Technical Speculator. Commodities

Transcription

1 Technical Speculator KEY POINTS: Improving dollar fundamentals limits upside strength for most commodities Livestock remains the top performer, again Have oil prices peaked? We suspect so Gasoline prices have stalled Limited seasonal strength for natural gas Gold hitting another peak Copper prices running out of oxygen Industrial metals still favoured, with U.S. reinvigoration talk US$ finds support Outlook: Fading upside potential Timely Analysis for the Informed Investor MARKETS COMMODITIES CURRENCIES March 2017 Commodities U.S. dollar pressure New lower target With ongoing strength from the U.S. dollar, the Commodity Research Bureau (CRB) Index continues to feel a headwind. Although the CRB has remained in an upward trend since the first quarter (Q1) of 2016 and posted a new 12-month high in Q1 2017, it is clearly running out of oxygen. The CRB has reached the first resistance level of Above this is 206. The 50-week moving average (m/a) is still curling upward (encouraging) and acting as solid support. In last month s issue (page 2), the big dollar was still descending, and the first target for the CRB was 206. With renewed strength in the US$, the target has been lowered to (Chart 1). Commodity performance: Livestock The S&P GSCI Livestock sector posted the topperformance ranking over the past 90 days. Last month, we noted that this commodity group had the strongest upside move over the past couple of months (Chart 2). The ipath Livestock Subindex exchange-traded note (ETN) (COW) is a good vehicle for following this sector. The energy sector, Over the last 90 days, GSCI Livestock, followed by industrial metals, have been the top-performing sectors. Energy has been the lowestperforming group. The US$ is starting to advance again. This should limit any upside strength on the CRB Index. Chart 1 Chart 2 Pg. 1 Mar/17 dwdony@shaw.ca Ph

2 which was the best-performing group last month, has dropped down to the third position. With the prospects of additional strength coming from the US$, we suspect that this arrangement will hold into Q2. WTIC: Short-term stall Overhead resistance at $55.60 continues to hamper any upside movement for light crude oil prices (WTIC). As in the CRB, support lies in the upward-curling 50-week m/a. Buying pressure (Relative Strength Index [RSI]), holding in the positive 45-to-80 zone, remains encouraging. Look for a price cap at $55.60 to hold into early Q2. The target is still $59 (Chart 3). Solid price resistance sits at $3.90 to $3.95; this is likely the top for natural-gas prices (Chart 5). GASO prices are expected to advance to $1.90, and then stop. Slow advance. As long as WTIC stays above $52, then $59 is still the target. Chart 4 The upward trend is encouraging. Sharp drop in natural gas. The 50-week m/a is expected to stop the decline. Chart 3 Gasoline: Cap at $1.90 Gasoline (GASO) is also becoming capped. With price resistance building at $1.90, the outlook for rising gas prices appears tempered. With an upward-curling 50-week m/a acting as support, and buying momentum (RSI) in the neutral zone (around 50), the outlook still remains flat. Look for gas prices to hold below $1.90 into Q2. We suggest still staying on the sidelines (Chart 4). Natural gas: Waiting for a low The commodity is still in a pattern of higher highs and higher lows (uptrend), with price support at the 50-week m/a. The second seasonal strength period (February to April) is now unfolding. We would suggest waiting for natural gas to find a low, then placing a tight trailing stop. This commodity can be volatile. Chart 5 Note: If the 50-week m/a fails to hold the commodity, then $2.55 is the next lower support level. Pg. 2 Mar/17 dwdony@shaw.ca Ph

