Trading the Odds

A statistical approach to profit in the US equity markets, trading the markets like professional card counters are playing Blackjack or expert poker players are playing Poker.

Trading the Odds on Monday – June 1, 2009

WE031672-klein

__________________

I’ll be on vacation (in Italy)
starting today (Sunday) and going through the end of next week.

While I’m away
frequency and extensiveness of blogging will mainly depend on the local availability of cellular broadband internet access and/or local WLAN (chances are good), but will probably be less frequent and shortened as well.
__________________

From my point of view Friday’s session was just the heyday of an almost perfect week concerning the fact that using the power of statistics in combination with historical market data will give you a decisive edge: the key is to have the odds on your side and bet accordingly, knowing what, when, where and why and how much to bet on each trade (but I regularly leave out the latter question).

The S&P 500 fully complied again to Friday’s bullish forecast based on the positive setup triggered on Thursday’s close when the ‘S&P closed higher at least +1.00% on the day on higher NYSE Total Volume (than the previous session’s volume), but couldn’t manage to take out the previous session’s high (see my post Trading the Odds on Friday – May 29, 2009).

On Friday’s session the S&P 500 closed higher +1.36% on the day, and breadth was (relatively) strong again (but with a negative tendency, I’ll stick to that later in the post) with NYSE Advancing Issues/Declining Issues at 2.86, and NYSE Advancing Volume/Declining Volume at 3.02 (NYSE TRIN at 0.95). The S&P 500 opened higher, posted a higher high, a higher low and a higher close than the previous session’s high/low/close, and finally closed above it’s open. The S&P 500′ low below Thursday’s close early in the session provided the favorable intraday buying opportunity which was spotlighted in Thursday’s bottom line concerning Friday’s session.

On Friday’s close the S&P 500 triggered a few setups which -as always from a historical and statistical perspective- show some (significant) tendencies concerning the S&P 500′ next day’s (Monday’s) probable performance:

  • with Friday’s session the S&P 500 closed higher at least +1.30% on two consecutive sessions (Setup S1),
  • the ratio of NYSE Advancing Issues/Declining Issues came in higher than on Thursday’s session (2.86 versus 1.92), but the ratio of NYSE Advancing Volume/Declining Volume closed unchanged (and was therefore not able to close higher accordingly, for a logically higher NYSE TRIN) at 3.02 on both sessions (Setup S2), and
  • the S&P 500 opened higher, posted a higher high, a higher low and a higher close than the previous session’s high/low/close, and finally closed above it’s open (Setup S3).

Table I shows the ES (S&P 500 E-MINI) performance (since 01/02/1990) on the next session (in this event Monday, June 1) immediately following those sessions where setup S1 to S3 listed above had been triggered. Setup S4 represents the combination of setup S1 and setup S2, while setup S5 represents the combination of setup S1 and setup S3.

20090529-ES-1

It is especially notable that the market (E-mini S&P 500) shows a significant tendency of a lower close the then following session, concerning both the probability for a lower close the next session with approximately 2:1 (67%) and profit factor (expectancy and pay-off) as well (potential losses -better ‘the sum of’- on the downside almost double potential gains on the upside). And even if we’d completely ignore the fact that the S&P 500 closed higher at least +1.30% on two consecutive sessions and take into account the combination of setup S2 (negative relatively tendency in breadth stats) and S3 (5 highs) only, the probability for a higher close would be below-average (18 out of 38 occurrences), and the profit factor would be unchanged at 0.55 only (for the same conclusions concerning the negative tendency on the next session).

Table II now shows the ES (S&P 500 E-MINI) intraday performance (since 01/02/1990) concerning the open, high, low, close (compared to the previous’s session close) and close versus open on the next session (in this event Monday, June 1) immediately following those 30 sessions where the S&P 500 closed higher at least +1.30% on two consecutive sessions‘ and ‘the S&P 500 opened higher, posted a higher high, a higher low and a higher close than the previous session’s high/low/close, and finally closed above it’s open on the most recent session (setups S1 and S3).

