TODAY’S S&P 500 SET-UP - November 11, 2010

As we look at today’s set up for the S&P 500, the range is 33 points or -1.04% downside to 1206 and 1.66% upside to 1239.  Equity futures are trading lower tracking a mixed show from European indices and the broader Asia.  Gaining momentum is concern over the state of the economies in Ireland and Portugal.


California's fiscal outlook, which shows a budget problem of $25.4B that must be addressed prior to the enacting of a 2011-12 state budget, is making headlines this morning.  Along similar lines, reports are also emerging that Harrisburg's (PA) City Council has hired a law firm on a pro bono basis for counsel on a possible bankruptcy filing.


Earnings and guidance from Cisco (CSCO) is weighing on the Nasdaq futures and technology in general. No major economic data is due today, and the bond market is closed in observance of Veteran's Day.

  • Advance Auto Parts (AAP) raised 2010 EPS forecast to $3.80-$3.90 from $3.70-$3.80, vs est. $3.85
  • Aegean Marine Petroleum Network (ANW) 3Q adj. EPS, rev. miss est.
  • Armstrong World Industries (AWI): BofA is arranging a $550m term loan B with interest rate 3.5ppt- 3.75ppt over Libor as it seeks to make shareholder payout and refinance debt, according to a person familiar with the matter
  • Brooks Automation (BRKS) 4Q rev. $181.6m vs est. $177m
  • Cisco Systems (CSCO) sees 2011 rev up 9-12%, implies $43.64b-$44.84b, vs est. $45.26b. Stock down as much as 12% in German trading; also watch BRCM, CAVM, CTXS, FFIV, JNPR, MOT
  • Concur Technologies (CNQR) sees 1Q adj. EPS 18c vs est. 22c
  • Dendreon (DNDN) Provenge drug has “moderate” evidence showing that it works, according to a tech assessment
  • Kulicke & Soffa Industries (KLIC) sees 1Q rev. $125m-$135m vs est. $202.5m
  • Marriot International (MAR) plans to add 30,000 rooms worldwide annually for next three years; open 100 hotels in China
  • Optimer Pharmaceuticals (OPTR) told FDA it is terminating Pruvel study
  • Prudential Financial (PRU) said it started a public offering of $1b of its common stock to help pay for AIG Star deal
  • Rosetta Stone (RST) forecast 4Q rev. $76m-$81m vs est. $83.2m
  • SurModics (SRDX) reported 4Q adj. loss-shr, rev. below est.
  • Thermadyne Holdings (THMD) said it will sell $250m senior notes to fund LBO
  • Watson Pharmaceuticals (WPI) says second-largest holder Quiver to sell its entire stake, 10.54m shares


  • One day: Dow +0.09%, S&P +0.44%, Nasdaq +0.62%, Russell 2000 +1.22%
  • Month-to-date: Dow +2.05%, S&P +2.55%, Nasdaq +2.22%, Russell +4.48%.
  • Quarter-to-date: Dow +5.27%, S&P +6.79%, Nasdaq +8.87%, Russell +7.38%.
  • Year-to-date: Dow +8.81%, S&P +8.68%, Nasdaq +12.95%, Russell +17.50%
  • Sector Performance: Energy +1.29%, Financials +1.12%, Consumer Disc +0.89%, Materials +0.50%, Tech +0.08%, Healthcare (0.03%),Industrials (0.3%), Consumer Spls (0.31%), Utilities (0.44%)
  • MARKET LEADING/LAGGING STOCKS YESTERDAY: Polo RL +7.29%, Harman +4.93% and Halliburton +4.91%/Assurant -11.16%, Dean Foods -9.76% and Invesco -3.92%.


  • ADVANCE/DECLINE LINE: 697 (+2145)  
  • VOLUME: NYSE - 1117.12 (+0.46%)
  • VIX: 18.47 -3.20% - YTD PERFORMANCE: (-14.81%) - BEARISH TREND
  • SPX PUT/CALL RATIO: 1.61 from 1.59 +0.96%  


  • TED SPREAD: 16.39 0.507 (3.194%)
  • 3-MONTH T-BILL YIELD: 0.13%
  • YIELD CURVE: 2.21 from 2.26


  • CRB: 317.11 -0.63% - First down day in 9
  • Oil: 87.81 +1.26% - BULLISH
  • COPPER: 396.90 -1.83% - BULLISH
  • GOLD: 1,395.32 -1.93% - BULLISH


