AXXel Knutson Pans the Nasdaq 100-Naxdaq 100: Not 4 Me; Not 4 U
Although the Nasdaq 100 has had a bounce of importance since ASSel's "strong buy" alert on September 20th, 2001 [the strongest buy alert he as posted since August of 1981 when the Dow was at 888] he now thinks that index is due for continued sideways movement in 2002 and suggest investors look at small caps and mid-caps. If there is an index to look at, it is the S & P Mid-Cap 400 [MID-X 500.24].
(PRWEB) February 17, 2002
February 11, 2002
Prices 2.8.02
AXXel's VTAR™ Newsletter-
NAZ 100 - Not 4 Me, Not 4 U
Using, AXXel Knutson's
VTAR™
["Volume Trade Analysis Research"™]
"Manage the riskÂ…the profits will take care of themselves"
"In this business, being right is not as important as making moneyÂ…consistently, and one of primary tenets of the quest is the avoidance of the 'obvious risk'"
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With the Nasdaq 100 at 1452.17, we can build only a short-term rally potential for this, our most hated index. This index was in free fall prior to 9-11 and the week that was, including our bottom signal on 9.20.2001 came in at just below 1200. The rally to 1700 was strong to be sure, but now that it is historyÂ…the rally that is, we find it pretty easy to remove ourselves to the back of the bar for some serious poker and the NAZ is not serious pokerÂ…it is for the tenderfeetÂ…those that did not lose all their money in techs in 1999-2000 or those that still have an Aunt Edna still willing to cough up dough for these traders to treat these traders high levels of testosterone poisoning. Money is not going into this index. We have been saying for a couple of years that money must be directed to small and mid-cap companies of high qualityÂ…that suggests the S & P Mid-Cap 400. Take a look at the two indices [are we now saying "indexes?"
Blah Nasdaq 100: 1452.17 - Chart courtesy of Clearstation. com
[FYI: Nasdaq Composite 1772.15]
[DJ-30=9680.32]
And now the "non-blah" S & P Mid-Cap 400 [how about a hand for this index?]
[How about a smack in the face to wake you up? - feel free to unsubscribe if you can't take it]
S & P Mid-Cap 400
S & P Mid-Cap 400 = 495.56]
Chart courtesy of Clearstation. com
And now the stocks of the NAZ 100Â…I hate most of these stocks, but I know you have this cocaine - like addiction to these god-awful names, so to wean you off the milk of these pathetic companies, here is my opinionÂ…feel free to go to the movies or hop on a bus to see where it finally ends up].
Here is the first pathetic nameÂ
ABGX Abgenix, Inc. $ 23.12 not too badly mangled after 9/11 and actually went to new reaction highs to $38Â…but that was it and the stock just double bottomed at the sub $22 level. Traders could buy here for a move to $30, but this is high risk, moderate reward. But, hey, it's your money. Spotty revenues, losses-what else is new for a company like this? Abgenix, Inc. develops and intends to commercialize antibody therapeutic products for the treatment of a variety of disease conditions. [So they say]. Little debt.
Â…and now another pathetic nameÂ…but you get the idea [you don't?]
ADCT ADC Telecommunications, Inc. $ 3.93 not really damaged by 9/11 but the damage was done already. Junky move to nearly six was it and now attempting a bottom. "Attempt" is the operative word. Avoid. ADCT offers network equipment, software & integration services for broadband, multi-service networks that deliver Internet/data, video & voice communications over telephone, cable TV, Internet, broadcast, wireless and enterprise networks. For the FY ended 10/31/01, net sales fell 27% to
$2.4B. Net loss totaled $1.29B vs. an income of $868.1M. Little obvious debt.
Â…hey it's freeÂ…it's not like I'm asking you to cough up some real bucks.
ADLAC Adelphia Communications Corporation $ 23 + one could make a case for a triple bottom hereÂ…an initial break of $20 post 9/11, another stab at a break in November and a nice run to $32 plus only to see us back at current numbers. ADLAC owns, operates, and manages cable TV systems & other related telecommunications businesses. Adelphia operations consist primarily of selling video programming and does a crummy job of it. Event risk and the events are likely negative. Excessive risk.
Maybe your Aunt Edna will let you buy this oneÂ
ADBE Adobe Systems Incorporated $ 35.80. Buy. This is a positive exception in the techs. Nice crash in September and we are still not back to pre-Sept numbers. Therein lies some safety. We like the fact that earnings are still pretty solid in the face of declining revs and their labor content numbers are attractive to our VTAR™ © 1992-2002 analysis.
