1
Weekly Market Update 7-6-16
© 2016 · Phoenix Capital Research, Phoenix Capital Management Inc. All Rights Reserved. Protected by copyright laws of the United States and international treaties. This newsletter may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), in whole or in part, is strictly prohibited without the express written permission of Phoenix Capital Management Inc. · All Rights Reserved.
Disclaimer: The information contained on this newsletter is for marketing purposes only. Nothing contained in this newsletter is intended to be, nor shall it be construed as, investment advice by Phoenix Capital Research or any of its affiliates, nor is it to be relied upon in making any investment or other decision. Neither the information nor any opinion expressed on this newsletter constitutes and offer to buy or sell any security or instrument or participate in any particular trading strategy. The information in the newsletter is not a complete description of the securities, markets or developments discussed. Information and opinions regarding individual securities do not mean that a security is recommended or suitable for a particular investor. Prior to making any investment decision, you are advised to consult with your broker, investment advisor or other appropriate tax or financial professional to determine the suitability of any investment. Opinions and estimates expressed on this newsletter constitute Phoenix Capital Research's judgment as of the date appearing on the opinion or estimate and are subject to change without notice. This information may not reflect events occurring after the date or time of publication. Phoenix Capital Research is not obligated to continue to offer information or opinions regarding any security, instrument or service. Information has been obtained from sources considered reliable, but its accuracy and completeness are not guaranteed. Phoenix Capital Research and its officers, directors, employees, agents and/or affiliates may have executed, or may in the future execute, transactions in any of the securities or derivatives of any securities discussed on this newsletter. Past performance is not necessarily a guide to future performance and is no guarantee of future results. Securities products are not FDIC insured, are not guaranteed by any bank and involve investment risk, including possible loss of entire value. Phoenix Capital Research, OmniSans Publishing LLC and Graham Summers shall not be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided. Phoenix Capital Research is not responsible for the content of other newsletters to which this one may be linked and reserves the right to remove such links. OmniSans Publishing LLC and the Phoenix Capital Research Logo are registered trademarks of Phoenix Capital Research. OmniSans Publishing LLC - PO BOX 2912, Alexandria, VA 22301
1
WEEKLY MARKET UPDATE 7-6-16 As I warned last week, the BREXIT situation is not over by any means. Indeed the first few dominos have begun to fall with three separate UK property funds having to be halted because of “liquidity issues.” Three big asset management firms have halted trading in real estate investment funds in the last 24 hours, the latest sign of turmoil since the U.K. voted to leave the European Union on June 23. The funds are heavily exposed to offices and other prime commercial property that can't be unloaded quickly enough when nervous investors want their money back. Standard Life halted trading in its fund on Monday because of "exceptional market circumstances." Aviva Investors followed Tuesday, suspending its fund due to a "lack of immediate liquidity." M&G Investments said it suspended trading in M&G Property Portfolio because "investor redemptions have risen markedly" since the Brexit vote. http://money.cnn.com/2016/07/05/news/economy/real-estate-funds-ukbrexit/index.html If you’ll recall the first warning signs of the 2008 Crash was the implosion of two Bears Stearns subprime-mortgage based hedge funds. Two big hedge funds at Bear Stearns Cos. were close to being shut down last night as a rescue plan developed over several days fell apart in a drama that could have wide-ranging consequences for Wall Street and investors… As of a few weeks ago, the two Bear Stearns hedge funds held more than $20 billion of investments, mostly in complex securities made up of bonds backed by subprime mortgages -- the relatively risky home loans made to borrowers with troubled credit histories. http://www.wsj.com/articles/SB118230204193441422 History does not repeat… but it often rhymes. The EU implosion I’ve been calling for may in fact begin with a real estate collapse in the UK much as the 2008 Crash began with subprime mortgages in the US.
3
2
For certain we are right back in the investing climate of late 2007/ early 2008 in that the global economy is clearly at the end of a business/investment cycle but investors continue to ignore numerous warning signs because they believe Central Banks can put off the inevitable forever. Market-wise there are warnings signs that a major shift are underway. Below is a chart pricing Consumer Discretionary Stocks against Consumer Staples. When investors believe all is well and the economy is strong they tend to pile into the former. When they believe that things are turning down they tend to pile into the latter. As you can see, investors began to grow concerned about things in early June. Since that time they’ve been getting more and more defensive.
