NASA's Cassini spacecraft has sent to Earth its first views of Saturn's atmosphere since beginning the latest phase of its mission. The new images show scenes from high above Saturn's northern hemisphere, including the planet's intriguing hexagon-shaped jet stream.
Cassini began its new mission phase, called its Ring-Grazing Orbits, on Nov. 30. Each of these weeklong orbits—20 in all—carries the spacecraft high above Saturn's northern hemisphere before sending it skimming past the outer edges of the planet's main rings.
Cassini's imaging cameras acquired these latest views on Dec. 2 and 3, about two days before the first ring-grazing approach to the planet. Future passes will include images from near closest approach, including some of the closest-ever views of the outer rings and small moons that orbit there.
"This is it, the beginning of the end of our historic exploration of Saturn. Let these images—and those to come—remind you that we've lived a bold and daring adventure around the solar system's most magnificent planet," said Carolyn Porco, Cassini imaging team lead at Space Science Institute, Boulder, Colorado.
The next pass by the rings' outer edges is planned for Dec. 11. The ring-grazing orbits will continue until April 22, when the last close flyby of Saturn's moon Titan will once again reshape Cassini's flight path. With that encounter, Cassini will begin its Grand Finale, leaping over the rings and making the first of 22 plunges through the 1,500-mile-wide (2,400-kilometer) gap between Saturn and its innermost ring on April 26.
On Sept. 15, the mission's planned conclusion will be a final dive into Saturn's atmosphere. During its plunge, Cassini will transmit data about the atmosphere's composition until its signal is lost.
Launched in 1997, Cassini has been touring the Saturn system since arriving in 2004 for an up-close study of the planet, its rings and moons. Cassini has made numerous dramatic discoveries, including a global ocean with indications of hydrothermal activity within the moon Enceladus, and liquid methane seas on another moon, Titan.
Hexagonal storms, How is this even possible?
I would not complain if the government spent every last one of my tax dollars on worthwhile projects like Cassini!!!
Ah yes, Capitain stupid fluid dynamics work with their own special circumstance like ignoring the several concentric rings with varying temperatures. Good you are here to make consensus science safe from any heresy.
You mean the peer reviewed stuff like that of the IPPC? That's laughable. The scientific method, as you refer to, has long since lost credibility. They should call peer reviewed "pal" reviewed because you are all bias.
You mean the peer reviewed stuff like that of the IPPC?
are you referring to the Intergovernmental Panel on Climate Change (IPCC)?
or the International Plant Protection Convention?
perhaps you mean IPPC pharmacy?
These vortices look quite deep. How large they could be?


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Peru: Initial Assessment of Impact of the Coronavirus Pandemic on the Extractive Sector and Resource Governance
Lorena De la Puente BurlandoJuan Luis Dammert
Peru: Initial Assessment of Impact of the Coronavirus Pandemic on the Extractive Sector and Resource Governance (PDF 120.22 KB)
Peru has some capacity to cope with the economic shock caused by the coronavirus pandemic in the short term, as the country has built up a stabilization fund of over $5 billion. However, the economy will likely contract severely in 2020.
The government considers oil, gas and mining essential services, which are exempt from Peru's stringent lockdown measures. However, extractive companies have scaled back their operations because of low commodity prices and other pandemic-related factors.
Peru is dependent on the mining sector, which represents around 60 percent of exports and 11 percent of tax revenues. Experts estimate that overall production in the sector could fall by 20 percent in 2020.
Civil society actors in Peru will need to carefully monitor the impact of recent government decrees, which curtail social and environmental standards as part of efforts to enable investment projects to resume in the coronavirus context.
Summary of economic impact of the coronavirus pandemic
Peru has some capacity to cope with the economic shock caused by the coronavirus pandemic in the short-term. Total public debt is around 26 percent of GDP (lower than that of Chile and other similar countries), with external debt at 8.5 percent. Peru's risk of debt distress is considered low. The country is therefore in a good position to borrow. In the second week of April, the government successfully issued $2.6 billion in bonds as one of the sources of funding for its emergency plan to respond to the coronavirus pandemic and reactivate the economy. Peru is funding this plan, which uses the equivalent of 12 percent of its annual GDP, by reallocations of money from the national budget, as well as withdrawals from the Fiscal Stabilization Fund (FSF).
Financial capacity comes from sound macroeconomic management over the past decade, including funds saved in the FSF during the commodity "supercycle." The FSF had accumulated over $5.4 billion by the end of 2019. A significant amount of the resources to address the economic impacts of the coronavirus pandemic come from that fund, although it is unclear how much the government has withdrawn so far. General budget surpluses, rather than direct revenue from extractives, fund the FSF. However, extractives revenues have significantly contributed to budget surpluses in the past couple of decades.
However, Peru also faces significant economic challenges moving forward. The International Monetary Fund (IMF) has forecast that the economy will contract by 4.5 percent in 2020, down from a January 2020 prediction of 3.25 percent growth. More recent predictions by the World Bank suggest a far steeper contraction of 12 percent, which could more significantly erode Peru's savings.
Impact on the oil and gas sector
The government considers the energy sector, including oil production and transportation, an essential service and has allowed it to continue operations despite the country's stringent lockdown measures. However, some oil companies have stopped production because of the low oil price. Lower international demand due to the lockdown has resulted in the full use of the country´s oil storage capacity.
On 1 May the oil regulator, Perupetro, announced that the Northern Pipeline, which brings oil from northern Amazon sites to the ports and refineries in the coast, had halted operations. Perupetro has called on the Ministry of Energy and Mines to focus on continuing with oil extraction, so that production does not fall below a minimum and the sector can continue to generate jobs (the sector provides an estimate of 8,500 direct and indirect jobs) and contribute to regional economies with royalty payments transferred to subnational governments in producing regions. However, the Ministry has not approved any measures to date. It has, however, granted the energy regulator, Osinergmin, the legal authority to legislate on this matter.
Through the private hydrocarbon companies' association, the Sociedad Peruana de Hidrocarburos, oil companies have proposed policies such as suspending royalty payments for 90 days, suspending tax payments until July 2020, and cutting royalty rates by 50 percent. The government had not responded to these proposals at the time of writing. Although the national impact of these measures would not be significant, since the oil sector is relatively small, royalties transferred to subnational governments in producing areas are a significant part of their investment budgets. This could have an impact on their capacity to spend on public investment projects in the second half of 2020.
Impact on the mining sector
The main impact of the coronavirus pandemic on mining has been in terms of the deceleration of production, particularly copper extraction. Copper exports in 2019 constituted 50 percent of total mining exports, while gold represented 30 percent.
As with oil and gas, the government considers mining an essential sector and has allowed it to continue operations despite the lockdown. However, most mines have either suspended their operations or restricted work to core activities with limited staff. One exception is Yanacocha (a gold-producing mine owned by Newmont and the Peruvian company, Buenaventura), which has said it will continue with its operations. This is likely to be due to the demand for gold and rise in gold prices.
Many companies have announced an increase in health safety measures for workers and the government has issued specific guidelines on the matter. Civil society continues to express concerns about the health safeguards approved by the government and some mines have faced internal protests by workers concerned about their health and the increased incidence of COVID-19 cases in mining camps. A report from an independent media outlet forced the large-scale mining company, Antamina, to confirm that over 200 workers tested positive for coronavirus, accounting for approximately a third of infections in the Ancash region. By 21 May, 718 mine workers had tested positive for the disease and public concern was growing about the potential for mining camps to spread the disease in rural areas.
The pandemic has also affected new projects. An example is Anglo American suspending large projects like Quellaveco, which was in the construction phase when the pandemic reached Peru. Some 70 percent of upcoming projects are copper mines. Despite copper losing some value, it is showing signs of recovery. We expect demand to rebound, directly related to China's recovery.
As in several other mining countries, there are reports that Peru's mining sector is facing shortages of inputs needed to continue or resume mining. In the media and amongst experts, there is debate about whether the government will introduce policies to allow mining to get back on track, such as prioritizing the sectors that supply inputs and services to the mining sector.
Impact on extractive sector revenues
The country is dependent on the mining sector, which represents around 60 percent of exports and 11 percent of tax revenues. Experts estimate that overall production in the mining sector could fall by 20 percent in 2020. Along with the decline in copper prices in the early part of the year, we expect revenues from mining to drop. However, the extent of the reduction is not yet clear given the many variables which will affect the sector (including changes in prices and production costs, as well as energy costs).
Oil and gas production have decreased, which has an immediate impact as royalties are paid monthly. Data from Perupetro (the oil regulator) shows that hydrocarbon royalties in Peru have dropped from $60 million in January and $50 million in February to $26 million in March. While oil is not a major contributor to Peru's revenues, this reduction adds to its fiscal problems. It also has an impact on the budgets of the oil and gas producing regions that benefit from the royalties paid by companies.
The implications for revenue sharing mechanisms differ between the mining and the hydrocarbon sectors. Mining revenue transfers to subnational governments in producing regions (called "mining canon") are made up of 50 percent of income tax payments from the previous year. Therefore, the 2020 transfers correspond to the 2019 fiscal year and will not reflect the fall in prices and production yet. Royalty payments make up most of the oil and gas canon, which is calculated and transferred on a monthly basis. Therefore, the producing regions are already feeling the effects. Transfer to regions has been reduced by half compared to before the coronavirus outbreak.
Overall, although Peru is significantly dependent on its mining sector, several features of the sector and the wider economy mean that the country's economy is somewhat resilient. Peru exports a range of minerals in addition to copper and gold, including silver, zinc, molybdenum and lead. This limits the impact of commodity price volatility to some extent. The country is not dependent on its oil, as noted above. Also, in the past decade, the country has developed other economic sectors, such as agricultural products, non-traditional fish products and textiles. Dependence issues are more significant at subnational levels, especially in producing regions.
Impact on natural resource governance
On 23 April the country's executive requested powers from the congress to enact laws related to tax and financial issues. The announcement was general and did not refer to specific policies or sectors. If there are any changes to the general tax laws that apply to all companies, or specifically to the extractive sector, they would not apply to companies with stability clauses in their contracts. Experts are already discussing how measures could include companies with such contracts.
Peru remains an active member of the Extractive Industries Transparency Initiative (EITI), a global good governance standard for oil, gas, and minerals. Earlier in the year, EITI granted the country an extension to present its seventh EITI report in June 2020 and we expect this deadline may be extended further.
On 10 May the executive passed a decree (DL 1500) related to public and private investment projects and the measures needed to begin operations in the context of the coronavirus pandemic. The decree adapts several existing regulatory procedures to the emergency context, including measures related to citizen participation and environmental permits and sanctions. These measures apply to all investment projects. Some civil society organizations (CSOs) have expressed concerns that the measures imply a reduction of social and environmental standards. The measures currently appear to be limited to the lockdown period and any subsequent declaration of an emergency by the Ministry of Health. However, more analysis of the measures and their implication is needed. In addition to the measures under the decree, CSOs have expressed concern that government agencies may lack capacity to monitor environmental compliance in the extractive sector during lockdowns.
As stated above, Peru's main export is copper, which is one of the strategic minerals in relation to the global energy transition. However, copper demand for energy transition technology is still limited and these new markets are not expected to lead to dramatic changes to copper demand in the short term. Peru's only confirmed reserve of lithium, another strategically important mineral for energy transition, is in the Puno department, but problems at the initial exploration phase will likely stall extraction.
In light of the executive decree DL 1500, referenced above, it will be important to monitor and assess the actions taken under the auspices of this decree. The risk is that temporary measures could become permanent.
Claudia Viale is a Latin America senior officer at the Natural Resource Governance Institute (NRGI). Lorena de la Puente is a Latin America program associate at NRGI. Juan Luis Dammert is NRGI's Latin America director.
Three Proposals for Mineral-Dependent Countries During the Coronavirus Pandemic
Andrew Bauer
Perú: evaluación inicial del impacto de la pandemia de coronavirus en el sector extractivo y la gobernanza de recursos
Coronavirus y petróleo en América Latina: la urgencia de la diversificación económica y la transición energética
Carlos Monge
Coronavirus, Oil and Latin America: The Urgency of Economic Diversification and Energy Transition
¿Una nueva carrera hacia el fondo? Desafíos de gobernanza para el sector minero en América Latina en tiempos de COVID-19
Juan Luis Dammert

