Tough Talk by Trump in Arizona & Yellen in Wyoming

by Louis Navellier

August 29, 2017

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

The stock market remains in a “washing machine” cycle, with stocks sloshing back and forth.  One reason for this volatility is that Wednesday marked the lowest trading volume day of the year.  (Stocks can often sink faster and farther when there are fewer traders to step in with a bid.)  One reason for the low volume on Wednesday was that on Tuesday night in Arizona President Trump said, “If we have to close down our government, we’re building that wall,” which indicated a possible shutdown over the federal debt limit.

Washing Machine Image

On Friday and Saturday, most of the world was weighing every word of the world’s leading central bankers at the Kansas City Fed Conference in Jackson Hole, Wyoming.  European Central Bank (ECB) President Mario Draghi and Fed Chair Janet Yellen both spoke on Friday.  Yellen defended financial regulation and they both defended free trade – an indirect criticism of Donald Trump.  As a result, I would be surprised if President Trump reappoints Yellen as Fed Chair.  (Her term ends next February.)

This is the first time ECB President Draghi has attended in the past three years.  At his last speech, he signaled the ECB’s aggressive quantitative easing program.  Many central bank watchers were expecting Draghi to announce the curtailment of the ECB’s quantitative easing program, but he instead said that the ECB bond buying program has been very successful and a significant degree of monetary accommodation is still necessary.  Essentially, Draghi remains dovish and wants to continue with the ECB’s quantitative easing, which will help bond yields remain extraordinarily low.  This is great news for higher stock prices!

In This Issue

As we move toward the Labor Day break, Bryan Perry and Gary Alexander point out some reasons to remain bullish in the final four months of the year.  Bryan points to lower long-term rates and a shrinking supply of stocks, while Gary points to rising metals prices reflecting greater growth and prosperity.  From the perspective of Eastern Europe, Ivan Martchev sees a possible ceiling on the euro at around $1.20, and a rise in S&P volatility.  Jason Bodner wades through the market noise to find the few winning sectors, while I cover Bespoke’s latest decile report and a suggested timetable for investing any available funds.

Income Mail:
Bullish Takeaway from Jackson Hole
by Bryan Perry
The Rally Cry for Higher Stock Prices Remains Loud and Clear

Growth Mail:
Global Growth (and Rising Prosperity) Send Metals Soaring
by Gary Alexander
September is the Best Month for Gold and Silver

Global Mail:
Pulling the Cord
by Ivan Martchev
Subdued Volatility Ready to Surge

Sector Spotlight:
Tune Out the Noise!
by Jason Bodner
Noise Escalates in the Trump Era

A Look Ahead:
What’s Working (if Anything) in August?
by Louis Navellier
A Timetable on When to Invest Your Free Cash

Income Mail:

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

Bullish Takeaway from Jackson Hole

by Bryan Perry

In light of the dramatic events in Washington DC – which now include a threat to shut down the federal government if a border wall isn’t funded – the stock market managed to stay focused on the economy and the bullish catalysts for stocks to close higher on the week. Low inflation, a lower dollar, lower energy prices, and fresh talk of lower taxes took hold of investor sentiment that brought buyers off the sidelines.

The most anticipated events were the Friday speeches from Fed Chair Janet Yellen and ECB President Mario Draghi at Jackson Hole, Wyoming, but those talks largely turned out to be non-events as the two central bankers provided the market with little to no new information. Ms. Yellen praised the Fed's regulatory efforts while Mr. Draghi spoke in favor of open trade and argued for raising potential output growth, which was received as dovish. He also gave no indication of curtailing the current ECB’s quantitative easing program. That news will most likely be well received by European markets this week.

The U.S. Dollar Index moved sharply lower following the speeches, ending Friday at its lowest level (92.49) since January 2015. Meanwhile, U.S. 10-year U.S. Treasury yields dropped three basis points to 2.17% while the 2-year yield settled flat at 1.33%.

There is a bit of an anomaly in the market, which got almost no mention by the business media. While the major averages are off their early August highs, the utility index as measured by the Utilities Select Sector SPDR Fund NYSE (XLU) is trading at a new all-time high this past week. (I have no position in XLU.)

Utilities Select Sector SPDR Fund Chart

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

What makes this surge in utilities unusual is that this past week also saw copper prices hitting a three-year high (along with other base metals), signaling optimism of global growth. Historically, owning utilities alongside a breakout move for the metals sector has been like mixing oil and water, but with inflation tame and the U.S. 10-year Treasury trading near a 10-month low, income investors like the fact that XLU sports a current yield of 3.17%. The surge in XLU also signals that institutional money does indeed buy into the notion that interest rates are likely staying low for an extended period.

