weekly market update 2-17-16phoenixcapitalmarketing.com/pwa2-17-16.pdf · 2016. 2. 17. · weekly...
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Weekly Market Update 2-17-16
©2016·PhoenixCapitalResearch,PhoenixCapitalManagementInc.AllRightsReserved.Protectedbycopyright laws of the United States and international treaties. This newsletter may only be usedpursuanttothesubscriptionagreementandanyreproduction,copying,orredistribution(electronicorotherwise, including on theworld wideweb), inwhole or in part, is strictly prohibited without theexpresswrittenpermissionofPhoenixCapitalManagementInc.·AllRightsReserved.
Disclaimer: The informationcontained on thisnewsletter is formarketingpurposesonly. Nothingcontained in thisnewsletter isintendedtobe,norshallitbeconstruedas,investmentadvicebyPhoenixCapitalResearchoranyofitsaffiliates,norisittoberelieduponinmakinganyinvestmentorotherdecision.Neithertheinformationnoranyopinionexpressedonthisnewsletterconstitutesandoffertobuyorsellanysecurityorinstrumentorparticipateinanyparticulartradingstrategy.Theinformationinthenewsletterisnotacompletedescriptionofthesecurities,marketsordevelopmentsdiscussed.Informationandopinionsregardingindividualsecuritiesdonotmeanthatasecurityisrecommendedorsuitableforaparticularinvestor.Priortomakinganyinvestmentdecision,youareadvisedtoconsultwithyourbroker,investmentadvisororotherappropriatetaxorfinancialprofessionaltodeterminethesuitabilityofanyinvestment.OpinionsandestimatesexpressedonthisnewsletterconstitutePhoenixCapitalResearch'sjudgmentasofthedateappearingontheopinionorestimateandaresubjecttochangewithoutnotice.Thisinformationmaynotreflecteventsoccurringafterthedateortimeofpublication.PhoenixCapitalResearchisnotobligatedtocontinuetoofferinformationoropinionsregardinganysecurity,instrumentorservice.Informationhasbeenobtainedfromsourcesconsideredreliable,butitsaccuracyandcompletenessarenotguaranteed.PhoenixCapitalResearchanditsofficers,directors,employees,agentsand/oraffiliatesmayhaveexecuted, or may in the future execute, transactions in any of the securities or derivatives of any securities discussed on thisnewsletter. Past performance is not necessarily a guide to future performance and is no guarantee of future results. SecuritiesproductsarenotFDICinsured,arenotguaranteedbyanybankandinvolveinvestmentrisk,includingpossiblelossofentirevalue.Phoenix Capital Research, OmniSans Publishing LLC and Graham Summers shall not be responsible or have any liability forinvestment decisions based upon, or the results obtained from, the information provided. Phoenix Capital Research is notresponsibleforthecontentofothernewsletterstowhichthisonemaybelinkedandreservestherighttoremovesuchlinks.OmniSansPublishingLLCandthePhoenixCapitalResearchLogoareregisteredtrademarksofPhoenixCapitalResearch.OmniSansPublishingLLC-POBOX2912,Alexandria,VA22301
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ThemarketsexplodedhigheronFridaycourtesyofmajorverbalinterventionsfromECBPresidentMarioDraghiandaGovernmentOfficialontheinnercircleofJapanesePrimeMinisterShinzoAbe.Theseverbalinterventionshavekickedoffabounceinriskmarkets(moreonthislater)thatIbelievewillendwithinthenextweekorso.ThefirstverbalinterventioncamefromtheECB,whichsuggestedcuttingratesfurtherintoNIRP.