The same is true for the Dow Transportation Index vs. the Dow Utilities Index. When investors are in “risk on” mode they tend to pile into the former. When they believe that things are turning down they tend to pile into the latter. As you can see, this chart has already taken out the worrisome lows of February 2016.
4
3
As I noted recently in a research note, bonds have been SCREAMING “trouble” is ahead.
5
4
So has the US Dollar/ Japanese Yen Pair:
China continues to devalue the Yuan. If you’ll recall this was what originally triggered the first market meltdown from the May 2015 highs. This issue isn’t going away.
6
5
The Russell 2000 is a great proxy for risk and tends to lead the S&P 500. The Russell 2000 doesn’t believe this rally at all:
Precisely what will cause the next downturn remains to be seen. But there is no shortage of major issues. The more notable include: 1) China continues to devalue the Yuan rapidly, exporting deflation to the West (see chart above). 2) Italy’s banking system is in collapse. 3) The US is in a recession despite consensus belief that we are relatively early in a business cycle (more on this shortly). We’ve already assessed #1 above. The investment world has ceased worrying about China’s Yuan devaluation, however, said devaluation continues. China is assuredly in a hard landing. And it is exporting deflation to the West. Something very big is coming out of this mess. It won’t be good.
7
6
Regarding #2, Italy’s banking sector has been a toxic loan filled sewer since at least 2010. However, this along with the rest of the EU’s banking woes was swept under the rug post-2012. Not anymore. This is certainly the case with the huge pile of problem loans held by Italian banks, about €360 billion ($534 billion), or the equivalent of 18 per cent of their loan books. The share price of Banca Monte dei Paschi di Siena (BMPS) plummeted to a record low this week, after Italy's third-largest lender said it had been told by the European Central Bank to cut the level of soured loans in its portfolio to €32.6 billion by 2018, from €46.9 billion at present. So far this year, BMPS shares have dropped 76 per cent. But BMPS is not the only bank under huge pressure. The share price of Italy's largest bank by assets, UniCredit, has fallen 63 per cent this year, while Banca Popolare di Milano is down about 64 per cent, and Intesa Sanpaolo has shed 46 per cent. Prime Minister Matteo Renzi has come up with a plan to inject €40 billion of government money in an effort to prop up the country's embattled banking sector. But Brussels is opposed to the scheme because it contravenes new eurozone "bail-in" rules that require bank shareholders and bondholders to suffer losses before taxpayer money is deployed. http://www.afr.com/opinion/columnists/falling-italian-banks-and-frozen-uk-propertyfunds-are-testing-investor-faith-20160705-gpzed1#ixzz4DeE2gQuZ
8
7
As the above article illustrates, a full 18% of Italian bank loans are “non-performing.” To put this into perspective, during the worst part of the 2008 Crisis, only 5% of US banks loans were non-performing. Italy believes it might solve this problem with a €40 billion bailout. I find this hard to believe given that: 1) Non-performing loans exceed shareholder equity in the four largest Italian banks. 2) Total non-performing loans equals €360 billion or more than nine times the size of the proposed bailout. 3) The Italian banking system is over €2 trillion in size. 4) Politically, Italy needs the EU to sign off on this deal… something they are unlikely to want given that Spain, and numerous other EU member states would likely demand similar bailouts soon after. How this will pan out remains to be seen. The key development is that the EU banking crisis is back. This time, it is affecting a country that is far too large to be bailed out (Italy). As noted above, Italy’s banking system is over €2 trillion in size. Roughly 20% of this is known to be garbage. On top of this, Italian banks own MASSIVE amounts of Italy’s sovereign debt: roughly €200 billion to be precise. And the country is sporting a Debt to GDP ratio of over 130%.
9
8
By way of contrast, Greece’s Debt to GDP ratio was only marginally higher than this (146%) when it first entered a sovereign debt crisis in 2010. So with Italy you’ve got a bankrupt nation, a large portion of the debt of which is owned by Italian banks that are also insolvent. The Italian stock market smells blood. We are at THE line from the 2009 bottom. If we take this out, it’s game over. This could indeed be the “Lehman” moment for Europe.