20090529-ES-2

It is especially notable that

  1. the market (S&P 500 E-MINI) regularly shows a notable tendency of a lower open the then following session (on 25 out of 30 occurrences),
  2. the market (S&P 500 E-MINI) regularly shows a notable tendency of again some follow-through of the trigger day’s strength during the next session due to the fact that the respectiv profit factor on the ‘high’ almost doubles the respective at-any-time profit factor  (for statistical purposes only in order to demonstrate that the magnitude of change on the high almost doubles the respective at-any-time magnitude of change), but
  3. chances are very high that the market will post an intraday low significantly below Friday’s close as well (the average losing trade on the low is greater than the respective winning trade on the high), and
  4. chances are high as well that the market will finally close lower on the day, with 33.33% for a higher close the next session significantly lower than the respective at-any-time probability for a higher close the next session, and with a profit factor of 0.52 one would’ve lost$2 for every $1 won. But regularly donwside potential is limited as well with only two 5 sessions out of 30 occurrences with a close -1.0% or more below the previous session’s close, and the average losing trade on the close (slightly) below the respective average at-any-time losing trade.

________________________________

Bottom line:

  1. History (even the most recent since 2009) suggests that that market is currently a bit (short-term only) extended on the upside. The most probable scenario for Monday’s session might be a (slightly) lower open, a  positive reversal and run-up  to Monday’s  intraday high (on average 0.82% above Friday’s close) in the first half of the session, followed by another round of profit-taking in the second half of the session (posting a low significantly below Friday’s close) with finally a lower close (above the low) on the day (but it’s difficult enough to make a forecast concerning the next session’s close, leave alone trying to forecast the next session’s intraday movements and their potential chronological order).

Successful trading,

Frank

P.s.: WordPress recently implemented a Twitter widget, so I’ll regularly make some intraday updates as well using Twitter. If you’re interested in, please have a look at the blog during the trading session as well or subscribe directly to Twitter (recommended).

Disclaimer: No positions in the securities mentioned in this post at time of writing.

Advertisements

Filed under: Daily Update, , , , , ,

Trading the Odds on Friday – May 29, 2009

WE031672-klein

The S&P 500 fully complied again to today’s bullish forecast based on the positive setup triggered on Wednesday’s session when the S&P 500 not only closed lower at least -1.90% but posted a higher high and higher low on the same session as well (see my post Trading the Odds on Thursday – May 28, 2009).

On Thursday’s session the S&P 500 closed higher +1.54% on the day, and breadth was (relatively) strong with NYSE Advancing Issues/Declining Issues at 1.92, and NYSE Advancing Volume/Declining Volume at 3.02 (NYSE TRIN at 0.64).

But although the markets showed a couple of notable patterns at today’s close, such as

  • the Nasdaq 100 under-performed the $SOX Semiconductor Index the fourth day in a row,
  • small caps ($RUT) significantly under-performed large caps,
  • speculative interest as the ratio of Nasdaq Total Volume / NYSE Total Volume closed above 165% today (although it was close, it did NOT trigger the sell signal at the 175% mark, see my Twitter update),
  • the Nasdaq 100 under-performed the S&P 500 on today’s session, and
  • the S&P closed strong +1.50% on the day, but posted a lower low and a lower high than Wednesday’s low / high,

only the last pattern ‘S&P closed higher at least +1.00% on the day on higher NYSE Total Volume (than the previous session’s volume), but couldn’t manage to take out the previous session’s high‘ showed a notable tendency concerning the next sessions performance. Nonetheless the high running speculative interest is negative concerning the Nasdaq 100′ performance over the course of the then following 5 sessions, at least upside potential is limited.

Although my first impression was that if the S&P 500 closed strong on higher volume, but couldn’t manage to take out the previous session’s high, that would be negative concerning the S&P 500′ next day’s performance, but market history tells otherwise.

Table I shows the ES (S&P 500 E-MINI) performance (since 01/02/1990) over the course of the then following 5 sessions immediately following those sessions where the S&P closed higher at least +1.00% on the day on higher NYSE Total Volume (than the previous session’s volume), but couldn’t manage to take out the previous session’s high.

20090528-ES-1

Table II shows the ES (S&P 500 E-MINI) intraday performance (since 01/02/1990) concerning the open, high, low, close (compared to the previous’s session close) and close versus open on the next session (in this event Friday, May 29) immediately following those 84 sessions where the S&P closed higher at least +1.00% on the day on higher NYSE Total Volume (than the previous session’s volume), but couldn’t manage to take out the previous session’s high.

