BONDS COMMENTARY 04/05/18

Transcription

1 Thursday April 05, S. Wacker Dr., Suite 2350 Chicago, IL or /05 German Manufacturing Orders 1:00 AM 1.5%(MoM) / 6.3%(YoY) 04/05 German Manufacturing Turnove 1:00 AM 04/05 Swiss Consumer Price Index 2:15 AM 0.3%(MoM) / 0.7%(YoY) 04/05 France Services PMI 2:50 AM /05 Euro-Zone Services PMI 3:00 AM /05 German Service PMI 3:55 AM /05 Euro-zone Industrial Produce 4:00 AM 04/05 Euro-zone Retail Trade 4:00 AM 0.5%(MoM) / 2.2%(YoY) 04/05 UK CIPS/NTC Research Service 4:30 AM /05 Canadian International Merch 7:30 AM -2.10b 04/05 Jobless Claims 7:30 AM 225k / 1843k(Cont) 04/05 US Trade Balance 7:30 AM -56.8b 04/05 EIA Gas Storage 9:30 AM 04/06 Japan Index of Business Cond 04/06 Japan Leading Indicators 12:00 AM /06 German Industrial Production 1:00 AM 0.3%(MoM) / 4.4%(YoY) 04/06 France Trade Balance 1:45 AM -5,313m 04/06 France ECRI Future Inflation 3:30 AM 04/06 German ECRI Future Inflation 3:30 AM 04/06 UK ECRI Future Inflation Gau 3:30 AM 04/06 Euro-zone ECRI Future Inflat 4:00 AM 04/06 Canadian Labor Force Survey 7:30 AM 04/06 Unemployment 7:30 AM 04/06 Canadian PMI 9:00 AM 04/06 Consumer Credit 2:00 PM BONDS COMMENTARY 04/05/18 Trade war fears ebb & safe haven instruments remain out of favor OVERNIGHT CHANGES THROUGH 6:05 AM (CT): BONDS -190 With global equity markets overnight mostly higher and Chinese daily papers suggesting that both parties should return to the negotiating table there is fresh hope that a war can still be avoided and that has tamped down safe haven interest in markets like precious metals and Treasuries. Cushioning against the initial washout/downside extension in bond and note prices is economic data released overnight with German industrial orders for February coming in much below expectations, Italian services PMI readings downshifting, German services PMI readings soft, euro zone composite services PMI readings below expectations and UK services PMI data that were much weaker than expectations. Rounding out the flurry of soft data from Europe were European retail sales for February that were below expectations but were less than last month's contraction. However, the lack of a recovery in Euro data suggests equity market action trumps economic news in global bond markets. On the other hand a pair of job reports today will take on added importance given the firm ADP data yesterday especially with the Payroll report due in on Friday. The North American session will begin with the March Challenger job cuts survey, followed by a weekly reading on initial jobless claims that are expected to show a modest uptick from the previous 215,000 reading. The February international trade balance is forecast to see a modest uptick in the deficit from January's $56.6 billion monthly deficit and that report is given significant importance due to the trade fracas. In fact Trump might use the Trade deficit report as a launching point for his

