Not only is Apple losing its edge, but they are failing miserably against the Chinese.
China, with its state-supported behemoths, is the bully on the playground and Apple can’t too diddlysquat.
Apple has been selling the same product for the past 13 years and the last iterations have been underwhelming, to say the least.
People don’t want to upgrade forcing them to elongate the refresh cycle.
It’s now so bad that Apple even ceded a 5% market share in the final quarter last year to Chinese competition.
Apple is also very late in integrating AI features signaling that Apple’s software game is behind the times and mediocre at best.
Apple risks falling behind quickly and the Chinese have really nailed the consumer tech and muscled into this industry.
They are poised to dominate EVs and smartphones and other value-added tech in the upcoming years.
They plan to seize the moment and squeeze American companies out of the way for good.
Samsung also has been going through a disastrous downcycle after their Android flagship phone peaked a few years ago.
This new trajectory is a slippery slope and if Apple goes on the cost-cutting path, there will be little talent left to innovate out of this problem.
The iPhone slipped a point to 18% worldwide market share in 2024.
Apple marked a 2% sales decline for the full year, at a time when the wider market grew 4% globally.
China’s smartphone makers are all developing their own in-house AI tools and agents, including services that can perform tasks on a user’s behalf.
Samsung also gave up its share to faster-growing Android device makers from China, led by Xiaomi and Vivo. Apple marked a 2% sales decline for the full year.
The situation paints a picture of the non-Chinese smartphone markets in a world of hurt.
I believe that Apple and Samsung have nobody to blame, but themselves as those years of forced technological know-how transfer are coming back to bite them where it hurts.
My friends’ kids have these new Chinese smartphones and I can tell you that I was surprised about how good they perform.
They are run on Android, which is very different from IoS, but they are premium.
German car companies are also feeling this bitter pill as Chinese companies have taken their own technology and implemented it in a more affordable way.
In aggregate, this latest news is a bad omen for Apple’s earnings season.
They are barely jumping over a lower bar and that will keep happening until something major is revamped in the product lineup.
I believe any steep sell-off would be a nice opportunity to execute a short-term trade, but those years of buying and holding Apple until eternity are gone.
Readers must really nitpick what this company is doing because management presides over a dull model and their China business is falling apart as we speak all while they helped the local Chinese competition over many years take market share with forced technological transfers.
Not a good look and things could get worse as we move deeper into the year.
https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png00april@madhedgefundtrader.comhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngapril@madhedgefundtrader.com2025-01-13 14:02:202025-01-13 15:18:03Apple Drops The Ball
(THE MARKETS IN 1973 AND 2025 – DRAWING COMPARISONS)
January 13, 2025
Hello everyone
WEEK AHEAD CALENDAR
MONDAY 01/13
2:00 p.m. Treasury Budget (December)
6:30 p.m. Australia Consumer Confidence
Previous: -2%
TUESDAY 01/14
6:00 a.m. NFIB Small Business Index (December)
8:30 a.m. Producer Price Index (December)
Previous: 0.4%
Forecast: 0.3%
WEDNESDAY 01/15
8:30 a.m. Consumer Price Index (December)
8:30 a.m. Empire State Index (January)
11:00 a.m. New York Federal Reserve Bank President and CEO John Williams speaks at CBIA Economic Summit and Outlook 2025
Earnings:Citigroup, Goldman Sachs, Wells Fargo, JPMorgan Chase, BlackRock, Bank of New York Mellon
THURSDAY 01/16
2:00 a.m. UK GDP Growth
Previous: -0.1%
Forecast: 0.2%
8:30 a.m. Continuing Jobless Claims (1/4)
8:30 a.m. Export Price Index (December)
8:30 a.m. Import Price Index (December)
8:30 a.m. Initial Claims (1/11)
8:30 a.m. Philadelphia Fed Index (January)
8:30 a.m. Retail Sales (November)
10:00 a.m. Business Inventories (November)
10:00 a.m. NAHB Housing Market Index (January)
Earnings:J.B. Hunt Transport Services, Morgan Stanley, U.S. Bancorp, Bank of America, PNC Financial Services Group, M & T Bank, United Health Group
FRIDAY 01/17
2:00 a.m. UK Retail Sales
Previous: 0.2%
Forecast: 0.4%
8:30 a.m. Building Permits preliminary (December)
8:30 a.m. Housing Starts (December)
9:15 a.m. Capacity Utilization (December)
9:15 a.m. Industrial Production (December)
9:15 a.m. Manufacturing Production (December)
Earnings: State Street, Schlumberger, Fastenal, Citizens Financial Group, Regions Financial, Truist Financial, Huntington Bancshares
We had a scorching hot jobs report last Friday, which puts in doubt the path of rate cuts by the Fed.We know the probability of cuts was revised down from four to two this year, but there is now some head-scratching going on with many wondering if there will be any cuts at all. The notion of rate rises is also being tossed about.
