Top 25 Portfolio Updates, GGT New Longs are Interesting, LCR has a Crack in the Bull Ice ...

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Meeting Reminder:


There is a monthly meeting this coming Saturday, December 18th, from 1 p.m. to 3 p.m. at the Great Falls Library, 9830 Georgetown Pike, Great Falls, VA 22066. The GGT, LLC investment club will meet immediately following the advertised meeting. WebEx information will be provided in the Yahoo! groups.

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Summary

• The LCR System turned "somewhat unhealthy" today, at least through the slope of the 55d EMA.  Specifically, the slope of every EMA from the 5d to the 55d has turned downward, and this is problematic for bulls.  Protecting profits would be a good thing at this time, so I think I will.
• The LCR EMA "slope of the slopes" has now had 5 of 6 days with a negative pointing slope.  This is what caused the slopes of the LCR EMAs to point downward and if this continues, the bears will be sitting around the Christmas tree instead of the bulls.  If Thursday is a down day too for the "slope of the LCR slopes" it will be the 4th consecutive day of this occurring.  This occurs more often with the LCR system than the pricing system, with the last few periods being 11/9 - 11/12, 10/14 - 10/10, 8/19 - 8/24, and 10/15/09 - 10/21/09. 
• Unlike the LCR System, the Pricing System is healthy, with all of the slopes of the pricing EMAs (5d through 65d) pointing upward.  This tells me to keep my strongest holdings and sell the weakest.
• Despite the Pricing System slopes all pointing upward, the "slope of the slopes" of the pricing EMAs have all been red the last three consecutive trading days.  4 consecutive days is VERY rare (December 28 -December 31st 2009 was the last time), so if we get 4 consecutive down days, I think we'll have to move to the sidelines.
• %B and the GGT Strength index fell, but are still indicating more gas in the tank.  I need the values to fall further before I get myself into a "sell everything" mentality.
• The Short-Term LCR Change Timer is in a confirmed CASH condition, and has been here since 12/9.  It will take two up days on solid prices/volume to change this (e.g., close of b'ness Friday at the earliest).
• The Elder Intermediate-Termed Force Index Timer is LONG, indicating that we should be purchasing stocks LONG on this pullback.  Keep your shopping lists ready.

Yes, the markets are pulling back.  As you will see below, there has been a complete rotation of the Top 25 stock portfolio -- e.g., all the high-flying stocks that were on the list last week have been knocked OFF the list (because they no longer have a long status), or they have fallen in ranking below the top 25.  Either way, the markets are rotating.  Elder's method tells us that we should buy stocks on this pullback, so do not run for the hills just yet, as you should be figuring out what stocks you want to enter on the long side.

The next day or two will be important to the bulls.  If we see one more day of LCR "slope of the slope" negativity this will drive the markets into a short-term oversold condition.  If we meander sideways it's anybody's guess what could happen.  If we bounce from here on the news I'll use the opportunity to lock in profits, especially since I am traveling on vacation starting December 22nd.

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Top 25 Stock Portfolio

The close of the markets Wednesday night has revealed a nearly 100% turnover in the top 25 stock portfolio. 

The following positions should be closed, with (+gain/-loss) in parens:

AAPL (-0.29%)
AMZN (-2.60%)
AZO (+8.69%)
CEO (+1.41%)
CKH (-2.91%)
CME (+5.14%)\
CMG (-2.21%)
DECK (+13.98%)
DRQ (+2.87%)
ETN (+1.38%)
FCX (+14.47%)
FFIV (+9.18%)
FOSL (+5.63%)
LNN (+4.02%)
MEE (+0.81%)
MTD (+4.84%)
NFLX (+5.28%)
NOV (+2.18%)
RL (+4.96%)
SLB (-0.11%)

The only position left "standing" is BSFT, which is DOWN -4.85%.  Go figure.

BSFT will be adjusted to a 4% position on Thursday.  Positions heading downward at 10:00 a.m. will be sold and the portfolio will not be added to until the positions below turn upward, or near the end of the day, whichever occurs first.

