HFMarkets (hfm.com): Market analysis services.

[HFblogNews]

Date: 27th October 2025.

The Nikkei225 Soars as Takaichi’s Policies and Trade Truce Boost Investor Optimism.


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On Monday, the Nikkei225 rose above 50,000 for the first time in its history driven by investor optimism. The Nikkei225 is the best-performing index of 2025 so far, having risen 28.65%. The Nikkei225 is currently trading with gains 9% higher than the DAX, the second best-performing index of 2025. However, the Japanese Yen is showing the opposite trend, so what is driving these key market movements?

Japan and Prime Minister Sanae Takaichi

Sanae Takaichi officially became Prime Minister on 21 October. Mrs Takaichi is a firm believer in expansionary fiscal policy despite being a conservative. A key issue for Japan is its gross domestic product (GDP) growth rate which is only 0.1%. The growth rate has been on a downward trajectory since the 1970s and continues to pose a challenge for Japan. However, many investors believe Takaichi has the boldness needed to reverse these trends.

She plans to roll out targeted fiscal stimulus, supporting key industries such as artificial intelligence (AI) and semiconductors, removing the provisional gasoline tax, and offering winter utility subsidies. In addition to this, the new Prime Minister is looking to strengthen ties with China and regional economies, as well as expand Japan’s Self-Defence Forces for the first time since the Second World War.

Many economists believe these measures are likely to stimulate economic growth and boost Japanese companies. These moves are also likely to weaken the negative impact of the Bank of Japan’s interest rate increases. For this reason, demand for the Nikkei225 is significantly increasing and is on track to record its strongest year-on-year performance since 2013.


NIKKEI225: 20-Year Performance (YoY)

Inflation, Trade And Investor Sentiment

The US and China have agreed to pause plans to impose 100% tariffs on Chinese goods. At the same time, China will delay implementing stricter export controls on rare earths bound for the US. Another element of the agreement is that China will resume purchases of US soybeans and other agricultural products. Previously, this trade had almost come to a standstill.

The trade agreements made between President Trump and Xi had a positive impact not only on the Nikkei225 but also across the global equity markets. All indices are trading higher, while the VIX has fallen by 4%. The decline in the VIX highlights the market’s renewed “risk-on” sentiment.

Lastly, global Purchasing Managers’ Index (PMI) readings released on Friday, alongside lower US inflation data, supported global demand. Germany, the UK and the US all saw their PMI figures rise above expectations. In addition to this, the US Consumer Price Index (CPI) rose from 2.9% to 3.00% (the forecast has been for 3.1%). As inflation came in lower than expected, investors now anticipate more frequent rate cuts by the Federal Reserve.

Bank of Japan and The Japanese Yen

The Japanese Yen remains the worst-performing currency. This is primarily due to expectations that the Bank of Japan will not raise interest rates as much as previously anticipated. In addition to this, Japan’s expansionary fiscal policy is fuelling concerns over the country’s high debt-to-GDP ratio. However, the weaker Japanese Yen is making the Nikkei225 more attractive to foreign investors.

Current expectations are that the Bank of Japan will keep interest rates unchanged on Thursday. A pause would likely support the Nikkei225, but traders will continue to monitor price action for signals of potential trends ahead.


Nikkei225 Daily Chart

Key Takeaways:

* The Nikkei225 hit 50,000 for the first time, making it 2025’s best-performing global index.
* Prime Minister Sanae Takaichi’s pro-growth fiscal policies have boosted investor confidence and market optimism.
* The US–China trade truce lifted global markets, supporting bullish trends and strengthening risk appetite.
* A weaker yen continues to support Japanese stocks but raises concerns over Japan’s rising debt levels.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click [url='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html']HERE[/url] to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [url='https://www.hfm.com/en/trading-tools/trading-webinars.html']HERE[/url] to register for FREE!

[url='https://analysis.hfm.com/']Click HERE to READ more Market news.[/url]

Michalis Efthymiou
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date: 28th October 2025.

Market Confidence Sinks Gold, But Will It Continue?