ThereisfirmsupportforadepositratecutwithintheEuropeanCentralBank'sGoverningCouncilbutappetiteformoreradicalactionisstilllimited,conversationswithpolicymakersindicateamonthbeforetheMarchratedecision…
ECBPresidentMarioDraghihassaidthebankwouldreviewandpossiblyrecalibrateitsstanceinMarchtofightpersistentlylowinflation.Marketsnowpriceatleasttworatecuts,takingthedepositrateto-0.55percentbytheendoftheyearfrom-0.3percent.ECBWATCH"DoingnothinginMarchisveryunlikely,"thegovernorofoneoftheeurozone's19centralbankstoldReuters."Monetaryconditionshavetightened,longterminflationexpectationsarefallingandcredibilityisatstake.""Ithinkadepositratecutisfairlyundisputed,"thegovernoradded.http://www.reuters.com/article/us-ecb-policy-idUSKCN0VL1IP
ThesecondandfarmoreimportantverbalinterventioncamefromJapan.However,thistimearoundtheverbaliterventioncameNOTfromBankofJapanheadHaruhikoKuroda,butfromaGovernmentOfficialontheinnercircleofJapanesePrimeMinisterShinzoAbe.
AcloseadvisertoPrimeMinisterShinzoAbesaidFridaythattheBankofJapanmaycallanemergencymeetingtoundertakeadditionalmonetaryeasingiffinancialmarketsremainturbulent.EtsuroHonda,aformerfinanceministrybureaucrat,saidthegovernmentneedstodelayasales-taxincreasescheduledfornextyearandshouldconsideranadditionalfiscalstimuluspackage.
WEEKLY MARKET UPDATE 2-17-16
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Mr.Honda’sremarks,madeduringaninterviewwithTheWallStreetJournal,underlineaheightenedsenseofurgencyamongJapanesepolicymakersastheyen’sresurgenceandplummetingstocksthreatentofurtherundermineanalreadyfragileeconomy.http://www.wsj.com/articles/boj-could-consider-further-easing-amid-market-turmoil-says-abe-adviser-1455248770
Thisnewsstorytellsusseveralthings:
1) TheAbeGovernmentisawarethemarketsnolongerfindBankofJapanheadHaruhikoKurodacredible.
2) AbeisgrowingincreasinglyconcernedaboutthepoliticalramificationsofAbenomics’failure.
Regarding#1,asInotedlastweek,theBankofJapanisrapidlylosingcredibilitywiththemarkets.TheBankofJapanlaunchedNIRPonFridayJanuary292016.TheNikkeibarelystagedarallyonthenews.ThispromptedBankofJapanheadHaruhikoKurodatosurfaceofMondayFebruary3tostatethatthereis“nolimit”totheamountofeasingtheBankofJapancouldemploy(includingdeepercutstoNIRP).EventhispronouncementfailedtogenerateamarketresponsewithJapanesesharesplummetinganadditional6%.
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ThisiswhyitwassomeonefromAbe’sinnercircle,NOTtheBankofJapan,whoissuedtheverbalinterventiononFriday.ThefactthestatementwasmadeduringaninterviewwiththeWallStreetJournalonlyconfirmsthatthiswasanintendedintervention.Regarding#2,(Abe’sconcernsofpoliticalfalloutfromhisfailedpolicies)bothhousesofJapan’scongress(therearetwohouses,thelowerandtheupperwhichcomprisethecongressorNationalDietasitiscalledinJapan)willbestagingelectionsinthecomingmonths(theloweronApril24th,theuppersometimethissummer).PrimeMinisterShinzoAbewonalandslidein2014basedonhisplatformofgeneratingeconomicgrowthforJapanviabazooka-levelmonetarypolicy.UnderhisguidancetheBankofJapanlaunchingthesinglelargestQEprograminhistoryinApril2013(anamountequaltoover20%ofJapan’sGDP).Japansawabriefuptickineconomicgrowth(aboutsixmonths)beforeJapan’sGDProlledoveragain.TheBankofJapanthenexpandeditsalreadymassiveQEprograminOctober2014.Again,theresultswereshort-lived.
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Meanwhilebothconsumerconfidence…
…andconsumerspendinghavegonenowhereasidefromabriefuptickinearly2014asconsumersrushedtopurchasegoodsbeforeJapanhikedsalestaxesforthefirsttimein17years.
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Insimpleterms,Abenomicshasfailedtogeneratethedesiredeffects=sustainedGDPgrowthandinflation.TheonepositiveofthewholemesswasthatJapanesestockseruptedhigher.However,inrecentmonthsthistrendhasended.
