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|---|---|---|---|---|---|---|---|
David Advent
Shelbie Atwater
Michael Booth
Leanne Donaldson
Kat Elton
Sarah Hackley
Tamara Haag
Mary Sophia Hawks
Nan Hart
Carla Kienast
Franki King
Angela Lundberg
Kelly Mack
Daniel P. Malito
Lawrence "Rick" Phillips
Monica Y. Sengupta
Leslie "Wren" Vandever
Cynthia Ventura
Paula Jayne White
Mariah Zebrowski Leach
What Is RA?
What Are Nodules?
What Is a Flare?
Stages & Progression
How Your Immune System Works
Autoimmune Response
Comorbid Conditions
Lung Diseases & Conditions
Osteoporosis & Risk of Fracture
Secondary Sjögren's Syndrome
Juvenile RA
Other Types of Arthritis
RA Diagnosis Tools
X-Rays, Imaging, & MRI
Specialized Diagnostic Tests
Cervical Spine Pain
Emotional Problems
Fatigue & Weakness
Fractures & Bone Loss
Nerve Symptoms
Types of Medication
Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
Traditional DMARDS
Hydroxychloroquine (Plaquenil)
Target-Specific DMARDs
Olumiant®
Rinvoq®
Xeljanz®
Actemra®
Cimzia®
Enbrel®
Humira®
Kevzara®
Kineret®
Orencia®
Remicade®
Rituxan®
Simponi/Simponi Aria®
Combination of DMARDs & Biologics
Ixifi®—Biosimilar for Remicade (infliximab)
Cyltezo™-biosimilar for Humira® (adalimumab)
Renflexis®—Biosimilar for Remicade (infliximab)
Inflectra®—Biosimilar for Remicade (infliximab)
Erelzi®—Biosimilar for Enbrel (etanercept)
Amjevita® biosimilar for Humira® (adalimumab)
Natural Remedies, Supplements, & Vitamins
Elbow & Shoulder Surgery
Hand & Wrist Surgery
Hip & Knee Surgery
Living with RA
Fish Oil & Omega-3
Green Tea, Ginger, & Flaxseed
Exercise & Rehabilitation
Social & Economic Impact
Tips for Traveling
After Child Birth
Treatments - Pregnancy & Nursing
RA & Mental Health
Maintaining Your Mental Health
RA In America
In Search of the Perfect Biologic
By Tamara Haag · February 5, 2015
When I was diagnosed with rheumatoid arthritis in 2000, biologic drugs were the new frontier of treatment. After trying Vioxx (which was later taken off the market due to increased risk of cardiovascular issues that could result in heart attacks), Methotrexate, and several rounds of prednisone, my doctor decided to put me on Enbrel, which was the only biologic available at the time. I was grateful this treatment option was available, although as a college student I wouldn't have been able to afford the $200 copay that came with this expensive new drug had I not been fortunate enough to have financial assistance from my parents. In those early days of Enbrel, even if you could afford the medication, you weren't guaranteed to receive it, as there was a period of time when the demand for the drug was greater than the supply, and while the pharmaceutical company was constructing an additional factory to keep up with the supply, there was a shortage. Being aware of all of these factors, I considered myself extremely lucky to be able to take the medicine.
Enbrel was an amazing drug for me. It took a few weeks for the benefits to kick in, and once they did I noticed a huge difference. I was so grateful to go off of prednisone, and to return to the active and productive life I had been leading before being taken down by the flare
|
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| -0.368767 | 0.004537 | 0.07902 | 0.676456 |
that led to my diagnosis. Enbrel allowed me to take a full load of college courses while working part-time, to complete a masters degree, and to eventually have a busy career. For seven years it was hugely beneficial for me, and then, all of a sudden, it wasn't. The effectiveness wore off. Prednisone helped, but as soon as I finished a dose pack the symptoms would ramp back up. After a few rounds of prednisone, my rheumatologist said it was time to switch medications.
At that point, Humira, Remicade, and a brand new drug called Orencia were the biologic options on the table. I ended up going on Orencia, which at the time was only available intravenously. This medication also helped, although with more side effects than I'd initially experienced with Enbrel. I also didn't like having to miss half a day of work every month in order to get my infusions, but that was certainly preferable to the severe symptoms I'd suffered during the months when the Enbrel was no longer working.
I was on Orencia for about a year before taking a four-year hiatus from prescription drugs in order to get pregnant and breastfeed my two children. After I weaned the youngest, I was ready to get back on medicinal treatment. I have people in my life who are wary of the meds I take, and who suggested that I should consider continue without them, since I'd been getting by. While it is true that I was able to tolerate my symptoms without prescription medicine (save for the occasional dose pack of methylprednisolone that I did have to take during both pregnancies), and while I too wonder about the potential harmful effects of the drugs I'm on, I would like both my pain level and my risk for joint deterioration to be as low as possible. Therefore, I did not hesitate going back on meds.
Yet, making the decision of whether to be on meds at all proved far easier than the ensuing decisions of which meds to be on. My doctor and I determined the first would be Xeljanz. I loved the idea of a biologic that came in the form of a pill, and my sister, who also has RA, has found that it helps her. Unfortunately, after a few months on the medication I noticed no improvement. Next on the slate was Humira. I hadn't given myself an injection in the five years since I'd been off of Enbrel, so I had to reacquaint myself with that process. Self-administering shots turned out to be much like riding a bike in terms of it being something you don't forget how to do, although it's more like riding a really uncomfortable bike that is missing the seat and has low air in its tires. While the injections once again became routine, the medication didn't have the desired effects, so I stopped the Humira and switched to the subcutaneous Orencia injections that were developed during the years I was off of prescription drugs. I was thrilled that I could give myself shots in my home rather than go to an infusion center, and hoped this form of the medication would help me as much as the infusions had.
So far the Orencia is helping, but it's certainly not a miracle drug for me. My doctor has recently put me back on Methotrexate, which I haven't taken in over 10 years. He says that studies show Orencia to be far more effective when taken with Methotrexate than when taken alone. I'm trying to be patient with the side effects, and am hoping that this will be the "right" treatment for me. I'm also holding out hope that as there continue to be new medications added to the host of options available, there will eventually be a biologic that's perfect for me.
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CommonCrawl
| 0.716699 | 0.090191 | -0.578057 | 0.491784 |
Dr. Paul first laid out his theory in 2006, in a little-known speech, during an otherwise dull session of Congress. I think it's his most important speech ever.
During the speech, Paul traced the history of the US dollar within the international financial system.
Crucially, he pointed out the one thing that would precipitate the US dollar's collapse. Now that one thing is about to happen.
In other words, we'll know the dollar-centric monetary system is about to end when countries start trading oil for gold or its equivalent… not dollars.
Now—thanks to China—that's about to happen in a very big way.
I discussed all of this with Ron Paul extensively at a past Casey Research conference. He told me he stands by his assessment.
China recently announced a mechanism that will make it possible to trade oil for gold on a large scale for the first time in many decades.
This mechanism could undermine the petrodollar system—the system that's supported the US dollar as the top global currency since the 1970s.
I call it China's "Golden Alternative" to the petrodollar.
Oil is by far the largest and most strategic commodity market in the world. And, until recently, virtually anyone who wanted to import oil needed US dollars to pay for it.
Every country needs oil. And if foreign countries need US dollars to buy oil, they have a very compelling reason to hold large dollar reserves.
This creates a huge artificial market for US dollars. It also gives a tremendous boost to anyone who lives in the US or holds US dollars.
The petrodollar system is the reason foreign countries keep such large US dollar reserves.
Throughout history, every great power has had money that's recognized around the world. Usually, these currencies have been tied to gold and silver.
Ancient Greece had the silver drachma. Rome had the silver denarius. The Islamic Caliphates had the gold dinar and the silver dirham. Venice had the gold ducat. Great Britain had the gold sovereign.
The United States used silver in its coins until 1964. And the dollar was under a pseudo-gold standard until 1971.
It's no secret that China has been stashing away as much gold as it can.
Today, China is the world's largest producer and buyer of gold. According to informed observers, China now has official reserves of over 160 million ounces. It also has 400 million ounces in the ground that it could potentially mine.
China's Golden Alternative is the reason it's been stashing so much gold.
The Golden Alternative will allow anyone in the world to trade oil for gold. It will totally bypass the US dollar and the US financial system.
For many, it will be much more attractive than the petrodollar system.
In 1 day, Jeff Clark almost lost his entire life savings… but by using his "secret key" technique… he saved all his money… generated a fortune… and got to retire at 42, with more security than he'd ever imagined.
The most surprising part? It wasn't a one-time tactic. He's been quietly using it for the past 26 years to make millions. Now you can see how his "secret key" technique could have a dramatic effect on your finances… beginning immediately. He explains it all in this revealing presentation. Click here to see it.
The Golden Alternative is the beginning of the end of the international monetary system that has reigned since the early 1970s.
The Shanghai International Energy Exchange (INE) is about to launch a crude oil futures contract denominated in Chinese yuan. It will allow oil producers to sell their oil for yuan.
Of course, most oil producers don't want a large reserve of yuan. China knows this.
That's why China has explicitly linked the crude futures contract with the ability to convert yuan into physical gold through gold exchanges in Shanghai (the world's largest physical gold market) and Hong Kong. The system won't touch China's official gold reserves.
Immediately convert the yuan they receive from selling oil into physical gold at the spot price for immediate delivery.
Or, lock in the gold to be delivered at a future date for a fixed yuan price with a gold futures contract. This eliminates any uncertainty because of fluctu
|
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| 0.916403 | 0.888328 | 1.92335 | 0.63598 |
ating prices.
Bottom line, it will allow oil producers to sell oil for gold. Producers will be able to completely bypass the petrodollar system and any restrictions/regulations/sanctions of the US financial system.
I recently spoke with the officials at the exchange. They told me they plan to go live with the INE crude contract before the end of the year.
One of China's key goals here is to reduce the dollar's influence over oil pricing.
China is the world's largest oil importer. Developing the new crude contract gives it some global pricing power.
Currently, most of the $1.7 trillion worth of oil traded each year is priced off of two US dollar-denominated crude benchmarks: West Texas Intermediate (WTI) and Brent.
Beijing thinks the yuan crude contract will reflect the market conditions in Asia better. It could become the most important oil benchmark in Asia.
And then, we will allow foreign players, whose enthusiasm is very high at present, to enter other futures markets, such as iron ore and PTA, when conditions are ripe.
In other words, oil is just the beginning.
Eventually, China plans to challenge the dollar's dominance over all commodities.
The INE crude futures will be priced in yuan per barrel and be for 1,000 barrels.
Brent and WTI futures contracts are for light, sweet crude. "Light" means it has relatively low density, and "sweet" means it has a low sulfur content.
The INE contract, on the other hand, will be for medium sour crude.
Medium sour crude is the main type of oil China and its neighboring countries import.
Medium sour crude oil accounts for over 40% of global crude output, but there is currently no price benchmark for it.
The supply/demand dynamics of medium sour are not the same as light sweet crude.
PetroChina and Sinopec, two giant Chinese oil companies, will provide liquidity to the new yuan crude futures.
But non-Chinese companies will be welcome, too. The crude yuan future will be China's first commodities futures contract open to foreign investors.
JPMorgan and UBS have already gained approval to trade. So have over 6,000 individual traders. It's just a matter of time before the other big global players join.
Remember the big idea here… the new yuan crude futures contracts will be a huge hit to the petrodollar.
And it's going to make a lot of money flood into gold—money that would have otherwise gone into the US dollar and US Treasuries.
The breakdown of the petrodollar will cause a financial crisis.
The petrodollar system is one of the most powerful forces driving the US bond market. Oil producing countries accumulate hundreds of billions of US dollars in oil profits, which they recycle back into US Treasuries.
This keeps interest rates lower than they would be otherwise. It allows the US government to finance enormous deficits with debt at an artificially low cost.
Even a small rate increase is a lethal threat to the US budget.
The US government currently needs over $400 billion from taxpayers just to pay the interest on its debt. Tax receipts are just over $2 trillion.
1%, the government would need over $600 billion to pay the interest on its debt.
2%, it would need over $800 billion.
3%, it would need $1 trillion.
4%, it would need over $1.2 trillion, or over half of what it currently snatches from taxpayers—again, just to pay the interest.
Clearly, none of this is sustainable.
In many ways, this could turn into President Trump's financial 9/11.
The petrodollar system has allowed the US government and many Americans to live way beyond their means for decades.
The US takes this unique position for granted. But it will disappear once the petrodollar system breaks down.
When that happens, inflation could be severe.
Afterward, the US government will be desperate enough to implement capital controls, people controls, nationalization of retirement savings, and other forms of wealth confiscation.
I urge you to prepare for the economic and sociopolitical fallout while you still can. Expect bigger government,
|
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C4
| 0.336311 | 1.002533 | 1.550359 | -0.036934 |
Fashion Challenge: Who dresses better between Chelsea's Abraham and PSG's Mbappé?
Praizz 2d
Tammy Abraham is a young English football player who plays as a Number 9(striker) for Chelsea and English National team, he broke into the Chelsea senior team last season (2019-20) and has since gone on to become an important part of Lampard's project at Chelsea, in his first season with the senior side he managed to score 18 goals in all competitions (15 in the premier and 3 in the champions league) View pictures in App save up to 80% data. Tammy Abraham in action for Chelsea against Southampton this season.
This season (2020-21), T. Abraham has scored 5 goals in all competitions so far including 3 in the premier League. However Tammy Abraham is not only good on the pitch but, he is also very good when it comes to fashion and he is arguably one of the best footballers with a good fashion sense. View pictures in App save up to 80% data.
K. Mbappé is one of the best footballers in the world today.
However, PSG and France's K. Mbappé is also one of the best football players in the world today, and he is also very good at fashion. And in our article today we will be looking at some of their photos to know who is the best between the two of them when it comes to fashion, though it is very clear that K. Mbappé is a better player on the pitch than T. Abraham, but let check who can dress better between the two young stars.
Below are their photos (via instagram).
Chelsea's Tammy Abraham
View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. PSG's K. Mbappé View pictures in App save up to 80% data.
View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data.
View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data. View pictures in App save up to 80% data.
Who do you think can dress better between the two of them.
Drop your comments below and share with your friends.
Please kindly click the follow button to see more of our articles like this.
Content created and supplied by Praizz.Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company
|
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CommonCrawl
| -1.306153 | -2.083599 | -1.587781 | -1.93172 |
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Jacqueline Chretien
Sunday, August 30, 2020 by
Running forState Representative Hillsborough 42 (Ward 1,2,3)
as a candidate of theDemocratic Party
At age38
Current jobScientific manuscript editor at Research Square
Time lived in NH1986-2000 and 2011-present
HometownManchester
EducationManchester public schools (Jewett Street, Southside Junior High, and Memorial High School). Joint BS/MS degree in biology from Brandeis University and a PhD in molecular and cell biology from the University of California, Berkeley.
Best way to contact candidate jacqueline.chretien@gmail.com
Websitehttps://www.jackiechretienfornh.com/
If elected or re-elected, please describe legislation you expect to sponsor or co-sponsor.
I would like to continue to focus on legislation related to addressing the education funding formula so that we can bring per pupil spending in Manchester more in line with other cities and towns without increasing property taxes. I am planning to remain a cosponsor on several bills from last session that will be resubmitted this session (waiting period for firearms purchases, requiring landlords to provide advance notice for rent increases above a certain level). I am also looking into sponsoring a bill to improve reporting of demographic statistics about arrests, citations, and stops (recommended by the Commission on Law Enforcement Accountability, Community, and Transparency and Seacoast BLM).
What are the most important concerns facing you've heard from Manchester residents and how can you address those concerns if elected or re-elected?
Certainly the top issue right now is how to resume some level of normalcy despite being in a pandemic – particularly with regard to schools opening and helping small businesses survive despite lost revenue. I will (continue to) advocate to make more federal funds available for these purposes and to have more oversight of their allocation to ensure they are going to the people and businesses who need them most and provide the most value to our communities. With regard to remote schooling, there are some changes we might make to statute to give teachers more latitude in the online tools that they are able to use with students.
Other issues that I know continue to be concerns are opioid use and mental health access, homelessness, school funding and quality, access to/cost of healthcare, and climate. I expect this year will be challenging, budget-wise, but I will work to ensure that we pursue long-term investments over quick fixes – we know problems only become worse and costlier to address if they are ignored. With climate specifically, there are some good bills we could pass related to renewables that don't require large state expenditures.
New Hampshire legislators are citizen legislators and being a legislator is a significant time commitment. How much time per week can you spend on legislative duties while the Senate/House is in session?
I consider myself very fortunate to have a flexible job that allows me to take time away to work on legislative duties, as well as family supports that allow me more 'free time' than most working parents of 3. Based on last term's experience, it's been realistic for me to devote anywhere from 5 to 20 hours/week on legislative duties while we're in session, and I am proud to have a good record of attendance at House sessions and committee hearings and meetings in my first term. With that said, I hope that with last term's experience (and some recent adjustments to my work life), I will be able to allocate more time this term to 'behind the scenes' work as well as scheduled meetings.
In your view, describe the atmosphere within the legislature over the past two years. Do you believe this atmosphere will continue and how would that affect how you approach this position if elected or re-elected?
I've had vastly different experiences at different times in the legislature. In my committee, the atmosphere was largely very collegial, respectful, and productive, despite the expected disagreements that broke along party lines. During the full House sessions (and in some other comm
|
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CommonCrawl
| 0.038792 | -0.504195 | -0.260572 | 1.043271 |
ittees), unfortunately, it was another story. There were some floor speeches that were inappropriate if not outright disrespectful, and a lot of procedural shenanigans and "dilatory tactics" that showed a total disregard for the time and effort that we all put into being present for votes. It's been frustrating, and it's made it more difficult to assume positive intent on the part of my colleagues across the aisle. I do think being seated separately by party contributed to the atmosphere, and I hope the Speaker will decline this request from the GOP leadership next session to help change the tone. A lot too will depend on the size of the majority and whether the governor is in the majority or minority party. I'm always open to listening to and working with any colleague on shared goals, but I also will always prioritize working with people who are operating in good faith.
What is the most significant issue facing Manchester at the municipal level and how can you, as a legislator aid the city government on that issue?
Funding formulas!!! Doing everything by property tax (particularly school funding) hurts Manchester a lot. I also think that being a hub for many social services cuts both ways – it is great that we have substantial services available and accessible, but as people are referred to us from elsewhere, we've landed with a greater burden. I will support legislation that strengthens these services throughout the state so that people can get what they need locally.
With the uncertainty surrounding the COVID-19 in the future, do you support the legislature meeting remotely?
Yes, absolutely. I actually supported some remote meeting (for committee work, etc.) even before the pandemic (to reduce commute time issues as a barrier to service for potential legislators and attendance for citizens), and I believe we should continue exploring our technology options even when public health is back to normal.
In your opinion, what were the five most significant pieces of legislation introduced over the last two years? Please explain what made them significant.
The state budget (HB 3 & 4)!! As our next President often says, "Don't tell me what you value, show me your budget, and I'll tell you what you value." The state budget was not perfect, but delivered on many priorities – increasing state-level funding for education, ensuring the continuation of Medicaid expansion, funding additional mobile mental health crisis units and a 25-bed secure psychiatric unit, fully funding the DOT, reforming business taxes, and ensuring state revenue is sustained in lean years so that costs don't need to be pushed to the municipal level.
Fully funding DCYF to hire additional child protective workers (SB 6) – protecting vulnerable children pays positive dividends for decades (also, it is the right thing to do!)
Raising the minimum wage (SB 10, vetoed by Gov. Sununu) – Unlike our neighboring states, NH does not have our own minimum wage; our minimum is the federal minimum of $7.25 despite high costs of living in the northeast. Morally, it's the right thing to pay workers for their time; practically, raising the wage would strengthen our economy by putting more money into circulation locally and has also been shown to improve mental health and reduce suicides and generally provide stability to at-risk communities.
Establishing an independent commission on redistricting (HB 1665, vetoed by Gov. Sununu) – this bill would have ensured nonpartisan definition of House/Senate/Executive Council districts to prevent gerrymandering and supported the basic premise that our elected officials should be representative of the population as a whole.
Allocating funds from the Regional Greenhouse Gas Initiative to invest in energy efficiency projects (HB 582 / SB 122; vetoed by Gov. Sununu) – improving energy efficiency is probably the #1 most important step we can take at the state level toward addressing climate change.
Filed Under: Political Offices, Primary Election 2020, State Representative (District 42: Ward 1, 2, 3)
Manchester Ink Link is a daily paywall-free online news and information hub. We are dedicated to being your preferred source for reliable information that moves the community conversation forward, one story at a time. We seek solutions – and readers who believe, as we do, that journalism is essential to an informed and engaged citizenry
|
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CommonCrawl
| 0.564544 | -0.038939 | 0.294991 | 0.825712 |
Chito-oligosaccharides as an Alternative to Antimicrobials in Improving Performance, Digestibility and Microbial Ecology of the Gut in Weanling Pigs
K. N. Han, I. K. Kwon, J. D. Lohakare, S. Heo, B. J. Chae
K. N. Han, I. K. Kwon, J. D. Lohakare, S. Heo, B. J. Chae*
Correspondence: B. J. Chae,
A total of 126 crossbred weanling pigs (average body weight of 6.3??.3 kg) were used to investigate the effect of chito-oligosaccharide (COS) on growth performance, nutrient digestibility, pH of gastro-intestinal tract (GI), intestinal and fecal microflora of young piglets. Pigs were allocated to three dietary treatments based on body weight and gender in a single factorial arrangement. Treatments were control (No COS), T1 (0.2% COS during starter (6-13 kg) and 0.1% COS during grower (13-30 kg) phases, and T2 (0.4% COS during starter (6-13 kg) and 0.3% COS during grower (13-30 kg) phases, respectively. Each treatment had 3 replicates and 14 pigs were raised in each pen. COS is a low molecular weight water-soluble chitosan that can be obtained from chitin of the crab shell after deacetylation with concentrated sodium hydroxide at high temperature and then further decomposition by chitosanase enzyme in the presence of ascorbic acid. For the starter and grower periods, there were no significant differences (p>0.05) in average daily gain (ADG) and feed to gain ratio among treatments. However, during the overall period (6-30 kg), T2 showed better (p<0.05) feed to gain ratio than other treatments. A digestibility study was conducted at the end of grower phase which showed improvement (p<0.05) in DM and crude fat digestibility in T2 over the control. At 25 kg body weight, 6 pigs per treatment (2 per replicate) were sacrificed to determine the effect of diets on pH and microbial count at different sections of the GI tract. The pH of the cecal contents in pigs fed 0.1% COS was higher (p<0.05) than in the other treatments. Total anaerobic bacterial number increased from cecum to rectum in all treatments. The weekly total bacterial counts showed higher (p<0.05) in feces of pigs fed COS than that of untreated pigs at the 8th week. The number of fecal E. coli in untreated pigs at 4th wk was 7.35 log CFU/g compared to 6.71 and 6.54 log CFU/g in 0.1 and 0.3% COS-treated pigs, respectively. Similarly, at 8th wk, fecal clostridium spp. were lower in pigs fed 0.3% COS (5.43 log CFU/g) than in untreated pigs (6.26 log CFU/g). In conclusion, these results indicated that chito-oligosaccharide could improve feed efficiency in young pigs and inhibited the growth of harmful bacteria.
Keywords: Chito-oligosaccharides; Piglets; Growth Performance; Microbial Counts; Digestibility
Oligosaccharides are a key factor in prediction of amino acid digestibility in soybean meal of different origins when fed to growing pigs2017 December;30(12)
Effects of Supplementation of Probiotics on the Performance, Nutrient Digestibility and Faecal Microflora in Growing-finishing Pigs2011 May;24(5)
Effects of Dietary Supplementation with Blended Essential Oils on Growth Performance, Nutrient Digestibility, Blood Profiles and Fecal Characteristics in Wean
|
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] | 1,024 |
CommonCrawl
| -0.730136 | 0.763741 | 0.483391 | 0.658748 |
Seahawks Reveal Unique Jersey & Uniform Combo for Game vs. Dolphins
Heavy on Seahawks
Updated Oct 3, 2020 at 4:34pm
Getty The Seahawks will wear their blue jerseys against the Dolphins.
For the third straight week, the Seattle Seahawks will wear their navy blue jerseys, but this time it will be on the road as the team takes on the Miami Dolphins. The team officially announced the full uniform combination as the Seahawks will wear their white pants with the navy jerseys for a unique look in Miami. It is a move away from the all-blue look we have seen the last two weeks.
ESPN 710 Seattle's Curtis Rogers noted this is the first time the Seahawks have worn this combination since debuting their current uniform style in 2012.
"IIRC Sunday will be the first time the Seahawks have worn blue over white in their current uniform set (2012-present)," Rogers tweeted.
The Seahawks will be without at least three defensive starters with Quinton Dunbar, Jamal Adams and Jordyn Brooks all being ruled out against the Dolphins. Shaquill Griffin is also listed as questionable but Seahawks head coach Pete Carroll indicated the corner will play against the Dolphins, barring a setback prior to kickoff.
Seattle's top two running backs are up in the air as Chris Carson and Carlos Hyde are both listed as questionable. After a strong week of practice, Carroll alluded to Carson playing against the Dolphins after an injury scare in Week 3 versus the Cowboys.
"He did fine," Carroll explained, per Seahawks.com. "We've got him listed as questionable—he was on the ground after a play last week, so we've got to make sure he's OK, but he had a good solid week. We'll go all the way to game time to make sure that he feels really confident and all, but he looked good. And he took plays yesterday and today."
Adams & Dunbar Could Also Miss Week 5
Our #SEAvsMIA uniform combo. ⬆⬇#GoHawks x @EQCasino pic.twitter.com/VBejbauebP
— Seattle Seahawks (@Seahawks) October 3, 2020
The Seahawks have a bye in Week 6, and Carroll admitted they could end up resting players like Adams, Brooks and Dunbar in Week 5 as well to give them additional time to get healthy. Carroll noted that if any of the players have a strong week of practice after the Dolphins game, the team would not hesitate to play them against the Vikings.
"Yeah, it's part of our thinking knowing that the bye is coming, so it depends on how the guys are," Carroll noted, per Seahawks.com. "We're not going to bring them back until they're ready, but there's an opportunity, if a guy at the end of the week is just barely making it back, taking that extra week will be worthwhile. So we just have to gauge that as we go. Those guys are dying to play, so as soon as they're ready they're going to jump out there."
Shaquem Griffin Was Elevated to the Active Roster From the Practice Squad
New YouTube Channel Coming In Late March, Stay Tuned !!! You Won't Want To Miss It. Trust Me 💯 #shaqinItUp #NFL #football #youtube #combine #travel #offseason #griffintwins #adventure #sports #seahawks #subscribe #shaquill #shaquem
A post shared by Shaquill Griffin (@shaquillg) on Mar 8, 2020 at 7:13pm PDT
It has been a challenging start to the season for Shaquem Griffin after the linebacker was initially released by the Seahawks prior to Week 1. Seattle later signed Griffin back to their practice squad after he passed through waivers unsigned.
Griffin was moved up to the active roster on the eve of Week 3, and his performance looks to have earned him a permanent spot. Seahawks head coach Pete Car
|
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Home / crime / Nigeria / Politics / In Defence Of The Fulani In Our Midst by Reuben Abati
In Defence Of The Fulani In Our Midst by Reuben Abati
July 03, 2018 crime, Nigeria, Politics
In the last two weeks, over 200 persons in Plateau State were reportedly killed by Fulani herdsmen, 45 villages were ransacked and sacked and those villages we are told have been taken over by Fulanis, and the original owners have had to flee from their homes. There has also been some frightening talk about the true ownership of land, and we have seen on social media, that territory where fake news is forever rubbing shoulders with true news, and nobody is sure of anything that – indeed our country is in trouble. The country where human lives no longer mean anything, where mass graves have become common, where one ethnic group kills the other, where the life of a cow is more important than that of a human being; that is Nigeria – a country that currently drifts, simply drifts in the direction of nowhere.
A Fulani man moving with his cows
On this account, I am awfully sorry to report that Nigeria, our country is indeed right now in a dangerous place and the injury is self-inflicted. How many more open graves will Nigerians dig? How many more mass burials are we going to conduct before we realize that the rain has perforated our roofs and we can no longer sleep in peace? How many more condolence messages will heal our wounds, even now that we have been officially informed by the Presidency to tolerate more killings because a 'quota' left behind by the former President Jonathan has not been met?
That is absolutely stupid but we are in today's Nigeria where human lives have been officially determined to be a pawn in the political game, death has become a campaign issue, our politicians are now stepping on people's blood to make political points, they don't care, they don't give a damn. Good? No. Sad? Yes. Very sad. Pitiable. Regrettable. Absolutely offensive.
When the Buhari government that is now in power came to office, Nigerians were told to expect miracles in three specific areas: security, the economy and the anti-corruption war. Under Jonathan, there was the Boko Haram problem. Every other week, there was a Boko Haram attack in the North Eastern part of the country. It was part of my brief to commiserate with Nigerians and express the President's regrets.
President Buhari during swearing in
We did this so often that after a while, the public memorised our lines, and even before we issued the statements, the people themselves did so on our behalf. What is happening now is worse than whatever happened under Jonathan. Nobody bothers to commiserate with Nigerians any more and when they do, they pass the buck. They blame other people, including the victims. The Buhari government came to power partly on the basis of the assurance that it will deal with Nigeria's security challenge but let us be honest with ourselves, it has not been able to do so.
People are being killed, practically on a daily basis, the government can't even afford to issue statements. When the President's spokesmen manage to issue statements, the only intelligent excuse they offer is to say that more people were killed under Jonathan and Nigerians should wait till more people are killed under Buhari before they can complain. This is a perfect case of the coffin-maker complaining about the lack of sales. Would he wish that his own family should die so sales can improve? When government officials have nothing intelligent to say, they are better off keeping shut, instead of opening their mouths and making their principal sound like an idiot.
The people who have been killed in Plateau, Benue, Zamfara, Adamawa are Nigerians. Every soul that is lost is important to Nigeria. Every man or woman or child that dies because Nigeria has gone to the worst end of the spectrum could have lived and be an agent of promise for Nigeria. In the last three years, more persons of promise have been killed in this country than at any other time in the history of Nigeria.
The civil war happened, yes, but that was a war situation, but right now, Nigeria is at peace, so we think, and yet, people are being killed, and the country simply folds its arms. Opinion leaders and state Governors as well as civil society groups have called for
|
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CommonCrawl
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the removal of the Chiefs of the Armed Forces and the Inspector-General of Police – because when these attacks happen, the various security agencies have been proven to be totally incompetent and inefficient – and they have been rightly accused of complicity. We are in trouble, because it has never been this bad.
But I do not agree with those who insist that this is a Fulani problem. The biggest damage that this government has done is to make the Fulani race look very bad in Nigeria, and in effect, this has sharpened ethnic and religious divisions. When President Olusegun Obasanjo came to power in 1999, his brief was to re-unite a divided country and keep it together. His emergence as President pacified the angry people of Yorubaland who were uncomfortable with the criminal abolition of MKO Abiola's mandate.
Presidents Yar'Adua and Jonathan built on that foundation. The latter continuously insisted that Nigeria will not be divided under his watch, and that he would not preside over any bloodshed. But under President Buhari's watch, whatever unity was achieved post-1999 has been destroyed. Nigeria today is a divided country. The Fulani who President Buhari represents, have become the biggest losers of the 2015 Presidential election.
If they thought their kinsman becoming President will serve their purpose, they have been proven wrong. By his style, methods, and circumstances, President Buhari has not helped his own people. He has further alienated them from Nigeria. And he has not met the expectations of those who voted for him. National unity is the biggest challenge in Nigeria. After the civil war, going on with one Nigeria has been the main assignment of every successive administration. The Buhari government that emerged in 2015 has taken the position that this is not important and that is why Nigeria is in trouble today.
The ordinary Fulani person is good. Aliko Dangote is the richest man in Africa and arguably the richest Black man in the world. He is Fulani, and he is from Nigeria. If he didn't have the kind of opportunities he has had, he will probably be one of those now being referred to as Fulani herdsmen. If you ask him, he probably knows some herdsmen, and he was probably a herdsman himself at some point in his life.
But here he is today, a Fulani in Nigeria, doing good for Nigeria. He owns a company that provides jobs for hundreds of thousands of Nigerians and opportunities for millions of Nigerians. He has lived in Lagos for more than 40 years and if he knocks on any door in Yorubaland or Igboland, and asks for a room to sleep overnight, he would be received with prayers.
Aliko Dangote, the richest man in Africa
Dangote runs one of the most diversified companies in Nigeria. When you go to any of his offices, you won't have the impression that you are in a Fulani man's company. He runs a Foundation that has also been giving back to society, across geo-political zones. I don't have information about his marital life, but I won't be surprised if some of the women on his pension or pay list are from across Nigeria.
But all of that is being destroyed – by the bad Fulani who are in charge of Nigeria, and who by being bad have managed to isolate the entire Fulani clan and have shaken the table of Nigerian unity. I say all of this, not because I want to make anybody unhappy but because I have actually observed a growing anti-Fulani movement in the Southern part of Nigeria. It is borne out of the resentment against Fulani herdsmen.
It is so bad that, we, the people of Southern Nigeria, are now being told to stop eating beef. If no Southerner eats beef, then the cattle transportation and marketing business would have been destroyed. If you don't believe this, well, believe the fact that meetings are being held to this effect.
My view: I don't think the average Fulani man doing business and trying to earn a living and who is as angry as every other person that Buhari has disappointed should be punished for the criminal conduct of a few. The proposed strategy is also wrong. The people who are saying for example that we should boycott beef, are they also saying we should stop eating pepper and other farm produce that come from
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CommonCrawl
| 0.45722 | 0.147293 | 0.318415 | -0.195044 |
Volume-31, 28 October-3 November, 2017
Careers in Zoology
Usha Albuquerque &
Nidhi Prasad
Do you love animals and got a passion for wildlife? Are you hooked on to National Geographic and Discovery Channels? Zoology might just be the best career option for you!
Zoology, a branch of biology, is the scientific study of animals including protozoa, fish, reptiles, birds and mammals. In simple words, Zoology is the study of animal life throughout the world.It is a science that involves the study of the animal kingdom, both living and extinct. The subject includes the study of a variety of topics including natural selection and its impact on behaviour, entomology - the study of insects, cell biology and the ecosystem - problems of rainforest destruction, for example. It also covers areas ranging from the structure of organisms to the sub-cellular unit of life.