The Rally Cry for Higher Stock Prices Remains Loud and Clear

There are two clearly defined camps that see the current bull market in starkly different terms. The first declares that we are not even at the half-way mark for what could be a 20-year bull market because of the structural power of low interest rates. Companies are harnessing the debt markets to fuel record stock repurchases, strengthen balance sheets, and finance acquisitions. But most of all, the stock market is shrinking due to a velocity of mergers, companies going private, and fewer Initial Public Offerings.

The number of publicly listed U.S. stocks peaked at a record 7,562 in 1998. In 2015, there were just 3,812 (source: CNN Money – “America’s Stock Market Is Shrinking” July 9, 2015). Granted, the 1998 peak represented a massive wave of start-up companies that peppered the new issue calendar leading up to the dot.com crash;but even since 2003 when most of the damage had been accounted for, the trend continued to show a pronounced decline in the number of listed companies. With that said, the long view bulls argue that there is more money sloshing around (demand) chasing fewer and fewer stocks to buy (supply).

America's Shrinking Stock Market Chart

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

The other camp claims the bull market for stocks is more than eight years old now, which makes it the second-longest bull market since the end of World War II. There has been a lot of change in the last 8+ years, yet the one constant throughout has been the persistence of low interest rates, an offshoot of low inflation, low growth, and a high level of asset purchases by the Federal Reserve. Low interest rates have been the basis for every buy-the-dip effort and they have been the marching cry for pundits who have suggested there is no better investment alternative than stocks. Low rates have also helped rationalize lofty equity valuations and they have fueled corporate earnings expectations.

This second camp – those who see the market in the late innings – is also touting the eventuality of higher interest rates ahead, because the global economy is picking up speed, which generally leads to higher rates. Even if this happens, in my view, the market would undergo a reset that would be more of a garden variety correction unless inflation took off strongly, which is not foreseeable at this time.

Higher interest rates would become problematic for stocks on several levels:

  • Higher interest rates lower the present value of future cash flows
  • They reduce earnings prospects for indebted companies by increasing their interest expense
  • They can curtail growth prospects as investment projects get deferred due to higher financing costs
  • They create increased competition for stocks by creating other, better investment alternatives; and
  • They leave investors less inclined to pay up for every dollar of current earnings for slower-growing companies, which creates valuation pressure

When the S&P 500 bottomed on March 6, 2009, the yield on the 10-year note was 2.87% and the S&P 500 traded at 10 times forward 12-month earnings. Today, the yield on the 10-year note is 2.17% and the S&P 500 trades at 17.4x forward earnings. This shows how lower rates can drive multiple expansion.

For another indicator, check out the revival in copper prices over the last year:

iPath Bloomberg Copper Subindex Total Return Chart

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

For now, the inflation genie is still in the bottle, but it bears watching how certain inputs like copper, as measured by the iPath Bloomberg Copper Subindex Total Return ETN (JJC), of which I have no position, are making a counterintuitive move in a direction that warrants mention and should be monitored closely. (Please note: Bryan Perry does not currently hold a position in JJC Navellier & Associates does not currently own a position in JJC for any client portfolios.)

Growth Mail:

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

Global Growth (and Rising Prosperity) Send Metals Soaring

by Gary Alexander

The Thomson-Jeffries Core Commodity CRB Index weighs 19 commodities, with a clear bias toward energy – crude oil earns a 23% weighting, while the other 18 commodities are weighted only 1% to 6%. Oil and natural gas prices are way down, so the CRB is down 7.6% for the year, but the metals are all up:

Thomson-Jeffries Core Commodity CRB Index Tables

The recent surprise surge in industrial metals indicates a thriving global economy.  Copper is at a three-year high and zinc is at a 10-year high. Aluminum and other industrial metals are also at multiyear highs, and iron ore is up 35% since the end of May (see WSJ, “Rally in Metals Signals Optimism,” August 22, 2017).

Rising global growth is the major contributing factor to the rise in industrial metals prices.  The IMF is now projecting 3.5% global growth this year and 3.6% in 2018, up from 3.2% in 2016.  For the first time since 2007, all 45 major national economies surveyed by the Organization for Economic Cooperation and Development (OECD) are rising, even troubled Greece and Brazil.  Most (33) are growing at a faster pace than they were growing a year ago (see WSJ, “Growth Takes off Around the World,” August 24, 2017).

