InvestMacro FX

By GCI Forex Research

Fundamental Outlook at 0800 GMT (EDT + 0400)

USD

The dollar was steady overnight amid a general lack of fresh news. The Bank of Japan detailed its easing measures but intervention seems off the cards around these levels as most partiers are probably waiting for the Fed’s upcoming steps before deciding on further action. UK housing data was also softer than expected. Meanwhile, investors continue to recalibrate expectations for the Fed’s next move following a Wall Street Journal article and signs of pressure in the Eurozone kept the dollar relatively well-supported. Wires also reported that the Fed is asking for projections of upcoming purchases to evaluate their upcoming steps. Equities closed modestly flat and Treasury yields remained elevated as some inflation expectations continue to creep in. The WSJ article suggests a relatively small QE program will be unveiled at the upcoming FOMC meeting: “a program of U.S. Treasury bond purchases worth a few hundred billion dollars over several months”. This is a contrast to the shock and awe (large, long-term) approach that some in the market have expected. And again, with US data not terribly disappointing, investors likely took note and adjusted positioning. Among the data releases, durable goods orders rose more than consensus estimates at 3.3% in September though underlying elements of the report were a good deal weaker. Orders excluding transportation fell 0.6% versus expectations for a gain. Meanwhile, new home sales rose 6.6% in Sept. That is still a very slow sales pace, but the rise is consistent with a range of other data that suggest home sales have bottomed. Jobless claims is the only data due in the US. Ahead today, jobless claims data will be out in the US and Germany unemployment is expected to show a further decline. Overnight EURUSD traded 1.3764-1.3829 and USDJPY 81.51-81.79.

EUR

Eurozone worries persist despite the focus on potential QE2 in the US. The Portugese government and the opposition Social Democrats could not reach a consensus for a 2011 budget proposal, which is expected to contain cuts, the amount of which have not been seen since the 1970s. Parliament will discuss the 2011 budget November 2 with votes scheduled for the following day. The Social Democrats need to either vote for the budget or abstain for Prime Minister Socrates to get the budget through. Irish Finance Minister Lenihan said their fiscal position remains serious and that Ireland cannot “unilaterally devalue.” And the ECB’s latest liquidity operation showed larger-than-expected demand from banks for cheap funding.

Meanwhile, the Eurogroup’s Juncker said the dollar is undervalued against the euro and “Europe is the victim” of global currency policies. German Chancellor Merkel also said FX rates must reflect fundamentals and excess currency distortions hurt all economies.

We expect EURUSD to stay capped, and remain of the view that the past few weeks’ range will ultimately unravel to the downside.

JPY

The Bank of Japan announced it would purchase lower-rated corporate debt to further ease conditions in the domestic economy, as a part of its comprehensive package put forward last month. The BoJ also announced more meetings next week to consider purchases of other assets.

Purchases amounts of other assets were detailed at this meeting, but overall sizes were unchanged as the asset purchase program and credit-loan program will remain unchanged at ¥5tln and ¥30tln respectively. Intervention remains a difficult subject but we believe USDJPY will need to make another material move to the downside to force the authorities back in.
On the data side, retail trade was lower than expected at -3%m/m (cons. -0.5%m/m).

TECHNICAL OUTLOOK

EURUSD BULLISH Move above 1.4159 required for resumption of the bull trend. Support at 1.3637/1.3559 zone

GBPUSD BULLISH Recovery has scope for 1.6107. Support holds at 1.5606

USDCHF BEARISH Rise above 0.9918 breakout low exposes 1.0183. Support holds at 0.9703 ahead of 0.9463

AUDUSD BULLISH Break of 0.9662 support has exposed 0.9542 reaction low next. Resistance at 1.0004

USDCAD BEARISH As long as 1.0380 continues to cap the upside, expect decline towards 1.0154 ahead of 0.9981

EURCHF BULLISH Momentum is positive; expect acceleration of gains towards 1.3924. Near-term support at 1.3456 ahead of 1.3265

EURGBP BULLISH Pullback from 0.8942 eyes 0.8689 with scope for 0.8636 next.

EURGBP BEARISH Focus is on the downside; expect loses to target 0.8167 with scope for 0.8068 next. Short-term resistance is defined at 0.8363

EURJPY BEARISH Decline through 107.32 would open up the way to 104.72. Near-term resistance is defined at 111.11 ahead if 114.74

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

By Dan Eduard – Over the course of the last week, the Canadian dollar has been making significant gains against the Swiss franc. Analysts attribute the gains to a combination of poor Swiss economic news and positive indicators out of the US and euro-zone that has increased risk taking. As we will demonstrate through a number of technical indicators, the franc may be turning a corner and the CAD/CHF pair could see a downward correction in the near future.

