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Mike Breard: Buy Small for Deep Profits PDF Print E-mail
Written by Mike Breard - Hodges Capital   
Thursday, 13 March 2014 08:21

With Oil dropping sharply the last few days these stocks are on sale. It happened as Josef Schacter forecasted at Money Talks World Outlook Conference, and his expectation that further weakness can be expected some of the companies described below have likely been on sale the past few days.  For longer term investors, Hedging Strategies are also worth understanding as explained in an article today which explains the strategy in HEDGING A SHORT CRUDE POSITION: 2 STOCKS TO CONSIDER. Given the analyst Mike Beard below is advising smaller Oil & Gas companies that have excellent prospects, the Hedging Strategy explained in the article leaves open the upside for big profit on the higher potential juniors as well as a strategy to reduce some of that Junior stock risk in the stocks described below - Editor Money Talks

Mike Breard: Buy Small for Deep Profits

The Street's eyes may be on North Dakota, but Mike Breard also keeps an expert eye focused on smaller oil and gas companies drilling elsewhere. In this interview with The Energy Report, the Hodges Capital analyst discusses several companies drilling excellent wells in Texas, Oklahoma and the Gulf of Mexico. Breard, a veteran oil and gas analyst, knows the first names of some of the sharpest managers in the industry. Stick with the winning teams, he advises, even when they change firms.

Screen Shot 2014-03-13 at 7.04.11 AMThe Energy Report: How do you choose the energy names in your coverage list?

Mike Breard: I look for managers with great track records. For example, I attended the annual meeting ofMatador Resources Co. (MTDR:NYSE), and there were 150 people there. Normally, only maybe 20 people attend the annual meetings of the junior energy companies, but these folks had been investing with the current managers of Matador in private deals for 30 years. They were so eager to get in on the newest venture of these guys that Matador stock has tripled during the past year.

TER: What is driving Matador's success?

MB: Attention to detail. Matador does not control the most acreage in a play; they want the best acreage. The company studies an area for quite a while before deciding what leases to go after. Then, it does all kinds of additional technical studies on the leasehold before drilling—such as microspectrometry, which is taking pictures of the cores under a strong microscope to identify channels that will allow the oil to flow. It is drilling now in the Eagle Ford and the Delaware Basin portion of the Permian Basin.

Frankly, I do not care for small firms that invest in a dozen different plays all over the country—stretching their assets and manpower too thin. I prefer companies that stay in two or three regions and concentrate on developing the assets on hand.

TER: How is Matador stock doing?

MB: It was under $8.00 last March then hit a high of $24.25 in late November. When the price of oil dropped, the stock went down to $16. Recently it was over $25 and it could go a lot higher as people get used to thinking about oil staying in the high-$90s/low $100s. Matador has a lot of gas in the core area of the Haynesville. As gas prices rise, Matador could drill some profitable wells there too.

TER: How important are factors like debt:equity ratios and other types of metrics when you decide whether or not to invest in a junior energy firm?

MB: In the last few years, those metrics have not been as important. Large investors are just throwing money at the oil business. A company will announce a $500M debt offering and two days later, they sell $750MM. Money is the easiest thing to get in the energy industry right now. Of course, I do look closely at the debt situation, and I want a firm to have enough liquidity to drill wells and make acquisitions. But there are different ways of doing this. Take Comstock Resources Inc. (CRK:NYSE), for instance: it has not sold any new stock in years. It treats its shares as a precious commodity, while some companies do a stock or bond offering every year or two.

TER: Why is money so free right now?

MB: Cash is nearly worthless in terms of getting a return. Investors are seeing the large profits flowing from the Bakken, the Eagle Ford, the Permian, etc. Investors want in on that seemingly easy money. Energy is a growth industry.

TER: What are the top oil and gas plays in the U.S. for 2014?

MB: The Permian Basin is the hottest area right now. Drillers have been active here since the Santa Rita No. 1 well began producing in 1923, and numerous formations are productive. The Bakken, the Eagle Ford, the Marcellus, the Wattenberg, the Mississippi Lime, etc. are all good areas. More drilling is being done in the Utica and the Tuscaloosa Marine Shale, and these areas could blossom in 2014—2015.

