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Weekly Market Update 10-12-16
©2016·PhoenixCapitalResearch,PhoenixCapitalManagementInc.AllRightsReserved.Protectedbycopyright laws of the United States and international treaties. This newsletter may only be usedpursuanttothesubscriptionagreementandanyreproduction,copying,orredistribution(electronicorotherwise, including on theworld wideweb), inwhole or in part, is strictly prohibited without theexpresswrittenpermissionofPhoenixCapitalManagementInc.·AllRightsReserved.
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Disclaimer: The informationcontainedon thisnewsletter is formarketingpurposesonly. Nothing contained in thisnewsletter isintendedtobe,norshallitbeconstruedas,investmentadvicebyPhoenixCapitalResearchoranyofitsaffiliates,norisittoberelieduponinmakinganyinvestmentorotherdecision.Neithertheinformationnoranyopinionexpressedonthisnewsletterconstitutesandoffertobuyorsellanysecurityorinstrumentorparticipateinanyparticulartradingstrategy.Theinformationinthenewsletterisnotacompletedescriptionofthesecurities,marketsordevelopmentsdiscussed.Informationandopinionsregardingindividualsecuritiesdonotmeanthatasecurityisrecommendedorsuitableforaparticularinvestor.Priortomakinganyinvestmentdecision,youareadvisedtoconsultwithyourbroker,investmentadvisororotherappropriatetaxorfinancialprofessionaltodeterminethesuitabilityofanyinvestment.OpinionsandestimatesexpressedonthisnewsletterconstitutePhoenixCapitalResearch'sjudgmentasofthedateappearingontheopinionorestimateandaresubjecttochangewithoutnotice.Thisinformationmaynotreflecteventsoccurringafterthedateortimeofpublication.PhoenixCapitalResearchisnotobligatedtocontinuetoofferinformationoropinionsregardinganysecurity,instrumentorservice.Informationhasbeenobtainedfromsourcesconsideredreliable,butitsaccuracyandcompletenessarenotguaranteed.PhoenixCapitalResearchanditsofficers,directors,employees,agentsand/oraffiliatesmayhaveexecuted, or may in the future execute, transactions in any of the securities or derivatives of any securities discussed on thisnewsletter. Past performance is not necessarily a guide to future performance and is no guarantee of future results. SecuritiesproductsarenotFDICinsured,arenotguaranteedbyanybankandinvolveinvestmentrisk,includingpossiblelossofentirevalue.Phoenix Capital Research, OmniSans Publishing LLC and Graham Summers shall not be responsible or have any liability forinvestment decisions based upon, or the results obtained from, the information provided. Phoenix Capital Research is notresponsibleforthecontentofothernewsletterstowhichthisonemaybelinkedandreservestherighttoremovesuchlinks.OmniSansPublishingLLCandthePhoenixCapitalResearchLogoareregisteredtrademarksofPhoenixCapitalResearch.OmniSansPublishingLLC-POBOX2912,Alexandria,VA22301
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Asyouknowfrommylastweeklyupdate,thebigitemsforthemarketsare:
1) TheECBisendingitsQEprogram.2) InflationisnowaREALproblemintheUS.
Sincelastweek,theUSDollarhasbeguntobreakoutofatrianglepattern.
Thefinancialworldhastakenthistomeanthatwe’reenteringaperiodofUSDollarstrengthbecausetheFedwillberaisingratesinNovemberorDecember.Idisagree.ArisingUSDollarisoneoftheeasiestproblemsfortheFedtoresolve.We’veseenthisthroughout2016:whenevertheUSDollarbeginstobreakabove97,theFedpostponesalltalkofhikingratesandverballyintervenestopushtheUSDollardown.
WEEKLY MARKET UPDATE 10-12-16
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TheFedcannotandwillnotstandforastrongUSDollarbecauseitdemolishescorporateearnings.Over47%ofcorporateprofitscomefromabroad.InthiscontextastrongUSDollarmeansweakcorporateprofits.We’venowhadsixstraightquartersofprofitcontractioncourtesyoftheUSDollarbeinginthemid-90s.TheFedisnotgoingtoletthissituationgetoutofhand.Indeed,nosoonerdidtheUSDollarbreakoutthanNYFedPresidentBillDudleyappearedtoverballyintervene.