We will be analyzing the daily chart for CAD/CHF provided by Forexyard. The technical indicators being used are the Bollinger Bands, Williams Percent Range and Stochastic Slow.

1. As seen in the chart, the cross is currently trading along the upper Bollinger Band, suggesting that a bearish correction may occur. In addition, the bands appear to be widening, which typically means a shift in direction is likely.

2. The Williams Percent Range is currently around the -15 level. Anything above -20 on this indicator typically means the pair is in overbought territory and a bearish correction is likely to occur.

3. Finally, a bearish cross has formed on the Stochastic Slow, meaning that downward pressure exists for the pair. Traders will want to pay close attention to this pair. Significant profits will likely be made by anyone who takes advantage of the impending correction.

Forex Market Analysis provided by ForexYard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Source: ForexYard

The U.S dollar weakened for the first time in three days against the euro in overnight trading, as Asian stocks gained amid optimism the global economic recovery remains intact, damping demand for the greenback as a refuge.

Economic News

USD – Dollar Rebounds Ahead of Fed’s Meeting

The U.S currency rose against the euro and yen on Wednesday, leaving the dollar index little changed year to date, as investors eased short bets against the currency ahead of a Federal Reserve meeting. The greenback extended its advance after stocks steepened their decline and a report showed new-home sales in the U.S. accelerated last month.
Analysts noted the improvement came off of historically low levels.

Earlier in the U.S. session, the dollar briefly pared its gains after a report on orders placed for durable goods during September indicated manufacturing and business spending may be slowing. However the dollar may strengthen further in the next days before next week’s interest-rate decision by the Federal Reserve, should economic data show better than forecasted outcomes.

EUR – Euro Falls To Session Low vs. Dollar

The euro fell to a session low against the dollar on Wednesday amid broad dollar strength as investors reduced short bets against the U.S. currency ahead of a Federal Reserve meeting next week.

The euro weakened after the results for the European Central Bank’s latest liquidity operation showed a larger than expected take up from European banks for cheap funding. The single currency fell as low as $1.3758 and was last down 0.6 percent at $1.3770.

Analysts believe the gap between euro-zone and U.S. short term rates, reflecting QE expectations from the Fed while the ECB gradually withdraws liquidity, will mean the euro is unlikely to fall below $1.36 in the next week or two particularly while investors wait to see the impact of the Fed measures.

JPY – The Yen Falls to 2 Week Low vs. Dollar

Japans’ currency fell as low as 81.98 against the U.S dollar, pulling further away from a 15-year high of 80.41 struck earlier this week. The Bank of Japan needs to do more to curb the yen’s advance by increasing its purchases of government bonds with longer maturities, according to Merrill Lynch Japan Securities Co.

The Japanese currency is approaching a post-war record of 79.75 against the dollar, threatening the nation’s export-led recovery. Should the yen rise to between 70 and 75 against the dollar and increase deflationary pressure, that could force companies to shift production abroad and cut jobs and business investment, economist said. According to analysts, it is very important for Japanese authorities to take measures to stabilize the yen between 85 and 90 against the USD.

Crude Oil – Oil Declines below $82 on Stronger Dollar

Oil prices slid nearly 1% on Wednesday, pressured by a rally in the dollar as doubts increased among investors about the size of a much talked about U.S. economic stimulus move by the Federal Reserve. The U.S government data that showed a surprise drawdown of 4.4 million barrels in gasoline stocks last week, against forecasts that motor fuel supplies rose, helped limit losses.

Overall, the latest data that showed that domestic crude inventories fell 5 million barrels, much more than forecast, though less than Tuesday’s industry report of a 6.4-million-barrel increase, disappointed investors. The negative correlation between the dollar and the price of oil was near its strongest level in 14 months in the run-up to the Fed meeting on November 2-3, when it is expected to detail how much money will be pumped into the U.S. economy.

A stronger dollar can pressure oil prices by making dollar-denominated oil dearer to users of other currencies and by pulling investment into other markets from commodities, which are viewed as riskier bets.

Technical News

EUR/USD

The pair’s recent upward correction may have been over extended as the pair’s RSI is seen floating in the overbought territory on the daily and 4 hour charts. Going short with tight stops might be advised for today.

GBP/USD

The daily chart is showing mixed signals with its RSI fluctuating in neutral territory. However, there is a fresh bearish cross forming on the 4-hour chart’s Slow Stochastic indicating a bearish correction might take place in the near future. Going short might be a wise choice.

