Food for thought....

In 1972, the first year after Nixon took us off the gold standard, adjusted for inflation, gold's yearly average price was $244 per troy ounce. Subsequently through the next decade, America went through hyper-inflation, high oil prices, rampant unemployment, two recessions, and Middle Eastern conflict. Sound familiar??? Well, at the peak of the fear in 1980, gold's yearly average price had risen to an inflation adjusted $1637 per troy ounce. Fast forward to 2001, the beginning of our decade of hyper-inflation, high oil prices, rampant blah, blah, blah, gold's yearly average price was $271 per troy ounce. Today, gold prices have ramped all the way back to 1980 levels closing Friday's trading session at $1644 per troy ounce. We've been here before people. In 1972, it took roughly the same amount of gold to buy goods and services as it did in 2001. Crazy, huh?  I'm not implying gold has peaked, or this is the end of America's version of the "lost" decade. In fact, was it not for the economic and foreign policies of freshly elected Ronald Reagan, our situation would have gotten even worse. This highlights the urgent need for a leader that can do what's necessary to return America to prosperity. This is not a "let's blow Reagan" speech, or a call to imitate everything he did. Times have changed and different strategies are needed. That's why the Free Market Capitalist supports Ron Paul for President in 2012.

Thanks Salida, you made my year...or did you???

If you read my blog you know I had been calling for a correction in gold based on two factors. First, the chart was forming a textbook double-top that should have put fear in the heart of any investor, and second, the precious metal was simply overbought and due for a pullback. Even good ideas get ahead of themselves. Long-term I actually think gold is a buy. But what's the exact reason for gold's $300 pullback which actually helped me get back to even and then ahead for the year? For weeks there have been rumors that Salida, a Toronto based hedge fund that invests primarily in metals and energy, was giving up the ghost. Them along with Paulson we're rumored to be liquidating their holdings on the open market fueling the massive declines (it has been the the common thinking that losing hedge funds have been raising cash by selling their gold positions to cover margin calls or redemption's). They've denied these rumors of liquidation and I tend to believe them. I've attached their monthly performance letter which explains their massive fuck-up, causing them to be down almost 50% on the year. It looks like they continued to load up on precious metals and oil stocks into $1900 gold and $100 Western Texas Intermediate. Oops. Check out the letter for yourself.

Today's Game Plan

Two days ago I outlined my short term strategy of getting long, and yesterday I covered all my shorts early into the dip. I picked up Decker's Outdoor (DECK), Spyder S&P 500 ETF (SPY), Russel 2000 ETF (IWM), Apple (AAPL), and, believe it or not, a nat. resources company Cliff's Natural Resources (CLF). I also started a position in the Powershares DB US Dollar Index Bullish ETF (UUP) as a play on the strengthening US Dollar. This is one of my favorite Q4 themes. Tomorrow I'll be looking to add to my Euro shorts via the (EUO) since I think this rally continues on more "good" news out of Europe which should bring up the struggling currency. With the exception of my FOREX moves, all my other trades are very short term. I'll look to start selling all my other trades in 5% or so except for Apple (AAPL), because it's P/E is too low, Netflix (NFLX), because it's oversold and a prime takeover target, and Alexion Pharma (ALXN) because approval of it's drug could come as early as Q4. I wouldn't buy any commodities here except copper for a quick bounce.

-Good Luck, let's make some money.

This is not a recommendation to buy or sell any securities. DAK was long DECK, SPY, IWM, AAPL, CLF, ALXN, and NFLX at time of publication but positions can change at anytime.

Kicking myself...

I let go of my precious metal shorts a little early today (which is annoying), but I'm happy with the move. I'm not quite ready to get long yet since I've been calling for gold to hit $1500 for a few months now, but it's time to start watching for the opp. I actually prefer investing in gold in euro terms which I mentioned yesterday. It's a more advanced trade because you have to both short the euro via a currency market trade, and get long gold in dollar terms, but this trade will be well worth it if you can swing it.

This is not a recommendation to buy or sell any securities. DAK was short the Euro at time of publication but positions can change at anytime.