New to the list are the following stocks:

ACPW
AREX
ENMD
FCS
FTK
FXEN
IGOI
IMAX
JAZZ
LNG
MWW
NCT
NG
SGY
SIMG
ST
TGA
UEC
URZ
VRUS
VSH
VVTV
WTI
XIDE

Of these stocks, these stocks were previously on the "top 100" list and are obviously in the top 25:

BSFT
IMAX
ST
VRUS

This simply goes to show that when the high-fliers rotate, they do so hard.  Also note that we had a number of stocks hit "New Cash" status today:

AAPL
NOV
SLB
MEE

PCLN had already been sold and confirmed it's sell status with a "Affirmed Cash" recommendation.  Ditto MIDD.

Since inception on 10/28/10, the portfolio is up +1.5%.  It reached it's peak value on 12/6/10, when it was up +2.34%.  The maximum draw down since inception is 5.3%, which occurred from the peak of 11/8/10 to the valley of 11/16/10.

In the last 30 days the fund has increased 4.86%.  According to Google Finance, the S&P500 has increased 3.39% in the same time frame.

The fund has been alive for 48 trading days.

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Top 25 ETF Portfolio

11 ETFs will be rotated out of the ETF portfolio:

IJK (+3.44%)
IJT (+4.06%)
IWO (+4.91%)
MDY (+2.66%)
QLD (-0.45%)
RFG (+2.10%)
SOXL (+5.91%)
VPRO (+1.53%)
VBK (+4.57%)
VDE (-0.21%)
XLE (+4.45%)

11 ETFs will be added to the portfolio, at a 4% level:

DBS
MWJ
NLR
PXJ
SIVR
SLV
SMH
SOXX
UWM
XES
XSD

Positionally, the only ETF in the entire lot of 25 that remained in the same relative ranking position is AGQ.

The following ETFs are weaker, but still made the top 25 list:

PALL
OIH
MVV
TQQQ
BGU

The following ETFs are stronger, and have moved up in relative ranking.  Note that many of these are new purchases, but were previously in the "top 100" and are now in the "top 25" due to their strength:

ERX
USD
TNA
DIG
IEZ
SIVR
UYM
TYH
XES
KOL
SMH

New to the list are the following ETFs:

DBS
SLV
MWJ
UWM
PXJ
XSD
SOXX
NLR

The Top 25 ETF portfolio was started on 11/25/10, and since that time is up +4.75%.  It reached it's peak value on 12/13/10, when it was up +4.99%. The maximum draw down since inception is 0.46%, which occurred from the day the fund was started to the valley of 11/30/10.  This is not a normal circumstance and indicates that we need far more trades to judge the performance of this ETF portfolio before we commit our monies.


The fund has been alive for 20 trading days.

Positions heading downward at 10:00 a.m. will be sold and the portfolio will not be added to until the positions below turn upward, or near the end of the day, whichever occurs first.  All trades will occur sometime on Thursday.

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New Longs

I note with considerable interest that the GGT New Longs, going into Thursday, are heavily weighted in Drugs, Bio, and Healthcare.  Here's the list of NL stocks:

AMRN
VPHM
RP
EXAS
ALKS
INWK
COT
ABV
CPSL
OSIS
PRXL
NWL
MOH
VM
PDCO
ARAY
KGC
MSG
ABM
MR
DVOX

To our resident Dr. Scott -- any thoughts here?

ETFs look interesting too:

XPH

SSG
OIL
UUP
FXP
DBO
PPH
SOXS

XPY is the Health/Pharma ETF, but is too thinly traded for my liking.

Note that SSG is the Ultra SHORT Semiconductors

Note that UUP is the DOLLAR -- a new long here does not occur frequently, and according to GGT, when it has occurred in the past, we've had more whipsaw action than not.  Be careful with this one.

FXP is the -2x Leveraged Contra China Xinhua25 -- this is confirming with many indicators.
PPH is the HLDRs Pharma, and completely dwarfs XPY.  THIS is one worth watching, and the stocks above confirm this (or the other way around).  Dr. Jeff?
 
SOXS is the -3x Semiconductors, so it confirms SSG.
 
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Remember, you are responsible for your own trading decisions, and I am not.  Investing in the Top 25 portfolios is very risky, as these are being forward tested at the present time.  If you do so, you acknowledge that you may get the heck beat out of you by the markets and that you have no one to blame but yourself.  We are in a period of consolidation, yet every one of the 50 stocks/etfs mentioned is on the long side of the market -- if we move down, they will get hammered. 
 
TAKE OWNERSHIP for your actions, and make sure you do your diligence.
 