USD/JPY

The hourly chart displays the Bollinger Bands tightening, indicating a breakout may occur in the near term. It can be inferred from the chart that the breakout will be to the upside as a bullish cross has formed on the Slow Stochastic Oscillator. The RSI-14 is also positive sloping, indicating that the momentum is to the upside. Traders should wait for the breakout and go long.

USD/CHF

The cross has recently recorded a 2-day losing streak, and there are signs for further volatility for the pair today. The RSI on the daily chart shows the pair sitting in oversold territory. On the other hand, the RSI on the weekly chart shows that the pair is overbought. It may be a good idea to enter the pair when the signals are clearer.

The Wild Card

AUD/USD

The AUD/USD sustained upward movement and has finally pushed its price into overbought territory on the daily chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.

Forex Market Analysis provided by ForexYard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By James Woolley

A lot of people who start to trade the currency markets for the first time will soon discover that forex trading can be a very emotional business. You will experience a range of different emotions at different times, and if you’re not careful this can start to have a negative impact on your trading.

Let me demonstrate this point by giving you three different scenarios.

First of all there is the amazing feeling you get when you close a really profitable position. This elation is magnified when you have a few winning trades in a row and are really starting to make some decent money.

Now the trouble you have here is that this happiness can lead to overconfidence and a feeling of invincibility, and you can very easily find yourself upping the stakes and trying to make even more money. Sadly this will often end in disaster and you may find yourself back where you started.

Another common feeling you will experience at some point is that losing feeling when you have to take a loss. Again this feeling is magnified when you have a few successive losing trades. This can also have a devastating impact on your trading because this horrible emotion will often lead to you taking greater risks and possibly upping your stakes in order to recoup your losses.

Finally another emotion that you will inevitably experience at some point is boredom. There will always be times when you stare at your price charts for hours on end, but cannot see any decent trading opportunities. In these instances you have to be careful because this feeling of being bored can often lead to you taking silly trades that are based on nothing more than gut instinct. I’ve been there myself so I know this to be true. The best thing to do is to switch off your computer when this happens.

So the point I want to get across is that you have to be careful not to let your emotions get the better of you. If you are using a proven trading system, then you should stick to this system at all times, and not start upping the stakes if it has a few winning (or losing) trades in a row. You have to remember that the most successful forex traders are also the most disciplined as well. A lack of discipline will nearly always result in losses in the long run, which is why you need to be in control of your emotions.

About the Author

Click here to learn all about the Forex Crescendo robot, and to read a full review of Forex Profit Multiplier.

By CountingPips.com

Important News Releases – October 28, 2010

00:00 Australia conference Board leading index
00:00 Japan interest rate decision
06:00 United Kingdom nationwide house prices
07:55 Eurozone German unemployment data
09:00 Eurozone business climate indicator
09:00 Eurozone consumer confidence
10:00 United Kingdom CBI sales data
12:30 United States weekly jobless claims
21:45 New Zealand trade balance
21:45 New Zealand building permits
23:01 United Kingdom GfK survey
23:30 Japan manufacturing PMI
23:30 Japan household spending
23:30 Japan unemployment rate

See full Calendar here

By James McKee – In a surprise development the growth of US GDP has outpaced that of England, in fact England’s GDP has dropped over 30% overall. Such stark differences certainly make the case for looking into the USD|GBP pair. The UK’s trouble is only beginning though because the country’s export demands are dwindling and the country’s austerity measures are truly having a large impact. In the US a strengthening stock market combined with an optimistic G20 summit could spell out some serious gains in the coming months.

In regard to the GBP investors should pay careful attention to the country’s construction sector as well because it is one of the few areas that seems to be making any gains whatsoever. The Chancellor of England stated his intent to cut public spending by 81 billion dollars overshadows the construction market, such cuts certainly seem like a joke in America but in England that is big money. If these cuts do take effect England could be looking at riots and social upheaval similar to what has been occurring in France and Greece.

In the end what separates the US from the UK in this instance is the simple fact that the US is focusing closely on any way they might be able to increase their exports and bring jobs back to America. President Obama has already said that he is going to be offering American corporations tax incentives to bring jobs back to America from overseas companies. Bringing jobs back to America and making an effort to balance export numbers with import numbers would greatly improve the US economy. This would in turn have a great effect on the USD, only time will tell if these measures are the best course of action but it is certainly better than no action at all.

The USD has been bearish and probably will be for the next couple months until Australia and other country’s GDP reports have been made public. Until this time it is probably best if we all give the USD a rather wide berth with regard to hasty trading, watch any interaction you have with this currency very carefully. Happy Trading!

