Summer Volatility Builds Base

Summer Volatility Builds a Base for a Late-Year Lift-Off

by Louis Navellier

September 6, 2017

*All content in this Introduction to Marketmail represents the opinion of Louis Navellier of Navellier & Associates, Inc.*

Rain Running off Roof Image

The S&P 500 fell 3% in the middle of August on resumed volatility, but for all the sound and fury we endured in the historically stormy month of August, the S&P 500 closed August up a microscopic 0.05%. The big news last week was that NASDAQ rose over 2.7% to a new high. The overall market revived after seeing renewed growth (including a revised 3% GDP annual growth rate in the second quarter).

Rising GDP growth combined with decelerating inflation make for a “Goldilocks scenario,” favorable for stocks. Contributing to this Goldilocks scenario, the 10-year Treasury bond now yields only 2.16%, while the S&P 500 dividend yield is 1.91%, giving income investors incentive to favor stocks for total return.

In my opinion, the stock market is building a base for a much bigger launch. As I mentioned last week, the next big surge will likely be the last 10 trading days of September, since good stocks tend to benefit from quarter-end window dressing as well as the 90-day quarterly rebalancing of smart Beta and equal-weight ETFs. I also expect another surge in the second week of October, just before the third-quarter announcement season heats up. Overall, I recommend becoming fully invested by the second week of November, since an early “January effect” often commences the week before Thanksgiving. Adding in Christmas, this is a seasonally strong time of year as we gather for friends, family, food, and football!

In This Issue

In Income Mail, Bryan Perry identifies two green lights for stocks – higher GDP growth and progress on tax reform.  In Growth Mail, Gary Alexander reminds us that September has been a good month recently. He then explains the economics behind the aged and shrinking Washington State ferry boat fleet.  Ivan Martchev covers the likely impact of North Korean unrest on the bond and currency markets, while Jason Bodner compares Blackbeard to Kim Jong-Un while explaining why bluster seldom moves the markets.  I’ll conclude with a look at what has worked best so far in 2017 and why GDP growth should keep rising.

Income Mail:
The U.S. Economy is Starting to Hit Its Stride
by Bryan Perry
Tax Reform - A Market Catalyst in The Rough

Growth Mail:
September is Down (Historically) but Up (Recently)
by Gary Alexander
A Labor Day Look at Phony Job Creation

Global Mail:
North Korean Market Repercussions
by Ivan Martchev
The Dollar is the Other Beneficiary of North Korean Tensions

Sector Spotlight:
Exploding Beards and Nuclear Hairdos
by Jason Bodner
Infotech and Healthcare Continue Leading the Market

A Look Ahead:
2017 Has Been a Stock Picker’s Year
by Louis Navellier
Second Half GDP Growth is Likely to Exceed 3%

Income Mail:

*All content of "Income Mail" represents the opinion of Bryan Perry*

The U.S. Economy is Starting to Hit Its Stride

by Bryan Perry

In light of persistently low inflation readings – influenced by the prolonged decline in oil prices – the economy perked up during the latter part of summer, setting the stage for a strong finish that should see GDP growth hit full stride in the fourth quarter, which is typically a seasonally strong time of the year.

Last week, the ISM Manufacturing PMI checked in at 58.8 for August, up from 56.3 in July and the highest reading since April 2011. August marks the 12th consecutive month the index has been above 50, the dividing line between expansion and contraction. Such a huge monthly rise connotes a manufacturing sector reaching a full head of steam (source: “ISM Report on Business,” September 1, 2017).

Historically, such a bullish manufacturing report would underpin a strong move up for the dollar, in anticipation of further Fed rate hikes. However, there is a counterintuitive trend in place where the U.S. Dollar Index (DXY) is on the verge of breaking down through its long-term uptrend line at around 93.

United States Dollar Index - EOD Chart

Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.

Specifically, the dollar weakened as traders assumed there won't likely be a rate hike at the September 19-20 FOMC meeting. In turn, that assumption drove some buying interest at the front end of the yield curve.