September is the Best Month for Gold and Silver

Over the last 50 years, September is the worst month for stocks, but September has also been the best month for gold and silver.  There’s a logical reason for this.  Jewelry fabrication for a series of upcoming gift-giving holidays in several global cultures begins in September.  Specifically, the two countries which generate 50% of global gold demand – India and China – celebrate major holidays in the fall and winter.

In October and November, India celebrates Diwali, the Festival of Lights, followed by India’s wedding season, when it is auspicious to give the bride gold.  “No gold, no wedding” is a common saying in India.  Then comes Christmas in the West, when jewelry ads dominate the airwaves, followed by the Chinese New Year in late January or February, when gold is a widely popular gift.  Then comes Valentine’s Day.

Frank Holmes calls this series of family-oriented gold-giving holidays gold’s annual “love trade.”

Seasonal jewelry demand makes August to February the best time of the year for gold (see charts, below).

Gold Performance by Month Chart

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

Silver acts like “gold on steroids.”  It tends to go up or down with gold but in greater amplitude – rising faster in a bull market and falling faster in a bear market.  Still, it follows the same annual pattern as gold, with September being the best month for both gold and silver (and January is the 2nd best month for both).  Notice that silver is up an average 4% in September and 3% in January, while gold is up by less than 2%.

Monthly Silver Price Performance Chart

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

I have been following the silver and gold markets for over 50 years, ever since LBJ took the silver out of U.S. coins in my college years.  I wrote about the British Pound crisis of 1968 and wrote extensively about the hemorrhage of gold from the U.S. Treasury after 1968, leading to the U.S. dollar devaluation to gold in 1971.  In the 1980s, I was managing editor of Gold Newsletter, but unlike other “gold bugs” I believe that the stock market is a superior source of long-term profits, while gold (to me) serves as portfolio insurance.

While gold bugs don’t generally understand the value of stocks, the same is true in reverse.  Mainstream stock analysts don’t seem to understand gold.  They compare gold to stocks and bemoan gold’s lack of “earnings” or income.  But gold does not compete with stocks.  It competes with cash – it is a superior form of money.  All forms of cash underperform gold, long-term.  The U.S. dollar, the strongest surviving currency of the last century, is down 98.4% from a century ago and is off 97.3% since 1971 in gold terms.

Gold offers constant value, unlike paper money.  At Freedom Fest last month, I heard a great example of this when one speaker said he ran into a former Treasury Secretary on the ski slopes of Vail, Colorado last winter.  The Treasury official was complaining about the $165 ski lift ticket, but our speaker shot back, “I bet it’s the same price in terms of gold.”  Together, they looked up the cost of ski lift tickets in 1967 – just $5.  In terms of gold, it cost a constant one-seventh of an ounce of gold to ride a ski lift in 1967 or 2017.

Another example of Wall Street’s lack of gold experience came in Friday’s Wall Street Journal article: “Doubts Over Stocks Propel a Gold Rush: Yellow metal has gained 12% this year amid worries about debt ceiling, economy” (August 25, 2017).  The Journal’s main chart says: “Gold this year is rising faster than the S&P 500 for the first time since 2011, as investors resort to an investment that offers no claim on profits and yields no periodic returns...”  Once again, the Journal compares gold to stocks and bonds, not cash.  More important, they fall into the trap of thinking gold only rises on fear.  Gold’s “love trade” from September to February belies that simplistic conclusion.  I think of gold as a response to prosperity, not fear.  When millions in China, India, and elsewhere have extra money to invest, they tend to buy gold.

Gold can be a “fear” barometer at times, but that is a two-edged sword.  For example, gold rose sharply over the saber-rattling in North Korea, then it fell when that threat of war receded.  Over the longer-term, gold rises more due to global prosperity than fear, in my view.  However, gold’s peak six years ago (September 2011) centered around a debt-ceiling debate – a process that is about to be begin again – so either way, now would seem to be a wonderful time to consider adding gold and silver to your portfolio.

Global Mail:

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

Pulling the Cord

by Ivan Martchev

Since it is August and I finally got to take a two-week vacation, I pulled the cord on the constant Internet stream and the fascinating world of financial markets for about a week. Situated in a mountain resort about 5,000 miles from New York, it only seemed appropriate to tune out for a week, but I went online this past Sunday and looked at the main indicators. The latest rise in the euro (to U.S. dollar) jumped out at me.

The dollar was down a lot last Friday. Since the biggest component of the U.S. Dollar Index is the euro, that means the euro was up a lot, closing near $1.20 per dollar. This was due to a one-two punch delivered from two consecutive speeches by Janet Yellen and Mario Draghi, which traders read as euro-bullish.