ALTR Altera Corporation $ 23.45 murdered in the 9-11 hit and has barely recovered. Spotty, spotty spotty performance in a crummy group. It does have cash so we can suggest that the downward spike in September will likely hold and the minor break of $20 in December was largely tax-selling idiotic who after their likely purchase at $65 in August of 2000, finally thought "now" was the time to panic and sell. Traders could buy, but you are buying knowing that event risk is likely negative.
AMZN Amazon. com, Inc. $ 12.52 reported nice numbers [well, nice for Amazon, that is] and the stock does appear bound for the mid 20's according to VTAR™ numbers. That's OK with us and you've taken bigger risks haven't YOU? Here is the news from Dow Jones: Jan 22, 2002- "Amazon. com Inc. turned a profit for the first time in the fourth on sales that topped the billion dollar mark, another first for the nearly seven-year-old Internet retailing giant. Amazon on Tuesday reported net income of $5.1 million, or a penny a share, compared with a net loss of $545.1 million, or $1.53 a share, a year earlier. Sales rose 15% to $1.12 billion from $972 million." There's more…blah, blah, blah.
Chart courtesy of Clearstation. com
AMGN Amgen Inc. $ 57.90. We don't have to have an opinion on every issue
And AMGN just bores us to death-I would rather watch two fleas mating.
ADRX Andrx Group $ 49 techies are heading for the hills on this issue, but the break of $50 from the shelf of $50 is pretty severe in its own right-also there was some panic volume [we like that]. Andrx Corporation formulates and commercializes controlled-release
Oral pharmaceuticals using the Company's proprietary drug delivery technologies. For the 9 months ended 9/30/01, revenues rose 47% to $552.4M. Net income applicable to Andrx Group rose 40% to $68.6M. Revenues reflect sales of the Company's distribution of the bioequivalent version of Ventolin. Too newsy for us relative the FDA, but recent crash patterns push us to the attractive side.
APOL Apollo Group, Inc. $ 46.95. We rate as positive. Apollo Group is a provider of higher education programs for working adults. APOL offers its services at 58 campuses and 102 learning centers. For the 3 months ended 11/30/01, revenues rose 29% to $228.2M. Net income rose 30% to $31.7M.
AAPL Apple Computer, Inc. $ 24.03. We don't think you will get rich with this box manufacturer, but we don't think you will go to the poorhouse either. It is the only box mfr with any real creativity. Earnings came in on target and AAPL is expecting an increase to $1.5 bil in revs for the 2nd quarter. Well, a quarter will also get you a hole in a donut. The stock is "OK" but we do not get involved with stocks that are OK. Oklahoma is OK.
AMAT Applied Materials, Inc. $ 43.08 the stock is back to the pre Sept 11 numbers [almost] but that is about it. Neutral and we don't like "neutral." It's not worth your hard-earned cash.
AMCC Applied Micro Circuits Corporation $ 9.80 horror story of horror stories, this stock did manage to rally in Oct and Nov-but here we are sub ten again. Still, sub ten is usually a place to acquire for trades so go ahead if YOU want. We will not.
ATML Atmel Corporation $ 7.13 another memory chip co in the skidsÂ…it has a base of sorts. So, at current numbers we give it a slight positive ratingÂ…but we have other fish to fry.
BEAS BEA Systems, Inc. $ 16.25 this is the base and traders may enter here. The key would be to dribble to the $22 level and then punchÂ…if it punches right away, get rid of it.
BBBY Bed Bath & Beyond Inc. $ 33.72 overpriced stuff we can all do without-gold-plated toilet plungers, refrig magnets, scales so slippery you can kill yourself on, etc. but someone is buying this junk. Revenues are surely there, earnings as well but margins are shrinkingÂ…I mean after three gold-plated toilet plungers per household the price REALLY has to be something to get me to buy the fourth. The real buy was when the market gave us its buy signal on September 20thÂ…then BBBY was sub $20Â…but at current numbers it is a yawn.
BGEN Biogen, Inc. $ 53.68 pretty boring, but it has been pretty boring since April Fool's Day of 2000. We see nothing to change that. Maybe April Fool's Day 2003Â…. check back.
BMET Biomet, Inc. $ 32.37 looks as if it could break out toward $40, but somehow we think you should avoid.