Trading Leveraged products is Risky

Gold prices continue to decline for a second consecutive week, now trading 10% lower than their previous high. The key bearish drivers for gold are the reduced safe haven demand and the stronger US Dollar. However, traders are evaluating how low the price will fall before losing momentum.

Investors are closely watching two major events this week: the US Federal Reserve’s interest rate decision on Wednesday at 20:00 (GMT+2) and a high-profile meeting between US President Donald Trump and Chinese President Xi Jinping at the APEC summit in Seoul later in the week. These events are expected to set the tone for global markets, influencing currency movements, bond yields, and risk sentiment. As a result, these events are having a strong influence on Gold prices.

Most economists anticipate that, given the recent signs of labour market cooling and moderate inflation, which came in at 3.0% in September, slightly below expectations of 3.1%. The Fed is likely to cut interest rates by 25 basis points to 4.00%. Policymakers are also expected to signal a continued ‘dovish’ stance into December, emphasising flexibility and support for economic stability. The move would mark another step toward easing monetary conditions amid slowing growth momentum.

However, traders should note that increasing interest rates are fully priced into Gold according to analysts. As a result, the effect of interest rates is significantly lower than in previous weeks. Experts advise that a rate cut for January is not priced into the market. According to the FedWatch Tool, there is a 48% chance of a rate cut in January. If this increases, Gold may attempt a further bullish increase.

Meanwhile, optimism is growing around the upcoming US–China talks. Chinese representative Li Chengang confirmed that preliminary agreements have been reached on several key areas, including exports, transport fees, and curbing illegal fentanyl production. US Treasury Secretary Scott Bessent stated that the threat of 100% import tariffs has been lifted, while President Trump announced his intention to sign the trade deal.

Analysts suggest that China may delay stricter export controls on rare earth metals for at least a year, while Washington could roll back some tariffs, paving the way for continued negotiations on the broader agreement. For this reason, the trade tensions are no longer adding to Gold’s previous bullish trend.


XAUUSD 4-Hour Chart

According to the 200-period Moving Average, the price of Gold has now declined enough to move into range-bound trading conditions. However, momentum-based technical indicators continue to point towards a continued decline. The bearish signal is likely to remain in place for as long as the price remains below $4,019.00. Lastly, technical analysts also note that the price is trading at the support level from October 9th.

Key Takeaways:

* Gold extends losses: Prices have dropped for a second week, now 10% below recent highs amid weaker safe-haven demand and a stronger U.S. dollar.
* Focus on key events: The Fed’s rate decision and Trump–Xi meeting are driving market sentiment and influencing gold’s direction.
* The Federal Reserve is likely to cut rates tomorrow and again in December: analysts expect a 0.25% rate cut.
* Bearish trend persists: Gold trades below its 200-period moving average, with momentum still pointing lower unless it breaks above $4,019.00.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click [url='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html']HERE[/url] to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [url='https://www.hfm.com/en/trading-tools/trading-webinars.html']HERE[/url] to register for FREE!

[url='https://analysis.hfm.com/']Click HERE to READ more Market news.[/url]

Michalis Efthymiou
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date: 29th October 2025.

NASDAQ Forecast: Earnings And Market Drivers.


Trading Leveraged products is Risky

The NASDAQ climbed to a new all-time high on Tuesday and surpassed the DAX for the first time in 2025. The NASDAQ is now the second best-performing index of the year so far, behind the Nikkei225 and slightly ahead of the German DAX. The bullish price movement gathered momentum after NVIDIA’s CEO expressed optimism about the artificial intelligence (AI) and Technology sectors.

The trend was also fuelled by expectations of easing US–China trade tensions. Optimism grew further ahead of major quarterly earnings reports from leading technology companies.

Earnings Forecasts-Microsoft and OpenAI Strike New Deal

Market participants are focusing on the quarterly earnings reports from the ‘Magnificent-Seven’. After the market closes, Microsoft, Alphabet and Meta will all release theirearnings reports. The most influential report will be from Microsoft and Alphabet due to holding a higher weight. Together, the three companies hold a weight of 25%.