EuroUSD-ExchangeRate.jpg

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

I think the euro is overshooting a bit now, due to the unwinding of the eurozone disintegration trade. The Netherlands and France both had pro-EU elections and everyone now assumes that Germany will see a Chancellor Merkel win in September. All the fears of a disintegrating eurozone that plagued the market in January are now past. Still, $1.20, which held as support for a decade, should now become resistance. By this, I mean that the “1.20 area,” not the round number, should see sellers emerge that used to be buyers.

UnitedStatesDollarIndex.jpg

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

I have great difficulty believing that with Kim Jong Un firing missiles on almost a weekly basis the dollar has much downside ahead. Just as the euro is near its resistance level at $1.20, the U.S. Dollar Index is near its support around 92 to 93. I don't see more dollar downside but I do see a lot of upside if Kim Jong Un gets what he deserves, which is elimination of his nuclear capabilities. If there ever was a case for a preemptive strike, which arguably is a highly controversial subject, it was not Iraq, but it is North Korea.

Subdued Volatility Ready to Surge

The S&P Volatility Index (VIX) – a formula for the weighted average price for the implied volatility of the S&P 500 Index – is near historic lows, but “implied volatility” is not the same as realized volatility. Implied means “priced into the future” (in terms of near-the-money options), while “realized volatility” means what has already happened.

CBOE-VolatilityIndex.jpg

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

The VIX index is a fear gauge, in which more expensive options mean more volatility is expected in the future by investors. With September being the only month over the last 50 years (on average) that has expected negative returns (the second worst being February), I think the VIX is set up for a surge.

Traders say that “news breaks with the cycles” meaning that a market that is leaning one way will always find a news “excuse” to do what it was going to do anyway. Going after Kim Jong Un would seem like the perfect excuse for the VIX to surge.

Sector Spotlight:

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

Tune Out the Noise!

by Jason Bodner

SPECIAL THIS WEEK: READ THIS TEXT AND SOLVE A PUZZLE!

Booming noise. Unless you’re fortunate enough to live in a place of constant peace and quiet, noise is part of everyday life. Your daily intake of noise is amazing; what we are able to filter out is also remarkable.

Going to Starbucks brings a huge din. Riding in your car means sounds coming from everywhere. Even the conversations you hear but try to tune out are part of the daily assault on your ears. An interesting thing to imagine is if you had no ability to filter out these noises, life would become pretty difficult. Together, all the individual sounds one encounters on a daily basis are shocking.

TuneOut.jpg

Sometimes noises are extremely loud and take control of everything and it's extremely important to pay attention to them. To think of one great example, Krakatoa, a small volcanic island between Java and Sumatra saw a massive eruption in 1883. Out spew ash, lava, and a sound that is now recognized as the loudest in human history. Can you believe – it was heard up to 3,000 miles away? Krakatoa was the loudest sound in recent history, yet the most dramatic explosion in cosmic history caused no noise at all. Scientists believe that the Big Bang made no noise whatsoever! While the expansion of everything was uniform and in the same direction, there was no contact of matter and therefore no sound.

ExtremelyLoudNoises.jpg

If I could think of one particularly noisy place, it would have to be the financial markets. The noise I refer to is not generally audible. Hearing or reading conflicting stories, theories, and opinions is commonplace every day. Gathering facts, however, tends to be far more difficult to do. Right now, if you think about any given stock, the news available can be very conflicting. On a news page like Yahoo Finance (or any other page related to news for a specific stock), you'll get a couple of negative stories, a couple of bullish stories, and a few that are non-committal. Within most comment sections, there are also conflicting opinions. In the modern world, the media thrives on a constant level of conflict, confusion, and fear.

Now to be fair, if everyone were unanimous on everything, why would anyone need to tune in to hear what others have to say? Granted, the same goes for if everything were just hunky-dory all the time. Evening news broadcasts lead with scary or deadly stories. Alas, the more conflict and fear, the better.

Noise Escalates in the Trump Era

Recently – at least since Trump took office after the biggest upset of recent political history – we have seen a non-stop media storm! No one benefits as much as the media companies. I, for one, think noise is terrific for their business. Now, just look at a chart of the New York Times Company (I hold no position). Growing stock prices can be seen since November as the major media companies presumably mop up ad revenue and subscription dollars in the wake of the recent media storm. Surging 70% from its November 3 lows (just before the election), NYT is a clear winner, due to the sudden increased demand for news!