Regards,
 
pgd

Short Term Timer Confirmed CASH, Intermediate Timer LONG, Stay the Course

Meeting Reminder:

There is a monthly meeting this coming Saturday, December 18th, from 1 p.m. to 3 p.m. at the Great Falls Library, 9830 Georgetown Pike, Great Falls, VA  22066.  The GGT, LLC investment club will meet immediately following the advertised meeting.  WebEx information will be provided in the Yahoo! groups.

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I have meetings today hence the brevity in this posting.

Summary

• The LCR system is healthy, with all the slopes of the monitored EMAs (5d through 65d) pointing upward.  This is bullish on these time scales.
• The "slope of the slopes" within the LCR system have fallen 4 of the 5 last trading days.  This is normal-to-bearish market behavior, but if this continues onward to 3 or 4 consecutive days, we know that this trend is in trouble.
• The Pricing system is healthy, with all the slopes of the EMAs pointing upward.  Like the LCR system, this is bullish on these time scales.
• The "slope of the slopes" within the pricing system have seen two solid days of downward movement.  If we see four days then we know that this trend is in trouble.  
• The Short-Term LCR Change Timer is in a CONFIRMED CASH condition (-1).  We are at least 2 days from seeing this move long.
• The Intermediate-Term Elder Force Index Timer is LONG.  This is telling me that it is okay to purchase stocks on the LONG side.
• The GGT strength index fell for the second day.  Nothing here to get worried about, and the level of 0.674 suggests that there is plenty of upside room.

Overall, I've been pruning my weaker stocks from the portfolios.  I am not selling to lock in profits, as many of the holdings I have still retain solid chart patterns.  I'm willing to tolerate a drop below par for those equities that have good Elder patterns.  In short, I intend to stay the course with the strongest of holdings.

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Remember, you are responsible for your own trading decisions, and I am not.  Please take ownership for your actions.

Regards,

pgd

Meeting Reminder:

There is a monthly meeting this coming Saturday, December 18th, from 1 p.m. to 3 p.m. at the Great Falls Library, 9830 Georgetown Pike, Great Falls, VA  22066.  The GGT, LLC investment club will meet immediately following the advertised meeting.  WebEx information will be provided in the Yahoo! groups.

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I have meetings today hence the brevity in this posting.

Summary

• The LCR system is healthy, with all the slopes of the monitored EMAs (5d through 65d) pointing upward.  This is bullish on these time scales.
• The "slope of the slopes" within the LCR system have fallen 4 of the 5 last trading days.  This is normal-to-bearish market behavior, but if this continues onward to 3 or 4 consecutive days, we know that this trend is in trouble.
• The Pricing system is healthy, with all the slopes of the EMAs pointing upward.  Like the LCR system, this is bullish on these time scales.
• The "slope of the slopes" within the pricing system have seen two solid days of downward movement.  If we see four days then we know that this trend is in trouble.  
• The Short-Term LCR Change Timer is in a CONFIRMED CASH condition (-1).  We are at least 2 days from seeing this move long.
• The Intermediate-Term Elder Force Index Timer is LONG.  This is telling me that it is okay to purchase stocks on the LONG side.
• The GGT strength index fell for the second day.  Nothing here to get worried about, and the level of 0.674 suggests that there is plenty of upside room.

Overall, I've been pruning my weaker stocks from the portfolios.  I am not selling to lock in profits, as many of the holdings I have still retain solid chart patterns.  I'm willing to tolerate a drop below par for those equities that have good Elder patterns.  In short, I intend to stay the course with the strongest of holdings.

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Remember, you are responsible for your own trading decisions, and I am not.  Please take ownership for your actions.

Regards,

pgd

Top 25 Portfolio Update

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With the close of markets on Tuesday, December 14th, the GGT system has issued a New Cash recommendation for PCLN, which will be sold early Wednesday morning.  All closed positions will be replaced with equities from a new Top 25 list Thursday morning.

Regards,

pgd

Intermediate Timer is LONG, Short-Term is Indecisive

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Meeting Reminder:


There is a monthly meeting this coming Saturday, December 18th, from 1 p.m. to 3 p.m. at the Great Falls Library, 9830 Georgetown Pike, Great Falls, VA  22066.  The GGT, LLC investment club will meet immediately following the advertised meeting.  WebEx information will be provided in the Yahoo! groups.