Those specialising in this field are called Zoologists. Zoologists study animal behaviors, species characteristics, and evolutionary trends in animals. Zoologists are also called animal biologists or scientists, as zoology is the branch of biology that relates to the animal kingdom. Zoologists analyze the structure, life processes, physiology, and classification of different species in detail. They also analyze how different animals interact with each other and adapt to their environments.Zoologists, as a result, are also referred to as Animal Scientists.
Their role includes:
*Recognizing, classifying, recording and monitoring animal species
*Collecting data and
interpreting it
*Employing complex
procedures, for example, computerized molecular and cellular analysis, and in-vitro fertilization
*Executing field and laboratory research findings
*Studying animals in their natural environment or in captivity
*Generating comprehensive technical reports
*Presenting and publishing information in journals and books
*Supervising technicians
Anyone with a genuine interest and love for animals and wildlife can pursue a career as a professional Zoologist. Career as zoologist is an attractive option for those, who love to spend time with nature. There are several specializations in zoology-
*taxonomists are mostly concerned with naming and classification of animal species,
*physiologists study the metabolic processes of animals
*embryologists focus on the early stages of animals.
*Herpetology is the study of reptiles and amphibians
You can also specialize in one animal group, as per your interest. For example,
*ornithologists deal with birds,
*ichthyologists study fishes
*mammalogists deal with mammals and so on.
Most Universities in India offer Masters degree courses in Zoology at MSc, MPhil and PhD levels. For the entry, the students should possess a Bachelor's degree with Zoology as principal subject or with Microbiology / Botany / Chemistry / Physics as Principal Subject and Zoology as subsidiary subject or BSc (First Class) of any university in Zoology / Life Sciences / Biological Sciences.
At the Masters level, students may study subjects like scientific writing, quantitative methods in Biology, Biochemistry, Physiology, Genetics, Cell and Developmental Biology, Cell and Molecular Biology, Genetic Engineering, Immunology, Drosophila Genetics, Biochemical Techniques, Genetic Toxicology, Endocrinology, Developmental Genetics, Insect Physiology & Biochemistry, Microbial Genetics, Physiology of Mammalian Reproduction, Tissue Culture etc
There are various courses offered in Zoology
*Bachelor of Science in Zoology
*Bachelor of Science in
Bio-technology, Zoology and Chemistry
*Bachelor of Science in Botany, Zoology and
*Master of Science in Marine Zoology
*Master of Science in Zoology with specializations in Medical Microbiology
*Master of Science in Zoology
*Master of Philosophy in Zoology
*Doctor of Philosophy in Zoology
One can specialize in various fields within zoology; some of them are listed as follows : Arachnology, Entomology, Arthropodology,
Apiology, Cetology, Anthrozoology, Ethology and many more .
A Zoologist needs :
A zoologist must possess a scientific temperament and be compassionate towards animals.
*An interest in animal and
|
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CommonCrawl
| 0.150616 | 0.595029 | 1.772719 | 2.647134 |
the environment.
*Problem solving skills.
*Practical skills.
*The ability to plan research, analyze and interpret data.
*The ability to carry out detailed work accurately.
*An aptitude for science,
particularly biology and chemistry
*Strong communication and IT skills.
*The ability to work as a part of a multi-disciplinary team.
*Patience and ability to
concentrate for long periods.
Inter-personal, communication and managerial skills will be an added asset.
Zoology as a career has a number of specializations because of which the students are presented with a plethora of career options once they chose to be associated with this field. This field is concerned with the preservation and management of the animal kingdom and a career in it would mean that you are a part of that responsibility.
Since zoology is both descriptive and analytical, it can be approached either as a basic science or as an applied science. A worker in basic zoology is interested in knowledge of animals for its own sake, while workers in applied zoology would be interested in information that will directly benefit humans.
Some of the organizations that hire people who have studied Zoology, are Zoos, Wildlife services, Botanical Gardens, Conservation organizations, National parks, Nature reserves, Universities, laboratories etc. Various options available for zoologists are:
Zookeeper/ Zoo Curator/
National Parks/ Wildlife Sanctuary Managers
They manage zoos and aquariums. They oversee activities ranging from preparing meals, administrating care, cleaning their enclosures, and monitoring animal behaviour. They may also help in the acquisition or breeding of animals in zoos, or wildlife parks, and take care of the legal and regulatory aspects related to this.
Animal and Wildlife Educator
They can help wildlife parks, sanctuaries, aquariums and museums create education literature like brochures, videos, guided tours or exhibits.
Study Route 1
Clear Class XII with Science Stream with Biology
Pursue B.Sc. (Hons)Zoology or B.Sc.(Hons) Life Sciences or B.Sc. (Hons) Biological Sciences for 3 years
Zoology or M.Sc in Life Sciences for 2 years
After Post Graduation
Pursue M.Sc. for 3-5 years
Pursue B.Sc. (Hons) Zoology or B.Sc. (Hons) Life Sciences or B.Sc. (Hons) in Biological
Pursue Diploma/PG Diploma in Zoology for 1-2 years
Wildlife Rehabilitator
These zoologists help in times of environmental emergencies and natural disasters like bushfires, oil spills etc. Wildlife rehabilitation involves caring and nursing of ill, injured or orphaned wild animals, which are eventually released back into their natural habitat, once they recover.
Animal Behaviourist
Animal Behaviourists are usually trained in Ethology, the study of animal behaviour and hence, they can train zoologists and other zoo employees to interact better with animals.
Large number of zoologist work in animal research, studying the nutrition, breeding, behavior, and management of domesticated and wild animals. There are many government research organizations conducting a variety of studies, such as the Zoological Survey of India, the Indian Council for Forestry Research & Education, or the Wildlife Institute, Dehra Dun, as well as medical research establishments where continuous experimentation goes on.
Zoologists can work in the area of the environment and ecology, to protect natural resources and minimize harm to plant and animal populations. The study of wild animals helps us learn to coexist with them and to preserve endangered species.
Chemical and pharmaceutical Industry
Zoologists also work in chemical or pharmaceutical companies or industrial organizations to test the effects of a pesticide or fertilizer on animals or humans, ways to produce healthier animals and more animals for our food supply, or ways to increase fish farming. In the pharmaceutical sector, zoologists with specialization in microbiology study microbes and organisms that cause diseases (in humans, animals as well as plants), evaluating antibiotics and developing vaccines, and manufacturing drugs.
Zoologists also work in creative fields and the news media. They are writers, photographers, or illustrators, and documentary filmmakers
|
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CommonCrawl
| 0.010263 | 0.408148 | 1.26703 | 2.126005 |
Monaro District Cricket Association
Monaro District Cricket Association is the peak body for Cricket in the Monaro Region. 8 Senior Clubs and a number of junior & representative teams compete in a quality cricket competition. Please share your stories & feedback about cricket in the Monaro. For any New Players or for more information please contact MDCA President Ben Hearn on 0416258422 or email benjaminhearnATyahoo.com.au by replacing AT with @.
Cricket hits Cancer for Six
Berridale's Junior team participating in the six-a-side competition is comprised of , Andy Bartell, Josh Mugridge (captain), James Cahill, Jake Hedger, with Tim Gregory, Lachlan Jones and Declan Gregory in front.
Cooma Monaro Express 5/2/13
The Monaro District Cricket Association hosted their annual six-a-side cricket tournament on the weekend and used the tournament as a fundraiser for Ricky and Rhianna Ponting's charitable Foundation "Biggest Game of Cricket" for kids with Cancer.
More than $1000 was raised on the day and at last weekend's players poker tournament which will go to supporting families in their time of need.
Alex Bruce, Jack Parkin, Ben Hearn (captain), Sam Burgess, Adam Walters and Jake Riley (kneeling) make up the Berridale White Tales cricket team.
Many thanks to all the players who played in the tournaments and dug deep and a special thanks to Commonwealth Bank, Woolworths Cooma and especially Rhianna's grandfather Bill Rushton who came along and tossed the coin to kick off proceedings and donated a signed pair of Ricky's gloves to raffle on the day.
Ricky Ponting's grandfather-in-law and local identity Bill Rushton is ready to toss the special coin to start the six-a-side competition on Nijong oval. He is with team captains Ben Hales and Ben Hearne and organiser Stuart Wood.
With the tournament having to be postponed a week due to last weekend's poor weather it was a slightly smaller field than normal with sides from Canberra, Merimbula and Berridale competing for the title of six a side champions for 2013. The Merimbula Knights as defending champions played terrific cricket to make the final but it was the STC Puma's from Canberra who were eventual 2013 champions with Cooma's own James Taylor proving he hasn't lost his touch with an outstanding 50* in the final to get them over the line.
Canberra's Southside Teachers' Cricket Club Pumas captain Brendan Geeves, James Taylor, Rowan Venables, Steve Jobson with Niven Turner and Matt Williams won the competition.
JT took out the Best Batsman award with another Cooma local Brendan Geeves taking out player of the tournament and Michalego's Matt Williams named as best bowler. Special mention goes to the Berridale Young Guns who proved they can mix it with the big boys and putting a few sixes over the boundary to show they will be a team to watch out for in the future.
Bill Rushton, grandfather-in law to famous cricketer Ricky Ponting sits with some items to be auctioned to raise funds for the Ricky Ponting Kids with Cancer Foundation. Included in the items is a pair of cricket gloves signed by the sporting hero Ponting.
Posted by Stuart Wood at 3:11 PM 2 comments
Super 8's
Australia Day Six a Side Competition
20/20 "Clash of the Codes"
MDCA Schedule 2011/12
Playing Conditions
Clubs and Grounds
Juniors & Milo In2Cricket
KFC Cooma Proud Sponsors of "Clash of the Codes" 20/20
Stuart Wood
Facing Up
Coffeys Hotel Matthew Moxam faces up to the next delivery
Monaro District Cricket Association Supporters
Sports Business Consulting
Station Resort Jindabyne
Australian Hotel
Royal Hotel
Dodds Hotel
Sportspower cooma
Cooma Ex-Services Club
Who do you think will win the MDCA Shield in 2010/11?
|
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CommonCrawl
| -0.500544 | -1.543721 | 0.408076 | -0.530868 |
Q: ¿Cómo puedo centrar un card en Bootstrap? Estoy haciendo una página web y lo que quiero hacer es centrar los cards que están en la parte de abajo (lo que esta encerrado en circulo). No logro hacer que se pongan en el centro. Mi código esta hecho en bootstrap 4.
Imagen del problema:
El código:
<link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" />
<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.2.1/jquery.min.js"></script>
<script src="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/js/bootstrap.min.js"></script>
<div class="container">
<div class="row">
<div class="row col-xs-12 col-sm-12 col-md-12 col-lg-12 col-xl-12">
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4" style="max-width:319px;">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4" style="max-width:319px;">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4 .img-fluid" style="max-width:319px;">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
</div>
</div>
</div>
A: El problema es que las tarjetas tiene un estilo inline: style="max-width:319px;" que hace que su ancho máximo sea 319 pixels. Cuando la pantalla es pequeña, no hay problema, pero cuando vas a pantallas grandes (en cuyo caso el ancho puede ser mayor de 960px) se va a quedar un hueco vacío en la parte derecha.
Una solución sería quitar el style="max-width:319px;" para que las columnas tomen todo el ancho permitido en cada momento:
<link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/
|
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StackExchange
| -0.988257 | -1.455471 | -2.014569 | -1.376439 |
bootstrap/4.0.0/css/bootstrap.min.css" />
<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.2.1/jquery.min.js"></script>
<script src="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/js/bootstrap.min.js"></script>
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<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4 .img-fluid">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
</div>
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Si no quieres quitar el ancho máximo de 319px y lo que quieres es que se centren, lo que deberías hacer es al .row más interno (el que contiene directamente los cards): quitarles todas las clases col-XXX-YY y añadirle como estilo width: auto; margin: auto auto.
Al final quedaría así:
<link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css" />
<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.2.1/jquery.min.js"></script>
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<img src="https://placehold.it/318x180
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StackExchange
| -1.0589 | -1.681286 | -1.989463 | -1.911481 |
/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4" style="max-width:319px;">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
<div class="card col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4 .img-fluid" style="max-width:319px;">
<img src="https://placehold.it/318x180/" class="card-img-top" alt="Card image" />
<div class="card-block">
<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
</div>
</div>
</div>
A: primero he armado la estructura base de la pagina mostrada, listado de cambios:
1-Crear un div general con la clase container-fluid para que tome el 100% del navegador.
2-Crear 3 div con clase row, 2 que tomen el 100% del ancho y uno que que se divide despues en 3 divs mas
3-Entonces dentro de los row expresamos las resoluciones a las que queremos que se adapte , en este caso col-xs-12 col-sm-12 col-md-12 col-lg-12 col-xl-12 , e un div
4-Luego dividor el ultimo row en tres partes iguales insertando la clase col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4 a cada uno de los tres div, ques estan dentro del ultimo row.
5- Modifique el navbar para que fuera mejor y creo que lo deje como querías.
<!DOCTYPE html>
<html lang="en">
<head>
<title>Bootstrap Example</title>
<meta charset="utf-8">
<meta name="viewport" content="width=device-width, initial-scale=1">
<link rel="stylesheet" href="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/css/bootstrap.min.css">
<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.3.1/jquery.min.js"></script>
<script src="https://cdnjs.cloudflare.com/ajax/libs/popper.js/1.12.9/umd/popper.min.js"></script>
<script src="https://maxcdn.bootstrapcdn.com/bootstrap/4.0.0/js/bootstrap.min.js"></script>
</head>
<body>
|
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] | 1,024 |
StackExchange
| -1.197471 | -1.803277 | -2.229755 | -1.914011 |
<div class="container-fluid">
<div class="row">
<div class="col-xs-12 col-sm-12 col-md-12 col-lg-12 col-xl-12" style="background-color:yellow;">
100%
</div>
</div>
<br>
<div class="row p-2">
<div class="col-xs-12 col-sm-12 col-md-12 col-lg-12 col-xl-12" style="background-color:yellow;">
100%
</div>
</div>
<br>
<!-- Or let Bootstrap automatically handle the layout -->
<div class="row mx-auto p-3">
<div class="col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4" style="background-color:yellow;">33,3%</div>
<div class="col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4" style="background-color:orange;">33,3%</div>
<div class="col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4" style="background-color:yellow;">33,3%</div>
</div>
<br>
</div>
</body>
</html>
Por ultimo insertamos las etiquetas dentro donde pertenece cada parte que tenias tu en tu código.
<!DOCTYPE html>
<html lang="en">
<head>
<title>Bootstrap Example</title>
<meta charset="utf-8">
<meta name="viewport" content="width=device-width, initial-scale=1">
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| -1.482762 | -2.361325 | -2.459288 | -2.179635 |
a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a
camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
</div>
<div class="col-xs-4 col-sm-4 col-md-4 col-lg-4 col-xl-4">
<div class="card">
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<h4 class="card-title">This is a title</h4>
<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a
camera? The gown litters the rhyme. Another discrete elevator defects over the target.</p>
<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
</div>
</div>
</div>
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<p class="card-text">Each merged squad salts the wild porter. Should the charmed church dodge a
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<a href="http://sonarsystems.co.uk" class="btn btn-success">Button</a>
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March 30, 2001 News » Whistler
Whistler end of Olympic bid needs work
By Bob Barnett
IOC vice president says no reason two bids from Canada can't succeed
If the Vancouver-Whistler 2010 Olympic bid has an area of concern it's Whistler, according to International Olympic Committee vice-president Dick Pound.
"I don't think there will be much doubt about the indoor venues for 2010," Pound told a Vancouver Board of Trade luncheon March 23. "The challenge will be the sports practised on snow, particularly the alpine events."
Pound didn't site any problems with Whistler itself or the facilities here, but suggested there are two areas that need work: Whistler's relationship with the FIS following the cancellation of three World Cup downhill races between 1996 and 1998, and transportation between Vancouver and Whistler.
"The alpine sports are traditionally very important to the Winter Games," Pound told a media scrum following the luncheon. "You've got to make sure you've got good facilities and that they're accessible. I think at Whistler with the nordic event area, we have a superb facility. There is a distance between venues, as there has been with many other winter bids and host cities. But what we have to offer in B.C. is an unparalleled opportunity for people travelling from Vancouver to Whistler, and vice versa. Something that can be a net plus rather than a minus. There is a distance, which you can't change, but where else in the world can you have the drive you do on route 99?"
Pound, a Montreal lawyer, suggested the bid group market the scenic nature of the route between Vancouver and Whistler, improve the highway, and make sure there are transportation alternatives available.
"I think you certainly want to be able to say we've always had a terrific road and now it's even better. And if you don't want to drive, you can go by train. And if you don't want to drive or go by train we can get you up as far as Squamish by fairly fast marine transport."
Asked to characterize the road in its present state, Pound said: "It's fine. I drive up there quite often to visit my son, and it's okay. But it's okay if you're used to driving on mountain roads, and not everybody is."
Pound, who will announce next week whether or not he is a candidate to succeed Juan Antonio Samaranch as president of the IOC, was asked about the importance of a FIS endorsement of Whistler.
"If they come out and say such-and-such a place is no good, that's a big problem. There's absolutely no reason they should say that (about Whistler). What's better is for them to say 'We're really happy with Whistler, so that if the IOC decides to come to Vancouver-Whistler we're good'."
Asked if he was saying Whistler needs to get the World Cup races back from Lake Louise, Pound replied: "The more international events you have organized and have demonstrated you can organize, well the better it is. It's a matter of reducing any concern about risk that the IOC may have. These things are essentially risk management issues."
Asked about the biggest challenge the Vancouver-Whistler bid faces, Pound said: "It's really hard to call that until you know who else is in the race. All races involve some element of choice and if you're against some really superb other winter site, then it's a little tougher. If you're not and you start off the race as Whistler being the most known ski resort of all those in the competition then you've got an advantage and you plan your strategy."
Although there are no official bids for the 2010 Winter Olympics at this time, other cities that have expressed an interest in bidding include Helsinki, Finland; Jaca, Spain; Zurich and Bern-Montreux, Switzerland; Muju, South Korea; and Sarajevo, Bosnia. The IOC will select a host for the 2010 Games in mid-2003.
Common sentiment, however, is that Toronto's bid for the 2008 Summer Olympics is the biggest obstacle to the Vancouver-Whistler bid. The general
|
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CommonCrawl
| 0.117078 | -0.517497 | 0.042258 | -0.353944 |
belief is that the IOC would not award two successive Games to the same country. Pound challenged that line of thinking.
"If Toronto wins 2008 the hill gets steeper for Vancouver, but it's not insurmountable," Pound said. "There's no need for anyone here to go out and sacrifice live chickens."
Earlier in the day a radio report quoted Paul Henderson, chair of Toronto's unsuccessful bid for the 1996 Olympics, as saying having Toronto and Vancouver-Whistler bidding at the same time was hurting both bids' chances.
Pound agreed some people see having two bids at once as confusing, "But I don't think the success or failure of Toronto will have any material effect on Vancouver, or vice versa.
"With the new rotation of the Games every two years it's inevitable that with a country as interested as we are that there will be bids running at the same time. I think that the opportunity to go for both has never been better."
That's a reversal of Pound's own position from 1998, when he too suggested it was unwise for Canada to put forward two bids at once. Marion Lay, chair of the Vancouver-Whistler 2010 Bid Corp., pointed out that the IOC process for choosing an Olympic host has changed since 1998. An IOC evaluation commission now evaluates bids and presents its findings to 45 IOC members who vote. Lay described the 45 voting members as "very credible sports people, 15 athletes, 15 national Olympic associations and 15 international federations. So I think we're seeing the IOC change. I think Dick (made his statement in 1998) with sort of the old vision on. But I'll tell you right now the athletes are very, very strong… I don't think there will be another decision made by the IOC that is not athlete driven."
In his speech to the board of trade Pound described the evaluation commission.
"It's not a feel-good commission. They've seen it all, they're not going to be impressed by a warm welcome. They'll tear the bid apart and act like the auditor general on a bad day."
Pound added the evaluation commission's report will be made public so the bid "had better be bullet-proof."
He concluded by saying the Games are no longer a drain on the host country and should provide a profit. Television rights for the Athens Games in 2004 are worth $1.6 billion US. Sponsorship rights by 2010 could be worth close to $1 billion, he said.
"The Games are an opportunity that should be seized with enthusiasm. There's no better country in the world, no better Olympic host. Let's get out there and win both prizes."
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|
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CommonCrawl
| 0.125059 | -0.587253 | 0.23234 | -0.4379 |
Proteins encoded by homeobox genes (GENES, HOMEOBOX) that exhibit structural similarity to certain prokaryotic and eukaryotic DNA-binding proteins. Homeodomain proteins are involved in the control of gene expression during morphogenesis and development (GENE EXPRESSION REGULATION, DEVELOPMENTAL).
10/01/1990 - "In this study, we examined the expression of homeobox proteins in human cancer. "
07/15/2013 - "As both HLX1 and HOXA9 are oncogenes implicated in leukemogenesis, we discuss the implications that the collaboration between Homeobox proteins and PRCs has for senescence and cancer."
10/27/2011 - "The three-amino-acid loop extension (TALE) class homeodomain proteins MEIS1 and PKNOX1 (PREP1) share the ability to interact with PBX and HOX family members and bind similar DNA sequences but appear to play opposing roles in tumor development. "
02/01/2010 - "Thus, the homeotic proteins, by participating directly in the function of DNA replication origins, may provide a direct link between the accurate regulation of DNA replication required by the morphogenetic program and the deregulation of this process typical of cancer."
02/01/2010 - "Furthermore, many homeotic proteins are actually proto-oncogenes, since different translocations involving their genes cause tumors, particularly in the hematopoietic system. "
01/12/2012 - "The clustered homeobox proteins play crucial roles in development, hematopoiesis, and leukemia, yet the targets they regulate and their mechanisms of action are poorly understood. "
10/01/2006 - "Workshop on homeodomain proteins, hematopoietic development and leukemias."
01/28/2004 - "Both genes also cooperate to induce leukemia in a mouse leukemia acceleration assay, which can be explained, in part, by their physical interaction with each other as well as the PBX family of homeodomain proteins. "
11/01/1997 - "Furthermore, the Hoxa-9 gene is frequently activated by viral integration in the same BXH-2 leukemias, suggesting a biological synergy between these two distinct classes of homeodomain proteins in causing malignant transformation. "
03/01/2007 - "Many such studies also document co-overexpression of homeodomain proteins of the Meis and Pbx families in poor prognosis leukemia. "
10/01/2004 - "We previously demonstrated that the homeodomain proteins (myeloid ecotropic integration site 1 [MEIS1], Pbx-regulating protein 1 [PREP1], and pre-B-cell leukemia transcription factors [PBXs]) bind to the novel regulatory element tandem repeat of MEIS1 binding element [TME] and transactivate the rat PF4 promoter. "
04/16/2004 - "Pre-B cell leukemia transcription factors (PBXs) act as cofactors in the transcriptional regulation mediated by Homeobox proteins during embryonic development and cellular differentition. "
03/01/2010 - "Pre B cell leukemia homeobox 2 (PBX2), a member of PBX family, acts as a co-factor of homeobox proteins to regulate proliferation and differentiation of tumor cells. "
01/01/2012 - "The pre B-cell leukemia transcription factor 1 (Pbx1) genes belong to the three amino acid loop extension family of homeodomain proteins that form hetero-oligomeric complexes with other homeodomain transcription factors, thereby modulating target specificity, DNA binding affinity and transcriptional activity of their molecular associates. "
04/16/2004 - "Previous studies investigating the anti-viral mechanisms of several cyclin-dependent kinase inhibitors showed that the home
|
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C4
| -0.454694 | 1.589132 | 1.507322 | 1.028092 |
<?php
//--------------------------------------------------------------------
/**
* Locates the first bad byte in a UTF-8 string returning it's
* byte index in the string
* PCRE Pattern to locate bad bytes in a UTF-8 string
* Comes from W3 FAQ: Multilingual Forms
* Note: modified to include full ASCII range including control chars
* @see http://www.w3.org/International/questions/qa-forms-utf-8
* @param string
* @return mixed integer byte index or FALSE if no bad found
* @package utf8
* @subpackage bad
*/
function utf8_bad_find($str) {
$UTF8_BAD =
'([\x00-\x7F]'. # ASCII (including control chars)
'|[\xC2-\xDF][\x80-\xBF]'. # non-overlong 2-byte
'|\xE0[\xA0-\xBF][\x80-\xBF]'. # excluding overlongs
'|[\xE1-\xEC\xEE\xEF][\x80-\xBF]{2}'. # straight 3-byte
'|\xED[\x80-\x9F][\x80-\xBF]'. # excluding surrogates
'|\xF0[\x90-\xBF][\x80-\xBF]{2}'. # planes 1-3
'|[\xF1-\xF3][\x80-\xBF]{3}'. # planes 4-15
'|\xF4[\x80-\x8F][\x80-\xBF]{2}'. # plane 16
'|(.{1}))'; # invalid byte
$pos = 0;
$badList = array();
while (preg_match('/'.$UTF8_BAD.'/S', $str, $matches)) {
$bytes = strlen($matches[0]);
if ( isset($matches[2])) {
return $pos;
}
$pos += $bytes;
$str = substr($str,$bytes);
}
return FALSE;
}
//--------------------------------------------------------------------
/**
* Locates all bad bytes in a UTF-8 string and returns a list of their
* byte index in the string
* PCRE Pattern to locate bad bytes in a UTF-8 string
* Comes from W3 FAQ: Multilingual Forms
* Note: modified to include full ASCII range including control chars
* @see http://www.w3.org/International/questions/qa-forms-utf-8
* @param string
* @return mixed array of integers or FALSE if no bad found
* @package utf8
* @subpackage bad
*/
function utf8_bad_findall($str) {
$UTF8_BAD =
'([\x00-\x7F]'. # ASCII (including control chars)
'|[\xC2-\xDF][\x80-\xBF]'. # non-overlong 2-byte
'|\xE0[\xA0-\xBF][\x80-\xBF]'. # excluding overlongs
'|[\xE1-\xEC\xEE\xEF][\x80-\xBF]{2}'. # straight 3-byte
'|\xED[\x80-\x9F][\x80-\xBF]'. # excluding surrogates
'|\xF0[\x90-\xBF][\x80-\xBF]{2}'. # planes 1-3
'|[\xF1-\xF3][\x80-\xBF]{3}'. # planes 4-15
'|\xF4[\x80-\x8F][\x80-\xBF]{2}'. # plane 16
'|(.{1}))'; # invalid byte
$pos = 0;
$badList = array();
while (preg_match('/'.$UTF8_BAD.'/S', $str, $matches)) {
$bytes = strlen($matches[0]);
if ( isset($matches[2])) {
$
|
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] | 1,024 |
Github
| -1.778922 | 0.473037 | -0.482708 | -0.604548 |
badList[] = $pos;
}
$pos += $bytes;
$str = substr($str,$bytes);
}
if ( count($badList) > 0 ) {
return $badList;
}
return FALSE;
}
//--------------------------------------------------------------------
/**
* Strips out any bad bytes from a UTF-8 string and returns the rest
* PCRE Pattern to locate bad bytes in a UTF-8 string
* Comes from W3 FAQ: Multilingual Forms
* Note: modified to include full ASCII range including control chars
* @see http://www.w3.org/International/questions/qa-forms-utf-8
* @param string
* @return string
* @package utf8
* @subpackage bad
*/
function utf8_bad_strip($str) {
$UTF8_BAD =
'([\x00-\x7F]'. # ASCII (including control chars)
'|[\xC2-\xDF][\x80-\xBF]'. # non-overlong 2-byte
'|\xE0[\xA0-\xBF][\x80-\xBF]'. # excluding overlongs
'|[\xE1-\xEC\xEE\xEF][\x80-\xBF]{2}'. # straight 3-byte
'|\xED[\x80-\x9F][\x80-\xBF]'. # excluding surrogates
'|\xF0[\x90-\xBF][\x80-\xBF]{2}'. # planes 1-3
'|[\xF1-\xF3][\x80-\xBF]{3}'. # planes 4-15
'|\xF4[\x80-\x8F][\x80-\xBF]{2}'. # plane 16
'|(.{1}))'; # invalid byte
ob_start();
while (preg_match('/'.$UTF8_BAD.'/S', $str, $matches)) {
if ( !isset($matches[2])) {
echo $matches[0];
}
$str = substr($str,strlen($matches[0]));
}
$result = ob_get_contents();
ob_end_clean();
return $result;
}
//--------------------------------------------------------------------
/**
* Replace bad bytes with an alternative character - ASCII character
* recommended is replacement char
* PCRE Pattern to locate bad bytes in a UTF-8 string
* Comes from W3 FAQ: Multilingual Forms
* Note: modified to include full ASCII range including control chars
* @see http://www.w3.org/International/questions/qa-forms-utf-8
* @param string to search
* @param string to replace bad bytes with (defaults to '?') - use ASCII
* @return string
* @package utf8
* @subpackage bad
*/
function utf8_bad_replace($str, $replace = '?') {
$UTF8_BAD =
'([\x00-\x7F]'. # ASCII (including control chars)
'|[\xC2-\xDF][\x80-\xBF]'. # non-overlong 2-byte
'|\xE0[\xA0-\xBF][\x80-\xBF]'. # excluding overlongs
'|[\xE1-\xEC\xEE\xEF][\x80-\xBF]{2}'. # straight 3-byte
'|\xED[\x80-\x9F][\x80-\xBF]'. # excluding surrogates
'|\xF0[\x90-\xBF][\x80-\xBF]{2}'. # planes 1-3
'|[\xF1-\xF3][\x80-\xBF]{3}'. # planes 4-15
'|\xF4[\x80-\x8F][\x80-\xBF]{2}'. # plane 16
'|(.{1}))'; # invalid byte
ob_start();
while (preg_match('/'.$
|
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525,
4295,
29916,
29943,
29900,
7110,
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29929,
29900,
2612,
29916,
28062,
3816,
29905,
29916,
29947,
29900,
2612,
29916,
28062,
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267,
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13,
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462,
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2962,
890,
13,
1678,
1550,
313,
1457,
29887,
29918,
4352,
11219,
22686
] | 1,024 |
Github
| -2.126706 | -0.140815 | -1.266794 | -1.372644 |
UTF8_BAD.'/S', $str, $matches)) {
if ( !isset($matches[2])) {
echo $matches[0];
} else {
echo $replace;
}
$str = substr($str,strlen($matches[0]));
}
$result = ob_get_contents();
ob_end_clean();
return $result;
}
//--------------------------------------------------------------------
/**
* Return code from utf8_bad_identify() when a five octet sequence is detected.
* Note: 5 octets sequences are valid UTF-8 but are not supported by Unicode so
* do not represent a useful character
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_5OCTET',1);
/**
* Return code from utf8_bad_identify() when a six octet sequence is detected.
* Note: 6 octets sequences are valid UTF-8 but are not supported by Unicode so
* do not represent a useful character
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_6OCTET',2);
/**
* Return code from utf8_bad_identify().
* Invalid octet for use as start of multi-byte UTF-8 sequence
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_SEQID',3);
/**
* Return code from utf8_bad_identify().
* From Unicode 3.1, non-shortest form is illegal
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_NONSHORT',4);
/**
* Return code from utf8_bad_identify().
* From Unicode 3.2, surrogate characters are illegal
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_SURROGATE',5);
/**
* Return code from utf8_bad_identify().
* Codepoints outside the Unicode range are illegal
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_UNIOUTRANGE',6);
/**
* Return code from utf8_bad_identify().
* Incomplete multi-octet sequence
* Note: this is kind of a "catch-all"
* @see utf8_bad_identify
* @package utf8
* @subpackage bad
*/
define('UTF8_BAD_SEQINCOMPLETE',7);
//--------------------------------------------------------------------
/**
* Reports on the type of bad byte found in a UTF-8 string. Returns a
* status code on the first bad byte found
* @author <hsivonen@iki.fi>
* @param string UTF-8 encoded string
* @return mixed integer constant describing problem or FALSE if valid UTF-8
* @see utf8_bad_explain
* @see http://hsivonen.iki.fi/php-utf8/
* @package utf8
* @subpackage bad
*/
function utf8_bad_identify($str, &$i) {
$mState = 0; // cached expected number of octets after the current octet
// until the beginning of the next UTF8 character sequence
$mUcs4 = 0; // cached Unicode character
$mBytes = 1; // cached expected number of octets in the current sequence
$len = strlen($str);
for($i = 0; $i < $len; $i++) {
$in = ord($str{$i});
if ( $mState == 0) {
// When mState is zero we expect either a US-ASCII character or a
// multi-octet sequence.
if (0 == (0x80 & ($in))) {
// US-ASCII, pass straight through.
$mBytes = 1;
} else if (0xC0 == (0xE0 &
|
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669
] | 1,024 |
Github
| -2.148442 | 0.428912 | -0.934152 | -1.319519 |
($in))) {
// First octet of 2 octet sequence
$mUcs4 = ($in);
$mUcs4 = ($mUcs4 & 0x1F) << 6;
$mState = 1;
$mBytes = 2;
} else if (0xE0 == (0xF0 & ($in))) {
// First octet of 3 octet sequence
$mUcs4 = ($in);
$mUcs4 = ($mUcs4 & 0x0F) << 12;
$mState = 2;
$mBytes = 3;
} else if (0xF0 == (0xF8 & ($in))) {
// First octet of 4 octet sequence
$mUcs4 = ($in);
$mUcs4 = ($mUcs4 & 0x07) << 18;
$mState = 3;
$mBytes = 4;
} else if (0xF8 == (0xFC & ($in))) {
/* First octet of 5 octet sequence.
*
* This is illegal because the encoded codepoint must be either
* (a) not the shortest form or
* (b) outside the Unicode range of 0-0x10FFFF.
*/
return UTF8_BAD_5OCTET;
} else if (0xFC == (0xFE & ($in))) {
// First octet of 6 octet sequence, see comments for 5 octet sequence.
return UTF8_BAD_6OCTET;
} else {
// Current octet is neither in the US-ASCII range nor a legal first
// octet of a multi-octet sequence.
return UTF8_BAD_SEQID;
}
} else {
// When mState is non-zero, we expect a continuation of the multi-octet
// sequence
if (0x80 == (0xC0 & ($in))) {
// Legal continuation.