About the Author

Author is a Forex trader and financial analyst residing in Denver, Colorado. To stay up to date on all the latest developments in the financial world and beyond be sure to check out the forex exchange rates regularly.

GBPUSD may be forming a cycle top at 1.5895 level on 4-hour chart. Another fall to re-test 1.5649 key support is expected later today, a break below this level will confirm the cycle top, then deeper decline could be seen to 1.5500-1.5550 area. Only break above 1.5649 level could suggest that lengthier correction of downtrend from 1.6105 is underway.

Daily Forex Forecast

DJIA Priced in Gold: What It Means for the Long-Term Trend

Of the many forward-looking
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have for the long-term trend of the nominal Dow? In this video,
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By Jared Levy, Editor, Smart Investing Daily, taipanpublishinggroup.com

Remember the old adage that it is much easier and cheaper to buy insurance when the weather is good as opposed to when a tornado is coming down your street?

Here’s a lesson I learned quickly in my early days as a trader:

Professionals almost always have a “hedge” or some form of protection just in case things go wrong. A hedge could be as simple as diversification or an option strategy like a covered call. Hedges can also be done with hard assets like real estate or numismatic coins.

“Hedge” funds are very actively managed and invest in all sorts of assets to try to provide exceptional returns for their investors and minimize volatility when things go south in the markets.

When I was a trader on the floor of the stock exchange, I almost NEVER took on a position without having a full or partial hedge to protect it.

But hedging isn’t just a tool for the pros. You could (and should!) be implementing this technique too, especially now. Here’s what you need to know…

An Easy Example

If I were long 1,000 shares of Apple and thought the market was looking a bit overbought, I might sell 300 shares of the SPY to lower my trading account’s overall “volatility.” In other words, if I am still bullish on Apple and don’t want to sell my Apple position, maybe for tax reasons, my short SPY position helps to buffer my account when the market sells off. I will still make money when it goes up.

Here is what a hedge looks like:

Long Apple Stock Alone:

Apple is down $1 — my account would be down $1,000 (1,000 shares)

Net result is a $1,000 loss on that day

Long Apple Stock With Short SPY Hedge:

Apple is down $1 — my Apple investment would be down $1,000.00 (1,000 shares)

Short SPY might be up $1 — my SPY investment would be up $300 (300 shares)

Net result is a $700 loss on that day (30% less of an overall loss)

See how a basic hedge works?

Of course, this is a simplified version and I don’t recommend you go out and short the SPY or sell a bunch of stock short unless you know what you’re doing. Remember that hedging may also slow down your profits, but you can remove hedges as you see fit.

Also remember that shorting stock can be an extremely risky proposition, but at least you can consider the method and in this case, you won’t have to short anything.

(Sign up for Smart Investing Daily and let me and my fellow editor Sara Nunnally simplify the market for you with our easy-to-understand articles.)

Protect Your Long Stock Positions Now, Without Going Short or Selling Anything!

Since the dollar has been driving the majority of the rally in stocks and commodities (gold and silver included), chances are that a good portion of your investments are going to be sensitive to a change in direction in the dollar, or more specifically, a dollar rally.

Don’t worry; you don’t have to go and short the dollar in the Forex market!

There is an ETF called the PowerShares DB US Dollar Index Bullish (UUP:NYSE), which is a bullish dollar ETF (if the dollar is stronger against other major currencies, the UUP will rise in value). As you can see from the chart below, the UUP has been moving in direct contrast to the SPY. This makes for a good hedging vehicle.

So What Do You Do?

Consider allocating 4-8% of your higher-risk investments (stocks, etc.) into the UUP. If the market continues to rise, you may not make as much as you would if you did not have this investment. However, if the market begins to retreat from a dollar rally, you will not lose as much, as your UUP investment will grow.

For you option traders out there, you can also sell covered calls on your UUP position; this will help not only reduce your cost basis, but will help when the dollar remains weak!

These are some unique and slightly advanced tactics, but if you want to trade like a professional, you must learn to think like one!

P.S. As soon as I joined up with the Taipan Publishing Group, I quickly learned that another trader here shares a similar style to me. Adam Lass not only has a love of charting… but also frequently utilizes hedging techniques in his services. If you want some more extensive education on hedging like a pro, I suggest you follow Adam’s latest service. You can watch a short video right here, explaining all the details.

Don’t forget to follow us on Facebook and Twitter for the latest in financial market news, investment commentary and exclusive special promotions.

About the Author

Jared Levy is Co-Editor of Smart Investing Daily, a free e-letter dedicated to guiding investors through the world of finance in order to make smart investing decisions. His passion is teaching the public how to successfully trade and invest while keeping risk low.

