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Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

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https://oilprice.com/Latest-Energy-News/World-News/Sitio-Royalties-To-Merge-With-Brigham-Minerals-In-48-Billion-Deal.html

Sitio Royalties To Merge With Brigham Minerals In $4.8 Billion Deal

By Alex Kimani - Sep 06, 2022, 1:30 PM CDT

Oil and gas mineral and royalty company Sitio Royalties Corp. (NYSE: STR) is headed for a merger with Brigham Minerals (NYSE: MNRL) in an all-stock deal with an aggregate enterprise value of ~$4.8B thus creating one of the largest publicly traded mineral and royalty companies in the United States.

The deal, expected to be announced on Tuesday, is one of the largest tie-ups in the U.S. oil patch this year, and comes in a period of elevated oil prices.

Like the rest of the industry, Sitio and Brigham have seen both their top-and bottom-lines expand at a brisk clip on the back of rising oil prices. Combining the two companies will allow the new entity to achieve significant economies of scale and become a leader in the minerals-rights industry.

The merger will create a company with complimentary high quality assets in the Permian Basin and other oil-focused regions. The combined company will have nearly 260K net royalty acres, 50.3 net line-of-sight wells operated by a well-capitalized, diverse set of E&P companies and pro forma Q2 net production of 32.8K boe/day. 

The deal is also expected to bring in $15 million in annual operational cash cost synergies. 

Sitio and Brigham shareholders will receive 54% and 46% of the combined company, respectively, on a fully diluted basis.Sitio Royalties recently reported Q2 net income of $72M on revenues of $88M.

Mineral owners receive a 12.5% to 20% cut of the oil and gas pumped on their land in the form of royalty payments. They don’t control the pace of development, but also aren’t on the hook for drilling or overhead costs, either, meaning they directly reap the benefits of high commodity prices.

Both STR and MNRL stocks are down slightly in early trading on Tuesday morning.

By Alex Kimani for Oilprice.com

More Top Reads From Oilprice.com:

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Biden's Ambitious Emissions-Reduction Goals To Be Accelerated By Executive Orders

Tyler Durden's Photo
by Tyler Durden
Tuesday, Sep 06, 2022 - 04:20 PM

President Biden's ambitious emissions-reduction goals that encourage investment in green energy to drive the country away from fossil fuels will be conducted in a series of executive actions, according to Houston Chronicle. This comes weeks after Congress approved $370 billion in clean energy funding that will pave the way for the US to slash emissions by half in eight years. 

Over the next year, the Biden administration will announce a series of federal policies to accelerate emission reductions for power plants and vehicles, the two most significant drivers of oil and natural gas demand. 

"These administrative actions are absolutely essential for the US to get to the science-based target of a 50% reduction by 2030," said Matthew Davis, legislative director at the League of Conservation Voters. "They're separate from the Inflation Reduction Act, but they're also amplifying it," he said.

Treasury Secretary Janet Yellen is expected to say in a speech in Detroit on Thursday that Biden's emissions-reduction goals following recent climate legislation "will put us well on our way toward a future where we depend on the wind, sun, and other clean sources for our energy ... and rid ourselves from our current dependence on fossil fuels and the whims of autocrats like Putin." 

Yellen's speech represents the clear objective of the administration: to rid the US of fossil fuels. Executive orders are the only way to accelerate a rapid expansion of electric vehicle sales and clean energy on the grid. 

Oil and gas industry lobbyists sound the alarm over the administration's quick transition to a green new world that will drive US energy prices through the roof. 

"Policymakers must know that a swift transition comes at a cost to the American consumer," said Frank Macchiarola, senior vice president of policy at the American Petroleum Institute. "The burden falls upon them to put in place a regulatory structure that provides for stable energy markets," he said. 

Under the guise of extreme weather, such as heatwaves and droughts, President Biden has called for an expedited shift towards a green power grid: 

"As President, I have a responsibility to act with urgency and resolve when our nation faces clear and present danger," Biden said. "And that's what climate change is about. It is literally, not figuratively, a clear and present danger."

Despite Biden's attempt to lower gas prices at the pump ahead of the midterm elections in November -- the administration is still doing everything to crush the fossil fuel industry. 