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Asaresultofthis,PrimeMinisterAbeispanickingaboutlosingpoliticalpower.Togiveyouanideaofhowseriousthisis,considerthathehaspersonallyintervenedtogetseveralTVBroadcastersfiredforcriticizinghimonair.
ManyBritishpoliticianswoulddoubtlessrejoiceatthenewsthatAndrewMarr,EmilyMaitlisandAndrewNeilweretoleavetheirjobsalmostsimultaneously.ThatisthefatethathasbefallenwhatcouldlooselybedescribedastheircounterpartsinJapan–IchiroFurutachi,HirokoKuniyaandShigetadaKishii–threerespectedbroadcasterswithareputationforaskingtoughquestions.Theirimminentdeparturefromeveningnewsprogrammesisnotjustalosstotheirprofession;criticssaytheywereforcedoutaspartofacrackdownonmediadissentbyanincreasinglyintolerantprimeminister,ShinzoAbe,andhissupporters…Whiletheanchorsthemselveshaverefusedtocomment,expertssayAbeandhisallieshadmadetheirfeelingsknownaboutthebroadcastersduringsecretivedinnerswithtopmediaexecutives.http://www.theguardian.com/world/2016/feb/17/japanese-tv-anchors-lose-their-jobs-amid-claims-of-political-pressure
Sowhat’stocomeofthis?AbewilllikelyfireBankofJapanheadHaruhikoKurodaandpushforanewwaveofQElaterthisyear.AberecentlysawhisfirstuptickinpopularityinmonthswhenhisEconomicMinister(oneofthekeyarchitectsofAbenomics)resignedafteritwasrevealedhehadtakenbribes.NodoubtAbehasseenthepoliticalbenefitsofgettingridofunpopularbureaucrats.Moreover,asI’venotedpreviously,themarketsarenolongerrespondingtoNIRP,theyrequirealarge-scaleQEprograminordertoreact.
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IexpectAbewillaskKurodatostepdownsometimeinthenextsixmonths.He’llreplacehimwithanevenmoreaggressiveKeynesianwhilepromisinganevenlargerQEprogramwiththegoalofhittingtherequiredinflationtargets.Speakingofinflation,theUS’scoreinflationhasbeguntogovertical.
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Infact,ithasbrokenitsdownwardtrendlinefromthe2006high.
ThisrepresentsaHUGEproblemfortheFed.Debtdeflationisonceagainappearingrightascoreinflationbeginstomoveupwards.ThustheFedhasadecisiontomake:
1) Continuetohikeratesandacceleratetheeconomicdownturn/deflation.
2) Stophikingratesandruntheriskoflettingcoreinflationrunwild.PersonallyIthinktheFedwilloptfor#2.Ifitcomesbetweeninflationanddebtdeflation,theFedwillalwaysoptforinflation.Movingontothemarkets.TheS&P500isbouncinghardbasedontheafore-mentionedverbalinterventionsaswellasthefactthatitisoptionsexpirationweek(whenWallStreetgunsmarketshighertoshredasmanyoptionscontractsaspossible).Thekeylinetowatchisbluebelow.Iexpectustoseeamovetothatlevelbeforestocksrolloveragain.
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Thispatternexistsinvirtuallyallstockindexestoday.EmergingMarkets(EEM)
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Brazil(EWZ)
China(FXI)
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However,thiswillnotlastforlong.BarringamassivenewCentralBankintervention(actualQE,notjustverbalinterventions)themarketsareonborrowedtime.Iexpectwe’llseeasharpselloffcomingshortly.Atthatpoint,CentralBankswillbegintobringoutthebigguns.I’vepostedthebelowchartmanytimesbefore,butitisTHEtemplateforwhat’shappeninghere.WhentheTechBubbleburststocksstagedEIGHTmovesof16%+injustsixmonths.WhenbubblesburstyouDOgetsharpralliestotheupside.Andit’salwaysarollercoasterontheridedown.
Weareexperiencingsimilarvolatilitytodayasthestockmarkethastakenoutitslong-termtrendlineandthetrendisnowdown.
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Onafinalnote,Goldhasbrokenoutofthefallingwedgepatternthathastrappeditsince2013.