So, with that in mind, the inflation reading this week will be of paramount importance to the market.The CPI and PPI will be watched closely by investors – we may find that we have to deal with pricing pressures for quite a long time.The December consumer price index is expected to rise 0.3% in the month and 2.8% in the year, according to consensus estimates from FactSet.That’s compared to respective increases of 0.3% and 2.7% in the previous report.
Our market is already at historically stretched valuations as we start the year at 22 times forward earnings, which means investors will have to rely on earnings growth to power the market this year.And this is where the real challenge lies – can companies negotiate through rising inflation, higher yields, a strong dollar, and deliver on expectations?
Big banks launch the earnings season this week.
Finally, we need to understand the consumer’s environment, and see if they are still spending, so retail sales data should be on your radar.
What has Donald Trump promised to do from Day One through to his first 100 days?
Lifting environmental restraints and expanding oil and gas exploration.
Cut in support for electric vehicles.
Close the border with Mexico.
Deport millions of undocumented migrants.
Wind back the Biden administration’s environmental programs.
Pardon peaceful rioters who stormed the Capitol in the 2021 insurrection.
End the war in Ukraine.
Suspend refugee admissions.
Ban “woke” inclusivity programs.
Cut back on government spending.
DRAWING PARALLELS BETWEEN 2025 AND THE EARLY SEVENTIES
Doug Kass has been a very successful fund manager over the long term.Recently, he has been comparing the state of the current market and the Wall Street of 50 years ago.
He states: “With the 10-year Treasury yield reaching multi-month highs, my baseline expectation is that January 2025 could represent an important top in stocks – much like it did 53 years ago in 1972.”
Let’s revisit 1972 for a minute.
Richard Nixon was President.
A gallon of gas costs 36 cents.
The median family income in the U.S. was $11,120.
The average individual income was just over $6000.
The highest-grossing film in 1972 was Francis Ford Coppola’s The Godfather.
Roberta Flack’s “The First Time Ever I Saw Your Face” was the top song.
Kass points out that the December 2024/January 2025 tops in the stock market could resemble the tops in the market in December 1972/January 1973.
In drawing the comparison between each period, Kass demonstrates that:
Both periods featured combative presidents – Richard Nixon in the past and incoming President-elect Donal Trump in the present.
In both periods, interest rates and inflation increased from the prior few decades, and public sector debt was climbing rapidly.
P/E [price to earnings ratio] was extremely elevated in both periods.
A top was completed in January 1973 – leading to a poor year for the S&P 500 Index.
Kass expects “an important market top, a down year for the averages…”
Let’s end on a positive note here as Kass explains that in 2025 he does like companies that will be helping to expand the utility grid and cloud computing.
MARKET UPDATE
S&P500
A hot jobs report sank the market on Friday.A close below the $5825/35 support area will be a bearish sign.Support at the base of the rising wedge ($5675 ~) may again trigger a good-sized bounce.Resistance = ~$5870/80
GOLD
Some movement in gold recently could continue to the upside, however, it is still believed that the topping process is not yet complete.So, you might use the upside movement to sell more calls (if you wish).Support is seen at around $2630/$2600.Resistance is seen around the $2690/$2630 area.
BITCOIN
Topping formation for a few months is taking place.After our $108,389 top, Bitcoin is ranging between support and resistance levels.Support around $91,000 may hold temporarily, however, a break there could lead to the mid $85,000 zone and even lower.Initial resistance is now around $97,500 and $102,000.