One issue to consider, however, is that in some of the older plays, the core areas have been identified and firms are exploring the fringe portions. Now, as far as Wall Street is concerned, the older regions do not have much glamour left. Some hedge funds are insisting on a minimum leasehold of 100,000 acres and 1,000-barrel-a-day (bbl/d) wells or they are not interested. Size is not the only factor though. The reality of it is that if a firm drills a well for $0.5M and produces 50 bbl/d, the well can pay out in a few months, and the rest is pure profit. Those types of small, profitable operations are running well below the radar on The Street—which can make them good buys.

The oil stocks can be volatile, not based on what they are actually doing, but based upon the perceived price of oil and Wall Street's cyclical fears. In November, many on Wall Street became convinced that the price of oil was going to fall to maybe $60/bbl. Oil stocks dropped substantially—even though the price of oil did not plummet. Now, many of these Wall Street seers are thinking "Oil is $100! We missed out; it is time to start buying!"

TER: What other firms do you like in the junior space?

MB: EPL Oil & Gas Inc. (EPL: NYSE) is now being managed by Gary Hannah, who has been in the business for 30 years. EPL was formerly called Energy Partners Ltd. Gary studied its assets, took over the company and paid off the notes in 2009. He is working in the shallow waters offshore in the Gulf. EPL made a big acquisition several years ago. It spent $15 million ($15M) the first year on technical studies, and $150M the next year on drilling and tripled the reserves. This is its business model. EPL is in the giant shallow water fields that were discovered 40 years ago, when we did not have the advanced seismic technology to properly assess the true potential. Now, EPL is finding all kinds of smaller reserves around these old fields and there is plenty of infrastructure in place. Zones between 12,000 and 20,000 feet have rarely been drilled. EPL has begun a $45M Full Azimuth Nodal seismic program to better understand the deeper water formations.

TER: Is there a lack of competition in the shallow basin area?

MB: There is a lack of interest. People are putting their money into the shale areas onshore and are shying away from the shallow waters. But the Gulf has ample production facilities and pipelines in place, and it really does not cost that much more to drill a shallow water well than it does to drill a Bakken well.

EPL is conducting studies and making acquisitions in this space. In 2012, EPL bought Hilcorp assets for $550M. They spent 2013 studying the prospect and will spend over $100M this year to explore and develop.

TER: How is the EPL share price performing?

MB: EPL's high was about $43 last fall. When energy stocks generally declined, it dropped down. Then there was a storm in the Gulf that shut down some high producing wells. When EPL tried to bring them back on, it did not get production back as high as it was, which was disappointing. The stock fell to around $25 and has recently been back up over $30.

TER: What other juniors are you focused on?

MB: Comstock Resources Inc. was a big gas producer in the Haynesville when that region was hot. When the gas price fell, Comstock went looking for oil on property that it already owned in the Eagle Ford. It also bought property in the Permian Basin. But when it came time to drill the development wells, gas was at $2 per thousand cubic feet ($2/Mcf). Comstock realized that it could not afford to develop both properties. It sold the Permian Basin properties for $824M, which was a $231M profit in about a year. Then it paid down debt, started to buy back stock and began to pay a dividend, which is very rare for a small producer. The yield is now 2.5%.

Comstock then put $100M into exploring the East Texas Eagle Ford, primarily in Burleson County. It plans to drill 10 wells there this year on 21,000 net acres. It also bought 51,000 net acres in the Tuscaloosa Marine Shale, where the wells cost quite a bit more to drill. Comstock management plans to drill a couple of wells there in 2014, but it is waiting to follow the lead of nearby producers before stepping up drilling in 2015.

TER: Do you buy all these types of stocks on a short-term basis or are you a long-term holder?

MB: We have held some stocks for four or five years. It depends on how they perform. If a stock doubles in a week, we may sell it. If something bad happens, we may also sell it. But, generally, we’re looking for the longer-term plays.

TER: What other picks do you have for us today?

MB: Torchlight Energy Resources Inc. (TRCH:NASDAQ) is a small company with a property in the Eagle Ford that provides cash flow. It plans to sell that asset, if it can get a high enough price, because it is going more into the Hunton play in Central Oklahoma with a private operator, Husky Ventures Inc. Husky has drilled 35—40 wells in the Hunton after spending a lot of money on technical work to find the right spots to drill and has been very successful. Torchlight has four areas of mutual interest with Husky. Torchlight has two other properties in Kansas, where it can drill low-cost, low-risk oil wells. Torchlight is currently drilling in one Kansas play with Ring Energy Inc. (REI:NYSE).