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Thepreciousmetalisnowoverboughtintheshort-termandneedstoretestformerresistance(theupperblueline).Ifitholdstherethenthenextleguphasbegun.AsSocieteGeneralrecentlypointedout,duringthelastGoldbullmarketinthe1970s,Goldrose550%duringitsfirstlegupfrom1970to1974.Itthencorrected50%beforebeginningitsnextlegup.However,itwastheSECONDmovehigherthanwastheBIGone=a900%increaseinvalue.Usingthisasaproxy,combinedwithmybeliefthatCentralBanksaregoingtobeunleashingtrulyNUCLEARlevelQEprogramsanddeeperNIRPcuts,IexpectGoldtomovetoatleast$5,000perounceifnot$10,000perounceduringitsnextlegup.A900%increasefromcurrentlevelswouldputusat$10,800perounce.Getready:thetimetobuyGoldwithbothhandsisfastapproaching.BothGoldminersandGoldMiningJuniorsareshowingsimilarbreakoutstotheupside.
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Thisconcludesthisweek’sissueofPrivateWealthAdvisory.Bythelookofthings,weareinadeadcatbouncefromthesharpselloffthanbegantheyear.IexpectthisbouncetolastperhapsaweekmorebeforewemovedownHARD.I’mwatchingthemarketscloselyandwillissueupdatesasneeded.Barringanynewdevelopments,you’llnexthearfrommenextWednesdayinourregularweeklymarketupdate.UntilThen…
EditorPrivateWealthAdvisory
BestRegards,
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OPEN POSITIONS
Pricesasof2/17/16afterthemarket’sclose.Pricesincludedividends
US DOLLAR CARRY TRADE IMPLOSION PORTFOLIO
RELATIVE US STRENGTH PORTFOLIO
SYSTEMIC RISK/ BLACK SWAN PORTFOLIO
*Avg.priceof$20.78and$14.20
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
UltraBullishDollarETF UUP 5/23/11 $21.79 $25.1315%
UltraShortEuro EUO 4/10/15 $27.68 $24.28 -12% UltraShortYenETF YCS 5/27/15 $94.48 $78.38 -17%
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
NuveenMuni.Fund NIO 1/2/14 $13.12 $14.57 25% Wal-Mart WMT 7/30/14 $74.78 $66.11 -8% Exxon XOM 9/24/14 $95.82 $82.00 -11% 7-10YrTreasuryETF UST 11/26/14 $55.54 $60.64 11%
20+YrTreasuryETF TLT 7/15/15 $116.89 $129.31 12% RPXCorp RPXC 8/5/15 $15.48 $9.78 -37% Apple AAPL 9/11/15 $114.21 $98.12 -14%
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
Gold 3/17/10
$1,120$1,210.00
8%
Silver 3/17/10
$17.50$15.33 -12%
GoldMinersETF* GDX 5/13/15 $20.78 $17.82 2% GoldMiningJuniorsETF GDXJ 1/27/16 $19.12 $23.76
24%
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Pricesasof2/17/16afterthemarket’sclose.Pricesincludedividends
TECH BUBBLE 2.0 PORTFOLIO
MARKET HEDGE PORTFOLIO
EU MELTDOWN PORTFOLIO
*Avg.priceof$385.37and$583
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
Amazon(SHORT)* AMZN 2/25/15 $385.37 $534.10 -10%
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