TheFederalReservecanbe"gentle"inremovingmonetarystimulussinceU.S.inflationremainslowandtheeconomicexpansioncouldlastfiveormoreyears,oneofthemostinfluentialFedpolicymakerssaidonWednesday."We'reatapointwheretheeconomicexpansionhasplentyofroomtorun,"saidNewYorkFedPresidentWilliamDudley,echoingFedChairJanetYellen'smessagelastmonthafterthecentralbankdecidedtoleaveinterestratesunchangedatneararecordlowof0.25-0.5percent.http://www.nytimes.com/reuters/2016/10/12/business/12reuters-usa-fed-dudley.html?src=busln&_r=0
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TheUSDollarrolledoveralmosttotheminuteofthiscommenthittingthewires.ItthendroppedagainastheFedFOMCminutesrevealedtheFedcontinuestojawboneaboutraisingratesbutwon’tact.
Again,theFedcantalkdowntheUSDollarwheneveritwants.Iwanttobeclearhere.IcontinuetobelievethattheFedwillonedaylosecontroloftheUSDollarresultinginamassivedeflationarycrisis.IsimplyDON’Tbelievethatwe’rethereyet.Thatprocessisdowntheroad.Untilthen,theREALissueforcurrencieswillbeQEprograms,NOTinterestrates.InaworldinwhichEVERYCentralBankhasratesatornearZERO,ratesdon’treallymatter.WHATMATTERSISQEPROGRAMS.ConsiderTheEuro.ThesinglebiggestmovethattookplacewasinanticipationofaQEprogram.
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SimilarlyfortheBankofJapan,thesinglebiggestdropsintheYencoincidedwithanticipationofQEprograms.
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Meanwhileratesdidalmostnothing.ThebigmovefortheEurocamefromQE.Ifrateshadmattered,thethirdandfourthNIRPcutswouldhavehadmoreimpact.
TheinsignificanceofratesinaworldofZIRPandNIRPisevenclearerinJapanwheretheBoJ’sforayintoNIRPactuallyhadtheOPPOSITEofitsintendedeffect.
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Why?BecausetheBoJdidn’tannounceanothermajorQEprogramatthesametime.Again,thebigmovesincurrenciestodaywillconsistofeithertheannouncementorendingofQEprograms.Withthatinmind,currentlytheONLYpossiblechangeinQEprogramsconcernstheECB,whichcanandlikelyWILLenditsQEprograminMarch.TheBoJ,whichiscurrentlyengagedinaQEprogram,cannotenditwithoutimplodingitsfinancialsystem.TheFed,whichisNOTengagedinaQEprogram,cannotannounceanewoneduetopoliticalconsequences(thePresidentialelection)unlessweenterafull-scalecrisis.TheECBontheotherhandISengagedinaQEprogramandWANTStoendit.InotedthefirstsignsofthistwoweeksagowhenECBPresidentMarioDraghinotonlyFAILEDtoannouncemoremonetarystimulusbutdidn’tevendiscussthepossibilityofit!InsteadheurgedEUmemberstopickuptheslackandengageinFISCALstimulus.
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TheEuropeanCentralBankleftits€1.7trillion($1.9trillion)stimulusunchangedatapolicymeetingThursday,brushingoffconcernsovereconomicshockwavesfromBritain’svotetoleavetheEuropeanUnionanddisappointinginvestorsexpectingtheECBtoactagainsoon.