Down three of six trading days so far in 2025, with the S&P 500 off 2.2%. Worse yet, there is an almost perfect head and shoulders topsetting up on the charts portending lower lows. Lead names like Tesla (TSLA) have taken it on the nose, down 25%.
Tax-deferred selling has definitely been the dead weight hanging on the market since January 1. High-net-worth individuals would have shot the financial advisors off if they had saddled them with big tax bills during the last weeks of 2024. After two 20% back-to-back years, many of these positions had doubles and triples in them. How long it will be anyone’s guess.
Once the selling does end, the market will go into “show me” mode, waiting for the new administration to deliver the promised action. This could be a long wait. The earliest Congress can vote on a new economy-changing bill in May. Until then, the market could be entering a tedious trading range until action is delivered.
The good news? There were many times in my life when I never thought I’d live until 2025. Also, we get two extra holidays in January, Jimmy Carter’s funeral and Martin Luther King Day on the 23rd.
So, what’s a trader to do in these suddenly benighted times? 90-day US Treasury bill looks fantastic right now with a 4.21% yield. Nothing is better than getting paid to wait. Big tech is entering a long-range trade from which it will eventually escape to the upside. A lot of the AI trade needs to be digested and earnings spun off before a major new upleg can begin.
One of the great things about a 16-day cruise from Los Angeles to Fort Lauderdale, Florida is the many fascinating people you meet. It turned out that I missed the start of the Great Los Angeles fires by a week.
I attended a wine tasting and learned that the entire event had been bought out by the preeminent aviation family of Alaska. The 93-year-old grandmother treated her extended 25-member family to a free cruise, great-grandchildren and all, at a cost of only $250,000. Apparently, aviation in Alaska pays well.
The subject of airplanes inevitably came up. They mentioned that they still had their original aircraft, a 1928 Travelaire D4D, which Grandpa bought second-hand and brought up to Alaska during WWII. They couldn’t get any of their current pilots to fly it, which they deemed too dangerous to fly.
I mentioned that I happened to be one of ten living pilots rated to fly the plane and showed them videos of me flying my kids over the Malibu coast (click here for the link).
I believe an invitation is pending.
We closed out December at +3.26%.Some 11 out of 12 months were profitable in 2024.The final number for 2024 came in at a sky-high +75.26%.I went all cash on the December 20 options expiration, expecting the current trouble that we are in. I would be thrilled if we even came close to these numbers in 2025.
I started out the New Year with 80% cash and two small hedged positions. I went long 10% (TLT) and long 10% (TSLA). These expire in four days on the January 17 option expiration, when we flip back to a 100% cash position.
Some 63 of my 70 round trips, or 90%, were profitable in 2023. Some 74 of 94 trades have been profitable so far in 2024, and several of those losses were really break-even. That is a success rate of +78.72%.
Try beating that anywhere.
My Ten-Year View – A Reassessment
When have to substantially downsize our expectations of equity returns in view of the election outcome. My new American Golden Age, or the next Roaring Twenties is now looking at a headwind. The economy will completely stop decarbonizing. Technology innovation will slow. Trade wars will exact a high price. Inflation will return. The Dow Average will rise by 600% to 240,000 or more in the coming decade. The new America will be far more efficient and profitable than the old. My Dow 240,000 target has been pushed back to 2035.
On Monday, January 13 at 11:00 AM EST, the Consumer Inflation Expectations are released.
On Tuesday, January 14 at 8:30 AM, the Producer Price Index is published.
On Wednesday, January 15 at 8:30 AM, the Inflation Rate is printed.
On Thursday, January 16 at 8:30 AM, the Retail Sales are announced.
On Friday, January 17 at 8:30 AM EST, Housing Starts and Building Permits are published. At 2:00 PM, the Baker Hughes Rig Count is printed.
As for me, Iwas recently in Los Angeles visiting old friends, and I am reminded of one of the weirdest chapters of my life.
There were not a lot of jobs in the summer of 1971, but Thomas Noguchi, the LA County Coroner, was hiring. The famed USC student jobs board had delivered! Better, yet, the job included hours at night and free housing at the coroner's department.