10
9
Regarding #3 from our original list (the US is in recession), the current consensus from Wall Street economists is that there is little if any risk of the US entering recession this year. This is astounding as the following data points are all SCREAMING “recession”: 1) Industrial Production 2) Labor Market Conditions Index 3) Inventory Accumulation 4) Corporate Debt Levels 5) C&I Loan delinquencies 6) Conference Board Leading Indicator Add to this, the fact that the ISM says there’s a 65% chance of the US being in recession while the bond yield curve puts the odds at 60%, and the odds are pretty darn high the US is already in recession. Despite these clear signals, stocks continue to hold up. What’s incredible about this is that in the US, there are now only two buyers of stocks: 1) Corporate buybacks 2) Central Banks buying stock futures. Regarding #1, only corporate buybacks have been net positive for stock orders year to date. Every other investor class under the sun has seen net selling.
11
10
Regarding #2, I am 100% convinced that Central Banks are now actively buying stock futures. NO real buyer panic buys stocks at 2AM and 10AM on no news.
This has become a regular feature in the markets. Anytime stocks come close to a serious breakdown, either a market “breaks” or “someone” steps in with panic buying in the futures markets. Whether it is the Fed or not, I don’t know. But it is a major Central Bank. Moving on to the markets. The S&P 500 is in something of a megaphone topping pattern. We should start turning south again shortly.
12
11
The US Dollar bull market is back with the DXY index finally breaking out to the upside.
13
12
Emerging markets, particularly Brazil will be collapsing from this shortly. And US profits, already at record highs, are going to be imploding in the next 12 months. Elsewhere, Oil looks like it’s ready to topple.
Below is an inverted chart of the US Dollar and Oil. So when the US Dollar strengthens, the blue line falls. As you can see… the US Dollar will be pulling Oil lower shortly.
14
13
Let’s play for this with the UltraShort Oil ETF (SCO) Action to Take: Buy the UltraShort Oil ETF (SCO This concludes this week’s market update. The EU banking crisis is back, right as the US Dollar bull market officially begins its next leg up. Emerging markets, commodities and ultimately US stocks will all be crumbling in the coming weeks. Barring any new developments, you’ll next hear from me next Wednesday in our usual weekly market update. Until then… Best Regards,
Chief Market Strategist Phoenix Capital Research
15
OPEN POSITIONS US DOLLAR CARRY TRADE IMPLOSION PORTFOLIO POSITION
SYMBOL
BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
Ultra Bullish Dollar ETF
UUP
5/23/11
$21.79
$24.86
UltraShort Euro
EUO
4/10/15
$27.68
$24.44
-12%
UltraShort Yen ETF
YCS
5/27/15
$94.48
$61.55
-35%
14%
RELATIVE US STRENGTH PORTFOLIO SYMBOL
BUY DATE
Nuveen Muni. Fund Wal-Mart
NIO WMT
1/2/14 7/30/14
Exxon
XOM
7-10 Yr Treasury ETF
POSITION
BUY PRICE $13.12
$16.30
$74.78
$73.82
9/24/14
$95.82
$94.09
UST
11/26/14
$55.54
$65.55
20+ Yr Treasury ETF RPX Corp
TLT RPXC
7/15/15 8/5/15
$116.89 $15.48
$142.56
Apple
AAPL
9/11/15
$114.21
$95.53
Prices as of market’s close on 7/6/16
CURRENT PRICE
16
$9.20
GAIN/ LOSS
41% 4% 3% 20% 24% -41% -15%
INFLATION PORTFOLIO POSITION
SYMBOL
Gold
Silver*
Uranium ETF
URA
BUY DATE
BUY PRICE $1,120
3/17/10
$16.23
3/17/10 6/8/16
$15.49
CURRENT PRICE $1,365.00 $20.17 $13.99
GAIN/ LOSS
22% 24% -10%
* Avg. price of $17.50 and $14.97
TECH BUBBLE 2.0 PORTFOLIO POSITION
SYMBOL
BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
Amazon (SHORT) American Eagle Outfitters (SHORT) Stamps.com (SHORT)
AMZN
2/25/15
$484.19
$737.61
-52%
AEO
5/26/16
$15.36
$15.95
STMP
5/26/16
$84.40
-4% -4%
*Avg. price of $385.37 and $583
Prices as of market’s close on 7/6/16
17
$87.71
MARKET HEDGE PORTFOLIO POSITION
SYMBOL
BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
UltraShort Nikkei ETF UltraShort Emerging Market ETF
EWV
1/6/15
$67.46
$49.85
-26%
EEV FXP
1/20/16
$31.27
$19.00
1/20/16
$59.95
$39.84
BZQ
$110.71 $56.82
$28.05
SKF
1/20/16 2/10/16
-21% -34% -62% -19%
TWM
2/10/16
$47.92
$35.06
UltraShort Gold ETF
GLL
5/26/16
$82.75
$65.87
UltraShort Oil ETF
SCO
7/6/16
$84.50
NEW
UltraShort China ETF UltraShort Brazil ETF UltraShort Financials* UltraShort Russell 2000 ETF **
$45.92
-27% -20% BUY!