Thedecisiontostandpat,evenasnewforecastsshowedtheECBmissingitsinflationtargetforyears,underlineshowcentralbanksareapproachingthelimitsofwhattheycanachievewithoutsupportfromotherpolicyareas,notablygovernments.InChinaearlierthismonth,Groupof20leaderswarnedthatmonetarypolicyalonecan’tfixtheworld’seconomicills,andpledgedtoboostspendingandadoptoverhaulsaimedatboostinggrowth.Despitethat,Mr.Draghisaidpolicymakersdidn’tevendiscussfreshstimulus,andpraisedtheeffectivenessofthebank’sexistingpolicymeasures,whichincludenegativeinterestratesand€80billionamonthofbondpurchases.http://www.wsj.com/articles/european-central-bank-leaves-rates-unchanged-1473335620
Thenlastweek,wegotthefollowing:
ECB Said to Build Taper Consensus as QE Decision Time Near
TheEuropeanCentralBankwillprobablygraduallywinddownbondpurchasesbeforetheconclusionofquantitativeeasing,andmaydosoinstepsof10billioneuros($11.2billion)amonth,accordingtoeuro-zonecentral-bankofficials.Aninformalconsensushasbuiltamongpolicymakersinthepastmonththatassetbuyingwillhavetobetaperedonceadecisionistakentoendtheprogram,theofficialssaid,askingnottobeidentifiedbecausetheirdeliberationsareconfidential.Theydidn’texcludethatQEcouldstillbeextendedpastthecurrentend-dateofMarch2017atthefullpaceof80billioneuros($90billion)amonth.http://www.bloomberg.com/news/articles/2016-10-04/ecb-said-to-build-tapering-consensus-as-qe-decision-time-nears-itvni14p
Andthenjustthisafternoonthefollowinghitthewire:
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TheEuropeanCentralBankmaydiscusstechnicalchangestoitsasset-buyingschemenextweekbutadecisioncouldbedeferreduntilDecemberwhenthebankwillalsodecidewhethertoextendtheschemebeyondMarch,sourcesfamiliarwiththediscussionsaid.Compromiseproposalscouldincluderelaxing,onatemporaryandpartialbasis,aruleforcingtheECBtobuydebtinproportiontothesizeofeacheurozoneeconomy,thesourcesfamiliarwiththediscussionadded.ThatcouldpotentiallyreducetheECB'spurchaseofGermandebt,riskingrenewedconflictwithBerlin,whichhasalreadyarguedthattheECBissubsidizingindebtedcountries.Otherproposalsmayincludebuyingalimitedamountofbondsyieldinglessthanthedepositrate,whichtheECBcurrentlyrulesout,andbuyingabiggershareofanyindividualbondissue,thesourcesadded.
http://in.reuters.com/article/us-ecb-policy-idINKCN12C21VFolks,theECBisgoingtoendQE.It’sclearlybuildingthisnarrativeinthemediausingsurrogates.Withthatinmind,IbelievetheEurowillbemakingaMAJORmovehigherinthenext6months.TogiveyouanideaofwhatitlookslikewhenaCentralBankendsamajorQEprogram,considerthemovethatoccurredintheUSDollarwhenthemarketrealizedtheFedwouldbeendingQEinOctober2014.
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IbelievetheECB’sendingofQEinMarch2017willresultinasimilarlymassivemovewiththeEuromovingto120orso.Thecurrent“test”ofthebottomlineofthiswedgepatternfeelslikeafalsebreakout.Technicallyspeaking,theEurohasbeeninanuptrendsinceDecember2015!!!
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ThiswillcoincidewiththeUSDollarrollingovertoretesttheuppertrendline(blueline)ofthismassivewedgepatternwe’vebeenfollowinginthelastfewmonths.
ThiswillforceGoldandSilversharplyhigher.AsI’venotedpreviously,GoldessentiallytrackstheYen/USDollarpair.
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WhentheUSDollardrops,itwillpushthispairsharplyhigher.GoldandSilverwillfollow.Ibelievewe’llseeGoldatthemid-$1400sbyJanuary.
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Tothatendwerecentlyopenedpositionsinanumberofpreciousmetalsminers,specifically:
OpenPositions SymbolGoldMinersETF GDXGoldMiningJuniorsETF GDXJ
SilverWheaton SLWSilverStandardResources SSRI
BarrickGold ABXNewGold NGDNaturalGasTrust UNG
Feelfreetobuyanyoftheseifyouhavenotalreadydoneso.Alloftheaboveitemsarebeingdrivenbythespikehigherinyieldsaroundtheglobe.THATishowweknowQEisending:bondshavebegunadjustingtoalackofpurchases.TheyieldonUS10Year-Treasurieshasbrokenabove1.75%.Theyieldonthe10-YearJapaneseGovernmentBondisclosinginon0%.AndtheyieldonGerman10-YearBundshasbrokenabovenegativeto0.03%.