I got the graveyard shift, from midnight to 8:00 AM. All I had to do was buy a black suit from Robert Halls, for $25.
Noguchi was known as the “coroner to the stars” having famously done the autopsies on Marilyn Monroe and Jane Mansfield. He did not disappoint.
For three months, whenever there was a death from unnatural causes, I was there to pick up the bodies. If there was a suicide, gangland shooting, or horrific car accident, I was your man.
Charles Manson had recently been arrested and I was tasked with digging up the victims. One, cowboy stuntman Shorty Shay, had his head cut off and neatly placed in between his ankles.
The first time I ever saw a full set of women’s underclothing, a girdle, and pantyhose, was when I excavated a desert roadside grave that the coyotes had dug up. She was pretty far gone.
Once, me and another driver were sent to pick up a teenage boy who had committed suicide in Beverly Hills. The father came out and asked us to take the mattress as well. I regretted that we were not allowed to do favors on city time. He then said, “Can you take it for $200”, then an astronomical sum.
A few minutes later, I found a hearse driving down the Santa Monica Freeway on the way to the dump with a double mattress expertly tied on the roof with Boy Scout knots with a giant blood spot in the middle.
Once, I was sent to a cheap motel where a drug deal gone wrong had produced several shootings. I found $10,000 in a brown paper bag under the bed. The other driver found another ten grand and a bag of drugs and kept them. He went to jail. I didn’t.
The worst pick-up of the summer was also the most disgusting and even made the old veterans sick. A 300-pound man had died of a heart attack and was not discovered for a month. We decided to each grab an arm or leg and all tug on the count of three. One, two, three, and all four limbs came off!
Eventually, I figured out that handling dead bodies could be hazardous to your health, so I asked for rubber gloves. I was fired.
Still, I ended up with some of the best summer job stories ever.
Good Luck and Good Trading,
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
https://www.madhedgefundtrader.com/wp-content/uploads/2024/10/John-Thomas-hammer.png1000718april@madhedgefundtrader.comhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngapril@madhedgefundtrader.com2025-01-13 09:02:492025-02-20 12:40:40The Market Outlook for the Week Ahead, or What's Next?
“When the Dow was down 3,600 points I felt like hugging our computers. The combination of man and machine is wonderful…Computers, math and game theory are the best decision makers there are,” said Bridgewater founder Ray Dalio.
https://www.madhedgefundtrader.com/wp-content/uploads/2018/09/guy-holding-folder-quote-of-the-day-e1536786256164.jpg198300MHFTRhttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngMHFTR2025-01-13 09:00:462025-01-13 16:02:04January 13, 2025 - Quote of the Day
Here's a fun bit of trivia: The term "artificial intelligence" was coined in 1956 at a Dartmouth College workshop.
The organizers thought they could teach machines to use language, form abstractions, and solve problems reserved for humans. Their estimated timeline? About two months.
Sixty-eight years later, Microsoft (MSFT) just showed us how hilariously wrong that timeline was - and more importantly, how massively profitable being right about AI's timeline can be.
While everyone's been watching ChatGPT make headlines, Microsoft has quietly turned its OpenAI partnership into a money-printing machine. We're talking about 33% growth in Azure cloud sales, with AI services alone responsible for 12 percentage points of that growth.
Let that sink in for a moment.
In the latest quarter, Microsoft's revenue jumped 16% to $65.6 billion, accelerating from the previous quarter's 15.2% growth. And here's what really gets my attention: Microsoft's net margins are already sitting pretty at 38%, with a clear pathway to 45% as AI scales up.
But wait - it gets better.
Remember when everyone thought the $10 billion OpenAI investment was crazy? Well, management is now projecting $10 billion in annual AI-related sales.
That might seem like pocket change for a company expected to rake in $286 billion, but here's what the market is missing.
Microsoft 365 Copilot alone is projected to generate $4.6 billion in revenue this fiscal year. And that's with only 4% of the Office user base signed up. Do the math on full penetration, and you'll see why I’m getting excited.