The buying interest at the back end of the yield curve, however, seemed counterintuitive since more supply ostensibly would be seen in longer-dated maturities when the Fed scales back its reinvestment. The thinking there could be tied to an expectation that inflation should be tempered by a rise in market rates associated with the Fed’s balance sheet normalization program. Either way, a lower dollar coupled with an extended period of low interest rates is bullish for equities and especially dividend stocks.

Federal Reserve Bank Assets and Liabilities Charts 

Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.

It’s impressive, in my view, that the market has rallied with literally none of the Trump economic agenda having been passed or funded. There is no healthcare reform, no border wall, no grand infrastructure spending plan, no massive rollback of financial regulations, and no major tax overhaul strategy in place...yet. This may start to change soon, but for the past several days President Trump and his team have performed admirably in support of managing the damage and dislocation from Hurricane Harvey.

Natural disasters are non-partisan. They provide a platform for compromise in other areas of contention where politics tends to rule over common sense. It now appears that tax reform is going to be the next priority for Trump and the Republican Congress. If – and that’s a big if – there can be a meeting of the minds on both sides of the aisle, the overly burdensome tax system just might be greatly simplified. Tax reform is 30 years overdue, but it looks like there is some genuine traction for some sweeping changes.

Tax Reform - A Market Catalyst in The Rough

Treasury Secretary Steve Mnuchin said last week that he hopes to get a comprehensive tax plan to the President's desk by the end of the year. As of yet, Trump's plan remains stuck in broad outlines: simplifying the tax code, creating a more competitive tax code, delivering tax relief for the middle class, and repatriating offshore profits. Trump also said he would like to bring the business tax rate down to 15%, a figure that has been met with resistance by Congressional leaders, who see it as too low.

Initially, the timeline for tax reform was August, but as we move into September, the target date has now moved to December. The fight over healthcare has taken the oxygen out of Congressional chambers. In true and sad fashion, the President and Congress have consistently failed to sync up their reform plans.

Now, the White House faces a jam-packed fall legislative calendar that includes deadlines to avert a government shutdown (by raising the debt ceiling) and the added pressure to pass a disaster assistance package in the wake of Hurricane Harvey. The debate over immigration also continues in the midst of the disaster. So, while tax reform looks plausible, the relief effort in Texas and Louisiana must take priority.

With that said, market participants are bidding up stocks on the back of improving organic economic data and the prospects for rising third-quarter earnings, evidenced by strong business investment and a weak dollar, boosting profits from overseas sales. If any semblance of a tax reform bill goes to committee in the House, I suspect the major averages will experience a year-end melt up that will confound the critics.

I don’t believe this is any time to be buying bonds, but I do strongly hold the view that buying higher yielding assets that are sensitive to economic growth, inflation, and higher interest rates makes all the sense in the world for income investors. These stocks are still affordable, as a number of dividend-paying stocks and sectors have lagged the pure growth sectors for the first eight months of 2017. Major market participants will figure out that companies that can double their dividend payouts in 5-7 years due to rapidly rising earnings will once again take center stage. And that time, as I see it, is coming soon.

Growth Mail:

*All content of "Growth Mail" represents the opinion of Gary Alexander*

Global Growth (and Rising Prosperity) Send Metals Soaring

by Gary Alexander

As we have often reported, Bespoke Investment Group has calculated that August is the worst market month over the last 20 years, while September is the worst market month over the last 50 to 100 years.  The two most memorable crashes in the 20th Century (1929 and 1987) were preceded by a bubbly peak around Labor Day.  These two crashes have created timeless images of mind-numbing market carnage:

  • On September 3, 1929, the Dow Industrials peaked at 381.17, followed by a steep 48% crash in 10 weeks and an 89% wipeout by mid-1932.  The Dow would not reach its 1929 peak until 1954.
  • On August 25, 1987, the Dow peaked at 2722 before falling 36% in the next two months, capped by a record 22% one-day drop on October 19 – but then the market recovered fairly rapidly.