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TheseareMASSIVEmovesinthespanofafewmonths.ThesemovesaretellingusthatQEisendingandinflationiscoming.Indeed,thefiveyear,five-yearforwardinflationexpectationratehasbrokenthedownwardtrendlinethathelditbackforthreeyears.Thissignalsthemarketisbeginningtoanticipatea
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seriousriseininflation.
Movingontostocks.TheS&P500finallybrokeoutofitstrianglepatterntothedownside.We’renowexperiencingabriefbouncebeforethenetlegdownbegins.
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Mytargetforthistheultimatedownsidetothismoveissomewherearoundthe2,050.Wehavesupportat2075and2040.Butifthingsgetreallyuglywecouldseeamovetoeven1900.
Indeed,allmajorindexesarerapidlylosingmomentumwiththeS&P500,theRussell2000,andtheDowJonesIndustrialAverageallbelowtheir50-DMAs.
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Inshort,nowmorethaneverIamconvincedthattheECBwillbeendingQEinthenearfuture.ThiswillpushtheEurosharplyhigher,theUSDollarsharplylower,andunleasharapidrisein
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preciousmetalsminers,aswellasnaturalgas(werecentboughttheNaturalGasETF(UNG)whichyoucanbuynowifyouhavenoalreadydoneso).Thisistheroadmapgoingforward.Intheverynearfuture,stocksareduetodropto2,050orsoontheS&P500.Thiswillbematchedbyasharpdropinemergingmarkets.Atthatpointwewillunloadourmarkethedges.Thisconcludesthisweek’sweeklymarketupdateforPrivateWealthAdvisory.I’mwatchingthemarketscloselyandwillissueupdatesasneeded.Barringanynewdevelopmentsyou’llnexthearfrommenextWednesdayinourusualweeklymarketupdate.Untilthen,
ChiefMarketStrategistPhoenixCapitalResearch
BestRegards,
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OPEN POSITIONS
CURRENCY PORTFOLIO
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
EuroTrust FXE 10/5/16 $109.03 107.16 -2% UltraShortYenETF YCS 5/27/15 $94.48 $64.06 -32%
RELATIVE US STRENGTH PORTFOLIO
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
NuveenMuni.Fund NIO 1/2/14 $13.12 $15.27 35% Exxon XOM 9/24/14 $95.82 $87.13 -3% RPXCorp RPXC 8/5/15 $15.48 $10.33 -33%
Pricesasofmarket’scloseon10/12/16Priceincludedividends
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INFLATION PORTFOLIO
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
Gold 3/17/10
$1,120$1,255.00
12%
Silver* 3/17/10
$16.23$17.53 8%
UraniumETF URA 6/8/16 $15.49 $12.59 -19%
GoldMinersETF GDX 10/5/16 $23.56 $23.07 1% GoldMiningJuniorsETF GDXJ 10/5/16 $39.12 $38.30
2%
SilverWheaton SLW 10/5/16 $23.24 $23.05 2% SilverStandardResources SSRI 10/5/16 $10.74 $10.61
3%
BarrickGold ABX 10/5/16 $15.98 $15.83 2%
NewGold NGD 10/5/16 $4.02 $3.92 1%
NaturalGasTrust UNG 10/5/16 $8.69 $9.21 6% *Avg.priceof$17.50and$14.97
RETAILMELTDOWNPORTFOLIO
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