20090528-ES-2

It is especially notable that

  1. the market (ES mini) regularly shows a notable tendency of some follow-through of the trigger day’s strength on the next session as well as over the course of the then following 5 sessions, not especially with respect to an above-average probability for a higher close the then following sessions, but with respect to the respective profit factor, means potential gains (better ‘the sum of’) on the upside almost double potential losses on the downside;
  2. downside potential on the then following session is regularly limited (the respective profit factor significantly exceeds the respective at-any-time profit factor on the intraday low, means losses are significantly smaller than the respective average losses on the intraday low), and the market shows a significant tendency to leave an unfilled opening gap on the upside the then following session (on 22 out of 84 occurrences);
  3. the market shows a significant tendency to close the session (significantly) above the open, not only concerning the probability of 64.29% for a close above the open compared to an at-any-time probability for a close above the open of 52.13% only, but with respect to a profit factor of 2.53 (at-any-time: 1.05) as well.

If I’d take into account those sessions only where the S&P closed higher at least +1.50% on the day on higher NYSE Total Volume (than the previous session’s volume), but couldn’t manage to take out the previous session’s high‘ (+1.50% instead of +1.00% only, like on today’s session), the sample size would be significantly lower (37 occurrences), but surprisingly the bullish tendency was even stronger (with respect to the setup’s profit factor).

________________________________

Bottom line:

  1. Although probabilities for a higher close the then following session are average only (5 winning trades and 5 losing trades concerning the last 10 occurrences), the setup triggered at today’s close shows historically a significant tendency for some follow-through of the trigger day’s strength, with potential gains significantly surpassing potential losses, and downside potential is regularly limited the then following session. So any kind of weakness at or shortly after the open might provide a favorable (short-term and intraday) buying opportunity.

Successful trading,

Frank

P.s.: WordPress recently implemented a Twitter widget, so I’ll regularly make some intraday updates as well using Twitter. If you’re interested in, please have a look at the blog during the trading session as well or subscribe directly to Twitter (recommended).

Disclaimer: Long BGZ (Daily Large Cap Bear 3x Shares ) at time of writing (as a hedge only).

Filed under: Daily Update, , , , , ,

Trading the Odds on Thursday – May 28, 2009

WE031672-klein

The S&P 500 fully complied to today’s bearish forecast based on the negative setup triggered on Tuesday’s session when the ratio of NYSE Advancing Issues/Declining Issues closed above 4.5 and NYSE Advancing Volume/Declining Volume closed above 5.5 on the same day (see my post Trading the Odds on Wednesday – May 27, 2009).

The S&P 500 closed lower -1.90% on the day, and what looked like a positive divergence between a relatively strong breath and a relatively weak index approximately 90 minutes before the close (NYSE TRIN in bullish territority < 1.0 when the S&P 500 was already dwon more than -1.0%, see my Twitter update) finally turned into a session with breath significantly lopsided on the downside. NYSE Advancing Issues/Declining Issues closed at 0.44, and NYSE Advancing Volume/Declining Volume at 0.24 (NYSE TRIN at 1.81).

But although the S&P 500 closed significantly lower on a very week breadth, especially remarkable was the fact that the S&P 500 nevertheless posted a higher high than Tuesday’s high and a higher low than Tuesday’s low which triggered a short-term buy signal on Wednesday’s close.

At first Table I below shows the ES (S&P 500 E-MINI) performance (since 01/02/1990) concerning setups S1 to S5 -side by side- on the next sessions assumed one would have bought the ES on close of the respective session where setups S1 to S5 had been triggered. Setups S1 to S5 are defined as

Table I

  • Setup S1: the S&P 500 closed lower at least -1.90% on the day
  • Setup S2 the S&P 500 posted a higher high and higher low than the previous session’s high/low
  • Setup S3: NYSE TRIN closed above 1.80
  • Setup S4: Setups S1 und S2 combined
  • Setup S5 Setups S1 und S3 combined

20090527-ES-1

It is especially notable that on the session immediately following those sessions where the S&P 500 had either closed lower at least -1.90%, or the NYSE TRIN closed at 1.80 or higher, or especially where the S&P 500 not only closed lower at least -1.90% but posted a higher high and higher low as well, probabilities for a higher close and odds (expectany / pay-off) are significantly tilt in favor of the bullish side (a short-term snap-back).