* Avg price of $60.95 and $51.69 * *Avg price of $52.94 and $42.90
EU BANKING CRISIS PORTFOLIO
POSITION
SYMBO L
European Financials ETF EUFN CS Credit Suisse
BUY DATE
BUY PRICE
CURRENT PRICE
GAIN/ LOSS
7/5/16
$14.86
$14.65
7/5/16
$10.30
$10.32
1% 0%
Prices as of market’s close on 7/6/16
18
RECENTLY CLOSED POSITIONS SELL DATE
SELL PRICE
$77.51
9/29/14
$98.84
4/15/14
$24.89
10/10/14 $22.47
TWM
4/15/14
$49.46
10/10/14 $52.28
UltraShort Brazil
BZQ
10/15/14
$62.00
10/21/14 $71.92
UltraShort Gold
GLL
10/24/14
$94.15
11/14/14 $104.21
UltraShort Silver
ZSL
10/24/14
$104.89
11/14/14 $122.00
Enduro Royalty Trust
NDRO
5/22/13
12.05
UltraShort Euro
EOU
1/20/15
$23.49
3/5/15
$26.51
UltraShort Brazil
BZQ
1/6/15
$91.07
3/6/15
$100.74
Target
TGT
5/28/14
$55.34
4/1/15
$82.13
Pfizer
PFE
7/30/14
$29.26
4/1/15
$34.56
General Electric
GE
2/5/14
$24.57
4/13/15
$27.89
5/20/15
$66.70
5%
5/20/15
$65.27
4% 7%
5/20/15
$11.36
BUY DATE
BUY PRICE
POSITION
SYMBOL
Apple
AAPL
4/2/14
European Financials (SHORT)
EUFN
UltraShort Russell 2000
BP Prudhoe Bay Royalty Trust
28% 11% 6% 16% 11% 17% -26% 13% 11% 52% 20% 18%
$76.77 BPT
Conoco Phillips
COP
Russia ETF
TRF
1/2/14 3/5/14 4/9/15
11/28/14 $7.06
GAIN/ LOSS
19
$66.30
$10.62
RECENTLY CLOSED POSITIONS CONTINUED
POSITION
SYMBOL
BUY DATE
UtraShort Oil ETF
SCO
5/27/15
$61.08
UltraShort Gold ETF
GLL
2/25/15
$95.49
Copper (SHORT)
JJC
3/10/15
$31.35
UltraShort Brazil ETF
BZQ
5/27/15
$85.70
Industrial Metals ETF
UBM
3/25/15
$15.24
UltraShort China ETF (half)
FXP
3/10/15
$36.45
SCO
7/21/15
$76.19
UltraShort Brazil ETF (half)
BZQ
7/21/15
$91.39
UltraShort Brazil ETF (second half)
BZQ
7/21/15
$91.39
UltraShort Oil ETF (second half)
SCO
7/21/15
$76.19
LNKD
6/17/15
$215.45
EWA
1/6/15
$21.97
EEV
1/20/15
$19.48
UltraShort Oil ETF (half)
LinkedIn (SHORT) Australia ETF (SHORT) Ultra Short Emerging Mkts ETF
BUY PRICE
20
SELL DATE
SELL PRICE
GAIN/ LOSS
7/6/15
$70.30
15%
7/7/15
$101.75
7%
7/7/15
$28.78
8%
7/7/15
$92.02
7%
7/7/15
$13.56
11%
7/8/15
$41.93
15%
7/23/15 $82.14
8%
7/23/15 $102.36
12%
7/24/15 $109.60
20%
7/27/15 $87.36
15%
8/4/15
10%
$194.96
8/11/15 $19.85
11%
8/11/15 $21.56
11%
RECENTLY CLOSED POSITIONS CONTINUED BUY PRICE
SYMBOL
UltraShort China ETF
FXP
3/10/15
$36.45
China Real Estate ETF (SHORT)
TAO
6/11/13
$20.11