$shift = ($mState - 1) * 6;
$tmp = $in;
$tmp = ($tmp & 0x0000003F) << $shift;
$mUcs4 |= $tmp;
/**
* End of the multi-octet sequence. mUcs4 now contains the final
* Unicode codepoint to be output
*/
if (0 == --$mState) {
// From Unicode 3.1, non-shortest form is illegal
if (((2 == $mBytes) && ($mUcs4 < 0x0080)) ||
((3 == $mBytes) && ($mUcs4 < 0x0800)) ||
((4 == $mBytes) && ($mUcs4 < 0x10000)) ) {
return UTF8_BAD_NONSHORT;
// From Unicode 3.2, surrogate characters are illegal
} else if (($mUcs4 & 0xFFFFF800) == 0xD800) {
return UTF8_BAD_SURROGATE;
// Codepoints outside the Unicode range are illegal
} else if ($mUcs4 > 0x10FFFF) {
return UTF8_BAD_UNIOUTRANGE;
}
//initialize UTF8 cache
$mState = 0;
$mUcs4 = 0;
$mBytes = 1;
}
} else {
// ((0xC0 & (*in) != 0x80) && (mState != 0))
// Incomplete multi-octet sequence.
$i--;
return UTF8_BAD_SEQINCOMPLETE;
}
}
}
if ( $mState != 0 ) {
// Incomplete multi
|
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King's speech - definition of King's speech by The Free Dictionary
https://www.thefreedictionary.com/King%27s+speech
King's speech
Also found in: Wikipedia.
(Government, Politics & Diplomacy) (in Britain and the Commonwealth when the sovereign is male) another name for speech from the throne
<a href="https://www.thefreedictionary.com/King%27s+speech">King's speech</a>
speech from the throne
"It is but too true," said Athos, replying with his voice to the first part of the king's speech, and with a bow to the second; "it is but too true, indeed, that your majesty has seen many evil days."
The Indian, who had overheard the king's speech, thought that he saw in it signs of yielding to his proposal, so he joyfully agreed to the monarch's wishes, and came forward to help the prince to mount the horse, and show him how to guide it: but, before he had finished, the young man turned the screw, and was soon out of sight.
The king's speech, which will serve as a guideline for Shoura members, will begin the deliberations of the new parliamentary year of the 150-member council.
Peace, security and economy top agenda of Saudi Shoura session
REVIEW The King's Speech BIRMINGHAM REP THIS triumphant production grabs our attention from the start and doesn't let it go for two hours.
Funny and poignant
Just the day before The King's Speech opened at Birmingham Rep, Tom went to the Royal residence to be made an MBE by the Duke of Cambridge.
Being royally entertained by minimalist set; The designer who created the sea of poppies outside the Tower of London is on a Royal mission in Birmingham. He speaks to Roz Laws about building sets at Birmingham Rep
SATURDAY THE KING'S SPEECH C4 9PM Thrust on to the throne after his brother's abdication, George VI (Colin Firth) turns to unorthodox Australian speech therapist Lionel Logue (Geoffrey Rush) in order to cure a stutter which has plagued his life.
WRITERS spent days working on the famous King's Speech as they struggled to find a way to tell the nation we were going to war with Germany, a forgotten draft reveals.
The King's clipped speech; Aides' battle over WWII words
MP Adnan Al-Maliki underscored HM the King's speech focusing on the continuation of the reform and economic movements toward further prosperity, and putting an end to all foreign interferences in Bahrain's internal affairs.
HM the King's Keynote Speech hailed by Parliamentarians
It includes 40 original costumes seen in movies such as The Queen, The King's Speech, Sense and Sensibility and Pirates of the Caribbean.
Costumes prove a hit at museum
"The King's speech is an outline and our reply fills it.
Row over draft reply to King's speech
Hit films such as The King's Speech and The Inbetweeners have contributed to the success of home grown movies.
British film industry thriving
MOVIE hits such as The King's Speech and The Inbetweeners have helped UK box office takings to exceed pounds 1 billion for the first time.
Cinema takings top pounds 1BN
King-post
Kings Bench
King's Bench
Kings Counsel
King's Counsel
King's cushion
kings English
king's evidence
king's evil
king's highway
king's peace
Kings Peak
King's proctor
kings ransom
King's Regulations
Kings River
King's Scout
king's shilling
King's silver
king's spear
King's yellow
Kingsford-Smith
kingship
kingside
king-size bed
king-sized
Kingsley Charles
King-Smith
kings-of-arms
Kingston Maxine Hong
Kingston metal
Kingston valve
Kingston-upon Hull
Kingstown
Kingtruss
|
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CommonCrawl
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Carmichael is a special service area within the Rural Municipality of Carmichael No. 109, Saskatchewan, Canada that held village status prior to 2019. The population was 58 at the 2016 Census. Carmichael lies south of Highway 1 commonly known as the Trans Canada Highway, approximately east of city of Medicine Hat, Alberta.
History
Carmichael incorporated as a village on May 25, 1917. It restructured on December 31, 2018, relinquishing its village status in favour of becoming a special service area under the jurisdiction of the Rural Municipality of Carmichael No. 109.
Demographics
Attractions
Big Muddy Badlands, a series of badlands in southern Saskatchewan and northern Montana along Big Muddy Creek. They are found in the Big Muddy Valley, a cleft of erosion and sandstone along Big Muddy Creek. The valley is long, wide and deep. The valley was formed when it was part of an ancient glacial meltwater channel that carried great quantities of water southeastward during the last ice age.
Cypress Hills Interprovincial Park, an interprovincial park straddling the southern Alberta – Saskatchewan border, located north-west of Robsart. It is Canada's first and only interprovincial park.
Cypress Hills Vineyard & Winery, open by appointment only from Christmas until May 14.
Fort Walsh, is part of the Cypress Hills Interprovincial Park. As a National Historic Site of Canada the area possesses National Historical Significance. It was established as a North-West Mounted Police (NWMP) fort after and at the location of the Cypress Hills Massacre.
Grasslands National Park, represents the Prairie Grasslands natural region, protecting one of the nation's few remaining areas of undisturbed dry mixed-grass/shortgrass prairie grassland. The park is located in the WWF-defined Northern short grasslands ecoregion, which spans across much of Southern Saskatchewan, Southern Alberta, and the northern Great Plains states in the United States. The unique landscape and harsh, semi-arid climate provide niches for several specially adapted plants and animals. The park and surrounding area house the country's only black-tailed prairie dog colonies. Other rare and endangered fauna that can be found in the park include the pronghorn, sage grouse, burrowing owl, ferruginous hawk, prairie rattlesnake, black-footed ferret and eastern short-horned lizard. Flora includes blue grama grass, needlegrass, Plains Cottonwood and silver sagebrush.
The Great Sand Hills, is a sand dune rising 50 feet above the ground and covering 1,900 square kilometers. Native prairie grass helps keep the sand together. The sand dunes are fringed by small groves of aspen, birch, and willow trees, and by rose bushes, chokecherry and sagebrush. Subjected to strong winds, the dunes are always moving, creating an ever-changing landscape for photographers.
Robsart Art Works, opens July 1 to August 28, 2010, from 1 to 4 p.m. and by appointment and features Saskatchewan artists featuring photographers of old buildings and towns throughout Saskatchewan.
T.rex Discovery Centre, a world class facility to house the fossil record of the Eastend area started many years before the discovery of "Scotty" the T.Rex in 1994.
Pop culture
In the season 6 episode of Corner Gas entitled "Reader Pride," Constable Karen Pelly read a romance novel to Mrs. Carmichael who lived in a seniors home. Last name of the Carmichael was taken from the community.
See also
List of communities in Saskatchewan
List of special service areas in Saskatchewan
References
Carmichael No. 109, Saskatchewan
Special service areas in Saskatchewan
Former villages in Saskatchewan
Populated places disestablished in 2018
Division No. 4,
|
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Wikipedia
| -0.073966 | -0.574275 | 1.995079 | 0.216041 |
Battleheart Legacy, Creature Quest, and Demon's Rise 2: Lords of Chaos are our top selection to play today.
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This shiny new fantasy RPG casts you as the leader of a band of epic heroes, battling evil in a massive single-player campaign and in online fights with other players. Earn new heroes and collect fantastic loot as you play your way through many game modes: take on other real DragonSoul players, make your way through the chapters of the Campaign, and take on the best of the best in the Boss Pit! Equip Laser Kittens, Enchanted Elbow Pads or a Lucky Orcs Foot for that extra strategic edge!
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Star Wars: Knights of the Old Republic is a role-playing video game developed by BioWare and published by LucasArts. The game's system is based on Wizards of the Coast's Star Wars Roleplaying Game, which is based on the d20 role-playing game system derived from the Third Edition Dungeons & Dragons (D&D) rules. Players choose from three basic character classes at the beginning of the game, and later choose from three Jedi sub-classes. Beyond class, a character has "skills" stats, tiered "feats", and later on, tiered Force powers, similar to magic spells in fantasy games. Feats and Force powers are unlocked every few level-ups, while the player is given skill points to distribute among their skills every level. The game is a part of the Star Wars Legends Universe.
"Castle Champions lives up to its billing as a tower building/RPG mash-up. " Build your *ultimate* castle to train an army of mages, paladins, archers
|
[
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Home Biographies Anita Kanwal (Actress) Height, Weight, Date of Birth, Age, Wiki, Biography, Boyfriend...
Anita Kanwal (Actress) Height, Weight, Date of Birth, Age, Wiki, Biography, Boyfriend and More
Anita Kanwal is an Indian tv and picture actress and manufacturer. She is most renowned for taking part in a destructive function within the serial Banegi Apni Baat as Mrs. Seth which used to be aired on Zee TV in 1990. She could also be identified for Chankya, Geetanjali, Just Mohabbat, Sonpari, Sasural Genda Phool, Ring Wrong Ring, and Yeh Rishta Kya Kehlata Hai.
Anita Kanwal used to be born on 9 April 1954 in Lucknow, Uttar Pradesh. She finished her commencement from Lady Shri Ram College For Women, New Delhi. She has finished Honours in Philosophy.
Anita started her profession with the historical-drama tv serial Chanakya as Subhada (a secret agent in Taxila) in 1991. She seemed within the Zee TV drama serial Banegi Apni Baat as Mrs. Seth in 1995. The goal of the sequence used to be instructional existence. In the similar 12 months, she featured within the sequence Shanti as Indu Singh on DD National in 1995. In 1998, she acted within the Sony Entertainment's TV display Just Mohabbat as Sumedha.
From 2000 to 2004, she starred within the youngsters's fantasy-adventure serial Sonpari as Mrs. Dhillon aired on Star Plus. The tale is ready a woman named Fruity receiving a magic ball. She performed the function of Ritu's mom within the comedy-drama serial Hari Mirchi Lal Mirchi in 2005 aired on DD National.
In 2008, Ankita performed Roshan Ammu in NDTV Imagine's Radhaa Ki Betiyaan Kuch Kar Dikhayengi starring along Supriya Pilgaonkar, Mona Vasu, Ragini Khanna and Ratan Rajput. She acted within the 2010 standard drama serial Sasural Genda Phool as Daadi broadcasted on Star Plus. She later starred in Ring Wrong Ring, Gustakh Dil, Zindagi Abhi Baaki Hai Mere Ghost, Yeh Rishta Kya Kehlata Hai and so forth.
Anita made her debut with the romantic movie Geetanjali in supporting function of Sagar's elder sister within the 12 months 1993. Later she performed the function of Chris's mom within the film Kabhi Haan Kabhi Naa. She used to be an element lots of standard motion pictures like Laawarris, Pyaar Ishq Aur Mohabbat, Mujhse Dosti Karoge, Gangaajal, Kyon and so forth.
Education Details and More
Physical Stats and More
Anita Kanwal is married and has two daughters named Shivana Achariya and Pooja Kanwal.
Marital Status and More
Some Facts About Anita Kanwal
Anita Kanwal used to be born and taken up in Lucknow.
She runs a manufacturing corporate that she arrange in 2002.
Anita arrange a manner line that manufacture sarees, costumes, and different Indo-Western clothes underneath the logo.
She were given nominated for Indian Telly Awards for Best Actress in Supporting Role in 2015.
If you may have extra information about Anita Kanwal. Please remark underneath we will be able to up to date inside a hour.
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CommonCrawl
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Home » News » Scott Pilgrim Vs. The World: The Game Is Finally Getting A Physical Release
Scott Pilgrim Vs. The World: The Game Is Finally Getting A Physical Release
The cult classic Scott Pilgrim beat-em-up is back on gaming systems this month, and Limited Run Games has announced an extra present for fans. There will be a standard and collector's edition for the game. You won't have to fear it getting delisted and being unavailable to play anymore!
Limited Run Games, after many many requests for this release, is going all out for fans of Scott Pilgrim vs. The World: The Game. The standard edition will be $34.99 and comes with a commemorative concert ticket of The Clash at Demonhead and a reversible cover. All of the editions will be available for the Switch and PS4 systems. Limited Run Games says that it plans to release the game physically on Xbox One at a later date.
The standard cover is an incredible homage to the iconic Sonic Adventure box with some immaculate artwork and an accurate font that screams throwback. Scott's shoes are even red! As the series is inspired by video games, it only makes sense the cover looks like this. The reversible cover by Mariel Kinuko Cartwright looks epic with all seven evil exes shown prominently above Scott's head.
The classic edition is in a SEGA Genesis style clamshell box with its own two covers (one features Ramona), the concert ticket, a sticker sheet, soundtrack, and an overworld map; this will cost $54.99.
Last but certainly not least is the K.O Edition that comes in a hard-shell roadie collector's case that has working lights and sound. When it opens, Anamanaguchi's soundtrack plays with a pop-up scene of Sex Bob-Omb. Super cool stuff! Included in this $139.99 set is the full-color manual, hard cover guide book, CD and Cassette of the soundtrack, full-size wooden drum sticks, three Sex Bob-omb themed guitar picks, overworld map, concert ticket, Scott Pilgrim loading screen enamel pin, a high-gloss foil 7 Evil-Exes trading card set, and two sticker sheets from the game. It also comes with the clamshell case from the classic edition.
Preorders for these highly anticipated items will be available on January 15 at 10am ET. It will be open for a 6-week period. For those interesting in the enamel pins, they will be sold separately for $14.99 or all together for $99.99 in a Ramona subspace suitcase box. If that's enough, there will be a Scott Pilgrim-themed Switch case available for $14.99 as well.
Ubisoft's upcoming re-release will include all of the DLC for the game (Knives Chou and Wallace Wells) and lets you play with up to three other people online or offline. If you don't want to wait for the physical release, Scott Pilgrim Vs. The World: The Game Complete Edition is arriving on digital platforms January 14. It's cool that smaller releases are getting the love they deserve with collectors' editions like this and Harvest Moon. Let's hope they don't get canceled like Best Buy with Ghost of Tsushima.
Next: Rebooting Lara: A Post-Mortem Of Square Enix's Tomb Raider Reboots – Part One
The British "Canadian" Chris Penwell has been a video game journalist since 2013 and now has a Bachelor's degree in Communications from MacEwan University. He loves to play JRPGs and games with a narrative. His dream is to go to E3 and PAX one day and experience the mania of each event!
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PilgrimScottTTheV'sWorld
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CommonCrawl
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Admit it: Your website needs some help. Don't take it too personally. Your website isn't about you. Being a photographer means struggling with the overwhelming desire to create and put oneself out there while simultaneously being terrified that everyone hates you. I call it insecure narcissism.
And there's no cure. Life as a creative entrepreneur is a constant series of naked plunges into ice-cold water, and there is nothing you can do about it. You can quit or you can jump. It's uncomfortable to self-evaluate, but it's impossible to make significant and positive change in your business without taking an uncomfortable plunge.
No matter how many people tell you they love your site, if it isn't bringing in sales, it needs some work. Making changes to it isn't going to hurt you.
If you are unsure whether you need to make a change, try this exercise. Open your accounting software or your studio management program and look at the last three months. Make a note of which of those paid clients booked you through your site. For the portrait and wedding crowd, it is possible to have good bookings come from other places, like venue and planner referrals. In the upper echelons of high society, there may be portrait clients who take referrals only from their country club pals and don't even use the internet, but the rest of us who photograph normal folks need a website that works.
Photographers from the commercial and business worlds often understand something that portrait and wedding photographers don't: Your website needs to be more than a portfolio. Here are five things your website needs to be relevant.
I bet that 75% of the photographers reading this are missing something critical on their website: their email and phone number. That's just for starters. Make sure that all of your relevant contact information is on your site: business hours, location, expected amount of time to respond to inquiries and anything else that someone might need to know. One big mistake I see is that photographers don't have a clickable phone number. Since the majority of web traffic comes from a mobile device, it makes sense to have a one-click way to call or message you on your website.
Most of you are running multiple social media accounts that showcase your latest and greatest work. There is no need to have dozens and dozens of images on your website anymore. The function of a website has changed since 2001. It is no longer the only place to showcase your images. In fact, it's not even the best place to do so.
Why not focus instead on conveying your strong brand message and personality with really good copy? Your website's primary function is as a vehicle to convey information to a potential client. Tell them who you are, why you are different than your competitors and why you are the right choice for them. Even though the content of your site contains a lot of information about you, it's really all about them. Cut your galleries back to the essentials that convey your style, and build content that helps your potential client make a choice.
Making your social media an active part of your site instead of just a string of buttons at the bottom can have great benefits. There are loads of widgets and plugins that allow you to show off your latest Google reviews, Instagram posts and more. You can give your potential client a quick and easy tour of your online presence without them ever leaving your page, and it can also give them a sense of connectedness that gives you authority.
By the time a client comes into your studio, they should be talking about how they see you everywhere. Part of my overall social media strategy is to use all my platforms to drive traffic to my website. A stream of traffic from multiple platforms increases your domain authority for search engines and might just bump you up the results ladder.
A blog used the right way can have powerful benefits. When you create content that your potential client might find useful, you become a more engaging brand. Forego the show-and-tell of cute babies in buckets. Write an article on baby safety during photo shoots instead. Include behind-the-scenes photos showing how you care for the little dumplings, and finish it off with great examples of your work.
See the difference? You are creating SEO-friendly content that can simultaneously be used on social media to drive traffic to your website. Ask yourself what your audience wants to know about. What could help them? Then create it. Make sure your blog is hosted in the same place as your website so you get the benefit of all that
|
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C4
| 1.362001 | -0.426003 | -0.297781 | 0.916783 |
Tag: 上海楼凤KW
Latin America ministers agree to emergency meeting on Cuban migrants
Related posts:President Solís, church leaders discuss Cuban migrant crisis The fate of thousands of Cuban migrants will be determined at a Quality Inn Cuban migration in Central America in limbo after Nicaragua refuses to budge Ecuador requires Cubans get visas to dissuade them from using country as springboard to US Murillo also claimed Thursday that allowing the Cubans to proceed would "expose them to a series of risks." Prompted by pressure from Costa Rica following aCuban migrant crisis on its border with Nicaragua, representatives from the Latin American countries transited by Cubans on their way to the United States are set to meet in El Salvador next Tuesday, according to Costa Rica's Foreign Ministry.Foreign ministers from Mexico, Colombia, Ecuador, Cuba and member states of the Central American Integration System, or SICA, are scheduled to meet on Nov. 24 to discuss a "humanitarian corridor" proposed by Costa Rica, as well as other possible solutions to the influx of Cuban migrants traveling illegally through the isthmus."The countries have responded positively and in solidarity," Costa Rican Foreign Minister Manuel González told reporters on Thursday. "They understand that there is a humanitarian aspect in play here that needs to be addressed holistically by the entire region."González said the countries are seeking a "stable, long-term" solution to the migration conflict that started at Costa Rica's southern border with Panama and has since moved to the north at Peñas Blancas, along the Nicaragua border. Currently 1,100 Cuban migrants are at that northern border, staying in six different shelters set up by the National Emergency Commission, the Costa Rican Red Cross, and other public and private organizations, according to a video from Casa Presidencial on Thursday.See: President Solís, church leaders discuss Cuban migrant crisis A group of 150 Cubans at a shelter in Costa Rica are served hot coffee on Nov. 17, 2015. Ezequiel Becerra/AFPGonzález said the meeting should not be seen as an invitation for more Cubans to leave the island and cross the isthmus illegally.Nicaragua confirmed its assistance late Thursday afternoon.On Thursday morning, Nicaragua's first lady and spokeswoman Rosario Murillo read a statement to government-controlled media again accusing Costa Rica of provoking the humanitarian crisis at the border, the Nicaraguan newspaper La Prensa tweeted. Murillo said Costa Rica was "politicizing the wave of Cuban migrants for its own purposes" and that the country "wants to play the victim and wrap itself in the flag of human rights." Costa Rica countered by saying Nicaragua's actions to block the Cubans would force them back into the hands of smugglers, where they would not be safe or protected.Some 2,000 Cuban migrants have entered Costa Rica with temporary transit papers after the country temporarily closed its border to the migrants following the dismantling of a human smuggling ring on Nov. 10.Gladys Jiménez, assistant director of Costa Rica's Immigration Administration, told The Tico Times that the government will continue issuing seven-day transit visas for the foreseeable future. Earlier this week, Costa Rican officials said they expect up to 300 additional Cuban migrants a day to arrive at Costa Rica's border with Panama.David Boddiger contributed to this report. Facebook Comments Murillo's claims are the latest dustup in an ongoing diplomatic row between Costa Rica and Nicaragua after the Nicaraguan military refused to let several hundred Cubans enter the country without legal permission, confronting the crowd with rubber bullets and tear gas on Sunday, Nov. 15.Costa Rica, which says it has worked with Nicaragua in the past on facilitating transit visas for migrating Cubans, accused Nicaragua of politicizing a humanitarian crisis and antagonizing border police with heavily armed soldiers. Costa Rican police stationed across from the Nicaraguan soldiers were ordered to disarm to prevent the situation from escalating, Costa Rican officials said on Tuesday.The Nicaraguan first lady's accusations appear to overlook several diplomatic discussions in recent months – spearhead
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CommonCrawl
| -0.596321 | -0.480673 | -0.239502 | -0.779733 |
ed by Costa Rica – to address the pending Cuban migrant crisis. As recently as Oct. 2, Central American immigration officials signed an agreement backed by SICA and the International Organization for Migration to respond to the increase in Cubans arriving at borders here from South America.The agreement, based on recommendations from the U.N. High Commissioner for Refugees, included several commitments, among them to "control at borders the entry of Cubans by registering those with a legitimate passport and to provide for the orderly and regulated passage through the countries of the region, in conjunction with national legislation an international commitments." It was signed by Nicaragua's Assistant Director of Immigration José Anibal Sobalvarro, along with immigration officials from the other Central American countries.Read the Oct. 2 Central America immigration agreement, signed by Nicaragua (in Spanish): #Nicaragua acusa a #CostaRica por provocar crisis humanitaria de cubanos varados en Peñas Blancas.— La Prensa Nicaragua (@laprensa) November 19, 2015 "El Gob. de #CostaRica quiere victimizarse y abanderarse como defensor de #DDHH " #Nicaragua #CostaRica— La Prensa Nicaragua (@laprensa) November 19, 2015 read more
Start reading Latin America ministers agree to emergency meeting on Cuban migrants
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When the 2015 NFL schedule came out many pointed
When the 2015 NFL schedule came out, many pointed to the Week 17 showdown between the Seattle Seahawks and the Arizona Cardinals in Glendale as a sort of NFC West Championship Game.Turns out, it's not really that important a game after all.The Cardinals wrapped up the NFC West two weeks ago and the Seahawks are also in the playoffs for the fourth straight season. Of course, there is a rivalry between the two teams, so Sunday will feature two organizations still trying to beat each other. Derrick Hall satisfied with D-backs' buying and selling Thursday, December 31• Suddenly, the Seahawks' fate seems tied to Marshawn Lynch (ESPN.com)If this is Lynch's final go-around with the Seahawks, it's playing out exactly how one might expect.• Seahawks won't have Marshawn Lynch for regular-season finale; Michael Bennett's status unknown (MyNorthwest.com) • Pete Carroll anticipates Marshawn Lynch will be back with team Mon. (ESPN.com)We won't see Lynch on Sunday, but the Cardinals could see him again in the playoffs.• Russell Wilson credits part of durability to swimming routine (ESPN.com)There's no doubt about how elusive Russell Wilson is in the pocket and the quarterback for the Seahawks has oddities in his training regiment like massages and swimming.• Sure, he can run, but Russell Wilson is poised to shatter Seahawks season passing marks (Seattle Times)"Seattle Seahawks quarterback Russell Wilson could break the team season records for touchdown passes, passing yards and completion percentage."• Injury to J.R. Sweezy means rookie Mark Glowinski could start at guard for Seahawks Sunday at Arizona (Seattle Times)Friday's injury report lists Sweezy as out on Sunday, which means that Glowinksi will likely get his first career NFL start. Grace expects Greinke trade to have emotional impact Saturday, January 2• Seattle Seahawks: 5 players to watch Sunday against the Arizona Cardinals (Seattle Times)With the injuries the Seahawks have, the supporting cast will need to step up. That includes RG Mark Glow
|
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CommonCrawl
| -0.77225 | -0.909347 | -0.530676 | -1.098166 |
inski filling in for J.R. Sweezy and TE Chase Coffman replacing Luke Willson.• Cardinals have more incentive than Seahawks in regular-season finale (MyNorthwest.com)The Cardinals can clinch the No. 1 seed in the NFC with a win and a Panthers loss, which gives them far more incentive in Week 17 than the Seahawks. The best Seattle can do is the No. 5 seed and with an offensive line missing starters, there is a debate regarding how long Russell Wilson should stay in the game Sunday.• Playing Russell Wilson vs Arizona embodies Pete Carroll's approach with Seahawks (MyNorthwest.com)Despite the risk in playing Wilson, Pete Carroll is going to play the star quarterback. Seattle saw a 5-game winning streak snapped last week in a 23-17 loss to the St. Louis Rams.All week, we'll keep you up to date on everything going on with the Seattle Seahawks as they prepare for their annual trip to University of Phoenix Stadium to face the Cardinals. Former Cardinals kicker Phil Dawson retires • How Seahawks' Cliff Avril, Michael Bennett work together (ESPN.com)Over and over, Bennett and Avril would refer to how one player stayed outside, and the other moved down and in, and how one man helped the other to make a play. It was yet another illustration that football is the most interdependent sport, and if you don't embrace that on the field, you don't have much of a chance.• Seahawks remain on pace for a number of impressive stats as final game nears (Seattle Times)It's time for another look at the Seahawks' weekly stats and where they rank as we head into the final game of the regular season with Seattle still on track to break or near a number of franchise records.• Was Seahawks' loss to St. Louis just a misstep or a sign of regression? (MyNorthwest.com)Was the Seahawks' clunker of a performance a sign that their second-half turnaround wasn't quite as real as it appeared, of regression toward their early-season form?Or was that 23-17 loss to the 6-8 Rams – as coach Pete Carroll characterized it – merely a bad day at the stadium, a one-week slip-up for a team that had been playing its best football of the season?• Revisiting the Seahawks' preseason pursuit of guard Evan Mathis (MyNorthwest.com) 0 Comments Share Marshawn Lynch's return will have to wait at least another week. And if there is any good news with the running back's continued absence, it's that Seahawks coach Pete Carroll believes it will only be another week.• Wednesday Practice Report: Four Seattle Seahawks Do Not Participate To Open Week 17 vs Arizona Cardinals (Seahawks.com)The Seahawks first practice report of Week 17 is out and it includes one player not previously noted by the team or head coach Pete Carroll.• Seahawks' Doug Baldwin continuing to excel despite more attention (MyNorthwest.com)Seahawks wide receiver Doug Baldwin has been receiving all kinds of attention during his record-setting touchdown reception streak – during games, in the media, and even off the field.• Seahawks' Marshawn Lynch gets trademark approved for phrase, 'I'm just here so I won't get fined' (SeattleTimes.com)A phrase originally aimed at not losing money can now put money in Marshawn Lynch's pockets. Top Stories Friday, January 1 The 5: Takeaways from the Coyotes' introduction of Alex Meruelo The Seahawks didn't lose much in terms of playoff positioning on Sunday.They did lose the momentum they had gained during their five-game winning streak, and after falling 23-17 to St. Louis, the biggest question heading into the final week of the regular season is whether Seattle lost much in the way of confidence.• How Week 17 will decide Seahawks' first-round playoff opponent (MyNorthwest.com)The Seahawks are guaranteed a playoff berth.But then we already knew that. Just where the Seahawks will be playing, however, remains very much up in
|
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CommonCrawl
| -0.583415 | -1.020713 | -0.421178 | -0.800603 |
As an independent corporation operating in a highly competitive market, Snowy Hydro decided to pursue Snowy 2.0 as a commercial investment to grow the business. The following is a high level summary of the business case for Snowy 2.0 and the future NEM conditions and context in which Snowy 2.0 will operate.
Snowy 2.0 will provide reliable, dispatchable energy generation (2,000MW) and large-scale energy storage (175 hours or 350,000 MWh) and builds on Snowy Hydro's existing capabilities.
Independent economic modelling undertaken by Marsden Jacob Associates (MJA) confirms that the products Snowy Hydro sells in today's energy market will be in even greater demand in the future, as we transition to a lower-emissions economy.
The market Snowy 2.0 will operate in is one with a higher penetration of intermittent renewables and with progressively retiring thermal generation. Snowy Hydro has modelled Snowy 2.0 for the energy market we'll face in the mid-2020s onwards, not in today's NEM which is a mistake that many commentators have made in considering the economics for this project.
MJA and Snowy Hydro's modelling suggests that the capacity of Snowy 2.0 alone will not be enough to meet the NEM's demands in the future. From the early 2030s, we expect to need further expansions of the Snowy Scheme (Snowy 3.0 and 4.0) to keep up with the rapidly-changing NEM and the increased requirements for large-scale storage and dispatchable generation.
Overview of Snowy 2.0's business case
The dispatch-weighted price projections calculated by MJA and on which the Snowy 2.0 feasibility study is based, demonstrate that Snowy 2.0 is not based on a future scenario that is improbable or one in which Snowy Hydro is the only beneficiary.
On the contrary, Snowy 2.0 will limit peak prices and the the risk of extreme price volatility. The risk-management revenue that Snowy 2.0 earns from this (called "capacity revenue") is roughly 40% of the total projected revenue.
Similarly, the economics of Snowy 2.0 do not rely on crowding out our competitors or making other power producers uneconomic. Quite the opposite: Snowy 2.0 will buy energy from new renewable plants when this energy is surplus to the market's requirements, store it as water (potential energy) in the upper storage, and release it when electricity demand is high.
The water storage not only turns intermittent wind and solar energy into "firm", reliable electricity but also protects the NEM from wind and solar droughts - phenomena that are irrelevant in today's NEM but will be difficult to manage (without large-scale energy storage, such as Snowy 2.0) in the future.
This "firming" capability, added to the revenue earned by pumping, storing and generating, accounts for another 40% of total projected revenue.
The last 20% of the project's value is provided by ancillary services, grid support and other minor sources that complement the technologies (batteries, open cycle gas plants and renewables) that Snowy Hydro expects to step into the gap left by the retiring coal-fired plants.
Snowy 2.0 is a commercial investment decision by Snowy Hydro
Despite historically having government shareholders, and from July 2018, being wholly owned by the Commonwealth Government, Snowy Hydro operates like any other independent commercial entity competing in an open and fiercely competitive market. We are a company incorporated under the Corporations Act 2001 (Cth) with an independent Board of Directors.
We are pursuing Snowy 2.0 because we expect the project to meet our stringent investment criteria. The internal rate of return (IRR) for the project has been modelled at more than 8%, which is strong for this type of project.
This project was based on the original Snowy Scheme design in the 1960s, but it was not constructed at that time because there was no business case for it due to cheap thermal generation. Fast forward to today and the NEM is changing, with coal-fired
|
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CommonCrawl
| 0.834891 | 1.220561 | 1.528841 | 1.346841 |
"We are fighting for our community" –villagers celebrate another vote against shale gas and INEOS
By Ruth Hayhurst on March 8, 2018 • ( 39 Comments )
Opponents of INEOS shale gas plans outside Rotheerham Town Hall, 8 March 2018. Photo: DrillOrDrop
The UK's biggest shale gas company, INEOS, has suffered another vote against its exploration plans.
A packed public gallery at Rotherham Town Hall this lunchtime watched as councillors unanimously opposed the company's application for a vertical coring well in the village of Woodsetts. See DrillOrDrop live updates
Vote on INEOS shale plans for Woodsetts, 8 March 2018. Photo: DrillOrDrop
This is the second unanimous vote against INEOS by Rotherham councillors in six weeks. It means that all the company's schemes going through the planning system have now been opposed by local authorities. It brings to five the number of onshore gas applications rejected by planning authorities this year.
At Woodsetts, a local campaign group submitted a 76-page objection to the INEOS scheme. After the meeting, members said they were "elated" and "thrilled, thrilled, thrilled" with the result.
Woodsetts Against Fracking spokesperson, Richard Scholey, said:
"By the turn-out you can see the overwhelming support and the passion with which people spoke. It means so much. People feel we are fighting for our community and our way of life."
INEOS said this afternoon it was disappointed by the vote. It said its application, to take core samples, was no different from those drilled by the coal industry locally in previous decades. It also said the shale gas industry could bring energy security and lower fuel prices. (See full statement below).
"Bigger picture is petrochemicals"
The company did not ask for permission to frack. But its application said INEOS depended on a supply of raw materials for its chemicals business. And speakers at the meeting appeared in no doubt that they thought the Woodsetts scheme was a precursor to fracking for shale gas to supply INEOS plants.
Mr Scholey said:
"There is a bigger picture here. The shale gas industry is not about keeping the lights on, as Theresa May keeps saying. It is about making money for the petrochemicals industry."
He said of INEOS:
"This is a company that came to the north thinking they can roll on through and we are a small community that cannot stand up to a large company. We have proved them wrong."
Shale gas opponents outside Rotherham Town Hall, 8 March 2018. Photo: DrillOrDrop
Rotherham councillors voted in line with the recommendation of planning officers to refuse the application on ecological grounds. The officers said there were deficiencies in surveys submitted with the application on bats, breeding birds and badgers. They were also concerned about the lack of evidence about possible impacts on ancient woodland 25m from the site.
Councillors also added a second reason for refusal: the impact on highway safety of the increase in heavy goods vehicles. Planners had said these issues did not justify refusal.
"We're ready for the inquiry"
Woodsetts against Fracking expects INEOS to appeal against the refusal and the application to go next to a public inquiry.
INEOS has already appealed against Rotherham Borough Council over its failure to decide a similar scheme at the village of Harthill by the target date. Another appeal is underway against Derbyshire County Council for the same reason over the company's shale gas plans for the village of Marsh Lane.
Deborah Gibson, of Harthill Against Fracking, attended the meeting and said afterwards:
"The councillors were totally unanimous in their decision on Harthill and they were totally unanimous for Woodsetts.
"I think INEOS is running out of places to go.