Not too many people have heard of Ring, but it is run by the same managers that built Arena Resources and sold it to SandRidge Energy (SD: NYSE) for $1.6 billion ($1.6B). Arena drilled 850 shallow, low-cost wells with high rates of return in the Central Basin Platform of the Permian Basin. Ring is drilling the same type of wells in the Central Basin, but it also got into a similar shallow oil play in Kasnas. These wells will cost around $0.65M to drill and the payout can come in less than a year.

TER: How is Torchlight financing these activities?

MB: It sold $7M in equity recently. It is also looking at a mezzanine financing package or a line of credit. It has already set aside $6M to gain a half-interest in the Ring Energy play in Kansas and has put up its share for at least two more months of drilling with Husky.

TER: Do you have an interest in international energy sectors?

MB: We buy blue chips, including BP Plc (BP:NYSE; BP:LSE) and Exxon Mobil Corp. (XOM:NYSE). They pay decent dividends.

TER: Do you have any interests in the alternative energy sector?

MB: I have all I can handle with following conventional energy. I have, however, talked with managers at wind turbine companies. They have gas generators on the side to supply electricity when the wind dies down. Ironically, the alternative energy sector has created additional demand for natural gas.

TER: Do you have any other companies that you want to talk about today?

MB: Helmerich & Payne Inc. (HP:NYSE) is a drilling company that was the first to build modern AC rigs that they called FlexRigs. These are not like the old mechanical rigs with the dirty, dangerous drilling floor. In a computerized FlexRig, the operator sits high up in an air-conditioned cockpit guiding the drill bit while looking at computer screens that tell him the weight on the bit, how fast it is turning, etc.

A decade ago, the company's competitors laughed, claiming that no one was going to pay extra for such a fancy rig. Now, HP has half the AC rig market share. The rigs are super efficient and made for pad drilling. The footage rate has increased by 10% in each of the last two years. While an average rig may drill a well in 30 days, an HP rig can drill it in 18–20. It charges more per day, but it is cheaper per well because the wells are drilled faster.

The company can build its rigs for $1–2M less than the competition and can charge 15% more. This provides a superior profit margin. It has been building two new rigs per month, and is going to three per month in April. And it is well-managed. The Helmerich family has been running the company since it was started in 1920. Hans Helmerich has just stepped down as CEO but he will still chair the board.

TER: Is the stock cheap?

MB: HP stock has been hitting all-time highs lately, and it has raised its dividend quite a bit. It is yielding 2.5%. It has the potential to go higher. Building three new rigs a month should add around $0.90/share on an annual basis.

In general, offshore drilling stocks have been way oversold, and they will likely be good performers later this year.

TER: Thank you very much for your time, Mike.

MB: Cheers.

Mike Breard graduated from Rice University in 1963 and got an MBA from Stanford in 1965. His first job was with Standard & Poor's in New York. He later worked with Goodbody and Walston in NYC before moving back to Dallas. He worked for several brokerage houses in Dallas, including Eppler, Guerin & Turner and Schneider, Bernet & Hickman, as an energy analyst and institutional salesman before joining Hodges Capital in 1997.

Want to read more Energy Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.


1) Peter Byrne conducted this interview for The Energy Report and provides services to The Energy Report as an independent contractor. He or his family own shares of the following companies mentioned in this interview: Torchlight Energy Resources Inc.
2) The following companies mentioned in the interview are sponsors of The Energy Report: Torchlight Energy Resources. Streetwise Reports does not accept stock in exchange for its services or as sponsorship payment.
3) Mike Breard: I or my family own shares of the following companies mentioned in this interview: CKR, EPL, HP, MTDR, TRCH I personally am or my family is paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: BP, CKR, HP, MTDR, TRCH, XOM. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts' statements without their consent. 
5) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer
6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.



