation of 2,040. ($120 X 17=2,040.) The S&P 500 closed last Friday at The market is currently slightly overvalued. Luckily, not every stock or sector in the market is overvalued, however. In addition to this, growth in S&P 500 earnings are expected to return in the second half of this year. Early expectations for 2017 are currently running between $130-$137 per share. This gives us a potential target price of 2,200-2,300. This is enough to keep my bullish on the stock market. I have been a bull since March of 2009, when I said in my weekly newsletter that a new bull market has been born. The next bear will hit at some point in the future, however. We always have to be on guard. I am an active, not passive investor. Passive investors will go right over the falls when the next bear hits, while active investors will do everything possible to see the signs that it is coming, and get out of the way. A looming recession will be the biggest clue. We still have no signs of that occurrence any time soon. One of the sectors that looks to have better opportunity than the rest is the energy sector. It certainly is one of the sectors that has been beaten up the most. I am not exactly backing up the truck and loading up, but I have taken several positions after mostly avoiding it for several years. I have 4,119 different stocks, mutual funds, and exchange traded funds in my Best Stocks Now App. Look below at how the Global Energy ETF has been rising in rank. The ranking is based on short, intermediate, long-term performance, technical patterns, and valuation. This sector has been at the bottom of the heap since late in This is the reason that I have avoided it. But it started getting my attention earlier this year. 5

6 One of my first purchases in the sector was Phillips 66 (PSX). It has actually held up well during the drubbing in the sector. It pays a decent dividend and it is still a good value. You also have good company, with Warren Buffet also being a big owner of the stock. 6

If the price of oil can continue to rebound, then the price of the shares

7 I also picked up some Chevron (CVX) while it still had dividend yield of over 4.0%. It too is a good value in my opinion. If the price of oil can continue to rebound, then the price of the shares should rise also. I have also added a few smaller oil & gas exploration companies like RSP Permian (RSPP). 7

I also have several more oil & gas producers on my radar right now.

8 The stock is threatening to break out to new all-time highs. It is also ranked number 15 overall in my app currently. I also have several more oil & gas producers on my radar right now. The beleaguered oil and gas service and equipment companies are also making big moves right now. Look at Halliburton (HAL) break out! 8

9 Helmerich & Payne does not look so bad either. These are just several examples of stocks that are currently on the move in the energy patch. How long can it last? As long as inventories continue to be worked off and oil prices continue to rise. It also helps to have a dovish Fed and a shrinking dollar right now. 9

10 This past week was going good until some soft earnings reports hit on Thursday and Friday. Here is how we finished the week: Asset Fri. 4/15/16 Fri. 4/22/16 Week Pct. Class Close Close Change Change S&P % Inverse S&P 500 (SH) % Forward PE of S&P % DJIA 17, , % NASD % S&P600 (Small)$SML % S&P400 (Mid-Cap)$MID % Tot.Wld Stock Index (VT) % Emg. Mkts (VWO) % Em Mkt Sm. Cap (DGS) % Europe (VGK) % India (INP) % China (FXI) % China "A" Shares (ASHR) % Canada (EWC) % Russia (RSX) % Brazil (EWZ) % Latin America (ILF) % 20 Yr.+ U.S Treas. (TLT) % High Yield Bond Index (HYG) % 7-10 Yr. U.S Treas. (IEF) % U.S. 10yr. Tr. Yield $TNX 1.75% 1.89% 0.14% -8.00% Greece 10yr. Bond 8.97% 8.48% 0.00% 5.43% Brazil 10yr. Bond 13.16% 12.99% -0.17% 1.27% U.S Dollar (UUP) % Oil % Gold $GOLD % 10

11 Oil dependent markets and the commodity itself were the big winners this past week. The S&P 500 was just barely positive for the week, while the tech-heavy Nasdaq was down. The Nasdaq is still negative for the year. Oil was up 8.3% for the week while Gold was just slightly down. Interest rates also jumped higher this past week. 11