South Korea ETF (SHORT)
EWY
8/18/15
$48.17
India ETF (SHORT)
INP
8/18/15
$70.18
Santander (SHORT)
SAN
8/13/15
$6.63
Spain ETF (SHORT)
EWP
8/13/15
$34.08
Australian Dollar ETF (SHORT)
FXA
5/27/15
$77.36
ZSL
7/29/15
$120.84
UltraLong S&P 500
SSO
9/2/15
$56.12
UltraLong Russell 200
UWM
9/2/15
Canada Dollar ETF (SHORT)
FXC
5/27/15
$79.81
Canon (SHORT)
CAJ
7/31/13
$30.84
UltraShort Semiconductors ETF
SSG
UltraShort Silver ETF
UltraShort Brazil ETF Deutsche Bank (SHORT)
BUY DATE
POSITION
BZQ DB
$79.20
SELL DATE
SELL PRICE
GAIN/ LOSS
8/19/15
$41.59
14%
8/24/15
$17.21
14%
8/24/15
$43.82
10%
8/24/15
$59.38
18%
8/24/15
$5.99
10%
8/24/15
$31.38
8%
8/26/15
$70.99
8%
8/26/15
$132.02
9%
9/9/15
$59.37
6%
9/9/15
$83.75
6%
9/23/15
$74.47
7%
9/23/15
$29.12
6% 11%
9/24/15
$60.20
9/24/15
$199.00
9/18/15 $54.00 9/22/15
$172.16
16%
10/28/15 $30.31
21
11/12/15 $26.17
14%
RECENTLY CLOSED POSITIONS CONTINUED
POSITION
Santander (SHORT)
SYMBOL SAN
BUY DATE
BUY PRICE $5.70
7/29/15
$112.00
UltraShort Oil ETF
SCO
11/12/15
$95.35
UltraShort Brazil ETF
BZQ
11/12/15
$66.32
Banco De Chile (Short)
BCH
8/18/15
$61.89
RSX
12/2/15
$16.35
EEV
11/12/15
$22.14
Russia ETF (SHORT) UltraShort Emerging Markets ETF Spain ETF (SHORT) UltraShort Emerging Markets ETF Singapore ETF (SHORT) Mexico ETF (SHORT) France ETF (SHORT) Nvidia Auto-Zone
EWP EEV
11/27/15
$117.38
12/2/15
$108.18
$57.68
7%
12/8/15
$15.32
6% 7%
12/8/15
$23.76
$29.66
1/14/16
$27.64
$23.84
1/14/16
$25.31
1/7/16
$9.57
7%
1/7/16
$46.66
9%
1/11/16
$22.64
6% 119%
1/13/16
$30.04
1/13/16
$716.21
9/30/15 12/17/15
EWW
12/23/15
$51.15
Target
INTC TGT
7% 6%
9/30/15 6/26/13 9/25/13
$24.07 $14.14
69%
$422.73
12/20/13 5/28/14
5% 13% 9%
36%
$25.14 Intel
6%
12/8/15
$10.31
AZO
$5.36
$72.46
9/22/15
NVDA
11/27/15
GAIN/ LOSS
12/2/15
EWS
EWQ
SELL PRICE
10/28/15
GLL
UltraShort Gold ETF
SELL DATE
22
1/13/16
$32.40
38%
$55.34 1/13/16
$72.68
RECENTLY CLOSED POSITIONS CONTINUED POSITION
SYMBOL
Tesla (SHORT)
TSLA
UltraShort Financials European Financials (SHORT) UltraShort S&P 500
SKF EUFN SDS
BUY DATE
BUY PRICE
2/25/15
$203.76
SELL DATE
SELL PRICE
GAIN/ LOSS 4% 5%
1/14/16
$196.41
$52.39
1/14/16
$55.20
$19.36 $22.33
1/15/16
$18.02 $23.58
7% 6%
1/15/16
$7.16
5% 27%
1/15/16
$68.79
9/18/15 1/6/16 9/18/15
1/15/16 EWM
9/22/15
$7.50
Kraft
KHC
9/24/14