"We are ready for the inquiries for Harthill and Marsh Lane. We expect this decision will go to an inquiry and it looks as if Woodsetts are ready too.
"It gives me heart. We feel we are right in the middle of all this."
A spokesperson for Frack Free South Yorkshire, said:
|
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CommonCrawl
| 0.177362 | -0.216411 | 0.413456 | -0.112827 |
"Once again, a Minerals Authority that understands its own area and the wishes of its people has rejected exploration for shale gas. There is an increasing demand for a sustainable and clean energy system locally and across the UK to meet our carbon targets and stave off the consequence of global warming. And that means greater efficiency and more cost-effective renewable energy and storage. Shale gas and fracking will not achieve that."
"Victory for local democracy"
Chris Crean, of Friends of the Earth, said:
"This is an example of what local people can do to stand up to this dirty industry. This is a victory for local democracy.
"It's deeply significant that Rotherham Council rejected a second INEOS test drill application in as many months.
"Along with Derbyshire's rejection of the Marsh Lane application last month and Rotherham Council rejecting the Harthill application in January, which now makes three INEOS applications rejected by local councils in short succession already this year.
"Surely it's time for would-be frackers to accept that this risky technology is not needed, not wanted, won't address the challenge of climate change, and their best bet is to stop throwing good money after bad, and invest in popular, clean energy alternatives instead."
Also this year, Lancashire County Council unanimously opposed Cuadrilla's shale gas fracking plans for Roseacre Wood near Blackpool on traffic grounds. At Cheshire West and Chester, councillors voted to refuse IGas plans to test a gas well at Ellesmere Port.
"INEOS has not covered itself in glory"
There were moments during today's meeting when discussions verged on bad temper.
Minutes before the vote, INEOS's operations director, Tom Pickering, said he wanted to make some extra points.
But the planning board chair, Alan Atkins, said:
"I am chairing this meeting and I am chairing. INEOS has not covering itself in glory over this application or the last one. I am not having anyone ride roughshod over our planning."
Earlier, the meeting heard that INEOS believed further ecological surveys would not alter the company's approach to mitigation.
One member of the planning board accused the company of "cutting corners". He retracted his comment when Mr Pickering interrupted saying:
"You need to be very careful about the accusations you have made."
Cllr Clive Jepson, who represents Woodsetts on the borough council, said the community had been "subject to bullying by INEOS" and the company had shown "how not to carry out a public consultation".
INEOS statement
"INEOS Shale is disappointed by the news that Rotherham Metropolitan Borough Council officers have refused the application for test core drilling at Woodsetts. We feel that that the plans presented offer the right amount of ecological mitigation as part of what is straightforward application. The fact that a majority of external statutory consultees agree that this is the case, exemplifies this point.
"The application allows for the drilling of a single vertical core bore well to gain scientific knowledge of what is below the surface, which has been agreed by many Councils many times in the past to support the coal industry. This is no different. It is important to note that a completely separate application must be made for the extraction of gas.
"Shale gas is a resource that is of strategic importance to the UK and issues of energy security always have to be factored in. As last week demonstrated, the UK's energy supply is in a much weaker position than many believe, with sudden adverse weather events bringing the UK to the brink of running out of gas. Not only does this have a knock-on effect on industry, there is the real potential that domestic consumers will be unable to heat their homes in times of energy stress. Shale gas is offering us the potential to have our own native natural gas industry, strengthening our security of supply and making us less reliant on countries such as Russia or the middle East.
"Rotherham relies on manufacturing jobs at places such as at Liberty Steel, but these are not secured or created without investment and there is precious little investment in the North of England in manufacturing at the moment. Recent figures on jobs and investment estimate that the shale industry is expected to bring in £33 billion of investment into England alone over the next two decades. Furthermore, shale gas offers the potential to bring down energy prices. High energy costs are badly affecting businesses up
|
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CommonCrawl
| 0.38284 | 0.158973 | 0.474425 | 0.219836 |
and down the country and was one of the reasons cited in the recent near closure of Liberty.
"The resources beneath our feet can be used to create jobs, heat our homes, go a long way towards self-sufficiency and improve our balance of payments and the environment all at the same time."
Reporting from Rotherham planning board meeting was made possible by individual donations by DrillOrDrop readers
Tagged as: application, community, council, Exploration, Fracking, Friends of the Earth, gas, INEOS, refuse, Rotherham, shale, town hall, vote, Woodsetts, Woodsetts Against Fracking
Live news updates: Rotherham councillors vote unanimously against INEOS shale gas plans for Woodsetts
Live news updates from Pickering debate on fracking regulation: MP vs the engineer
So it's not acceptable for a chemical firm that creates 80k jobs in the UK to make money? Are these people just bitter and miserable 24/7?
' 80k jobs in the UK to make money' – just who will these fictitious jobs make money for GBK?
By the way your flight's about to leave…..
Sher sorry you don't realise INEOS support a huge chemicals operation that employs tens of thousands in hundreds of different companies? Get your old naive head out of the sand my dear fellow.
Missed your plane then? Never mind, another tomorrow; ta ta
I wonder just how many of these tree huggers are using Gas to heat their homes. what Hypocrites
I wonder how many frackers breathe clean air, drink clean water, eat clean food, live in friendly communities that stand up and fight for the right to say "NO"!
I wonder how many frackers support and respect democracy and planning authorities, not bad tempered dictators, and depend upon freedoms fought and won by countless people before they were born, have their children go to safe schools and live in a free country?
Don't be so ready to throw away such things for others even if you dont want them for yourselves, especially not just for a few illusory ones and zeroes on a computer.
Wake up, your real treasure is right here and it needs protecting.
Good post Phil C
Well said Phil C – cracking post!
"What hypocrites"? Sounds like an anti anti address book?
Malcolm Kenward says:
Time to invest in industries that contribute positively to our environment. We have a massive number of houses that must be made more energy efficient. We have an active wind turbine industry which is now increasingly becoming more financially viable, along with an increase in solar farms and solar panels on homes. Investment in these I suggest would more than cover all the jobs lost in the fossil fuel industries. And it would reduce our need to build yet more power stations. INEOS wants the gas to make plastics, and yet these have received massive adverse publicity in recent months, due to their adverse impact on not just our climate but on our ecology. The climate and our ecology belong to us all; all life depends on them. They are not the preserve of governments or of businesses. It's good to see that not all councils have been deceived by the energy security and lower prices claims.
Latest news in Balcombe.
We have a company, RePower Balcombe, that is now actively pursuing solar farms alongside railway lines, which will feed directly into the railway system. They are also looking at solar panels with the water companies. They've recently completed their seventh solar project at a school in Cuckfield. They are liaising with Balcombe Parish Council to convert our street lighting to LEDs. And this is despite various moves by this government to make it more difficult for Co-operatives to operate in the solar panel field, whilst making it easier for the fossil fuel industrialisation of our countryside.
Imagine if this were repeated across the whole of the UK.
We, and many other communities are doing something to address climate change. It's time for this government to do likewise and kill off the onshore Oil & Gas industry.
Ryor Groupracers says:
Well said Malcolm Kenward.
As for GBK, Gasman & all the other industry mouthpieces, it's revealing that week after week and year after year, they can't come up with any more serious arguments to support their cause than the same old specious myths about
|
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CommonCrawl
| -0.298803 | -0.71476 | -0.229191 | -0.36264 |
fictitious "jobs in the UK to make money" etc; and silly playground insults. I don't use gas by the way, nor do most people in this area.
What are you babbling on about? It's your group that can come up with any facts. Once we start fracking your dingy depressing towns of course we'll create jobs. Then you'll not have any excuse at the job centre that you can't find any local employ!
Tut, tut GBK, just because you are stuck in the airport doesn't mean you should be too tetchy; untwist yeh knickers and read a good book.
solar & wind is ok but has major reliability problems. ie wind is unpredictable & is often too strong for the turbines to handle. so we end up paying the wind farms to turn them off . then there's your green surcharge which is put on everyone's bill. so in effect, you have the poorest people in the land subsidizing millionaire windfarm companies. solar doesn't work in the dark when demand is greatest & both these items rely on oil to manufacture in the first place.
Now we all know that currently we cannot rely solely on renewable energy sources for all our energy. I'm not aware of anyone claiming this. But every renewable energy project alongside energy reduction initiatives reduces our reliance on fossil fuels, which reduces the impact on the planet and everything that depends on it to exist. In the news today, another project in progress to develop fusion energy using more modern materials that reduce the size of the magnets, and it has private business support and is attracting significant funding.
And better battery technology is on its way. The initiatives to reduce our dependence on fossil fuels are gathering pace and attracting massive investment.
For the NHS, Sherwulfe. Perhaps you have never paid tax yourself, or contributed to a business that pays tax. The majority of us have.
'Perhaps you have never paid tax yourself, or contributed to a business that pays tax' – I think you will find everyone has done this oh wise one, from the cradle to the grave……VAT, Council Tax, Import Tax, Income Tax, National Insurance, Tax on fuel, MOT, Vehicle import tax, Congestion Charge, Stamp Duty, etc, etc, etc.
Malcolm-I have converted my security lights to LED. I have invested in a Hybrid, and an Inverter to supplement/decrease gas use. Latest news from Martin.
Meanwhile, others wish to remove the wind turbines imposed upon their communities, householders tell me how much they regret investing in solar panels, and our local solar farm was obscured by heavy snow recently. LED lights installed on the schools tennis courts to allow night playing for the yummy mummies, then had to be repositioned at expense as they were keeping locals awake.
Individual choices are there for individuals to make. However, imposing them upon others is a whole different matter. Especially if you represent a minority.
What choices are the government leaving to individuals when they impose fracking on them against their will? Move? At the last count the fracking supporters represent a minority.
This government represents a minority. Less than 25% of the electorate gave them a majority in 2015. Around 29% in 2017, an increase, yet they had to buy support from the DUP. Funny that the opposition parties collectively represent around twice as many of the electorate as the governing party and yet we somehow think we live in a democracy.
Francis Vegan says:
lol This fracking lark ain't proving to be that popular is it
Yet another beating lol
Its joyous watching the slow death of an industry that only idiots ever thought was going to happen in these precious isles.
No, Pauline, the antis represented about a third, those in favour or not concerned either way represented around two thirds-the majority. Fracking is authorised in England. To remove an authorised activity one third against is pitiful.
So Martin:
32% are against fracking – twice as many as support
16% are in support
53 % don't know
In the general election 29% voted Conservative. 31% did not vote at all (don't know).
So if you accept a Conservative minority of just
|
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CommonCrawl
| -0.928482 | -0.823288 | -0.666513 | -1.024803 |
I like to think I'm pretty clued up with using WordPress. As long as I don't edit the code of the theme, there is only so much damage one can do to their website, right?
One evening I was bored and figured I would 'optimise' my WordPress blog because I had nothing better to do. I ended up landing on the Permalink section which allows you to structure your URL links.
So I simply edited my permalink structure to remove the date and went to get a glass of warm milk thinking how much better my site would rank in Google. On my return, I found that every single internal link on my site was returning a 404 error, and when a searcher found my site through Google, as I changed the URL structure of all my links, they were presented with a 404 error.
301 redirect – permanently redirects traffic to the new URL, no 404 error is shown and 90-99% of Page Rank from the old URL is passed to the new article.
302 redirect – temporally redirects traffic to the new URL, but tells Google this will not be a permanent redirect. As a result Google does not pass Page Rank which can affect website rankings.
It was around 11pm so I called my host provider and told them what I'd done. They said they would take care of it by reversing my permalinks change, and for the short-term place a 302 redirect on all my links to avoid 404 errors.
I was down around 70% of organic traffic and keywords that I ranked 1#, 2# and 3# on Google had all disappeared. After throwing several things around my room and contemplating suicide, I checked my Google Webmaster Tools to see what was going on.
It turned out I had no manual penalty from Google which good news. The bad news was Google re-crawled my sitemap overnight and saw the 302 redirects. I looked at my Google Analytics I was only ranking for long-tail keywords.
Since I had no website penalty, the reason for the drop in rankings were because I was using a 302 redirect.
I needed to fix this fast and searched online for solutions, but there is little out there that provides any great information.
My website has over 165 pages which were all listed as 302 redirects since the last Google crawl. My first decision was to call my host and get them to change everything to a 301 redirect which they did. You can do this yourself by messing with the .htaacess file but I pay a lot for hosting and don't like messing with that sort of stuff.
The next step was to tell Google to re-crawl my site, but we all know what they are like with requests, they will do it when they are ready. Thankfully, I knew about their Google Fetch tool, which allows website owners to directly ask Google to re-crawl a particular page.
Each month you can request 500 individual pages to be fetched and re-indexed, and 10 pages indexed including all links on that page (best used with a website sitemap).
One by one I entered every URL of my site for Google to re-crawl and index. An hour later it was done. Google claims to crawl your website within a few minutes of the request, but when they index your pages on their search engine is anyone's guess.
I'd constantly check their search engine and found that some articles had been re-indexed within minutes, while others took hours, days or even weeks. There is no set pattern to when they index pages or methods they use to do so. Well not that I know of.
I wrote this article as a lesson to warn others about messing around with WordPress and using 302 redirects. As I said earlier, I thought I was a hotshot on WordPress but I guess I know less than I think.
Luckily, I got my rankings back in 3 days but others said it took them weeks or months. I'd only lost a $100 or so in sales but I've learned my lesson not to play around with features I don't have much experience in, or to use a 302 redirect again.
Glad you got everything fixed. I was going to change my links but all the reputable SEO sites seem to say that file names and link URLs have much less of an impact on organic SEO compared to 3-4 years ago. Especially for competitive keywords. So I never bothered.
I suggest you just set the permalinks
|
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] | 1,024 |
C4
| -0.462845 | -0.362087 | -0.410082 | -0.316472 |
Armed Conflict
Armed Conflict in Marawi City [23 May 2017]
May 24, 2017Written by DROMIC Administrator
Comparative Analysis of Armed Conflict in Marawi City
Download and Share:
DSWD DROMIC Report #103 on the Armed Conflict in Marawi City as of 03 April 2018, 6PM.docx
DSWD DROMIC Report #102 on the Armed Conflict in Marawi City as of 19 March 2018, 6PM.docx
DSWD DROMIC Report #99 on the Armed Conflict in Marawi City as of 21 February 2018, 6AM.docx
DSWD DROMIC Report #98 on the Armed Conflict in Marawi City as of 03 December 2017, 11 AM.docx
DSWD DROMIC Report #97 on the Armed Conflict in Marawi City as of 01 November 2017, 10PM.docx
DSWD DROMIC Report #95 on the Armed Conflict in Marawi City as of 28 October 2017, 6AM.docx
DSWD DROMIC Report #94 on the Armed Conflict in Marawi City as of 22 October 2017, 8PM.docx
DSWD DROMIC Report #93 on the Armed Conflict in Marawi City as of 14 October 2017, 12AM.docx
DSWD DROMIC Report #92 on the Armed Conflict in Marawi City as of 06 October 2017, 10PM.docx
DSWD DROMIC Report #91 on the Armed Conflict in Marawi City as of 02 September 2017, 8PM.docx
DSWD DROMIC Report #90 on the Armed Conflict in Marawi City as of 30 August 2017, 9PM.docx
DSWD DROMIC Report #88 on the Armed Conflict in Marawi City as of 25 August 2017, 10PM.docx
DSWD DROMIC Report 87 on the Armed Conflict in Marawi City as of 22 August 2017, 6PM.docx
DSWD DROMIC Report 86 on the Armed Conflict in Marawi City as of 20 August 2017 7PM.docx
DSWD DROMIC Report #82 on the Armed Conflict in Marawi City as of 07 August 2017 11PM.docx
DSWD DROMIC Report 80A on the Armed Conflict in Marawi City as of 02 August 2017 10AM.docx
DSWD DROMIC Report #80 on the Armed Conflict in Marawi City as of 01 August 2017, 6PM.docx.docx
DSWD DROMIC Report #79 on the Armed Conflict in Marawi City as of 31 July 2017, 8PM.docx
DSWD DROMIC Report #77A on the Armed Conflict in Marawi City as of 29 July 2017, 12AM.docx
DSWD DROMIC Report #74 on the Armed Conflict in Marawi City as of 23 July 2017 9PM.docx
DSWD DROMIC Report #72 on the Armed Conflict in Marawi City as of 22 July 2017 1AM.docx
DSWD DROMIC Report #70 on the Armed Conflict in Marawi City as of 19 July 2017 10PM.docx
DSWD DROMIC Report #68 on the Armed Conflict in Marawi City as of 17 July 2017 7PM (1).docx
DSWD DROMIC Report #55 on the Armed Conflict in Marawi City as of 02 July 2017 12PMN.docx
DSWD DROMIC Report #54 on the Ar
|
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] | 1,024 |
CommonCrawl
| -2.121271 | -1.207594 | -0.808626 | -1.41818 |
import sys, os
if sys.platform != 'win32':
import pwd
import tempfile
import subprocess
import commands
import shutil
import tempfile
import zipfile
from time import sleep
try:
from xml.etree import ElementTree
except ImportError:
from elementtree import ElementTree
from distutils import dir_util
copytree = dir_util.copy_tree
from windmill.dep import json
def set_preferences(profile, prefs, enable_default_prefs=True):
"""Set all the preferences from dict in the profile's prefs.py"""
from windmill.dep import mozrunner
prefs_file = os.path.join(profile, 'user.js')
f = open(prefs_file, 'w+')
f.write('\n#MozRunner Prefs Start\n')
if enable_default_prefs and hasattr(mozrunner, 'settings'):
default_prefs = mozrunner.settings.get('MOZILLA_DEFAULT_PREFS')
pref_lines = ['user_pref(%s, %s);' %
(json.dumps(k), json.dumps(v) ) for k, v in default_prefs.items()]
f.write('#MozRunner Default Prefs\n')
for line in pref_lines:
f.write(line+'\n')
pref_lines = ['user_pref(%s, %s);' %
(json.dumps(k), json.dumps(v) ) for k, v in prefs.items()]
f.write('#MozRunner Preferences\n')
for line in pref_lines:
f.write(line+'\n')
f.write('#MozRunner Prefs End\n')
f.flush() ; f.close()
def clean_prefs_file(prefs_file):
"""Removed the preferences added by mozrunner from prefs.py in the given prefs_file."""
lines = open(prefs_file, 'r').read().splitlines()
s = lines.index('#MozRunner Prefs Star') ; e = lines.index('#MozRunner Prefs End')
cleaned_prefs = '\n'.join(lines[:s] + lines[e:])
f = open(prefs_file, 'w') ; f.write(cleaned_prefs) ; f.flush() ; f.close()
def create_tmp_profile(settings):
"""Create a new profile in tmp from default mozilla profile."""
process = subprocess.Popen([settings['MOZILLA_BINARY'], "-version"], shell=False, stdout=subprocess.PIPE)
version = process.communicate()
if version[0].find("3.") != -1 or version[0].find("2.") != -1: #any firefox 2.x/3.x version
default_profile = settings['MOZILLA_DEFAULT_PROFILE']
tmp_profile = tempfile.mkdtemp(suffix='.mozrunner')
if sys.platform == 'linux2':
try:
login = os.getlogin()
except OSError:
login = pwd.getpwuid(os.geteuid())[0]
output = commands.getoutput('chown -R %s:%s %s' % (login, login, tmp_profile))
if output != '':
print output
if os.path.exists(tmp_profile) is True:
shutil.rmtree(tmp_profile)
copytree(default_profile, tmp_profile, preserve_symlinks=1)
settings['MOZILLA_PROFILE'] = tmp_profile
else: #firefox 4+
#nasty subproccess parsing to use built in firefox to create a profile for us
process = subprocess.Popen([settings['MOZILLA_BINARY'], "-createprofile", "mozrunner"], shell=False, stderr=subprocess.PIPE)
out = process.communicate()
arr = out[1].replace("'", "").replace("\n","").split
|
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Github
| -1.444723 | 0.001941 | -1.051608 | -0.660202 |
Alex Cole-Hamilton calls for continence strategy
By Caron Lindsay | Sun 15th October 2017 - 10:49 am
Follow @caronmlindsay
When I was on holiday, I listened to an interesting article on Women's Hour about a fringe show centred around pelvic floor exercises. It was both hilarious and mildly disturbing. And for a few days afterwards I was particularly diligent, as I expect many people were, before forgetting about it all again.
Elaine Miller, the person behind that show, wrote about it in the Guardian.
Anecdotally speaking, using humour as a health promotion tool works well. Proving that is tricky – the only established fact is that comedy is subjective, so, conducting a random controlled trial is fairly challenging. However, getting the public to comply with simple lifestyle changes and health behaviours has always been difficult, so, perhaps an irreverent approach is worth a shot?
Incontinence interferes with every single thing a person wants to do, and, helping someone to live a life unrestricted by their bodily functions is wonderfully satisfying, far more so than helping someone win a medal for being marginally faster than someone else. Being part of huge sports events was glamorous and fantastic, but, I am happiest on stage, at conference or in clinic proclaiming that that everyone deserves to have a decent pelvic floor.
Now it turns out that Elaine s a mate of Alex Cole-Hamilton's and the two have teamed up to call for the Scottish Government to launch a National Continence Strategy.
Alex has put a motion to Parliament and said:
Ask anyone what their greatest fears are and incontinence is likely to feature in their top 5. Yet we struggle to talk about it as a society. There's a view that it's only linked with old age or infirmity but it has the potential to affect all age groups and demographics.
The tragedy is that all too few Scots who suffer the condition take steps to get help and this can have a massive wider impact in terms of depression, anxiety and social isolation.
There's an economic cost to dealing with incontinence as well. We don't know the exact figures for Scotland but Australia have calculated that it costs their country over £5,000 per person, per year.
There are steps that we can take, right now to improve this picture and that is why I'm calling on the Scottish Government to introduce a national continence strategy as a matter of urgency.
This is not the sort of thing that is often spoken about in polite company, so it is good that Alex has done something to highlight the private misery that continence problems can cause. Doing what he suggests could avoid this arising in the future.
* Caron Lindsay is Editor of Liberal Democrat Voice and blogs at Caron's Musings
Read more by Caron Lindsay or more about Alex Cole-Hamilton or continence.
Liz Evans and Jane Dodds meet in Welsh Lib Dem leadership hustings
So Labour's against a no-deal Brexit. Are we supposed to be grateful?
Ruth Bright 16th Oct '17 - 8:12am
An important taboo to break. Barbara Ellen wrote an excellent piece about this recently – if issues like continence stopped being "unmentionable" subjects then maybe the scandal over vaginal mesh implants (which some say is the worse avoidable health disaster since thalidomide) could have been avoided or at the very least women would have felt empowered to speak out much earlier.
Sue Doughty 16th Oct '17 - 9:40am
Allied to this issue is that of the availability of toilets. When people have continence problems naturally they plan their visits to make sure they are never to far away from a loo stop. Sometimes the only loos are in pubs and we need to make it normal for it to be acceptable for all to use pub loos, even if that means putting a donation in a jar on the bar. Lots of older people are embarrassed about going into a pub just to use the loo and we need to change this.
Well done Alex for doing this. Maybe one day in England….
William Town 16th Oct '17 - 9:54am
Incontinence is not only a female problem although the clinic I attend is mostly aimed at females. Following treatment
|
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CommonCrawl
| 0.504768 | -0.575735 | -0.227285 | 0.646099 |
Written by Jonathan Wojcik
December 14, Still Halloween:
Reviewing The Mononoke Dance!
A couple weeks ago, we talked in depth about the history of Gegege no Kitaro, during which we also talked about the darker Hakaba Kitaro and its anime adaptation. It happens that this adaptation is to date the only version of Kitaro lacking any variation on the "Ge Ge Ge" intro song, opting instead for the more modern and mature sounding Mononoke Dance by Denki Groove.
It's a pretty "hip beat" as them kids say these days, but it's also been cut down to the length of the show's opening credits. For the full version of the song, you have to find the official music video, and that's what we're here to review. The full version of Mononoke Dance was last seen on youtube some four or five years ago in relatively low resolution, but a hi-def version was uploaded just weeks ago for the first time I'm aware, and so at long, long last, I can present it as clearly as it deserves to be presented.
I'll post the video itself at the end, but first, we'll review its "story" and most interesting inhabitants...
Mononoke Dance doesn't feature characters from Kitaro, but pays homage to Mizuki Shigeru with an aesthetically similar art style, original youkai creatures and a ghostly narrative told entirely through the magic of cardboard stick puppets, beginning with a lost young couple who crash deep in the woods...
Leaving their car, the couple come across something similar to the Konaki-jiji, an elderly looking monster pretending to be a baby. We'll skip the scene where it pisses its cardboard piss all over the girl's face. I think most people would be 100% done then and there, but for some reason they decide to follow the pissbabyman deeper into the woods...
...And run into MONSTERS! I mean, they already ran into what was pretty obviously a monster, but these ghouls and demons aren't even pretending they might be anything else. It's only briefly glimpsed, but this beautiful scaly biclops is also wearing a tie-dye hippie shirt.
We cut to both of our humans caught up in a procession of various ghouls, most of which we'll get clearer looks at later, but the half-melted fellow with the umbrella is only plainly visible for this brief moment. Hard to tell whether it's meant to be melting, red flesh or something else, but it's cute that it brings an umbrella with it everywhere. I imagine things with half-liquid flesh don't do well in the rain and would rather be safe than sorry.
We also get precious few glimpses of this bizarre figure strongly resembling Giger's alien, but mostly obscured in a costume we'll be talking about a bit later.
This one, you may immediately notice, has almost identical physiology to Krumm from Aaahh! Real Monsters! I can equally believe it's either an intentional knockoff or pure coincidence. I don't think Real Monsters ever made it to Japan, which is a shame; I think kids over there would have appreciated the hell out of it.
Not-Krumm's green skin, longer appendages and shaggy hair are all actually kind of a little less creepy than Krumm himself was, I guess because these details are a little more removed from a human.
Another one we never really see again, far as I can tell, is a green skinned, backwards figure with eyes on its feet and mushrooms sprouting out of its ass, unless those are supposed to be parasitic worms, or something. If you couldn't tell by now, very few creatures in the Mononoke Dance are actual, classic youkai, but they've all got the spirit of them down pretty well. Their features are so particular, you can easily imagine each having a unique origin story and habits in line with other Eastern phantasms.
That said, I can't even begin to parse what kind of revenant this thing is. Its spherical body has a face like a goldfish, but it has a baby chick's head on top and the arms of an octopus. Actually, I guess it could be something born from food, the ghost of some uneaten ch
|
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] | 1,024 |
CommonCrawl
| 0.108375 | -0.765699 | 0.540775 | -0.941163 |
icken and seafood dish.
Every question raised by this one seems like it could only have a disgusting answer. If it was in any other pose it might only be adorable, but the artist somehow managed to communicate perfectly that this thing probably goes after people's asses, probably from below, which probably means it adapted to hide down in those Japanese style toilets that you have to squat over.
PLEASANT DREAMS.
We'll revisit some of those other monsters in a moment, but check out this killer setup! These obake were just leading our young couple to an outdoor monster rave all along. I've never really been to this type of thing myself because you're already knee deep in what I more often do for fun instead of leaving the house, but look at that skull spider on top! And those gorgeous string lights! And just how much pure, unbridled fun these things are having together! You could never feel self conscious or awkward at a party where even butt-eating toilet demons cut loose on the dance floor, could you?
A new monster visible at the rave is a big, twisted, multicolored blob of flesh and facial features reminiscent of an abstract painting, and that's probably just what it used to be, though there's also a figure who looks pretty classy and ominous aside from the toilet seat they have for a scalp. Again, a lot of spectral backstory implied by nothing but a visual design, and again, I love how carefree all these beings seem to be. Whether they look like upper-class nobles or rotten ass people or something in between, they all dance the night away together and don't care what they look like to anybody else.
For a split second, we even get a vintage Western-style pumpkin monster, crashing down abruptly from somewhere above to fill the screen. Guess it had itself air-mailed to the hottest party in the spirit world.
This little cat dude isn't totally my style, but he has a lot of personality, and he turns out to be the rave's deejay! I also wonder if he might not be the same cat that, at the beginning of the video, actually causes the couple to veer off the road and crash.
Even with arguably much worse running around, I think the most unsettling monster present might be this anthropomorphic frog, which itself looks like such a perfectly normal, innocent anthropomorphic frog as it grooves to the beat, but then there's that obviously living, silently screaming human face fused into its belly. Is it part of the frog or just part of the frog's t-shirt? Did a frog youkai basically grow around this poor guy?
One of the only classical youkai we ever do see is a pretty damn cute Kappa, who runs around with a plate of delicious cucumber sushi rolls on its own head-dish!
One of the most inexplicable manifestations, meanwhile, might be this otherwise ordinary looking man whose skin is covered completely in kanji for various species of fish.
One of my predictable favorites in this entire thing is, of course, the guy in suspenders with a head like he's 90% of the way transformed from human to banana slug...or maybe it's just the obscure but perfect, beautiful and flawless youkai known as Hammer Girl in a more casual than usual outfit.
Speaking of gastropods, another cool one we glimpsed earlier is just a human skeleton, but with a hippie shirt and a bunch of snails on its skull, two of them acting like its "eyeballs." Hard to say whether these are even an integral part of this entity or it just has excellent taste in both pets and fashion sense, as can be expected of most skeletons.
This is the only other look we get at that "alien" from earlier, and now we can see that its face is that of Hyottoko, a comedic figure associated with fire, gold and good fortune. Masks of Hyottoko are a classic festival prop, so it's possible this monster is just wearing an elongated, custom version over its possibly more terrifying actual head. That, or this was the real, true form of Hyottoko all along, and how would anybody even know if they've only ever depicted the front of his face?
Whatever it
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CommonCrawl
| 0.07819 | -0.678098 | 0.389023 | -1.495337 |
The U.S. stock markets are becoming more unstable, fueling mounting anxiety about what's likely coming. After surging to new all-time-record highs in late July, stocks plunged in a sharp pullback as the US-China trade war escalated. Stock markets' resiliency in the face of bearish news is partially determined by how companies are faring fundamentally. The big U.S. stocks' just-reported Q2'19 results illuminate these key indicators.
Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports. Required by the US Securities and Exchange Commission, these 10-Qs and 10-Ks contain the best fundamental data available to traders. They dispel all the sentiment distortions inevitably surrounding prevailing stock-price levels, revealing corporations' underlying hard fundamental realities.
The deadline for filing 10-Qs for "large accelerated filers" is 40 days after fiscal quarter-ends. The SEC defines this as companies with market capitalizations over $700m. That easily includes every stock in the flagship S&P 500 stock index (SPX), which contains the biggest and best American companies. The middle of this week marked 38 days since the end of Q2, so almost all the big US stocks have reported.
The SPX is the world's most-important stock index by far, with its components commanding a staggering collective market cap of $25.8t at the end of Q2! The vast majority of investors own the big US stocks of the SPX, as some combination of them are usually the top holdings of nearly every investment fund. That includes retirement capital, so the fortunes of the big U.S. stocks are crucial for Americans' overall wealth.
The huge ETFs that track the S&P 500 dominate the increasingly-popular passive-investment strategies as well. The SPY SPDR S&P 500 ETF, IVV iShares Core S&P 500 ETF, and VOO Vanguard S&P 500 ETF are the 3 largest ETFs in the world. This week they reported colossal net assets running $258.5b, $179.3b, and $115.8b respectively! The big SPX companies overwhelmingly drive the entire stock markets.
Q2'19 proved quite volatile in the U.S. stock markets, leading to increasing unease. The SPX surged 3.9% higher in April, hitting 4 new record closing highs. That capped an unbelievable 25.3% rocketing over just 4.2 months, a crazy move higher. That was driven by extreme Fed dovishness, as it panicked following the SPX's severe 19.8% near-bear correction that bottomed in late December. Euphoria reigned supreme.
But the big US stocks couldn't stay at such lofty heights, so the SPX fell on balance through May on the way to a 6.8% pullback by early June. China reneged on major trade commitments it made to the US over a year through 10 rounds of high-level trade talks. So Trump ramped tariffs on a $200b tranche of annual Chinese imports into the US from 10% to 25%. US-China trade-war news was a key market driver in Q2.
That considerable selloff was reversed by a hyper-dovish Fed riding to the rescue. First its chairman said the Fed was ready to start cutting rates again, and later top Fed officials' collective outlook for future rates shifted from one hike to one cut. The SPX blasted 7.6% higher in a few weeks on that, achieving another new record high in late June. The US-China trade war and Fed jawboning and actions will keep fueling volatility.
Every quarter I analyze the top 34 SPX/SPY component stocks ranked by market cap. This is just an arbitrary number that fits neatly into the tables below, but a dominant sample of the SPX. As Q2 waned, these American giants alone commanded fully 44.2% of the SPX's total weighting! Their $11.4
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CommonCrawl
| 0.646056 | 0.532735 | 1.31724 | 0.104732 |
t collective market cap exceeded that of the bottom 439 SPX companies. Big US stocks' importance cannot be overstated.
I wade through the 10-Q or 10-K SEC filings of these top SPX companies for a ton of fundamental data I feed into a spreadsheet for analysis. The highlights make it into these tables below. They start with each company's symbol, weighting in the SPX and SPY, and market cap as of the final trading day of Q2'19. That's followed by the year-over-year change in each company's market capitalization, an important metric.
Major U.S. corporations have been engaged in a wildly-unprecedented stock-buyback binge ever since the Fed forced interest rates to the zero lower bound during 2008's stock panic. Thus the appreciation in their share prices also reflects shrinking shares outstanding. Looking at market-cap changes instead of just underlying share-price changes effectively normalizes out stock buybacks, offering purer views of value.
That's followed by quarterly sales along with their YoY change. Top-line revenues are one of the best indicators of businesses' health. While profits can be easily manipulated quarter to quarter by playing with all kinds of accounting estimates, sales are tougher to artificially inflate. Ultimately sales growth is necessary for companies to expand, as bottom-line profits growth driven by cost-cutting is inherently limited.
Operating cash flows are also important, showing how much capital companies' businesses are actually generating. Companies must be cash-flow-positive to survive and thrive, using their existing capital to make more cash. Unfortunately many companies now obscure quarterly OCFs by reporting them in year-to-date terms, lumping multiple quarters together. So if necessary to get Q2's OCFs, I subtracted prior quarters'.
Next are the actual hard quarterly earnings that must be reported to the SEC under Generally Accepted Accounting Principles. Lamentably companies now tend to use fake pro-forma earnings to downplay real GAAP results. These are derided as EBS profits, Everything but the Bad Stuff! Certain expenses are simply ignored on a pro-forma basis to artificially inflate reported corporate profits, often misleading traders.