redpajama_set_name: RedPajamaCommonCrawl


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Home › Life › Weekend
'There is a good reason why the Strictly dancers look like gods and goddesses... they're top flight athletes'
Ahead of his second appearance on the smash hit BBC dance show comedian Chris Ramsey speaks to Luke Rix-Standing about its physical demands and how he once got arrested by police while wearing nothing but underpants - a case of mistaken identity
Chris Ramsey with Viscountess Emma Weymouth at the red carpet launch of Strictly Come Dancing
Chris Ramsey with his wife Rosie
By Luke Rix-Standing
September 28 2019 11:00 AM
It's hard to think of anyone, with the possible exception of Meghan Markle, who's having a bigger 2019 than Chris Ramsey. A 106-date tour of the nation, the first Amazon Prime special by a UK comic, and, of course, competing on Strictly Come Dancing - the Tyneside-born funnyman has been a near-constant presence on stage and screen.
https://www.belfasttelegraph.co.uk/life/weekend/there-is-a-good-reason-why-the-strictly-dancers-look-like-gods-and-goddesses-theyre-top-flight-athletes-38535073.html
https://www.belfasttelegraph.co.uk/life/weekend/c6a68/38535071.ece/AUTOCROP/h342/2019-09-28_lif_53645854_I2.JPG
In February, Ramsey (33), added another string to his bow with Sh**ged, Married, Annoyed, a chart-topping podcast in which he and wife Rosie air their marital gripes, and field queries from listeners.
And he and Rosie also have their little boy Robin, who will turn four in October, to keep them busy.
The comedian took some time out just before Strictly began to talk pre-performance nerves, getting fit for the dance floor, and why fatherhood can leave you less twinkle-toed, and more flat-footed...
Your schedule is packed to say the least - are you relishing every minute or wondering what you've let yourself in for?
It's a double-edged sword, because this was supposed to be my year off! I've been working non-stop since my son was born, with two series of my TV show and a tour last year. I've still been at home a bit recently, but it's one of those things - when you're in this game, you can't turn down stuff you want to do.
If someone says, 'Do you want to do an Amazon Prime special?' Yeah! I want to do an Amazon Prime special! Do you want to do Strictly - er, yes. And then after Strictly you've got to tour... it's an absolute blessing to be so busy, so you can't complain about it.
You're the first British comic to do a Prime special, and Strictly is obviously massive. Are these 'I've made it' moments for you?
I'll be honest with you, for me, there's never an 'I've made it' moment. I don't know if it's my mentality, but there's always more you can do - the next rung up the ladder. That's not to say I'm not happy with where I am, but I'm never contented to sit back - I think that's healthy in a competitive industry.
Even if I sold out every arena in the country, there's always other countries. I'm just knuckling down, trying to make each show or dance better than the last one.
You must be used to the performing, but the Strictly nerves are notorious. Do you get stage fright, and how do you handle it?
I think I'm normally scared of myself, rather than the crowd - will I be able to do it this time? We did a group dance for the launch and I can't remember being worried. You can hide in a group number, though. When it's just me and my partner (Strictly professional Karen Hauer, formerly known as Karen Clifton) dancing, I suppose it will be a different thing.
Do you ever struggle to get in the zone at the start of a set, or to switch off at the end?
Sometimes I'll be around the house and my wife will look into the middle distance and say, 'Marry a comedian, they said. It'll be great, they said'. That cuts deep.
I think in every job there are moments you're not as 'on' as you'd like to be, and I've done shows where I've felt a step behind. You can't smash it out of the park every time. I aim to, and normally I do the job the way I want to, but especially when you're doing new material, sometimes you just can't hit the rhythm."
Strictly is often more physically taxing than people expect - have you come across that yet?
I went to the physio four times before we even started! I had work done on my calf, I had acupuncture for a back spasm, and then in my groin... I wasn't warming up properly and that's a good lesson to learn early on.
At my first physio, there was a bit between my shin and calf that was really tight, and the physio said it was my 'balance muscle'. Great, I thought, I've already knackered my 'balance muscle'. They put me in for a massage - have you ever had a sports massage? It was horrible, I was nearly crying. I thought she was chopping my leg off.
It's crazy how physically taxing it is, and there's a good reason these dancers look like gods and goddesses - they're absolutely shredded. They're top-flight athletes, there's no other way of putting it."
Are you doing anything new for your fitness?
It's the recovery I'm worried about. I'm one of those people that can get off the sofa and bang out a 5k run with no training, but I can't walk for three days afterwards. I've had a message from my partner telling me to start doing cardio. She also sent a Photoshopped image of my head on a really muscly body -apparently that's what I'm going to look like!
My support act, Carl Hutchinson, is an absolute gym fiend, and he's like my unofficial personal trainer. I do what he does until I can't do anymore."
How tough is it staying healthy and performance-ready on tour?
It's really hard - you're always tired, and it's a different bed every night. Apparently, when you're in a strange bed, only half your brain goes to sleep, and my track record for sleeping in hotels isn't great.
Once - and this is genuinely true - I was arrested in a hotel wearing nothing but my underpants. The police thought I was someone else, so they kicked my door in and marched me down the corridor. To this day, if there's hotel furniture that can be put against the door, I put it against the door."
Sh**ged, Married, Annoyed recently charted at number one. What's the best advice you'd give to a new dad?
Just try and be patient. I know sometimes I'm not, and when you and your partner are arguing and the baby is crying, you think, 'Was that really worth getting worked up about?'
It's also important that couples don't just become parents - you were a couple before the kid came along, and you have to make time for yourselves. The podcast really helped us communicate - telling each other what's wrong, rather than pretending everything is fine."
What was your biggest misconception about parenthood?
That it wouldn't change my life. I'd thought I'd be basically the same - absolutely not. It's not bad, though.
I don't play Playstation as much as I used to, but I don't want to. When I've got free time, I like playing with my son - he's my little best mate. Your heart just grows inside when you have a kid.
Chris Ramsey: Approval Needed is available on Amazon Prime now, and the Chris Ramsey 20/20 nationwide tour starts on March 26, 2020. For tickets visit www.chrisramseycomedy.com
Kerry McLean: Like Harry and Meghan, I know what it's like to have different opinions to...
By Kerry McLean It's nearly impossible at the moment to pick up a paper or turn on the TV without being confronted with a picture of Harry, Meghan and various other members of 'The Firm', as Prince Philip...
Meet the Northern Ireland women whose love of sport landed them their dream jobs
Leona O'Neill They've both been sports mad since they were girls on the hockey pitches - and have harnessed that passion and honed their talents over the years to ensure they have both reached the top of their...
Chris Packham: 'If people watch this and do not think, then it's all over'
By Georgia Humphreys By 2050, there could be 10 billion humans living on Earth. It's a prediction Chris Packham, who's dedicated his life to championing the natural world, is gravely concerned about.
Avoid the crash diets to get a leaner, fitter you this year
January usually happens like clockwork: a slew of new self-help books, articles and slimming blogs encourage you to 'be your best self', often by adopting a radical new diet that promises to blitz those spare inches around your waist for good.