  • EURO: 1.3739 -0.80% - BEARISH - Down 3.22% in the last 4 days
  • DOLLAR: 77.634 +0.25%  - BULLISH - Up 2.30% in the last 4 days



European markets:

  • FTSE 100: +0.23%; DAX: +0.28%; CAC 40: (0.01%)
  • European markets were initially buoyed by economic data out of China before continuing worries over the financial health of peripheral Europe and disappointment over corporate results reversed the early modest gains.
  • Cisco Systems trades down over (10%) in Germany on an “AIR POCKET” post EPS.
  • Peripheral debt spreads continue to widen.
  • Major indices currently trade little changed with falls in peripheral markets of over (1%) in many instances.
  • Just 4 sectors trade higher led by industrials and autos.
  • Mining shares are little changed overall despite higher metal prices, banks and technology shares are the leading decliners.
  • UK Q3 home repossessions 8,900 vs prior quarter 9,400

Asian markets:

  • Asian Markets: Nikkei +0.31%; Hang Seng +0.8%; Shanghai Composite +1.0%
  • Asian markets were weaker today, with most major markets falling except China and Japan
  • Chinese banks rose in Hong Kong on despite expectations China will raise interest rates; higher reserve requirements called for yesterday went largely ignored by investors.
  • Japan rose slightly on a weaker yen, with fears of overheating limiting gains.
  • Japan September core machinery orders (10.3%) m/m vs (9.4%) consensus. October CGPI +0.9% y/y.
  • China October CPI +4.4% y/y vs +4.0% consensus. October PPI +5.0% y/y vs +4.6% consensus. October value-added industrial output +13.1% y/y vs +13.4% consensus. October retail sales +18.6% y/y. October new loans CNY587.7B vs CNY490B consensus. October M2 +19.3% y/y vs prior +19.0%.
  • Australia October unemployment rate 5.4% vs 5.1% consensus. 

Howard Penney
Managing Director

THE DAILY OUTLOOK - levels and trends














The Macau Metro Monitor, November 11th, 2010




LVS said in a report, "Until adequate labour quotas are received, the timing of the completion of phases I and II [parcels 5 and 6 in Cotai] is currently not determinable with certainty... it is currently working with the Macau Government to obtain sufficient construction labour."  Sands is also considering opening only parts of Sites 5 & 6, saying it "is progressing on alternative scenarios for completion of selected portions of phases I and II with the construction labour currently onsite”.  The final phase of the Cotai project will begin “as demand and market conditions warrant it”.  The report also reiterated Sands' confidence in securing parcels 7 & 8.


Secretary Tam said the government is “keeping an eye” on the junket price war situation, to prevent “vicious” or “harmful” competition.  Mr Tam noted that, so far, the government had no evidence of violation of junket rules by gaming operators.



China’s new yuan denominated lending in October dropped to RMB $587.7 BN from RMB $595.5 BN In September, easily beating market estimates of RMB $500BN.  China's M2 supply totaled RMB 69.98 TN, up 19.3% YoY.

No Money, Need Crisis

“This country’s out of money and we better start thinking.”

-Erskin Bowles


Erskine Bowles is a Democrat. He was Bill Clinton’s Chief of Staff the last time this country ran a budget surplus. Now he’s President of the University of North Carolina and Co-Chair of President Obama’s Debt and Deficit Commission.


If you already haven’t, google ‘Bowles Pelosi’ this morning and you’ll see why professional US politicians are tee’ing up America’s balance sheet to implode. The good news is that this isn’t “new” news. Those who aren’t paid to be willfully blind get it at this point. The American political machine has crossed its proverbial Rubicon.


This is going to be critical news for the next few weeks because yesterday afternoon Messrs Bowles and Alan Simpson (former Republican Senator from Wyoming), released a “draft” of their debt and deficit report that’s due out on December 1st.


Commenting on the draft, compare and contrast these views:

  1. “Without tough choices, we’re on the most predictable path toward an economic crisis that I can imagine.” –Erskine Bowles
  2. This is “simply unacceptable” –Nancy Pelosi

Then consider the PR guy’s take from Stan Collender (former Democrat budget analyst): “Mathematically, it apparently works… Politically, it is going to have a lot of trouble getting support from more than just the two co-chairs.”