While I'm also collecting the earnings-per-share data Wall Street loves, it is more important to consider total profits. Stock buybacks are executed to manipulate EPS higher, because the shares-outstanding denominator of its calculation shrinks as shares are repurchased. Raw profits are a cleaner measure, again effectively neutralizing the impacts of stock buybacks. They better reflect underlying business performance.
Finally the trailing-twelve-month price-to-earnings ratios as of the end of Q2'19 are noted. TTM P/Es look at the last four reported quarters of actual GAAP profits compared to prevailing stock prices. They are the gold-standard valuation metric. Wall Street often intentionally conceals these real P/Es by using fictional forward P/Es instead, which are literally mere guesses about future profits that almost always prove too optimistic.
These are mostly calendar-Q2 results, but some big U.S. stocks use fiscal quarters offset from normal ones. Walmart, Cisco, and Home Depot have lagging quarters ending one month after calendar ones, so their results here are current to the end of April instead of June. Oracle uses quarters that end one month before calendar ones, so its results are as of the end of May. Such offset reporting ought to be banned.
Reporting on offset quarters renders companies' results way less comparable with the vast majority that report on calendar quarters. We traders all naturally think in calendar-quarter terms too. Decades ago there were valid business reasons to run on offset fiscal quarters. But today's sophisticated accounting systems that are largely automated running in real-time eliminate all excuses for not reporting normally.
Stocks with symbols highlighted in blue have newly climbed into the ranks of the SPX's top 34 companies over the past year, as investors bid up their stock prices and thus market caps relative to their peers. Overall the big US stocks' Q2'19 results looked decent, with modest sales and profits growth. But these growth rates are really slowing, and stock valuations remain near bubble
|
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CommonCrawl
| 0.480315 | 0.85199 | 1.180955 | 0.585385 |
levels relative to underlying earnings.
Over the past 19.3 years, I've written 873 of these weekly web essays. None are more challenging than these ones analyzing quarterly results. There's so much data to collect and analyze, so much work to do. So it wasn't until Q4'17 results that I took on this Herculean task. Understanding the fundamentals of big U.S. stocks is critical to gaming likely coming stock-market performance, so the hard work is well worth it.
Out of the 7 quarters so far in this essay series, the concentration of capital in the top 34 SPX companies has never been higher. A staggering 44.2% of the market capitalization of all 500 stocks is centralized in just 34 stocks! This compares to 41.7% in Q1'18. It is not healthy for a shrinking pool of market-darling stocks to dominate the entire US markets. That leaves market performance overly dependent on them.
Much of this ominous concentration risk comes from the beloved mega-cap technology companies. The SPX's top 5 component stocks are Microsoft, Amazon, Apple, Alphabet, and Facebook. They commanded fully 16.2% of the SPX's entire market cap at the end of Q2, nearly 1/6th! Thus if any one of them gets hit by bad company-specific news, it will help drag the entire stock markets lower intensifying any selling.
One of the cool perks of being a professional speculator and newsletter guy is I get to listen to financial television including CNBC and Bloomberg all day every day. That offers excellent reads on the prevailing sentiment that drives markets. Almost every professional money manager interviewed loves these elite mega-cap techs, including them in their top holdings. They are universally-held and incredibly-crowded trades.
When capital deployed in stocks becomes overly concentrated, that feeds on itself for awhile. Investors deploy capital with money managers based on their performance. If they don't own these mega-cap techs that investment inflows have driven higher for years, they risk falling behind their peers and losing business. So money managers feel forced to buy the high-flying mega-cap techs even at lofty valuations.
Interestingly these guys try to justify their heavy mega-cap-tech holdings by claiming these stocks are less risky than the broader markets because their businesses are so strong. I can't count the number of times I've heard that mega-cap techs are what to own in case of a recession. That's total nonsense, as high-flying really-popular stocks have greater downside. The more capital invested, the more potential selling.
During that severe near-bear correction where the SPX plummeted 19.8% largely in Q4'18, these top 5 SPX stocks amplified that by 1.3x with a 24.8% average drop. When the SPX pulled back 6.8% mostly in May, MSFT, AMZN, AAPL, GOOGL, and FB averaged big 12.5% declines nearly doubling the SPX's retreat! And during the sharp 6.0% SPX pullback since late July, their average fall of 7.8% again leveraged it 1.3x.
The serious risks of too much capital in too few stocks aside, the big U.S. stocks as a group enjoyed a solid Q2 fundamentally. Their collective revenues grew 2.7% year-over-year to $978.8b. Much of this was concentrated in those 5 mega-cap tech stocks, which averaged amazing 16.0% top-line growth compared to just 4.4% for the rest of the top 34 SPX stocks. Money managers use this to rationalize being overweight.
These elite tech market-darlings are certainly not recession-proof, despite the euphoria surrounding them. Recessions are often triggered by stock bear markets, which generate enough fear to scare both consumers and businesses into pulling in their horns and spending less. That is likely to lead to falling sales for all 5 of these mega-cap techs
|
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CommonCrawl
| 0.639263 | 0.693661 | 1.119986 | 0.221101 |
, which will hammer their prices sharply lower sucking in the SPX.
Businesses will cut back on their information-technology spending if they are worried about their own sales, hurting the fast-growing cloud-computing sides of Amazon, Microsoft, and Google. Companies will also cut back on their marketing spends if their own perceived prospects dim sufficiently, leading to lower revenues for Google, Facebook, and even Amazon. These high-flying stocks will really suffer in a bear market.
On the consumer side, the sales of Apple's expensive products will plunge dramatically when consumers get worried about their own futures. They will keep their existing iPhones and iPads longer, extending the critical upgrade cycle. And most of the endless stuff Amazon sells is discretionary not essential, so those purchases will be cut back when people feel financially stressed. The top SPX stocks aren't immune to a slowdown.
In Q2'19 these top 34 SPX and SPY stocks saw operating-cash-flow generation soar 17.0% YoY to $144.8b. Again those 5 mega-cap techs led the way, with 21.0% average growth compared to 12.9% for the rest. But these market-darling tech companies benefit heavily from the great optimism spawned by record-high stock markets. That convinces both companies and consumers to heavily buy their offerings.
The GAAP-earnings front was more interesting, with these big US stocks' total profits up just 4.2% YoY to $140.5b in Q2'19. These were dragged down by a couple notable losses, including Procter & Gamble writing down $8.3b in a massive goodwill-impairment charge. That was an admission this company paid far too much for its Gillette shaving business, as men are shaving less and increasingly using cheaper razors.
Then Boeing suffered an ugly $3.4b loss from operations due to its ill-fated 737 MAX airplane. This is a 1960s-era airframe that was upgraded with engines far larger than ever intended in order to maximize fuel efficiency. But these wouldn't fit under the wings, so they were mounted forward and higher. That screwed up this airplane's center of gravity and aerodynamics, requiring computer assistance to keep flying.
Either this inherently-unstable flawed design or software bugs caused two horrific crashes killing 346 people. So the entire 737 MAX fleet was grounded, and that airplane was supposed to generate about a third of Boeing's revenue over the next 5 years! So this company is in a world of hurt until well after this airplane is cleared to fly again. Overall SPX-top-34 profits would've been even higher without these losses.
While 4.2% profits growth sounds good, it is still slowing sharply. Overall SPX corporate-earnings growth rocketed 20.5% higher in 2018 largely thanks to the Tax Cuts and Jobs Act. Its centerpiece slashed the US corporate tax rate from 35% to 21%, which went effective as last year dawned. 2018's four quarters were the only ones comparing pre- and post-TCJA earnings. This year the comparisons are all post-tax-cut.
Thanks to the stock markets' massive corporate-tax-cut rally in 2017 and 2018, and sharp rebound on the Fed's radical shift to dovishness earlier this year, valuations remain dangerously high. They are still up near historical bubble levels heralding new bear markets. So low-single-digit earnings growth, with the threat of actual shrinkage in future quarters, isn't likely to be enough to support these lofty stock prices for long.
Before we get to valuations though, there's more to consider on the big US stocks' earnings. One of the main reasons corporations engage in stock buybacks is to artificially boost their reported earnings per share. That masks what their underlying overall GAAP profits are doing, lulling traders into complacency. Some of the companies among these top 34 had yawning gulfs between earnings per share and total profits!
The main culpr
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CommonCrawl
| -0.00536 | 0.519757 | 0.822311 | -0.432999 |
its were the top 4 mega-cap US banks, JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. Their financial reporting is mind-bogglingly complex, and full of estimates that allow them to actively manipulate their reported earnings per share. Wall Street loves the big financial stocks, which are often the most-important sector after mega-cap tech for coloring sentiment for the entire stock markets.
JPM's EPS soared 22.5% YoY in Q2 despite total GAAP earnings only up 10.5%. BAC looked similar at 17.2% EPS growth versus 8.3% overall profits growth. WFC saw earnings per share soar 33.7% YoY despite overall earnings only rising 19.7%. And C's 19.0% EPS surge literally tripled its 6.3% growth in hard GAAP profits! Something is really wrong here and highly misleading, eventually the truth will catch up.
Some big non-financial stocks also had magical earnings-per-share growth far outstripping underlying corporate-profits growth. Cisco's EPS rocketed 25.0% higher despite mere 13.1% growth in the bottom-line profits on its income statement. Sooner or later there has to be a reckoning between earnings per share and actual profits, even if huge stock buybacks persist. These key profits measures have to converge.
Wall Street analysts have grown adept at using misdirection to blind investors to the adverse trends in earnings growth. Mighty Apple was a key case in point recently, reporting its Q2'19 results after the close on July 30th. This was heralded as a big beat, with EPS of $2.18 on revenues of $53.8b both exceeding expectations of $2.10 and $53.4b. By those metrics it looked like Apple was thriving, so its stock shot higher.
In after-hours trading it was up 4%+, and by the middle of the next day this monster-market-cap stock had rocketed 6.0% higher! The problem was comparing those Q2 results to estimates is totally deceptive. The analysts always lowball their guesses to ensure companies beat, stoking euphoria and complacency. But all that really matters is companies' absolute profits and sales growth compared to their year-earlier quarters.
In hard year-over-year terms, Apple's Q2'19 sales only eked out a 1.0% gain. That was pathetic relative to its other 4 mega-cap-tech peers, which averaged 19.7%. And Apple's Q2'19 GAAP earnings actually plunged 12.8% YoY from Q2'18! So what Wall Street dishonestly spun into a great quarter was in reality a weaker one. Eventually stock prices have to reflect underlying fundamentals, not perma-bull propaganda.
Ominously stock prices remain dangerously high relative to their underlying corporate earnings. The big U.S. stocks averaged trailing-twelve-month price-to-earnings ratios way up at 27.5x as Q2'19 wrapped up. That is just shy of the historical bubble threshold above 28x! So the current earnings picture over the past 4 quarters certainly doesn't justify such lofty stock prices. That greatly amplifies market downside risk.
These chronic overvaluations aren't just concentrated in those top 5 mega-cap tech stocks, which sported 36.2x average P/Es. The rest of the top 34 were still near bubble territory averaging 25.9x. Trading at such high valuations, these stock markets are an accident waiting to happen. It's only a matter of time until the next bear market arrives. It could be spawned by the mounting US-China trade war, or weaker profits.
Over the past several calendar years, earnings growth among all 500 SPX companies ran 9.3%, 16.2%, and 20.5%. This year even Wall Street analysts expect it to be flat at best. And if corporate revenues actually start shrinking due
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] | 1,024 |
CommonCrawl
| 0.362123 | 0.719616 | 1.098467 | -0.317737 |
to mounting trade wars or rolling-over stock markets damaging confidence and spending, profits will amplify that downside. Declining SPX profits will proportionally boost valuations.
Excessive valuations after long bulls always eventually spawn proportional bear markets. And we are way overdue for the next one. At its latest all-time-record high in late July, this current monster SPX bull up 347.3% in 10.4 years ranked as the 2nd-largest and 1st-longest in all of US stock-market history! This powerful secular uptrend can't persist near bubble valuations as corporate-earnings growth stalls or even reverses.
Bear markets are necessary to maul stock prices sideways to lower long enough for profits to catch up with lofty stock prices. These fearsome beasts are nothing to be trifled with, yet complacent traders mock them. The SPX's last couple bears that awoke and ravaged due to high valuations pummeled the SPX 49.1% lower in 2.6 years leading into October 2002, and 56.8% lower over 1.4 years leading into March 2009!
Seeing big US stocks' prices cut in half or worse is common and expected in major bear markets. And there's a decent chance the current near-bubble valuations in US stock markets will soon look even more extreme. If the big US stocks' fundamentals deteriorate, the overdue bear reckoning after this monster bull is even more certain. So big US stocks' coming Q3'19 and Q4'19 results could prove pivotal if they're weak.
Cash is king in bear markets, since its buying power grows. Investors who hold cash during a 50% bear market can double their holdings at the bottom by buying back their stocks at half-price. But cash doesn't appreciate in value like gold, which actually grows wealth during major stock-market bears. When stock markets weaken its investment demand surges, which happened in December as the SPX sold off hard.
While the SPX plunged 9.2% that month, gold rallied 4.9% as investors flocked back. The gold miners' stocks which leverage gold's gains fared even better, with their leading index surging 10.7% higher. The last time a major SPX selloff awakened gold in the first half of 2016, it soared up 30% fueling a massive 182% gold-stock upleg! Gold's awesome decisive bull breakout in late June is already attracting traders back.
Absolutely essential to weathering bears is cultivating excellent contrarian intelligence sources. That's our specialty at Zeal. After decades studying the markets and trading, we really walk the contrarian walk. We buy low when few others will, so we can later sell high when few others can. Lately we've been doing this in gold stocks, buying them while out of favor earlier this year to enjoy massive gains in recent months.
This past week we realized absolute gains on gold-stock trades including 109.7%, 105.8%, and 92.0%! All our trades, analyses, and outlooks are detailed in our popular weekly and monthly newsletters for speculators and investors. They draw on my vast experience, knowledge, wisdom, and ongoing research to explain what's going on in the markets, why, and how to trade them with specific stocks. Subscribe today and take advantage of our 20%-off summer-doldrums sale! Staying informed is essential for success.
The bottom line is big U.S. stocks' latest fundamentals from Q2'19's earnings season were decent. These elite companies enjoyed modest sales and earnings growth. But that masked serious and mounting risks. Investment capital is increasingly concentrating in the beloved mega-cap technology stocks, leaving stock markets overly dependent on their fortunes. Any slowing from them will drag the entire stock markets lower.
More ominously big U.S. stocks' valuations remain way up near dangerous bubble territory. Their earnings aren't justifying their lofty stock prices. The resulting downside ris
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CommonCrawl
| 0.640621 | 0.688469 | 0.664507 | -0.288012 |
ks are exacerbated with profits growth really slowing, and threatening to stall out entirely or even shrink in coming quarters. This is a potently-bearish situation, even before any bad news like further escalation in the US-China trade war hits stocks.
Adam Hamilton, CPA
Copyright 2000 – 2019 Zeal LLC (www.ZealLLC.com)
The U.S. stock markets sure feel inflectiony, at a major juncture. After achieving new all-time record highs, sentiment was euphoric heading into this week. But those latest heights could be a massive triple top that formed over 15 months. Then heavy selling erupted in recent days as the U.S.-China trade war suddenly went hostile. The big U.S. stocks just-reported Q1'19 fundamentals will help determine where markets go next.
Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports. Required by the U.S. Securities and Exchange Commission, these 10-Qs and 10-Ks contain the best fundamental data available to traders. They dispel all the sentiment distortions inevitably surrounding prevailing stock-price levels, revealing corporations' underlying hard fundamental realities.
The deadline for filing 10-Qs for "large accelerated filers" is 40 days after fiscal quarter-ends. The SEC defines this as companies with market capitalizations over $700m. That currently includes every stock in the flagship S&P 500 stock index (SPX), which contains the biggest and best American companies. The middle of this week marked 38 days since the end of Q1, so almost all the big U.S. stocks have reported.
The SPX is the world's most-important stock index by far, with its components commanding a staggering collective market cap of $24.9t at the end of Q1! The vast majority of investors own the big U.S. stocks of the SPX, as some combination of them are usually the top holdings of nearly every investment fund. That includes retirement capital, so the fortunes of the big U.S. stocks are crucial for Americans' overall wealth.
The major ETFs that track the S&P 500 dominate the increasingly-popular passive-investment strategies as well. The SPY SPDR S&P 500 ETF, IVV iShares Core S&P 500 ETF, and VOO Vanguard S&P 500 ETF are among the largest in the world. This week they reported colossal net assets running $271.9b, $175.1b, and $111.5b respectively! The big SPX companies overwhelmingly drive the entire stock markets.
Q1'19 proved extraordinary, the SPX soaring 13.1% higher in a massive rebound rally after suffering a severe correction largely in Q4. That pummeled this key benchmark stock index 19.8% lower in jU.S.t 3.1 months, right on the verge of entering a new bear market at -20%. By the end of Q1, fully 5/6ths of those deep losses had been reversed. Did the big U.S. stocks' fundamental performances support such huge gains?
Corporate-earnings growth was expected to slow dramatically in Q1, stalling out after soaring 20.5% last year. 2018's four quarters straddled the Tax Cuts and Jobs Act, which became law right when that year dawned. Its centerpiece was slashing the U.S. corporate tax rate from 35% to 21%, which naturally greatly boosted profits from pre-TCJA levels. Q1'19 would be the first quarter with post-TCJA year-over-year comparisons.
Big U.S. stocks' valuations, where their stock prices are trading relative to their underlying earnings, offer critical clues on what is likely coming next. By late April the epic stock-market bull as measured by the SPX extended to huge 335.4% gains over 10.1 years! That clocked in as the second-largest and first-
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] | 1,024 |
CommonCrawl
| 0.487107 | 0.563882 | 0.738029 | -0.085632 |
longest bull in U.S. stock-market history. With the inevitable subsequent bear overdue, valuations really matter.
Every quarter I analyze the top 34 SPX/SPY component stocks ranked by market cap. This is just an arbitrary number that fits neatly into the tables below, but a dominant sample of the SPX. As Q1 waned, these American giants alone commanded fully 43.7% of the SPX's total weighting! Their $10.9t collective market cap exceeded that of the bottom 437 SPX companies. Big U.S. stocks' importance cannot be overstated.
Major U.S. corporations have been engaged in a wildly-unprecedented stock-buyback binge ever since the Fed forced interest rates to deep artificial lows during 2008's stock panic. Thus, the appreciation in their share prices also reflects shrinking shares outstanding. Looking at market-cap changes instead of just underlying share-price changes effectively normalizes out stock buybacks, offering purer views of value.
While we're also collecting the earnings-per-share data Wall Street loves, it's more important to consider total profits. Stock buybacks are executed to manipulate EPS higher, because the shares-outstanding denominator of its calculation shrinks as shares are repurchased. Raw profits are a cleaner measure, again effectively neutralizing the impacts of stock buybacks. They better reflect underlying business performance.
Finally the trailing-twelve-month price-to-earnings ratios as of the end of Q1'19 are noted. TTM P/Es look at the last four reported quarters of actual GAAP profits compared to prevailing stock prices. They are the gold-standard metric for valuations. Wall Street often intentionally conceals these real P/Es by using the fictional forward P/Es instead, which are literally mere guesses about future profits that often prove far too optimistic.
These are mostly calendar-Q1 results, but some big U.S. stocks use fiscal quarters offset from normal ones. Walmart, Home Depot, and Cisco have lagging quarters ending one month after calendar ones, so their results here are current to the end of January instead of March. Oracle uses quarters that end one month before calendar ones, so its results are as of the end of February. Offset reporting ought to be banned.
Stocks with symbols highlighted in blue have newly climbed into the ranks of the SPX's top 34 companies over the past year, as investors bid up their stock prices and thU.S. market caps relative to their peers. Overall the big U.S. stocks' Q1'19 results looked pretty mixed, with slight sales growth and strong earnings growth. But these growth rates are really slowing, and valuations remain extreme relative to underlying profits.
From the ends of Q1'18 to Q1'19, the S&P 500 rallied 7.3% higher. While solid, that's not much relative to the extreme euphoria and complacency during this latest earnings season. These stock markets could really be in a massive-triple-top scenario after this record bull run, a menacing bearish omen. The SPX initially peaked at 2872.9 in late January 2018, mere weeks after those record corporate tax cuts went into effect.
Then it quickly plunged 10.2% in 0.4 months, a sharp-yet-shallow-and-short correction. But with overall SPX earnings growth exceeding 20% YoY comparing post-tax-cut quarters to pre-tax-cut ones, this key benchmark clawed back higher and hit 2930.8 in late September 2018. That was merely a 2.0% marginal gain over 7.8 months which saw some of the strongest corporate-profits surges ever from already-high levels.
From there the SPX plummeted 19.8% in 3.1 months in that severe near-bear correction largely in Q4. This trend of slightly-better record highs followed by far-worse selloffs is troubling. By late April 2019 the SPX had stretched to 2945.8, jU.S.t 2.5% above its initial peak 15.1 months earlier. Such
|
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CommonCrawl
| 0.338359 | 0.597624 | 0.850106 | -0.034088 |
paltry gains in a span with record corporate tax cuts and resulting torrid earnings growth should really give traders pause.
Technically these three major record highs look like a massive triple top. The big U.S. stocks' Q1 results are critical to supporting or refuting this bearish technical picture. The SPX/SPY top 34 did enjoy superior market-cap appreciation from the ends of Q1'18 to Q1'19, averaging 12.8% gains which ran 1.7x those of the entire SPX. That exacerbated the concentration of capital in the largest SPX stocks, the mega-cap techs.
As Q1 ended, 5 of the 6 largest SPX stocks were Microsoft, Apple, Amazon, Alphabet, and Facebook. Together they accounted for a staggering 15.8% of this flagship index's entire market cap, closing in on 1/6th! These companies are universally adored by investors, owned by the vast majority of all funds and constantly extolled in glowing terms in the financial media. Investors think mega-cap techs can do no wrong.
Last summer these incredible businesses were viewed as recession-proof, effectively impregnable. But even if there's some truth to that, it doesn't guarantee mega-cap-tech stock prices will weather a stock-market selloff. During that 19.8% SPX correction mostly in Q4, these 5 dominant SPX stocks and another SPX-top-34 tech darling Netflix averaged ugly 33.3% selloffs! They amplified the SPX's decline by 1.7x.
No matter how amazing the sales growth among the mega-cap techs, they aren't only not immune to SPX selloffs but their lofty stock prices make them more vulnerable. Overall the SPX/SPY top 34 companies reported Q1'19 revenues of $969.3b, which was 0.9% YoY higher than the top 34's in Q1'18. That's not great performance considering how universally-loved and -owned these companies are among nearly all funds.
Those 6 mega-cap tech stocks did far better, enjoying order-of-magnitude-better revenues growth of 9.9% YoY! Excluding them the rest of the SPX top 34 actually saw total sales slump 1.8% lower YoY, which sure doesn't sound like a strong economy. If this trend of stalling or slowing revenue growth continues, profits growth will have to start falling sharply in future quarters. Earnings ultimately amplify sales trends.
Even more bearish, Wall Street analysts headed into Q1'19's earnings season expecting all 500 SPX companies to enjoy 4.7% total revenues growth. But the top 34 that dominate the U.S. stock markets did much worse at 0.9% even with mega-cap techs included. That was definitely a sharp slowdown too, as the SPX top 34 saw 4.2% YoY sales growth in Q4'18. Slowing revenue growth is a real threat to the stock markets.
Remember the SPX surged dramatically in Q1, fueling quite-euphoric sentiment leading into quarter-end. At the same time traders mostly believed that a U.S.-China trade deal would soon be signed, removing the trade-war risks. High tariffs are a serious problem for the gigantic multinational companies leading the SPX, potentially heavily impacting sales. Yet revenue growth was already slowing even before this week!
Trump had twice delayed hiking U.S. tariffs on Chinese imports from 10% to 25%, a good-faith sign giving time for real trade-deal negotiations. But his patience ran out this past Sunday after China backtracked on key previoU.S. commitments. So Trump tweeted the current 10% U.S. tariffs on $200b of annual Chinese imports would surge to 25% today, and warned that 25% tariffs were coming "shortly" on another $325b!
China will retaliate as long as high U.S. tariffs remain
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CommonCrawl
| 0.231024 | 0.657323 | 0.868934 | -0.505887 |
in effect. That will really retard U.S. sales from top-34 SPX companies in that country. Beloved market-darling Apple is a great example. This second-biggest stock in the S&P 500 did $10.2b or 17.6% of its Q1'19 sales in China! The U.S.-China trade war heating up in a serious way portends even-weaker revenues going forward for the big U.S. stocks dominating the SPX.
The total operating cash flows generated by the top 34 SPX/SPY companies looked like a disaster in Q1, plummeting 64.4% YoY to $67.8b. Thankfully that is heavily skewed by a couple of the major U.S. banks. JPMorgan Chase and Citigroup reported staggering negative OCFs of $80.9b and $37.6b in Q1, due to colossal $123.1b and $30.4b negative changes in trading assets! This seems really confusing to me.
Mega-bank financials are fantastically-complex, and no one can hope to understand them unless deeply immersed in that world. I've been a certified public accountant for decades now, spending vast amounts of time buried in 10-Qs and 10-Ks to fuel my stock trading. Yet even with my background and experience I can't interpret mega-bank results. It seems weird trading assets plummeted in Q1 as the SPX surged sharply.
But rather than getting bogged down in mega-bank arcania that may be impossible to comprehend by outsiders, we can just exclude the four SPX-top-34 mega-banks from our OCF analysis. They include JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. Without them, the rest of the SPX top 34 reported total OCFs of $163.2b in Q1'19. That was dead-flat ex-banks, up just 0.3% YoY from Q1'18's OCFs.
So the big U.S. stocks' operating-cash-flow generation really slowed too in Q1, stalling out compared to hefty 11.5% YoY growth in Q4'18. That's another sign that the U.S. economy must be slowing despite the red-hot stock markets. That's ominous and bearish considering the coming headwinds if the trade wars continue and if the stock markets roll over decisively. Future quarters' business environments won't be as good.
Earnings were a different story entirely last quarter, soaring dramatically among the SPX/SPY top 34. They totaled $149.8b, surging an enormous 36.1% YoY! But that was skewed way higher by Warren Buffett's famous Berkshire Hathaway, the biggest SPX stock after the mega-cap techs. BRK reported a monster Q1 profit of $21.7b, compared to a $1.1b loss a year earlier. That accounted for 1/7th of the top 34's total.
But Berkshire's epic profits are due to the sharp stock-market rebound rally, not underlying operations. A new accounting rule that Warren Buffett hates and rails against at every opportunity requires unrealized capital gains and losses to be flushed through quarterly profits. Thus when the SPX plunged in Q4'18, BRK reported a colossal $25.4b GAAP loss. That was largely reversed in Q1'19 with its gigantic $21.7b gain.
Excluding the $16.1b of BRK's Q1 profits that were mark-to-market stock-price gains, the SPX top 34's total profits grew 21.5% YoY to $133.6b in Q1. That's still impressive, but it masks some big problems on the corporate-earnings front. Those 6 elite mega-cap tech companies dominating the SPX actually saw their collective Q1 GAAP profits plunge 11.2% YoY! Apple, Alphabet, and Facebook suffered sharp
|
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] | 1,024 |
CommonCrawl
| -0.238008 | 0.589838 | 0.617883 | -0.830644 |
declines.
Usually mega-cap tech stocks are the profits engine driving the entire SPX higher. If these market-darling companies that are universally-loved and -held struggled with earnings growth in Q1, what does that say about profits going forward? And again profits can be manipulated quarter-to-quarter by playing with all kinds of accounting estimates. So if anything corporate profits are overstated instead of understated.
One of Wall Street's great farces is the game of comparing quarterly results to expectations instead of what they were in the comparable quarter a year earlier. Mighty Apple is a great example, reporting after the close on April 30th. Its Q1 earnings per share and sales of $2.47 and $58.0b came in ahead of Wall Street expectations of $2.37 and $57.5b. So Apple's stock surged 4.9% the next day on those "great results".
But that expectations bar had been lowered dramatically, which is the only reason Apple beat. On an absolute year-over-year basis compared to Q1'18, Q1'19 saw sales drop 5.1%, OCFs plummet 26.3%, and earnings plunge 16.4% YoY! That was quite weak, and couldn't be considered good by any honest measure. In this recent Q1 earnings season, the fake expectations game obscured plenty of real weakness.
Yet overall SPX-top-34 profits growth still remained strong, with companies suffering drops offset by other companies seeing big jumps. But earnings can't be considered in isolation, they are only relevant relative to underlying stock prices. Imagine you own a rental house and someone offers you $1000 a month to move in. The reasonableness of that earnings stream is totally dependent on the value of your property.
If your house is worth $100k, $1k a month looks great. But if it's worth $1m, $1k a month is terrible. The profits anything generates are only measurable relative to the capital invested in that asset. The classic trailing-twelve-month price-to-earnings ratios show how expensive stock prices are relative to underlying corporate profits. Big SPX-top-34 earnings growth isn't bullish if overall profits are low compared to stock prices.
At the end of Q1'19 proper before these Q1 results were reported, the SPX/SPY top 34 component stocks averaged TTM P/Es of 30.4x. That is definitely improving compared to the prior four quarters' trend of 46.0x, 53.4x, 49.0x, and 39.7x. But 30.4x is still dangerously high absolutely. Over the past century-and-a-quarter or so, fair value for the U.S. stock markets was 14x. Double that at 28x is where bubble territory begins.
So the big U.S. stocks were literally trading at bubble valuations exiting Q1! Their stock prices were far too high relative to their underlying earnings production compared to almost all of U.S. stock-market history. And this wasn't just a mega-cap-tech-stock thing, with these elite companies often being bid to really-high valuations compared to other sectors. The 6 mega-cap techs we've discussed indeed averaged a crazy 52.0x.
But the other 28 top-34-SPX companies remained very expensive near bubble territory even excluding the tech giants, averaging 25.8x! Even the strong Q1'19 earnings growth didn't help much. At the end of April as those Q1 results started to work into TTM P/E calculations, the SPX top 34 averaged a slightly-higher P/E of 31.0x. Literal bubble valuations with stock markets trading near all-time record highs are ominous.
Just last Friday when the SPX closed right at its highest levels in history, I wrote a contrarian essay on these "Dangerous Stock Markets". It explained how high valuations kill bull markets, summoning bears that are necessary to maul stock prices sideways to lower long enough for profits to catch up with lofty stock
|
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] | 1,024 |
CommonCrawl
| 0.267026 | 0.890924 | 0.734443 | 0.001012 |
prices. These fearsome beasts are nothing to be trifled with, yet complacent traders mock them.
The SPX's last couple bears that awoke and ravaged due to high valuations pummeled the SPX 49.1% lower in 2.6 years leading into October 2002, and 56.8% lower over 1.4 years leading into March 2009! Seeing big U.S. stocks' prices cut in half or worse is common and expected in major bear markets. And there's a decent chance the current bubble valuations in U.S. stock markets will soon look even more extreme.
If the big U.S. stocks' fundamentals deteriorate, the overdue bear reckoning after this monster bull is even more certain. Cash is king in bear markets, since its buying power grows. Investors who hold cash during a 50% bear market can double their holdings at the bottom by buying back their stocks at half-price. But cash doesn't appreciate in value like gold, which actually grows wealth during major stock-market bears.
Gold investment demand surges as stock markets weaken, as we got a taste of in December. While the SPX plunged 9.2%, gold rallied 4.9% as investors flocked back. The gold miners' stocks which leverage gold's gains fared even better, with their leading index surging 10.7% higher. The last time a major SPX selloff awakened gold in the first half of 2016, it soared 30% higher fueling a massive 182% gold-stock upleg!
Absolutely essential in bear markets is cultivating excellent contrarian intelligence sources. That's our specialty at Zeal. After decades studying the markets and trading, we really walk the contrarian walk. We buy low when few others will, so we can later sell high when few others can. While Wall Street will deny this coming stock-market bear all the way down, we will help you both understand it and prosper during it.
We've long published acclaimed weekly and monthly newsletters for speculators and investors. They draw on my vast experience, knowledge, wisdom, and ongoing research to explain what's going on in the markets, why, and how to trade them with specific stocks. As of Q1 we've recommended and realized 1089 newsletter stock trades since 2001, averaging annualized realized gains of +15.8%! That's nearly double the long-term stock-market average. Subscribe today for just $12 per issue!
The bottom line is the big U.S. stocks' Q1'19 results were pretty mixed despite the surging stock markets. Revenues and operating cash flows only grew slightly, which were sharp slowdowns from big surges in previous quarters. While earnings somehow defied sales to soar dramatically again, that disconnect can't persist. A slowdown looked to be underway even before the U.S.-China trade war flared much hotter this week.
Even the surging corporate profits weren't enough to rescue super-expensive stock markets from extreme bubble valuations. They are what spawn major bear markets, which are necessary to maul stock prices long enough for valuations to mean revert lower. Make no mistake, these overvalued stock markets are still an accident waiting to happen. Stock investors should diversify, adding substantial gold allocations.
These record U.S. stock-market levels are very dangerous, riddled with extreme levels of euphoria and complacency. Largely thanks to the Fed, traders are convinced stocks can rally indefinitely. But stock prices are very expensive relative to underlying corporate earnings, with valuations back up near bubble levels. These are classic topping signs, with profits growth stalling and the Fed out of easy dovish ammunition.
Stock markets are forever cyclical, meandering in an endless series of bulls and bears. The latter phase of these cycles is inevitable, like winter following summer. Traders grow too excited in bull markets, and bid up stock prices far higher than their fundamentals support. Subsequent bear markets are necessary to eradicate unsustainable valuation excesses, forcing stock prices sideways to lower until profits catch up.
This
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] | 1,024 |
CommonCrawl
| 0.856628 | 0.483419 | 0.668093 | -0.088162 |
latest bull market grew into a raging monster largely fueled by extreme Fed easing. At its latest all-time record peak hit just this week, the flagship US S&P 500 broad-market stock index (SPX) has soared 335.4% higher over 10.1 years! That makes for the second-biggest and first-longest bull in US history, only possible because it gorged on $3625b of quantitative-easing money printing by the Fed over 6.7 years.
That epic 5.3x mushrooming of the Fed's balance sheet peaked in February 2015, when the SPX was just clawing over 2100. It soon coasted to a 2130.8 topping in May 2015, before trading sideways to lower for 13.7 months without Fed QE. Modest new highs weren't seen until July 2016, after the U.K.'s Brexit-vote surprise kindled hopes for more central-bank easing. Another surprise event drove the final third of this bull.