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Market at a Glance 6/25/2015
By: Christopher Mistal
6/24/2015: Dow 17966.07 | S&P 2108.58 | NASDAQ 5122.41 | Russell 2K 1283.92 | NYSE 11066.14 | Value Line Arith 4872.77
Psychological: Distracted. Summer has officially begun, although many have been enjoying a lighter schedule since Memorial Day, the unofficial start of summer. Family vacations, three (or four) day weekends seem to have become the norm. As a result, the market is just meandering along. Sentiment indicators lean bullish, but not dangerously so. Investor's Intelligence latest survey reported bull advisors at 51.6% and bearish advisors at 15.4%. This is well within the range going back until last December. If bullish advisors shot up to or above 60%, then there would be real cause for concern.
Fundamental: Mixed. Corporations and the stock market are doing ok, but Q1 GDP was a disappointment, declining 0.2%. This is being dismissed as an aberration due to weather. Relative stability in the housing and labor markets does tend to support Q1 as being a fluke, at least for now as full-year growth estimates are still predominately in the 2-3% range. Should Q2 GDP disappoint, what can that be blamed on? Let's blame summer. It was too nice out to work.
Technical: Range bound. Although NASDAQ and Russell 2000 have been able to extend the top end of their respective trading ranges with modest new all-time highs, a meaningful and lasting breakout has yet to materialize. Stochastic, MACD and relative strength indicators applied to NASDAQ and Russell 2000 were stretched when they peaked on Tuesday, but are now heading back into neutral territory just like those applied to DJIA and S&P 500. A meaningful pullback, perhaps back to 200-day moving averages would likely clear the road to new-highs, but until that happens more sideways drift is expected.
Monetary: 0-0.25%. "When will the Fed raise rates?" is still an unanswered question. From recent FOMC statements and individual comments it is apparent the Fed would like to raise rates. The problem is growth is rather pathetic, especially when compared to historical data, and inflation, measured by CPI, is zero on a year-over-year basis. In fact, CPI has been less than or equal to zero for five straight months. Other than the Feds desire to return to something close to normal monetary policy, the argument for withdrawing stimulus is rather weak right now. Sure all forecasts suggest great things are coming, but that has been the case since roughly 2010. Are today's forecasts any more likely to be accurate than those of the past 5 years?
Seasonal: Bearish. July is best month of the third quarter for the Dow and S&P, but performance for the other two months, August and September, makes comparisons easy. Two recent "hot" Julys in 2009 and 2010 have boosted July's average gains since 1950 to 1.2% and 1.0% respectively. Such strength inevitability stirs talk of a "summer rally", but beware the hype, as it has historically been the weakest rally of all seasons (page 72, Stock Trader's Almanac 2015). Pre-election-year Julys are not so hot, ranking #6 DJIA, #8 S&P 500 and #10 for NASDAQ and Russell 2000.
July Outlook: Best Month of the Worst Quarter
By: Jeffrey A. Hirsch & Christopher Mistal
Last month we put out the caution flag for June. Market valuations were running high and the major averages were struggling to breakout above resistance. The Fed was continuing to confuse the market with when they will raise rates and Greece and the EU were continuing to aggravate the market with their exasperating battle on the Greek sovereign debt bailout plan.
Considering all this technical and fundamental market pressure and the fact the June is the last month of NASDAQ's Best 8 Months, we felt caution was in order. Not much has really changed in four weeks; much of the situation is the same. NASDAQ and the Russell 2000 have poked above their May highs, but the DJIA and the S&P 500 have lagged and are negative for the month and DJIA is flirting with going negative for the year again.
We issued our NASDAQ MACD Seasonal Sell Signal on June 4 to subscribers and although the NAS moved slightly higher after, we logged a 12.5% gain in PowerShares QQQ (QQQ) on paper in the ETF Portfolio since last September/October when we took the position at an average price of about 97.39. Of course your mileage may vary, but at least one subscriber is putting these signals to good work.
Rick from Arizona, called in to renew and when asked how he like the service he said, "I gladly subscribe to the Stock Trader's Almanac because it has made me a very successful trader. In October of 2014 the email newsletter gave me a signal to buy the QQQ index at about 98. Then I patiently waited for the signal to sell which came in early June of 2015. The sell price of about 108 gave me an 11 per cent return or $170,000 profit in just eight months!"
Though this current week after Triple/Quadruple Witching started out looking good it has begun to waver and selloff the past two days. But as we have shared in the past and recently on the blog, the last few days of June tends to rally and this is the beginning of what we call Christmas in July – NASDAQ's 12-Day Mid-Year Rally that averages about 2.3% with 23 wins in the past 30 years.
This leads right into the July, the best month of the third quarter, but most of July's strength is front-loaded in the first half of the month. Caution is still in order, though a tradeable rally may be in the making from the end of June into the first half of July. After that we will be looking for softer market action from late-July into September and early October. Economic readings continue to be less than sanguine with GDP negative for Q1. Next week we will be looking for some individual stocks to short from weak sectors with poor numbers and ugly charts.
Pulse of the Market
Over the past four weeks, DJIA has literally gone nowhere (2). DJIA did slip below its 50-day moving average early in June, but by just a few hundred points. DJIA has bounced back, but again it failed to exceed its 50-day moving average by not much more than 100 points. Both the faster and slower moving MACD indicators applied to DJIA (1) turned positive mid-week, last week, but waning momentum have them drifting toward sell once again. It would appear the summer doldrums are here with the market merely meandering along in an ever narrowing range.
On the heels of this year's third Down Friday/Down Monday (DF/DM) warning, DJIA suffered two more DF/DM's, back-to-back, to kick off the start of June (3). The last such occurrence of three DF/DM's in four weeks was in January 2014. Back then DJIA spent the next twelve weeks getting back to where it was just prior to the cluster of DF/DM's. Should DJIA follow a similar path this time, it would only be trading around 18,300 in mid-September. Considering the past few weeks, this is not that far-fetched of a possibility.
S&P 500 and NASDAQ have fallen into a similar pattern as DJIA. Despite being up in five of the last seven weeks, S&P 500 (4) is essentially unchanged since the start of May. NASDAQ's recent weekly record (5) is weaker, but it's up week gains have exceeded down week losses resulting in a few percentage points of gains since the start of May. However, as of trading today, NASDAQ is on course for its fourth minor weekly loss in the last five weeks.
Signs of a divergent and confused overall market continue to be present in the number of NYSE Weekly Advancers and Decliners (6). Flat to negative weeks are accompanied by more decliners than advancers, but in positive weeks, like last week, advancers just barely outnumber decliners. This is possible a sign that fewer and fewer stocks are actually participating in rallies by the major indices. Further compounding the confusion, New 52-Week Lows have outnumbered New Highs for three straight weeks even as New Highs climbed higher. A healthy market advance would have major indices moving higher, together, more Weekly Advancers than Decliners and a more robust number of New Highs.
Click for larger graphic…
Checking the Pulse of the Housing Market
Today's new-home sales data release wrapped up this month's primary housing data. The report showed new-home sales accelerated 2.2% over revised April figures and were a whopping 19.5% higher this May than last May. On a seasonally adjusted annualized rate (SAAR), sales were 546,000 which handily bested the consensus for 525,000. The region with the biggest jump in sales on a percentage basis was the Northeast, leaping a staggering 87.5%. But before getting too excited, Northeast sales were just 30,000 (SAAR) up from 16,000 the previous month.
Today's report capped a seemingly solid month for the housing market. Existing home sales were reported up 9.2% year-over-year yesterday. Housing starts were 5.1% above May 2014 levels and the NAHB Housing Market Index jumped 5 points to 59. All of this positive data seems to suggest that the housing market must be back on track. Let's take a closer look at each over the past 30 years and see.
Existing home sales are the single most important piece of data that affects individuals. It is a measure of the ease in which one can buy and sell a house and reflects relative value that your house has. The massive crescendo in 2006 is indicative of just how out of whack the market got. Not only were people buying houses that they shouldn't, but individuals were obviously flipping houses for a quick buck. When seven million houses were changing hands each year in 2005, double the number in 1995 it was obvious something wasn't right.
As you can see from the chart existing home sales were a relatively stable number until 1996, but quickly doubled by the peak in late 2005. There were swings, but relatively minor before 1996. After all, a family home is a long term investment, right? Existing home sales were nearly cut in half from the peak to the final, post-tax-credit low in summer of 2010. From that low, existing home sales have steadily risen (with the exception of the second half of 2013 when interest rates briefly began rising) to 5.35 million units on a seasonally adjusted annualized rate as of May 2015. At the current rate existing home sales are comfortably above the long-term average of 4.43 million.
However, there is one major concern, interest rates. Based upon 2013 data, the last time mortgage rates made a swift meaningful move higher, existing home sales are highly likely to take a substantial hit when (if?) rates move higher as forecast. When rates rose approximately 1% in 2013, existing home sales slumped nearly 15% in a matter of just months. If you are considering an existing home sale, now may be a good time to put your house on the market. As far as buying goes, it is still a coin toss. You could get a great mortgage rate now, but your house could be cheaper after rates rise and sales slow.
Housing starts are indicative of how builders feel about the housing market and are important for two reasons. First, home building provides a lot of jobs. When new home building sours whole construction crews are out of work.
Second, housing starts are a leading indicator of the amount of risk that the market is willing to take. In a good market, home builders ramp up construction in anticipation of future sales. When the market turns they quickly reign in their plans. As you can see from the chart, from the housing bottom in 1991 to the top in 2006, housing starts jumped from under 800k to over 2.27 million on an annualized basis, a number never before reached in the fifty years that the Census Bureau has been compiling data.
From the top, the number of housing starts crumbled all the way below 500k in early 2009. Weak demand and tight credit triggered the collapse. Credit conditions have eased and demand has improved which has restored some builder confidence. Housing starts have since doubled from their lows, but confidence appears to be waning as month-to-month numbers have become quite volatile over the past two years. Double-digit month-over-month and year-over-year percent changes do make good headlines, but it does appear as though some builders are beginning to worry about interest rates. With housing starts currently running well below average (black-dashed line), it appears builders still have a long way to go before they are ready to fully commit.
It takes longer to build a house than sell a house, resulting in a buildup of inventory. Homebuilders attempt to strike a balance and plan their new construction accordingly. As you can see from the chart, new home sales fell off of a cliff down over 80% from their 2005 high to their 2011 low. Here again we see steady improvement since the lows, but still well below the longer-term average. A falling home ownership rate and lower household creation rate are keeping the market for a new home relatively depressed. Fewer new home buyers mean fewer housing starts and fewer new home sales. This cycle is not likely to be broken until household creation improves which is something very few expect to change anytime soon.
The NAHB Housing Market Index (HMI) is, in our opinion, the best indicator for judging the overall health of the housing market. The HMI was ahead of the curve in forecasting the imminent demise of the market. From 2005 to 2006, the HMI leveled off and turned down well before the other data began to crumble. The HMI will also convey any optimism within the industry before the data confirms a recovery. Numbers above 50 are a positive bias, below is negative. The index is currently at 59 as of this month. This matches its high from last year and is the highest level going back to 2005.
Digging a bit deeper into this composite index does reveal even more. The South and West regions of the U.S. continue to be the brightest locations while the Northeast is the sole drag. Perhaps it is the climate or perhaps it's the high-tax nature of the location that is keeping the housing marker subdued here. One area of concern though exists; potential buyer traffic is still under 50 at 44. Worse yet, this is the highest reading of the year. Without buyers how much lower will it be before the rest of the index begins to decline? After all, it is the buyer that makes the market.
Although recent housing market data has shown some positive signs, it will likely be decades, if ever, before we see numbers like those from 2005. The housing market crash and ensuing near global financial system meltdown has resulted in significant, and most likely, long-lasting change. For starters lending standards have (re-) tightened making it more challenging for first-time buyers which there are fewer because children are living with mom and/or dad longer. Then even after they move out, renting instead of buying as they are waiting longer to get married and settle down. Foreign and investment buyers have stepped up their purchases, but only in select markets and locations. So much like the broader U.S. economy, the housing market has made substantial progress since the crisis, but remains broadly sub-par once all the hot-spots are averaged into the rest of the data.
ETF Portfolio Update: Best Months Over, Shifting Towards Defense
Bulls clearly had the upper hand in today's market. NASDAQ exceeded its dot-com era high and closed at a new all-time high. Russell 2000 also broke out to close at a new all-time high. S&P 500 and DJIA also enjoyed 1% plus moves to the upside, but no new highs were made by either of these two indices. Today's gains turned the faster moving MACD "buy" indicator positive for DJIA, S&P 500 and NASDAQ. Russell 2000 MACD was already positive.
Technically, the picture is rather mixed across the four indices. Stochastic and relative strength indicators applied to Russell 2000 suggest small-cap shares are overbought. The same indicators applied to DJIA, S&P 500 and NASDAQ are essentially in neutral territory suggesting that some more upside is possible. It is encouraging to see tech and small-cap finally leading the way higher, but with the frequently treacherous end of Q2 quickly approaching, it would not be surprising to see today's break out quickly become just another fake out.
ETF Portfolio Updates
In accordance with our June 4, official MACD Seasonal NASDAQ Sell signal Alert, First Trust DJ Internet (FDN), iShares DJ US Medical Devices (IHI), iShares DJ US Tech (IYW), SPDR Technology (XLK), iShares Russell 2000 (IWM) and PowerShares QQQ (QQQ) were closed out of the portfolio using their respective closing prices on that day. The average gain for all six of these positions was a respectable 11.4%. IHI was the best, advancing 17.8%.
Also in that Alert, we officially added to our three defensive positions, iShares 20+ Year Treasury Bond (TLT), iShares Core US Aggregate Bond (AGG) and AdvisorShares Ranger Equity Bear (HDGE). As a result of doubling our positions in these ETFs, the "Presented Price" for TLT, AGG and HDGE has been adjusted to reflect an average purchase price. Due to recent market strength, TLT, AGG and HDGE were all modestly lower at yesterday's close. Additional TLT, AGG and HDGE purchases can be considered at current levels as all three are below their respective buy limits.
Direxion Daily Jr Gold Miners Bear 3X (JDST) was also closed out on the close on June 4. Physical gold has been range bound since March keeping many mining stocks in tight ranges as well. JDST's 3x leverage helped turn an otherwise flat trade into a decent 6.2% profit relatively quickly.
Both of this month's Seasonal Sector Trades ideas have been added to the portfolio. iPath Bloomberg Livestock Sub-TR ETN (COW) and PowerShares DB Agriculture (DBA) are modestly lower and on Hold.
With the exception of our three Worst Months trades, TLT, AGG and HDGE, all other positions in the portfolio are on hold. SPDR HealthCare (XLV) did trade above its auto-sell today. If you have sold your position that is fine, but officially we are going to continue to Hold XLV as the sector has a solid track record of outperforming the broader market during the Worst Months.
Disclosure Note: At press time, officers of the Hirsch Organization, or accounts they control held a position in USO.
Mid-Month Update: Surviving the Worst Six Months
By: Jeffrey A. Hirsch
Ah, summer on Wall Street hazy, hot, humid and volatile. Volatility as measured by the dreaded VIX has not really been that high historically, the major averages and the shares that make them up sure have been bouncing around and trending lower, though not down by much. The DJIA has been leading the downdraft, off about 3% from the late-May high at the low last week.
Several items are likely weighing on stocks. The Fed's big two-day midyear meeting started today. This is the first meeting in nearly a decade where rate hikes are on the table. We do not expect an increase tomorrow. This meeting is also associated with a Summary of Economic Projections and a press conference by the Chair, Janet Yellen. So it's kind of a big deal.
Then there is the Greek debt fiasco, the trade agreement showdown in Washington, plus the recent ramp up of the 2016 Presidential Election Campaign. Jeb Bush is now officially running, bringing the number of Republican candidates to eleven– in the words of Spinal Tap's Nigel Tufnel, "These go to eleven." Get ready for the mudslinging. Economic readings have been less than sanguine. GDP looks negative for Q1 and other metrics like Housing Starts today have been falling. While there are positive data out there it is clear the economy could be on surer footing.
So fundamentals and politics are sketchy. Market valuations are a bit high and internals have not been incredibly robust with NYSE decliners outpacing advancers last week and new lows beating highs and up to nearly 300 last week. Technically the market is looking precarious, drifting sideways pretty much since March and unable to break through resistance. There is also a potential Head-And-Shoulder Top forming, not to mention a possible Three Peaks and a Domed House Top. (Did you see the tweet from Bill Gross on technical analysis?)
However, it is also the Worst Six Months (AKA "Sell in May") and we would contend that negative market seasonality is playing a role in the market's recent struggles. Hopefully, we have helped you prepare over the past several months with the portfolio adjustments we've made. While holding on to a host of winning stock positions and a handful of ETF sector positions, we've taken some respectable gains, cut losers and weaker positions and implemented a few shorts and defensive plays.
Let's review. On October 21, 2014 we issued our Best Six and Eight Months MACD Seasonal Buy Signal. On April 30, 2015 we issued the Sell Signal for the Dow & S&P. On June 4 we issued the Sell Signal for NASDAQ. From their respective buys to sells S&P 500 was up 7.4% and NASDAQ is up about 14.5%. From the sells to today, S&P is up 0.4% and NASDAQ is down about 0.7%.
We'll be looking for additional shorting opportunities over the next few months, but for now stick to the game plan and stick to the drill. Hold on to big winners, tighten stops, limit new longs, and consider some of the bond ETF we have suggested and some of the shorts and downside plays. Or sit tight in cash and let the summer market storms wash over you and be ready for the next seasonal buying opportunity later in the year after a pullback or correction.
A Closer Look at Seasonal Volume Patterns
Yesterday's robust market advance was accompanied by reasonably solid volume. SPDR S&P 500 (SPY), PowerShares QQQ (QQQ) and SPDR DJIA (DIA) all exceeded their respective three-month average daily trading volumes according to data on Yahoo! Finance. The market attempted to follow through on yesterday's move today, but finished off its highs in a meager volume session. Not only have the "Best Six/Eights Months" for stocks come to an end, it also appears the summer doldrums have arrived.