BRCM Broadcom Corporation $ 39.20 there was no real damage to this star performer of the dot. Com blastÂ…but it is stuck in a range with this being near the bottom. We can do a lot better.
BRCD Brocade Communications Systems, Inc. $ 32.63 the benefit of the doubt short-term…than gives us an objective of $38 ½. Not worth it.
CDWC CDW Computer Centers, Inc $ 53.87 stuck in a trading range and it is likely to be resolved to the upsideÂ…but not just yet. Neutral/Positive only.
CEPH Cephalon, Inc. $ 57.68 a biopharmaceutical company that develops and markets products to treat neurological and sleep disorders, cancer and pain. Revs are there but that was the news for the market to throw it over the side at $77Â…now we have a minor rally in placeÂ…only neutral.
CHTR Charter Communications, Inc. $ 11.25 low enuf if you have any feel for the fundamentals…we don't…a rally to about 13 ½. Not 4 us.
CHKP Check Point Software Technologies Ltd. $ 33.77 not damaged by 9/11 and the rally took the stock up by 100%Â…not bad. But then the "hear-attack" mode and we are back in the base. If you were nimble, you made moneyÂ…if notÂ…well, you know. Avoid the temptation to trade this name.
CHIR Chiron Corporation $ 41.19 back in the base, but we still don't care. There is not enuf of a break to motivate us. I like "enuf."
CIEN CIENA Corporation $ 9.46 single digit objective reachedÂ…we still don't want it. CIEN manufactures and sells open architecture, DWDM systems for fiberoptic communications networks, optical networking solutions and access systems Not exactly high demand products at the moment.
CTAS Cintas Corporation $ 49.71 now here is a company we can understand. Everything looks on stream, but we give it only a positive rating. Again, we can do better. Cintas Corporation designs, manufactures, and implements corporate identity uniform programs which it rents or sells to customers throughout the U. S. and Canada. For the 6 months ended 11/30/01, total revenues increased 6% to $1.12B. Net income increased 7% to $114.5M. Revenues reflect higher rental income due to growth in customers base. Earnings also reflect improved gross profit margins, lower interest rates and a
Reduction in long-term debt.
CSCO Cisco Systems, Inc. $ 16.76 not murdered in the 9/11 crunch but a decent enuf rally to $21Â…but that was it and to go along with Chambers view of the future is really to believe in fairies, but that's San Jose for ya.
CTXS Citrix Systems, Inc. $ 15.92 pull the plungerÂ…appears not even warm.
CMCSK Comcast Corporation $ 33.39 a rally beginning it appears and maybe there could be 7-8 pointsÂ…is that enuf? No.
CPWR Compuware Corporation $ 12.63. The major collapse for this stock was in January, 2000…if you call $40 to $25 a collapse…since then we have seen the stock wallow around the sub eight level in late 2000 and sub ten for most of 2001. We are basing here and the selling that took place in September was very speculative indeed and VTAR™ suggests that this is a major "buy" signal. So, here we have it…a strong buy signal and a move $8 to $14. We suggest that the "strong buy" signal is still very much in force and suggest accumulation right here and up to the $14 level. We are still suggesting that labor costs are still out of line but with no debt, this Farmington, MI company will stick around. CPWR develops, markets and supports systems software products designed to improve productivity in application development, implementation & maintenance, & offers system analysis, design, programming, systems planning and consulting. For the 9 months ended 12/31/01, revenues fell 12% to $1.32B. Net income rose 25% to $90.7M. Revenues reflect reduced demand for professional services. Earnings benefited from reduced sales/marketing expense.
CMVT Comverse Technology, Inc. $ 17.69 We are not there yet. We do not see the panic yet in the stock. If they won't panic sub $20Â…perhaps the number is ten.
CEFT Concord EFS, Inc. $ 27.54. Nice rally after 9/11 but we see nothing of importance going on at the moment. Market perform minus.
CNXT Conexant Systems, Inc. $ 12.26. How could you kill this stock on 9/11. It wasn't and here we have a bottom at the sub ten level and the move to $18 demonstrated that power. At $12.26 you have a second chance.
COST Costco Wholesale Corporation $ 44.08. The crash pattern of May, 2000 has been consolidated by additional selling in late 2000 and in the September crash which was very speculative selling indeed we have an established "Strong Buy" signal as of 9/20.01 and that is still very much in force. Put it in the portfolio.