The November 2016 elections were a Republican sweep, with Trump winning the presidency while his party controlled both chambers of Congress. So the SPX started surging to new record highs, initially on hopes for big tax cuts soon and later on record corporate tax cuts becoming law. That ultimately propelled the SPX to 2872.9 in late January 2018 and 2930.8 in late September 2018, lofty new all-time record highs.
But paraphrasing an ancient Biblical passage from Job, the Fed gave then the Fed took away. Right after the SPX peaked, the Fed ramped its year-old quantitative-tightening campaign to full speed in Q4'18. QT was supposed to unwind a large fraction of that $3625b of QE-conjured money, shrinking the Fed's crazy-bloated balance sheet. $50b per month of QT monetary destruction had to be this QE-fueled bull's death knell!
Indeed the stock markets crumbled under that Fed-tightening onslaught, plunging 19.8% over the next 3.1 months into late December 2018. That severe correction was right on the verge of crossing the -20% threshold into new-bear territory. Over a third of those serious losses happened in just 4 trading days after the Fed chairman declared full-speed QT was "on automatic pilot". By that time the SPX was very oversold.
Stock-market extremes never last long, with big and sharp mean-reversion bounces following major selloffs. The SPX reversed hard and soared into early 2019, already 12.3% higher by late January. Then the Fed's first policy decision after that stock-crushing QT-autopilot one saw this central bank completely cave to the stock markets. It removed references to further rate hikes and declared it was ready to adjust QT.
That dovishness unleashed more waves of momentum buying. By the eve of the Fed's next meeting in mid-March, the SPX had rocketed 20.5% above its severe-correction near-bear low. But that wasn't good enough for the Fed, which slashed its future-rate-hike outlook while declaring it would essentially stop QT by September 2019. That is very premature, implying less than 23% of the Fed's total QE will be unwound!
That goosed the stock markets again, helping push the SPX to an enormous 25.3% rebound-rally gain by this week. At 2945.8, it had edged 0.5% above late September's then-record peak. With stock markets more than regaining their big losses, euphoria and complacency exploded again. These herd emotions have proven dangerous in market history, marking major toppings including terminal bulls rolling over to bears.
Euphoria is simply "a strong feeling of happiness, confidence, or well-being". It is always accompanied by complacency, which is "a feeling of contentment or self-satisfaction, especially when coupled with
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] | 1,024 |
CommonCrawl
| 0.603941 | 0.683278 | 0.686026 | -0.538458 |
an unawareness of danger or trouble". This perfectly describes the stock markets' sentiment-scape in recent months. Speculators and investors just love these lofty stock prices, with virtually no fear of material selloffs.
While euphoria and complacency are ethereal and unmeasurable, they can be inferred. The classic VIX fear gauge is the most-popular way. It quantifies the implied volatility options traders expect in the SPX over the next month, as expressed through their collective trades. While a high VIX reveals fear, a low one shows the direct opposite which is complacency. In mid-April the VIX revisited ominous bull-slaying levels.
This chart superimposes the SPX over its VIX sentiment indicator over the past several years or so. This monster Fed-QE-fueled stock bull sure looks to be carving a massive triple top in its terminal phase. At best in late April, the SPX had merely clawed back 2.5% over its initial peak of late January 2018. That's terrible progress across 15.1 months where the biggest corporate tax cuts in US history greatly boosted profits.
While the first two-thirds of this monster bull were directly driven by the Fed's extreme QE, the final third was corporate-tax-cut driven. Starting with that November 2016 Republican sweep, there was enormous anticipation of what eventually became the Tax Cuts and Jobs Act. Signed into law in December 2017, it went into effect as 2018 dawned. Its centerpiece was slashing the US corporate tax rate from 35% to 21%.
The SPX surged 19.4% in 2017 in the thrall of taxphoria hopes, driving 62 new record-high closes out of 251 trading days! The first 18 trading days of 2018 saw another 14 more, catapulting both euphoria and complacency off the charts. The VIX slumped into the 9s early that peaking month, proving that fear was nonexistent. Virtually no one expected a selloff when the SPX peaked at 2872.9, when the VIX closed at 11.1.
But just when traders were convinced stock markets could rally indefinitely with no material selloffs, the SPX suddenly nosed over into its first correction in 2.0 years. While sharp yet shallow and short at a 10.2% loss in just 0.4 months, it was a warning shot. Even with elite SPX companies' corporate profits expected to soar 20%+ that year due to those big tax cuts, stock markets were already too high to rally much.
After that minor flash correction, the SPX started marching higher again throughout 2018. It wasn't able to eclipse January's maiden peak until late August, and ultimately crested merely 2.0% above it in late September. Such meager gains again suggested the corporate tax cuts were nearly fully priced in during 2017, leaving little room for additional gains. The day the SPX peaked at 2930.8, the VIX closed at 11.8.
Once again traders' euphoria and complacency were extreme. The pressure on contrarians to capitulate was immense. But given the extreme stock-market technicals, sentiment, and valuations, I stuck to my guns warning how dangerous the stock markets were. Just a week after that all-time record high in the SPX, I published an essay warning "Fed QT is Bull's Death Knell" one trading day before QT hit terminal velocity.
Indeed the stock markets fell hard, plunging 19.8% over 3.1 months into late December! That correction was much larger and more menacing than early 2018's, on the edge of formal bear-market territory. And it happened despite SPX companies' earnings actually blasting 20.5% higher year-over-year in 2018. Two corrections, including a serious one, in one of the best corporate-profits years on record should give pause.
The stock markets were due for a sharp mean-reversion rebound higher after such a steep drop. But the Fed
|
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] | 1,024 |
CommonCrawl
| 0.720775 | 0.714425 | 0.515669 | -0.334496 |
waxing hyper-dovish and killing both its rate-hike cycle and QT really artificially extended it. Just over half the total rebound rally came after the Fed utterly surrendered to stock traders starting in late January. Many larger SPX-rally days clustered around dovish Fed announcements, they really amplified this rally.
It looked and felt exactly like a bear-market rally, the biggest and fastest ever witnessed in stock markets. The SPX soared in a symmetrical V-bounce out of late December's deep lows. Those gains were front-loaded, fast initially but fading in recent months despite the Fed's super-dovish jawboning. That severe near-bear correction that spawned this rally also fit the definition of a waterfall decline, an ominous omen.
They are 15%+ SPX selloffs without any interrupting countertrend rallies exceeding 5%. Since 1946 this had happened only 19 previous times. After every single past selloff, 100% of the time, the SPX retested its waterfall-decline lows! All 19 happened in bear markets. After these retests, fully 15 of the 19 were followed by new lower lows as those bears deepened. Only 4 of the 19 waterfall retests climaxed their bears.
So market history is crystal-clear in warning that the wild stock-market action of the past 7.3 months is exceedingly dangerous technically. Yet euphoria and complacency still exploded again in March and April as the SPX kept stretching skywards. By mid-April as the SPX clawed back up to 2907.4, the VIX fell back under 12.0 on close. Those were the lowest levels of fear seen since October 3rd, a bearish portent.
While that was a couple weeks after the SPX's late-September then-record peak, this leading stock index was still just 0.2% lower. The selling that would grow into the severe near-bear correction began the very next day, and snowballed from there. Right when traders again delude themselves into believing stock markets can rally indefinitely, the hard reality of market cycles slams them like a sledgehammer to the skull.
Extreme levels of euphoria and complacency are always very dangerous, presaging major stock-market selloffs. Low VIX levels following record or near-record stock-market highs should not be trifled with, but considered a dire warning of serious downside risks. Very-high technicals breed very-lopsided sentiment, blinding traders to markets' perpetual cyclicality. Today's risks are compounded by near-bubble valuations.
For a century-and-a-quarter or so before the Fed's insane QE experiment starting in late 2008, the US stock markets had averaged trailing-twelve-month price-to-earnings ratios around 14x earnings. That is considered fair-value, which makes sense. The reciprocal of 14x is 7.1%, which is a fair rate for both investors to earn to let companies use their saved capital and for companies to pay to use those same funds.
But valuations oscillate well above and below fair value in great waves that correspond with bull and bear markets. In bulls stocks are enthusiastically bid to high valuations not justified by their underlying profits. Valuation extremes start at twice fair value, 28x trailing earnings which is formally bubble territory. That necessitates bears to maul stock prices long enough for earnings to catch up, but stocks usually overshoot.
While major bull markets end above 28x, major bear markets often end between 7x to 10x. That's the time investors should throw all their capital at the stock markets, when stocks are dirt-cheap and deeply out of favor. But instead they foolishly buy high near bull-market tops, which often leads to selling low later at catastrophic losses. The SPX valuations during this 15-month triple-top span have been scary-high.
This next chart shows the actual SPX in red, superimposed over the average trailing-twelve-month price-to-earnings ratios of its
|
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CommonCrawl
| 0.709907 | 1.194606 | 0.849209 | -0.161524 |
500 elite companies. Their simple average at the end of every month is shown in light blue, and is what I'm using in this essay. The dark-blue line instead weights SPX-component P/Es by their companies' market capitalizations. The white line shows where the SPX would be at 14x fair-value.
Remember the final third of this monster bull erupted on taxphoria after Trump won the presidency. But following trillions of dollars of QE before that, the SPX wasn't cheap heading into November 2016. These elite stocks averaged TTM P/Es of 26.3x, just shy of 28x bubble territory. Interestingly that was about the same valuation as the 25.9x when QE ended in February 2015. Stocks had long been very expensive.
SPX corporate earnings did rise nicely in 2017, up about 16%. Republicans streamlining regulations was a factor, but more important was the widespread optimism from stock markets surging to endless new record highs. But the problem was stocks were already so overvalued that higher profits barely made a dent. At best that year the fair-value SPX at 14x hit 1296.0, a staggering 52% below the SPX's 2017 high!
The SPX first crossed that 28x bubble threshold in late November 2016 after stocks surged higher on that Republican sweep. Valuations hung around 28x until July 2017 when they started climbing even higher. By late January 2018 just after the SPX's initial peak, its elite companies were averaging TTM P/Es way up at 31.8x! While bubble valuations can persist while euphoria lasts, they are very dangerous for stocks.
SPX corporate-earnings growth in 2018 was amazing, exceeding 20% year-over-year thanks to those record corporate tax cuts. The four quarters of 2018 were the only ones comparing post-tax-cut and pre-tax-cut profits, an enormous one-off discontinuity. Yet damningly the valuations still didn't retreat, in late September just after the SPX's record peak its components were still averaging extreme 31.4x TTM P/Es.
That severe near-bear correction largely in Q4 last year certainly helped, dragging valuations back down out of bubble territory. But even at the end of December just after the lows, the SPX was still sporting a 26.1x valuation. That was near bubble territory, right around the levels just before Trump was elected. No bear market would end its predations and start hibernating while valuations remained so darned high!
In recent months many Wall Street apologists have claimed that severe correction was effectively a very-short-lived bear market since it was so close to 20% on a closing basis. They argue that means a new bull is underway that can run for years more. But bears don't give up their ghosts after a single selloff with price-to-earnings ratios still near bubble levels. Bears ravage until valuations are mauled back under 14x.
Interestingly valuations haven't soared back up with the massive rebound rally so far this year. By the end of April, the SPX components' average P/E had only returned to 27.5x. That's not greatly above the late-December levels. This was due to blowout Q4'18 earnings from SPX companies, the last quarter with profits compared across the Tax Cuts and Jobs Act. Q4'17 also rolled off, which the TCJA heavily distorted.
But 27.5x is still just under bubble territory, dangerously-expensive levels for stocks achieving record highs again. If the inevitable bear following the past decade's enormous Fed-inflated monster bull just pushed stocks back down to 14x fair value, the SPX would have to plunge way back near 1400. That's a heck of a long ways down from here, a 52% drop. Cutting stocks in half is right in line with bear-market precedent.
The SP
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CommonCrawl
| 0.538732 | 0.981769 | 0.829483 | -0.296787 |
X's last bear market ran from October 2007 to March 2009, and pummeled this leading American stock index a gut-wrenching 56.8% lower in 1.4 years. That bear-market bottom birthed this current bull, when the SPX traded down to 12.6x earnings. Before that the SPX suffered another bear from March 2000 to October 2002, a 49.1% drop over 2.6 years. So 50%ish SPX losses are par for the course in bears!
Several factors could make this long-overdue next bear even worse. In 2016, 2017, and 2018, the elite SPX companies' profits grew 9.3%, 16.2%, and 20.5% YoY. This year even Wall Street is forecasting earnings to be flat at best. There's a real possibility they will even contract in 2019, the first year comparing post-tax-cut quarters. Stalling or shrinking corporate profits make near-bubble valuations even more extreme.
Lower profits actually push valuations even higher, increasing the valuation pressure for a major bear market. And with average month-end SPX TTM P/Es running 30.5x in 2018 at 20% profits growth, there's no way similar high valuations will fly this year with zero profits growth. The more quarterly earnings fail to climb, the more worried traders will get over high stock prices and the more likely they will start selling.
And after the second-largest and first-longest bull market in US stock-market history, mostly driven by extreme Fed easing no less, the subsequent bear should be proportionally massive. There's a fairly-high chance this bear won't stop brutalizing stocks until the average SPX P/E falls near half fair-value around 7x earnings. That's where the biggest bears in the past have ended, valuations overshot way under 14x.
Finally the Fed is going to have a hard time riding to the rescue again since it has expended all its easy dovish ammunition. It really only has three options left for another dovish surprise, and the latter two are very serious decisions. Top Fed officials' outlook for rates in their collective dot-plot forecast can still be lowered to show cuts coming. But since these guys downplay the dot plot, that won't mollify traders for long.
That leaves actually cutting rates or birthing QE4, which are huge course changes that the Fed can't take lightly or revoke without panicking stock markets! With the Fed just about out of dovish rabbits to pull out of its hat, it doesn't have many options to slow the selling when stock markets inevitably turn south again. Cutting rates or restarting QE may even exacerbate any selloff, worrying traders about what so scared the Fed.
The overdue bear market is still coming, make no mistake. Extreme technicals, sentiment, and valuations assure it. Investors really need to lighten up on their stock-heavy portfolios, and protect themselves with cash and gold. Holding cash through a 50% bear market allows investors to buy back their stocks at half-price, doubling their holdings. But unlike cash gold actually appreciates in value during bears, growing weath.
The bottom line is these stock markets are very dangerous. A monster bull has been topping over the past year-and-quarter, leading to extreme technicals, sentiment, and valuations. Traders' euphoria and complacency have been running at bull-slaying levels, while valuations remain way up near perilous bubble territory. All this is happening as corporate profits flatline after surging dramatically on the corporate tax cuts.
Like after every past waterfall decline, the stock markets are due to roll over and retest their deep late-December lows. Odds are they will fail, confirming a major new bear market. And the Fed doesn't have much dovish ammunition left to retard the heavy selling. Gold investment demand will surge as stocks finally face their reckoning after this artificially-amplified bull. That will push gold and its miners' stocks far higher.
|
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] | 1,024 |
CommonCrawl
| 0.639263 | 0.815652 | 0.589192 | -0.362956 |
Here are today's videos and charts (double-click to enlarge):
SFS Key Charts, Signals, & Video Analysis
I'm quite excited about the pullback in gold because the fundamentals are getting better and the technical action is healthy.
SF60 Key Charts, Signals, & Video Analysis
Kirkland is a leader in the gold stock sector and it's now in one of the important Investor's Business Daily growth stock indexes.
SF Trader Key Charts, Signals, & Video Analysis
Our positioning into DUST was timely!
SFJ Key Charts, Signals, & Video Analysis
Prudent profit booking into strength in this gold bull market is important.
Morris Hubbartt
Unique Introduction For Website Readers: Send me an email to signals@superforcesignals.com and I'll send you 3 of my next Super Force Surge Signals free of charge, as I send them to paid subscribers. Thank you!
Stay alert for our Super Force alerts, sent by email to subscribers, for both the daily charts on Super Force Signals at www.superforcesignals.com and for the 60 minute charts at www.superforce60.com
Frank Johnson: Executive Editor, Macro Risk Manager.
Morris Hubbartt: Chief Market Analyst, Trading Risk Specialist.
trading@superforcesignals.com
trading@superforce60.com
It's time for the queen of assets to rest and consolidate. Nothing goes up in a straight line, and that's certainly true for gold!
Please click here now. Double-click to enlarge this daily gold chart.
A pullback to about $1250 would be a healthy 50% retracement of the $100 rally from $1200 to $1300.
Gold begins 2019 with some very positive news in play. Please click here now. After a two-year hiatus, China's central bank is back in gold market action!
The bank had been consistently buying about 15-20 tons of gold a month. When those purchases are added to buying from Russia and other central banks, they are quite price-supportive.
It's great to see China back on the buy, and analysts in India are projecting a ramp-up in gold imports there of about 20% for the first six months of 2019.
The ECB (Europe's central bank) is projecting higher inflation and easing growth for 2019.
The love trade is healthy, the central bank trade is healthy, and global stock markets are on the rocks.
On that note, please click here now. Double-click to enlarge. I'm a bit worried that the US stock market rally could peter out quickly.
Please click here now. Institutional money managers are cutting back their allocations to US equities, and rightly so.
The business cycle is entering the eighth and ninth innings, wage inflation is poised to spike in full-time jobs, and earnings have clearly plateaued.
Please click here now. China's central bank and government have vastly more "wiggle room" than America's do to stimulate the economy.
China's stimulus is inflationary, and that's good news for gold.
The U.S. government is shut down. That's not a position of strength, to put it mildly. These shutdowns have happened so many times that citizens are now numb and don't seem to care.
It's not a good thing; the government just can't seem to break its addiction to borrowing more and more money.
The U.S. government has been very vocal in its opposition to the modest interest rate rates from the Fed. I don't see any economic stress from these hikes, and senior citizens have been paid nothing in their savings accounts for years.
Rate hikes are an indicator that inflation is in the air. They haven't hurt gold, they help senior citizens, and they put pressure on banks to make business loans rather than finance stock market buybacks to enrich corporate directors.
Rate hikes do put pressure on the ability of the U.S. government to borrow ever-more money, and that pressure is good.
Please click here now. Double-click to enlarge this daily silver chart.
The uptrend is solid. A pullback is
|
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CommonCrawl
| -0.361295 | -0.572004 | -0.276039 | -0.938791 |
normal, expected, and healthy. Note the Fibonacci lines in play around the demand line of the uptrend channel.
Silver feels almost as solid as gold does right now, and that's likely due to the growing threat of stagflation throughout much of the world.
Please click here now. Double-click to enlarge this nice GDX daily chart.
Like most sectors of the precious metals asset class, GDX is taking a breather after it successfully penetrated key resistance in the $20.70 area.
From a technical perspective, the range trade in the $20-$21.50 area has a 67% chance of being resolved with a rally to $23. The current consolidation could be the last opportunity for excited investors to buy in this price zone before GDX moves above $23 and stays there for quite a long period of time!
Special Offer For Website Readers: Please send me an Email to freereports4@gracelandupdates.com and I'll send you my free "Silver Stocks Rock!" report. I highlight the SIL and SILJ ETF component stocks that are poised to enter January like silver bullets shot out of a golden gun! I include key tactics to keep investors on the winning side of the action… in both the short and long term!
Stewart Thomson
Graceland Updates
stewart@gracelandupdates.com
stewart@gracelandjuniors.com
stewart@guswinger.com
Stewart Thomson is a retired Merrill Lynch broker. Stewart writes the Graceland Updates daily between 4am-7am. They are sent out around 8am-9am. The newsletter is attractively priced and the format is a unique numbered point form. Giving clarity of each point and saving valuable reading time.
Risks, Disclaimers, Legal
Stewart Thomson is no longer an investment advisor. The information provided by Stewart and Graceland Updates is for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple properly licensed, experienced and qualified investment advisors and get numerous opinions before taking any action. Your minimum risk on any investment in the world is: 100% loss of all your money. You may be taking or preparing to take leveraged positions in investments and not know it, exposing yourself to unlimited risks. This is highly concerning if you are an investor in any derivatives products. There is an approx $700 trillion OTC Derivatives Iceberg with a tiny portion written off officially. The bottom line:
The beleaguered gold stocks are recovering from their late-summer capitulation, enjoying a solid young upleg as investors gradually return. Their buying has pushed the leading gold-stock ETF near a major triple breakout technically. That event should really boost capital inflows into this sector, accelerating the rally. A major gold and gold-stock buying catalyst is likely imminent too, a more-dovish Fed this week.
The gold miners' stocks have always been a small contrarian sector, a little-watched corner of the stock markets. But they've been even more unpopular than usual in recent months. That pessimistic sentiment is driven by price action, which has mostly proven poor in 2018. That's really evident in the performance of the flagship gold-stock investment vehicle, the GDX VanEck Vectors Gold Miners ETF which is struggling.
As of the middle of this week, GDX was down 12.0% year-to-date. That leveraged gold's YTD decline of 4.4% by 2.7x, which is perfectly normal. Because gold-stock earnings are heavily dependent on prevailing gold levels, gold-stock prices tend to amplify gold's moves by 2x to 3x. That's a double-edged sword, really profitable when gold rallies but cutting deeply when it retreats. The drawdowns are challenging to weather.
But gold stocks' inherent leverage to gold is starting to work again on the upside, portending big gains ahead. This first chart looks at the major gold stocks' technicals through the lens of GDX over the past several years. This sector soared in a new bull market, plunged with gold after Trump's surprise election win goosed the
|
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] | 1,024 |
CommonCrawl
| 0.163777 | 0.018529 | -0.19624 | -0.669372 |
stock markets, consolidated sideways to base, and then suffered an extreme capitulation selloff.
Investors and speculators often forget how explosive gold-stock upside is when gold is powering higher in an upleg. In largely the first half of 2016, GDX skyrocketed 151.2% higher in just 6.4 months! Capital just flooded back into the gold miners driven by a new gold bull's parallel 29.9% upleg. That catapulted GDX to very-overbought levels and a 3.3-year high in mid-2016. So a normal correction got underway soon after.
GDX found support at its critical 200-day moving average, which is often the strongest support zone seen in ongoing bull markets. But that failed in November 2016 after an anomalous surprise. Trump defied the polling and odds to win the presidency while Republicans controlled both chambers of Congress. So the stock markets soared in that election's wake on euphoric hopes for big tax cuts soon. Gold wilted on that rally.
So the gold stocks naturally followed it lower, again mirroring and amplifying its price action. After it had enjoyed stellar 5.1x upside leverage to gold in its powerful H1'16 upleg, GDX dropped 39.4% over the next 4.4 months. That leveraged gold's own correction by 2.3x, relatively low in that usual 2x-to-3x range. GDX soon bounced sharply with gold and established a new consolidation trading range between $21 to $25.
The major gold stocks mostly meandered within that GDX range for 21.5 months. While it was vexing at times to see upside-breakout attempts fail, basing consolidations are very bullish. They provide time for bullish newer investors to acquire shares from bearish exiting ones, establishing new price norms well above previous bear-market lows. And the $23 midpoint of that GDX trading range proved relatively high.
This gold-stock bull was born out of fundamentally-absurd lows of GDX $12.47 in mid-January 2016. It peaked at $31.32 in early August that year. Oscillating around $23 on balance, GDX was basing 4/7ths up into its young bull's entire range. The major gold stocks GDX holds were biding their time waiting for another major gold upleg to catapult them higher. They nearly broke out above $25 in early-September 2017.
But that attempt's failure damaged psychology so traders gradually sold, this small contrarian sector left for dead. The subsequent lower highs over the next 10.4 months into mid-July 2018 formed a downward-sloping resistance line. Gold-stock prices were being compressed into a bearish descending triangle, as lower highs slumped ever closer to that major $21 support. This sector really needed a major gold rally.
Unfortunately the opposite happened this past summer, gold got hammered crushing the weakened gold stocks. The US stock markets were powering higher trying to regain record highs in July and August 2018, heavily retarding gold investment demand. On top of that the U.S. Dollar Index was surging too, both on expectations for more Fed rate hikes and an emerging-markets currency crisis led by the Turkish lira.
So gold-futures speculators started short selling gold at extreme record levels, blasting their aggregate downside bets far up into anomalous territory never before witnessed. Gold fell sharply on that record gold-futures shorting spree, dragging the struggling gold stocks down with it. So in early August GDX plunged and knifed through its longstanding $21 support. That major breakdown spawned self-feeding selling.
Gold stocks are an exceptionally-volatile sector not for the faint of heart. So it is essential to run loose trailing stop losses on gold-stock positions. While these protect investors from excessive losses, they greatly exacerbate selloffs. The lower gold stocks fell this past summer,
|
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] | 1,024 |
CommonCrawl
| 0.298272 | 0.605411 | 0.467252 | -0.740047 |
the more stop losses were hit. These mechanical automatic sell orders then add to the downside pressure, pushing gold stocks lower still.
That vicious circle of selling begetting selling snowballed into an extreme capitulation in gold stocks, as GDX plummeted in August and early September. In just 5 weeks GDX collapsed 17.0%, far worse than gold stocks should've performed with gold merely slipping 1.4% lower in that span. That devastated already-shaky sentiment, leaving most investors and speculators to throw up their hands in disgust and flee.
But with GDX being pummeled to a deep 2.6-year low, the major gold stocks were wildly oversold. I explained all this in depth in an essay on gold stocks' forced capitulation in mid-September. They were due to mean revert dramatically higher after that extreme selling anomaly. And that process has indeed been underway ever since. The gold stocks have been recovering, clawing their way out of those deep lows.
As usual gold stocks' dominant primary driver has been gold, which has been grinding higher in its own young upleg as speculators cover their record gold-futures shorts. Investors started returning too when the lofty US stock markets began rolling over hard in mid-October. As of the middle of this week, GDX just hit a new upleg high of $20.45 on close. That extended gains since the capitulation low to 16.4% in 3.0 months.
Although considerable, the gold stocks' rally still hasn't grown large enough to return to the radars of contrarian investors. That could be about to change though as a rare triple breakout looks imminent! GDX, the leading gold-stock investment vehicle, is on the verge of simultaneous upside breakouts from its 3 major upper-resistance zones. That will likely unleash big gold-stock buying from technically-oriented traders.
These major resistance levels have all converged near $21. The first and most important is GDX's key 200-day moving average, which was $20.78 this week. 200dmas are seen as the dividing line between bull and bear markets. When prices surge back above 200dmas after long periods underneath them, the upside momentum often explodes. Traders love chasing gains and 200dma breakouts portend big ones.
The past few years have several examples of gold stocks surging dramatically after 200dma breakouts. The main one was in early February 2016, when GDX rocketing back over its 200dma after deep lows confirmed a new bull market was underway. The great majority of its initial massive 151.2% upleg came after that 200dma upside breakout. Another upleg surged after a 200dma breakout in mid-August 2017.
The latest one came in late December 2017, although that was truncated early by gold stalling out. Realize that no technical line is more important to traders than 200dmas. When they see major gold stocks power decisively back over their 200dma as measured by GDX, they are likely to rush to buy in to ride the momentum. Like selling, buying begets buying. The more gold stocks rally, the more traders want them.
That imminent 200dma breakout will be all the more potent as a new-upleg signal because 2 other major resistance lines have converged there. That downward-sloping resistance line of the descending triangle has also extended right on $21. So once GDX powers decisively above it, this past year's vexing trend of lower highs will end. Traders will see that as evidence the major gold-stock trend is reversing to higher.
The final resistance line of that triple breakout is the major $21 support of GDX's consolidating basing range that held rock solid for over a year-and-a-half. When prices fall, old support zones often become new overhead resistance. Traders tend to want to sell again when those old support levels near. So when GDX decisively breaks back out above $21, technical fear
|
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] | 1,024 |
CommonCrawl
| 0.516995 | 0.652131 | 0.429595 | -0.267774 |
s of that former support level will vanish.
Once back over $21, GDX will return to its multi-year consolidation basing trend between $21 to $25. So the triple breakout above that old support line, downward-sloping resistance line, and 200dma would set the stage for a sharp surge back towards the top of that old trading range. While GDX $25 isn't very high in absolute terms, it's still another 22.2% above this week's levels. Such a rally would spark some excitement.
Because historical gold-stock uplegs have been so enormous, generating life-changing wealth, there is always latent gold-stock interest lurking. Contrarian investors and speculators alike sour on gold stocks when they are weak, but quickly return when they show technical signs of life. A GDX triple breakout sure qualifies as that! And much-higher gold-stock prices are certainly justified fundamentally, long overdue.
Gold miners' earnings and thus ultimately stock prices are largely a function of gold levels. Mining costs are essentially fixed during mine-planning stages. So higher gold prices flow directly through to bottom lines in amplified fashion. This is easy to understand with an example. A month ago I waded through the Q3'18 results of GDX's major gold miners. Their average all-in sustaining costs weighed in at $877 per ounce.
That is what it costs them to produce and replenish gold, and $877 was right in line with their previous 4 quarters' average of $867. Those collective costs will remain stable even as gold's upleg accelerates. At gold's own extreme-futures-short-selling-driven bottom of $1174 in mid-August, the major gold miners of GDX were still earning about $297 per ounce. Such solid levels prove that capitulation wasn't righteous.
Last Friday gold hit a new upleg high of $1248, up 6.3% from its anomalous late-summer lows. Imagine this young upleg grows to 30% like the H1'16 one, which is quite small by historical standards. That would leave gold near $1525. At those $877 average GDX AISCs, the major gold miners' profits would rocket to $648 per ounce. That's 118% higher on a 30% gold upleg! Big gold-stock upside is fundamentally justified.
The ratio between the closing prices of GDX and the dominant GLD SPDR Gold Shares gold ETF is an easy approximation of the critical fundamental relationship between gold-stock prices and gold levels. This last chart is updated from a mid-October essay where I explained why gold stocks are the last cheap sector in all the stock markets. The GDX/GLD Ratio shows gold stocks have vast room to mean revert higher.
This GGR construct has averaged 0.186x during the 3.0 years of this current gold bull so far. This week the GGR clawed back to 0.174x, hitting its own 200dma. But at the gold stocks' deep capitulation low in mid-September, the GGR plunged all the way down to 0.155x. That's 0.031x below normal for this bull. After GGR extremes in either direction, this key ratio tends to mean revert the other way and overshoot proportionally.
That argues GDX is easily likely to surge far enough leveraging gold's gains to regain a 0.217x GGR. That's certainly not a high level even in the modest context of this gold bull. At this week's $1245 gold levels which translated near $118 in GLD terms, GDX would have to surge to $25.56 to accomplish that normal mean-reversion overshoot. That's another 25.0% higher, which would make for a solid upleg well worth riding.
And that GGR target is still incredibly low in longer secular context. In the 2 years before 2008's first stock panic in a century, the GGR averaged 0.591x
|
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] | 1,024 |
CommonCrawl
| 0.461295 | 0.841608 | 0.763134 | -0.266509 |
. Though gold stocks plummeted in the extreme fear that panic spawned, the GGR rebounded to average 0.422x in the 2 years after that epic anomaly. Over a longer 4-year post-panic span, it averaged 0.381x. So seeing it regain 0.217x is nothing, it should go far higher.
The bigger gold's own upleg, the more the gold stocks will outperform by the usual 2x to 3x and force the GGR higher. At $1525 gold after a relatively-small 30% upleg, that 2009-to-2012 post-panic-average GGR of 0.381x would yield a GDX upside target around $55 per share. That's 169% higher from this week's levels, even without an overshoot! Gold-stock profits growth from higher gold prices justifies huge gains.
And rather conveniently on the verge of that GDX triple breakout, a major gold-buying catalyst is likely this week. On Wednesday December 19th, the Fed's FOMC meets to decide on whether or not to hike rates for the 9th time in this cycle. That rate hike has been universally expected for months now, it is fully baked in. But the thing gold-futures and dollar-futures traders are really watching is the rate-hike forecast.
While the FOMC meets 8 times per year, at every other meeting it releases something called the dot plot. That summarizes where top Fed officials making the decisions think the federal-funds rate should be in coming years. The last dot plot was published on September 26th when the S&P 500 remained just 0.8% under its all-time record high from a week earlier. Fed officials are boldly hawkish when stocks are high.
But the stock markets soon fell apart in Q4'18, the first in history seeing full-speed quantitative-tightening monetary destruction by the Fed! Various Fed officials including the chairman have waxed more dovish since stocks started sliding. Fearing a negative wealth effect adversely impacting the US economy, their resolve to hike rates withers. So there's a good chance this week's dot plot will be more dovish than the last one.
Late September's had effectively forecast 5 more Fed rate hikes including at next week's meeting. So if this new dot plot shows less than 4 total rate hikes forecast in 2019 and 2020, dollar-futures speculators will likely sell motivating gold-futures speculators to buy aggressively. Fewer expected rate hikes are very bullish for gold, as proven in past dot plots. A great example was the 5th hike of this cycle in December 2017.
A year ago this week the FOMC hiked, but its dot-plot rate-hike forecast was dovish. Instead of upping it to 4 rate hikes in 2018 as traders expected, Fed officials left it at 3. So over the next 6 weeks, gold shot up 9.2% to $1358 on heavy gold-futures buying by speculators. A similar rally after next week's meeting if the dot plot forecasts fewer rate hikes than the last one would drive gold right back up near $1360 again.
That's on the verge of a major bull-market breakout which would likely unleash massive new investment buying. And any material gold rally will light a big fire under the gold stocks, rapidly driving them higher. That would put GDX's triple breakout in the bag with haste. Nothing drives big capital inflows into the gold stocks faster than seeing them decisively rally. They are perfectly set up for major gains in coming months!
A big mean-reversion rebound higher is inevitable and likely imminent. While traders can play it in GDX, that's mostly a bet on the largest gold miners with slowing production. The best gains by far will be won in smaller mid-tier and junior gold miners with superior fundamentals. A carefully-handpicked portfolio of elite gold and silver miners will generate much-greater wealth creation than ETF
|
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] | 1,024 |
CommonCrawl
| 0.421898 | 0.537926 | 0.528222 | -0.504622 |
s dominated by underperformers.
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The bottom line is the gold stocks are nearing a rare triple breakout. Three major GDX resistance zones have converged just above current levels. Once the gold stocks surge decisively over, the technically-oriented traders will take notice. They will likely start chasing the momentum accelerating the gains, with buying begetting buying. And gold stocks are so undervalued big gains are totally justified fundamentally.
This bullish outlook should be really bolstered by this week's FOMC meeting. Worried about the recent stock-market selloff and surging volatility, top Fed officials are likely to dial back their rate-hike forecasts for next year. That will almost certainly hit the US dollar and goose gold. If gold surges again on a dovish dot plot like it has after other rate hikes in this cycle, the gold stocks will blast higher achieving that triple breakout.