2 response to Chinese tariffs earlier this week. February Canadian international merchandise trade is expected to see a modest uptick from January's monthly deficit reading. Atlanta Fed President Bostic will speak during afternoon US trading hours. TODAY'S MARKET IDEAS: Not surprisingly a downshift in trade war fears and a recovery in equities, justifies an extension of this week's downdraft in bond and note prices. In fact we see the ADP reading yesterday and recent labor force participation readings as justification for a further extraction of the premium inserted into bond prices since the late March spike low. However the bull camp will be tested further early today from the Challenger Layoff report and from initial claims which are expected to rise. The path of least resistance is down but an instant reversal/recovery will be seen if the US releases its second trade salvo against China. Initially we see June bonds with a downside target of and downside targeting in June notes of In the event that layoffs and claims decline that could extend the bond washout to and the note washout down to NEW RECOMMENDATIONS: Buy June Bonds at *Hit risk on the trade at PREVIOUS RECOMMENDATIONS: BONDS TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. BONDS (JUN) 04/05/2018: A bearish signal was triggered on a crossover down in the daily stochastics. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The market's close below the 9-day moving average is an indication the shortterm trend remains negative. The market tilt is slightly negative with the close under the pivot. The next downside target is The next area of resistance is around and , while 1st support hits today at and below there at YR TREASURY NOTES (JUN) 04/05/2018: The daily stochastics have crossed over down which is a bearish indication. Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's short-term trend is negative as the close remains below the 9-day moving average. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside target is The next area of resistance is around and , while 1st support hits today at and below there at STOCKS COMMENTARY 04/05/18 Longs enter this market at their peril OVERNIGHT CHANGES THROUGH 6:05 AM (CT): S&P Global equity markets overnight were mostly higher with the exceptions the Shanghai equity markets and the Hang Seng. At least to start the markets are embracing a relief rally mentality as Chinese newspapers have temporarily saved the day by suggesting both parties could still return to talks. However the Trump administration would suggest that talks have failed to achieve anything indicating that China will need to finally give up its favorable standing of a developing economy deserving of weaker trade rules. We also think that the Trump administration has shown repeatedly it responds quickly and perhaps without thought to headline events and that leaves a noted element of risk in a market that has bounced dramatically this week. WILL TRUMP USE AN EXPANSION OF THE US TRADE DEFICIT THIS MORNING AS A LAUNCHING PAD FOR ANOTHER

3 ROUND OF TRADE THREATS? Earnings announcements will include Monsanto before the Wall Street opening. S&P 500: Given all the volatility this week it would seem that the press/trade hasn't actually acknowledged the low to high bounce in the June E-mini S&P of 119 index points. While early momentum might be extended, bullishness could be reversed instantly by fresh Trump trade penalties. Initial resistance in the June E-mini S&P is seen up at the late March spike high of and we simply can't recommend that traders chase this market higher. Other US Indexes: Like the S&P the mini Dow bounce this week has extended overnight with a six day high in a fashion that masks this week's volatility. Initial upside targeting on follow-through this morning is seen at 24,435 with support moving up to 24,234. In fact we think the Dow as well as the NASDAQ will continue to be more vulnerable than the S&P to the back-and-forth of trade developments. In addition to the prospect of trade penalties directed at tech sector violations by China, the tech sector is also undermined by suggestions that Facebook data leaks have probably impacted up to 87 million users. Initial resistance in the June mini NASDAQ is seen at and support moves up to TODAY'S MARKET IDEAS: While the lack of a trade response from the Trump administration has allowed for a continuation of this week's bounce we fear that the extended delay in the White House response to Chinese tariffs could mean that Trump is cooking up a very aggressive response. NEW RECOMMENDATIONS: Traders should consider purchasing June E-Mini S&P 2595 puts for into the US Trade report as an expanding deficit might be the perfect cover for a harsh US response to this week's Chinese trade salvo. PREVIOUS RECOMMENDATIONS: STOCKS TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. S&P E-MINI (JUN) 04/05/2018: The daily stochastics have crossed over up which is a bullish indication. Rising from oversold levels, daily momentum studies would support higher prices, especially on a close above resistance. The market's close above the 9-day moving average suggests the short-term trend remains positive. The outside day up is somewhat positive. The market setup is supportive for early gains with the close over the 1st swing resistance. The next upside target is Consider buying pull-backs since daily studies are bullish. The next area of resistance is around and , while 1st support hits today at and below there at MINI-DOW (JUN) 04/05/2018: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is a positive signal. Market positioning is positive with the close over the 1st swing resistance. The next upside objective is The next area of resistance is around and 24963, while 1st support hits today at and below there at E-MINI NASDAQ (JUN) 04/05/2018: The daily stochastics have crossed over up which is a bullish indication. Daily momentum studies are on the rise from low levels and should accelerate a move higher on a push through the 1st swing resistance. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is a positive signal. Market positioning is positive with the close over the 1st swing resistance. The near-term upside target is at Daily studies suggest buying dips today. The next area of resistance is around and , while 1st support hits today at and below there at MINI-RUSSELL 2000 (JUN) 04/05/2018: The crossover up in the daily stochastics is a bullish signal. Daily stochastics are showing positive momentum from oversold levels, which should reinforce a move higher if near