12 Here is where we stand year to date: Asset Fri. 12/31/15 Fri. 4/22/ Class Close Close Final Final Final Final YTD S&P % 29.18% 11.35% -0.73% 2.33% Inverse S&P500 (SH) % Forward PE (3,800) stocks % 1.62% 8.30% DJIA , % 26.50% 7.58% -2.23% 3.32% NASD % 37.80% 13.17% 5.73% -2.02% S&P600 (Small) % 39.65% 3.70% -3.36% 4.52% S&P400 (Mid-Cap) % 31.57% 8.10% -3.74% 5.65% Tot World Stock Index (VT) % 20.19% 1.21% -4.16% 2.38% Emg. Mkts (VWO) % -7.61% -3.84% % 7.06% Em Mkt Sm. Cap (DGS) % -6.78% -7.16% % 10.01% Europe (VGK) % India (INP) % -3.52% 23.84% -8.24% -1.08% China (FXI) % -5.14% 8.63% % -2.69% China "A" Shares (ASHR) % -5.14% 51.18% % % Canada (EWC) % 5.31% -1.61% % 16.56% Russia (RSX) % 0.89% % 0.21% 18.89% Brazil EWZ) % -3.85% % % 35.59% Latin America (ILF) % % % % 23.22% 20 Yr.+ U.S Treas. (TLT) % % 25.00% -4.24% 6.45% High Yield Bond Index (HYG) x x x x 3.50% 7-10 Yr. U.S Treas. (IEF) % -7.24% 7.35% -0.38% 3.64% U.S. 10yr. Tr. Yield $TNX 2.27% 1.89% 0.81% % % -4.61% 16.74% U.S Dollar (UUP) % -1.33% 11.38% 7.01% -3.90% Oil % -2.07% % % 18.02% Gold % % -4.38% % 16.33% The forward PE of the S&P 500 has gone up from to since the beginning of the year. This is one of the reasons why the market seems to be stalling out for now. But, as I said earlier in the newsletter, there are sectors in the market that do have value right now, however. 12

Emerging markets are now up 10.2% year to date, while Brazil is up 35.6%. China continues to struggle. Gold is now up 16.3% for the year. More dovish talk came from both the U.S.

13 Emerging markets are now up 10.2% year to date, while Brazil is up 35.6%. China continues to struggle. Gold is now up 16.3% for the year. More dovish talk came from both the U.S. Fed and the European Central Bank this past week. The Eurozone is growing at just 0.3% right now. So far 26% of companies in the S&P 500 have reported earnings. 76% have reported earnings above the mean estimate and 55% have reported sales above the mean estimate Analysts are predicting significant increases in earnings and revenue growth in the 2nd half of the year. In terms of earnings, the estimated decline for Q is -3.8%, while the estimated growth rates for Q and Q are 3.2% and 8.4%. 187 S&P 500 companies will report this coming week. Expect a lot of individual stock volatility. Overall, there were quite a few high profile earnings disappointments this past week. Netflix disappointed. 13

14 IBM missed yet again. Windows sales at Microsoft continue to slow down 14

15 Ad sales at Google are slowing down Even the venerable old Starbucks disappointed 15

16 The earning upside surprises came from Johnson & Johnson Hasbro 16

17 United Healthcare (I remain long) BILL GUNDERSON S WEEKLY TECHNICAL ANALYSIS OF THE MAJOR INDEXES. IMPORTANT REMINDER: TECHNICAL ANALYSIS IS JUST ONE COMPONENT OF THE PUZZLE. RELATIVE STRENGTH AND FUNDAMENTALS ARE THE OTHER TWO. The S&P 500 currently has long-term resistance at THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE 17

18 Here is the current ranking of the 34 asset classes that I track on a daily basis. I am not an asset allocator. I believe in being invested in the best asset classes, not the worst ones. Top 10 (3 wks. ago) Top 10 (2 wks. ago) Top 10 (This week) U.S. stocks are once again dominating the top ten list. The emerging market index snuck back into the top then this week after an absence of several years! 18