Now, let's talk about OpenAI's new "o" series models - the secret weapon nobody's discussing at cocktail parties. Unlike traditional AI that processes queries in one shot, these babies use what the pointy-heads call "chain-of-thought" (CoT) reasoning.
Think of it as AI that can actually think longer and harder about problems, like a chess grandmaster considering multiple moves ahead.
The results on the ARC-AGI-PUB benchmark tests are making Google's (GOOGL) engineers sweat through their hoodies. And thanks to those exclusivity clauses my legal friends keep raving about, Microsoft gets first dibs on every breakthrough.
But here's the kicker that makes this a potential portfolio game-changer: Microsoft is sitting on $116.2 billion in cash with only $45 billion in debt. That's a war chest that makes competitors nervous, especially when you're talking about the billions needed for those precious Nvidia GPUs that power AI data centers.
Sure, the stock isn't cheap at 33 times forward earnings. But with double-digit revenue growth locked in for years and quickly expanding margins, that multiple starts looking reasonable.
Now, I'm not saying it's all sunshine and APIs. Google and Amazon (AMZN) are throwing billions at their own AI programs.
There's also that pesky clause about OpenAI potentially restricting Microsoft's access if they achieve artificial general intelligence (though my tech buddies tell me that's about as likely as San Francisco having affordable housing).
And yes, any broad market tantrum could hit high-multiple tech stocks like a concrete pillow. But here's what keeps me up at night: What if we're still underestimating the impact of truly intelligent AI on enterprise software?
Those Dartmouth professors in 1956 thought they could solve AI in two months. They were off by about seven decades. But Microsoft isn't making the same mistake of underestimating the timeline - they're playing the long game.
Between the OpenAI partnership, that fortress balance sheet, and enterprise customers practically begging to pay for Copilot, this could be one of those rare moments when a mega-cap tech stock is actually undervalued.
Just remember you heard it here first. By the time the Wall Street Journal catches up, the easy money will already be gone.
Speaking of gone - I just found those original Dartmouth workshop notes buried in my office. Apparently, they also predicted flying cars by 1957 and robot butlers by Christmas.
Maybe I should feed those predictions to ChatGPT and see if it laughs. Though at Microsoft's current pace, it might just start building those robot butlers instead.
https://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.png00Douglas Davenporthttps://madhedgefundtrader.com/wp-content/uploads/2019/05/cropped-mad-hedge-logo-transparent-192x192_f9578834168ba24df3eb53916a12c882.pngDouglas Davenport2025-01-10 16:05:082025-01-10 16:05:08BETTER 68 YEARS LATE THAN NEVER
It is uncommon when private tech companies lash out at the government like they are some kind of whipping boy.
Silicon Valley is so successful - they don’t need to target government policy.
Anger comes in many forms but openly criticizing the government could get you in some hot water in places like China.
Just look at Alibaba founder Jack Ma who was taken out to pasture by the Chinese communist party.
Criticism is usually reserved in Silicon Valley because subsidies and relationships are preserved to fight another day.
Nvidia finally felt it was time to let loose on the disastrous Biden Administration as the chip company gets dragged into politics just like almost everything else in American society.
Nvidia viciously criticized new chip export restrictions that are expected to be announced soon, saying the White House was trying to undercut the incoming Trump administration by imposing last-minute rules.
It’s is arguable that many strategic moves the current administration executes are to stymy the next administration.
Private tech companies are just collateral damage and Nvidia is finding that out the hard way.
The looming changes would cap the sale of US artificial intelligence chips on both a country and company basis — a move that would more tightly limit exports to most of the world.
The extreme ‘country cap’ policy will affect mainstream computers in countries around the world, doing nothing to promote national security but rather pushing the world to alternative technologies.
Nvidia has been the biggest beneficiary of a surge in AI spending over the past two years, helping turn the once-niche company into the world’s most valuable chipmaker. Its shares nearly tripled last year, following a 239% gain in 2023.
Speaking at the CES conference in Las Vegas this week, Huang said he expected Trump to bring less regulation.
I can now say with more certainty that tech stocks appear to be in a bubble and it doesn’t help that an obstructionist government is putting in limits to how much they can sell abroad.
Globalization has accelerated to some extreme that many people and businesses are still having a tough time wrapping their minds around what happened.