I'm calling a short term bottom...so sue me

Well bears, here's your chance to make me look foolish. On a day when we breached the lows of the year, something I warned would spark a huge amount of selling, I'm calling a bottom. Well a short term bottom at least. I tweeted earlier that I just didn't feel all that bearish here even though we breached some key support levels. If we open up down tomorrow watch the 1090 level cause that's where I think we turnaround, and that's where I'll be buying. I'm not sure who'll lead the way, but I'm guessing it will be tech since Apple (AAPL) is in play tomorrow. Once I see who's leading the way I'll be looking for some longs and for a 6%-8% bounce in the major indices over the next week or so. But I would use this rally to unload any big losers, and take profits on winners, because I see nothing good on the horizon concerning Europe or China which is what's driving the action. Even if the Greek default is "manageable" and China has a soft landing, it will take some work to get there (and by work I mean lower equity prices). When this market starts to become overbought, and the VIX creeps below 30, I intend to be long only a few issues like Apple (AAPL) and Alexion Pharma (ALXN). I think Netflix (NFLX) is oversold and just begging to be bought by Amazon (AMZN) or Apple (AAPL) so I'll hold on to it. I'll be long the dollar index and short the Euro. I'll also be covering my gold and silver shorts on any weakness in the coming week and will look to start to getting long the precious metals in euro terms. That's a bit of a complicated trade but I think you'll see much greater upside in the price of gold and silver in euro terms vs. dollar terms.

This is not a recommendation to buy or sell any securities. DAK was long AAPL, NFLX, and AMZN at time of publication but positions can change at anytime.

I'm still not buying it...

I seem to be a very torn individual these days. Many of the things I predicted would happen have begun to come true. The market is up 150+ points as Germany passed the TARP-like measure seen as necessary to save the Euro Zone, and jobless claims and GDP came in better than expected so it seems the economy isn't quite as bad as we all thought. All seems rosy right?? Wrong. There are some ominous signs out there that have me raising cash and only picking at a few select names on weakness. We'll start with copper, probably the best indicator of economic growth out there, has fallen like a stone. China, the gasoline keeping this global economy running, is drastically reducing how much copper it's consuming. Then a poll taken by Bloomberg showed 59% of respondents believe China will fall to sub-5% GDP growth by 2016. A "hard landing" of less than 5 percent growth for the world's most populous nation would be "disastrous" for the world economy, said Qu Hongbin, an economist with HSBC in Hong Kong. The nation wouldn't be able to create enough jobs for those entering the workforce, sparking a "serious social problem," he said. "I'd rather bet that it's the end of the world in five years than to bet on China's growth falling below 5%." This puts into perspective just how dire this situation is. If China goes, we all go. Your iPhone goes from costing $250 to $1000. Not good. Hopefully China would have the foresight to change their model to accommodate the lower growth by shifting to a strategy of household spending- led expansion, softening what global investors anticipate will be a hard landing. We should stay away from BRIC stocks such as Baidu (BIDU), New Oriental Education and Tech (EDU) and Arcos Dorados Holding (ARCO) until we get a clearer picture of what's going on in the land of Mao. Another ominous sign is which stocks are actually leading this market. I truly believe as goes Apple (AAPL), goes the market, and recently Apple's (AAPL) RS line has been falling. I talk about Apple (AAPL) a lot as the leader of this market but it's not just Apple (AAPL). All the mo-mo names like Green Mountain Coffee Roasters (GMCR), Decker's Outdoor (DECK) and Wynn Resorts (WYNN) need to lead the way. Right now that just isn't happening. Almost every stock I watch is down today in an up 160 market. Gold and silver are up a bit here but I won't be adding to my shorts today unless we go dramatically higher. The precious metals have fallen so much you'd think there would be a little consolidation before we move another leg down. The only move I'm contemplating right now is adding to my euro shorts. The euro is up about a penny today versus the dollar off the Germany vote, but I see many bumps in the road ahead for Europe. My year-end price target for the euro is $1.28.

This is not a recommendation to buy or sell any securities. DAK was long AAPL and ARCO at time of publication but positions can change at anytime.