3 Gold: $1250-$1260 peak? The current strength in the U.S. dollar is expected to diminish any prolonged upward movement in the metal, and positive momentum in the dollar is building again. We do expect gold to have a brief upward movement to the resistance line of $1250-$1260. Use this strength to reduce positions (Chart 6). Silver s expected peak is at $ Gold has reached the resistance level of $1250-$1260 Chart 7 Chart 6 as the US$ starts to strengthen, gold has likely reached a peak. Silver: First resistance at $18.50 The mild reactionary bounce from Q1 is still unfolding. Silver is above the 50-week m/a, and buying momentum (RSI) is in the positive zone (45 to 80). Look for silver to retest $18.50 and possibly higher, at $19.75 over the next month or two. But with the US$ strength building again, we expect weakness to mount for silver in Q2. Use this strength to reduce position size. (Chart 7). Copper: Nearing resistance The red metal successfully rebounded off of the $2.45 support level in December/January. Buying momentum (RSI) is now in the positive zone (45 to 80) and confirming the bounce. There is some resistance at $2.75, and at the next upside resistance level of $2.90. We feel that these two levels will likely be the cap for copper. Take a small position now, but keep a tight stop (Chart 8). The ETN ipath Copper Index (JJC) is a good vehicle for following spot copper. Chart 8 Copper prices are nearing the resistance line of $2.90. Base metals: More upside The rebound off of the January support level of 297 continues to unfold; the upward bounce in buying momentum (RSI) is also supportive. We expect the uptrend to continue into Q2, and to see a retest of the 2015 high (345.81). The first target is 350, followed by 380. Add to positions (Chart 9 on page 4). Pg. 3 Mar/17 dwdony@shaw.ca Ph

4 The upward trend continues. The first target is 350. U.S. dollar: Rebound Expectation of another near-term rate increase, plus a pickup in annual gross domestic product (GDP) is keeping a solid tailwind on the dollar. Price support for the US$ (DXY) is at $0.9925, and buying momentum (RSI) is rebounding and in the positive zone (45 to 80). We believe that the dollar will advance, under favourable conditions, back up to $ over the next few months (Chart 11). The PowerShares DB US Dollar Index (UUP) is a good vehicle for following the U.S. dollar. First support is at 300. Chart 9 Corn: Some improvements The rebound off of the $315 level appears to have legs. Buying momentum (RSI) has also moved into the positive zone of 45 to 80, which is encouraging. Additional rangebound consolidation is expected over the next few months. Resistance still sits at $3.75, and higher at $4.15. Use this strength to reduce any positions (Chart 10). The U.S. dollar finds support at the $1.00 level. A rebound now appears to be forming. A retest of $ is expected. Chart 10 Corn prices remain in a prolonged base. Use any strength to reduce position size. Chart 11 What should investors do? Selection is the key for profiting in the natural-resource arena. We have highlighted several commodities (with a thumbs-up symbol) that we believe have some upside potential at this time. It is important to remember that most commodities are negatively affected when the greenback advances. Industrial metals appears to be the exception. We suspect that this strength is largely due to the economic reinvigoration talk underway in the U.S. Trading most commodities should be on a short-term basis only now. Use a tight trailing stop, take your profits, and stay on the sidelines until another opportunity presents itself. Pg. 4 Mar/17 dwdony@shaw.ca Ph

5 International Equities KEY POINTS: The benchmark DJW continues to advance Japan s and Brazil s indexes post the highest 90-day returns Asian indexes mostly higher in Q1 European indexes continue to extend Italy s MIB takes the lead in performance ASX extends to a new 52-week high Collective new highs trends both point higher (confirming). We suspect that more upside lies ahead. The first target is 1800, and then ultimately Add to positions (Chart 13). Overview: First target reached The Dow Jones Global Index (DJW) remains in a constructive price trend of higher highs and higher lows. However, buying momentum (RSI) is now overbought. We suspect that, after reaching the resistance level and target of 345, some retracement should be expected. First support is at 337. Models continue to point to 370 by year-end (Chart 12). Add to positions on any weakness. The MSCI World ex- US has broken out. The first target is 1800, then The DJW is overbought Chart 12 first support is at 337. This is the first overbought reading since World markets ex-u.s.: Upward The index is retesting the mid-2016 highs and challenging the resistance level of 1750: rising RSI and momentum Chart 13 Global performance: Brazil, Japan Global index performance over the last 90 days illustrates the ongoing recovery in the world arena. Five out of 10 major world indexes outperformed the benchmark DJW over the last 90 days. All 10 global markets had positive returns over the last quarter (good news). We expect this trend to continue over the next one to two months (Chart 14 on page 6). China: Gentle rise continues The steady upward rise of 2016 is holding. The Shanghai is above the 50-week m/a, and buying momentum (RSI) is in the bullish zone (45 to 80). Support is now at 3090, and first resistance is at The upward lift should continue into Q2. Add to positions now. The target is 3750 (Chart 15 on page 6). Note: The exchange-traded fund (ETF) ishares MSCI China (FXI) is a good vehicle for following the Shanghai. Pg. 5 Mar/17 dwdony@shaw.ca Ph