CYTC CYTYC Corporation $ 20.61. Another idiotic name that no one with any upbringing can pronounce soberÂ…we very much like the second crunch sub $20 and classify CYTYC a buy. CYTYC Corporation designs, develops, manufactures and markets a sample preparation system for medical diagnostic applications. For the FY ended 12/31/01, net sales rose 56% to $221M. Net income fell 67% to $12.6M. Revenues reflect increased sales of the Company's ThinPrep Pap Test for cervical cancer screening in the United States. Earnings were offset by a $56M charge for in-process R&D associated with the Pro-Duct
Acquisition.
DELL Dell Computer Corporation $ 26.25. Negative.
EBAY eBay Inc. $ 58.61. High end of the trading range is $70Â…that should tell you the story.
DISH EchoStar Communications Corporation $ 25.63. Can this company make money? The revenues are surely there but the labor costs appear out to lunch. Fix that and maybe we will revisit.
ERTS Electronic Arts Inc. $ 54.13. Games and new platforms for them to play on. Still, a very yucky performance in the past with earnings. Short-term it's "OK" and the selling is a little overdone at the $50 levelÂ…we will not play, games or not.
ESRX Express Scripts, Inc. $ 50.05. Strong Buy. The crash pattern in September and the additional crash in October were both very speculative selling and has set the stock up for what we think will be a major advance. VTAR™ indicates a dribble toward the recent $60 high and then the possibility of a strong advance from there. That works for us and apparently this company is working as well with great labor content numbers and money pouring in relative to the increased total rev numbers. We like it.
FISV Fiserv, Inc. $ 42.40. The September crash barely fazed FISVÂ…and the base is at the $35 levelÂ…given an excuse it could finally break to the low 50's. Lower risk but only moderate reward.
FLEX Flextronics International Ltd. $ 19.62. One could make a case for a triple bottom hereÂ…and it does look as if it can moveÂ…a littleÂ…and when that fails we will have to search for the real bottom and that looks like a break of ten. Obviously, we are not being suckered in for 5 pts on the upside for 15 in the reverse direction.
GMST Gemstar-TV Guide International Inc. $ 18.11. Do not follow.
GENZ Genzyme General $ 43.30. Very short-term a move to the low $50's but we still see the potential for some very serious selling later in the year. Play if you are quick.
GILD Gilead Sciences, Inc. $ 66.88. The stock looks fineÂ…but can it make any money? We will watch.
HGSI Human Genome Sciences, Inc. $ 25.39. Wonderful double top at the $110 level in Feb 2000 and nearly so in October of 2000. But where is the bottom? Since November of 2001 the stock has lost 20 pointsÂ…there will be a likely recovery but we will not classify the break of $25 as a bottom. Tradable but not invest able.
ITWO i2 Technologies, Inc. $ 6.06. Too much buying, too much speculation that "this is the bottom." Where the real bottom is will yet be played outÂ…very short term a move to $7.50 perhaps. Who needs that?
ICOS ICOS Corporation $ 44.02. Why do companies like this sell at ANY price? Should it even be public?
IDPH IDEC Pharmaceuticals Corporation $ 57.39. Hey, it's only 96 times earnings. A nice FridayÂ…but it will take more than a good Friday to suck us into this company.
IMCL ImClone Systems Incorporated $ 16.26. Ugly, top to bottom and inside out and outside inÂ…its address in NYC is 180 Varick StreetÂ…it would appear as if the WTC fell on it. If you are the type who likes jumping in front of freight trains [it can be a rush] then this is the stock for you. Here are the top officers: Robert Goldhammer, Chmn., Samuel Waksal, Pres./ CEO, Harlan Waksal, COO/Exec. VP, Daniel Lynch, CFO/ VP-Fin., John Landes, Sr. VP/Counsel/Secy. Stay away from these guys chocolate cream pies could be coming their way and it could get messy.
IMNX Immunex Corporation $ 28.72. Serious sellers at $29 but the stock has done enuf work since October to pull it off. Buy prior to the break out which could come soon.
IDTI Integrated Device Technology, Inc. $ 29.57. This stock has been taking the selling and taking it over and over againÂ…but it looks like not very smart selling. The fundamentals are not here so it is puzzlement.
INTC Intel Corporation $ 32.52. The selling in September was speculative but the power is not hereÂ…it is not your father's INTC.
INTU Intuit Inc. $ 37.12. Neutral and a market performer only.
IVGN Invitrogen Corporation $ 54.59. Due for a bounce up but that's it.