For example, EPA Administrator Michael Reagan has moved quickly to introduce a new rule, with a first draft expected in the spring of 2023, that would require limiting power plants' carbon emissions -- making it very expensive for coal and natural gas-fired generators to operate. 

"The regulations they would be pursuing would make it even less economical for utilities to open new fossil fuel power plants," Davis said.

Such a new rule could create challenges for 37% of the nation's power grid that relies on natural gas generation. 

More unreliable electricity from wind and solar while decommissioning natural gas and other fossil fuel plants is a horrible idea. Just look at the California's grid as progressives have tried to greenify it, though during heatwaves, request all customers not to charge their electric vehicles. 

Since renewables are not living up to the promises pitched by the administration, perhaps the only energy source of low-carbon, scalable, reliable, and affordable electricity is nuclear. If California wants to ban all new gas-powered vehicle sales by 2035, it will need a reliable grid to handle the millions of new EVs. 

Every American should be concerned if the Biden administration succeeds in implementing a slew of executive orders to transform grids across the country to look like California. 

Remember, Californians are dealing with threats of blackouts, can't charge EVs during high-demand days, and paying some of the most expensive power prices in years. 

Maybe the green future is not as much about saving the planet but instead about money and politics. 

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5 STARS ARTICLE *****

The Petro Dollar | Oil-Gas Prices | Currency Dominance | Stock Market | Future Trends...

Natural Gas Price Drives Crude-SPY Trends When USD Is Appreciating

Published: Sep 8, 2022, 15:36 CDT4min read
When the US Dollar is appreciating in value and trending upward, Natural Gas price trends upward as well to put moderately extreme pressures on the SPY & Crude Oil.
Natural-Gas-57.jpg?func=cover&q=70&width
 
As most energy transactions are conducted in US Dollars, this makes sense. Yet, with the recent agreement signed by Russia & China to conduct future energy transactions in Rubles & Yuan, will it result in more muted price trends in the future?
natural-gas-weekly-chart.png?func=cover&
 
When the US Dollar rises, Natural Gas bullish price spikes seem to inflict greater disruption events in Crude Oil and the SPY. It appears that when Natural Gas spikes excessively, global nations are trapped in a US Dollar based economic crisis to supply electricity, heat, and other economic essentials to their communities.

US Dollar Strength May Disrupt Energy & Currency Valuations As Recession Looms

This disruption in economic stability translates into greater risks for consumers, manufacturers, governments, and others. The shock of rising Natural Gas prices while the US Dollar is strengthening presents a real problem for many foreign nations dependent on importing energy.

This is likely why the recent Natural Gas price spikes have helped drive the SPY lower over the past 6+ months. The concern that rising energy costs could work to break economic function in certain nations becomes very real when Natural Gas moves to $3.50. It becomes even more critical when Natural Gas rises above $6~7.

natural-gas-weekly-chart-1.png?func=cove

 

My research suggests energy will continue to play a significant role in driving future trends in the global markets that conduct business transactions in various currency forms. It will simply push buyers & sellers to hedge foreign currency risks related to US Dollar strength or weakness. In short, the energy transactions will still be executed in a US Dollar base valuation – although they will be executed in foreign currency denominations.

Will Ruble & Yuan Strengthen After the Deal?

There is one aspect of the deal between Russia & China that we’ll have to watch over the next 10+ years. Will this deal strengthen the Ruble & Yuan, or will it isolate these currencies and work to peg the Ruble/Yuan toward similar valuation levels? In a way, this is a bold move by Russia & China attempting to move their currencies into position to battle the US Dollar. But at the same time, if it fails to support the Ruble & Yuan, then it may work to devalue them in tandem.

The currency alliance between Russia & China may act as an anchor between the two currencies where any future broad global trends may drive both the Ruble & Yuan in a similar direction. The result could be an Oil/Energy based Ruble/Yuan correlation to the US Dollar or British Pound.

natural-gas-weekly-chart-2.png?func=cove

 

Long Term Forecast

If Natural Gas begins to slide downward over the next 6+ months and breaks below $5.50, then I believe we may see a resurgent upswing in US stocks and other assets. Until then, I think the continued economic and global energy crisis will hang over the US markets headed into Winter 2022.

There is a chance that US markets may start a Christmas Rally over the next 30+ days and attempt to move into some type of end-of-year rally phase. But the global risks related to energy prices, inflation, and the US Fed may continue to disrupt rally attempts closing out Q4:2022. In short, we may not see any real relief from energy/inflation pressures until Q1 or Q2 2023.