Table II below now shows the ES (S&P 500 E-MINI) intraday performance (since 01/02/1990) concerning the open, high, low, close (compared to the previous’s session close) and close versus open on the next session (in this event Thursday, May 28) immediately following those sessions where the S&P 500 not only closed lower at least -1.90% but posted a higher high and higher low as well.

20090527-ES-2

It is especially notable that -although the sample size is way too small to read any statistically relevent into it- the market shows a tendency for a weak open (3 sessions with a higher open, 5 with a lower open, but the average lower open is down -0.95% compared to an at-any-time lower open of -0.38% only), but a remarkable tendency for some intraday strength as well with an average intraday high +1.87% above the previous session’s close, and finally with 7 higher and only 1 lower close.

________________________________

Bottom line:

  1. Today’s magnitude of change on the downside (-1.90%), the weak breadth (NYSE TRIN at 1.80) and the higher high and higher low on today’s session triggered a short-term buy signal on the close, and any weakness on Thursday’s open will probably provide a favorable short-term (intraday) buying opportunity.

Successful trading,

Frank

P.s.: WordPress recently implemented a Twitter widget, so I’ll regularly make some intraday updates as well using Twitter. If you’re interested in, please have a look at the blog during the trading session as well or subscribe directly to Twitter (recommended).

Disclaimer: Long BGU (Daily Large Cap Bull 3x Shares ) at time of writing.

Filed under: Daily Update, , , , , ,

Trading the Odds on Wednesday – May 27, 2009

WE031672-klein

The S&P 500 more than fulfilled it’s bullish setup for today’ session (see my post Memorial Day, the VIX and Other (Un-)Favorable Seasonalities, especially my reply to ADD’s comment) and closed up +2.63% on the day.

The VIX opened higher +6.0% (above Friday’s close) and therefore fulfilled the bullish bias over long weekends at least at the open, but closed lower -6.2% on the day, only the second occurrence during the last 20 years that the VIX managed a lower close the session after Memorial Day.

Breadth was heavily lopsided with NYSE Advancing Issues/Declining Issues at 4.90 and NYSE Advancing Volume/Declining Volume at 5.50. This is regularly a sign that up-side potential will be limited the then following session, and probabilities for a higher/lower close and the respective odds (profit factor and expectancy) are (significantly) tilt in favor of a negative bias the then following session.

Since 02/01/1990 there were 41 occurrences (the majority occured during the last 3 years) when the ratio of NYSE Advancing Issues/Declining Issues closed above 4.5 and NYSE Advancing Volume/Declining Volume closed above 5.5 on the same day. The following table shows the ES‘ (ES-MINI Futures) performance concerning the open, high, low, close (compared to the previous’s session close) and close versus open on the session immediately following those sessions where this setup had been triggered:

20090526-ES-1It is especially notable that

  • the probability concerning a potential higher open is significantly below the respective at-any-time probability for a higher open (39.02% vs. 51.43%),
  • the profit factor concerning the intraday high is lower than the respective at-any-time profit factor concerning the intraday high (means the magnitude on the upside during the following session is regularly limited and below average),
  • on only 1 instance out of 41 occurrences was the ES able to post an unfilled opening gap on the upside, significantly below the respective at-any-time probability for an opening gap on the upside,
  • the profit factor on the close is significantly below the respective at-any-time profit factor (0.30 vs. 1.07), and the maximum gain on the close concerning those 41 occurrences was +1.03% (with a maximum loss of -3.29%),
  • the average winning trade on the close is significantly below (0.39% vs. 0.79%), the average losing trade on the close (-1.27% vs. -0.89%) is significantly above (in a negative sense) the respective at-any-time average winning /losing trade, and
  • the latter applies to the probability and profit factor concerning a close above the open as well.

________________________________

Bottom line:

  1. Although the outlook concerning the week after Memorial Day remains positive, we’ll probably see a short-term set-back and consolidation concerning the major market indexes on Wednesday’s session, and any strength right on the open may provide a favorable short-term (and intraday only) shorting opportunity.

Successful trading,

Frank

P.s.: WordPress recently implemented a Twitter widget, so I’ll regularly make some intraday updates as well using Twitter. If you’re interested in, please have a look at the blog during the trading session as well or subscribe directly to Twitter (recommended).

Disclaimer: Long BGZ (Daily Large Cap Bear 3x Shares ) at time of writing.