Stocks & Commodities Fall as German Parliamentary Vote Takes Front Stage

These late day fades are killing the bulls. You wonder how much longer they can take it before they just throw in the towel. We were dancing between gains and losses all day, opening up 100 points only to give it all back and then some by 3PM. Then, as usual, the fast selling started and took us another 100 points lower in the last 15 minutes of trading. I'll reiterate my view that you shouldn't be buying anything in this market except Apple (AAPL) and Alexion Pharma (ALXN). Overnight or early tomorrow morning there is a vote in the German Parliament to decide on Greece's bailout package. If it fails, you can bet we'll be taken down hard. Remember, when TARP was first introduced to Congress it was shot down, then the market plummeted and forced Congress' hand. TARP was finally passed, eventually saving us from a total collapse. You have to think, over in Europe they have a bunch of lefties in office who are anti-capitalist to begin with. You think they want to bailout the "fat-cat" bourgeoisie bankers that got them into this mess in the first place? Talk about moral hazard. They hate the bankers over there more than we do. Then, even it passes, it has to be the right plan. How did we react when the Fed didn't give us the stimulus we wanted last week? Down 700 in the blink of an eye. Gold and silver resumed their drop Wednesday but expect and bounce back up to the $1700 level if the vote fails. I'll be adding to my Proshares Ultrashort Silver ETF (ZLV) and Proshares Ultrashort Gold ETF (GLL) positions if we do bounce on a failed German vote, but if it passes, look out below.

This is not a recommendation to buy or sell any securities. DAK was long AAPL, GLL, ZLV, and ALXN at time of publication but positions can change at anytime.

Europe still driving the car...

We've rallied off the lows of the year, again, on the idea of a German TARP-like plan that will save Greece from a classic default, and bring the entire Euro Zone back from disaster. If we had some sort of solution over there it would be huge positive for this market, but what about Operation Twist? Didn't we get a little more stimulus than we expected from the Fed? What happened after that? Down 700 points in two days. Maybe it doesn't happen this time, but until this market breaks out of the 1120-1220 range it's been trading in, I'm a very selective buyer. This may be your last chance to get in on the Apple (AAPL) train before the next big leg up. Amazon (AMZN) is debuting it's iPad competitor dubbed the "Kindle Fire" or some nonsense like that. I think the Kindle Fire is DOA like all the other "serious competitors" that have come and gone (I'm looking at you Xoom, Galaxy, and Playbook!), and if it brings Apple (AAPL) down today and/or tomorrow, I'll be adding to my position. I actually like Amazon (AMZN) a lot, but this tablet is NOT an iPad competitor. It may take share from the Nook. Gold is basically unchanged and silver is down a percent. I bought back some Proshares Ultrashort Gold ETF (GGL) a little cheaper than I sold it on Monday for, and I started a position in the Proshares Ultrashort Silver ETF (ZSL). I think both precious metals have 10%-15% downside form here. Yesterday's rally fading hard into the close is disconcerting, but right now it looks like today may be a non-event. With all the different investment vehicles I watch, I'm stressed to find one that's even moving by a percent either way. Europe is basically unchanged right now down about 30 points on the DAX.

This is not a recommendation to buy or sell any securities. DAK was long AAPL, GLL, and ZSL at time of publication but positions can change at anytime.

Cautiously Optimistic

It's amazing how quickly things go from the "end-of-the-world" to "Paradise Island" nowadays. This is one broad rally with all but 2 of the stocks I watch rising over 1%. Volume is pretty normal out of the gate, but will see how the day unfolds. As much as I'd love to jump into the names that are rebounding like Baidu (BIDU), Arcos Dorados (ARCO), and Wynn Resorts (WYNN), I think it's best to continue to be cautious here. We've been following the pattern of pricing in a "smooth" default in Greece before it actually happens, and then at any sign we were wrong we sell of, and we sell off violently, hence my caution. The lows of the year held again, the best contrarian investor out their, Doug Kass, has called a bottom, and investor sentiment is almost as bearish as the 09' bottom. These are all very positive signs, but any bad news out of Europe will take precedent over anything else. I'm still buying Apple (AAPL) and Alexion Pharma (ALXN) as I continue to believe these companies will buck any macro trends. In fact, I'd like to talk about the report form JPMorgan yesterday citing parts suppliers, that Apple (AAPL) cut iPad orders for Q4 by 25%. My sources are confirming something I suspected the minute the report dropped and mentioned twice twice yesterday. Not only is Apple diversifying it's supply chain in Asia, it is moving an unknown amount of production to Brazil. How much you want to bet that "unknown" amount is 25% ;) Even if we do continue this rally, we should take a breather the next couple days because we've come up so quickly. I'd lighten up on your aggressive longs and add to any solid shorts as I think tomorrow we could see a pullback. If you have any shorts not working out, like the Fossil (FOSL) puts I bought before the big rally yesterday, than don't sell them for a loss, wait for tomorrow to unload. If you don't have a short position in gold or silver, I like starting one right here. Both precious metals are rising hard today and I think they have a good 10%-15% downside form here. Put on half what you'd like to short today and wait to see what happens. We could see $1700 before $1500, but I expect $1700 to act as resistance if we do get there. The Euro is also rising today and I'll probably add to my shorts via the Proshares Ultrashort Euro ETF (EUO) by day end. Regardless of how the European debt crisis unfolds, I belive the Euro comes out the other end much cheaper than today. I'll be using days like this to add to my position and look to start covering around $1.28-$1.30. Don't forget you can always check the twitter feed to see my trades live.