JDSU JDS Uniphase Corporation $ 6.60. What a wonderful stock to hate and so many opportunities to blow this out at $125+! We got our single digits and one would think that we would be satisfied and we would now suggest "Buy, Buy, Buy." Well, now we want to see some reverse stock splits.
JNPR Juniper Networks, Inc. $ 13.89. Ditto comment on JDSU except add 100 points to the top priceÂ…triple top at $225 plus August, September & October, '00.
KLAC KLA-Tencor Corporation $ 55.63. No opinion.
LLTC Linear Technology Corporation $ 39.39. Negative. We don't see the potential for a serious bottom. Very short-term traders might expect a $47 topÂ…we will ignore given the risk.
ERICY LM Ericsson Telephone Company $ 4.29. $3.50 to six in the last run. We rate only market perform and that is not a buy.
MXIM Maxim Integrated Products, Inc. $ 51.73. No.
MEDI MedImmune, Inc. $ 41.29. Positive. January 24, 2002: Fourth Quarter 2001 Revenues Reach $293 Million and Net Earnings
Grow to $99 Million
2001 Highlights
@ Revenues reach $619 million and net earnings grow 34 percent
@ Announced $1.5 billion acquisition of Aviron
@ Reacquired U. S. marketing rights for Ethyol(R) (amifostine) effective
October 1
@ Gained FDA approval for industry-leading Enhanced Yield Manufacturing
process for Synagis(R) (palivizumab)
@ In-licensed new antibody technologies: IL-9 for asthma and EphA2 for
cancer
@ Nine clinical trials initiated and enrollment complete in 12 trials.
MERQ Mercury Interactive Corporation $ 37.65. NegativeÂ…still.
MCHP Microchip Technology Incorporated $ 36.50. Slightly positive from here.
MSFT Microsoft Corporation $ 60.65. Continues negative and our sell at 107 7/16 at Christmastime, 1999 is still intact. Avoid. Minor rally from here.
MLNM Millennium Pharmaceuticals, Inc. $ 18.82. Losses and more lossesÂ…someday perhaps and we do expect a rally but we are not playing just yet.
MOLX Molex Incorporated $ 28.90. We are looking for the teens after a minor rally here.
NTAP Network Appliance, Inc. $ 15.80. We like the selling in September and the crash selling in January-we are reducing risk as we go along and we have seen single digits in the stock [sub $8 in September] but these rev numbers should not be demonstrating eps losses. Watch only.
NXTL Nextel Communications, Inc. $ 5.91. Aren't these stock losers? We are beginning to see the panic and that is a positive development - the reverse of what we saw in March of '00 at $80Â…so we are getting close. Years of losses and massive debt says this could be a hole in a donut. Forget it.
NVLS Novellus Systems, Inc. $ 38.89. Unlikely. Very unlikely.
NVDA NVIDIA Corporation $ 57.72. 71 times earnings but it looks higher. Perhaps much higher. Accumulate sub $60. The numbers are coming. Note this: NVIDIA Corporation designs, develops and markets 3D graphics processors, graphics processing units and related software for every type of desktop personal computer, ranging from professional workstations to low-cost PCs. For the 39 weeks ended 10/28/01, total revenues rose 69% to $871.4M. Net income rose 51% to $104.1M. Results reflect strong demand for new products at higher average selling prices, partially offset by increased non-cash charges.
ORCL Oracle Corporation $ 16.18. We are not going along. Who needs this if you can buy SAP Ag Ads? [SAP-32.72].
PCAR PACCAR Inc. $ 65.10. Market perform.
SPOT PanAmSat Corporation $ 21.92. A buyÂ…a weak one, but a buy. PanAmSat is a provider of global satellite-based communications services. Satellite services are provided to the broadcasting and business communications markets, and also to the long-distance telephony market.
PAYX Paychex, Inc. $ 35.99. NeutralÂ…near $40 on this moveÂ…we will play somewhere else.
PSFT PeopleSoft, Inc. $ 31.81. A decent enuf rally from the $17 ½ level, but $17 ½ is about what it's worth. A rally here to exit if you have it.
PMCS PMC - Sierra, Inc. $ 22.50. Negative.
PDLI Protein Design Labs, Inc. $ 21.71. No opinion.
QLGC QLogic Corporation $ 46.03. Negative.
QCOM QUALCOMM Incorporated $ 37.4. Negative.
RATL Rational Software Corporation $ 21.35. We are getting there with the panic selling but we would like to see numbers approaching or breaking ten.