Income: 10 Top Ranked High Yield Canadian Real Estate Stocks PDF Print E-mail
Written by Canada Stock Channel   
Thursday, 13 March 2014 06:20

Yielding from 4.8% - 8.7% these 10 mostly Real Estate Investment Trusts. So if you are in need of income and a fan of Real Estate, this collection of investments sought out by the Canada Stock Research Staff are something to take a look at in an environment where you can barely get any return at all on money sitting in a savings account. As you can see the first example is selling significanly cheaper (thus yielding more) than it was a year ago - Editor Money Talks

(1) Dundee Real Estate Investment Trust (TSE:D.UN.CA) — 7.8% YIELD

Dundee Real Estate Investment Trust is an open-ended investment trust. The trust is engaged in the provision of business premises and management services to its tenants and other businesses in Canada. As of Dec 31 2010, Co. owned a diversified portfolio of 111 office and industrial properties offering approx. 12,300,000 sq. ft. of gross leasable area.

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Sellers Exhausted, Inventories Low, Physical Demand is Rising PDF Print E-mail
Written by Charles Oliver for Sprott Asset Mgmt   
Thursday, 13 March 2014 04:07

Charles Oliver: Gold to 5,000 within a few Years

Charles Oliver joined Sprott Asset Management LP in January 2008. He focuses on gold and silver investments as a portfolio manager for the Sprott Gold & Precious Minerals Fund and the Silver Equities Class.

When I spoke to Mr. Oliver last summer, he said the weakness in the gold price in the face of unprecedented money printing from the Fed had taken him by surprise.

Have we passed a decisive point since then? Is gold heading up?

“I believed throughout 2013, with the price of gold coming down, the fundamentals were only getting better,” he answered. “During that time, the Chinese bought like mad and the Fed printed another trillion dollars through QE. Nonetheless, heavy selling took the gold price down.

“Today, the difference is that the sellers are exhausted, and physical demand is catching up. One of the numbers we are looking at is the quantity of registered inventories on the COMEX for gold. That’s the amount of physical gold that is available when someone asks for physical delivery instead of a cash settlement.”

In the following chart from Bloomberg, we can see inventories of physical gold on the COMEX (in ounces) have declined dramatically, falling by around 30% in the past year:


Please note these are total eligible reserves, which can become registered by the banks in order to settle futures contracts for physical delivery. 

Mr. Oliver continues: “One day, we might see someone try to break the market on the physical side, by demanding delivery of more tons than can be supplied – hence driving the price up.

“Because of this threat, I would tell investors in the metals to stick to ‘fully-allocated’ products, where you have a claim to a specific amount of metal that is physically held in a vault, not lent out or hypothecated.”

So have we reached a point where physical demand will drive the price of gold up?

“The demand coming from China boggles the mind. Imports of gold through Beijing were somewhere on the order of 100 tons a month last fall.1 Assuming this trend continues, China might import 1,200 tons or more this year. That is nearly half of the world’s annual mine production of around 2,600, whereas 5 years ago, they hardly imported any. I believe a good portion of the 800 tons2 that were sold from ETF holdings subsequently were shipped to Asia.”

Gold and associated stocks have attracted value-oriented investors to the space, he adds.

“I’ve noted interest from the ‘big money’ in the U.S., partly because gold stock valuations are the cheapest they have been in 25 years. Last fall, big mining companies were paying dividends as high as 5% according to my numbers, whereas they usually paid under 1% -- if anything -- a decade ago. Price appreciation and companies cutting their dividends have brought them back to lower levels generally since then.

“Asian entities have been eyeing gold companies for the last decade. Last year we saw the Chinese make a few acquisitions in the Australian market, and they continue to show interest in gold companies in many different jurisdictions. And of course, Sprott itself recently launched two important partnerships with major sovereign and semi-sovereign funds in South Korea and China.”

Could gold head lower in the near-term?

“As far as the price going down again, we already saw gold bounce off from $1,180 in December, which represented a 39 % retracement from the peak – a significant number from a technical perspective. Certainly another powerful support level would be around $1,000. There were several times before 2008 when gold hit that level and came back. I believe that would be a very firm support level for gold if it dropped again.”

Where is gold headed a few years out?