19 Here are this week s worst ranked asset classes. Avoid these neighborhoods. Bottom 10 two weeks ago Bottom 10 last week Bottom 10 this week There are really not any really bad asset classes right now, except inverse funds. I continue to hold just on hedge right now (SH). I am getting to the point to where I like to always have at least one hedge. It eases the pain on the big down days and it is a hedge against the big unknown, overnight event. 19

Here is this week s all-important ranking of the 77 indexes that I track on a daily basis: GRADING LEGEND (A+)=BEST (A)=Strong Buy (A-)=Buy (B+)=Weak Buy (B)=Strong Hold (B-)=Hold (C+)=WEAK HOLD

20 Here is this week s all-important ranking of the 77 indexes that I track on a daily basis: GRADING LEGEND (A+)=BEST (A)=Strong Buy (A-)=Buy (B+)=Weak Buy (B)=Strong Hold (B-)=Hold (C+)=WEAK HOLD (C)=SELL (C-)=Strong Sell (D+)=Weak SHORT (D)=SHORT (D-)=Strong Short (F+)=Horrible (F)=Worst BEST two weeks ago (Top 10) Top Ten last week Top Ten this week Argentina recently elected a pro-business leader. He replaced the socialists that almost run the country into the ground. Their stock market is now on the move. I own a small position in my Speculative Trading Portfolio. 20

21 Leveraged Indexes-this really magnifies where the top indexes are. (When there are some) 2 Wks ago Last week This week Here are this week s ten bottom ranked indexes. These are the ones to avoid. Worst Indexes 2 weeks ago Worst Indexes last week Worst Indexes this week 21

22 Chinese markets continue to lag. Here is my current ranking of the sixty sectors that I track on a daily basis. It is vital to be in the right sectors in the market. Top 10 three weeks ago Top 10 two weeks ago Top 10 this week 22

23 I sold the small position (SILJ) that I had in the Best Funds Now portfolio for a very quick 51% gain. I found SILJ using my Best Stocks Now App. The ranking of the leveraged sectors also magnifies where the leading sectors are: 2 Wks ago Last week This week Don t look now, but here come the biotechs! 23

24 Here are this week s bottom ranked sectors. It is just as important to stay out of the worst ones Bottom 10 Two Weeks Ago Bottom 10 Last Week Bottom 10 This Week Another solar stock bites the dust. I have advised investors to avoid this sector for many years. I love clean air, but I also like to own good stocks. 24

25 NEED A FINANCIAL PLAN? I HAVE A PLANNER ON MY STAFF. GIVE US A CALL AT BEST FOR A FREE CONSULTATION. ATTENTION TAMPA LISTENERS. They have switched my show to 1380am TheBiz. I sent out many PUSH NOTIFICATIONS for PREMIUM app subscribers this past week. This service is now available for ios Apple, Android, and WEB premium app subscribers. In addition to the push notifications, we are also now sending out accompanying s. These push notifications are instantaneous. This is really remarkable technology. If you are having any trouble receiving the notifications, contact me directly at bill@pwstreet.com I have a great technical support dept. that will get right on it and help you. I aim to please all subscribers to my services! THE PREMIUM SUBSCRIPTION GIVES YOU ACCESS TO ME VIA . I WILL DO MY BEST TO RESPOND TO YOUR QUESTIONS ABOUT THE MARKET JUST AS QUICKLY AS I CAN. I AM HERE TO HELP! I AM FISHING THESE WATERS EVERY DAY OF MY LIFE Live trading notifications are now available on the web based app. You do not need a smart phone to receive these s. They come via your laptop, tablet, or PC. The cost for live trading notifications is $89 per month. This also includes my weekly premium newsletter. This service is not included in the free version of the app or the $9.99 monthly subscription to the app. 25

Here is a segment from a recent show, explaining how this livetrading service works.