This is not a recommendation to buy or sell any securities. DAK was long AAPL, ARCO, BIDU, ALXN and EUO, and short FOSL at time of publication but positions can change at anytime.

Gold Rebounding; Futures Higher

Gold is finally rebounding a bit here, up $50 to $1645, after the worst bout of selling in the precious metal since 2008. Silver is bouncing back even harder up over 4% to $31.30. I covered my shorts early yesterday precisely in anticipation of support around $1600. I would be more inclined to short this bounce than buy the decline, but the easy money's already been made. I expect to see $1500 before $1800, but it won't be straight down. If you read my blog you know I'm bullish on gold long-term. That's why I own the Spyder Gold Trust ETF (GLD) for the Free Market Capitalist Portfolio. Trends always tend to go a little further than most expect so we may see lower than $1500, but that's where I'll start buying for the FMC Portfolio, and myself. I'll be buying silver more aggressively than gold as I think silver easily doubles here over the next year, gold may see a respectable but more modest 20-30% rise. Futures are slightly higher in Asia and with a "fix" on the way in the Euro zone, we may see some more upside in equities these next few days.

Rally 276 points? Obviously ;p

This market is confusing as hell but there's one thing you can bet your mortgage on, whatever happens is happening in the last hour of trading. I mean it's like the whole day we're just gearing up for 3PM so the HFT's can drag us one way or the other. We ended the day up 270+ on the DOW and even the NASDAQ got dragged kicking and screaming into the green. Does this rally mean the worst is over? Maybe,but it's too soon to tell and I'm not devoting a bunch of capital until I know for sure. Apple (AAPL) was the story today after JPMorgan reported that the gang in Cupertino has cut it's iPad parts orders by 25% for Q4, the first time JPMorgan has ever observed such a cut by Apple (AAPL). After being down over 3% in the first hour of trading, Apple (AAPL) recovered and only closed down about a buck to $403. I stated earlier that if this is true, it's more telling of the economy, Europe especially, than Apple (AAPL) itself. I shorted some Fossil (FOSL) today based on it's chart and it had already started working, but the big reversal upwards at the end of the day erased those gains. I'll leave them on until I see clear direction and bail if we really start gapping up.  Gold dipped below $1590 early in trading and settled in around $1597. I sold 75% of my short position in gold this morning since I had been short since $1900. I think gold sees $1500 before $1800, but it could bounce around here for a while. I'm seeing a lot of things on sale out there like Wynn Resorts (WYNN) and Baidu (BIDU) but all the technicians are saying "stay away". Admittedly all I see are broken charts, but I'm a contrarian investor, I like to buy when sentiment is most bearish and charts are most broken.

This is not a recommendation to buy or sell any securities. DAK was long AAPL, WYNN and BIDU, and short FOSL at time of publication but positions can change at anytime.

Good Morning

Precious metals are falling again this morning after the CME's counterpart in China, the Shanghai Gold Exchange, followed CME's move on Friday and raised margin requirements on both gold and silver. Silver is the big loser plummeting more than over $1.40 after margin requirements are raised more than 20% from 15% to 18%. Equity futures are rising off a statement out of Europe promising more "stimulus". JP Morgan released what must be the first negative report on Apple (AAPL) in years, claiming their sources indicate a drop in 4Q iPad orders. These claims have not been substantiated but they very well could be true. Somehow I'm not worried.

This is not a recommendation to buy or sell any securities. DAK was long AAPL at time of publication but positions can change at anytime.