These two famous crashes have given September and October a bad name, but the worst Septembers did not occur in either 1929 or 1987.  The six worst Septembers in history came in the 1930s and 2000s.

Seven Double-Digit Dow Declines in Past Septembers

  • 1931: -30.7% (the worst percentage loss of any month in history, from Dow 139.41 to 96.61).
  • 1930: -14.8% (the 1930 summer swoon, caused by the Smoot-Hawley trade act in Congress).
  • 2008: -14.1% (the worst month of the 2008 crisis, including the failure of Lehman Brothers).
  • 1937: -12.9% (the start of the second huge 1930s stock market crash, in 1937-38, down 50%).
  • 2002: -12.4% (the end of the long 2000-02 bear market, following the 2000 tech stock bubble).
  • 2001: -11.1% (the initial reaction to the 9/11 attacks on America, but the market recovered soon).
  • 1974: -10.4% (capping a 24.7% loss in 1974’s third quarter, as the Dow fell from 806 to 607).
  • Source: The Stock Trader’s Almanac.

Once a major historical trend gets noticed, it tends to lose momentum, since investors try to anticipate any seasonal decline and sell earlier.  Pre-September selling may be one reason why recent Augusts have been so dismal.  September, by contrast, has been net positive during the last seven years of this bull market:

Standard and Poor's 500 September Changes Table

Based on recent history and current fundamentals, we can remain fairly confident this September.

A Labor Day Look at Phony Job Creation

I live on a remote island in the North Puget Sound, Washington State, serviced by the Washington State ferry system.  This summer, two of our six ferry boats broke down.  An emergency schedule went into effect.  Reservations were not honored.  Waiting lines stretched over a mile on my small island.  After one replacement boat arrived, another broke down.  Three of the four surviving ferries are 50 years or older.

In a normal transportation business – like airlines, trucking, shipping, railroads, or cars – newer vehicles would replace older vehicles before they broke down, but the Washington state legislature “does not want another ferry to be built until there is a long-range plan set.  The plan is due in January 2019.  Only when it has been approved will design of a new vessel and construction begin, meaning it is likely a new ferry will not be completed until the mid-2020s” (“The Inside Scoop on Washington State Ferries,” Islands’ Weekly, August 15, 2017).  Politicians cite budget constraints, but the real problem is job protectionism.

Washington State law (RCW 47.60.814) requires that all ferries be built in Washington State, to protect local jobs.  Building a huge (100+ vehicle) ferry boat is a huge capital-intensive business, so there is only one approved ferry boat builder in the state.  Monopolies promote price-gouging and unmotivated workers and managers.  A typical large (144-car) ferry costs $131 million to build in Washington state, but nearby British Columbia just bought nearly identical 145-car ferries built in Poland, costing only $79 million.

Requiring all ferry boats to be built in Washington is like saying all trucks and cars that ride the roads of Washington state should be built in Washington State.  What if Oregon started a trade war by opening up a boat-building facility?  Would it be the end of the world if a Puget Sound ferry boat were built in Oregon?

Job protectionism was the first big coup of the Trump Administration.  Even before he took office.  He “saved” 700 jobs at the Carrier air conditioning plant in Indiana,but those jobs were quickly lost again – mostly moved to Mexico – this summer.  In a free market, you can’t keep companies from seeking a better competitive advantage.  Besides, free trade creates more jobs at home than launching a trade war.

Economist David Friedman (son of Milton) expressed this well when he asked, “Which do you prefer – cars made in Michigan, or cars made in Iowa?”  By that he meant that a desire to protect jobs in Detroit would lead to jobs lost somewhere else in America.  Under a free market system, Iowa farmers sell their corn or wheat to Japan, in exchange for cash, and then Japan sends us some well-made cars.  If you shut out all Japanese car imports, farmers in Iowa lose their market and must eventually lay off workers (source: “Iowa Car Crop” segment in Steven Landsburg’s 2012 book, “The Armchair Economist.”)