26 I do not tweet live trades any more. I still send out several per day however, on stocks that really look outstanding. Here is a segment from a recent show, explaining how this livetrading service works. THIS WEEK S BOTTOM LINE AND S&P 500 UPDATED TARGET PRICE The market started off THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE Please follow me on Twitter or throughout the week for any changes in my current stance on the market or individual stocks. My tweets are also found on my BEST STOCKS NOW app every day, and on the homepage of my website: 26

27 I consider this my flagship portfolio. This model is made up of large-cap companies that I consider suitable for investors who have a conservative growth risk profile. Selections come from mostly the S&P 500 and the DJIA. Time horizon of at least 3-5 years would be appropriate. TEN YEARS IS EVEN BETTER YET! Investors need to be able to ride through swings up or down of at least 10-25% along the way, however. Unforeseen world events are also always a risk! If appropriate, bonds, a high degree of cash, or inverse funds could be included in this portfolio. THIS IS AN ACTIVELY MANAGED PORTFOLIO. This portfolio is now THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE THE AVERAGE DIVIDEND YIELD OF THIS PORTFOLIO IS NOW 4.3%. This portfolio is for investors seeking Income along with the possibility of Growth. This is a good mix for retirees who are seeking a CD or Bond alternative-albeit with greater risk. This is my MOST CONSERVATIVE overall portfolio. Still, investors need to be able to handle up to, or even greater than 10-25% swings up or down. Again, unforeseen world events are always a risk. If appropriate, this portfolios could contain bonds or inverse funds. This portfolio is now THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE This is my new portfolio. I merged the moderate risk with the aggressive growth portfolio. It is designed for investors with long-term time horizons, seeking maximum growth. It is also my most VOLATILE portfolio. Investors need to be able to stomach as much as 10-35% swings or higher from time to time in an ultra-growth style of investing. This portfolio goes anywhere in the world, wherever the action is. It can contains stocks of any size. This portfolio is now 27

28 This is my PLAY account. For the most part, these stocks are too small or too thinly traded for my managed accounts. This is not a day-trading account. I am looking to bag some big winners, while keeping a short leash on my positions. This portfolio is now THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE This is my new portfolio. I merged the mutual fund with the etf portfolio. It is designed for investors with long-term time horizons, seeking maximum growth. Investors need to be able to stomach as much as 10-35% swings or higher from time to time in a growth style of investing. This portfolio goes anywhere in the world, wherever the action is. This portfolio began the year with $50k and 10 buys. It is now THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE Current Best Mutual Funds Now Top ranked funds 2 wks ago. Top ranked funds last week. Top ranked funds this week. 28

29 Fund Rank wks ago Fund rank last week Fund rank this week. Bottom ranked funds 2 wks ago Bottom ranked funds last week Bottom ranked funds this week. 29

30 I have now isolated ETFs in my app. They can be found at the bottom of the sectors under Z. Leading ETFS 2 weeks ago Last week s top ten ETF s This weeks leading ETF s ETF two weeks ago ETF last week ETF this week 30

31 Worst ETFS 2 weeks ago Last week s worst ETF s This weeks worst ETF s BASIC 401-K ALLOCATION THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE U.S. Small Cap Growth 0.0% U.S. Small Cap Value 0.0% U.S. Large Cap Growth 0.0% U.S. Mid Cap Growth 0.0% U.S. Mid Cap Value 0.0% U.S. Large Cap Value 0.0% U.S. REIT s 0.0% U.S. Govt. Bonds 0.0% U. S. Corp. Bonds 0.0% Developed International 0.0% Emerging Markets Stocks 0.0% Emerging Market Income 0.0% Natural Resources/Energy 0.0% Precious Metals 0.0% Technology 0.0% Money Market (CASH) 0.0% Europe 0.0% Asia/China 0.0% Healthcare Sector 0.0% Inverse (if available) 0.0% 31