* Microsoft - Rose +1.98% on Tuesday - Earnings Per Share Prediction = $3.65
* Alphabet - Fell .67% on Tuesday - Earnings Per Share Prediction = $2.26
* Meta - Rose +0.08% on Tuesday - Earnings Per Share Prediction = $6.61

If all three companies exceed expectations and provide upbeat guidance for the next quarter, the NASDAQ is likely to maintain its bullish momentum. Lastly, on Thursday investors will shift their attention to earnings reports from Apple and Amazon, which are also part of the ‘Magnificent-Seven’.

One of the reasons why Microsoft has seen stronger gains over the past 24 hours is the new agreement with OpenAI. The new agreement allows the ChatGPT creator to shift from its non-profit origins and prepare for a potential IPO to fund Sam Altman’s ambitious AI and data centre plans. Under the new structure, OpenAI will operate as a public benefit corporation still overseen by a nonprofit. Altman stated that an IPO is the most likely route to raise the funds needed for advanced AI development.

Microsoft stocks are also rising a further 0.50% during this morning’s pre-market trading session.

NVIDIA and Jensen Wong:

Investor sentiment has improved significantly with President Trump’s Asia tour, his agreement with China, and the upcoming meeting with President Xi. However, another key price driver has been NASDAQ’s most influential stock: NVIDIA. NVIDIA’s CEO, Jensen Huang, told journalists that he has no concerns about an artificial intelligence (AI) bubble.

Mr Huang stated that NVIDIA's latest chips remain strong and on schedule. He also revealed that, due to US export controls, NVIDIA’s market share in China has dropped from 95% to effectively zero, remarking ‘we are 100 % out of China.’

NVIDIA’s stocks rose 4.98% on Tuesday and have since gained a further 1.69% during this morning’s Asian Session. NVIDIA is due to release its quarterly earnings report on 19 November after the market closes. The stock has risen 45% so far in 2025.

Federal Reserve

Investors are focused on tonight’s US Federal Reserve meeting, where a 25-basis-point rate cut from 4.25% to 4.00% is widely expected to support a cooling labour market. With inflation steady at 3.0%, the Fed has room to ease policy, although uncertainty remains due to limited economic data. Markets will also watch for signals of another potential rate cut later this year and in January.

NASDAQ (US100)-Technical Analysis


NASDAQ Daily Chart

The NASDAQ continues to form higher highs and higher lows following the classic bullish trend pattern. The index is also trading above the main trendlines as well as above the day’s volume-weighted average price (VWAP). Most momentum-based indicators continue to point towards further upward price movement.

However, investors should also be aware of the risks associated with the prices trading at all-time highs as well as a potential change in sentiment if earnings reports fail to meet expectations. A decline of more than 5% would suggest that the upward trend may be at risk.

Key Takeaways:

* NASDAQ hits a new all-time high, surpassing the DAX and becoming 2025’s second-best-performing index behind the Nikkei 225.
* Tech optimism surges after NVIDIA’s CEO dismisses AI bubble fears, while Microsoft and OpenAI announce a major restructuring deal.
* Focus shifts to ‘Magnificent Seven’ earnings, with Microsoft, Alphabet, and Meta expected to drive short-term NASDAQ momentum.
* The Federal Reserve meeting remains in focus, with a 25-basis-point rate cut expected and investors watching for signals of further easing.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click [url='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html']HERE[/url] to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [url='https://www.hfm.com/en/trading-tools/trading-webinars.html']HERE[/url] to register for FREE!

[url='https://analysis.hfm.com/']Click HERE to READ more Market news.[/url]

Michalis Efthymiou
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date: 30th October 2025.

Alphabet Leads Tech Gains as US–China Deal Lifts Market Sentiment.


Trading Leveraged products is Risky

Investors have plenty to digest this week, with volatile earnings results, interest rate cuts, and hawkish comments from central banks. The Federal Reserve and Bank of Japan have announced their interest rate decisions and held press conferences. In addition, tech giants including Alphabet, Microsoft and Meta have released their quarterly earnings reports.

Some aspects of the latest developments have been positive, while others have been negative. As a result, most asset classes have experienced mixed price movements. However, the main factor driving optimism is the trade agreement between the US and China.

US-China Trade Agreement

US President Donald Trump’s tour of Asia which is drawing to a close. Before returning to the US, President Trump met with Chinese President Xi Jinping at Busan Airport amid heightened tensions over tariffs, TikTok, and rare earth minerals.