I’m not complaining.  Island life is great, but we need to open ferry service (or boat-building jobs) to free market competition.  That would give us something better than a two-lane toll-road with 50-year old boats.

Global Mail:

*All content of "Global Mail" represents the opinion of Ivan Martchev*

North Korean Market Repercussions

by Ivan Martchev

Hydrogen bomb tests by North Korea and words from the Trump administration that appeasement won't work certainly suggest some sort of military response, the preparations for which started in late July by recalling all U.S. nationals from North Korea as well as establishing a travel ban to that country. While the concept of preemptive wars is highly controversial, if there ever was a case for one, it is North Korea and not Iraq.

As to when that military response might come we cannot be sure, but given that U.S. non-nuclearbomber aircraft have been moved to Guam and the travel ban instituted in July, it is not far-fetched to think that such a response might come soon. There has never been an open military conflict between two nuclear-armed powers, so there is always a possibility that Kim overreacts to any aerial bombardment aimed at degrading his nuclear capabilities.

While any escalation of hostilities is certain to be met with increased volatility in the stock market, the bond market should see a safe haven bid. Such military activities may overlap with the planned launch of the great unwinding of the Fed’s balance sheet scheduled for September, which I view as “QE in reverse.”

United States Ten Year Government Bond Chart

Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.

Of course, if the military escalation spirals out of control, it is likely that the Fed postpones or cancels its QE unwind. Given that we are at present in the third longest economic expansion in U.S. history – eight years and three months – we may be close to the end of the present economic expansion, which suggests much lower long-term interest rates in the future. For comparison, the longest expansion in U.S. history is 10 years. No policies instituted by the Trump administration suggest the economy will beat that record.

The unwinding of the Fed’s balance sheet suggests higher long-term interest rates in the short term, while the escalation of hostilities on the Korean peninsula suggests lower interest rates, so it will be interesting to see which one of those scenarios prevails. U.S. long-term interest rates, as represented by the 10-year Treasury, are consolidating under a long-term downtrend that began after the legendary Fed Chairman Paul Volcker broke the back of inflation in the early 1980s. I do not think this uptrend will be broken meaningfully to the upside, which at present is in the area of 2.75 to 3.0%.

It is always possible that the 10-year yield overshoots on a more aggressive Fed balance sheet unwind, which in and of itself could help put an economy in a mature expansion into a recession. If the 10-year yield overshoots, I expect it to head lower as economic activity is impacted. Ultimately, I maintain my 1% target for the 10-year Treasury yield, which is likely to happen by the end of Trump’s first term.

The Dollar is the Other Beneficiary of North Korean Tensions

Last week saw the EURUSD cross rate trying (and failing) to cross and a long-standing resistance level in the $1.20 area. As a reminder, the trading terms “support” and “resistance” do not rely on precise numbers. For example, the euro intraday made it as high as $1.2070 but reversed sharply off that level.

Euro and United States Dollar Exchange Rate Chart

Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.

I think the euro overshot due to the unwinding of the eurozone disintegration trade that was priced into the EURUSD cross rate at the beginning of 2017. We have made it from under $1.04 to over $1.20 in 2017 and I think the fact that major elections in the Netherlands and France went to pro-EU candidates is now reflected in the higher EURUSD cross rate.

United States Dollar Index Chart 

Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.

Just as the euro was repelled off resistance at $1.20, the dollar held support at 92, dipping intraweek to 91.55. Again, support is an area not a specific number so the reversal after a dip below 92 is not surprising. With nuclear bomb tests in North Korea and the U.S. preparing a military response, there is only one way for the dollar to go: Up.

If I were Kim Jong Un, I would hope that the deepest bunker in his country is deep enough.