Finally, here’s President Obama’s take: “So before anybody starts shooting down proposals, I think we need to listen, we need to gather up all the facts.”



  1. Bowles is calling it like it is.
  2. Pelosi doesn’t know what it is.
  3. PR guy knows what math is.

Question: Does the President of the United States have the leadership to listen, hear, and execute on the toughest fiscal decision of the century?


Ironically enough, as the Debt and Deficit Commission’s draft was being released, I was sitting in Peter Orszag’s office at Princeton University. Orszag, of course, just left Obama’s team after running the OMB (Office of Management and Budget). He’s done the math too.


We’ll send a research report out to our clients later on today that goes through the details of Hedgeye’s discussion with Peter, but the overall takeaway is that he not only agrees with our (and Reinhart & Rogoff’s) conclusions about structural debts and deficits, but he agreed that we’ll likely need another economic crisis in order to rid ourselves of this unbearable political polarization.


Now, to be clear, Orszag introduced and effectively utilized the word “polarization.” At Hedgeye we use words like: fiat, conflicted, compromised, fools, risk, charlatan, dogma, etc… but it’s all one and the same thing. And guess what Washington people? Americans have a Ph.D. in their gut on this too.


This morning Bloomberg released a poll (which I’ll editorialize) that confirmed most of what the objective mind in you has already internalized:

  1. 75% of people think Quantitative Guessing (QG) will be “ineffective”
  2. 60% of people (down from 71%) trust Bernanke at the wheel
  3. 44% of people trust Geithner has a clue on economic matters

Now at least Geithner is on the record admitting that he “isn’t an economist.” So when you read his quotes from the G20 this morning suggesting that the debauching of the Dollar has nothing to do with our professional politicians burning it at the stake, take his word for it – he doesn’t do interconnectedness.


Back to Orszag, Bowles, and the American leaders who remain brave enough to stand up against the tyranny of a compromised Congress…


Fellow citizens, it’s time. On this Veteran’s Day we need to ask ourselves if the time to rid this country of Pretended Patriotism isn’t now, when will it be?


As Peter Orszag stated plainly, the clock has been ticking. Any independent analyst who isn’t trying to snag a banking bonus or Washington consulting fees gets this. US municipalities and states are already in fiscal crisis – they’ll eventually need to be bailed out too (QE3). But who is going to pay for it? Will America allow Congress to raise the US Debt Ceiling in 2011? If America can’t issue debt at these artificially low rates, what happens next?


Maybe Mr. Macro Market is already giving us a preview of the answer – US Dollar UP, and US Treasury Yields UP. This is new as of the last week. We’re seeing immediate term breakouts in both. The Buck won’t Burn forever – particularly if we find a President who gets that this debt and deficit buck stops with him.


My immediate term support and resistance levels for the SP500 are now 1206 and 1239, respectively. I covered some short positions on yesterday’s opening market weakness and now have 10 LONG versus 11 SHORT positions in the Hedgeye Portfolio. I remain short the Euro (FXE) and long the US Dollar (UUP).


Best of luck out there today,



Keith R. McCullough
Chief Executive Officer


No Money, Need Crisis - 1

Early Look

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Relied upon by big institutional and individual investors across the world, this granular morning newsletter distills the latest and most vital market developments and insures that you are always in the know.


History shows that new Macau properties cannibalize a company’s existing core property. The sell side doesn’t appear to be reflecting that in their WYNN price targets.



On its Q3 conference call, WYNN pushed back the opening of its Cotai development to 2015.  That should’ve resulted in lower price targets given the time value of money.  It didn’t.  More importantly, we don’t think analysts are incorporating the likely cannibalization of Wynn Macau/Encore from Wynn Cotai.  The argument against cannibalization is that Wynn Cotai will be more of a Mass property and its location on the Cotai Strip will attract a different customer than that of the existing Wynn Peninsula properties.


Really?  Circumstances were very similar when LVS opened Venetian in 2007 and MPEL opened City of Dreams (CoD) last year.  As the following chart shows, 70% of Venetian’s 15% market share came from Sands and Altira donated more than 60% of CoD’s 8% share. 




On a year over year basis, revenues at Sands (post-Venetian for 12 months) declined 27% while revenues at Altira (post-CoD for 12 months) fell 20%, versus the same store revenues for the market gaining 24% and 34%, respectively, over those same time periods. 