We refer to the summer months as the doldrums due to the anemic volume and uninspired trading on Wall Street. The individual trader, if they are looking to sell a stock, is generally met with disinterest from the street. It becomes very difficult to sell a stock at a good price. That is also why many summer rallies tend to be short lived and are quickly followed by a pullback or correction.
Volume Surrounding Holidays
In the table below we have beefed up the holiday trading table from page 84 of the Stock Trader's Almanac to illustrate the effects of dramatic changes in trading volume before and after holidays. As with all the graphs and charts in this study, the volume numbers in this table are based on the deviation from the annual average daily volume. But first we need to take into consideration the shortened trading days that occur around certain holidays.
Thanksgiving has the most consistent "half day" of all the holidays. Since 1992 the New York Stock Exchange (NYSE) has closed early and the roughly 50% reduction in trading should not be surprising as many people stay home recovering from the previous day's feast and spend time with family. However, it seems that those that do trade are in good spirits, generally driving prices higher on the best post-holiday trading day of the bunch.
The day before and after Independence Day and Christmas do not close early as regularly, but have many early closings; when the respective holiday lands on a weekday. In any event all these annual average daily volume deviations provide a useful benchmark for evaluating the relevance or importance of a market move surrounding a holiday.
3-Day Weekends
Monitoring market performance on the individual days of the week has been revealing over the years. The insights were so inspiring that our iconoclastic founder and resident consigliere, Yale Hirsch, entitled his 1986 book Don't Sell Stocks on Monday. In the following charts we have lined up the performance on each day of the week from pages 141 and 142 of the Almanac with annual average daily volume deviations for each day.
Not surprising, Monday, or the first trading day of the week shows substantially reduced trading volume on both the NYSE and NASDAQ of about 9% below the average. Friday is also below average. This underscores the recent trend of market gains being concentrated midweek and weakness at the beginning and end of weeks.
Apparently, traders and investors prefer long weekends; or at least not being exposed going into the weekend and being more tentative about taking new positions upon their return. Picking up stocks on Monday weakness and unloading during midweek strength on higher volume would appear to be a prudent strategy for the most part. It also pays to be keen to price and volume action on Fridays and the following Monday for indications of future market direction. Strong volume and price advances tend to be bullish, while back-to-back weakness on normal or elevated volume is frequently bearish.
Volume Lags
Examining the typical monthly price patterns from pages 145 and 146 of the Almanac in conjunction with the annual average daily volume deviations for each day below exposes the "follower" tendencies of market participants. Note how volume picks up after the usual month-end price gains and even more substantially following the normal mid-month surge.
Similar to the days of the week pattern, it makes sense to go against the crowd. Going long or covering shorts after midmonth into higher volume and selling or shorting the last few days of the month and into the first half as prices rise and volume declines appears to make the most sense.
Below we have plotted the one-year seasonal volume patterns since 1965 for the NYSE and 1978 for NASDAQ against the annual average daily volume moving average for 2015 so far. The typical summer lull is highlighted in yellow. Note the spike in volume that occurred in late April and May as the market began to sell-off after mid-month. The recent volume trend for the current year (red line) shows a perennial trail off in volume may be underway.
An atypical surge in volume this summer, especially accompanied by outsized gains, would be an encouraging sign that the bull market will continue. However, should traders lose their conviction and participate in the annual summer exodus from The Street, the long absent 10% market correction could quickly unfold.
Stock Portfolio Updates: Weakest Positions Trimmed, Holding Winners
By: By Christopher Mistal
In average years, Treasury bonds have been a relatively safe place to park cash during the "Worst Four/Six Months" of the year for DJIA, S&P 500 and NASDAQ and other times of economic uncertainty. However, in recent years, the heavy hand of the Fed has distorted this seasonality. Round after round of QE sent demand for Treasury bonds soaring and interest rates lower, much lower. Now the concern is the Fed may actually start to raise interest rates sometime this year and Treasury bond prices have been falling sending yields higher.
Is the Fed really going to raise interest rates sooner rather than later or are they just squawking to keep rates from going negative and creating a whole new batch of problems? The Fed's mandate, from Congress, is maximum employment and stable prices. No hard numbers were provided, but the Fed has said it considered the unemployment rate at 6% (ish) to be good and a 2% annual change in personal consumption expenditures (PCE) would be an indication of stable prices. In the following two charts, this criterion has been met.
But wait, data junkies like us know these are some rather highly massaged figures. Yes unemployment has fallen to 5.5% as of May, but one of the largest reasons for the decline is a rather hefty decline in the labor force participation rate. This rate peaked in 2000, declined modestly and stabilized around 66% before plunging to less than 63% when the Great Recession struck in 2008. It is at its lowest level in nearly 40 years. Demographics could explain some of the trend, but this does not look like maximum employment.
Then there is the little issue of consumer price inflation (CPI). Unlike PCE, CPI has been less than or equal to zero for the last four months and this trend is still pointing lower, not higher. Two indicators heading in two different directions, one reportedly measures prices and the second spending. Not exactly the best argument for stable prices.
What about actual growth? Here again another chart that does not really support much higher interest rates. 2015 Q1 GDP decreased at an annual rate of 0.7%. While year-over-year GDP has barely managed to maintain 2.5% since 2010. This is well below average when compared to previous recovery periods.
Sluggish growth, falling prices and a labor market that is at best of questionably health do not make the strongest case for any meaningful rate increases by the Fed. Zero is obviously a problem they would like to fix, but the solution is likely to only be 0.5% to 0.75% increase in tiny, deliberate and painfully slow steps. This seems far less than what the Treasury bond market is currently pricing in.
Stock Portfolio Updates
Over the past three weeks since last update, through the market's close on June 8, S&P 500 declined 2.3%. Russell 2000 was down 0.3% over the same time period. Collectively the three Almanac Investor Stock Portfolios slipped 0.7%. Individual stocks within our Portfolio essentially followed broad market trends, but our decline was buffered by its cash position that has grown to 65.6% of the total portfolio. Similar to the decline suffered by the large-cap S&P 500, our Large-Cap portfolio suffered the greatest decline, shedding 3.6%. Mid-Caps were best, off just 0.1%. The Small-Cap portfolio matched the Russell 2000 decline exactly, 0.3%.
Per last month's update, Insteel Industries (IIIN) and Rocky Mountain Chocolate Factory (RMCF) were closed out of the Small-Cap portfolio. IIIN was closed out using its closing price on May 19 while RMCF traded as high as $13.70 on May 20 (and several days thereafter) offering ample opportunity to sell at $13.40 or better. All said, IIIN was closed out for a loss of 3.4% and RMCF was sold at a 1.6% loss. Patient and/or more nimble traders likely fared better.
Our Mid-Cap portfolio's four holdings continue to look solid. JetBlue (JBLU) has taken a hit recently along with the rest of the airline stocks and the broader transportation sector. JBLU is, in our opinion, one of the best managed airlines. This is confirmed by actual seat time on its planes and by its peer besting revenue growth over the past year. Due to solid industry-wide auto sales, the previous Mid-Cap portfolio underachiever, Group 1 Automotive (GPI) and Lithia Motors (LAD) have both enjoyed swift moves higher since the start of June. The strong positive trend in auto sales data suggests there is more room for these two stocks to run. All positions in the Mid-Cap portfolio are on Hold.
In the Large-Cap portfolio, Polaris Industries (PII) and Avis Budget Group (CAR) were closed out of the portfolio using their closing prices on May 19. CAR has drifted lower since then and was a timely executed trade. However, closing out PII would have been much better on May 20 as shares popped over $7 that day. Nonetheless, PII is right back to its old ways and is headed lower again. Previously mentioned airline stock weakness also hit United Continental Holdings (UAL) and it closed below its stop loss on May 20. Profits taken on the one-third of the UAL position sold in December combined with the sale of the remaining position add up to a 38.7% gain overall.
The "Best Six Months" for DJIA and S&P ended on April 30. NASDAQ and Russell 2000 "Best Eight Months" ended on June 4. All other positions, not specifically mentioned above, are on Hold. See table below for updated Stop Losses.
Seasonal Sector Trades: June's Seasonal Lows Setup High Probability Longs
By: By Christopher Mistal & Jeffrey A. Hirsch
Beef prices tend to form a seasonal high in March as packers have purchased inventory ahead of the summer grilling season. Then as grill masters supplement steaks and burgers with pork ribs, chicken and other delicacies, beef consumption starts to decline in the hot weather. But beef supplies also begin to dwindle as feed lots are short on inventory.
Live Cattle prices typically hit a seasonal low in mid- to late June and then begin to rise before the school season begins as federal government subsidies for school lunch programs kick in for beef purchases. Consumption continues to increase through the winter and holiday season, generally keeping cattle futures prices higher through mid-February.
Our top longer-term seasonal play for live cattle is to go long the April 2016 contract near the usual June low on or about June 18 and hold it for 160 days until about February 6. Over the past 45 years this trade has been positive 30 times for a success rate of 66.7%. Prior to last year, the previous four years were stellar. 2010 registered the largest gain in this trade's 45-year history and those four years combined account for more than half the historic gains. Last year, seasonal strength ended early with a late November high. A simple trailing stop loss would gain turned last year's mild loss into a potentially sizable profit.
The weekly chart below depicts the Live Cattle continuous futures contract with iPath Bloomberg Livestock Sub-TR ETN (COW) overlaid in the solid black line to illustrate how the two instruments trade nearly in tandem. Traders may want to look at futures and options strategies, but others may find COW an adequate trading vehicle. In any event, beef is poised for its typical seasonal move up from an early summer low to a mid-winter peak.
COW is thinly traded averaging just about 8,000 shares per day on average over the past three months, but volume does pickup when Live Cattle (or lean hogs) begin to move. As of April 30, 2015, COW was 60.13% Live Cattle and 39.87% Lean Hogs. Caution should be taken with COW. This Exchange-Traded Note, like other unsecured debt securities with no principal protection, carries inherent risk, primarily issuer credit risk, and the risks with COW may be greater. PLEASE READ THE PROSPECTUS, CONSULT YOUR FINANCIAL ADVISOR AND CONDUCT YOUR OWN DUE DILIGENCE. COW will be added to the Almanac Investor ETF Portfolio at today's closing price. Use a buy limit for COW of $27.02. If purchased, a stop loss of $25.50 is suggested.
In addition to Live Cattle seasonal strength beginning in June, Cocoa, Wheat and Sugar also begin seasonably favorable periods in the month. Outside of the futures market, iPath Pure Beta Cocoa ETN (CHOC), Teucrium Wheat (WEAT) and iPath Bloomberg Sugar ETN (SGG) correlate well. However with the exception of WEAT, all have traded less than 40,000 shares per day on average over the past three months and holdings are generally meager presenting further liquidity concerns. PowerShares DB Agriculture (DBA) is a good alternative as it provides exposure to eleven different commodities: Feeder Cattle, Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Soybeans, Sugar, Wheat and Kansas Wheat. DBA has assets approaching $1billion and trades nearly 400,000 shares per day, offering plenty of liquidity relative to other choices. DBA will be added to the Almanac Investor ETF Portfolio at today's closing price. Use a buy limit for DBA of $22.45. If purchased, a stop loss of $21.50 is suggested.
NASDAQ Seasonal Sell Update
By: By Jeffrey A. Hirsch & Christopher Mistal
As of today's close, both the faster and slower moving MACD indicators applied to NASDAQ have turned negative. At this time we are issuing our official MACD Seasonal Sell signal for NASDAQ.
NASDAQ's "Best Eight Months" have come to an early end. As a result, Sell First Trust DJ Internet (FDN), iShares DJ US Medical Devices (IHI), iShares DJ US Tech (IYW), SPDR Technology (XLK), iShares Russell 2000 (IWM) and PowerShares QQQ (QQQ). For tracking purposes, these positions will be closed out of the ETF Portfolio using today's closing prices.
Also, at this time we will officially add to existing positions in iShares 20+ Year Treasury Bond (TLT), iShares Core US Aggregate Bond (AGG) and AdvisorShares Ranger Equity Bear (HDGE) using today's closing prices. New buy limits appear below in the updated ETF Portfolio.
This NASDAQ Seasonal Sell Signal is a reminder to tighten stop losses and/or take profits on technology related positions as NASDAQ's seasonally favorable period has come to an end.
In addition to closing out tech and small-cap related ETFs, also Sell Direxion Daily Jr Gold Miners Bear 3X (JDST). For tracking purposes, it will be closed out of the portfolio using today's close.
ETF Trades: Continue Holding Tech, Gold Miners on Radar
Recently we have been tracking the lack of market performance this year versus past pre-election years. At the end of May DJIA was up just 1.1% year-to-date and S&P 500 2.2%. At the same point in the year in previous pre-election years DJIA was up on average slightly more than 8% while S&P 500 was typically up nearly 12%. This year's underperformance can be explained by tepid economic data leading to so-so earnings forecasts and a Fed that is considering when to raise rates for the first time since 2006. The "glass is half full" crowd may look at this underperformance as a reason to consider buying U.S. stocks as it would seem there is a fair amount of upside potential available should the market decide to catch up to the average pre-election year.
In order to see if there exists any historical precedent to support this notion, I queried our database going back to 1901 for DJIA and 1930 for S&P 500. I was looking for past pre-election years where DJIA and S&P 500 had year-to-date performance less than or equal to this year at the end of May. In DJIA's case there were six years, 1903, 1907, 1923, 1931, 1939 and 1947 (the only year with a full-year gain). S&P 500 had only four since 1930, 1931, 1935 (+41.4% full-year), 1939 and 1947 (no change). In the following two charts these years are combined into a single average performance and compared to the typical pre-election year and 2015 year-to-date through May 29. Based upon these two charts, the probabilities of the market catching up are quite slim.
NASDAQ's Best Eight Months Update
Although the "Best Six Months" for DJIA and S&P 500 have officially come to an end, NASDAQ's "Best Eight Months" (November through June) is still in progress. As of the market's close yesterday, both the faster and slower moving MACD indicators applied to NASDAQ were positive. However, after running into resistance (red dashed line) in late-May NASDAQ's momentum has begun to wane. Should NASDAQ finish today around unchanged, a decline of 0.1% (about 7.5 points) would turn NASDAQ's MACD Sell indicator negative. When NASDAQ's MACD Sell indicator becomes negative, we will issue our NASDAQ Seasonal MACD Sell signal and begin clearing out remaining technology and small-cap positions held in the Almanac Investor ETF Portfolio.
June/July Sector Seasonalities
June and July tend to offer few high-probability seasonal trading opportunities in typical years. This year is shaping up to be somewhat typical. We have already seen some volatility trickle into the markets and trading volume has been light as more and more traders and investors take time off to enjoy summer. As a result, there are just three seasonal sector setups in the Stock Trader's Almanac 2015 for June and July. The first takes advantage of seasonal weakness by natural gas stocks beginning in mid-June through the end of July. This trade is based upon the NYSE ARCA Natural Gas index (XNG). Considering the XNG has already slipped nearly 10% from its late-April highs to current level, we will pass on this opportunity as the bulk of the move is likely over.
The next two seasonalities actually begin in July. Based upon the Dow Jones Transportation index, the transports are seasonally weak from mid-July through mid-October. Last month, we shorted iShares Transports (IYT) in association with seasonal weakness in the Morgan Stanley Cyclical index. Thus far, this trade has been mildly successful. Continue to Hold the short IYT position.
July's last seasonal opportunity is based upon the PHLX Gold/Silver index. Over the past fifteen years this index has produced an average gain of 14.6% from its end of July lows to its late December highs. The index is comprised of 30 precious metal mining company stocks. Obviously, moves higher by physical gold and silver would benefit the companies that mine the metals, but the stocks can also rise in anticipation of higher precious metals prices and during periods of uncertainty. Market Vector Gold Miners (GDX) is the ETF of choice for this trade. It has more than $6 billion in assets and has traded nearly 40 million shares on average over the past three months. Because seasonal strength does not typically begin until late-July, we will be patient and look to add GDX to the ETF Portfolio on dips below $19.25. If purchased set an initial stop loss at $17.33 and take profits at the auto-sell price of $24.27.
In preparation for the end of NASDAQ's "Best Eight Months," stop losses have been raised significantly for FDN, IHI, IYW, XLK, IWM and QQQ. See table below for exact values. When we issue our NASDAQ Seasonal Sell signal, we will close these positions out of the portfolio.
Previously mentioned weakness in natural gas stocks hit First Trust ISE-Revere Natural Gas (FCG) on May 26 when it closed below its stop loss of $10.79. The decline arrived early and eroded a large portion of the gains FCG had; nonetheless a 7.6% gain was realized when it was stopped out.
Defensive positions, HDGE, TLT and AGG have all been added to the portfolio and are on hold for now. When we issue NASDAQ's Seasonal Sell signal we will reevaluate these positions and possibly increase the positions.
All four of last month's new ETF Trade ideas were also added to the portfolio over the past month. All four positions had modest gains at yesterday's close. Please note the changes in stop losses and auto-sell prices for these positions.
Hirsch Holdings Inc.
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Locals react to Brunswick Regal Cinemas' expected closure
Regal Cinemas says it will close 39 movie theaters across the country next month.
Author: Alex Haskell (NCM)
BRUNSWICK, Maine — Regal Cinemas is expected to close 39 theaters across the country, and one of those locations is in Maine.
The Regal Cinemas on Gurnet Road in Brunswick will close next month.
"We enjoy coming here, and seeing all the latest movies, and the ones we hear advertised, and it's going to be very disappointing," Jean Calderwood said. "I use to bring my children here and we brought the big feed bag with all the popcorn in it."
The news comes months after Regal Cinemas' parent company, Cineworld, filed Chapter 11 bankruptcy following the pandemic's devastation of the movie theatre industry.
"We usually come [to this theatre] with a bunch of girls," Linda Dupree told NEWS CENTER Maine. "We go out to dinner after, but guess that's going to end."
Cineworld said the closures are expected to save the company $22 million a year.
"I am very sad," Brunswick resident Hannah Scamleak said. "We like to go to movies every couple of weeks here."
Maine will still have its Augusta Regal Cinemas once the Brunswick location closes.
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For the latest breaking news, weather, and traffic alerts, download the NEWS CENTER Maine mobile app.