Amazon(SHORT) AMZN 2/25/15 $484.19 $834.00 -72% AmericanEagleOutfitters(SHORT) AEO 5/26/16 $15.36 $17.83 -16% Facebook(SHORT) FB 9/27/16 $128.69 $129.05 0% Apple(SHORT) AAPL 9/27/16 $113.09 $117.34 -4% *Avg.priceof$385.37and$583
Pricesasofmarket’scloseon10/12/16Priceincludedividends
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MARKET HEDGE PORTFOLIO
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
UltraShortNikkeiETF EWV 1/6/15 $67.46 $41.76 -38% UltraShortEmergingMarketETF EEV 1/20/16 $24.03 $15.29 -36% UltraShortChinaETF FXP 1/20/16 $59.95 $30.51 -49% UltraShortBrazilETF BZQ 1/20/16 $74.40 $17.96 -76% UltraShortFinancials* SKF 2/10/16 $56.82 $39.95 -30% UltraShortRussell2000ETF** TWM 2/10/16 $47.92 $29.84 -38% UltraShortS&P500ETF SDS 7/27/16 $16.60 $16.80 1% RioTinto(SHORT) RIO 8/12/16 $31.08 $32.81 -6%
*Avgpriceof$60.95and$51.69**Avgpriceof$52.94and$42.90
EU BANKING CRISIS PORTFOLIO
POSITION SYMBOL
BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
EuropeanFinancialsETF EUFN 7/5/16 $14.86 $17.16 -15%CreditSuisses CS 7/5/16 $10.30 $13.11 -27% Santander(SHORT) SAN 2/3/16 $4.13 $4.40 -7% Barclays(SHORT) BCS 7/5/16 $7.92 $8.22 -4% FranceETF(SHORT) EWQ 9/16/16 $23.38 $23.73 -1% ItalyETF(SHORT) EWI 9/16/16 $10.78 $10.86 -1%
Pricesasofmarket’scloseon10/5/16Priceincludedividends
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RECENTLY CLOSED POSITIONS
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Apple AAPL 4/2/14 $77.51 9/29/14 $98.84 28%
EuropeanFinancials(SHORT) EUFN 4/15/14 $24.89 10/10/14 $22.47 11%
UltraShortRussell2000 TWM 4/15/14 $49.46 10/10/14 $52.28 6%
UltraShortBrazil BZQ 10/15/14 $62.00 10/21/14 $71.92 16%
UltraShortGold GLL 10/24/14 $94.15 11/14/14 $104.21 11%
UltraShortSilver ZSL 10/24/14 $104.89 11/14/14 $122.00 17%
EnduroRoyaltyTrust NDRO 5/22/13 12.05 11/28/14 $7.06 -26%
UltraShortEuro EOU 1/20/15 $23.49 3/5/15 $26.51 13%
UltraShortBrazil BZQ 1/6/15 $91.07 3/6/15 $100.74 11%
Target TGT 5/28/14 $55.34 4/1/15 $82.13 52%
Pfizer PFE 7/30/14 $29.26 4/1/15 $34.56 20%
GeneralElectric GE 2/5/14 $24.57 4/13/15 $27.89 18%
BPPrudhoeBayRoyaltyTrust BPT 1/2/14
$76.775/20/15 $66.70 5%
ConocoPhillips COP 3/5/14$66.30
5/20/15 $65.27 4%
RussiaETF TRF4/9/15 $10.62 5/20/15 $11.36
7%
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RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
UtraShortOilETF SCO 5/27/15 $61.08 7/6/15 $70.30 15%
UltraShortGoldETF GLL 2/25/15 $95.49 7/7/15 $101.75 7%
Copper(SHORT) JJC 3/10/15 $31.35 7/7/15 $28.78 8%
UltraShortBrazilETF BZQ 5/27/15 $85.70 7/7/15 $92.02 7%
IndustrialMetalsETF UBM 3/25/15 $15.24 7/7/15 $13.56 11% UltraShortChinaETF(half) FXP 3/10/15 $36.45 7/8/15 $41.93 15%
UltraShortOilETF(half)SCO 7/21/15 $76.19 7/23/15 $82.14 8%
UltraShortBrazilETF(half)