UltraShortNikkeiETF EWV 1/6/15 $67.46 $58.61 -13%UltraShortEmergingMarketETF EEV 1/20/16 $31.27 $25.43 -19%UltraShortChinaETF FXP 1/20/16 $59.95 $52.35 -13%UltraShortBrazilETF BZQ 1/20/16 $110.71 $77.30 -30%UltraShortFinancials SKF 2/10/16 $60.95 $56.04 -8% UltraShortRussell2000ETF TWM 2/10/16 $52.94 $48.03 -9%
POSITION SYMBOL BUY DATE
BUY PRICE
CURRENT
PRICE
GAIN/ LOSS
SpainETF(SHORT) EWP 1/22/16 $25.89 $25.64 1%
DeutscheBank(SHORT)DB
2/3/16$16.65
$17.94-8%
Santander(SHORT) SAN 2/3/16 $3.86 $4.17 -8%
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POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Apple AAPL 4/2/14 $77.51 9/29/14 $98.84 28%
EuropeanFinancials(SHORT) EUFN 4/15/14 $24.89 10/10/14 $22.47 11%
UltraShortRussell2000 TWM 4/15/14 $49.46 10/10/14 $52.28 6%
UltraShortBrazil BZQ 10/15/14 $62.00 10/21/14 $71.92 16%
UltraShortGold GLL 10/24/14 $94.15 11/14/14 $104.21 11%
UltraShortSilver ZSL 10/24/14 $104.89 11/14/14 $122.00 17%
EnduroRoyaltyTrust NDRO 5/22/13 12.05 11/28/14 $7.06 -26%
UltraShortEuro EOU 1/20/15 $23.49 3/5/15 $26.51 13%
UltraShortBrazil BZQ 1/6/15 $91.07 3/6/15 $100.74 11%
Target TGT 5/28/14 $55.34 4/1/15 $82.13 52%
Pfizer PFE 7/30/14 $29.26 4/1/15 $34.56 20%
GeneralElectric GE 2/5/14 $24.57 4/13/15 $27.89 18%
BPPrudhoeBayRoyaltyTrust BPT 1/2/14
$76.775/20/15 $66.70 5%
ConocoPhillips COP 3/5/14$66.30
5/20/15 $65.27 4%
RussiaETF TRF4/9/15 $10.62 5/20/15 $11.36
7%
RECENTLY CLOSED POSITIONS
20
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
UtraShortOilETF SCO 5/27/15 $61.08 7/6/15 $70.30 15%
UltraShortGoldETF GLL 2/25/15 $95.49 7/7/15 $101.75 7%
Copper(SHORT) JJC 3/10/15 $31.35 7/7/15 $28.78 8%
UltraShortBrazilETF BZQ 5/27/15 $85.70 7/7/15 $92.02 7%
IndustrialMetalsETF UBM 3/25/15 $15.24 7/7/15 $13.56 11% UltraShortChinaETF(half) FXP 3/10/15 $36.45 7/8/15 $41.93 15%
UltraShortOilETF(half)SCO 7/21/15 $76.19 7/23/15 $82.14 8%
UltraShortBrazilETF(half)
BZQ 7/21/15 $91.39 7/23/15 $102.36 12% UltraShortBrazilETF(secondhalf)
BZQ 7/21/15 $91.39 7/24/15 $109.60 20% UltraShortOilETF(secondhalf)
SCO 7/21/15 $76.19 7/27/15 $87.36 15%
LinkedIn(SHORT)LNKD 6/17/15 $215.45 8/4/15 $194.96 10%
AustraliaETF(SHORT)EWA 1/6/15 $21.97 8/11/15 $19.85 11%
UltraShortEmergingMktsETF
EEV 1/20/15 $19.48 8/11/15 $21.56 11%
RECENTLY CLOSED POSITIONS CONTINUED
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RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
UltraShortChinaETF FXP 3/10/15 $36.458/19/15 $41.59 14%
ChinaRealEstateETF(SHORT) TAO 6/11/13 $20.11 8/24/15 $17.21 14% SouthKoreaETF(SHORT) EWY 8/18/15 $48.17
8/24/15 $43.82 10%
IndiaETF(SHORT) INP 8/18/15 $70.188/24/15 $59.38 18%
Santander(SHORT) SAN 8/13/15 $6.638/24/15 $5.99 10%
SpainETF(SHORT) EWP 8/13/15 $34.088/24/15 $31.38 8%
AustralianDollarETF(SHORT)
FXA 5/27/15 $77.368/26/15 $70.99 8%
UltraShortSilverETFZSL 7/29/15 $120.84
8/26/15 $132.02 9%