IGA - The Intelligent Gravimetric Analyser, a high-precision sorption scale.
The IGA gravimetric-sorption systems for investigating the phenomena of gas sorption/desorption. The IGA systems are the most precise devices when it comes to determining the isotherms of gas sorption/desorption for a wide range of pressure and temperature values. Determining the isotherms makes it possible for the program to establish the distribution of the pore sizes, the specific surface area (BET), the equilibrium data etc. The changes in weight over the course of time (for every temperature and pressure value), in turn, make it possible to compute the adsorption kinetics (e.g. the diffusion coefficient). With this software, one can set up a whole sequence of measurements (including the stage of the initial temperature and gas/vapor processing of samples), which are subsequently carried out in a fully automated way.
AccuPyc II 1340 - a helium pycnometer.
SRI INSTRUMENT CORPORATION - SRI 8610C, a gas chromatograph.
CDetector sensitivity: 1ppm (universal response to most organic substances); carrier gas: helium.
GeoPyc 1360 an apparent density analyzer.
Used for measuring the volume density by means of the quasi-fluid pycnometry method. It is the first and the only device in the world destined for the non-destructive analysis of samples in the aspect of the volume density.
The MOD 1 device for outgassing coal samples.
High-precision lab scales and moisture balances.
The AXIOPLAN microscope by ZEISS, with the computer-controlled mechanical stage XYZ. The image from the light microscope is projected onto the screen by a CCD camera.
Nikon SMZ 1500 1500 – the most advanced stereoscopic microscope by Nikon, the first microscope that allows continuous zoom adjustment, providing a magnification range from 0,75x to 11,25x.
optoNCDT – a laser profilometer whose components include: laser head with the accuracy of 1µm and the range of10 µm, a stepper stage (?) with the step of 1µm and the range of 50x50mm, and a computer with an operating software.
A station for investigating sorption and filtration phenomena in a coal briquette, particularly for sequestration of carbon dioxide on coal.
A high-pressure chamber for investigating the load impact on the sorption-deformation properties of coals and sorbing agents.
A stepper sorptomate – an innovative device for sorption measurements performed by means of the volumetric method, where a stepper motor is used to provide precise stabilization of the gas pressure.
A manostat - a high-precision pressure regulator with a changeable discharge.
for measuring the mass flow of a gas flowing from the container with a sorbent to the atmosphere, via a measuring capillary.
A bubble flow meter counting the bubbles of the gas coming out of the measuring nozzle. The upper limit of the measuring range is ca. 20Cm3gas/min; the lower limit is virtually non-existent.
A probe for measuring the seam pressure – enables reliable measurements of the pressure of gases occurring with the exploited minerals. The seam pressure is a parameter which is of vital importance when it comes to the evaluation of the methane and outburst hazards.
An introscopic camera – makes it possible to observe the surface of the research and technological boreholes in the visible light or the infrared light. Due to the high quality of the registered images, the camera allows for the analysis of numerous petrographic and structural properties of rocks.