32 TSP Plans or Basic 401-k plans Many folks have a very limited selection of choices in their retirement plans. This is my current recommendation for such basic plans. THIS SECTION IS FOR CLIENTS AND SUBSCRIBERS ONLY. CLICK HERE TO SUBSCRIBE No change this week. U.S. Lg. & Midcap Stocks 0.0% C Fund U.S. Sm. & Mid-Cap stocks 0.0% S Fund U.S. Bonds (CASH) 0.0% G Fund (Government Securities) Bond Fund 0.0% F Fund (Govt. Bonds, Mortgage bonds, and Corp. Bonds) International Dev. Mkts. 0.0% I Fund Asset Allocation 0.0% L fund Looking for a Hedge? Here is my current ranking of inverse (Bearish) ETF s: Two Weeks Ago Last week. This week. 32

33 Leveraged Inverse Rankings 2 Wks ago Last week This week Bill Gunderson is a professional fee-based money manager. Gunderson Capital Management manages hundreds of accounts all across the country. Minimum account size is $100,000. Annual Mgt. fees are 2% on accounts under $250,000, 1.5%-1.75% on accounts between $250k and $1 million, and 1%-1.25% on accounts over $1 million. Call us for a portfolio evaluation and more info. (855)611-BEST. To view this past week s show archives click here 33

34 BILL GUNDERSON s WEEKLY TOP 200 LIST Two Weeks ago Last Week This Week This is just an appetizer, here is the full list. 34

35 Bill Gunderson's Eighteen One Nine Eight Six Four Three Two Six Four Three Two One Best Stocks Now Mos. Ago Year Ago Mos. Ago Mos. Ago Mos. Ago Mos. Ago Mos. Ago Mos. Ago Wks. Ago Wks. Ago Wks. Ago Wks. Ago Wk. Ago Yest. Current Top 200 as of 4/22/16 Rank Rank Rank Rank Rank Rank Rank Rank Rank Rank Rank Rank Rank Rank Rank B+ LVLT Level 3 Communications B+ EW Edwards Lifesciences Corp B+ KEY Keycorp B+ POOL Pool Corp B+ FSRBX Fidelity Select Banking B+ IJS U.S. Small-Cap Value Index B+ OAKLX Oakmark Select I B+ INPSX Profunds Internet Ultra B+ CNC Centene Corp B+ FIX Comfort Systems USA B+ LOW Lowe's Companies Inc B+ SWK Stanley Works B+ MPWR Monolithic Power Systems B+ CFNL Cardinal Financial Corporation B+ ABX Barrick Gold Corp B+ ACAD Acadia Pharm B+ EAASX Eaton Vance Alt. Mid-Cap A B+ SHEN Shenandoah Telecommunictns B+ ABBV AbbVie Inc B+ GRC Gorman-Rupp-Co B+ RMAX RE/MAX Holdings, Inc B+ MVG M A G Silver Corp B+ VASVX Vanguard Selected Value B+ LLY Eli Lilly and Co B+ UEPS Net 1 Ueps Technologies Inc B+ FB Facebook Inc. Cl A B+ FBDIX Franklin Biotech Discovery B+ ROM Technology Sector 2x B+ XPH Pharmaceuticals Sector B+ XLY Consumer Disc.Sector B+ AMT American Tower Corp B+ EPD Enterprise Products Ptnr , B+ ACET Aceto Corp B+ ADBE Adobe Systems Inc B+ FANG Diamondback Energy, Inc B+ RUBI Rubicon Project Inc B+ GAITX Amer. Fund Growth & Inc "C" B+ KEF Korea Equity Fund B+ PDT John Hancock Patriot Prem Div Fd II B+ PKO Pimco Income Opp. Fund B+ ADSK Autodesk Inc B+ IGV Software Index B+ IYJ U.S. Industrial Index B+ KBE Bank Index B+ LII Lennox Internarional Inc B+ WSO Watsco Inc B+ REGN Regeneron Pharmaceuticals B+ ECL Ecolab Inc B+ UHS Universal Health Svcs B