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Summary for Monday, December 13th

• The GGT LCR system is bullish with all of the slopes of the EMAs pointing upward.  Until these show some signs of pointing downward, the database is expanding on 5d to 65d periods.
• The GGT Pricing system is bullish with all of the slopes of the EMAs pointing upward.  Since we put prices in our bank accounts, this is suggesting that your account has moved upward in value from 5 days ago, as well as 65 days ago.
• The Short-Term LCR Change Timer is floundering at the CASH-LONG (0) level, indicating indecision.  The bias is towards CASH on a short-term (~ 1 week) basis, e.g., entering right now could be difficult to attain profits.
• The Intermediate-Term Elder Force Index Timer is indicating LONG.  I interpret this as being an indication that we should be purchasing stocks on the LONG side, certainly not shorting.

The markets are slowing marching upward with a 3 steps forward, 2 steps back approach.  This is fine, so I am purchasing strong stocks on the pullbacks.

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Elder Candidate Stocks

There are over 400 stocks that meet the most basic form of Elder Force Index criteria going into today's action. The basic filter is this:

• Close > $1
• 50d MA Volume > 100K shares
• Force Index (2d) < 0
• Force Index (13d) > 0
• Dollar Volume > 6,000,000

Increasing the minimum share price to $5 and the Dollar Volume > 10M reduces the list to 340 candidates.  Many to choose from.

Here is a short list of some of the Elder candidates that I am watching:

ZAGG

RVBD

DECK

FFIV

GPI

ATHN

NTGR

OVTI

PLCM

DCTH

DAN

AYI

GRA

RCII

FINL

NDSN

ADSK

ATPG

PSS

VLO

I plan to enter on strength, e.g., increasing prices on increasing volume.

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Remember, you are responsible for your own investment decisions, and I am not.  Please take ownership for your actions.

Regards,

pgd

Changes to Top 25 Stock Portfolio

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With the close of markets on Monday, December 13th, GGT has indicated that the following positions in the Top 25 Stock Portfolios should be closed:

• CSTR - New Cash as of 12/13
• MIDD - New Cash as of 12/13
• OII - New Cash as of 12/10

These positions will be closed after 10 a.m. on Tuesday, December 14th, and will be replaced with normal portfolio rotation the morning of Thursday, December 16th

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Remember, you are responsible for your own trading decisions, and I am not.  Please take ownership for your actions.

Regards,

pgd

December 12 Weekend Summary

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Summary

• The GGT Long-Cash Ratio system is healthy.  All of the LCR EMAs are pointing upward, which means that the database is expanding in terms of available good stocks to choose from on all measured timeframes.
• The GGT Pricing system is healthy.  All of the pricing EMAs are pointing upward, which (should) mean that your net worth is increasing on all measured timeframes.
• The Short-Term LCR Change Timer is in CASH, although it transitioned to CASH-LONG (0) on Friday.  This move to cash may have been a whipsaw -- it's hard to tell at this point.
• The Intermediate-Term Elder Force Index Timer is LONG, which says that it is advisable to purchase stocks on the LONG side.

The upcoming week not withstanding, all the indicators over the last week are continuing to point us to the long side.  Despite being at new highs on the indexes you are crazy if you think you should short the market at this point, especially with the LCR EMA slopes all pointing upward.

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The Long-Cash Ratio (LCR) System

Here's the view of the LCR system.  As with all my images, right-click on the image to open in a new tab or window:

As you can tell from above, the LCR has had a good run since the beginning of December, with 6 of the last 8 trading days showing an expansion in the LONG recommendation of over 2700 stocks.  This is bullish.

The middle of the table is where the meat resides.  This area shows the "slope of the EMAs", and when this area is green, we should be buying stocks on the long side.  As you can see, it's very green, and has been since the 65d EMA slope turned green on 12/3.  You had a head's up on 12/1 that the ice was thawing by the 5d, 8d, and 13d slopes all moving green, and on 12/2 the change of the 21d and 34d again should have made you more comfortable about long positions.   12/3, in conjunction with the Elder status, would have given you the "all in" signal.

A hold-out on this present bull leg is the left side of the table, where we see that the 21d EMA is still below the 34d EMA.  This condition also exists for the 34d/55d EMA pairs.  This area simply tells us that the bull leg is relatively early -- that we need the calendar to click off the days AND we need continued upward expansion of the LCR system for these two holdouts to confirm green.  If this area fails to confirm within 21 trading days of the 5d signal moving green (e.g., by the end of December) I think the writing will be on the wall that we may do more drifting that upward movement -- we'll see.