NewYorkTimesCompanyClassA.jpg

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

August is a precarious time of year when news outlets are pressed to find ways to keep people interested.  News in the markets is no exception; as volumes thin, volatility can spike, seemingly from out of nowhere. During this end of August, though, the sectors have mostly been behaving as recently expected.

StandardAndPoors500WeeklyMonthlySemiannualNineMonthSectorIndices.jpg

Spikes in Real Estate stocks were seen as the 10-year yield was pushed down last week. A new winner was the S&P 500 Real Estate Sector Index. Likewise, Telecom, Materials, Health Care, Energy, and Utilities all saw surges of over 1%. Energy perked up a bit as the index rebounded from the lower band of its downtrend channel. Still, energy lags all other sectors for August and the last six and nine months.

Look, markets can be difficult to decode, especially amidst the drone of the financial news. On any given day, it can become overwhelming. Now, if one steps back and takes a longer view, the media becomes a constant hum like the collective buzz of a thousand bees. Granted, life goes on every day, and if one sticks to their investing plan over the long run, the myriad of daily stories has little meaning.

To stay on the topic of decoding, there was supposedly a clever hidden message in the movie “2001: A Space Odyssey.” Everyone who saw it remembers the super intelligent machine which went off the rails. Remember his name? Maybe HAL was cutting edge technology at the time, but theorists believe that HAL was actually a code of a giant computer company. You can use the formula HAL + 1 to arrive at “IBM,” which assisted in the production of the movie and whose logo was featured on Dave’s space suit.

On a separate note, I did something special this week. Understanding the importance of finding hidden information in the market, I have encoded a simple message in this very text.* Why? In looking for it, you can see how to possibly combat noise in the markets. Now, good luck in your efforts to decode it.

MikeMurdockQuote.jpg

*Try to find the hidden message in my text.  I will provide the answer at the end of this week’s MarketMail.

A Look Ahead:

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

What’s Working (if Anything) in August?

by Louis Navellier

The latest decile report from Bespoke Investment Group (“Decile Analysis Since the 8/7 High,” August 24, 2017) examines the S&P 500 in eight categories and ten “deciles” (the top 10% through bottom 10%) and the bottom line is that NOTHING has worked in August.  All 80 deciles sport a negative return from August 7 to 24, but the best correlation I saw was that the 10% best-performing stocks through August 7 were only down 0.3% by 8/24, while the 10% worst-performing stocks pre-August 7 were down over 5%.

The August winners were literally “off the charts” of the Bespoke decile analysis.  Foreign stocks in the form of American Depositary Receipts (ADRs) are still benefitting from persistent institutional buying pressure, which is how they get such high Quantitative grades on our Portfolio Grader.  Another winning strategy is to buy the up-and-coming stocks that should benefit from quarter-end window dressing as well as the 90-day realignment of smart Beta ETFs and equal-weight ETFs.  To do this, we are front-running institutional asset flows on Wall Street because the safe place to invest is wherever the money is flowing.

A Timetable on When to Invest Your Free Cash

We have clients putting money into the market all the time, so let me tell you what I am telling them – and anyone else who has spare money to invest.  First, invest 25% of your extra cash this week, before Labor Day, since everybody is happy heading into a holiday weekend and stock markets tend to rally heading into major holidays.  Second, invest another 25% of your available cash in the last 10 trading days of September, since we like to pick stocks that tend to benefit from quarter-end window dressing as well as the 90-day quarterly rebalancing of smart Beta and equal-weight ETFs.  Third, invest 25% of your cash in the second week of October, just before the third-quarter announcement season heats up, and then invest your last 25% by the second week of November, just before an early January effect commences around Thanksgiving, a seasonally strong time of year as we gather for friends, family, football, and food.

The financial media loves to say repeatedly that the stock market is overvalued and the bubble is about to burst; so I would like to remind you that the stock market has not yet appreciated as much as the underlying earnings have gone up this year, so price-to-earnings ratios are actually declining!  Second, the 10-year Treasury bond yield is now only 2.17%, causing many high-dividend stocks to improve last week.  Third, although the S&P 500 has broken through its 50-day moving average three times in August, much of the S&P 500’s woes are attributable to the fact that we are in August when there are often “seasonal shenanigans” and “air pockets” with a temporary lack of liquidity.  If anything, in my opinion, the stock market is merely building a base for an impressive launch when liquidity returns in the upcoming weeks!

P.S. Here’s the answer to Jason Bodner’s riddle in Sector Spotlight.  The first letter of each sentence spells out some great advice: “Buy great stocks with growing earnings and sales; long term you win!”


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.

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