Jared has spent the past 15 years of his career in the finance and options industry, working as a retail money manager, a floor specialist for Fortune 1000 companies, and most recently a senior derivatives strategist. He was one of the Philadelphia Stock Exchange’s youngest-ever members to become a market maker on three major U.S. exchanges.

He has been featured in several industry publications and won an Emmy for his daily video “Trader Cast.” Jared serves as a CNBC Fast Money contributor and has appeared on Bloomberg, Fox Business, CNN Radio, Wall Street Journal radio and is regularly quoted by Reuters, The Wall Street Journal and Yahoo! Finance, among other publications.

By GCI Forex Research

Fundamental Outlook at 0800 GMT (EDT + 0400)

USD

The dollar continued to find support during the Asia session after a slightly weaker than expected CPI report from Australia, and a newspaper article which said the FOMC would likely ease in “measured” fashion. EURUSD traded 1.3802-1.3878, USDJPY 81.32-81.76. Although the scope of any further Fed easing remains a significant unknown, consecutive days of decent US data have probably encouraged investors to scale back some short dollar positions. Comments by New York Fed President Dudley overnight may also have helped. While he supports further easing, he said, “I would put very little weight on what is priced in or not priced into the market&We make our decision on the way we think is the best way to achieve our mandate.” US equities closed flat while Treasury yields picked up, likely due to moderating expectations for further QE. The Conference Board consumer confidence index rose more than expected to 50.2 though there was some deterioration in the current assessment of the labor market. The S&P/Case Shiller home price index fell 0.3% m/m in August as prices have turned from rising in Q2 to falling in Q3 following the expiration of homebuyer tax credits. We maintain our view that the dollar could benefit from too much QE being priced in ahead of Nov 3. Durable goods and new home sales are due.
EUR

The euro was weaker on the broader dollar rally, despite claims by ECB Governing Council Member Quaden that the euro’s current value is not out of line with economic fundamentals. ECB Governing Council Member Weber said that Germany’s recovery is not yet fully self-sustaining.
The Irish government announced a target of EUR15 bn in budget savings over four years, almost double the figure announced in the December 2009 Stability Programme update but in line with a recent estimate by a government-sponsored think-tank. Details should be in the 4-year fiscal plan, which is scheduled for mid-November.
GBP

MPC Member Posen has reaffirmed his dovish stance, saying that overshooting the inflation target by a little over a percentage point does not mean inflation is high, and that looking at short-term data can miss the point.
UK preliminary Q3 GDP was reported +2.8% y/y, vs consensus for +2.4% and the Q2 reading of +1.7%. The improvement was largely driven by construction and the y/y figure was the highest since Q3 2007. The service sector’s contribution to growth remained limited. The better GDP and S&P’s decision to change the UK ratings outlook to stable from negative and affirm the AAA rating helped sterling gain versus the euro while cable came back down on the back of the broader dollar move.
Although the latest data decreases QE expectations, we stay cautious on sterling as recently announced spending cuts will likely weigh on domestic growth.
AUD

The AUD fell heavily after Q3 CPI missed expectations. The headline reading came in just short at +0.7% q/q (cons. +0.8%, prev. +0.6%). The core reading also missed, rising only +0.6% q/q (cons. +0.7%, prev. +0.5%). Consequently, our Australia economics team no longer expect the RBA will raise the cash rate next week. Instead, they now think the next 25bp hike will come in Feb. 2011.

TECHNICAL OUTLOOK
USDCHF 1.0329 next resistance.
EURUSD BULLISH Look for a break above 1.4159 for resumption of the bull trend. Support at 1.3637/1.3559 zone
USDJPY BEARISH While resistance at 82.52 holds, expect decline towards 79.75 with scope for 77.91 next.
GBPUSD BULLISH Recovery has scope for 1.6107. Support holds at 1.5606
USDCHF BEARISH Rise through 0.9918 breakout low exposes 1.0329. Support holds at 0.9463 ahead of 0.9225.
AUDUSD BULLISH Move above 1.0004 would expose 1.0166. Support defined at 0.9662 ahead of 0.9542 reaction low
USDCAD BEARISH As long as 1.0380 continues to cap the upside, expect decline towards 0.9981 and 0.9820 next.
EURCHF BULLISH Violation of 1.3665 leaves next resistance at 1.3924. Near-term support at 1.3456 ahead of 1.3265
EURGBP BULLISH Sudden decline through 0.8773 exposes 0.8689 and 0.8636 next. Resistance at 0.8885 yesterday’s high
EURJPY BULLISH Need a break below 111.56 to trigger bear trend. Upside capped at 115.68.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.