The right side of the table above shows the normal "slope of the slope" of the EMAs.  We like to see more green than red, which means that the LCR EMAs are going to continue to point upward.  When we start seeing lots of red on the right side of the graph we know that this leg will be under pressure.  Right now, it looks good.

From the perspective of the LCR system, we're in good shape for continued movement into the long side of stocks.  As with all trend following systems, please note that this only provides for a read on where we have been, not where we are going.  The markets could easily reverse at any time, and we'd not see it coming using this methodology.

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The Pricing System

Here's the most recent dashboard of the GGT Pricing System:

Friday saw a large movement in the GGT pricing system -- up nearly 2.24% on volume that was solid at the 50d MA level.  Remember, GGT screens for stocks that meet the following requirement:

• Above $1 in closing price
• Above 100K shares in 50d MA Volume
• Trade on the three primary exchanges.

There are over 2700 stocks in the GGT database, and the performance of these stocks, which I think comprise higher "quality" stocks than just what can be found on the major exchanges, typically is better.  For so many stocks to advance (recall that the LCR increased 13% too) in price shows that the day was solid in performance.  IBD said volume and turnover were low on Friday, and while volume on the NASDAQ was lower, overall Friday was a very good day.

Like the LCR system, the meat of the figure above is in the middle portion of the table.  Note that ALL of the pricing EMAs are pointing upward -- the database is appreciating in price on all measured time frames, and this can only be interpreted as bullish.

The left side of the table above shows that the pricing EMAs are "properly aligned".  For the most part, with the exception of the 8d and 13d around the middle of November, these EMAs have been bullish since September, with no major nails in the coffin (e.g., all red) since August.  This system alone has confirmed that we should stay the LONG course, at least for now.

On the very right of the figure I've shown the %B and GGT Strength Oscillator readings.  As you can see, both still indicate that there is gas in the tank...

For now, the pricing system is very bullish.  Stocks that we are holding should be appreciating in price, and gains should be occurring.  If the stocks that you are holding are dropping in price then you are holding the wrong stocks.  This isn't to say that you should sell them -- you shouldn't if they are only down a percent or two -- but you should consider how to add winning stocks to your portfolio.

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The Timers

Here's the view of the two timers I follow:

The left side of the graph shows the Short-Term LCR Change Timer, which with Friday's action, transitioned from CASH (-1) to CASH-LONG (0).  If the LCR moves up on Monday I should purchase stocks LONG, on a short-termed basis.  My available pool of ETFs to chose from is as follows:

• IWM
• QLD
• TNA
• UWM
• UYG
• VTI

Note that without exception all of these ETFs are significantly above their 50d MAs, so I think entry at this time is less than ideal.  Nevertheless, a signal is a signal, and I'll follow accordingly.

On the right side of the figure is the Intermediate-Term Elder Force Index Timer, which continues to indicate that we should be long in the market.  The timer confirmed a move long using the simple-moving-average (SMA) method on 12/2, and since then the markets have risen ~1.9% (according to the S&P500).  Using an exponential moving average (EMA) method the signal came earlier, with the close of markets on 11/26, so purchasing the SPY the morning of the 29th would have you up +5.5%.  It doesn't always work out this way, so the more conservative method generally will keep us out of hot water.

Given that Friday was such a banner day, finding stocks that meet the Elder FI(13) > 0 and FI(2) < 0 is challenging.  Stocks that I have screened for other criteria, in addition to the Elder criteria, are:

AAWW

BEAV

CQB

DBA

IRE

These 5 stocks pulled back on Friday from lofty levels, and will need to continue higher on Monday in order to move forward with initial positions.  Note that if I do move forward with any of these, it will be at a 20% of a full-position level.