6 Brazil and Japan had the top performance over the past 90 days. India s BSE and China s Shanghai had the lowest performance. Hong Kong: Positive trend With a solid rebound off of the rising 50-week m/a, buying momentum (RSI) is in the positive zone now (confirming the upward trend). First resistance and target are at 25,300. Add to positions (Chart 17). Note: The ishares MSCI Hong Kong ETF (EWH) is a good vehicle for following the Hang Seng. The Hang Seng is advancing toward the first target of 25,300. Chart 14 Rebounding Rebounding Chart 17 India: Retesting 29,000 The Shanghai is still in a steady rise. Chart 15 Japan: Short-term pause The advance 15% since Q4 has reached a plateau at 19,660, for now. Underlying support is at 18,600. Add to positions now, as this pullback won t last. More upside lies ahead. The next target is 20,780. Note: The ishares MSCI Japan ETF (EWJ) is a good vehicle for following the Nikkei. Chart 18 The BSE is advancing toward the first target of 30,125. Pg. 6 Mar/17 dwdony@shaw.ca Ph

7 The index is bouncing off of the rising 50-week m/a in Q4/Q1; a retest of 29,000 appears to be in the cards. Buying momentum (RSI) confirms the higher levels. After 29,000 is reached, 30,125 is the next target. Add to positions now. (Chart 18 on page 6). Singapore: Breaking out! Recent price action has broken through the resistance line of Buying momentum (RSI) continues to hold in the positive zone (45 to 80), and the 50-week m/a is now curling up all positive signs. Add to positions. Higher levels are coming. The new target is 3250 (Chart 19). Long-term ascending triangle. The first target is at Singapore s STI has broken out of an ascending triangle. The first target is Chart 20 The STOXX 600 has broken out. The first target is 380. Chart 19 South Korea: Breakout Although South Korea s Seoul Composite has finally broken out of a 15-month consolidation, the new upward trend appears reserved. Support is at 2070, and the first target is 2130 (Chart 20). Europe: Breakout continues The STOXX is making higher highs, following the breakout through the resistance line of 350. Buying momentum (RSI) is rising and in the bullish zone (45 to 80), confirming the index s advance. The next target level is 380, followed by 404. Add to positions. More upside lies ahead (Chart 21). European performance: Italy leads Uniform recovery continues for Europe s stock markets, with an average growth of 10% over the past three months. Chart 21 Italy s MIB and Germany s DAX indexes posted the top performance. We anticipate that Europe s indexes will continue to advance in Q2 (Chart 22 on page 8). Pg. 7 Mar/17 dwdony@shaw.ca Ph

8 Italy s MIB and Germany s DAX were the top-performing European indexes over the last 90 days. Brussel s Bel 20 had the lowest performance. France: Breaking out! The constructive topside breakout above the resistance level of 4600 continues, and momentum (RSI) has confirmed the advance (above 45). Support is now at Add to positions. The next target is 5150 (Chart 24). Note: The ishares MSCI France ETF (EWQ) is a good vehicle for following the CAC. France s CAC continues to advance. The target is Chart 22 Germany: Target met The topside advance continues, with rising buying momentum (RSI) and 50-week m/a confirming the index s upswing. First support is at 11,400. Our targets are 12,275, and then 13,400. Add to the positions on any weakness (Chart 23). Note: The ishares MSCI Germany ETF (EWG) is a good vehicle for following the DAX. Chart 24 U.K.: New five-year high Germany s DAX continues to advance. The target is 12,275. The FTSE continues to trend higher. The next target is Chart 23 Chart 25 Pg. 8 Mar/17 dwdony@shaw.ca Ph