Sector Spotlight:

*All content of "Sector Spotlight" represents the opinion of Jason Bodner*

Exploding Beards and Nuclear Hairdos

by Jason Bodner

Intimidation has long been a tactic in aggressors. The infamous Edward Teach, aka Blackbeard, would prep for battle by donning a black coat lined with pistols and swords and a black captain’s hat. In perhaps the most noteworthy intimidation tactic of his or any time, he wove hemp fuses into his black beard and lit them. The smoldering embers would produce smoke and sparks, making him appear like a devil. He inspired so much fear that this alone would cause surrender. It was great for business in that, based on intimidation alone, he avoided losing men and could accumulate ships with nothing more than theatrics.

The Pirate, Blackbeard Image

Perhaps this is the strategy of Kim Jong-Un, today’s most visible aggressor in the global stage. Another day seems to bring another missile test or bomb detonation. His intimidation seems to be working in the media (it gets clicks) but is it working in the market? The answer comes not with a bang, but with a fizzle. The market is ignoring Kim’s chest pounding and discounting any potential potency of that country’s nuclear threat. The usual pattern is that the market reacts negatively at first, only to finish higher with each new report of aggressive behavior by the dictator with arguably the world’s most memorable haircut.

Kim Jong Un Nuclear Hairdo Image

Infotech and Healthcare Continue Leading the Market

The sectors’ movements are not really a major focus over the traditional end-of-summer Labor Day weekend, but it’s certainly worth a look to see what's transpired as the summer clock ticks down. Health Care and Information Technology sparked back to life with a significant rise. Health Care vaulted nearly 3% this past week while InfoTech posted a 2.21% rise. These are the encouraging sectors to see capital inflows into as they are more geared towards growth companies and industries. War drums inspiring terror would rather see inflows into defensive sectors like Telecom, Real Estate, and Utilities.

Instead, telecom and utilities were negative last week. Telecom saw a fall of -1.35% while Utilities fell 64 basis points. These sectors would attract buyers if the threat of global conflict instilled fear in the markets. Utilities would typically expect to rise in the summer as their profits surge when Americans struggle to cool their homes. That didn't seem to be the sentiment this past week.

Standard and Poor's 500 Weekly, Quarterly, and Nine Month Sector Indices Changes Tables

Energy is worth singling out, as it rose over 3/4 of a percent this past week, likely in sympathy with the recent uptick in gas prices as battered Houston saw compromised gas distribution, at least temporarily. Hurricane Harvey will require massive clean-up. Disastrous storms can wreak havoc, and now Irma is brewing in the Atlantic. It's too early to tell what she may bring, but the markets don't seem perturbed yet.

As the summer ends and schools re-open, many will take this short market week to renew their bearings after vacations. I would think that “stories” will once again drive markets by mid-month. I would eye mid-September to mid-October for potential volatility and the possibility that North Korea will have a more direct impact on the markets. For now, though, yields remain low, and equities continue to look attractive.

A friend recently said, “If the market has not gone down in the wake of all that's happened recently, I don't see it going down for a while." His sentiment echoes what many are thinking.... Beach boy leader Brian Wilson said, “Summer means happy times and good sunshine. It means going to the beach, going to Disneyland, having fun." What then does fall bring? We will soon find out. Happy end of summer!

The Beach Boys Image

A Look Ahead:

*All content in this "A Look Ahead" section of Market Mail represents the opinion of Louis Navellier of Navellier & Associates, Inc.*

2017 Has Been a Stock Picker’s Year

by Louis Navellier

You hear a lot of bad press about stock picking, with the standard attack going something like this – “A majority of mutual funds, supposedly run by the brightest minds in the business, fail to beat the market averages, so why not invest in an index fund?”  While it is true that mutual funds run by a committee with a high overhead have two strikes against them, it’s also true that stock picking is a combination of art and science – common sense and math – and many analysts consistently outpace the market, particularly now.