There are numerous stocks out there that have solid Elder FI(13) fundamentals but are overbought and need to pullback a bit.  When I screen this long list against Pascal Willain's Effective Volume (EV) site (www.effectivevolume.eu) I come up with a list that shows  good Elder fundamentals as well as accumulation by larger purchases, relative to 8 days ago:

COF

ENER

HELE

HIG

KIE

MDT

T

TCB

THC

ZAGG

ZMH

NVO

ORCL

PG

SPWRA

TBF

TBT

TMV

ADTN

CFN

FSLR

RF

SNV

WTS

ACM

STO

UN

STEC

Note that the FI(2) on all of these is >0, so entering Monday without a pullback would be foolish.  For the most part these equities seem to be gathering steam, so I'll keep a careful eye out for opportunities to enter.  Note that the order of the list is relative ranking in terms of the quality of the chart pattern with respect to Elder FI(13), slope of 13d and 34d lines, volume levels relative to the 10d MA Volume, and price momentum, with the "best" of the list at the top (although all are good).  One way to enter these would be to place a limit order at the EMA8 line, or some variant on that theme.  Note that ALL of these are trading above the EMA8 level...

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Palladium

Palladium, as measure by the ETF PALL, is in an uptrend on the weekly chart but is in a cross-current on the daily chart and is neither in a confirmed uptrend or downtrend on the daily.  I'd need PALL to cross above $74.48 then pull back in order to enter.  The chart pattern would need to improve from here it is in terms of overall 13d and 34d slopes.

Heating Oil

I use the ETF UHN to indicate what heating oil is doing.  In general, heating oil is bullish on the weekly chart but like palladium, has hit some rough roads on the daily chart.  I'd need UHN to cross above $29.35 then pull back in order to enter.  Overall, the chart pattern of UHN is worse than that of PALL.

Brazil

Brazil, as measured by a basket of stocks from that country, seems to be holding the 65d EMA line with the tails of price action on Thursday and Friday, which I would consider bullish for the longer term.  While still in an uptrend (I use the term loosely), the aggressiveness of the uptrend has been weakening over the last month or so, with lower highs in terms of slope of the 65d line.  This being said, the slope line is still positive, so Brazil is to be considered in an up trend, albeit weak.  Note that almost all of the stocks from Brazil are experiencing poor chart patterns, so be selective if you venture here.  Only GGB, out of 30 stocks that I track, is worthy of further consideration by me.

In terms of ETFs, EWZ is the Brazillian ETF that has the most liquidity.  It looks terrible on the weekly and daily scales, and is a solid avoid.

Gold

Gold, as measured by the several indexes available, indicates that it is in an uptrend as far as the weekly is concerned, but the daily is having problems.  The slope of the 65d EMA is very positive, but is pulling back from the highs of this past Monday and Tuesday.  The slope of the 5d EMA is negative and heading downward, so with no floor in sight, now is not the time to enter.  Furthermore, when viewing stocks in the Gold and Silver industry, the slope of the 13d EMA is just crossing the slope of the 34d from above, which is an Elder sell signal.  Of the 16 stocks that I track in this industry, only 4 have a good chart pattern, so caution is advised.

Oil & Gas

Overall, the integrated Oil & Gas companies are in an uptrend.  I track 11 stocks in this group and in general, the group is bullish.  5 of the 11 stocks have bullish patterns with the other 6 breaking down.  XOM and CVX have the best patterns, but XOM is too mature for me to enter at this point.  CVX looks good on the weekly if it can clear $87.08 then pull back a bit, allowing for entry.  BP appears to be out of the woods and just flashed a buy signal this past week.  RDS.A is consolidating and if it can move upward, it looks good.  MRO looks good for entry if we can get a good pullback on the intraday chart.

U.S. Dollar

I use the ETFs UUP and UDN to evaluate the U.S. Dollar Index.  Neither of them have chart patterns that I would call attractive.  UUP has been floundering sideways for about 3 weeks, and needs to start moving upward more aggressively.  UDN has significant resistance overhead, and I personally doubt whether it can overcome the resistance.   Note that if UUP appreciates that there is a high likelihood that the markets will be falling, as UUP is inversely related to the market prices.  Of course, we want a strong dollar, but this results in our ability to purchase foreign whatevers at a lower number of dollars per unit of foreign currency, which is bad for their exports.  

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Remember, you are responsible for your own trading decisions.  Please do your own diligence and take ownership for your actions.

Regards,

pgd

Disclaimer:  As of this writing I own or influence ownership in the following equities:  EFA, SPY, VXF, ARUN, BPOP, DRYS, F, FLEX, HD, IRM, LTD, MCRS, MI, MYL, PAY, PFE, SHO, TC, UBS.