“In 1980, when the gold price peaked at $800, it took 1 ounce of gold to buy the Dow Jones Index. After 1980, financial assets took the lead over hard assets. In 1999, it took 44 ounces of gold to buy the Dow Jones, at a gold price of $250. If gold were to regain the position it held in 1980, we could easily see a 3:1 ratio – gold at $5,000 given the current level of the Dow Jones, or even $15,000 if gold returns to the 1:1 level.

“Ultimately, I believe that the gold price could reach $5,000 within a few years, and perhaps go well beyond. Deficits and rising debts, exacerbated by demographic issues, are here to stay. And money printing and higher gold demand along with them.”

P.S.: Want to discuss investing with someone from the Sprott team? For U.S., and all non-Canadian investors, contact us at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or call 1.800.477.7853. Canadian residents may contact Michael Kosowan at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Charles Oliver joined Sprott Asset Management LP in 2008. He is Lead Portfolio Manager of the Sprott Gold & Precious Mineral Fund and co-manager of Sprott Silver Equities Class. Charles combines a big picture approach with a bottom-up process, and focuses on strong management teams with sound strategy.



This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Sprott Global Resource Investments Ltd, Sprott Asset Management USA, Resource Capital Investment Corporation, its subsidiaries and affiliates. This transmission may contain information that is privileged and confidential. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Please notify the sender immediately if this message was transmitted in error. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by of Sprott Global Resource Investments Ltd, Sprott Asset Management USA., Resource Capital Investment Corporation, its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format.


Stock Market : "I Remain Cautious" PDF Print E-mail
Written by Mark Leibovit - VR Trader   
Thursday, 13 March 2014 03:42

The market is speaking to us and it is nervous. Beware the Ides of March, eh, Brute? Perhaps we can still get our 'Sell May (maybe April) and Go Away' peak, but models are bearish for 2014, despite Janet Yellen and despite Jeremy Siegel. And, what does Alan Greenspan have to say? While some financial commentators argue that the stock market has turned into a bubble, former Federal Reserve Chairman Alan Greenspan disagrees. "That's not to say we may not be near highs, but you don't get the buoyancy, the type of movements - what I would call the equity premium that characterizes a bubble or euphoria," he told CNBC. Recall, I compared Greenspan to a New York City Taxicab driver who repeatedly slammed on the accelerator, the breaks and then the accelerator during his tenure. Remember, 'irrational exhuberance' from the mid 1990s - way, way ahead of the market peak? He was dead wrong. The fact he has now take the opposite position should be warning enough to all of us.

The major averages finished the Tuesday session near their lows with the Russell 2000 (-1.0%) leading the slide. The S&P 500 lost 0.5% with nine sectors ending in the red. Equities indices started the day with modest gains and spent the first two hours of action in the neighborhood of their flat lines.

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The DJ was down 67.43 at 16351.43. The record high was posted on December 31 at 16588.25. Downside potential is 14720 when and if the correction resumes under the February 5 low. If I'm wrong and we breakout, the potential toward DJ 18000 emerges.

The S&P 500 was 9.54 at 1867.63, touching 1883.57, a new bull market high on March 7. Upside potential is now ultimately toward 2000. Downside potential is 1627 and then 1480 if we break under 1737.92.

The Dow Transports were down 20.18 at 7560.07, touching 7627.44, a new record high on March 7.

The Russell 2000 was down 13.49 at 1187.05. On March 4 we touched a new bull market high of 1212.82.

The Nasdaq Composite was off 27.26 at 4307.19, touching 4362.50, a new bull market high on March 6. The Nasdaq Composite is being 'engineered' higher back up to its record high of 5132.52 from 13 years on March 12, 2000! 

Wednesday's economic data was limited to the Wholesale Inventories report:

Wholesale inventories increased 0.6% in January after increasing an upwardly revised 0.4% (from 0.3%) in December. The Briefing.comconsensus pegged inventory growth at 0.4%. Inventory growth in the durables sector slowed, increasing 0.4% in January after a 1.2% gain in December. Nondurable inventories rose 0.8% in January after falling 0.9% in December. Unfortunately, the strong gain in inventories was likely not planned. Sales, which edged up a slight 0.1% in December, crashed in January and fell 1.9%. 

Today, the weekly MBA Mortgage Index will be released at 7:00 ET while the Treasury Budget for February will be reported at 14:00 ET.

Do you subscribe to the Leibovit VR Gold Letter?