Our friends at Bespoke Investment Group updated their decile analysis (“2017 – A Stock Picker’s Year,” August 28, 2017) reflecting year-to-date prices through August 25th.  What I found most interesting is that the top 10% of stocks with the Best Analyst Ratings rose 14.74%, the stocks with the lowest short interest – another measure of “most favored” stocks – rose 14.78%, while the overall S&P was up only 9.1%.

The most impressive number was that the top 10% of stocks with the Most International Revenues rose 19.87%.  Stretching this number out to the top 30% of the S&P 500 (150 stocks), those with the most international revenue rose 15.91% while the 30% with the lowest international revenue rose only 0.91%.

Bespoke Investment Group Decile Analysis Table

Clearly, the stocks with the best analyst ratings, lowest short interest, and highest international revenue have been the stars of 2017, so the best analysts and stock pickers have enjoyed a very good year so far.

Second Half GDP Growth is Likely to Exceed 3%

On Tuesday, the Conference Board announced that its consumer confidence index rose to 122.9 in August, up from 120 in July.  This was significantly better than the economists’ consensus estimate of 122.5.  The present situation component surged to 151.2 in August, up from 145.4 in July.  Apparently, higher home values, higher stock prices, and a good job market are helping to boost consumer confidence.  Since consumer spending represents about 70% of GDP, third-quarter GDP estimates remain above 3%.

Last Wednesday, the Commerce Department announced that second-quarter GDP growth was revised up to a 3% annual rate, up from a 2.6% pace initially estimated.  The catalyst for this dramatic upward revision was that consumer spending was revised up to a 3.3% annual pace, up from 1.9% initially.

Payroll Jobs Image

Also on Wednesday, ADP reported that 237,000 private payroll jobs were created in August and that July’s private payroll report was revised up to 201,000 (up from 178,000 initially reported), but most investors paid more attention to Friday’s Labor Department report that 150,000 new payroll jobs were created in August.  The unemployment rate rose to 4.4% in August, but only because more people entered the workforce.  Average hourly earnings rose an anemic 3 cents to $26.39 per hour in August.  This will likely prevent the Fed from raising key interest rates, especially since Treasury bond yields remain low.

Also on Friday, the Institute of Supply Management (ISM) announced that its manufacturing index surged to 58.8 in August, up from 56.3 in July, the highest reading for the ISM manufacturing index in over six years (since April 2011) and well above economists’ consensus estimate of 56.8.  Overall, everything is coming up roses for economic growth statistics for the current quarter and looking forward.


It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Click here to see the preceding 12 month trade report.

Although information in these reports has been obtained from and is based upon sources that Navellier believes to be reliable, Navellier does not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute Navellier's judgment as of the date the report was created and are subject to change without notice. These reports are for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in these reports must take into account existing public information on such securities or any registered prospectus.

Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any securities recommendations made by Navellier. in the future will be profitable or equal the performance of securities made in this report.

Dividend payments are not guaranteed. The amount of a dividend payment, if any, can vary over time and issuers may reduce dividends paid on securities in the event of a recession or adverse event affecting a specific industry or issuer.

None of the stock information, data, and company information presented herein constitutes a recommendation by Navellier or a solicitation of any offer to buy or sell any securities. Any specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. The reader should not assume that investments in the securities identified and discussed were or will be profitable.

Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. Individual stocks presented may not be suitable for you. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. Investment in fixed income securities has the potential for the investment return and principal value of an investment to fluctuate so that an investor's holdings, when redeemed, may be worth less than their original cost.

One cannot invest directly in an index. Results presented include the reinvestment of all dividends and other earnings.

Past performance is no indication of future results.

FEDERAL TAX ADVICE DISCLAIMER: As required by U.S. Treasury Regulations, you are informed that, to the extent this presentation includes any federal tax advice, the presentation is not intended or written by Navellier to be used, and cannot be used, for the purpose of avoiding federal tax penalties. Navellier does not advise on any income tax requirements or issues. Use of any information presented by Navellier is for general information only and does not represent tax advice either express or implied. You are encouraged to seek professional tax advice for income tax questions and assistance.