BZQ 7/21/15 $91.39 7/23/15 $102.36 12% UltraShortBrazilETF(secondhalf)
BZQ 7/21/15 $91.39 7/24/15 $109.60 20% UltraShortOilETF(secondhalf)
SCO 7/21/15 $76.19 7/27/15 $87.36 15%
LinkedIn(SHORT)LNKD 6/17/15 $215.45 8/4/15 $194.96 10%
AustraliaETF(SHORT)EWA 1/6/15 $21.97 8/11/15 $19.85 11%
UltraShortEmergingMktsETF
EEV 1/20/15 $19.48 8/11/15 $21.56 11%
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RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
UltraShortChinaETF FXP 3/10/15 $36.458/19/15 $41.59 14%
ChinaRealEstateETF(SHORT) TAO 6/11/13 $20.11 8/24/15 $17.21 14% SouthKoreaETF(SHORT) EWY 8/18/15 $48.17
8/24/15 $43.82 10%
IndiaETF(SHORT) INP 8/18/15 $70.188/24/15 $59.38 18%
Santander(SHORT) SAN 8/13/15 $6.638/24/15 $5.99 10%
SpainETF(SHORT) EWP 8/13/15 $34.088/24/15 $31.38 8%
AustralianDollarETF(SHORT)
FXA 5/27/15 $77.368/26/15 $70.99 8%
UltraShortSilverETFZSL 7/29/15 $120.84
8/26/15 $132.02 9%
UltraLongS&P500 SSO 9/2/15 $56.129/9/15 $59.37 6%
UltraLongRussell200 UWM 9/2/15$79.20 9/9/15 $83.75 6%
CanadaDollarETF(SHORT)
FXC 5/27/15 $79.819/23/15 $74.47 7%
Canon(SHORT) CAJ 7/31/13 $30.849/23/15 $29.12 6%
UltraShortSemiconductors
SSG9/18/15
$54.00 9/24/15 $60.2011%
UltraShortBrazilETFBZQ 9/22/15 $172.16
9/24/15 $199.00 16%
DeutscheBank(SHORT)DB
10/28/15$30.31 11/12/15 $26.17 14%
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POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Santander(SHORT)SAN
10/28/15$5.70 11/27/15 $5.36 6%
UltraShortGoldETFGLL 7/29/15 $112.00
11/27/15 $117.38 5%
UltraShortOilETF SCO 11/12/15 $95.3512/2/15 $108.18
13%
UltraShortBrazilETF BZQ 11/12/15 $66.3212/2/15 $72.46
9%
BancoDeChile(Short)
BCH 8/18/15 $61.8912/8/15 $57.68 7%
RussiaETF(SHORT)RSX 12/2/15 $16.35
12/8/15 $15.32 6% UltraShortEmergingMarketsETF EEV 11/12/15 $22.14
12/8/15 $23.767%
SpainETF(SHORT)EWP
9/30/15$29.66 1/14/16 $27.64 7%
UltraShortEmergingMarketsETF
EEV12/17/15
$23.84 1/14/16 $25.316%
SingaporeETF(SHORT)EWS 9/22/15 $10.31
1/7/16 $9.57 7%
MexicoETF(SHORT) EWW 12/23/15 $51.151/7/16 $46.66 9%
FranceETF(SHORT)EWQ
9/30/15$24.07 1/11/16 $22.64 6%
Nvidia NVDA 6/26/13$14.14
1/13/16 $30.04119%
Auto-Zone AZO 9/25/13$422.73
1/13/16 $716.2169%
Intel INTC 12/20/13$25.14
1/13/16 $32.4036%
Target TGT 5/28/14$55.34
1/13/16 $72.6838%
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POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Tesla(SHORT) TSLA 2/25/15 $203.761/14/16 $196.41 4%
UltraShortFinancialsSKF
9/18/15$52.39 1/14/16 $55.20
5%
EuropeanFinancials(SHORT)
EUFN1/6/16
$19.36 1/15/16 $18.02 7% UltraShortS&P500 SDS 9/18/15 $22.33
1/15/16$23.58 6%
MalaysiaETF(SHORT)EWM 9/22/15 $7.50
1/15/16 $7.16 5%
Kraft KHC 9/24/14 $56.811/15/16 $68.79
27%
McDonalds MCD 10/30/14 $92.871/15/16 $115.25
29%
Santander(SHORT)SAN
1/6/16$4.52 1/19/16 $4.19 7%
RetailETF(SHORT)XRT
1/13/16 $40.66 1/20/16 $38.01 7%