This couple from Winston-Salem, North Carolina flew to Grand Cayman with 12 of their closest family and friends for an intimate sunset wedding on the West Bay end of Seven Mile Beach (also known as Mary Mollie Hydes Beach).
The bride poses for a portrait next to a Sea Grape Tree, just before the ceremony begins.
Joy assists to pin the groom's orchid boutonniere before the ceremony.
With over 400 officiated weddings under her belt, she is one of the best persons to ask for help with these!
The bride during the ceremony, with an amazing sunset in the background.
A touching embrace at the end of the ceremony, as their guests happily look on.
Signing the paperwork after the ceremony.
The Tropical Splendor package includes a 10" wedding cake with service for up to 20 persons. We provide the signing table decorated with a white linen and seashells for every ceremony.
A stunning sunset for the newlyweds.
A private moment in the surf.
If you will be visiting Grand Cayman and would like an intimate wedding ceremony like this couple, we want to hear from you!
Our packages start with the Basic legal requirements and go all the way up to the Tropical Splendor package, which includes professional photography, cake, champagne and flowers.
Visit the Simply Weddings website to see package details.
These pictures by Mari of Island Photo. Cake by Miss Vivene.


Sustainability at GE is about enabling positive changes in the world around us. GE businesses depend on the infrastructure, skills and institutions of stable, prosperous societies and healthy environments. To succeed as a global business, we need to help build these societies where we operate.
Explore this site to learn more about GE's community programmes, discover what we believe in and meet some of our volunteers.
View our citizenship-related performance goals and metrics in our 2018 UK & Ireland Community Investment Report.
I find out what the world needs, then I proceed to invent it.