So how much cannibalization would this mean to WYNN?  Assuming, the market grows to $30 billion in 2015 and consensus gross gaming revenues for Wynn Cotai of $3 billion are accurate, the property will capture a 10% share.  If history holds, Wynn Macau/Encore will suffer a share loss of 600-700 bps.  Given the maturity of the market that seems excessive.  However, even if we assume 325bp share loss (half of of the midpoint), that translates into almost $1 billion in lost gross gaming revenues which we estimate would cost Wynn Macau/Encore about $250 million in EBITDA.  Think that sounds extreme?  Sands Macau EBITDA declined $216 million (from $457m) in the 12 months following the opening of Venetian which, incidentally, generated $504 million in EBITDA.


Consensus EBITDA estimates for Wynn Cotai are in a $550-650 million range.  The analysts seem to be applying a 13-14x multiple on that cash flow and discounting it back at a 10-15% rate.  This analysis produces $15-25 of incremental target price value after subtracting out the $2.5 billion investment cost and the minority interest.  Indeed, all of the price target derivations we reviewed were in the $15-25 range.


However, we don’t think these analysts are factoring in the potential $300 million loss of EBITDA at Wynn Macau/Encore as a result of Wynn Cotai cannibalization.  Using the same multiples and discount rates on the cannibalization yields offsetting negative value of $10-14 per share.  Wynn Cotai looks a lot less valuable under this more realistic lens.


Disappointing Q3 results were not only softer than 2Q but also missed the S$400 whisper 




NOTE: All dollar figures are in Singapore Dollars unless otherwise stated

  • Group revenue was S$744MM and EBITDA was S$347.6MM
  • RWS revenue was S$731.8MM and EBITDA was S$346.5MM
  • Hotel occupancy was 71% and ADR was S$250
  • Universal Studio Singapore ("USS") continued to operated at a daily maximum capacity of 8,000 with an average visitor spend of S$81
  • The Group's UK operations, which are in discontinued operations, delivered revenue of S$93.8MM and EBITDA of S$8.7MM. The reduction in YoY results was mainly due to poor hold and the weakening of the Sterling vs. the Singapore dollar
  • "RWS goes into the last quarter of 2010 with four hotels fully operational and with an enhanced line-up of food and beverage and retail offerings. The resident circus-spectacular show Voyage De La Vie opened in July to good response."
  • "Battlestar Galactica and the much-anticipated Journey to Madagascar rides are expected to expand the attractions in the first half of 2011. This, together with the world debut of Transformers in the second half...The capacity is expected to increase substantially from 8,000 to 18,000."
  • "We are still in the initial year of operations as we continue to improve operational efficiency, integrate overall resort management and methodically implement marketing plans."
  • "Construction of the West Zone has commenced. We are expecting to start operations progressively from year 2011, beginning with the Maritime Xperiential Museum in the first half of 2011, followed by the world‟s largest aquarium, the Marine Life Park, the destination spa and a variety of luxurious accommodation at its Equarius Hotel and Spa Villas."



  • Describes LVS as a very aggressive competitor
  • Revenue only decreased 15% despite the entry of a new player
  • EBITDA margin decreased to 48% due to the expiration of warranties on gaming equipment and the ramp of their show.  Hold has also normalized from a very high win rate in the 2nd quarter.
  • The market is still in the infant stages. Over the next few years, they expect that the better IR - ie RWS - will have a majority of the share.
  • Had over 3MM visitors in Q3
  • In 3Q they stepped up their marketing programs overseas
  • Many of the visitors to USS were repeat guests
  • The theme park was cash generating
  • VIP win was 55% of total gaming receipts, down from 60% in 2Q
  • Operated more than 100 tables in VIP and 370 tables, 1200 slots