In recent days we've seen the beginnings of an inversion in the yield curve.
The 2-year yield and the 5-year yield have inverted but not yet the the 2-year yield and the 10-year yield, the curve that is watched most. However, "2s and 10s" as bond traders would say appear headed for an inversion very soon.
We know that an inversion of the yield curve precedes a recession and bear market. That is good for Gold. But timing is important and the key word is precedes.
In order to analyze the consequences for Gold we should consult history.
First let's take a look at the 1950-1980 period.
In the chart below we plot the Barron's Gold Mining Index (BGMI), Gold, the Fed funds rate (FFR) and the difference between the 10-year yield and the FFR (as a proxy for the yield curve).
The six vertical lines highlight peaks in the FFR and troughs in the yield curve (YC), which begins to steepen when the market discounts the start of rate cuts. A steepening YC is and has been bullish for Gold except when it's preceded by inflation or a big run in Gold.
Note that five of the six lines also mark a recession except in 1966-1967.
At present, the yield curve is on the cusp of inverting for only the third time since 1990.
The previous two inversions in 2000 and 2007 were soon followed by a steepening curve as the market sensed a shift in Fed policy.
The initial rate cut in 2000 marked an epic low in the gold stocks and the start of Gold strongly outperforming the stock market. In summer of 2007 the rate cuts began and precious metals embarked on another impulsive advance.
The historical inversions carry a different context but the takeaways are not so different.
Aside from the mid 1970s to the early 1980s, we find that a steepening of the curve (which accelerates from the start of Fed rate cuts) is bullish for precious metals. (This also includes a steepening in late 1984 that preceded the bull market in the mid 1980s).
With that said, the inversion itself
|
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] | 1,024 |
CommonCrawl
| 1.299509 | 0.862373 | 0.947836 | 0.676456 |
is not bullish for precious metals because there can be a lag from then to the first rate cut and steepening of the curve.
I took a careful look at four of the previous inversions and counted the time from that point to the next significant low in gold stocks. The average and median time of those four is 10 months.
That appears to be inline with my thinking that the Federal Reserve's final rate hike will be sometime in 2019.
In the meantime, precious metals are rallying but the inversion of the yield curve and Fed policy argue it would not be wise to chase this strength. There will be plenty of time to get into cheap juniors that can triple and quadruple once things really get going. To prepare yourself for an epic buying opportunity in junior gold and silver stocks in 2019, consider learning more about our premium service.
Everyone has different reasons for investing or speculating in the resource sector. I believe, for the majority of the participants, it's the allure of 10 baggers that attract them to the juniors.
While the appeal to windfall profits is attractive to almost anyone, I believe it's exactly this mindset that keeps many investors from actually realizing the gains they are given in the market.
Too many times, I have spoken to fellow investors who haven't taken money off the table when it's there, and are left holding the bag until the market turns or the company successfully answers the next unanswered question.
First, if you are an investor who can stomach the ebb and flow of the market then taking a long-term position in juniors can work. Secondly, and key to the first point, it can only work if you are right about the junior company in which you are invested. Will they continue to get 'yes' answers as they pursue the development of their mineral deposit?
The juniors draw much of the attention in the resource market, however, I think that there are larger companies that have big upside potential, pay a dividend, and are actual investment-grade companies.
Let's take a look at one of them!
Altius Minerals Corporation
I'm very bullish on both precious and base metals moving forward. However, the pragmatist in me is especially drawn to the base metals, as their value proposition in today's society is so easily understood.
Today, I have for you an interview with Chad Wells, VP of Corporate Development of Altius Minerals Corporation (ALS:TSX). Altius is the sector's only diversified base metal royalty and project generation company.
Currently, Altius has 15 producing royalties in copper, zinc, nickel, potash, iron, thermal and metallurgical coal. In addition, the project generation side of their business has drastically grown in overall equity value since 2016, moving from roughly $22 million to $68 million at September 30.
There are 54 new projects since Q1 2016 within Altius' project generator portfolio and these will not only be the source of cash through equity sales in the future, but more importantly, will be the source of new cash flow by way of the royalties that are associated with most of the projects in their portfolio.
In my opinion, Altius is the best example of intellectual capital and how people are, by far, the most important commodity in any business.
As Wells mentions in our conversation,
"We're a group that sticks to our guns, and believes in our own reasoning and rationale. At the end of the day, it's about relying upon your own technical expertise and surrounding yourself with the right people that are willing to give you the right opinion that is unbiased, genuine and legit."
I have long been an Altius shareholder and, in my opinion, would say that if I could only own one company in the sector, it would be Altius Minerals, hands down.
Altius Minerals (ALS:TSX)
MCAP – $556 M (at the time of writing)
Shares – 43.0 million
Annual Dividend – $0.16 / share
Outstanding Debt – $120 million
Cash and Public Equity Holdings – $180 million ($33.8 million cash)
2018 Royalty Revenue Guidance – $64M
|
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] | 1,024 |
CommonCrawl
| 0.640621 | 0.219969 | 0.788239 | 0.102202 |
to $69M
Brian: In my conversation with Brian (referring to CEO Brian Dalton) last November, he was super bullish on iron ore and, over the course of the year, Altius has taken big steps to capitalize on the iron ore market. First in March, by increasing your position in Alderon Iron Ore and, most recently in Q3, increasing your position in Labrador Iron Ore Royalty Corporation.
Can you please explain the opportunity you see in the iron ore market?
Chad: We've been a mainstay player in the Labrador Trough since 2004 and 2005. Originally, it was from an exploration perspective where we generated projects and sold them on to third parties. Alderon Iron Ore was created during that time, as a part of that strategy, and lead to us becoming very intimate with the iron markets. The Labrador Trough iron ore fits a niche portion of the global marketplace.
Brian (referring to Altius CEO Brian Dalton) has an innate ability to see around corners so he's been predicting a bifurcation happening in the broader iron ore market this past few years for high grade iron ore with low impurities, compared to the lower grade, higher impurity stock coming out of the Pilbara. A lot of it's being driven by Chinese pollution standards and emissions targets through their steel mills. You've seen the Chinese cut significant volumes of steel production last year because mills were burning lower purity met coal and iron ore.
That's led to a premium for the high grade, low impurity products. While the quoted price for iron ore, let's say is at $70 per ton, the high grade Trough products are getting better than $100 per ton, while low grade is trading at a discount.
Brian recognized the separation that was coming in the market between high and low grade long before the broader market did. For us, it spawned an investment thesis to buy a substantial share position in Labrador Iron Ore Royalty Company (LIORC) mainly accumulated with the Fairfax preferred money starting in early 2017. LIORC has a 7% gross revenue royalty on Iron Ore Company of Canada's (IOC) Carol Lake operations, as well as a 15% equity stake. LIORC is a passive type issuer, taking the money that they get from the royalty and then dividending most of it straight to shareholders.
For us it was the opportunity to have exposure to a royalty on a premier iron asset in Labrador, at a time when we thought the market was going to start to take recognition of that.
Over the last year, we increased our Labrador Iron Ore Royalty Corporation holdings substantially. If you look at our average price, which was around $17 a share before we bought the most recent addition of another .4%, LIORC stock traded last week as high as $31. At the same time, the yield of the dividends that we've realized off the asset are quite pronounced. And of course, we treat it as royalty income, effectively, in our per annum royalty revenue. So it fills out some of that diversified commodity exposure. So it's been really good.
Alderon was much more strategic. We were a founder, having discovered the underlying Kami deposit way back in 2005-06. Our recent doubling up, if you will, on Alderon, goes back to this bifurcation in the iron ore market thesis, which we believe is a real thing and that's going to last. It's also worth mentioning that we bought the additional $5 million stake from Liberty when we agreed to a friendly transaction buying out the balance of the potash royalties that we'd held together in a JV.
With that comes the reality that you're playing Carol Lake, through LIORC. Also, we have a convertible debenture with Champion Iron. Champion is the company that bought the Bloom Lake assets for $10 million in cash plus assumed liabilities of around $43 million from Cliffs, who had sunk nearly US$3 billion of capital into the project during the last iron bull.
The way we see things playing out in the Trough, we believe IOC brings a lot of transparency and reality to the broader marketplace, of the niche, that Labrador iron fits. We think that spills over into Champion, which is a very
|
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CommonCrawl
| 0.398803 | 0.444486 | 1.094881 | -0.093221 |
high margin operation right now, but is flying under the radar. We think the market will take credence and recognition there.
And as this market continues to want more high grade, low impurity iron ore, the next shovel ready project in that district is Kami. For us to buy that stake, on favourable terms, in Alderon from Liberty, brings us back to being that major shareholder with a big stick , it makes a lot of sense for us strategically.
If you reflect back to the last cycle, it was the asset that would have tore the lid off the can for Altius as a royalty generative business. The thing that most of the marketplace doesn't realize today is that Altius is a different type of royalty company. It's not a Franco or a Wheaton, who grows through acquisition. We actually grow our royalty portfolio organically and Alderon is one example of that.
In the past bull market in iron, around 2011, when we thought that Kami was going to get built, Alderon raised a bunch of money with the Chinese partner, Hebei Group. It almost got through the window in the sense of raising the capital to build a new mine. If that had to have happened, not only would we made a couple hundred million on the equity, but we would have had an underlying royalty on that asset at 3% gross royalty that based on the feasibility numbers of the assessment at the time, it would have generated about $25 million per year of royalty revenue for Altius for 20+ years. The reason it didn't happen is because the iron ore bull market ended so quickly when prices dropped from around $130 per tonne to levels less than half that. If you add the premiums to the current spot, we're edging closer to $100+ again.
Alderon is an extraordinary opportunity of optionality and because of what's happened in the bigger iron ore market and because of the strategic significance of Labrador iron product in general, I think it happens this cycle.
Kami still needs a billion dollars in capital to get it done, but consider what's going on with Rio Tinto and IOC and the rumors of them IPO-ing their IOC stake, and, again, the success of Champion in restarting Bloom, and it seems a reasonable bet that Alderon will raise the capital this time around. It might get built. If it does, it will differentiate Altius from all of the others because the net asset value just from the royalty aspect that gets created from nothing, is profound.
Brian: That leads into my next question, generally speaking, in your opinion, how difficult is it to raise $1 billion to develop a mine, today?
Chad: Very difficult and, in saying that, today's market is probably not the one to do it in. Will that market come? Of course it will. One thing that's going to be very apparent in what I'll call the pending bull cycle in commodities, is that the story is going to be about supply this time around, not demand.
What we've seen happen is the world has not developed enough copper, nickel and high grade iron ore mines to sustain just the static needs of society. So ultimately, it's going to be a supply crunch and there's just not going to be enough supply out there.
So that will incentivize commodity pricing, and incentivize capital, and more mines will get built. So will it happen? It will. The iron ore business is a bit different, because there is a lot of iron ore that came on through the last cycle through investment. But most of it is in this low grade or medium grade stuff. So it doesn't have the strategic niche of this high grade, low impurity ore, which quite frankly, the Chinese need.
So is the capital there today? Probably not. Will it come? It will. Also, I'd say you don't necessarily have to think that these things are going to be built by the market. There's a lot of diversified miners out there that have good balance sheets, have made a lot of money here in the last few years, again, and are going to be looking for shovel-ready assets to acquire to develop themselves. Maybe some of these things get built in different ways, not necessarily going to be through the capital market conventions of a bull market, if you will.
Brian: Earlier this year, Altius entered the lithium market with the investment in a closed end limited partnership with Lith
|
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CommonCrawl
| 0.163777 | 0.517162 | 0.686026 | -0.312677 |
ium Royalties Corporation. The deal gives Altius the rights to buy up to 10% of selected royalty direct investments.
Generally speaking, what criteria is Altius looking for in terms of the ideal investment in the lithium space? For example, does the lithium deposit type or jurisdiction matter?
Chad: We've always been a group that has focused on exploration and investment in bread and butter commodities, which lithium would not fit. We've seen a lot of these specialty themes over the years and we haven't invested in them because their supply and demand fundamentals have been so wonky that we just weren't comfortable with the volatility.
In the case of lithium and the battery metal craze in general, I'd say we missed it with lithium. We didn't necessarily believe that it was going to be one of these bread and butter commodities. I think we've come to realize that it is something that we should have spent more time investing in earlier through our exploration business, but we didn't. Because regardless of how much we try to minimize the forecasts of different battery chemistries in the EV build-out scenario, you just can't ignore lithium. And the big correction in the pricing this year gives us a more comfortable entry point to be buying when prices are not so near the top. So it is a bit of a catch up game.
What we did do this year is we partnered with expertise. The guys at Lithium Royalty Corp., especially Ernie Ortiz, the CEO of that ship, he's a specialist in the lithium world. He's been an authority in lithium for many years starting as one of the first sell side analysts to take apart the EV forecasts as the story was unfolding for the future demand of lithium.
So, again, what Altius decided, in this case, is to partner with some really smart people who had the groundwork laid and had the best-in-class assets sized up and deals templated. We are investing basically side by side with them through an equity position into that company and our royalty co-vestment rights are pro rata with our equity ownership. But we can pick and choose which ones we actually fund – we don't have to participate in every one of them, and in fact, haven't participated in every one so far.It is a different way for us to do it, as typically we've always been the front men running our own ship, whether it's a particular jurisdiction or a particular commodity or a particular idea. In this case, we weren't the first men running, so we partnered with the first man running.
Brian: Warren Buffett is famous for saying, "You must learn from mistakes, but they don't have to be your own." I was wondering if you could parlay that into the 20-year history of Altius.
Are there any lessons in particular that stand out to you?
Chad: Absolutely. It's all lessons. I'll focus on my side of the business, exploration and project generation. In the last bull cycle, we made $200 million plus through our project generation efforts. How did we do that?
We took geological real estate that we had generated with boot and hammer prospecting and came up with big context and big ideas. Then, we effectively sold it on to a third party. In the case of where we made the money selling on to a third party, it was a market participant. What we did is we exchanged geological real estate which is generally illiquid for shares in a fairly liquid company on a stock exchange, versus up until that point in time, let's say the first 10 years of Altius, we spent a lot of our time doing exploration deals with major miners.
Though that gave us a lot of technical credibility in the product that we generated and we were able to attract those third party endorsements, it was an illiquid business. What I mean is that even though you did a deal, you weren't able to monetize your minority residual stake in the assets.
So the big learning experiment that we had when we look back at the last bull cycle is related to the way that we made money, it was actually trading geological real estate for shares. So when we enter this bull cycle, I don't know that I'd call it a bull cycle yet, the phone started to ring. All of
|
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CommonCrawl
| 0.232383 | 0.306921 | 0.189975 | 0.065521 |
a sudden, here we were as an exploration group, we had assembled projects in nine jurisdictions globally from 2012 to 2016, when nobody gave a crap about the mining resources business, and certainly weren't doing exploration. We were able to waltz into world-class jurisdictions, build meaningful land positions, generated a lot of geological real estate, and basically we sat on it and waited for the market to turn.
Since that time, we've sold 54 (working on 57!) projects and 17 different agreements in less than 24 months. It's been extraordinary. I didn't think it could get so good for us. Every deal we've done, except for one that we haven't announced yet, is that we took our geological real estate, we'd trade it for shares in a third party junior company, or in special circumstances, we even facilitated the IPO of new entities.
Where at the same time, though, where did we end up? We ended up with a big share position in a company that now held the assets that we generated, while at the same time we retained blanket royalties to the underlying projects. Long term sewed up in terms of the mining operations, we get kicked back on our royalties, while at the same time, we're so early into the cycle we're effectively getting seed stock in juniors that go to explore our projects.
So these positions expose us to discovery opportunity off of our balance sheet, on somebody else's balance sheet, at the seed level. It's beautiful! So if you look at our juniors portfolio today, we're sitting on 27 juniors with a value of about $65 million at the end of September.
I can't make a promise, but I'll say to you I have extraordinary belief that that $65 million will be worth the market capitalization value of the entirety of Altius, roughly $600 million, through the cycle.
We're seeded up on the right deals, at the right time, in the right commodities and right projects that those things are going to deliver value.
It's a cyclical business, you need to be able to, to some degree, trade those cycles. We've been able to create fundamentally long-term royalties that punch through the cycles, that we can realize on over 10, 20, 30 year increments. At the same time, we're getting seeded up on equity that we can monetize and put a big surplus of cash into the bank, so when the market rolls over again, we can put it to work.
So, really, it was about realizing it's all about liquidity and timing.
Brian: That's a great answer.
The ramifications of confirmation bias should be a major concern for all investors, as human nature dictates that we love to reaffirm our beliefs with confirming evidence. As a manager, the same concern can be said for "yes" men; people who continually support the boss regardless of whether they think they are right.
Personally, in my career as a manager in steel manufacturing, I quickly learned how important it was to surround myself with people who weren't afraid to tell me what they thought about the projects that were being proposed or the direction that I wanted to take.
In your experience, how important is it to find or listen to disconfirming information?
Chad: The resources sector more than in any other, you shouldn't run with the herd. You have to go against it. The reality is that this business in general – exploring, mine development, mine construction, mine production – is extremely tough and tedious.
Additionally, you've got to realize that there's a lot of different tiers and categories of humans that benefit from a story advancing versus not advancing. So, a lot of times, you're always encouraged to keep spending and spending and spending, because to some degree it's the mentality to keep things going.
We don't get into that type of philosophy. We're a group that sticks to our guns, and believes in our own reasoning and rational. At the end of the day, it's about relying upon your own technical expertise and surrounding yourself with the right people that are willing to give you the right opinion that is unbiased, genuine and legit.
The resource sector is like no other, it is feast or famine, it's a herd mentality. To succeed you have to
|
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CommonCrawl
| 0.761531 | 0.267987 | 0.212166 | -0.089268 |
genuinely and truly be a contrarian. You have to be a no man versus a yes man.
Altius Minerals is the cornerstone of my personal portfolio and will remain that way for the foreseeable future. In Altius, I see minimal downside risk outside of a broader market crash, which, in reality, would negatively affect just about every company's share price.
Further, the upside potential from their project generation business looks very promising. First, looking at their development stage royalties projects: Excelsior Mining's Gunnison copper project, Alderon Iron Ore's Kami project or Evrim's Cuale project, there is a lot of potential cash flow that could be soon flowing in Altius' direction.
On the exploration side of their equity portfolio, you have Adventus Zinc Corporation (ADZN:TSXV), Aethon Minerals (AET:TSXV), Antler Gold (ANTL:TSXV), and Sokomon Iron (SIC:TSXV) to name just a few. Additionally, you have their latest spin out, Adia Resources, which is partnered with De Beers in the exploration for diamonds in Manitoba.
There are no guarantees in life, however, I believe that if you look at the short and long-term prospects of Altius, I think you will agree that they look tremendously bright.
Don't want to miss a new investment idea, interview or financial product review? Become a Junior Stock Review VIP now – it's FREE!
Brian Leni P.Eng
Founder – Junior Stock Review
Disclaimer: The following is not an investment recommendation, it is an investment idea. I am not a certified investment professional, nor do I know you and your individual investment needs. Please perform your own due diligence to decide whether this is a company and sector that is best suited for your personal investment criteria. I do own shares in Altius Minerals, Adventus Zinc Corporation, Aethon Minerals, and LIORC. All Altius Minerals analytics were taken from their website and press releases. I have NO business relationship with Altius Minerals or any of the other companies mentioned in this article.
The double bottom is the world's most stressful chart pattern. It forms after a significant price decline. The first low in the pattern creates substantial panic and fear in most investors.
The second low in the pattern is "softer", but no less dangerous to emotionally vulnerable investors. The volume is generally weak and the price action makes investors feel like they are in some kind of financial gulag.
Then the sun bursts out from behind those financial clouds, and glorious upside action begins! On that fabulous note, please click here now. Double-click to enlarge the spectacular price action on this daily gold chart.
The long term fundamentals and liquidity flows for gold should never be confused with the medium or short term. In the long term, the biggest driver of gold price appreciation is the Chindian "wealth effect".
It's all about Chinese and Indian citizens growing their standard of living and buying ever-more gold to celebrate the good times.
In the West, inflation is the most potent driver of the gold price and America is beginning an enormous inflation cycle that will likely continue for fifteen to twenty years.
As Chindians bring respect to gold as an asset class, Western gold bugs won't need to hide in the closet when they buy it because everybody will be able to get it online from companies like Amazon.
It will be as mundane as buying a coffee at Starbucks is now, but much more profitable!
In a nutshell, the love trade of three billion Chindians combined with the inflation trade of at least 500 million Westerners will soon completely restore gold's shimmer and place as the ultimate asset.
Please click here now. Double-click to enlarge. All investors should keep their eye on the price action taking place on this long term gold chart. Note the RSI oscillator. It's poised to leap above 50 and that's in sync with the arrival of Chinese New Year seasonality.
Some heavyweight money managers believe that an inflationary surprise is coming to America, and it could happen as early as this Friday's jobs report.
On that very interesting note, please click here now. Double-click to enlarge. A surprising uptick in US wage inflation is imminent and it will
|
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CommonCrawl
| 0.568619 | 0.091488 | 0.55512 | -0.305088 |
be a tremendous tail wind for silver's upside price action. I don't know if that inflationary surprise happens in Friday's jobs report or not, but I do want investors to be positioned to get richer if it occurs!
In the short term precious metals market, I might be shorting GDX via DUST (although the good news is that I currently hold NUGT), but that has nothing to do with the fabulous long term fundamentals in play for the entire precious metals market.
At my short term guswinger.com trading service the average NUGT/DUST or UDOW/SDOW trade lasts only a week or two. I increased my average trade size threefold yesterday… to enhance the adrenaline rush and the profits, with professionally managed risk. Investors should always separate trading accounts from long term core position investing accounts. They are as different as night and day.
Please click here now. Jay Powell had to "blink" with rate hikes and so did Donald Trump with tariff taxes or the U.S. stock market would have incinerated yesterday. So, when Trump "supersized" Powell's blink with his tariffs blink, the US stock market rocketed higher and I promptly sold half my UDOW swing trade position as the market opened. From there, the rally faded. Pros sold the news.
In the big picture, I think most stock market bulls and bears are working a bit too hard to predict either "make my stock market great" higher prices or the end of the bull market.
It's simply later in the U.S. business cycle now than it was a year ago, and it will be even later as 2019 gets underway. As the cycle matures, volatility typically grows and that makes analysts a bit desperate about trying to figure out what comes next.
Reality check: What comes next is vastly much wilder price action than has occurred at any point in this bull market! That's just what happens as earnings fade and inflation rises in an environment of debt worship.
Please click here now. Whether it's the U.S. government's maniacal obsession with debt growth and citizen extortion via income and capital gains taxation, the emergence of wage inflation, the negative effect of quantitative tightening on corporate stock buyback programs, or the inverting yield curve, what matters is that it's all happening in the late stage of the business cycle. Price volatility is poised to go "off the charts" in 2019 as these forces intensify dramatically and synergistically.
Stock market investors should not waste time trying to figure out what comes next. There's only one course of obvious tactical action for long term U.S. stock market investors, and that is: Reduce trade size now!
With the daily gold chart looking spectacular, what can gold stock investors expect? Well, for 2018 I've predicted that the "tax loss selling" of the past few years will be confined mainly to the tiny CDNX-listed juniors. GDX, GDXJ, and SIL and their component stocks are in great shape and poised to join gold in a "shotgun" move higher for the medium term.
Please click here now. Double-click to enlarge this GDX daily chart. GDX is sporting dual inverse head and shoulders patterns.
From a technical perspective, GDX can be viewed as a sports car with twin technical turbos that is revving its engine now. GDX appears poised to rise to the minor highs around $20.50, and then race straight to my $23.50 target zone!
There could be some wild volatility around Friday's jobs report and the December 19 Fed meeting, but the dual H&S patterns are a powerful technical force to be reckoned with. When both the short term technicals and the long term fabulous fundamentals are weighed carefully, most gold stock investors should be in great spirits and ready for the upside journey of a lifetime!
Special Offer For Website Readers: Please send me an Email to freereports4@gracelandupdates.com and I'll send you my free "Back Up The Golden Truck!" report. I highlight six under the radar junior gold stocks that could stage five bagger gains or more in 2019. I include key buy and
|
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] | 1,024 |
CommonCrawl
| 0.46673 | 0.293943 | -0.082371 | -0.807086 |
sell signals for each stock!
https://gracelandjuniors.com
The junior gold miners' stocks have spent recent months mostly languishing near major multi-year lows. That spawned a sentiment wasteland riddled by bearishness and bereft of bids. But these companies' battered stock prices aren't fundamentally righteous, as proven yet again by their latest earnings season. Faring far better in a challenging third quarter than stock prices imply, they need to mean revert way higher.
Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports. Companies trading in the States are required to file 10-Qs with the U.S. Securities and Exchange Commission by 40 calendar days after quarter-ends. Canadian companies have similar requirements at 45 days. In other countries with half-year reporting, many companies still partially report quarterly.
The definitive list of elite "junior" gold stocks to analyze comes from the world's most-popular junior-gold-stock investment vehicle. Mid-month the GDXJ VanEck Vectors Junior Gold Miners ETF reported $4.1b in net assets. Among all gold-stock ETFs, that was second only to GDX's $9.0b. That is GDXJ's big-brother ETF that includes larger major gold miners. GDXJ's popularity testifies to the great allure of juniors.
Unfortunately this fame created serious problems for GDXJ a couple years ago, resulting in a stealthy major mission change. This ETF is quite literally the victim of its own success. GDXJ grew so large in the first half of 2016 as gold stocks soared in a massive upleg that it risked running afoul of Canadian securities laws. And most of the world's smaller gold miners and explorers trade on Canadian stock exchanges.
Since Canada is the centre of the junior-gold universe, any ETF seeking to own this sector will have to be heavily invested there. But once any investor including an ETF buys up a 20%+ stake in any Canadian stock, it is legally deemed to be a takeover offer that must be extended to all shareholders! As capital flooded into GDXJ in 2016 to gain junior-gold exposure, its ownership in smaller components soared near 20%.
Obviously hundreds of thousands of investors buying shares in an ETF have no intention of taking over gold-mining companies, no matter how big their collective stakes. That's a totally-different scenario than a single corporate investor buying 20%+. GDXJ's managers should've lobbied Canadian regulators and lawmakers to exempt ETFs from that 20% takeover rule. But instead they chose an inferior, easier fix.
Since GDXJ's issuer controls the junior-gold-stock index underlying its ETF, it simply chose to unilaterally redefine what junior gold miners are. It rejiggered its index to fill GDXJ's ranks with larger mid-tier gold miners, while greatly demoting true smaller junior gold miners in terms of their ETF weightings. This controversial move defying long decades of convention was done quietly behind the scenes to avoid backlash.
There's no formal definition of a junior gold miner, which gives cover to GDXJ's managers pushing the limits. Major gold miners are generally those that produce over 1m ounces of gold annually. For decades juniors were considered to be sub-200k-ounce producers. So 300k ounces per year is a very-generous threshold. Anything between 300k to 1m ounces annually is in the mid-tier realm, where GDXJ now traffics.
That high 300k-ounce-per-year junior cutoff translates into 75k ounces per quarter. Following the end of the gold miners' Q3'18 earnings season in mid-November, I dug into the top 34 GDXJ components' results. That's simply an arbitrary number that fits neatly into the tables below. Although GDXJ included a staggering 70 component stocks mid-month, the top 34
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] | 1,024 |
CommonCrawl
| 0.375708 | 0.540522 | 1.20606 | -0.029345 |
accounted for a commanding 82.9% of its total weighting.
Out of these top 34 GDXJ companies, only 3 primary gold miners met that sub-75k-ounce-per-quarter qualification to be a junior gold miner! Their quarterly production is rendered in blue below, and they collectively accounted for just 3.8% of this ETF's total weighting. GDXJ is inarguably now a pure mid-tier gold-miner ETF, not a junior one. But its holdings include the world's best gold miners with huge upside potential.
I've been doing these deep quarterly dives into GDXJ's top components for years now. In Q3 2018, fully 31 of the top 34 GDXJ components were also GDX components! These are separate and distinct ETFs, a "Gold Miners ETF" and a "Junior Gold Miners ETF". So they shouldn't have to own many of the same companies. In the tables below I highlighted the symbols of rare GDXJ components not also in GDX in yellow.
These 31 GDX components accounted for 79.2% of GDXJ's total weighting, not just its top 34. They also represented 31.7% of GDX's total weighting. Thus nearly 4/5ths of this "Junior Gold Miners ETF" is made up by nearly 1/3rd of the major "Gold Miners ETF"! These GDXJ components also in GDX are clustered from the 11th- to 30th-highest weightings in that latter larger ETF. GDXJ is mostly smaller GDX stocks.
In a welcome change from GDXJ's vast component turmoil of recent years, only 4 of its top 34 stocks are new since Q3 2017. Their symbols are highlighted in light blue below. Thus the top GDXJ components' collective results are finally getting comparable again in year-over-year terms. Analyzing ETFs is much easier if their larger components aren't constantly in flux. Hopefully changes going forward are relatively minor.
Despite all this, GDXJ remains the leading "junior-gold" benchmark. So every quarter I wade through tons of data from its top components' latest results, and dump it into a big spreadsheet for analysis. The highlights make it into these tables. Most of these top 34 GDXJ gold miners trade in the US and Canada, where comprehensive quarterly reporting is required by regulators. But others trade in Australia and the UK.
In these countries and most of the rest of the world, regulators only mandate that companies report their results in half-year increments. Most do still issue quarterly production reports, but don't release financial statements. There are wide variations in reporting styles, data presented, and release timing. So blank fields in these tables mean a company hadn't reported that particular data for Q3 2018 as of mid-November.
The first couple columns of these tables show each GDXJ component's symbol and weighting within this ETF as of mid-November. While just over half of these stocks trade on US exchanges, the other symbols are listings from companies' primary foreign stock exchanges. That's followed by each gold miner's Q3'18 production in ounces, which is mostly in pure-gold terms excluding byproduct metals often found in gold ore.
Those are usually silver and base metals like copper, which are valuable. They are sold to offset some of the considerable costs of gold mining, lowering per-ounce costs and thus raising overall profitability. In cases where companies didn't separate out gold and lumped all production into gold-equivalent ounces, those GEOs are included instead. Then production's absolute year-over-year change from Q3'17 is shown.
Next comes gold miners' most-important fundamental data for investors, cash costs and all-in sustaining costs per ounce mined. The latter directly drives profitability which ultimately determines stock prices. These key costs are also followed by YoY changes. Last but not least the annual changes are shown in operating cash flows generated, hard GAAP earnings, sales, and cash on hand with a couple exceptions.
Percentage changes aren'
|
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CommonCrawl
| 0.269743 | 0.644345 | 1.439179 | 0.17936 |
t relevant or meaningful if data shifted from positive to negative or vice versa, or if derived from two negative numbers. So in those cases I included raw underlying data rather than weird or misleading percentage changes. This whole dataset together offers a fantastic high-level read on how the mid-tier gold miners as an industry are faring fundamentally. They actually did relatively well in Q3.
While this new mid-tier GDXJ is generally excellent, some decisions by its managers are utterly baffling. Out of all the world's gold miners they could've added over this past year, they inexplicably decided on the giant largely-African AngloGold Ashanti. It produced an enormous 851k ounces of gold last quarter, the largest in GDXJ by far. It and the rest of the South African majors definitely don't belong in GDXJ!
Remember that major-gold-miner threshold has long been 1m+ ounces per year. AU's production is annualizing to well over 3x that, making this company the world's 3rd-largest gold miner last quarter. Why on earth would managers running a "Junior Gold Miners ETF" even consider AngloGold Ashanti? It is as far from junior-dom as gold miners get. The same is true with the rest of the troubled South African gold miners.
AU, Gold Fields, Harmony Gold, and Sibanye-Stillwater mined 851k, 533k, 379k, and 309k ounces in Q3'18, all are majors. Yet they accounted for 13.1% of GDXJ's total weighting. They are riddled with all kinds of problems too, from shrinking production to high costs to increasing stealth expropriations from South Africa's openly-Marxist anti-white-investor government. Their inclusion heavily skews and taints GDXJ.
These South African majors' Q3 production of 2.1m ounces was a whopping 41% of the GDXJ top 34's total! And it still fell 7.0% YoY due to South Africa's tragic death spiral. Excluding them and the amazing Kirkland Lake Gold which has grown so fast it was moved exclusively into GDX over this past year, the rest of the GDXJ top 34 grew production 3.4% YoY in Q3. The South African majors' cost impact is even worse.
Mining in that country is very expensive thanks to very-old very-deep mines and endless new government interference via stifling regulations. In Q3 the South African majors' cash and all-in sustaining costs came in really high averaging $925 and $1088 per ounce. The rest of GDXJ's top 34 averaged $629 and $877, a massive 32.0% and 19.4% lower! The South African majors are really retarding GDXJ's performance.
As struggling majors far larger than mid-tiers and juniors, they need to get kicked out of GDXJ posthaste. They can be left in GDX where they belong. AU effectively took KL's place, which makes no sense at all fundamentally. Kirkland Lake produced 180k ounces of gold in Q3 at $351 cash costs and $645 AISCs. So unlike AU, KL remains solidly in the mid-tier realm and has been performing incredibly well operationally.
While GDXJ's managers really dropped the ball including those South African majors, they deserve big praise for upping the weighting of the outstanding Australian miners. They are Northern Star Resources, Evolution Mining, Regis Resources, St Barbara, and Saracen Mineral. Their collective weighting in GDXJ grew to 21.7% at the end of Q3's earnings season, nearly 2/3rds higher from their 13.3% a year earlier.
Unlike AU's dumbfounding inclusion, the Australians' rise is well-deserved. Their production surged 8.9% YoY to 686k ounces, or 23
|
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] | 1,024 |
CommonCrawl
| 0.052378 | 0.582051 | 1.475044 | -0.41197 |
% of the GDXJ top 34's total excluding those South African majors. And the Australian miners are masters at developing great gold deposits and controlling costs, as their cash costs and AISCs in Q3 averaged just $586 and $724! It's fantastic GDXJ offers American investors this Aussie exposure.
GDXJ's component list and weightings are a work in progress, and are gradually getting better. For years I've pointed out things like the South African majors that weren't right, and GDXJ's managers eventually seem to come around and change things for the better. Greatly helping that process is investors buying the better individual stocks like KL and shunning laggards like AU, readjusting their relative market capitalizations.
GDXJ and GDX are essentially market-cap weighted, with larger companies rightfully commanding larger weightings. These leading gold-stock ETFs' managers can override this by deciding which gold miners to include in each ETF. So they can easily purge GDXJ of the deteriorating South African majors and add real mid-tier gold miners. But the true core problem is having so many of the same stocks in GDX and GDXJ.