4 term resistance is taken out. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is a positive signal. The market's close above the 2nd swing resistance number is a bullish indication. The next upside objective is The next area of resistance is around and , while 1st support hits today at and below there at DAILY TECHNICAL STATISTICS STOCH D STOCH K 4 DAY 18 DAY 45 DAY 60 DAY CLOSE FINANCIAL COMPLEX USAAM TYAAM SPAM EPM TFEM ENQM YMM Calculations based on previous session. Data collected 04/04/2018 DAILY SWING STATISTICS Contract Support 2 Support 1 Pivot Resist 1 Resist 2 FINANCIAL COMPLEX USAAM8 Bonds TYAAM8 10 Yr Treasury Notes SPAM8 S&P EPM8 S&P E-Mini TFEM8 Mini-Russell ENQM8 E-Mini NASDAQ YMM8 Mini-Dow Calculations based on previous session. Data collected 04/04/2018 CURRENCIES COMMENTARY 04/05/18 Contrary to the US Press Trump might benefit North America trade positioning OVERNIGHT CHANGES THROUGH 6:05 AM (CT): US DOLLAR +25, YEN -265, SWISS -1, CA DOLLAR +145 Upcoming International Reports (all times CT) 04/05 German Manufacturing Orders 1:00 AM 04/05 German Manufacturing Turnove 1:00 AM 04/05 Swiss Consumer Price Index 2:15 AM 04/05 France Services PMI 2:50 AM 04/05 Euro-Zone Services PMI 3:00 AM 04/05 German Service PMI 3:55 AM 04/05 Euro-zone Industrial Produce 4:00 AM 04/05 Euro-zone Retail Trade 4:00 AM 04/05 UK CIPS/NTC Research Service 4:30 AM 04/05 Canadian International Merch 7:30 AM 04/05 Jobless Claims 7:30 AM

5 04/05 US Trade Balance 7:30 AM 04/05 EIA Gas Storage 9:30 AM 04/06 Japan Index of Business Cond 04/06 Japan Leading Indicators 12:00 AM 04/06 German Industrial Production 1:00 AM 04/06 France Trade Balance 1:45 AM 04/06 France ECRI Future Inflation 3:30 AM 04/06 German ECRI Future Inflation 3:30 AM 04/06 UK ECRI Future Inflation Gau 3:30 AM 04/06 Euro-zone ECRI Future Inflat 4:00 AM 04/06 Canadian Labor Force Survey 7:30 AM 04/06 Unemployment 7:30 AM 04/06 Canadian PMI 9:00 AM 04/06 Consumer Credit 2:00 PM DOLLAR: Apparently the dollar index trade is sifting through US scheduled data and embracing the positive data and discounting weak data as the index overnight reached up to the highest level since March 1st. It is possible that jobs related data is anticipated to be positive because of the ADP numbers and it is also possible that inflation data from earlier in the week as well as increases in labor participation rates has provided the greenback with a bid. This morning the dollar is also benefiting from the idea that a trade war can still be avoided with negotiation. A critical pivot point in the dollar is seen at and the next resistance point is seen up at EURO: We see the euro zone data overnight as undermining of the euro and indicative of a further expansion of the US economic differential relative to Europe. In fact in the event that the trade sees anything positive from a pair of US jobs related reports later this morning and in the event that US equities add to early gains near term support in the June euro at could fail and the euro could extend down to before the end of the week. YEN: Not surprisingly the Japanese Yen continues to see an extraction of safe haven premium from its exchange rate. With the breakout down and lowest price since February 28th further declines are expected and a return to the February 27th low is possible especially if Trump remains on the sidelines and US data produces anything upbeat. Next downside targeting is seen at SWISS: Like the euro, pound and Yen the Swiss remains in a downward technical motion that is facilitated by global fundamentals. While the Swiss is temporarily oversold as a result of the spike low we see significant pivot point resistance at and downtrend channel resistance at POUND: While the UK press/trade suggests that the soft consumer demand registered in services last month was the result of one off weather issues suspicion toward the pace of the UK economy remains a limiting force for the Pound. However the currency has managed a four day string of higher highs and lower lows in a fashion that suggest it is one of the few dollar challengers. The bias is up but we are highly suspicious of the uptrend. CANADIAN DOLLAR: Surprisingly the Canadian dollar has continued to rise in sync with the US dollar in a fashion that suggests North America is hopeful of an improvement in its Chinese trade fundamentals as a result of the hardline US stance. Critical pivot point support in the Canadian today is seen at and resistance is at the overnight high of TODAY'S MARKET IDEAS: Watch for a surprise Trump announcement in the event that the US trade deficit expands. NEW RECOMMENDATIONS: PREVIOUS RECOMMENDATIONS:

6 CURRENCIES TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. US DOLLAR (JUN) 04/05/2018: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at The next area of resistance is around and 90.09, while 1st support hits today at and below there at EURO (JUN) 04/05/2018: The downside crossover (9 below 18) of the moving averages suggests a developing short-term downtrend. Momentum studies are declining, but have fallen to oversold levels. The close below the 9- day moving average is a negative short-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The next downside target is now at The next area of resistance is around and , while 1st support hits today at and below there at JAPANESE YEN (JUN) 04/05/2018: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The close below the 9-day moving average is a negative short-term indicator for trend. It is a slightly negative indicator that the close was under the swing pivot. The next downside target is now at The next area of resistance is around and 95.00, while 1st support hits today at and below there at SWISS (JUN) 04/05/2018: Momentum studies are declining, but have fallen to oversold levels. The close below the 9-day moving average is a negative short-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The next downside target is The next area of resistance is around and , while 1st support hits today at and below there at CANADIAN DOLLAR (JUN) 04/05/2018: The cross over and close above the 40-day moving average indicates the longer-term trend has turned up. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is The next area of resistance is around and 78.86, while 1st support hits today at and below there at BRITISH POUND (JUN) 04/05/2018: Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The market's short-term trend is negative as the close remains below the 9-day moving average. The daily closing price reversal up is a positive indicator that could support higher prices. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside target is now at The next area of resistance is around and , while 1st support hits today at and below there at DAILY TECHNICAL STATISTICS STOCH D STOCH K 4 DAY 18 DAY 45 DAY 60 DAY CLOSE CURRENCY COMPLEX DXAM JYAM EU6M BPAM CAAM SFAM DAAM Calculations based on previous session. Data collected 04/04/2018