Mystery Solved

$1656. The dollar price per troy ounce of gold. That's an almost $300 discount from the all-time record set only a few weeks ago. I was expecting this pullback for a while for various reasons, but late today we found out the main driver behind the move. CME just hiked the margin requirement for gold by 21%! In other words an investment bank like Goldman Sachs has to put up 21% more capital to buy gold on margin than they did a week ago. This is what has spurred the massive amount of institutional selling the last 48 hours. This doesn't mean gold will now reverse and head back up to $1900. All the hedge funds and institutions that sold the gold aren't just going to go back and buy gold again. My guess is they're waiting for good news out of the Euro Zone so they can buy stocks. Stocks are by far the most oversold asset class in the world, and believe me, that's where the big boys are looking to put their cash. I think gold can fall another $100 dollars or so, but if you've been short since $1900 like me, it's time to start taking profits.

Not much action as the smoke clears...

Sorry about the lack of posts today but I was out of the office. The Dow and the S&P managed modest gains after some of the worst selling we've seen since the 08' collapse. The NASDAQ actually managed a respectable 1.1% move up, albeit on light volume. I bought some SPY OCT 114 calls yesterday when we're down over 450 points cause I saw a bounce coming but quickly sold them today for a small gain as I don't think anyone wants to be long over the weekend. Alexion Pharmaceuticals (ALXN) continued it's breakout in this down market and to me remains the only stock along with Apple (AAPL) that can be bought in this environment. Both are true Q4 stories that should unfold regardless of the overall market conditions. I remain bearish on all other stocks in the short-term. We must get some answers on Europe and a see soft-landing in China. Both things I think will happen, but this market needs to see it. The real story today was gold which continued its collapse falling almost 5% to $1656.20. I've been bearish on gold since it looked like it was forming a double-top the last month and have been predicting a pullback to it's 200 day MA which is a little over $1500. I've been using Proshares Ultrashort Gold ETF (GLL) OCT calls to play the decline. It's a good time to keep your powder dry and wait for this period of unrest to subside.

This is not a recommendation to buy or sell any securities. DAK was long GLL and AAPL at time of publication but positions can change at anytime.

Risk Off

So jobless claims we're basically in-line with estimates coming in at 423,000, a fall of 9,000 offering us no help. FedEx was even worse news coming out and saying they're feeling the global slowdown even in China. Futures are falling of a cliff and suggest a market open right near the lows of the year. So in 1 1/4 sessions we're giving back the entire rally off the lows that took us a month and a half to accomplish. It looks like those that suggested the entire rally was built on anticipation of QE3 were dead on. I didn't see it that way. I'm still having a hard time believing its a bad out there as the numbers suggest. July was horrendous and August was pretty rough too but it already feels better to me. I guess I'm crazy. With all this selling you'd think total "risk off" situation, right? So what's the "risk off" trade doing this morning? Down over $70 to $1735 per troy ounce. You'd think if people are selling stocks the money would go into gold. So where's the money going? That juicy 1.8% yield you get in the Ten-Year? I doubt it. Oil is coming off 5% and the Euro has fallen to $1.345. Calmer heads could prevail by day end so I would caution against panic selling and getting short, but watch 1120 cause if we breach it could get ugly.

Ouch!

That was one ugly close. The Fed's policy decision was not well received by this market which seems to be losing confidence the Fed can do anything to save the fledgling economy. Even the momo names like Apple (AAPL) that had been doing so well the last few weeks reversed in the last 30 minutes of trading and ended the day lower. Earlier I said that I had a bad feeling and thought we could sell-off, but I didn't think it would be that violent. The S&P closed right on it's uptrend line and when we breakthrough that line tomorrow it could spark even more selling. The next test is 1150 and then 1130 on the S&P. If we test 1120, we're going to breakthrough the lows for the year and the pain will be felt by every stock and every sector. There were two major breakdowns in stocks I own today. Arcos Dorados Holding (ARCO) and New Oriental Education (EDU) were off by 8.8% and 9.3% respectively. These charts have completely broken down and we need to stay away from these names for the time being. My long term prospects for each company have not changed so if you already own the stock don't sell it. I can't find a reason for the selling in either name other than fear of a BRIC slowdown. Gold fell by almost 2% to $1780 and I expect it to fall further over the next few weeks.