IMPORTANT NEWSLETTER DISCLOSURE: The performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier's Growth Investor, Louis Navellier's Breakthrough Stocks, Louis Navellier's Accelerated Profits, and Louis Navellier's Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters' reported performances should be considered mere "paper" or proforma performance results. Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier & Associates' Investment Products and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters and advertising materials authored by Louis Navellier typically contain performance claims that do not include transaction costs, advisory fees, or other fees a client may incur. As a result, newsletter performance should not be used to evaluate Navellier Investment Products. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or performance claims, should be referred to InvestorPlace Media, LLC at (800) 718-8289.

Please note that Navellier & Associates and the Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written and edited by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates separately managed account portfolio. Potential investors should consult with their financial advisor before investing in any Navellier Investment Product.

Navellier claims compliance with Global Investment Performance Standards (GIPS). To receive a complete list and descriptions of Navellier's composites and/or a presentation that adheres to the GIPS standards, please contact Navellier or click here. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report. Request here a list of recommendations made by Navellier & Associates, Inc. for the preceding twelve months, please contact Tim Hope at (775) 785-9416.

Marketmail Archives Trade Summary

It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Click here to see the preceding 12 month trade report.

Although information in these reports has been obtained from and is based upon sources that Navellier believes to be reliable, Navellier does not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute Navellier's judgment as of the date the report was created and are subject to change without notice. These reports are for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in these reports must take into account existing public information on such securities or any registered prospectus.

Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any securities recommendations made by Navellier. in the future will be profitable or equal the performance of securities made in this report.

Dividend payments are not guaranteed. The amount of a dividend payment, if any, can vary over time and issuers may reduce dividends paid on securities in the event of a recession or adverse event affecting a specific industry or issuer.

None of the stock information, data, and company information presented herein constitutes a recommendation by Navellier or a solicitation of any offer to buy or sell any securities. Any specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. The reader should not assume that investments in the securities identified and discussed were or will be profitable.

Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. Individual stocks presented may not be suitable for you. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. Investment in fixed income securities has the potential for the investment return and principal value of an investment to fluctuate so that an investor's holdings, when redeemed, may be worth less than their original cost.

One cannot invest directly in an index. Results presented include the reinvestment of all dividends and other earnings.

Past performance is no indication of future results.

FEDERAL TAX ADVICE DISCLAIMER: As required by U.S. Treasury Regulations, you are informed that, to the extent this presentation includes any federal tax advice, the presentation is not intended or written by Navellier to be used, and cannot be used, for the purpose of avoiding federal tax penalties. Navellier does not advise on any income tax requirements or issues. Use of any information presented by Navellier is for general information only and does not represent tax advice either express or implied. You are encouraged to seek professional tax advice for income tax questions and assistance.

IMPORTANT NEWSLETTER DISCLOSURE: The performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier's Growth Investor, Louis Navellier's Breakthrough Stocks, Louis Navellier's Accelerated Profits, and Louis Navellier's Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters' reported performances should be considered mere "paper" or proforma performance results. Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier & Associates' Investment Products and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters and advertising materials authored by Louis Navellier typically contain performance claims that do not include transaction costs, advisory fees, or other fees a client may incur. As a result, newsletter performance should not be used to evaluate Navellier Investment Products. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or performance claims, should be referred to InvestorPlace Media, LLC at (800) 718-8289.

Please note that Navellier & Associates and the Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written and edited by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates separately managed account portfolio. Potential investors should consult with their financial advisor before investing in any Navellier Investment Product.

Navellier claims compliance with Global Investment Performance Standards (GIPS). To receive a complete list and descriptions of Navellier's composites and/or a presentation that adheres to the GIPS standards, please contact Navellier or click here. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report. Request here a list of recommendations made by Navellier & Associates, Inc. for the preceding twelve months, please contact Tim Hope at (775) 785-9416.

Marketmail Archives