  • Margins should be between 45-60% going forward
  • When USS ramps up, it will be margin accretive
  • Provision of bad debt? Increased in the quarter?
    • Level was the same as in Q2 and don't expect any increase in that level
  • Rebate rates?
    • Still at similar level as 2Q
  • Market share - 53% right now, where will it be headed in VIP and Mass?
    • Over time they expect the market to skew to towards the better product and management, which they believe they have. 
    • In terms of their marketing plan, they are still in the process of rolling it out. So they still view the market as virgin territory.
    • Expect growth to be quite healthy
  • Theme park was cash positive in the quarter
  • October - it was possibly more robust than September
  • % of total revenue from non gaming: 10-20%
  • Slot revenue %: no comment
  • Regulatory risk - Singaporeans are generating a significant percentage of their revenues and perhaps the government would like to reduce that over time?
    • Doesn't think that that is a regulatory risk as long as they continue to operate under the rules
    • Local contribution will shift over time as marketing programs roll out
  • What is the table and slot limit at their facility?
    • Depends on whether they are in the main or VIP area
    • Theoretically they can increase to 560 tables with no problem
  • Market share based on RC share?
    • They are higher than 53% - "much higher" than LVS's
  • Trade receiveables increase to S$423 - all applicable to RWS but not all is casino related.  70-80% is casino related, same as last quarter. Quarter on casino receivables have increased substantially
    • Believe that they are doing a good job between balancing revenue growth and credit extension
  • Opportunity in Japan and other jurisdictions in Asia
    • They will look at Japan very seriously
    • They will look at "developed" Asia opps
  • Time frame of Japan
    • Legislators are still doing the research
    • If everything goes well, they expect a bill passage by end of 2011/early 2012
  • It will take some time for the junkets to be licensed. Looking at early next year.
  • Sense of seasonality - difficult to quantify, but they did say that August is a "ghost" month. Expect the 4th quarter to have a stronger showing because they have a lot of school holidays. Their results were in-line with their expectations.
  • Level of demand for junket oriented play that they are currently unable to serve
    • "There is very huge demand"
    • It's a very virgin market so pinning the number down is very difficult
  • S$300MM operating expenses per day excluding taxes.  As the theme park continues to ramp, the margins will get better. There will be an one-off operating expense related to the park opening in 4Q2011. There were some, but not very significant, start up costs related to show and attraction openings.
  • Busing program - they are very happy with it. 
  • Should we think about the current level of EBITDA as the new base vs what they saw last quarter?
    • Think it's a good base to look at and grow off of
  • Which segment has low hanging fruit?
    • Mid level and high end of the market
  • What kind of junkets would the Singapore government consider licensing?
    • Government is cautious but also pragmatic. Similar to the Australian junkets.
    • The process of licensing is just very lengthy, still hopeful to see licenses by 1Q2011
  • What kind of market growth is possible for next year?
    • Size of the market is really anyone's guess. They still see lots of potential.
    • Not sure how much junkets can grow the market
  • No view on Australia.  There is a possibility of dividend of payments. Lots of variables - like when and if the junkets come online.
  • Month before Chinese New Year is usually a very slow month so depending on how good Chinese NY's is determines whether the 4th Q is the strongest
  • Sheldon's thoughts on S$8BN in 2011?
    • Won't comment
  • Revenues from the Sinaporeans is very low.  Most of their high rollers are from other regions.
  • Non-gaming revenues margins are lower than 47% - much lower
  • Bad Debt - impairment loss on trade receiveble - related to Singapore ($23.5MM). Ratios are similar Q to Q
  • Goal for the Group is to build out the Resorts World brand
  • VIP RC volume was about the same as last quarter
  • Therefore casino receivables increased as a % of RC. Analyst calculated a 40% growth in receivables
    • Market mix is different from Q2 to Q3 so you can't look at it this way
  • Rough estimate of Chinese customers
    • At least 10-20% on the main gaming floor is acheiveable, but significantly higher in VIP


This note was originally published at 8am this morning, November 10, 2010. INVESTOR and RISK MANAGER SUBSCRIBERS have access to the EARLY LOOK (published by 8am every trading day) and PORTFOLIO IDEAS in real-time.

“We're all copycats in this league, ... There's nothing new in the NFL.”

-Wade Phillips (recently fired Coach of the Dallas Cowboys)


Speak for yourself Wade. That’s not how Bill Belichick thinks about coaching against you. Good luck with your job search.


In the New Reality of Google, You Tube, and Twitter, it’s a lot easier to hold professional politicians, athletes, and investors accountable to what comes out of their mouths and when. Amidst the leadership crisis we have in this country, this is critical progress.