Putting a cap on the number of AI chips Nvidia can export will just gift the advantage to another competitor.
The Chinese have never played by the rules with their state subsidies and stealing of intellectual property.
These are several hallmarks of their national heavyweights.
Hamstringing Nvidia is the worst thing the US government could do minus shutting them down completely.
In general, the amount of bureaucratic nonsense, dysfunction, red tape, and needless saber-rattling is starting to hit the bottom line of Silicon Valley.
This could all bring forward a selloff from this tech bubble we are currently in.
Granted, I will acknowledge that the federal government isn’t only targeting the tech sector and the inefficiencies run across a wide swath of the U.S. economy system.
But that doesn’t make it better.
We are priced to the point where AI is guaranteed to become our savior and I would say to hold on because we are nowhere near certainty and there are very few use cases of all this AI data center investment.
We are trading at highs and the government going after Silicon Valley will hasten a sharp selloff in expensive tech stocks.
Don’t play with fire or you’ll be burned.
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When John identifies a strategic exit point, he will send you an alert with specific trade information as to what security to sell, when to sell it, and at what price. Most often, it will be to TAKE PROFITS, but on rare occasions, it will be to exercise a STOP LOSS at a predetermined price to adhere to strict risk management discipline.Read more
Firstly, I’m deeply sorry for anyone who has been affected by the L.A fires.Losing everything in a fire is traumatic; I do hope the community comes together to give comfort and people supporteach other during this devastating time.
The market is expressing a topping pattern.So, we would be wise to take some funds off the table.As I said in my Monday newsletter, there is a real possibility that we could expect movement towards $5000 and under in the S&P500.So, let’s bank some profits.
Below I’m showing our portfolio and our end-of-year performance.
On the left, I show the date, ticker symbol, stock, and purchase price, and on the right, I show the price of the stock on December 31, 2024, + the $ gain/loss and the % gain/loss for the year.
Energy was our worst-performing sector.We can expect further lightning bolt movement in oil followed by a low and then a move up.The timing of these moves is hard to nail down.
I have cut and pasted from my Excel spreadsheet, instead of sending the whole thing out to you.
So, if you had bought one stock in each of the above companies when I suggested, you would have been ahead by $2,122.29 or 1480% for the year.(Two people have checked these numbers besides me).
Let’s take some profits now on the following stocks:
On November 8, 2023, we bought Digital Ocean (DOCN) at $26.30.On January 8, 2024, the stock sits at $34.48.Sell the stock and take profits.
Profit = $8.18 OR 31.10%
On November 27, 2023, we bought Dell (DELL) at $75.00.
On January 6, 2024, we scaled in again at $77.50.
Again, on January 17, 2024, we scaled in at $85.00.
On January 8, 2024, the stock sits at $119.31.Sell the stock and take profits.
Profit = $75.00 -$119.31 = $44.31 OR 59.08%
Profit =$77.50 - $119.31 = $41.81 OR 53.94%
Profit = $85.00 -$119.31 = $34.31 OR 40.36%
If you bought any of the Home Builders: Lennar, Pulte Group, D. R. Horton, Toll Brothers, I advise you to sell out of them.Interest rates will stay on the high side.
On October 10, 2024, I presented a list of stocks where you could add weight.The Home Builders were part of this list and looked promising with the prospect of many more interest rate cuts.Now, however, that does not look likely to happen, so we need to cut this sector from our portfolio.On October 10, the stocks were at the following prices.On January 8, 2025, the stocks listed these prices.I advise to scale out on days when the market and these stocks show an uptick.
D.R. Horton $183.39 - $139.90
Lennar $178.20 - $133.54
Toll Brothers $149.07 - $127.03
Pulte Group $138.66 - $110.46
On April 3, 2024, we bought Taiwan Semiconductor (TSM) at $140.22.On January 8, 2024, it’s at $207.12
There is a very high degree of risk involved in trading. Past results are not indicative of future returns. MadHedgeFundTrader.com and all individuals affiliated with this site assume no responsibilities for your trading and investment results. The indicators, strategies, columns, articles and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of MadHedgeFundTrader.com may have a position or effect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies.