Don’t try to be a hero with these market trends. Learn to protect your assets and target your trading style toward the best opportunities for profits.

On another note, if you are holding stocks and bonds in your portfolio, I highly advise you to watch this video I did with Craig. Bonds could fall another 20-30% from here and will send most baby boomers back to work, killing their retirement plans if you are not proactive.

Learn From Our Team of Seasoned Traders

In today’s market environment, it’s imperative to assess our trading plans, portfolio holdings, and cash reserves. As professional technical traders, we always follow the price. At first glance, this seems very straightforward and simple. But emotions can interfere with a trader’s success when they buck the trend (price). Remember, our ego aside, protecting our hard-earned capital is essential to our survival and success.

Successfully managing our drawdowns ensures our trading success. The larger the loss, the more difficult it will be to make up. Consider the following:

  • A loss of 10% requires an 11% gain to recover.
  • A 50% loss requires a 100% gain to recover.
  • A 60% loss requires an even more daunting 150% gain to simply break even.

Recovery time also varies significantly depending upon the magnitude of the drawdown:

  • A 10% drawdown can typically be recovered in weeks to a few months.
  • A 50% drawdown may take many years to recover.

Depending on a trader’s age, they may not have the time to wait nor the patience for a market recovery. Successful traders know it’s critical to keep drawdowns with reason, as most have learned this principle the hard way.

We invite you to join our group of active traders who invest conservatively together. They learn and profit from our three ETF Technical Trading Strategies. We can help you protect and grow your wealth in any type of market condition. Click on the following link to learn how: www.TheTechnicalTraders.com.

Chris Vermeulen
Founder & Chief Market Strategist

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(edited)

I miss socializing with new people and having varied conversations, but I'm confident that this too will pass eventually. We have technologies that we may employ in the meantime so that we can enjoy life. Do you occasionally gamble as well? These kinds of schemes can cause real addiction. At first, you make a little money, and as time goes on, you invest more and more in new jokaroom site. The truth is that none of these strategies will ever make you wealthy.

Edited by PaulLind

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On 9/7/2022 at 8:00 AM, Tom Nolan said:

https://oilprice.com/Latest-Energy-News/World-News/Sitio-Royalties-To-Merge-With-Brigham-Minerals-In-48-Billion-Deal.html

Sitio Royalties To Merge With Brigham Minerals In $4.8 Billion Deal

By Alex Kimani - Sep 06, 2022, 1:30 PM CDT

Oil and gas mineral and royalty company Sitio Royalties Corp. (NYSE: STR) is headed for a merger with Brigham Minerals (NYSE: MNRL) in an all-stock deal with an aggregate enterprise value of ~$4.8B thus creating one of the largest publicly traded mineral and royalty companies in the United States.

The deal, expected to be announced on Tuesday, is one of the largest tie-ups in the U.S. oil patch this year, and comes in a period of elevated oil prices.

Like the rest of the industry, Sitio and Brigham have seen both their top-and bottom-lines expand at a brisk clip on the back of rising oil prices. Combining the two companies will allow the new entity to achieve significant economies of scale and become a leader in the minerals-rights industry.

The merger will create a company with complimentary high quality assets in the Permian Basin and other oil-focused regions. The combined company will have nearly 260K net royalty acres, 50.3 net line-of-sight wells operated by a well-capitalized, diverse set of E&P companies and pro forma Q2 net production of 32.8K boe/day. 

The deal is also expected to bring in $15 million in annual operational cash cost synergies. 

Sitio and Brigham shareholders will receive 54% and 46% of the combined company, respectively, on a fully diluted basis.Sitio Royalties recently reported Q2 net income of $72M on revenues of $88M.

Mineral owners receive a 12.5% to 20% cut of the oil and gas pumped on their land in the form of royalty payments. They don’t control the pace of development, but also aren’t on the hook for drilling or overhead costs, either, meaning they directly reap the benefits of high commodity prices.

Both STR and MNRL stocks are down slightly in early trading on Tuesday morning.

By Alex Kimani for Oilprice.com

More Top Reads From Oilprice.com:

A great Permian play, no government land involved?