Filed under: Daily Update, , , , , ,

VIX and VIX Futures Seasonalities

WE031672-klein

This is a follow-up to my post Memorial Day, the VIX and Other (Un-)Favorable Seasonalities.

____________________

A few weeks ago I posted about the weekday seasonality of the VIX (see Weekday Seasonality of the VIX), and as Adam Warner on the Daily Options Report already pointed out: (cit.) “The *cash* VIX loses some steam ahead of holiday’s/weekends as traders lower bids to account for their weekend/holiday decay.”

Due to one of those findings posted in Memorial Day, the VIX and Other (Un-)Favorable Seasonalities, I thought it would be interesting to check if the same principle (quite probable) -and to what extend- (which was the more interesting question) applies to long weekends with an exchange holiday as well, and (the most appealing question) is there a chance (if any) to capitalize on those ‘VIX Seasonalities’ with a (partly extraordinary) significant bullish bias (concerning the VIX), e.g. by utilizing the CBOE VIX front month future.

I checked for those occurrences since 01/02/1990 where the following setups were triggered, assumed one would have bought the VIX (CBOE S&P 500 Volatility Index) on close of the session immediately preceding the respective exchange holiday for a holding period of 1 day. Therefore concerning Memorial Day one -hypothetically and for statistical purposes only- would have bought the VIX on close of Friday immediately preceding Memorial Day (in this event Friday, May 22, 2009), and closed the trade on close of Tuesday after Memorial Day .

The US exchange holidays are celebrated …

  • New Year’s Day – January 1
  • Martin Luther King, Jr. Day – observed on the third Monday of January
  • Presidents Day – observed on the third Monday of February
  • Memorial Day – observed on the last Monday of May
  • Independence Day – July 4
  • Labor Day – observed on the first Monday in September
  • Thanksgiving Day – observed on the fourth Thursday of November
  • Christmas Day – December 25

____Left Out____

Good Friday

____No Exchange Holidays____

Columbus Day – observed on the second Monday in October

Veterans Day – November 11

_______________________

At first Table I below shows the VIX performance (since 01/02/1990) concerning setups S1 to S5 -side by side- on the next sessions assumed one would have bought the VIX on close of the session immediately preceding the respective exchange holiday. Setups S1 to S5 are defined as

Table I

  • Setup S1: New Year’s Day – January 1
  • Setup S2: Martin Luther King, Jr. Day – observed on the third Monday of January
  • Setup S3: Presidents Day – observed on the third Monday of February
  • Setup S4: Memorial Day – observed on the last Monday of May
  • Setup S5: Independence Day – July 4

20090524-VIX-2

Table II below shows the then current VIX front month future‘s performance (since 04/15/2004) concerning setups S1 to S5 -side by side- on the next sessions assumed one would have bought the then current VIX front month future on close of the session immediately preceding the respective exchange holiday.

20090524-VX-2

Table III below shows the VIX performance (since 01/02/1990) concerning setups S1 to S3 -side by side- on the next sessions assumed one would have bought the VIX on close of the session immediately preceding the respective exchange holiday. Setups S1 to S3 are defined as

  • Setup S1: Labor Day – observed on the first Monday in September
  • Setup S2: Thanksgiving Day – observed on the fourth Thursday of November
  • Setup S3: Christmas Day – December 25
  • Setup S4, S5 VIX

20090524-VIX-3

Table IV below shows the then current VIX front month future‘s performance (since 04/15/2004) concerning setups S1 to S3 -side by side- on the next sessions assumed one would have bought the then current VIX front month future on close of the session immediately preceding the respective exchange holiday.

20090524-VX-3

Bottom line: Although the VIX itself shows a consistant bullish pattern on the session after the long weekend -only the magnitude of change on the upside varies-, VIX front month futures show mixed results -from significantly ‘bearish’ (dropping the session following the respective exchange holiday with a significant below-average profit factor, regularly the exchange holidays in the second half of the year) to significantly ‘bullish’ (regularly the exchange holidays in the first half of the year), but results might be purely random due to the very low sample size (5 occurrences only), and heavily depending on the then current (positive or negative) premium of VIX front month futures above or below the *cash* VIX (some kind of a short-term ‘mean-reversion’ tendency). So VIX front month futures do not show a statistical relevant tradable edge in order to capitalize on the VIX’ bullish bias over long weekends.