I wrote a book about this last year (Diary of A Hedge Fund Manager) and my overall conclusion about modern day finance remains. The days of financiers, central bankers, and “economists” being protected by their old boy networks are ending. Opacity is dying on the vine of time and space. The question players in this game will have to answer for the next leg of this industry’s evolution is: what exactly is it that you do?


On Monday, rather than have some fan in the cheap seats make up an edited version of the game tape, I showed everyone my short book. Every position; every time stamp; and every gain/loss versus cost basis. Being accountable isn’t rocket science. There’s a reason why a lot of players in this game think like Wade Phillips – they should. Last week was not good for us. This week has been very good. This is the game. It’s constantly changing.


Yesterday, one of the fund managers that franchises the Hedgeye strategy sent me an email after the market closed. He was happy. Apparently he was up +0.45% (gross) on the day (the SP500 was down -0.81%). And that made me smile. One of my professional ambitions is to prove that, over time, not everyone loses money on market down days.


For transparency purposes, look at a snapshot of the Hedgeye Portfolio today versus Monday. Better than bad, and thank God we stuck to our guns. That’s the only way to outperform in this business, over time.


Wade Phillips may not see anything new in the NFL, but that certainly doesn’t mean that new strategies cease to exist. One man’s dogma is another man’s opportunity. That’s what has to get your feet on the floor early every morning to play this game. You have to search for the next big market move with passion.


Today, we’re looking at a much different global game of global macro than we were last Thursday. Both the US Dollar and US interest rates are breaking out to the upside.



  1. The Republicans swept the House
  2. The Quantitative Guessing (QG) experiment was squeezing my shorts
  3. The Burning Buck was getting debauched to fresh lows (down -15% since June)


  1. The Republicans are in the House (yes, they are also professional politicians)
  2. The Quantitative Guessing (QG) experiment = global inflation and the Chinese are raising interest rates
  3. The Burning Buck has found a bid, trading up a full +2.6% off its lows

That makes Hedgeye 17 for 17 on our US Dollar (UUP) calls since we started the firm in 2008. No, that’s not arrogance. That’s just the score. And, unless Hedgeye highlights it, I can assure you that our competition won’t.


The last time we were long the US Dollar was in Q1 of this year (our Macro Theme was called “Buck Breakout”) when we made a very bearish call on European sovereign debt called the “Sovereign Debt Dichotomy” (which outlines the theme that sovereign debt issues will exist for the next 3-5 years, but you’ll need to manage risk around positions in a Duration Agnostic way).


Yes, sometimes it’s that simple. After all, finding the deep simplicity of the macro matter is the definition of Chaos Theory. Being bullish on the US Dollar simply requires getting Bearish Enough on the Euro at the right time. One is a basket of the other and this morning you are seeing the Euro (which we are short via the FXE), break down through what we call out immediate term TRADE line of support at $1.39.


My opponents don’t like this morning’s reminders. But that’s cool. I wasn’t the most likable player on the ice either. Without consensus what would I do during the day? No matter where “they” go, or who “they” are, I’m not going anywhere anytime soon. Neither is the massive correlation risk associated with the following breakouts we are seeing in US interest rates this morning:

  1. 2-year US Treasury yields breaking out above my immediate term TRADE line of resistance = 0.37%
  2. 10-year US Treasury yields breaking out above my immediate term TRADE line of resistance = 2.54%
  3. 30-year US Treasury yields holding above what’s been an obvious breakout since mid-October (support = 3.86%)

Then and now… different durations… multiple countries … multiple factors… it’s all part of this giant game of Chaos Theory that ultimately results in interconnected global macro market risk. I don’t suspect Wade Phillips could see this coming until it was too late either.


My immediate term support and resistance lines for the SP500 are now 1202 and 1236, respectively. We continue to hold an 18% position in the Chinese Yuan (CYB) in the Hedgeye Asset Allocation Model and it’s hitting its highest levels since 1993 this morning as the Chinese tighten the screws on what was Bernanke’s Burning Buck.


We’ll be hosting a conference call with Peter Orszag, former Director of the Office of Management and Budget (OMB), today at 1PM EST. For qualified institutional investors, please email


Best of luck out there today,



Keith R. McCullough
Chief Executive Officer


Copycats - yields

Hedgeye Statistics

The total percentage of successful long and short trading signals since the inception of Real-Time Alerts in August of 2008.

  • LONG SIGNALS 80.46%
  • SHORT SIGNALS 78.35%