Political analysts have expressed optimism about the outcome of the meeting and comments made from both sides. President Xi stated that the two countries had reached an agreement to resolve ‘major trade issues.’

China has agreed to pause new rare-earth export restrictions for one year, with annual reviews planned. Trump said the issue is ‘settled’ for now, while China has also resumed purchases of US soybean, signaling a renewal in agricultural trade. Maintaining stability is now the main priority, as past periods of trade optimism have often been followed by renewed tariffs and tensions.

This development is having a positive impact on the market’s risk appetite. This is reflected in the VIX index, which is trading 1.50% lower, and the Put/Call Ratio, which has again declined towards the 0.60 level. However, technical analysts warn that if the Put/Call Ratio falls below 0.60, the stock market may experience profit-taking and resistance.

Earnings Reports

Investors had been eagerly awaiting for the earnings reports from major technology companies. In the first half of the year, the NASDAQ experienced a market decline of 26% and within six months recovered only 6-7%. The index was lagging behind Asian and European stocks with most investors suggesting that the US market required stronger bullish catalysts-potentially from earnings results.

On Wednesday, after market close, Microsoft, Alphabet and Meta released their third-quarter earnings reports. The main takeaways are as follows:

Microsoft stocks Fall 3.95% After Earnings Release-the company’s revenue and earnings per share were slightly above expectations but not enough to significantly boost demand. Microsoft’s record $35 billion AI spending raised concerns over margins, while its forecast of persistently high costs unsettled investors.

Alphabet stocks rise 6.70% After Earnings Report-the company's revenue was higher than predictions set by analysts. The Earnings per share came in 7% higher than previous forecasts.

Meta stocks fall 7.40% After Earnings Report-the company was unable to beat earnings and revenue expectations. However, the main concern for investors was that tax-related charges reduced earnings and the company warned that expenses would increase in 2026.

The standout performer was Alphabet which not only impressed with beating earnings expectations but also through user growth. Alphabet reported record quarterly revenue of $102.3 billion, up 16% year on year and above expectations, driven by growth in its Cloud and YouTube divisions. The company’s record $91–93 billion in capital spending highlights its aggressive investment in AI infrastructure.

NASDAQ (US100)-Technical Analysis


NASDAQ (USA100) 30-Minute Chart

During the US trading session the NASDAQ experienced three major price waves on the shorter timeframes. The first when the Federal Reserve confirmed its decision to cut rates by 0.25% which triggered a brief decline. The price quickly recovered but then fell again as Jerome Powell’s press conference was more hawkish than markets had anticipated. The index later rebounded following the announcement of Alphabet’s earnings report, which drove the price to a new all-time high.

The key support level can be seen at $25,929.30 and the resistance level at $26,287.65. Although the index was unable to maintain its bullish impulse wave momentum, it has remained above key technical levels and the VWAP.

Key Takeaways:

* Markets remain volatile as investors react to earnings results, rate cuts, and hawkish central bank commentary.
* The new US-China trade agreement boosts global risk appetite, easing tensions over tariffs and rare-earth exports.
* Alphabet leads technology gains with strong earnings and record AI investment, while Microsoft and Meta stocks decline.
* The NASDAQ reaches a new all-time high after Alphabet’s results, supported by optimism despite mixed market sentiment.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click [url='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html']HERE[/url] to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [url='https://www.hfm.com/en/trading-tools/trading-webinars.html']HERE[/url] to register for FREE!

[url='https://analysis.hfm.com/']Click HERE to READ more Market news.[/url]

Michalis Efthymiou
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

[HFblogNews]

Date: 31st October 2025.

Meta Sell-Off Drags S&P 500 Lower, Could Friday Bring a Rebound?


Trading Leveraged products is Risky

The US Dollar Index rose to a three-month high, while the S&P 500 struggles as investors digest the latest earnings reports. Apple and Amazon's earnings per share exceeded expectations, but will Meta’s stocks halt demand? The S&P 500 has fallen for two consecutive days despite earnings while the NASDAQ continues to show bullish trends. Earnings data supported growth on Thursday, aided by Netflix’s latest announcement.