__________________

A second appealing question is if -and to what extend- VIX front month futures would show a bullish and/or bearish weekday seasonality like the VIX does on Fridays and Mondays, and if there is a chance to capitalize on any such pecularities (if any).

Just as a reminder Table V below shows the VIX performance (since 01/02/1990) concerning setups S1 to S5 -side by side- on the next sessions assumed one would have ‘bought’ the VIX on close of the session immediately preceding the respective weekday. Setups S1 to S5 are defined as

  • Setup S1: Monday
  • Setup S2: Tuesday
  • Setup S3: Wednesday
  • Setup S4: Thursday
  • Setup S5: Friday

20090524-VIX-1

The win/loss ratio on Fridays is tilt in favor of lower (VIX) closes, and significantly tilt in favor of higher closes and significantly above-average magnitude of change on the upside (‘profit factor’) on Mondays.

Table VI below now shows the then current VIX front month future‘s performance (since 04/15/2004) concerning setups S1 to S5 -side by side- on the next sessions assumed one would have bought the then current VIX front month future on close of the session immediately preceding the respective weekday.

20090524-VX-1

Concerning the win/loss ratio none of the weekdays shows any statistically relevant above or below average probability for a higher or lower close, and the notably above-average magnitude of change (‘profit factor’) on Wednesdays and below-average magnitude of change on Tuesdays is mainly impaired by the (slightly) above-average win/loss ratio on Wednesdays, (slightly) below-average win/loss ratio on Tuesdays and the volatility of the VIX front month future itself (the average magnitude of change in VIX front month futures is significantly above the average magnitude of change of the SPX, so a minor deviation in win/loss ratios has an immediate and major impact on the respective profit factor).

________________________________

Bottom line:

  1. Although the VIX shows a consistant bullish pattern on the session after the long weekend -only the magnitude of change on the upside varies-, and if -and to what extend- this could possibly provide a tradable edge concerning VIX front month futures is more depending on the then current premium of VIX front month futures above or below the *cash* VIX (with some kind of a short-term ‘mean-reversion’ tendency of premiums) and the respective magnitude of change concerning the VIX on the session immediately following an exchange holiday than the fact itself that the VIX regularly closes higher the session after an exchange holiday.

Successful trading,

Frank

Disclaimer: (Net) Long VIX futures at time of writing.

P.s.: WordPress recently implemented a Twitter widget, so I’ll regularly make some intraday updates as well using Twitter. If you’re interested in, please have a look at the blog during the trading session as well or subscribe directly to Twitter (recommended).

Filed under: Studies/Survey, , , , , , ,

Twitter Updates

  • w/ 18.30 at time of writing, the gap between $VIX and $VSTOXX is close to its all time closing low of 19.90, posted on 10/16/2008. 3 years ago
  • The $VIX gained 48.33% over the course of the last week. Since 1/2/1990 there were 38 other occurences w/ $VIX gained > 48% over 5 sessions. 3 years ago
  • On Friday iShares MSCI Brazil Capped ( $EWZ ) closed at 19.09 , a 11+ year low and its lowest level since 11/08/2004. 3 years ago
  • On Friday the Russell 2000 Index ( $RUT ) closed at 1,046.20 , a 2+ year low and its lowest level since 10/09/2013. 3 years ago
  • @QuantStratTradR Sorry, I didn't follow the entire communication. Link to what ? // @easyvolatility 3 years ago

DISCLAIMER

The information on this site is provided for statistical and informational purposes only. Nothing herein should be interpreted or regarded as personalized investment advice or to state or imply that past results are an indication of future performance. Under no circumstances does this information represent an advice or recommendation to buy, sell or hold any security.

The author of this website is not a licensed financial advisor and will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on the content of this website, including the information that others post here.

While every effort will be made to provide complete, the most accurate and current information, none of the information on this site is guaranteed to be correct, and anything written here should be subject to independent verification. I make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this blog or the information, analysis, statistics, or related graphics contained on the blog for any purpose.

I may or may not hold positions for myself, my family and/or clients in the securities mentioned here. Actions may have been taken before or after information is presented, and any opinions expressed in this site are subject to change without notice.

Please read the full ... DISCLAIMER

Calendar

May 2009
M T W T F S S
« Apr   Jun »
 123
45678910
11121314151617
18192021222324
25262728293031