9 The January price peak of highlights the ongoing upward trend, and a strong RSI reading (above 45) since July suggests that more upside lies ahead. Brexit appears to not be a problem. Support is at 6900, and the target still remains 7800 (Chart 25 on page 8). Italy: On key support The index is retesting support at 18,500 (prior resistance) after a recent topside breakout from the 2016 base. It is still above the rising 50-week m/a, and buying momentum (RSI) is rebounding (above 45). Add to positions on confirmation of support. We suspect that higher levels are coming. The first target is 21,900 (Chart 26). Rebounding off of support; The next target is 71,650. Retesting support: a rebound is now expected. The first target is 21,900. Chart 27 Rebounding off of support. The next target is Chart 26 Brazil: New five-year high The retesting of support at 57,500 in December, then a strong rebound with a new high in February, suggest that the upward trend is starting again. The index is well above the rising 50-week m/a, with a positive trend in buying momentum (RSI) both confirming. Add to positions now. The next target is 71,650 (Chart 27). Australia: Upward trend starting The constructive topside breakout of Q4 is now continuing; the pullback to retest the first support level at 5650 is complete, and the ASX is still above the rising 50-week m/a (encouraging). Buying momentum (RSI) is also in the positive zone (45 to 80) confirming. Some price resistance still lies at Add to positions. The next target is 6020, followed by 6400 (Chart 28). Chart 28 What should investors do? The ongoing upward trend out of the lows in 2016 is encouraging. Almost all world indexes are posting new highs. As always, we suggest staying with the best of breed those global indexes with the highest buying momentum. Japan s Nikkei, Singapore s Straits Times Index, Germany s DAX, France s CAC, Italy s MIB, the UK s FTSE, and Brazil s Bovespa are the top contenders over the last three months. Pg. 9 Mar/17 dwdony@shaw.ca Ph

10 U.S. & Canadian Equities KEY POINTS: Key economic numbers continue to improve, particularly in the U.S. More than 76% of stocks in key indexes are trending up very bullish sign Index performance points to the Dow Major indexes reach an overbought reading First overbought level for Dow in three years Short-term retracement odds are increasing S&P 500 nears another target Sector strength in S&P 500 & TSX favours financials Sector Spotlight: S&P materials Overbought readings Breadth barometer: 76.9% bullish! The average percentage of advancing stocks (above their 200-day m/a s) on the NYSE, S&P 500 and TSX at the end of February was 76.90%, still above the critical 50% level. All of the percentages are rebounding off of their key 50% break even levels. This is a positive reflection on the markets and suggests higher levels into Q2 (Chart 29). KEY ECONOMIC NUMBERS U.S. annual GDP: 1.90% U.S. interest rate: 0.75% U.S. inflation rate: 2.50% U.S. jobless rate: 4.80% U.S. government budget: (-3.20%) U.S. debt/gdp: % U.S. current account: (-2.70) U.S. currency (DXY): $ U.S. population: million Canadian annual GDP: 1.30% Canadian interest rate: 0.50% Canadian inflation rate: 1.50% Canadian jobless rate: 6.80% Canadian government budget: 0.10% Canadian debt/gdp: 91.50% Canadian current account: (-3.30) Canadian currency: $0.75 Canadian population: million The U.S. economy continues to selectively expand. Unemployment remains at a nineyear low, with business confidence levels at a 52-week high. Overall, promising growth. The Canadian economy continues to struggle, but with green shoots in employment and a few other key areas. Suggested portfolio weighting through May Sector Overweight: Financials, industrials, technology Sector Market Weight: Healthcare, materials, cyclicals Sector Underweight: Gold, energy, utilities, staples Chart 29 Bullish breadth percentages remain high well above the critical 50% level. U.S. & CDN industrial production Both U.S. and Canadian industrial production (IP) is trending up, with higher highs and higher lows from Q4. However, recent correction in both indexes does cast a shadow on the trends. The U.S. number (0.70%) is still well below the 65-year average of 3.76%. Canada s number (1.51%) is above the 20-year average of 0.97% (Chart 30 on page 11). Pg. 10 Mar/17 dwdony@shaw.ca Ph

11 The trend has remained up since late 2015 for both the U.S. and Canada. NYSE: Upward trend The primary trend is higher. Recent price action in February appears to be testing the upper level on the shortterm rising channel; buying momentum (RSI) is overbought now, suggesting a near-term retracement. Key support is at 11,000. Add to positions on any pullback. The next target is at 11,850 (Chart 32). The long-term trend remains higher; overbought reading suggests that some pullback should be expected. Chart 30 Index strength: Russell 2000, Dow The Russell 2000 and the Dow were the lead performers over the last 90 days again. Last month, the two indexes were also the best performers. The recent advance of the U.S. dollar and subsequent weakness in natural resources help explain the low performance of the CRB Index. Look for this pattern to continue in the weeks to come (Chart 31). Chart 31 The Russell 2000 and the Dow led in performance over the past 90 days. The commodity index (CRB) had the lowest performance. Chart 32 S&P 500: Nearing target The primary trend remains up; 2350 is the target. Recent price action in February appears to be testing the upper level on the short-term rising channel; buying momentum (RSI) is overbought now, suggesting a near-term retracement. Key support is at Add to positions on any pullback, as we believe that there is more upside to come. The next target is 2575 (Chart 33 on page 12). Dow: Overbought Although the primary trend is higher, an overbought reading on buying momentum (RSI) suggests that some near-term retracement should be expected. This is the first overbought level in three years. Key support is at 20,000, and lower, at 19,500. Wait until the pullback is over, and then add to positions. The next target is 21,200 (Chart 34 on page 12). NASDAQ: Nearing 5900 target The primary trend is up. A new all-time high was posted in Pg. 11 Mar/17 dwdony@shaw.ca Ph