Brothers and Sisters is a French hair accessories maison specialized in the making of fashion, modern premade turbans, headbands, berets and hair clips for women.
We launched the brand in 2015 and were seriously inspired by vintage fashion. However we are proud to see our creations worn by all kinds of women who wear our designs for their very own reasons. Whether you are a fashion enthusiast, or a vintage style lover, we are honoured to count you amoung the Brothers and Sisters's family !
Why did we name the brand Brothers and Sisters ? Because we believe we should all act with warmth and equality torward each other.


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Q: OpenCL_result not the same as that in the example-Julia My system is "Windows-x86-64", Mathematica version is 10.0, my card is GTX860M

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*When I'm trying this example, my result is not the same like that in the example.
example/AutomaticSingleToDoublePrecisionConversion
Is this just a 'zoom' problem?

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redpajama_set_name: RedPajamaStackExchange


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Parathyma leucothoe är en fjärilsart som beskrevs av Carl von Linné 1764. Parathyma leucothoe ingår i släktet Parathyma och familjen praktfjärilar. Inga underarter finns listade i Catalogue of Life.

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redpajama_set_name: RedPajamaWikipedia


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Q: Using props in react Im building an app with data from an api and i want to include the users latitude and longitude in the app.
My app is in two files: app.js and main.js
In app.js i render the component like this:
render(, document.getElementById('app'));

The latitude and longitude is currently hardcoded in the component source, and i want to make these dynamic.
In my main.js the component uses the api like this:
componentDidMount() {
 this.serverRequest = $.get(this.props.source, function (result) {
  this.setState({
    daily: result.daily.data,
    hourly: result.hourly.data
  });
 }.bind(this));
}

Im able to fetch the users location using HTML geolocation - which i guess i should store in the constructor or componentWillMount, but i need a way to send the variable into the app.js file in the source for the main component - i guess i should use props like for the source but i dont know how

A: It may be a good approach to pass the longitude and latitude into your component as props and to assemble the URL inside the component:
render(, document.getElementById('app'));

componentDidMount() {
    const url = `https://api.darksky.net/forecast/apikey/${this.props.latitude},${this.props.longitude}?units=auto`;
    this.serverRequest = $.get(url, function (result) {
        this.setState({
            daily: result.daily.data,
            hourly: result.hourly.data
        });
    }.bind(this));
}

A: Since HTML geolocation is async the render() call could go into the geolocation success callback:
if (navigator.geolocation){

  function success(position) {
    var latitude  = position.coords.latitude;
    var longitude = position.coords.longitude;
    ReactDOM.render(
        , document.getElementById('container')
    );
  };

  function error() {
    console.log( 'geolocation error' )
  };

  navigator.geolocation.getCurrentPosition(success, error);

}

https://jsfiddle.net/69z2wepo/62204/
A more advanced example would be a Higher Order Component that does the geolocation and passes coordinates to the wrapped component. The wrapped component should then check for coordinates in componentWillReceiveProps method and do the AJAX request once the props are non-null:
var GeoComponent = Component => React.createClass({
    getInitialState(){
        return {
            lat : null,
            lon : null
        }
    },

    componentDidMount(){
        navigator.geolocation.getCurrentPosition(this.setCoordinates, err => console.log( err ));
    },

    setCoordinates( position ){
        this.setState({
            lat : position.coords.latitude,
            lon : position.coords.longitude
        })
    },

    render(){
        return <Component lat={ this.state.lat } lon={ this.state.lon } { ...this.props } />;
    }
});

var Main = React.createClass({
    componentWillReceiveProps( nextProps ){
        if( nextProps.lat && nextProps.lon ){
            console.log( 'received coords!' );
            /*
              this.serverRequest = $.get(this.props.source, function (result) {
              this.setState({
              daily: result.daily.data,
              hourly: result.hourly.data
              });
              }.bind(this));
            */
        }
    },

    render(){
        return
Latitude: { this.props.lat }, Longitude: { this.props.lon }
;
    }

});

ReactDOM.render(
    React.createElement(GeoComponent(Main )),
    document.getElementById('container')
);

https://jsfiddle.net/69z2wepo/62205/

A: If I'm not mistaken then what you want to achieve is to have access to the geolocation info in app.js, don't you? Then why don't you just fetch user geolocation inside app.js and pass it into Main? The code would be something like
app.js
let geo = null;
navigator.geolocation.getCurrentPosition(function(pos) {
  geo = pos;

  render(<Main source={`https://api.darksky.net/forecast/apikey/${geo.coords.latitude},${geo.coords.longitude}?units=auto`}/>, document.getElementById('app'));

  // Below use user's geolocation info as you wish
});

Or if you want to render some placeholder before getting the user's geolocation info then you may let the Main component do most of the things and pass a callback to Main to update the geolocation info to app.js
app.js
render( { /* do stuffs with geo */ }} />, document.getElementById('app'));

main.js
componentDidMount() {
 navigator.geolocation.getCurrentPosition(function(pos) {
  this.serverRequest = $.get(`https://api.darksky.net/forecast/apikey/${pos.coords.latitude},${pos.coords.longitude}?units=auto`, function (result) {
   this.setState({
     daily: result.daily.data,
     hourly: result.hourly.data
   });
  }.bind(this));

  this.props.updateGeolocation(pos);
 }
}


Star Alliance member LOT Polish Airlines has this week confirmed it will be starting a new service from Krakow to Israel's Tel Aviv from 25th February 2019.
The airline tells us that tickets are on sale now and the route will be operated by a Boeing 737 - 800 aircraft and initially will fly twice a week.
The new service will start off flying on Monday's and Wednesday's however, from 22nd April the days will change to Tuesday's and Thursday's. Currently, the schedule will see the 787-800 depart Krakow at 0550, arriving Tel Aviv 1025 with the return leg departing 2115 landing back in Krakow 2359, all times local and subject to change.
Tel Aviv is the second largest city in Israel and is located on the coast washed by the gentle waves of the Mediterranean Sea. Tel Aviv is a mix of two worlds, it is a combination of the ancient, Arabic Jaffa, full of winding streets with cosy bars and galleries, and Tel Aviv, established at the beginning of the 20th century and inhabited by Jews. It is one of the most important cities in Israel, a centre of financial, economic and scientific endeavours.
Tel Aviv Jaffa is the richest metropolis in the state of Israel. It is inhabited by nearly half a million people. The secular part of the city delights with its modern buildings located by the sea and in the centre, and seduces visitors with opportunities of having great fun in numerous clubs, bars and on wide, sandy beaches, encouraging them with its unique artistic atmosphere. There is a lot to see and do in Tel Aviv, however, it is a very expensive city, by Mediterranean standards, so expect a hefty bill by the end of a holiday!