UltraLongS&P500 SSO 9/2/15 $56.129/9/15 $59.37 6%
UltraLongRussell200 UWM 9/2/15$79.20 9/9/15 $83.75 6%
CanadaDollarETF(SHORT)
FXC 5/27/15 $79.819/23/15 $74.47 7%
Canon(SHORT) CAJ 7/31/13 $30.849/23/15 $29.12 6%
UltraShortSemiconductorsETF
SSG9/18/15
$54.00 9/24/15 $60.2011%
UltraShortBrazilETFBZQ 9/22/15 $172.16
9/24/15 $199.00 16%
DeutscheBank(SHORT)DB
10/28/15$30.31 11/12/15 $26.17 14%
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RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Santander(SHORT)SAN
10/28/15$5.70 11/27/15 $5.36 6%
UltraShortGoldETFGLL 7/29/15 $112.00
11/27/15 $117.38 5%
UltraShortOilETF SCO 11/12/15 $95.3512/2/15 $108.18
13%
UltraShortBrazilETF BZQ 11/12/15 $66.3212/2/15 $72.46
9%
BancoDeChile(Short)
BCH 8/18/15 $61.8912/8/15 $57.68 7%
RussiaETF(SHORT)RSX 12/2/15 $16.35
12/8/15 $15.32 6% UltraShortEmergingMarketsETF EEV 11/12/15 $22.14
12/8/15 $23.767%
SpainETF(SHORT)EWP
9/30/15$29.66 1/14/16 $27.64 7%
UltraShortEmergingMarketsETF
EEV12/17/15
$23.84 1/14/16 $25.316%
SingaporeETF(SHORT)EWS 9/22/15 $10.31
1/7/16 $9.57 7%
MexicoETF(SHORT) EWW 12/23/15 $51.151/7/16 $46.66 9%
FranceETF(SHORT)EWQ
9/30/15$24.07 1/11/16 $22.64 6%
Nvidia NVDA 6/26/13$14.14
1/13/16 $30.04119%
Auto-Zone AZO 9/25/13$422.73
1/13/16 $716.2169%
Intel INTC 12/20/13$25.14
1/13/16 $32.4036%
Target TGT 5/28/14$55.34
1/13/16 $72.6838%
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RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Tesla(SHORT) TSLA 2/25/15 $203.761/14/16 $196.41 4%
UltraShortFinancialsSKF
9/18/15$52.39 1/14/16 $55.20
5%
EuropeanFinancials(SHORT)
EUFN1/6/16
$19.36 1/15/16 $18.02 7% UltraShortS&P500 SDS 9/18/15 $22.33
1/15/16$23.58 6%
MalaysiaETF(SHORT)EWM 9/22/15 $7.50
1/15/16 $7.16 5%
Kraft KHC 9/24/14 $56.811/15/16 $68.79
27%
McDonalds MCD 10/30/14 $92.871/15/16 $115.25
29%
Santander(SHORT)SAN
1/6/16$4.52 1/19/16 $4.19 7%
RetailETF(SHORT)XRT
1/13/16 $40.66 1/20/16 $38.01 7%
Coke KO 8/28/13$36.80
1/22/16 $41.8121%
GeneralElectric GE 2/5/14$24.57
1/22/16 $27.9120%
EliLilly LLY 12/3/14 $71.131/22/16 $83.09
20%
UniversalCorporation UVV3/5/15
$48.051/22/16 $52.23
12%
Pfizer PFE 7/30/14 $29.262/1/16 $30.16
8%
Microsoft MSFT 12/3/14 $48.082/1/16 $54.70
16%
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RECENTLY CLOSED POSITIONS CONTINUED
POSITION SYMBOL BUY DATE
BUY PRICE
SELL DATE
SELL PRICE
GAIN/
LOSS
Netflix(SHORT) NFLX 1/27/16 $91.152/8/16 $81.55 11%
ItalyETF(SHORT)(half)
EWI1/27/16 $12.05 2/9/16
$10.88 10% BarclaysPLC(SHORT)(half) BCS 1/27/16 $10.37
2/9/16$9.09 12%
DeutscheBank(SHORT)(half) DB 2/3/16 $16.65
2/9/16$14.95 10%
ItalyETF(SHORT)(otherhalf)
EWI1/27/16 $12.05 2/11/16
$10.71 11% BarclaysPLC(SHORT)(otherhalf) BCS 1/27/16 $10.37
2/11/16$8.64 17%
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