S&P 500-Earnings Reports, AI Ventures, and Stock Splits


S&P500 1-Hour Chart

Meta and Alphabet stocks were one of the key reasons why the S&P 500 fell on Thursday. During the Asian session, Alphabet’s stocks rose almost 8% providing early support for the S&P 500. However, during the European and US session the stock lost momentum and ended the day only 2.45% higher. For this reason, the alphabet’s strong earnings report had limited impact on demand even though it significantly improved sentiment.

Furthermore, Meta stocks, which fell more than 11% were the main contributors to the S&P 500 ending the day 0.35% lower. Regarding Meta, the market is struggling to absorb the level of expenses that the company is facing, particularly in relation to AI, taxes, and penalties. According to Meta’s CEO, the company is looking to significantly invest in AI and expenses in the next 2 years are likely to rise.

Overnight, Meta also announced that the company will issue $30 billion in corporate bonds to fund its expansion into AI. The stock is trading 1.20% higher during this morning’s Asian session, however, Meta’s performance will depend on whether the company can convince investors that the ‘venture’ can be successfully monetised.

Amazon is this morning’s best-performing stock after the company beat its earnings expectations. Amazon stocks, which are the 5th most influential within the S&P 500, are trading 13% higher this morning. In addition to this, Apple is also trading slightly higher (2.35%) after beating both earnings and revenue expectations. Apple’s earnings per share came in at $1.85, $0.21 higher than the same period last year.

Lastly, Netflix stocks, which have fallen more than 9% in the past month following its earnings report, are regaining momentum this morning. The stock has risen more than 3% as the company is announcing a 1-for-10 stock split to lower the stock price from $1,089 to $108. The company has stated that the move aims to make the stock more attractive to employees and retail investors. Reports also suggest that Netflix is considering acquiring Warner Bros Discovery, though this has not yet been confirmed.

US Dollar Strength-Are The Fed Bluffing?

The US Dollar Index has risen for three consecutive days as the Federal Reserve adopted a more hawkish tone. Investors should note that the Federal Reserve was not necessarily ‘hawkish’, the central bank remains ‘dovish’. However, the comments made were simply not as ‘dovish’ as the markets had hoped. As a result, the US Dollar Index rose higher, particularly as one of its main competitors, the Japanese Yen, fell due to monetary policy weakness.


US Dollar Index Daily Chart

Ten members of the Federal Open Market Committee (FOMC) voted to ease monetary policy, while two opposed the move. Board member Stephen Miran supported a larger 50-basis-point cut, whereas Kansas City Fed President Jeffrey R. Schmid preferred to keep rates unchanged amid persistent inflation concerns.

Following the meeting, Federal Reserve Chair Jerome Powell suggested the Fed may pause further policy changes in December, despite investor expectations for another rate cut before year-end. Powell noted that many FOMC members believe it is important to pause and assess economic conditions before easing further. His comments disappointed markets, and the CME FedWatch Tool now shows that the probability of a December rate cut has fallen from 90% to 67%. Therefore, a cut is still likely, but is not guaranteed as previous thought.

The US Dollar has been this week’s best-performing currency followed by the Australian Dollar. The worst performers so far are the British Pound and Japanese Yen.

Key Takeaways:

* The US Dollar Index hit a three-month high as the Federal Reserve hinted at a possible policy pause in December.
* The S&P 500 fell for a second day, pressured by Meta’s 11% decline despite strong results from Apple and Amazon.
* Meta plans to issue $30 billion in bonds issuance to fund AI expansion, though investors remain sceptical about its profitability.
* Amazon surged 13% and Apple rose 2.35% after both companies beat earnings expectations.
* Netflix gained 3% after announcing a 1-for-10 stock split aimed at attracting retail investors and employees.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click [url='https://www.hfm.com/hf/en/trading-tools/economic-calendar.html']HERE[/url] to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click [url='https://www.hfm.com/en/trading-tools/trading-webinars.html']HERE[/url] to register for FREE!

[url='https://analysis.hfm.com/']Click HERE to READ more Market news.[/url]

Michalis Efthymiou
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.