36 HERE IS HOW YOU CAN STAY ON TOP OF THE MARKET THIS YEAR My Best Stocks Now Radio Hour is heard on the Salem Broadcast Network every weekday. Check your local affiliate for schedule. You can listen live to the show on the internet through the station s websites: I PAY FOR MY OWN RADIO TIME. I DO NOT WANT ANY SPONSORS. I DO NOT WANT TO BE OBLIGATED TO PIMPING THEIR PRODUCTS. COMING SOON: Denver, St. Louis, Portland Seattle 7am Dallas/Ft.Worth (8am) Twin Cities San Francisco(11am) ` Atlanta (11am) Tune-In App BSN App(any time) Sarasota 11am Boston 8AM Tampa 11am St. Louis-11 AM Denver-11AM Portland-11AM 36

37 In additon to this we will also download the shows to the radio archives on my website and send them to itunes. There is no excuse to not keep up on your investments! Bill Gunderson is also columnist for The Street.com, MarketWatch.com, Townhall Finance, and SeekingAlpha.com. You can see my recent articles for the TheStreet by clicking here To see my recent articles for MarketWatch click here Watch for Bill Gunderson on: 37

38 To order my book, Best Stocks Now, click the link below: 38

39 To set up and appointment with me, click the link below: Come visit us some time! 39

40 Subscriptions to this weekly newsletter are $195 per year or $60 per quarter. To subscribe call us at (855)611-BEST or visit our website at You can also mail a check to Gunderson Capital Mgt. 101 W.Broadway #1975 San Diego, CA THIS REPORT PROVIDES GENERAL INFORMATION AND IS NOT AN OFFER TO BUY OR SELL ANY SECURITY. IT IS THE SOLE OPINION OF THE WRITER, BILL GUNDERSON. BILL GUNDERSON IS PRESIDENT OF GUNDERSON CAPITAL MANAGEMENT INC. LOCATED AT 101 W. Broadway #1975, San Diego, CALIFORNIA PHONE NO. (855)611-BEST. BILL GUNDERSON EDITS THE WEEKLY NEWSLETTER. INFORMATION IN THIS NEWSLETTER COMES FROM INDEPENDENT SOURCES BELIEVED TO BE RELIABLE, BUT ACCURACY IS NOT GUARANTEED. BILL GUNDERSON OR GUNDERSON CAPITAL MGT. INC. HAS NOT VERIFIED THE ACCURACY OF THE INFORMATION PUBLISHED BY THE INDEPENDENT SOURCES. SELECTIONS IN THIS NEWSLETTER ARE THE SOLE OPINIONS OF BILL GUNDERSON AND ARE SUBJECT TO RISKS AND UNCERTAINTIES BEYOND THE CONTROL OF BILL GUNDERSON AND GUNDERSON CAPITAL MGT. INC. SUCH RISKS AND UN- CERTAINTIES INCLUDE NATIONAL, INTERNATIONAL, ECONOMIC CONDITIONS AND FLUCTUATIONS; ECONOMIC CONDITIONS OF SPECIFIC SECTORS AND GROUPS AND COMPANIES; MANAGEMENT CAPABILITIES OF COMPANIES SELECTED. SELECTIONS IN THIS NEWSLETTER MAY NOT YIELD PROFITABLE RESULTS AND MAY ACTUALLY RESULT IN A LOSS OF INVESTMENT CAPITAL. AS AN INVEST- MENT ADVISOR, BILL GUNDERSON, OR CLIENTS OF GUNDERSON CAPITAL MGT. INC. MAY PURCHASE AND SELL SECURITIES IDENTIFIED EITHER IN THEIR OWN ACCOUNTS OR ACCOUNTS THAT THEY MANAGE. THEY MAY ALSO BUY OR SELL SECURITIES MENTIONED WITHOUT NOTICE TO NEWSLETTER SUBSCRIBERS. IF YOU HAVE ANY QUESTONS, YOU CAN CONTACT BILL GUNDERSON AT (855)611-BEST 40

GOLD, THE FED, AND THE DOLLAR

March 4, 2016 Password for the STANDARD archive is: silver GOLD, THE FED, AND THE DOLLAR We entered into 2016 with the expectations of several rate hikes by the Fed this year. As a consequence, the U.S.