Coke KO 8/28/13$36.80
1/22/16 $41.8121%
GeneralElectric GE 2/5/14$24.57
1/22/16 $27.9120%
EliLilly LLY 12/3/14 $71.131/22/16 $83.09
20%
UniversalCorporation UVV3/5/15
$48.051/22/16 $52.23
12%
Pfizer PFE 7/30/14 $29.262/1/16 $30.16
8%
Microsoft MSFT 12/3/14 $48.082/1/16 $54.70
16%
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POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Netflix(SHORT) NFLX 1/27/16 $91.152/8/16 $81.55 11%
ItalyETF(SHORT)(half)
EWI1/27/16 $12.05 2/9/16
$10.88 10% BarclaysPLC(SHORT)(half) BCS 1/27/16 $10.37
2/9/16$9.09 12%
DeutscheBank(SHORT)(half) DB 2/3/16 $16.65
2/9/16$14.95 10%
ItalyETF(SHORT)(otherhalf)
EWI1/27/16 $12.05 2/11/16
$10.71 11% BarclaysPLC(SHORT)(otherhalf) BCS 1/27/16 $10.37
2/11/16$8.64 17%
GoldMinersETF GDX5/13/15 $17.49 3/23/16 $19.03
9%
GoldMiningJuniorsETF GDXJ1/27/16 $19.12 3/23/16 $26.78
40%
SilverStandardResources SSRI
4/20/16 $8.08 4/28/16 $9.0812%
DRDGOLD DRD4/20/16 $4.34 4/28/16 $4.97
15%
OilETF OIL3/17/16 $5.64 4/29/16 $6.17
9%
SugarETN SGG 4/27/16$35.79 5/12/16 $38.66
8%
DBCommoditiesETN DBC 3/17/16 $13.59 5/19/16 $14.46 6%
UltraShortOilETF SCO 5/26/16 $79.52 6/14/16 $83.50 5% SpainETF(SHORT)(otherhalf) EWP 1/22/16 $26.44 6/14/16 $25.46 4%
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POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
NovaGold NG4/20/16 $5.95 6/24/16 $6.51
9%
GoldMinersETF GDX6/8/16 $26.36 6/24/16 $26.86
2%
GoldMiningJuniorsETF GDXJ6/8/16 $40.21 6/24/16 $42.22
5%
DRDGOLD DRD6/8/16 $5.12 6/24/16 $5.47
7%
SilverStandardResources SSRI
6/8/16 $11.09 6/24/16 $12.2611%
Santander(SHORT) SAN 2/3/16 $3.866/27/16
$3.61 6%
GermanyETF(SHORT) EWG 3/10/16 $24.256/27/16
$22.86 6%
USNaturalGasFund UNG6/8/16 $7.44 6/27/16 $8.11
9%
DeutscheBank(SHORT)DB 7/5/16
$13.45 7/6/16 $12.50 7%
Barclays(SHORT)BCS 7/5/16
$7.23 7/6/16 $6.88 5%
UltraShortOilETFSCO 7/6/16
$84.54 7/8/16 $92.52 9% Stamps.com(SHORT) STMP 5/26/16 $84.40 7/11/16 $78.31 7%
UltraShortOilETFSCO 7/20/16
$92.70 7/25/16 $102.4711%
USSteel(SHORT) X 8/12/16 $21.08 8/26/16 $19.76 6% FreeportMcMoRan(SHORT) FCX 8/12/16 $11.75 8/26/16 $10.85 8% ProSharesUltra7-10YearTreasury UST 11/26/14 $55.54 9/9/16 $62.25
14%
20+YearTreasuryETF TLT 7/15/15 $116.89 9/9/16 $135.89 19% UltraShortOilETF SCO 8/31/16 $94.76 9/16/16 $100.04 6% DeutscheBank(SHORT) DB 7/5/16 $14.18 9/20/16 $12.66 11%
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POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Apple AAPL 9/11/15 $114.219/27/16 $114.07
2%
Wal-Mart WMT 7/30/14 $74.789/27/16 $72.16 2%
UltraShortSilverETFZSL 7/20/16
$29.20 10/4/16 $31.80 9%
SilverJuniors(SHORT) SILJ 8/31/16 $15.3910/4/16 $14.03 9%
UltraBullishDollarETF UUP 5/23/11 $21.79 10/5/16 $24.9515%
UltraShortEuro EUO 4/10/15 $27.6810/5/16 $24.00 -13%
UltraShortGoldETFGLL 5/26/16
$82.75 10/5/16 $77.03 -7%