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https://www.zerohedge.com/commodities/dysfunctional-futures-market-may-spark-next-eu-energy-crisis-liqudity-crunch-looms

"Dysfunctional Futures Market" May Spark Next EU Energy Crisis As Liqudity Crunch Looms

Tyler Durden's Photo
by Tyler Durden
Thursday, Sep 22, 2022 - 05:55 AM

Europe's energy sector is facing a perfect storm as a dysfunctional futures market may lead to a new crisis where prices move higher due to a liquidity crunch, according to Reuters

Sharp market swings in natural gas and electricity prices since Russia's invasion of Ukraine have left some oil and gas companies without the necessary funds to hedge their physical trades if they cannot satisfy margin calls, an exchange requirement for extra collateral to guarantee trading positions when prices rise...

"We have a dysfunctional futures market, which then creates problems for the physical market and leads to higher prices, higher inflation," a senior trading source told Reuters.

In March, the lack of liquidity became apparent when trading firms, utilities, oil majors, and bankers sent a letter to governments and financial institutions such as European Central Bank for emergency liquidity to shore up energy markets as prices surged. 

A flurry of traders who hedged their physical positions with short financial exposure in derivative markets were squeezed by soaring spot prices due to the invasion and forced to cover as increased exchange requirements forced margin calls.

Market players typically borrow to build short positions in the futures market, with 85-90% coming from banks. Some 10-15% of the value of the short, known as minimum margin, is covered by the traders' own funds and deposited with a broker's account.

But if funds in the account fall below the minimum margin requirement, in this case 10-15%, it triggers a 'margin call.' --Reuters

Today's challenging situation ahead of winter is that increased margin requirements to secure trades are sucking up capital at NatGas majors, trading firms, and power utilities

Some firms and trading desks have called it quits due to high margin requirements, which has led to a decline in market participants -- ultimately causing liquidity to shrink, allowing for even more volatility that could send prices higher

Senior bankers and traders said exchanges, clearing houses, and brokers had increased initial margin requirements to 100%-150% of contract value from 10-15%. For Example, the ICE exchange demands margin rates of up to 79% on Dutch TTF gas futures. 

The letter sent by the European Federation of Energy Traders in March said, "the same company which normally expects to experience daily margin cash flows related to price movements of around 50 million euro, now faces variation margin requirements of up to 500 million euro within a business day." 

As we detailed earlier this month, many companies are finding it increasingly challenging to manage margin calls

Norwegian state-owned firm Equinor, Europe's top gas trader, recently warned that energy companies, excluding in Britain, need at least 1.5 trillion euros to cover margin calls

One European Central Bank policymaker disputed that figure and said losses are much less in the worst-case scenario. 

Last week, Saad Rahim, chief economist at Trafigura, pointed out one warning sign due to the lack of liquidity in commodity markets: 

"Open interest and volumes have come down significantly as a result of what is happening on the margining ... will ultimately have an impact on the physical volumes that are being traded because physical traders need to hedge." 

European officials have even discussed plans to suspend power derivative markets as a form of intervention to prevent what some believe could trigger the next 'Lehman Style' meltdown

Helge Haugane, Equinor's senior vice president for gas and power, recently said in an interview that "liquidity support is going to be needed." 

So far, countries like Germany have nationalized failed utilities such as Uniper SE. The question becomes how big the crisis is and if the ECB will need to get involved this winter if prices soar higher due to a lack of liquid markets, triggering even more margin calls. Europe appears to be locked in a death loop. 

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https://www.fxempire.com/forecasts/article/the-worst-case-scenario-for-retired-or-nearly-retired-investors-who-are-55-1135896

The Worst Case Scenario for Retired or Nearly Retired Investors Who Are 55+

Published: Sep 22, 2022, 07:12 CDT10min read
In short, the world and even more so, the financial markets and assets have a habit of applying the maximum pain to investors before reversing direction.

I just did some research and wrote about it. I should be clear that you may find this article a little unsettling if you are nearing retirement or have already retired. On the other hand, it’s an eye-opener because the financial markets and different asset prices paint an interesting picture.

But, I believe being armed with the proper information and knowledge leads to better outcomes, so I’m sharing this possible scenario that could unfold in the next 3-10 months and last for many years and directly affect our lifestyle.