This is not a recommendation to buy or sell any securities. DAK was long ARCO, EDU and AAPL at time of publication but positions can change at anytime.

Gold watch.....

Watch gold...I think it's a leading indicator for this market. The reason it's falling is because we're entering a "risk on" phase and investors are cashing out so they can put that money to work in stocks. We're down now but I'm buying this dip and gold agrees with me.

Fighting for control

The markets are shifting between gains and losses this morning after Italy's credit rating was downgraded overnight. In the coming days Ben Bernanke will be the story as the Fed meets on policy decision and we see if more QE is in the cards. Jazz Pharmaceuticals (JAZZ) is on the rise this morning after announcing a take-over of Azur Pharma. Autozone (AZO) beat estimates but is selling off this morning as investors were expecting more. I'm holding on to my Autozone (AZO) calls regardless. Hansen Natural (HANS) continues to breakout and reaches another new all-time high of $93.47. Apple (AAPL) is also continuing it's winning ways, rising by more than a percent to $417. I'm not doing much except taking some profits on my winners like Apple (AAPL) and anthenaHealth (ATHN) before the Fed meeting since I have no idea what to expect. Gold is rising in anticipation that we'll get more stimulus and the "print-happy" central bank will show no sign of abating. In my opinion QE3, or "Operation Twist", or whatever you want to call it isn't necessarily coming, and many traders believe this market has already priced it in. Disappointment could mean a big sell-off.

This is not a recommendation to buy or sell any securities. DAK was long AZO, AAPL, HANS, and ATHN at time of publication but positions can change at anytime.

Closing out strong....

If you bought the dip with me this morning you made some money. After being down 250 points early in the day we came roaring back on a report that after the Greek Finance Ministry said the conference call today between Minister of Finance Evangelos Venizelos and the ECB was 'productive ans substantive'. In fact at one point the Nasdaq even went positive. We closed a bit off the highs of the session, but the story today was "high growth". Free Market Capitalist faves Chipotle Mexican Grill (CMG) and Lululemon Athletica (LULU) were up over 5%. Whole Foods Market (WFM), Wynn Resorts (WYNN) and Green Mountain Coffee Roasters (GMCR) were all up over 3%. Apple (AAPL) closed at an all-time high today of $411.63 and is red hot with a new product cycle ready to roll out in a matter of weeks. athenaHealth (ATHN) was up over 5% before fading but still closed .8% higher. I took some more of my position in athenaHealth (ATHN) off the table as it's up over 40% since I bought it. I've recouped my capital plus a little profit so I'm letting the rest ride. I bought some Broadcom (BRCM) as the semi's were getting hit hard this morning and you know I love semi's right now. With Broadcom (BRCM) you're also getting a sideways play on Apple (AAPL) since they make the chips that run iProducts. Arcos Dorados Holding (ARCO) bounced back above the $26.60 support level at the bottom of its $26-$29 trading range. I see this as bullish and think the stock should be bought right here. Gold fell hard down over 1.5%. My short-term view on gold hasn't changed and I expect it to test its 50 day MA of $1726.40 and then the head to the $1600 level. Oil was hit hard today and I'll be looking to add to my Oil Service Holders ETF (OIH) on anymore weakness.

This is not a recommendation to buy or sell any securities. DAK was long AAPL, OIH, ATHN, ARCO, WYNN, and BRCM at time of publication but positions can change at anytime.

Buying the sell-off

As usual Europe is giving us a bloody Monday on a fresh batch of Greek worries, but I'm using it as an opportunity to do some buying. I think we could go lower here over the next few days but I want to be building my positions in the names that can run in the coming months. The general market will have it's hurdles, but there are certain companies with stellar earnings that are undervalued here. As we suss out the European crisis over the next few weeks, I believe these names will lead the way. Today I picked up some Autozone (AZO), which I'll be profiling later, Baidu (BIDU), and Broadcom (BRCM), another play on semi's with Apple (AAPL) exposure. Gold and the Euro are falling today and as you know I've been playing both with the Proshares Ultrashort Gold ETF (GLL), and the Proshares Ultrashort Euro ETF (EUO). I think both trades continue to play out over the next month as Europe capitulates, and gold seeks support at it's 200 day MA.

This is not a recommendation to buy or sell any securities. DAK was long GLL, EUO, BIDU, BRCM, and AZO at time of publication but positions can change at anytime.