7 DAILY SWING STATISTICS Contract Support 2 Support 1 Pivot Resist 1 Resist 2 CURRENCY COMPLEX DXAM8 US Dollar JYAM8 Japanese Yen EU6M8 Euro BPAM8 British Pound CAAM8 Canadian Dollar SFAM8 Swiss DAAM8 Australian Dollar Calculations based on previous session. Data collected 04/04/2018 PRECIOUS METALS COMMENTARY 04/05/18 Trade fears ebb temporarily giving the bear camp brief control OVERNIGHT CHANGES THROUGH 6:05 AM (CT): GOLD -6.40, SILVER +2.10, PLATINUM OUTSIDE MARKET DEVELOPMENTS: Global equity markets overnight were mostly higher with the exceptions the Shanghai equity markets and the Hang Seng. While the Chinese dailies claim China preempted the US with its latest move and also suggested that China has won the initial battle, suggestions that both parties should return to the negotiating table has given fresh hope that a war can still be avoided. Economic data released overnight showed German industrial orders for February coming in much below expectations but in positive territory. A wave of PMI services readings were seen throughout Europe with Italian readings downshifting, French readings notching higher, German readings soft and the euro zone composite reading below expectations and below the prior month's result. Also out overnight were UK services PMI data that were much weaker than expectations and significantly weaker than prior results. The euro zone also saw producer price readings for February that were right on expectations but softer than prior month's results. Rounding out the flurry of data from Europe were European retail sales for February that were below expectations but above last month's contraction. The North American session will begin with the March Challenger job cuts survey, followed by a weekly reading on initial jobless claims that are expected to show a modest uptick from the previous 215,000 reading. The February international trade balance is forecast to see a modest uptick from January's $56.6 billion monthly deficit. February Canadian international merchandise trade is expected to see a modest uptick from January's monthly deficit reading. Atlanta Fed President Bostic will speak during afternoon US trading hours. Earnings announcements will include Monsanto before the Wall Street opening. GOLD / SILVER Extreme volatility has extended in the gold and silver markets with the markets overnight seemingly embracing the idea that talks can still take place between the US and China and that in turn has lowered safe haven interest to wane early today. However, we suspect that uncertainty will continue and perhaps expand dramatically when the Trump Administration offers up more tariffs and other punishing trade measures. In fact given the Trump Administration pattern of knee-jerk reactions to events we doubt they can hold back on their next salvo for much longer. Logically, stocks and gold have maintained and will continue to maintain a tight inverse relationship through the end of the week. Certainly suggestions that the tariffs announced so far might not be implemented (Kudlow comments) moderates the safe haven/anxiety condition, but we continue to think that the Trump administration will raise the ante before the end of the week with more tariffs and or other trade related charges involving intellectual property right violations. Technically, traders could point to the Wednesday action as a quasiblow off top of sorts as a new high for the move and a $25 reversal smacks of a shift down in the trend. However we doubt that any "trend" can be consistently maintained given the treacherous headline environment from both China and the US. Pushed into the market today, we favor buying weakness in anticipation of the next "move" in the trade battle.

8 PLATINUM Make no mistake about it: the PGM complex remains vulnerable and on the run in the wake of the ongoing threat of trade barbs between China and the US which in turn stokes fears of moderating industrial/physical use. While the last COT positioning reports showed a net spec long of 32,464 contracts in platinum and 12,827 contracts spec long in palladium, both of those readings have been brought down significantly by the slide over the last three trading sessions. However, we doubt that the platinum market is "mostly sold-out" yet and a near term dive below $900 is likely in the event that equities turn lower over the remainder of the week. Similarly, the palladium market has seen its net spec and fund long positioning come down but it might also see a downside extension and a filling of a gap down at $ and $ Until there is a definitive sign of a repairing of trade relations, the risk of picking a bottom is simply unattractive. TODAY'S MARKET IDEAS: The potential for divergent action between gold/silver and platinum/palladium remains high as uncertainty from the trade front is expected to remain or expand directly ahead and that at times will cushion/lift gold and silver at the same time that it leaves pressure on the PGM complex. On the other hand a slight pause or moderating of the trade situation this morning should cushion PGM and weaken gold/silver. Pushed into the market, we would be a buyer of gold on $15 to $20 setbacks looking for recovery before the end of the week off something incendiary from the Trump administration. Uptrend channel support today is seen at $1, with a three month upside trend breakout seen with a pulse above $1, or a trade below $1,312. It is possible that daily trading ranges in gold could exceed $17 today and tomorrow. NEW RECOMMENDATIONS: PREVIOUS RECOMMENDATIONS: COPPER COMMENTARY 04/05/18 Trade war fears shift down but the final card hasn't been played GENERAL: Not surprisingly, the copper contract yesterday forged an extremely wide trading range with nearly all of the action spent in negative territory and that leaves the bull camp slightly wary today. However a slight pause/moderating of the trade war threat from Chinese daily press coverage overnight has allowed for a noted extension of the recovery from the lows in the early going today in a fashion that looks to send prices back to the last two weeks highs up at $ On the other hand, we still expect the Trump administration will offer up another response with a second round of tariffs and perhaps there will also be an added measure of boycotts on Chinese intellectual property rights on products/companies suspected of theft and other illegal activities. In other words, the US might try to hold Chinese companies and the Chinese economy responsible for a string of alleged trade abuses! Cushioning the copper market going forward is the quarterly revenue beat by homebuilder Lennar, favorable vehicle sales Tuesday, residual strength in ADP employment figures and a noted overnight decline in LME copper stocks. MARKET IDEAS: With the May copper contract now sitting roughly 9 cents above the late March lows, we would suggest that copper is still holding a "premium" that suggests a trade war will be avoided. Furthermore the last COT positioning showed a net spec and fund long of 26,710 contracts that positioning has probably expanded slightly as the overnight high puts prices just above the level where the last report was compiled. We continue to expect prices to exhibit two sided volatility and given the return to the last two weeks highs the longs appear to have a lot of risk especially if and when the Trump Administration offers up their next trade salvo. NEW RECOMMENDATIONS:

9 PREVIOUS RECOMMENDATIONS: METALS TECHNICAL OUTLOOK: Note: Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. COMEX GOLD (JUN) 04/05/2018: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market's close below the pivot swing number is a mildly negative setup. The next downside objective is now at The next area of resistance is around and , while 1st support hits today at and below there at COMEX SILVER (MAY) 04/05/2018: A bearish signal was triggered on a crossover down in the daily stochastics. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market's close below the pivot swing number is a mildly negative setup. The next downside target is now at The next area of resistance is around and , while 1st support hits today at and below there at COMEX PLATINUM (JUL) 04/05/2018: Daily stochastics are trending lower but have declined into oversold territory. The market's short-term trend is negative as the close remains below the 9-day moving average. The market's close below the 1st swing support number suggests a moderately negative setup for today. The next downside objective is now at The 9-day under 30 indicates the market is approaching oversold levels. The next area of resistance is around and , while 1st support hits today at and below there at COMEX COPPER (MAY) 04/05/2018: Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market's short-term trend is positive on the close above the 9-day moving average. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next upside objective is The next area of resistance is around 3.07 and 3.12, while 1st support hits today at 2.98 and below there at DAILY TECHNICAL STATISTICS STOCH D STOCH K 4 DAY 18 DAY 45 DAY 60 DAY CLOSE METALS COMPLEX GCAM SIAK PLAN CPAK Calculations based on previous session. Data collected 04/04/2018 DAILY SWING STATISTICS Contract Support 2 Support 1 Pivot Resist 1 Resist 2 METALS COMPLEX GCAM8 COMEX Gold SIAK8 COMEX Silver PLAN8 COMEX Platinum CPAK8 COMEX Copper

10 Calculations based on previous session. Data collected 04/04/2018 ***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. Any information or recommendation contained herein: (i) is not based on, or tailored to, the commodity interest or cash market positions or other circumstances or characterizations of particular investors or traders; (ii) is not customized or personalized for any such investor or trader; and (iii) does not take into consideration, among other things, risk tolerance, net worth, or available risk capital. Any use or reliance upon the information or recommendations is at the sole discretion and election of the subscriber. The risk of loss in trading futures contracts or commodity options can be substantial, and traders should carefully consider the inherent risks of such trading in light of their financial condition. Any reproduction or retransmission of this report without the express written consent of Zaner Group, LLC. is strictly prohibited.