If you don’t take proper action, you could be exposed to and experience something called the sequence of returns risk, which I will explain in great detail in my soon-to-publish white paper. So, let’s jump into things!

There is a concept that the US Fed may be pushed into raising rates above nominal inflation rates to stall inflationary trends. Historically, the US Federal Reserve had raised rates aggressively to near or above annual inflation rates before the US economy moved away from inflation trends.

The Potential Scenario As Told By The Charts and History

Suppose US Inflation trends continue to stay elevated throughout the end of 2022 and into early 2023. In that case, the US Fed may continue to raise Fed Funds Rates (FFR) to unimaginable levels more quickly than many traders/investors consider possible. Could you imagine an FFR rate above 6.5%? How about 8.5%?

What would that do to the Mortgage/Housing market? How would consumers react to credit card interest rates above 24% and mortgages above 10%? Do you think this could happen before inflation trends break downward?

The reality is that the markets and future have a way of surprising us and doing what we once thought was not possible. So being open to some of these extreme measures and situations is something we should consider and consider what they could do to our businesses, lifestyles, and retirement.

Historically, this must happen for the US Fed to break the persistent inflationary trends in the US – take a look at this chart.

chart-line-chart-description-automatical

 

The best-case scenario given the historical example is that Annual Inflation trends move aggressively to the downside by Q1:2023 or earlier. That will allow the US Fed to move away from more aggressive rate increases, which could significantly disrupt US & Global asset markets (pretty much everything).

Suppose Annual Inflation stays above 6~7% throughout the end of 2022 and into early 2023. In that case, I believe it is very likely the US Federal Reserve will be pushed to continue raising rates until a definite downward trend is established in inflation.

Algos, Illiquidity, Derivatives Are Active Culprits

There are two examples showing the US Fed acted ahead of a major downturn in inflation: one in the late 1980s and another in late 2007. Both instances were unique in the sense that the late 1980s presented similar sets of circumstances. Computerized trading, illiquidity, and excessive Derivatives exposure prompted the 1987 Black Monday crash and the 2007-08 Global Financial Crisis.

Current Stage 3 Topping Pattern May Turn Into Stage 4 Decline

My research suggests the US markets are fragile given the current Inflationary trends and pending Federal Reserve rate increases. As I told above, the best-case example is to see Inflation levels dramatically decline before the end of Q1:2023. It is almost essential that current inflation levels drop back to 2~3% very quickly if we are going to see any measurable slowdown in Fed rate increases.

Secondly, the continued speculation by traders/investors remains very high, in my opinion. Given the historical example, traders should be pulling capital away from risks very quickly and attempting to wait out any potential Fed rate decisions. Below, I’ve highlighted where I believe we are on the Stock Market Stages chart. This is not the time to become overly aggressive with your retirement account/nest egg.

Many traders and investors are now buying this pullback in stocks, thinking it’s a buy-the-dip type of play. I think things are about to get ugly, and what we have seen thus far in 2022 is just the 12-year bull market ending, but the downtrend has not even started yet.

The time to buy the hottest sectors, like in 2020, will eventually come, and when it does, the Best Asset Now strategy can generate explosive growth for traders, but now is not the time

diagram-description-automatically-genera

 

Proprietary Investor Strategy Confirms Cycle Trends

My proprietary Technical Investor strategy has moved into GREEN trending bars – aligning very closely with the MAGENTA ARROW on the Stock Market Stages chart above. I’ve drawn both a GREEN & RED arrow on this chart to highlight the potential trending outcomes that likely depend on how quickly Inflation levels drop.

If Annual Inflation levels drop below 3% before we start Q2:2023, then I believe we may see a softer US Fed and more significant potential for a recovery in the US/Global markets over the next 18+ months.

On the other hand, suppose Annual Inflation levels stay above 6~7% over the next 6+ months. In that case, I believe the US Federal Reserve will attempt to continue to raise rates aggressively – eventually resulting in a “bear market” breakdown event in the US/Global asset markets.

Comparing 2008 Bear Market Breakdown With 2022 Price Action

The last time we experienced a major Inflationary event where the US Federal Reserve was not actively supporting the US economy with QE policies was in 2007-08. This event prompted a -57% decline in the SPY before bottoming out and a -55% decline in the QQQ. Many of you lived through that market collapse and have strong feelings about how destructive that move was for everyone.

graphical-user-interface-chart-descripti

 

2022 Bear Market Breakdown

This time, after 12+ years of QE, prompting the “Everything Bubble,” – just imagine what could happen if my research is correct. But let me be very here. I am not forecasting, predicting, or saying this will happen. I do things differently when it comes to trading and investing. I only own assets and hold positions that are rising in value. I do this by following price charts and managing risk and positions.