It can be purchased at The Leibovit VR Gold Letter tracks precious metals, guns, and energy.

Greenspan: Stocks Aren't in Bubble Territory
While some financial commentators argue that the stock market has turned into a bubble, former Federal Reserve Chairman Alan Greenspan disagrees.

"That's not to say we may not be near highs, but you don't get the buoyancy, the type of movements - what I would call the equity premium that characterizes a bubble or euphoria," he tells CNBC.

"Two or three years ago, we were at the highest level of equity premium, a rate of return on equity that the markets require. We had had the highest equity premium in 50 years. It's come down a bit."
Greenspan says the Fed can't prevent bubbles. "You can try to defuse it. You'll fail, as we did in 1994," he explains. "Unless you break the back of the actual euphoria that generates the bubbles, you're bound to fail. And the result of that is something that is outside the hands of the Fed."

Asked if there's a bubble in Silicon Valley acquisitions, Greenspan answers, "Bubbles are not the problem. Bubbles, by definition, will deflate. It's the institution which holds toxic assets which is a critical issue."

For example, when the dot-com stock bubble burst in 2000, huge losses resulted. "But it was essentially in those types of institutions which were not leveraged," he notes.

"At the time, households, they weren't. Other pension funds, mutual funds, they took a huge hit. But to get a crisis, you need serial default."

And, of course, no serial default occurred then. "If you look at the effect on the GDP, it was virtually negligible," Greenspan argues.

He is very concerned about banks being adequately capitalized. "There's nothing superior to that." But he's not too impressed with the Dodd-Frank financial reform law.

"Coming from what's in Dodd-Frank, the diagnosis is basically wrong," he maintains.

"We're getting into a situation where the problem is wholly in the capital area. We went into the Lehman Brothers [crisis] with Lehman holding 3 percent tangible capital. You can't function that way."

Dodd-Frank is holding back the economy. "The difficulty is when I was at the Fed we had a few rulings a year," Greenspan says.

"Those rulings were extended because you had to go through all sorts of loops and circles of discussing with your colleagues and regulatory areas. And we managed to do that."

But Dodd-Frank includes a huge number of requirements, he adds. "I don't think there's enough time to do it," he said. "And I don't think it's going to work. In fact, I wrote an op-ed piece immediately after Dodd-Frank carried on. I said this isn't going to work, and it hasn't."


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Would you be interested in personal stock market trading mentoring services personally with internationally recognized market guru and former Louis Rukeyser 'Wall Street Week' ELF, Mark Leibovit? The answer is personal mentoring services and they are coming soon! Learn the secrets of the Leibovit Volume Reversal (VR) - learn techniques never before published or revealed for the past 40 years! Learn how to interpret and profit from the use of the Leibovit VR 'Add-on' indicator whether you are a Metastock user or an ESignal user! Please email us to get on the waiting list at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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Here is an introduction to the eSignal platform with the VR 'Add-on' tool coming in the next few weeks:

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Written by   
Thursday, 13 March 2014 01:00

Oil collapsed from $7 from $105 - $98 in the last 7 trading days. Josef Schachter sounded the alarm on Oil decling at this year's Outlook Conference. The price breakdown over the last few days has shown he was right. Moreover Josef thought it can go a lot lower too. With Josef's 35 years of experience in oil and gas investment management for Institutional firms, I keep an eye out for articles that fit his scenario. This one by fits the bill for someone wanting to play a decline in Oil in a more conservative manner. - Editor Money Talks

Hedging A Short Crude Position: 2 Stocks To Consider

Screen Shot 2014-03-12 at 11.38.57 PMHedging is a concept too often misunderstood, or worse, badly executed. To many investors and traders, a hedge simply consists of a trade that directly opposes their main position. They may be long a portfolio of stocks, and then buy puts on an index, for example. To my mind this isn’t hedging, it’s just effectively cutting your position size. You could achieve the same thing by just selling some of your stocks. A good hedge is one that gives some degree of protection against an adverse move in your position, but still has a chance…

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Greg Weldon
17 April 2014 ~ Michael Campbell's Commentary Service

We are pleased to introduce a new feature to the Inside Edge with the first of a regular contribution from Greg Weldon. Greg's video and...   Read more...