RFMD RF Micro Devices, Inc. $ 17.55. Negative.
SANM Sanmina-SCI Corporation $ 12.41. Negative.
SEPR Sepracor Inc. $ 40.35. Buy. The selling in September was excessive then and the recent crash from the near $60 level equally so. For the 9 months ended 9/30/01, revenues rose 89% to $114.8M. Net loss fell 7% to $121.7M. Revenues reflect higher product sales due to increased sales of Xopenex. Lower loss was partially offset by increased costs related toseveral new clinical studies and higher sales and marketing costs.
SEBL Siebel Systems, Inc. $ 34.11. Expect a minor rally. Continue negative.
SSCC Smurfit-Stone Container Corporation $ 14.80. The stock was in the base when the 9/11 crash occurred. That was a point of "strong buy" with our VTAR™ numbers and the move to $17 was impressive. Here is a second chance on the buy side.
SPLS Staples, Inc. $ 16.64. Neutral only.
SBUX Starbucks Corporation $ 21.98. Continues positive, very positive. Buy. Now if they could just get rid of the employeesÂ
SUNW Sun Microsystems, Inc. $ 9.75. Awful.
SYMC Symantec Corporation $ 34.52. A buy. Look at the products.
But they had better start bringing it to the bottom lineÂ…like now.
SNPS Synopsys, Inc. $ 49.36. A rally from here but does it have the distance? Doubtful.
TLAB Tellabs, Inc. $ 13.54. Neutral, a rally from here but far from exciting.
TMPW TMP Worldwide Inc. $ 34. Negative. We will not play in the thirtiesÂ…maybe not above $25.
USAI USA Networks, Inc. $ 29.03. A rally to sell into. Avoid.
VRSN VeriSign, Inc. $ 27.06. Not in the 20'sÂ…maybe in the teens. A rally from here-it's oversold but to sell into please.
VRTS VERITAS Software Corporation $ 40.13. Negative.
VTSS Vitesse Semiconductor Corporation $ 10.64. NegativeÂ…still.
WCOM WorldCom, Inc. $ 8.18. That was an explanation of the balance sheet? I don't think so. Still negative after all these years.
XLNX Xilinx, Inc. $ 39.05. Negative.
YHOO Yahoo! Inc. $ 16.65. Another name we have disliked since Christmastime 1999 [$208] and still there is not change. Avoid.
DISCLAIMER
Investment decisions should not be based solely on our proprietary indicators, which are intended as an adjunct to your additional analysis. Please accept these comments as market commentary. We do not intend these comments to replace detailed fundamental analysis. We urge you to accomplish that additional research via your contacts on the Internet or through a trusted financial advisor. If you want additional information on any of the securities discussed within, we will give it upon your request.
This report has been prepared from original sources and company data we believe to be reliable, but we make no representation as to its accuracy or completeness. This report is published solely for information purposes. It is not to be construed either as an offer to buy or sell or the solicitation of an offer to buy or sell any security or the provision of or an offer to provide investment services in any state where such an offer, solicitation or provision would be illegal. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice and we likely not update that change to you. The opinions expressed are that of AXXel Knutson and are not necessarily representative of First Allied. First Allied Securities, Inc., its affiliates and subsidiaries and/or their officers and employees may from time to time acquire, hold, or sell a position in the securities mentioned herein.
The author of this report, Axxel Knutson, does not invest in any of the securities mentioned in this report nor does his immediate family unless such securities are management companies of mutual funds or indirectly if such equities are included in mutual funds or index options. Equity investment involves risk of capital loss. We recommend that your portfolio be diversified by company size, industry group, and geographic region and by currency.
It should not be assumed that future selections will be profitable or will equal the performance of past selections. Securities listed herein illustrate selections made using proprietary indicators known as VTAR™ [Volume Trade Analysis Research™]. These names, VTAR™, TradingWeapon, www. TradingWeapon. com Trading Engine™, www. tradingengine. com ™, Volume Trade Analysis Research™, are service marks/trademarks of AXXel Knutson.
All recommendations and commentary are directed toward sophisticated, aggressive traders who have significant experience trading in a volatile market and who possess the financial resources to risk a loss of some or all of their invested funds. Commissions and, if you use margin, interest charges will lessen any return on investment. VTAR [Volume Trade Analysis Research] centers around the proprietary analysis of trading volume, price, general fundamental analysis, beta concerns, group rotation and detailed analysis of risk as it relates to entry and exit points in reasonably liquid stocks.
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