Porsche has chosen the Detroit Motor Show to launch the latest in the long line of new 911 variants – the Targa, but this one is sure to be a controversial yet highly popular one. The 911 has had a Targa variant since the 1960's, but with the 993 model of 1996 the style changed from the previous removable panel to a less popular large sunroof that slid back under the rear screen. This continued through the 996 and 997 model ranges, but with the current 991 range Porsche has gone back to the roots of the Targa and returned to the style with a rollover hoop, fixed rear window and removable targa top – with a twist.
Visually for the most part the 991 Targa looks just like a 991 Cabriolet, until you get to the roof. There you see a thick silver rollover hoop with the classic Targa script and a large glass rear screen that extends right down to the waistline of the car, giving a great view over the shoulders. There is a fabric section over the driver's head, which in days of old was manually removed. But this is Porsche of 2014 – so you simply press a button and the theatre begins. The glass screen and part of the bodywork open up and back, then the fabric roof section pops up and disappears above the engine and the bodywork closes up again – seriously impressive to watch, even if it may be overkill somewhat.
The 991 Targa is only available in the 4wd Targa 4 and Targa 4S models, this is due to Porsche pitching the Targa as the 'all-weather' variant of the 911 and we suspect, something to do with the wider rear bodywork and the new rear mechanism. This means there is the 345 bhp 3.4 litre flat six in the Targa 4 and the 395 bhp 3.8 litre unit in the Targa 4S, with the optional £9000 Powerkit available to boost power to 425 bhp. A seven speed manual gearbox is standard with the seven speed dual clutch PDK gearbox as an option.
The Targa 4 goes on sale in May priced from £86,281 and the Targa 4S from £96,316.


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ELP has adopted a COVID-19 policy requiring all staff, facilitators, and participants to be vaccinated unless a medical or religious exception is approved. We will also require you to provide proof of vaccination.
ELP Fellowships offer intensive leadership and skills training, time for personal and professional reflection, and the opportunity to learn and collaborate with regional and national networks. Through immersive retreats, emerging leaders hone their leadership styles, improve their strategy and organizational development skills, and strengthen their capacity to work with diverse constituencies. With the assistance of peer learning and ELP staff support, each Fellow develops a Personal Leadership Plan.
But if you don't want to take our word for it, you can check out these testimonials from recent program participants...
"ELP was the perfect program at the perfect time for me. It may be the perfect program, period. It has this balance of accountability and gentleness, of pushing and pulling, of care and encouragement with empowerment and growth. I think it can be hard to know what to expect from a leadership program, what it means, what it will do, and if it can help you. Well, leave your fears aside, you can trust the ELP process and the incredible ELP people. ELP was truly effective for me, the process educates, empowers, and encourages, in this fantastically energizing way where you can't wait to start getting into the work, where you know your path forward and have manageable steps that are leverage points for making change." - 2020 Fellow
REQUIRED RETREAT DATES for 2023
Retreat 1: April 13-16, 2023 at Pendle Hill**, Wallingford, PA
Retreat 2: May 11-12 & May 20-21, 2023 (Virtual) *Please note these dates may change--we are finalizing this schedule.
Retreat 3: July 20-23, 2023 at Pendle Hill**, Wallingford, PA
**ELP has adopted a COVID-19 policy requiring all staff, facilitators, and participants to be vaccinated unless a medical or religious exception is approved. We will also require you to provide proof of vaccination.
The actual cost of this program is approximately $3,500 per participant. However, due to the generosity of the William Penn Foundation, this program will be free of charge to all DEWN Fellows. The program includes:
Participation in 12 days of virtual/in -person hybrid training, community building, coaching, and peer coaching
Training materials (digital and hard copies)
"Welcome Box" filled with supplies, snacks, and other retreat essentials
A 360 degree leadership assessment
Membership in ELP's network of over 1400 Senior Fellows - a lifelong learning community of professional and personal development, collaboration, and impact
Applications are due by 11:59 pm (EST) Monday, February 13th, 2023. (Extended from original due date Feburary 6th.)
We're glad you're thinking of applying to an ELP Fellowship and we've tried to make it as simple as possible for you. There are three pieces to the online application process that you can complete from the application page.
1. Fill out the short application survey. This should require only 2-3 minutes to complete.
2. Your resume. Once you have completed the application survey, you will be emailed a personalized link where you can upload your resume. Please attach your resume as a PDF or Word doc.
3. Short essay answer. Along with your resume, you will be prompted to attach a short response to the following question: "What is the most significant leadership challenge that you are personally facing, either current or something that you see on the horizon?" (500 words maximum)
"ELP is the best kind of learning/growth experience. Self-focused and intentional about building skills and talents to become a better leader in whatever field you are in but done so in the company of an amazing group of inspirational fellows. The Cohort becomes the teacher, the lessons just ways to build synergy and understanding in a practical and deeply meaningful way. The ELP staff are the glue binding it all together and gently leading the way. In the end, we are better people, if not better leaders, and you realize that this is just the start of the ELP journey..." -2020 Fellow
Applicants for the Delaware River Regional Fellowship must meet the following criteria:
Have at least three years of work/field experience
Be a grantee of the William Penn Foundation (though we do have a few spots reserved for those who are not)
Work in one of the following 8 sub-watersheds of the Delaware River: Poconos and Kittatinny, New Jersey Highlands, Upper Lehigh, Middle Schuylkill, Schuylkill Highlands, Brandywine and Christina Rivers, Upstream Suburban Philadelphia, Kirkwood-Cohansey Aquifer
The ability to participate in all 3 retreats, complete all assignments in a timely manner, and the desire to remain an active member of the ELP Senior Fellows Network after the conclusion of the year-long Fellowship
In addition to the above, applicants will be evaluated on the basis of their:
Passion to respond to social and environmental challenges
Leadership capacity (i.e have been willing and able to take "responsibility for helping people achieve shared purpose")
The nature of their work or area of expertise. Attention will be given to the applicant's accomplishments, background, and professional progress as shown in their resume and the clarity, breadth, and thoughtfulness of responses to the narrative questions in the application and in the interview.
Eagerness to connect with and learn from others; willingness to actively contribute to the program as well as take advantage of its benefits
Commitment to the values of diversity, equity, and justice within the environmental and social change fields; commitment to working with diverse constituencies
Awareness of the interdependence of environmental and social problems; ability to convey a coherent vision for environmental progress and interest in how their work fits in with the big picture
Ability to clearly articulate how participating in this leadership program will further their personal and professional development.
INTERVIEW AND SELECTION PROCESS OVERVIEW
Applications are reviewed by a selection team of ELP Senior Fellows (alumni of ELP fellowships) and staff.
Interviews: a subset of applicants are interviewed in the three weeks following the application deadline. Interviews are conducted over the phone and are approximately 30 minutes long. Interviews are also an opportunity for applicants to ask any questions about the program and the Senior Fellow community.
Selection process: Our selection teams review the applicant's accomplishments, background, and professional progress as shown in their resume. We also focus on the clarity, breadth, and thoughtfulness of responses to the narrative question in the application and the phone interview. We aim to select the best cohort for each program - which means giving attention to the diversity and balance of the class - in terms of work (sector, issue), identities (race, gender, ethnicity, etc.) and personalities.
Notification: Following the selection of the class (usually 4 weeks following the application deadline), applicants are notified of their status via a phone call and/or email. An applicant is either invited into the program (in which case they are expected to confirm within 48 hours), wait-listed, or invited to apply for another program.
On the fence about applying? Check out 7 Reasons to Apply for an ELP Fellowship.
For more information about the Delaware River Watershed Network, contact [email protected].


It's been some time since my last power tower review, so I've decided to make another one. This time, I've taken a closer look at Lx Free Power Tower.
Power towers are great additions to personal home gyms, as well as public gyms. You can often find it in home gyms that don't have power racks, although in public gyms you can find both, since power racks often miss dip station and in most cases, are far more expensive.
With that being said, let's take a closer look at this tall guy.
As with most power towers, you can do a lot of exercises, like pull-ups, push-ups, dips, chin-ups and more. To my surprise, the power tower offers a rather big list of great features.
It's made of heavy duty steel with padded arms rests and back. Just these two features can tell us that the tower is built to last and not to be replaced in a year or two. High density foam rubber grips (no- slip coated) ensure perfect safety during dips.
The pull-up station offers 4 stalls adjustable height: 74.8"- 88.6" (190 – 225 cm). The backpad is also cushioned, which effectively reduces the pressure on the spine.
The packaging of Lx Free power tower was quite simple – one box and everything in it was tightly packed. Unfortunately, I forgot to check the box weight, but as a 155 lbs guy, I had no trouble moving it to the house.
The real surprise was the instructions – there weren't any. Just one A4 diagram and that was it. Now I'm glad Lx Free brand manufactures fitness equipment and not parts for the international space stations. Despite the lack of instructions, the assembly was easy and I was able to put all together in about 20 minutes.
Time For Some Dips, Baby!
First I tried the dip station. The handles were really comfortable and easy to grasp. The construction proved to be really sturdy, it did not rock at all – although I'm only 155 lbs, so who knows what would happen if a 250 lbs guy used it.
Next, I tried some vertical crunches with my back on the backpad. The cushioned pad was quite comfortable on the back and the arm rests as well. Not much to add here.
The pull up bar, while sturdy, could be a bit longer on the angled edges. I, for one, could use a little bit more angled version, but it's not a catastrophe, the main thing is the stability – which was very good.
Alright, let's sum up the pros and cons of Lx Free power tower.
That's it. Despite a few minor issues, I'd say the pros clearly outweigh the cons.
Would I recommend Lx Free Power Tower for Home Gym users? I certainly would. This power tower is a great addition to anyone's home gym at a great price. If you miss a good dip station with high-quality cushioned pad for crunches and a pull-up bar, then you should definitely consider getting this fella.


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