12 The long-term trend remains higher; overbought reading suggests that some pullback should be expected. The long-term trend remains higher; overbought reading suggests that some pullback should be expected. Chart 33 Chart 35 Russell 2000: Positive RSI reading The primary trend remains up. The index is making higher highs and higher lows, with a strong RSI reading (confirming the uptrend). Support is at Add to positions, as we feel that more upside lies ahead. The next target is 1600 (Chart 36). The long-term trend remains higher; overbought reading suggests that some pullback should be expected. Head and shoulders breakout in Q4; higher levels are now expected. The target is S Chart 34 February. However, buying momentum (RSI) is now overbought. Support is at Wait on the sidelines for now. Add to positions at around The target is 5900 (Chart 35). Chart 36 S H Pg. 12 Mar/17 dwdony@shaw.ca Ph

13 TSX: Overbought The primary trend is up, but the buying momentum (RSI) is now overbought. We are concerned that the index may have gotten ahead of itself. After a strong rally in 2016, several indicators are diverging and suggest that a coolingoff period is likely. First support is at 15,400, and second support is at 15,000. After this pause, 16,500 is the next target (Chart 37). Buying momentum is falling. Overbought reading suggests that some near-term pullback should be expected. Chart 38 Chart 37 TSX Venture: Renewed bounce The corrective pullback has ended. A recent price pullback in Q4 successfully retested the 50-week m/a. Momentum (RSI) diversion is a concern. We expect that this bounce will end soon. Resistance is at 840, and higher, at 925. Keep a tight stop (Chart 38). Sector rotation: S&P 500: 90 days A reversal of performance has hit the S&P energy sector. The defensive sectors (healthcare, consumer staples, and utilities) remain under pressure as the market continues to shift to growth and risk. Financials and industrials lead. All 10 sectors posted a positive return an encouraging sign (Chart 39). Sector rotation: TSX: 90 days Financials and materials were the big winners. Only two out of 10 industry groups outperformed the TSX over the Chart 39 The S&P financial sector had the highest performance over the past 90 days, followed by the industrials. Energy had the lowest performance. last 90 days (financials and materials), although six sectors had a positive return. This is a stark contrast from the last few months. With only the materials and financials outperforming the TSX, where is the strength to move the index higher (Chart 40)? Sector spotlight: S&P materials - XLB The major trend is higher after the breakout over the resistance level at $50. A strong buying pressure (RSI) trend Pg. 13 Mar/17 dwdony@shaw.ca Ph

14 NUE is rebounding off of $ The target is $69. The TSX financial sector led in performance over the past 90 days. Staples and healthcare had the lowest performance. MOS is breaking out of an 11- month base. The target is $38. FMC is continuing to advance. Support is at $50, and the target is $65. Chart 40 suggests that more upside lies ahead. Models point to $59 as the next target (Chart 41). The most compelling stocks from this sector are Nucor (NUE), Mosaic (MOS), FMC (FMC) and DuPont (DD) (Chart 42). DD is breaking out of a 22-month consolidation. The target is $85. Chart 41 The trend of the Materials Select Sector (XLB) remains up. The target is $59. Chart 42 What should investors do? All major indexes (NYSE, S&P 500, Dow, NASDAQ and TSX) posted all-time highs in February, indicating that the primary trend remains up. Short-term indicators, however, imply that markets are uniformly overbought. This is the first time since mid-2016 and calls for a more cautious stance until this unwinds. Since the indexes remain in a secular advance, any retracement is a buying opportunity. There are two approaches that we would suggest. First, tighten the stops on all positions perhaps 2% to 3% below the price. And second, lower your position size and take some profits now. We have indicated the first main support level for all of the key indexes. Most overbought corrections do not last long, particularly in a secular bull market. They are a necessary function in every advance. Use them to add to key positions. Pg. 14 Mar/17 dwdony@shaw.ca Ph