You won’t ever catch me trying to pick a bottom, averaging down into losing positions, and you won’t find me trying to pick a top, either. What you will experience if you follow my work is that I always research and know all the possibilities an asset could move, and I plan to navigate each one safely. Once the price charts confirm a direction, I position my portfolio to profit from the new trend, which can be up or down.

graphical-user-interface-chart-descripti

A Tough Year Even for Experienced Investors

This year alone, the S&P 500 is down over 18%, and treasury bond ETF TLT is down 28%. As a result, anyone investor using the buy-and-hold strategy with any mix of stocks/bonds in their portfolio is under tremendous pressure and likely starting to worry about outliving their retirement funds.

Here is a little background on the market markets for you. First, there have been 26 bear markets since 1929, with an average loss of 35.62 percent and an average duration of 289 days. Mind you, some of those bear markets were only a few months long, while others were multi-year declines, with some taking 5, 12, and even 17 years to return to breakeven.

But the reality is breaking even with your assets is still a significant loss. After many years of being in a drawdown like that, don’t forget you are paying 0.50% – 2% annual fees from ETFs, mutual funds, and possibly advisor fees. Simple math shows that with a 17-year drawdown spending 1+% year to hold these losing positions, you still have a 17+% loss when assets return to breakeven because of these costs.

I know all this sounds bleak, and rightly so, it is. But there is good news. Market corrections and bear markets can be identified early and safely navigated if you know what to look for and follow the market VS. buy and hope, or try to pick market bottoms and tops.

2022 has been a very tough year to make money from the markets, not because of the market decline but because of the stage 3 phase in which the stock market is currently. It does not know if it wants to find a bottom and rally or roll over and start a steep bear market swan dive.

Concluding Thoughts

In short, the world and even more so, the financial markets and assets have a habit of applying the maximum pain to investors before reversing direction. In fact, there is a “Max Pain” calculation in the options market to know where the maximum pain/losses will be for the stock market, and it’s crazy scary how the market will reach this price level during options expiry days on many cases.

The bottom line here is that the worst thing that could happen to most investors and capital in the markets now would be a multi-year bear market and drawdown in the markets, which would cripple anyone nearing retirement and everyone already retired. Having your nest egg cut in half will send shockwaves worldwide to the largest group of investors, the baby boomers, and anyone retired. In addition, it will likely create a flood of people looking for jobs to subsidize their retirement and crush many dreams, and that’s just the beginning of potentially a big unraveling of the economy, I think.

Labor rates will fall as millions of individuals look for work, we will be in a recession, and businesses will be laying off millions of employees, making it even harder to get a job. We are already seeing layoffs taking place. Then we could see the real estate market (residential and commercial) starting to fall apart. Things start to get a little depressing beyond that, so I’ll stop here, but you get my gist, I hope.

The average investor is positioned for higher prices with the buy-and-hold strategy. The critical thing I am trying to share with you is what could happen on the downside if things continue to erode and that you should think about how your lifestyle could change in the next 3-10 months if/when this happens and if you think you will be comfortable with your situation.

Every week I remind investors I work with that now is not the time to expect to make money. Instead, it is about capital preservation. Focus on not losing; growth will naturally come in due time.

If you have any questions, my team and I are here to help you safely navigate both bull markets and bear markets with our CGS Investing Strategy.

Chris Vermeulen
Chief Investment Officer
www.TheTechnicalTraders.com

Disclaimer: This and any information contained herein should not be considered investment advice. Technical Traders Ltd. and its staff are not registered investment advisors. Under no circumstances should any content from websites, articles, videos, seminars, books or emails from Technical Traders Ltd. or its affiliates be used or interpreted as a recommendation to buy or sell any security or commodity contract. Our advice is not tailored to the needs of any subscriber so talk with your investment advisor before making trading decisions. Invest at your own risk. I may or may not have positions in any security mentioned at any time and maybe buy sell or hold said security at any time.

 

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