$56.81
McDonalds
MCD
10/30/14
$92.87
Malaysia ETF (SHORT)
Santander (SHORT) Retail ETF (SHORT) Coke
SAN XRT KO
29% 1/15/16
$115.25
$4.52
1/19/16
$4.19
7%
$40.66 $36.80
1/20/16
$38.01
7% 21%
1/22/16
$41.81
1/6/16
1/13/16 8/28/13
20%
$24.57
General Electric
GE
2/5/14
Eli Lilly
LLY
12/3/14
Universal Corporation
UVV
Pfizer
PFE
7/30/14
$29.26
Microsoft
MSFT
12/3/14
$48.08
$71.13 $48.05
3/5/15
23
1/22/16
$27.91
1/22/16
$83.09
20% 12% 1/22/16
$52.23
8% 2/1/16
$30.16
2/1/16
$54.70
16%
RECENTLY CLOSED POSITIONS CONTINUED POSITION
SYMBOL
Netflix (SHORT)
NFLX
Italy ETF (SHORT) (half) Barclays PLC (SHORT) (half)
EWI BCS
Deutsche Bank (SHORT) DB (half)
BUY DATE
BUY PRICE
1/27/16
$91.15
1/27/16
$12.05
1/27/16
$10.37
2/3/16
$16.65
1/27/16
$12.05
SELL PRICE
GAIN/ LOSS
2/8/16
$81.55
11%
2/9/16 2/9/16 2/9/16
$10.88 $9.09 $14.95
10% 12% 10%
Italy ETF (SHORT) (other half) Barclays PLC (SHORT) (other half)
EWI BCS
1/27/16
$10.37
Gold Miners ETF
GDX
5/13/15
$17.49
3/23/16
$19.22
Gold Mining Juniors ETF GDXJ
1/27/16
$19.12
3/23/16
$26.91
Silver Standard Resources
SSRI
4/20/16
$8.08
4/28/16
$9.08
DRDGOLD
DRD
4/20/16
$4.34
4/28/16
$4.97
Oil ETF
OIL
$5.64
4/29/16
$6.17
Sugar ETN
SGG
3/17/16 4/27/16
$35.79
5/12/16
$38.66
DB Commodities ETN
DBC
$13.59
5/19/16
$14.46
Wheat ETF
WEAT
6/7/16 6/7/16
$9.44 $6.87
5% 6%
$15.68
6%
3/17/16 4/27/16
2/11/16 2/11/16
$10.71 $8.64
11% 17% 11% 41% 12% 15% 9% 8% 6%
Agriculture ETN RJA Deutsche Bank (SHORT) DB (other half)
4/27/16
$9.03 $6.49
2/3/16
$16.65
SCO
5/26/16
$79.52
6/14/16
$83.50
5%
1/22/16
$26.44
6/14/16
$25.46
4%
UltraShort Oil ETF Spain ETF (SHORT) (other half)
EWP
SELL DATE
24
6/9/16
RECENTLY CLOSED POSITIONS CONTINUED
POSITION
SYMBOL
NovaGold
NG
Gold Miners ETF
GDX
Gold Mining Juniors ETF GDXJ DRDGOLD
DRD
Silver Standard Resources
SSRI
Santander (SHORT)
BUY PRICE
SELL DATE
SELL PRICE
6/24/16
$6.51
GAIN/ LOSS 9%
4/20/16
$5.95
2% 6/8/16
$26.36
6/24/16
$26.86
6/8/16
$40.21
6/24/16
$42.22
6/8/16
$5.12
6/24/16
$5.47
5% 7% 11% 6/8/16
$11.09
SAN
2/3/16
$3.86
Germany ETF (SHORT)
EWG
3/10/16
$24.25
US Natural Gas Fund
UNG
6/8/16
$7.44
6/27/16
$8.11
$13.45
7/6/16
$12.50
7%
$7.23
7/6/16
$6.88
5%
Deutsche Bank (SHORT) Barclays (SHORT)
BUY DATE
DB
7/5/16
BCS
7/5/16
25
6/24/16 6/27/16 6/27/16
$12.26 $3.61 $22.86
6% 6% 9%