15 MARKETS COMMODITIES - CURRENCIES Technical breakouts! NASDAQ highlights COST has broken out of a 16-month consolidation. The target is $199. JKHY has broken out of an 8-month consolidation. The target is $105. ESPR has broken out of a 13-month base. The target is $31. RDWR has broken out of a 13-month base. The target is $ INVE has broken out of a 17-month base. The target is $7.50. WIRE has broken out of a 32-month base. The target is $$55. Pg. 15 Mar/17 dwdony@shaw.ca Ph

16 l M A RK E TS C O MMO D I T I E S - CU R R E N C I ES r Six to 12-month projections and targets March 2017 Security Outlook Date outlook was established Target Current price level S&P 500 Nearing 2275 target. Upward rise expected into Q2. Feb. 13/17 2,575 2,363 TSX Upward trend continuing. New target is 16,000. Feb. 13/17 16,000 15,399 U.S. dollar Rebounding off $1.00; more rates increases coming. Feb. 20/17 $1.04 $1.011 Dow Jones Industrial Average Short-term top; some consolidation expected. Upward trend continues. Feb.17/17 21,200 20,812 Euro $1.08 target met. Euro weakness against a strengthening US$. Feb. 10/17 $1.02 $1.06 Gold Pullback from $1,250-$1,260 as the US$ strengthens. Feb. 20/17 $1,175 $1,254 Global markets WTIC Upward trend; ST overbought level. 337 is the 1 st support. ST cap at $55 with rising US$. Limited upside potential. Feb. 22/17 DJW to Feb. 18/17 $59.00 $54.01 Natural gas Declining to support; limited rebound expected in Q2. Feb. 19/17 $2.95 $2.77 CRB US$ headwinds. Falling momentum. Outlook diminishes. Feb. 20/ VIX Bull market conditions into Q2. Low risk conditions. Under 14. Feb. 11/ ASX U.S. 10-year T-Bond price Breakout begins. Higher levels expected in Q2. Shift out of safe havens continues as the equity market advances. Feb. 18/17 6,020 5,761 Feb. 10/17 $122 $ Pg. 16 Mar/17 dwdony@shaw.ca Ph

17 Final bell T e c h n i c a l S p e c u l a t o r M A R K E T S C O M M O D I T I E S - C U R R E N C I E S Disclaimer. Please read The Technical Speculator and the TS Model Growth Portfolios are independent publications. The information included on this website is for information purposes only. The opinions expressed should not be considered investment advice to buy or sell securities, but rather the author s opinion only. You assume all risks associated with investment decisions made on the basis of information contained on this website. The Technical Speculator and the TS Model Growth Portfolios and its author make no representations about suitability of the services or information contained on this website or publications for any purpose. All such services and information are provided as is and as available, without warranty of any kind, express or implied. The information contained herein is believed to be accurate, but this cannot be guaranteed. The Technical Speculator and the TS Model Growth Portfolios and/or the author have not taken any steps to verify the adequacy, accuracy or completeness of the information provided. The profiles, critiques, and other editorial content of the Technical Speculator and the TS Model Growth Portfolios may contain forward-looking statements relating to the expected capabilities of the companies or markets mentioned herein. The reader should verify all claims and do his or her own due diligence before investing in any securities mentioned. Investing in securities is speculative and carries a high degree of risk. Neither the Technical Speculator and the TS Model Growth Portfolios nor the author make any warranty, express or implied, of any kind whatsoever, and none of the parties shall be liable for any losses, damages, costs or expenses, of any kind or description, relating to the adequacy, accuracy or completeness of the available information or the use of the available information. The analysis does not purport to be a complete study of the securities mentioned herein, and readers are advised to discuss any related purchase or sale decisions with a registered securities broker. Reports within the Technical Speculator and the TS Model Growth Portfolios are for information purposes only and are not solicitations to buy or sell any of the securities mentioned. The author may or may not have equity positions in the securities mentioned in the Technical Speculator and the TS Model Growth Portfolios. Copyright D.W. Dony and Associates Inc., All rights reserved. Pg. 17 Mar/16 dwdony@shaw.ca Ph