Such massive overlap between these two ETFs is a huge lost opportunity for VanEck. It owns and manages GDX, GDXJ, and even the MVIS indexing company that decides exactly which gold stocks are included in each. With one company in total control, there's no need for any overlap in the underlying companies of what should be two very-different gold-stock ETFs. Inclusion ought to be mutually-exclusive.
VanEck could greatly increase the utility of its gold-stock ETFs and thus their ultimate success by starting with one big combined list of the world's better gold miners. Then it could take the top 20 or 25 in terms of annual gold production and assign them to GDX. Based on Q3'18 production, that would run down near 139k or 93k ounces per quarter. Then the next-largest 40 or 50 gold miners could be assigned to GDXJ.
Getting smaller gold miners back into GDXJ would be a huge boon for the junior-gold-mining industry. Most investors naturally assume this "Junior Gold Miners ETF" owns junior gold miners, which is where they are trying to allocate their capital. But since most of GDXJ's funds are instead diverted into much-larger mid-tiers and even some majors, the juniors are effectively being starved of capital intended for them.
That's one of the big reasons smaller gold miners' stock prices are so darned low. They aren't getting enough capital inflows from gold-stock-ETF investing. So their share prices aren't bid higher. They rely on issuing shares to finance their exploration projects and mine builds. But when their stock prices are down in the dumps, that is heavily dilutive. So GDXJ is strangling the very industry its investors want to own!
Back to these mid-tier gold miners' Q3'18 results, production is the best place to start since that is the lifeblood of the entire gold-mining industry. These top 34 GDXJ gold miners that had specifically reported Q3 production as of mid-November produced 5063k ounces. That surged by a massive 18.8% YoY, implying these miners are thriving. But that is heavily distorted by that huge 851k-ounce boost from AU's addition.
Without the world's 3rd-largest gold miner, the rest of the GDXJ top 34 saw their production slip 1.2% YoY to 4212k ounces. That reflected the peak-gold challenges the gold-mining industry is facing, as I discussed a couple weeks ago while reviewing the GDX majors' Q3'18 results. The GDXJ top 34 are still outperforming the GDX top 34, which saw their gold production retreat 2.9% YoY in Q3 bucking historical trends.
Sequentially quarter-on-quarter
|
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] | 1,024 |
CommonCrawl
| 0.207929 | 0.589838 | 1.037497 | -0.053378 |
from Q2'18 the GDXJ top 34's production surged a dramatic 13.3%! And AU was already one of GDXJ's top components then. That partially came from new mines ramping up at the world's best mid-tier gold miners. It is far easier for them to grow production off lower bases than it is for the majors off high bases. That's a key reason why the mid-tiers' upside potential trounces that of the majors.
For all GDXJ's faults, it does still offer investors exposure to much-smaller gold miners. The average quarterly production of all the top 34 GDXJ miners reporting it in Q3 was 163.3k ounces. That is 43% smaller than the 288.8k averaged by the top 34 GDX miners last quarter. And again AU's crazy inclusion really skews this. Ex-AU, the GDXJ average falls to 140.4k. Without all the South African majors, it is 110.8k.
These annualize to 562k and 443k, both solidly in the mid-tier realm. Analyzing GDXJ's production and costs requires breaking out those heavily-distorting South African majors that have no place in a mid-tier gold-miner ETF. Again their production fell 7.0% YoY in Q3, while the rest of the GDXJ top 34's ex-KL grew 3.4%! Production and costs tend to be proportionally inversely related because of how mining works.
Gold-mining costs are largely fixed quarter after quarter, with actual mining requiring the same levels of infrastructure, equipment, and employees. The tonnage throughputs of the mills that process the gold-bearing ore are also fixed. So gold produced varies with ore grades each quarter. The more gold that is recovered, the more ounces to spread gold mining's big fixed costs across. That lowers per-ounce costs.
There are two major ways to measure gold-mining costs, classic cash costs per ounce and the superior all-in sustaining costs per ounce. Both are useful metrics. Cash costs are the acid test of gold-miner survivability in lower-gold-price environments, revealing the worst-case gold levels necessary to keep the mines running. All-in sustaining costs show where gold needs to trade to maintain current mining tempos indefinitely.
Cash costs naturally encompass all cash expenses necessary to produce each ounce of gold, including all direct production costs, mine-level administration, smelting, refining, transport, regulatory, royalty, and tax expenses. In Q3'18, the overall cash costs of the GDXJ top 34 surged 8.4% higher YoY to $663 per ounce. That was still largely in line with the past four quarters' $612, $618, $692, and $631 averaging $638.
But that sharp jump was mostly the result of the South African majors' deepening troubles. Again their average cash costs last quarter were a whopping $925! Without them, the rest of the GDXJ top 34 averaged $629 per ounce which was only up 2.8% YoY and below the rolling-four-quarter mean. So the mid-tier gold miners of GDXJ are holding the line on cash costs, a sign their operations are fundamentally sound.
Way more important than cash costs are the far-superior all-in sustaining costs. They were introduced by the World Gold Council in June 2013 to give investors a much-better understanding of what it really costs to maintain gold mines as ongoing concerns. AISCs include all direct cash costs, but then add on everything else that is necessary to maintain and replenish operations at current gold-production levels.
These additional expenses include exploration for new gold to mine to replace depleting deposits, mine-development and construction expenses, remediation, and mine reclamation. They also include the corporate-level administration expenses necessary to oversee gold mines. All-in sustaining costs are the most-important gold-mining cost metric by
|
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] | 1,024 |
CommonCrawl
| 0.588997 | 1.173841 | 1.830102 | 0.577796 |
far for investors, revealing gold miners' true operating profitability.
The GDXJ top 34 reported average AISCs of $911 in Q3, up 3.8% YoY. But like cash costs, this was roughly in line with the $877, $855, $923, and $886 seen in the past four quarters. But again that was skewed quite a bit higher by those wrongly-included South African majors, which reported $1088 average AISCs in Q3. The rest of the top 34 averaged $877, which is actually better than the $885 four-quarter average.
So the South African majors are really tainting GDXJ's collective operational performance, with lower production and higher costs dragging down this entire ETF. Those giant struggling gold producers are an albatross around the neck of the many great mid-tier gold miners in GDXJ! If you are a GDXJ investor, contact VanEck and urge them to boot the South African majors out of GDXJ to help it thrive going forward.
Gold-mining earnings are simply the difference between prevailing gold prices and all-in sustaining costs. And both sides of this equation moved the wrong way in Q3, squeezing the mid-tier gold miners' profits. Q3'18's average gold price of $1211 was 5.3% lower than Q3'17's. And with overall GDXJ top 34 AISCs 3.8% higher at $911, that really cut into margins. These gold miners were collectively earning $300 per ounce.
That implied solid 25% profit margins absolutely, which aren't bad. But they still plunged 25.4% YoY from Q3'17's $402 per ounce, which amplified gold's decline by 4.8x. But gold-mining profits leverage to gold is exactly why the gold stocks make such compelling investments. Gold stocks were weak in Q3 because gold was pounded to a deep 19.3-month low in mid-August on extreme all-time-record gold-futures short selling.
Left for dead and neglected, the gold miners' stocks are the last cheap sector in these lofty bubble-valued stock markets. Their fundamental upside as gold mean reverts higher on speculators' gold-futures buying and new investment demand as stock markets roll over is enormous. This is easy to understand with a simple example. In the last four quarters including Q3'18, the top 34 GDXJ gold miners' AISCs averaged $894.
During gold's last major upleg in essentially the first half of 2016, it powered about 30% higher driven by surging investment demand after stock markets suffered back-to-back corrections. That was even small by historical gold-bull-upleg standards. If we merely get another 30% gold advance from its recent mid-August low of $1174, we're looking at $1525 gold. That would work wonders for gold-mining profits and stock prices.
At $1525 gold and $894 AISCs, the mid-tier gold miners would be earning $631 per ounce. That's 110% higher than Q3'18's $300! If gold-mining profits double, gold-stock prices will soar. Indeed during that last 30% gold bull in the first half of 2016, GDXJ rocketed 203% higher! So the gold-stock outlook is wildly bullish with gold itself due to power higher as the stock markets roll over on the Fed's record tightening.
The rest of the top 34 GDXJ gold miners' fundamentals were mixed last quarter. Cash flows generated from operations totaled $1.3b in Q3, down 21.2% YoY. That's reasonable given average gold's 5.3% YoY retreat and their leverage to it. Cash on hand remained high at $5.4b, down
|
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] | 1,024 |
CommonCrawl
| 0.237138 | 0.615793 | 1.048257 | -0.421931 |
just 5.3% YoY. So these mid-tier gold miners have plenty of capital to build and buy new mines to continue growing their production.
Revenues only slipped 0.4% YoY to $4.1b, which means the softer gold prices were largely offset by higher production. But GAAP profits looked like a disaster, with the GDXJ top 34's plummeting to a $379m loss in Q3'18 from being $212m in the black in Q3'17! That was far worse than the lower gold prices warranted, but thankfully it was mostly the result of big non-cash charges flushed through income statements.
Tahoe Resources reported a massive $170m impairment charge on its suspended Escobal silver mine that is being held hostage by the corrupt Guatemalan government. Yamana Gold wrote off $89m after selling a mine in Argentina. Explorer NOVAGOLD reported an $81m loss from discontinued operations on the sale of one of its projects. These three unusual items alone wiped out $340m of profits from GDXJ's ranks.
Without them, the top 34 GDXJ gold miners' earnings would've fallen to -$39m from +$212m. That isn't great, but it doesn't reveal any serious issues a rising gold price won't quickly solve. Interestingly if KL was still included instead of AU, that would've added another $56m in Q3'18 profits. The mid-tiers' overall earnings should dramatically leverage and outpace gold in coming quarters as it inexorably mean reverts higher.
While GDXJ should certainly no longer be advertised as a "Junior Gold Miners ETF", it offers exposure to some of the best mid-tier gold miners on the planet. It's really growing on me, I like this new GDXJ way better than GDX. That being said, GDXJ is still burdened by overdiversification and way too many gold miners that shouldn't be in there. They are either too large, are saddled with inferior fundamentals, or both.
So the best way to play the gold miners' coming massive mean-reversion bull is in individual stocks with superior fundamentals. Their gains will ultimately trounce the major ETFs like GDXJ and GDX. There's no doubt carefully-handpicked portfolios of elite gold and silver miners will generate much-greater wealth creation. GDXJ's component list is a great starting point, but pruning it way down offers far-bigger upside.
The bottom line is the mid-tier gold miners reported solid fundamentals despite a challenging third quarter for gold prices. Excluding the South African majors, they were able to grow their production nicely while holding the line on costs. That portends dramatic operating-cash-flow and earnings growth in the coming quarters as gold mean reverts higher on big investment buying. The mid-tier gold miners' stocks will soar on that.
Gold stocks are not only unloved and dirt-cheap today, but they are a rare sector that rallies strongly with gold as general stock markets weaken. While virtually no one was interested in these leveraged plays on gold upside in recent months, that will change fast as these lofty stock markets roll over. And the mid-tier gold miners' recent Q3 earnings season proved they remain ready to fundamentally amplify gold's gains.
Ask some gold bugs why Gold has not broken out yet and you will probably get the usual answers. Some will say it's due to manipulation or price suppression. Others will mention the current rally in the US Dollar (while neglecting that the previous decline in the greenback was unable to take Gold to a new high). Few would say the fundamentals are not in place. No one can know for certain but Gold's fundamentals have not improved over the past year and are not where they need to be to support a breakout.
The vast majority of history shows us that Gold is inversely correlated to real interest rates (or real yields). It makes perfect sense because Gold has been money for thousands of years. When real rates decline, the real return on money in the bank or in a treasury
|
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CommonCrawl
| 0.539071 | 0.470442 | 0.840243 | -0.118202 |
bill or note decreases. Gold benefits. The corollary is also true. Rising real interest rates indicate stronger real return on money invested in the aforementioned instruments. That's negative for Gold.
Real interest rates have actually strengthened for nearly 18 months, as the chart below shows. Gold has performed well during that period because of weakness in the US Dollar as well as some anticipation of an escalation in long-term yields.
Given the rise in real interest rates, it is not a surprise that investment demand for Gold has been weak. Gold bugs frequently trumpet strong demand from China and how tight the physical Gold market is but in reality, investment demand is what drives bull markets. Investment demand tends to respond to or follow negative and/or declining real interest rates.
One way of measuring investment demand in real time is by following the amount of Gold held in the GLD trust. As we can see below, investment demand (by this metric) confirmed the rebound in Gold in the first half of 2016. However, it has essentially been flat over the past 18 months as Gold rebounded from the low $1100s all the way to $1360.
Gold & Tons in GLD Trust
So if Gold's fundamentals are not bullish and investment demand is flat, what conditions need to change that would benefit Gold?
Obviously, Gold needs declining real interest rates. It needs some combination of an acceleration in inflation and a pause or slowdown in short-term yields including the Fed Funds rate. Inflation has risen in recent quarters but short-term yields have risen faster as evidenced by the increase in real interest rates (shown in our first chart).
Weeks ago Gold was sniffing a breakout as long-term bond yields, such as the 10-year and 30-year yield were also threatening a breakout. An upside break in long-term yields would be significant for Gold as it would signal an increase in inflation expectations and pressure the balance sheets of both an over-indebted corporate sector as well as a government already running the largest non-recessionary, peacetime budget deficit in history. However, bond yields have yet to breakout even as the masses have positioned for such. In other words, Bonds could be ripe for a counter-trend rally which means yields would be ripe for a counter-trend decline.
Gold, 30-Year Treasury Yield, 10-Year Treasury Yield
An upside breakout in bond yields could also potentially lead to a new uptrend in the Gold to Stocks ratio. It could cause issues in the economy and stock market which would in turn, benefit Gold. While Gold is in a new uptrend relative to Bonds (not shown) and is currently firming against foreign currencies, it has not been able to sustain strength relative to the equity market. From an intermarket perspective this is the link that has been missing to put Gold in a real bull market.
Gold, Gold/Foreign Currencies, Gold/Equities
It would not be a surprise to see Gold correct lower as fundamentals are not currently bullish and the US Dollar (the weakness of which supported Gold throughout 2017) is rebounding with potentially more upside. Although inflation is increasing, it has not increased fast enough to counteract the rise in short-term yields. A future breakout in long-term yields could be the missing catalyst for Gold as it would cause issues in the economy and stock market and lead to softer Fed policy. Until then, traders and investors would be wise to focus on the junior miners that can add value to their projects in the meantime. To follow our guidance and learn our favorite juniors for the next six months, consider learning more about our premium service.
It was an interesting week in the precious metals complex. There appeared to be the start of a short squeeze in Silver (hedge funds were heavily short) but it ceased at an important resistance. Meanwhile, Gold closed the week on a weak note, losing $1340-$1350. The gold stocks, like silver closed the week below technical resistance. The price action in the complex continues to suggest that a breakout in Gold is the key to unleashing strong outperformance from Silver and the gold stocks.
While Silver has very supportive sentiment, it has not broken out from its downtrend yet. The net speculative position was at 1.1% a few weeks ago,
|
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] | 1,024 |
CommonCrawl
| 0.320008 | 0.6703 | 0.201407 | -0.198996 |
an all time low. That won't spring Silver by itself unless Silver can surpass critical resistance in the mid $18s. And that may not happen until Gold breaks $1360-$1370. Silver has strong support in the low to mid $16s.
Silver & Silver Net Speculative Position
Moving to Gold, the daily chart below shows Gold losing $1340-$1350 after rejection again at $1360. Immediate support for Gold lies at $1325 which if broken would lead to a test of $1300-$1310 and the 200-day moving average.
Gold Daily Candles
We have a few observations to share with respect to the gold stocks. First, GDXJ has pulled back from trendline resistance around $34. Second, breadth indicators for GDX such as the advance decline line (A/D) and the bullish percentage index (BPI) are showing a positive divergence. The BPI has reached a 52-week high while the A/D line is not far from its January peak when GDX nearly hit $25. So while GDX has been relatively weak, its internals are showing more strength.
Silver and the gold stocks have yet to break important resistance as Gold once again was turned back at major resistance. If the US Dollar, which closed at 90.07, rallies up to its 200-day moving average at 92, Gold would likely test $1300-$1310. Should Silver and the gold stocks hold up well in that scenario (which could be suggested by current breadth) then it would imply a good rebound from the sector back to resistance points. Lower prices in the juniors would be a welcome sign and another opportunity to accumulate ahead of a major breakout in the not too distant future. In anticipation of that breakout, we have been accumulating the juniors with 300% to 500% upside potential over the next 18-24 months. To follow our guidance and learn our favorite juniors, consider learning more about our premium service.
Readers know that I have beaten this drum all too often. Gold's major fundamental driver is declining or negative real rates. There is a strong inverse correlation because Gold is money. That's what JP Morgan said and he's far more qualified to understand than quotable celebrities like Mark Cuban. But I digress.
When real rates are increasing or strongly positive (during most of the 1980s and 1990s and 2011 through 2015) Gold performs poorly because one can earn a real return on their money unlike with Gold. However, when real rates decrease and particularly when they are negative, Gold flourishes. That being said, right now there is an interesting development. Real rates have increased over the past year but Gold has held steady. Reviewing recent history can help us answer which is right.
First we look at a market-based indicator for real rates (yields). The US Treasury publishes this data daily as calculated from the TIPS market. Below we plot Gold along with the real 5-year TIPS yield, which recently touched an 8-year high. Interestingly, Gold has held up well. Note that there were two previous, similar divergences. Gold peaked in 2011 even though the real 5-year yield did not bottom until 2012. From 2005 to 2006 Gold made a significant break to the upside yet the real 5-year yield also increased during that time. Both times Gold was right.
Market-based indicators are great but in the context of real rates, the basic calculation has proven to be a better indicator for Gold. In this chart we plot Gold along with the real fed funds rate (inflation less the fed funds rate) and the real 5-year yield (inflation yess the 5-year yield). Note that both statistics peaked in 2011 at exactly the same time as Gold. Both have increased since the start of 2017 (along with Gold) but are nowhere close to the 8-year high that the real 5-year TIPS yield is. The TIPS market is exaggerating the strength of real yields.
Ultimately it remains to be seen which is right (Gold or real rates) but the past tells us to side with the market (Gold) rather than a fundamental indicator. The market is a disc
|
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] | 1,024 |
CommonCrawl
| 0.250044 | 0.452273 | 0.291068 | -0.173225 |
ounting mechanism.
Gold holding steady despite an increase in real rates could be a bullish signal just as Gold declining amid falling real rates would be concerning. Perhaps Gold is discounting the likelihood that real rates have peaked and the risk of a sharp decline in real rates in 2020. In any case, those who focus too much on real rates and not the message of the market could risk missing out on a huge break to the upside. In anticipation of that move we continue to accumulate the juniors that have 300% to 500% upside potential over the next 18-24 months. To follow our guidance and learn our favorite juniors for the next 12-18 months, consider learning more about our premium service.
The precious metals sector continues to correct and consolidate. Gold remains in a bullish consolidation. It recently reached resistance again and even though it has failed to breakout, it remains above long-term moving averages which are sloping upward. However, the gold stocks and Silver remain in correction mode. They are trading below the long-term moving averages and at the lower end of their ranges over the past 12 months. That certainly provides an opportunity but these markets may not truly perform until Gold is ready to breakout.
Bullish Silver commentaries (because of its CoT) have been making the rounds and I don't disagree. In the chart below we plot the net speculative position as a percentage of open interest. It is at 7.4%, which is the lowest reading in nearly three years. Interestingly, the daily sentiment index for Silver is not at an extreme. Its at 40% bulls. Technically, Silver is wedged in between support and resistance. A break does not appear imminent.
Like Silver, the gold stocks are oversold but we do not see an indication of an extreme oversold condition. In the chart below we plot GDX along with the difference between new highs and new lows. We also plot GDXJ along with the percentage of stocks (from a group of 50 we follow) that are trading above the 50-dma and 200-dma. GDX recently held above $21 again (even with over 20% of the index making new 52-week lows) while GDXJ is starting to show a bit more strength relative to GDX. At the low last Wednesday, 19% of those 50 juniors were trading above the 50-dma while 27% were trading above the 200-dma.
Gold, unlike Silver and the gold stocks, has not corrected much and remains much closer to resistance than support. Also, sentiment in Gold is much more optimistic than in Silver. The net speculative position in Gold is 37%, which dwarfs the 7.4% reading in Silver. Gold's daily sentiment index is 56% bulls which is comfortably above Silver's. During bull markets, corrections in Gold tend to push the net speculative position below 30%. Gold continues to maintain support at $1300 but we wonder if it needs to break that level and flush out some speculators before breaking out of its larger consolidation.
The precious metals sector is at an interesting juncture and it remains to be seen how the current disparity will resolve. One scenario is Gold breaks $1300 and this causes a mini-washout in the gold stocks and Silver. The other scenario is Gold continues to consolidate above $1300 and the gold stocks and Silver firm in anticipation of a major breakout in Gold. This is something that could take weeks to answer. In any event, we continue to remain patient and continue to accumulate the juniors we think have 5-fold potential over the next 18 months. To follow our guidance and learn our favorite juniors for the next 12-18 months, consider learning more about our service.
Gold was well bid during the equity correction but it could not breakout then and has retreated as equities have roared back. As a result, the Gold to stocks ratio has retraced most of its recent surge. Meanwhile, the US Dollar has rebounded and the oversold and overhated bond market could be starting a rally. The recent rise in long-term bond yields which has benefitted Gold appears due for a pause or correction. Meanwhile, Gold could also correct and consolidate as it waits for a breakout
|
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CommonCrawl
| 0.224232 | 0.402957 | 0.160163 | -0.492922 |
in long-term bond yields which should in turn benefit Gold.
As we noted in One Big, Potential Catalyst for Gold in 2018, Gold is no longer trading with bonds and therefore could benefit from a big breakdown in bonds. As the chart below shows, the bond market has experienced a major breakdown. In recent days, the 5-year, 10-year and 30-year bonds all touched multi-year lows.
The breakdown in the bond market has helped Gold rally but why hasn't Gold reached the corresponding multi-year highs?
First, we should remember that the correlation between Gold and bonds was positive until November 2017. The market has begun to sense inflation only recently.
Second, while bond prices have broken down to multi-year lows, bond yields (and specifically long-term yields) have yet to breakout to multi-year highs.
The chart below shows long-term yields are testing multi-year resistance. For the 10-year yield, a strong push above 3.00% would mark more than a 6-year and almost 7-year high. A break above 3.25% in the 30-year yield would mark a 4-year high.
We have argued that Gold was unlikely to breakout immediately due to its lack of relative strength as well as the lack of strength from Silver and the gold shares.
If that remains the case then we would also expect bond yields to correct and digest their recent advance rather than breakout. We should also note that the daily sentiment index for bonds hit an 18-day average of 15% bulls. That is a bearish extreme and suggests the probability that bonds will rebound and yields will decline.
Gold could be waiting for a major breakout in bond yields, which would be a reflection of increasing inflation and inflation expectations. It would also result in more pressure on the economy and therefore the stock market. That would benefit Gold in both nominal and real terms. We expect a counter-trend move in Gold and bond yields before a breakout. This will allow us a bit more time to position in the juniors that should deliver fantastic returns. To follow our guidance and learn our favorite juniors for the next 12-18 months, consider learning more about our service.
For the past fifteen months or so, gold has repeatedly been turned back by immense technical resistance in the $1370 area.
There have been three clear attempts to push through the $1370 area since November of 2016. The first two failed miserably, but the current move looks much more positive.
During the latest pullback from $1370, the bears have only managed to push the price modestly lower, to my key buy zone at $1310.
The gold price promptly leaped higher as soon as it touched that area. This is very positive technical action. If the bulls fail a third time (unlikely), investors should be aggressive buyers at my $1270 and $1240 buy zones.
Please click here now. Double-click to enlarge this gold chart for a closer look at the current price action.
Gold is attacking the $1370 area from a symmetrical triangle pattern. Using the classic technical analysis promoted by Edwards & Magee, there is roughly a 67% chance of an upside breakout.
That breakout would push the world's mightiest metal through $1370… and open the door for a rush higher towards $1420, $1470, and $1520!
Please click here now. Double-click to enlarge this exciting dollar versus yen chart.
The dollar's breakdown under the key 108 support area adds tremendous weight to the argument that gold is poised to surge above $1370.
Most Trump supporters are focused on his campaign pledges regarding immigration, tariffs, defence, deregulation, and tax cuts. Their focus is on growth rather than inflation. That's a mistake.
Reduced immigration tightens the labour market, pushing inflation higher. Borrowing money to buy more bombs to expand an already-gargantuan military-industrial complex puts immense pressure on the bond market. Deregulation and tax cuts are also inflationary.
While these pledges are indeed positive for gold, my main focus has always been on his more "thunderous" pledges regarding dollar devaluation and a ha
|
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] | 1,024 |
CommonCrawl
| 0.889233 | 0.584647 | 0.599951 | 0.076905 |
ircut for T-bond investors.
The dollar breaking 108 is a gamechanger, and the T-bond chart now looks like a train wreck. As bad as it looks now, this may be only the beginning of a bond market nightmare. The bottom line is that Jerome Powell could essentially drop financial nuclear bombs on that train wreck with relentless rate hikes, quantitative tightening, and small bank deregulation.
To view the current T-bond train wreck chart, please click here now. Double-click to enlarge.
The T-bond has arrived in the 142 target zone area of the H&S top pattern and a modest rally is expected. Having said that, fundamentals make charts.
The negative fundamentals that Jerome Powell is set to put on the US government's bond market table are going to put truly epic pressure on the government's ability to finance itself.
Trump is a brilliant businessman, but even a child operating a hot dog stand should clearly see that the US government's debt problem has no solution other than some kind of bond market default, dollar devaluation, and gold revaluation.
Trump is not concerned about the US debt problem, and nor should he be concerned if he's a realist that knows there is no fix to the problem, only an end to it. An endgame that is incredibly positive for gold.
Please click here now. Double-click to enlarge this GDX daily chart.
Legendary mining expert David Harquail is launching a major drive to make gold an asset owned by most Western money managers. He's bringing in heavyweight speakers like Alan Greenspan and other key central bank experts to bolster his presentations to institutional money managers.
I've predicted that this would happen by the summer of 2018 as the Fed successfully transitions America from a deflationary vortex into a modest growth with significant inflation economy.
King World News has covered the dramatic increase in free cash flow of most GDX component stocks. "Super Dave" Harquail is likely to get a US M2 money velocity bull market wind at his back (thanks to the efforts of Jerome Powell's rate hikes and QT) as he makes his institutional presentations that highlight both bullion and the miners.
If that happens, the Western gold community is very quickly going to be happily looking down at prices like GDX $32, $40, $55, $65, and even $100! Of course, that happiness can only happen if gold stock enthusiasts are prepared to take buy-side action right now in my key $23 to $18 GDX price range with a focus on their favourite individual miners!
Thanks and Cheers,
https://www.gracelandupdates.com
Gold and gold stocks have enjoyed an excellent rebound since their December lows. Over the past six weeks Gold rebounded from a low of $1238 all the way to $1365 in recent days. The miners meanwhile rebounded nearly 18% (GDX) and 21% (GDXJ). However, these markets are approaching important resistance levels and at a time when sentiment is becoming stretched and the US Dollar has become very oversold.
Take a look at the charts of Gold, GDX and GDXJ. Gold has reached the September 2017 highs while GDX came within 2%-3%. GDXJ is lagging but came within less than 5%. Another round of buying over a few days should be enough to push the miners to resistance.
Recent strength in Gold and gold stocks is mostly due to weakness in the US Dollar which is very oversold and approaching important support. On Friday, the US Dollar Index touched 88, which marks the 2009 and 2010 peaks and is the only real support between the low 80s and the low 90s. We also plot Gold against foreign currencies (Gold/FC) which tells if Gold is rising in real terms or if its rising due to the US Dollar weakness. Gold/FC failed to break above key resistance. That signals that over the short-term, Gold would be vulnerable to a bounce in the US Dollar.
Some sentiment indicators suggest the rebound in precious metals could be in its later innings. Thursday the daily sentiment index for Gold hit 91
|
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] | 1,024 |
CommonCrawl
| 0.176004 | 0.287454 | -0.028126 | -0.776255 |
% bulls. Friday, the daily sentiment index for the greenback hit 10% bulls. The CoT's are not as extreme. Gold's net speculative position (relative to open interest) is 40% bulls. The 2011, 2012 and 2016 peaks were around 55% bulls. Meanwhile, Silver's net speculative position is at 26% bulls.
Gold and gold stocks have enjoyed a great rebound since the Fed rate hike but technicals and sentiment suggest they are due for a pause or correction. The miners and Gold are very close to the resistance levels we noted in a recent editorial. Recent strength has been driven mostly by weakness in the US Dollar which is very oversold and testing support. Meanwhile, the daily sentiment index has reached short-term extremes for Gold and the greenback. The odds appear to favor a pause in this rebound or a short-term correction. That is great news for anyone who missed the rally as it would setup a decent buying opportunity before a major breakout. We continue to seek the juniors that are trading at reasonable values but have fundamental and technical catalysts that will drive increased buying. To follow our guidance and learn our favorite juniors for 2018, consider learning more about our premium service.
Jordan@TheDailyGold.com
The rally in Gold and gold mining stocks easily surpassed our expectations and targets. The strength has been far more than we anticipated. The gold stocks blew past their 200-day moving averages while Gold blew past $1300/oz. Now it is time to take a technical look and focus on the key support and resistance targets.
The strength of the rebound pushed the miners well beyond their 200-day moving averages and to their June and October highs. GDX is consolidating just below $24 while GDXJ is consolidating just below $35. If this consolidation turns into a correction then GDX and GDXJ could find support at their 200-day moving averages which are at $22.71 and $33.37 respectively. As you can see, should GDX and GDXJ be able to exceed recent peaks then they could rally towards important resistance levels. Those are $25.50 for GDX and $38 for GDXJ.
The rally has been just as strong in Gold as it surpassed resistance in the $1300-$1310/oz zone. Gold closed the week at $1322/oz. Should Gold pause or correct here then the sellers could push the market down to previous resistance but now current support at $1300-$1310/oz. Trendline resistance will come into play near $1340/oz while the 2016 and 2017 peaks would provide resistance in the $1350-$1370/oz zone.
While we are at it, let us take a look at Silver which exploded past resistance in the mid $16s. Silver will face resistance first at $17.75 then at $18.50. A break above $17.75 and the red trendline is the first step for Silver. The second would be reaching $18.50, a new 52-week high. Next week Silver will face immediate resistance around $17.30 (the October and November highs) but it will have strong support in the mid to upper $16s.
The precious metals complex has made important progress in recent weeks. Markets have broken key resistance levels and have showed no signs of slipping anytime soon. Gold is holding above previous resistance at $1300-$1310/oz while not being far from multi-year resistance in the mid to upper $1300s. The gold mining stocks have reclaimed their 200-day moving averages while consolidating tightly beneath the June and October highs. If and when GDX and GDXJ break those levels then they will be only one step away from a full blown bull market. That step is breaking above the September highs.
In recent weeks our tone has shifted and as such we have accumulated a few new positions. We seek the juniors that are trading at reasonable values and have technical and fundamental catalysts to drive increased buying. To follow our guidance and learn our
|
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CommonCrawl
| 0.134569 | 0.244627 | 0.411662 | -0.485017 |
favorite juniors for 2018, consider learning more about our premium service.
Back in early 2016 as precious metals rebounded, our work showed that gold stocks were arguably the cheapest they had ever been. They had the worst 5-year and 10-year rolling performance ever, they were trading at potentially 40-year lows on a price to cash flow basis, they were the cheapest ever relative to the stock market and Gold and most notably, the Barron's Gold Mining Index was trading at the same level as 42 years ago! The gold stocks enjoyed a massive recovery in 2016 but it was short lived as the sector corrected and then consolidated (far from the highs) for over a year. Although we have a tendency to be too conservative at times, over a month ago we noted a historical pattern that bodes extremely well for gold stocks over the next few years. That outlook is reinforced by the continued historic value in the gold stocks as exhibited by the following charts.
First, we focus on the long-term rolling performance in the gold stocks. The chart below plots the S&P TSX Gold Index (data obtained from Global Financial Data) along with its rolling 5-year and 10-year performance. By that metric, the gold stocks (going back +80 years) were the most oversold in late 2000 and early 2016. If we were to run a 15-year and 20-year rolling performance then the three most oversold periods would be late 2000, early 2016 and the late 1950s. The gold stocks enjoyed massive long-term returns from the late 1950s and the year 2000.
Next we compare the gold stocks to the stock market. We plot the S&P TSX Gold Index against the S&P 500. The ratio appears to be in position to form a double bottom or a higher low as compared to its 2016 low. The 2016 low (in the chart below) is second by a tick to the 2000 low as to when the gold stocks relative to the stock market were the cheapest ever. (However, the Barron's Gold Mining Index against the S&P 500 did make an all-time low in January 2016). In any case, the gold stocks right now are likely trading at the 97th percentile (out of 100) as far as value relative to the stock market.
Next is one of my favorite charts. We compare the valuation in the stock market with the performance in the gold stocks. We plot the CAPE Ratio along with the S&P TSX Gold Index. The gold stocks performed fabulously after the CAPE Ratio reached major peaks in 1929, 1966 and 2000. The gold stocks bottomed several years prior to the CAPE peak in 1966 and perhaps we are seeing a repeat of that now. The gold stocks bottomed in early 2016 though the CAPE ratio has continued to rise. We hear plenty of talk about future returns being very low and there being no place to invest. To that, I present this chart!
Next we plot the gold stocks relative to Gold. We use both of the historical gold stock indices, (the S&P TSX Gold Index and the Barron's Gold Mining Index). By the end of 2015 the gold stocks were historically cheap by many metrics. Interestingly, that includes Gold even though Gold itself at the time was down 45%!
Finally, the last chart shows how cheap Gold potentially is. It's important because the gold stocks could be very cheap when Gold itself may not be cheap. This was somewhat the case in 2012-2013 and that is why gold stocks remained a deep value for several years. However, since then Gold has become so much cheaper relative to the money supply, monetary base, equities, and even bonds. The chart below is from GoldMoney. They plot Gold against FMQ which is the quantity of fiat money.
When we step back from the day to day and week to week wiggles in the gold stocks, we need to realize that a historic low is in place (January 2016) and after a nearly 18-month long correction and consolid
|
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] | 1,024 |
CommonCrawl
| 0.699038 | 0.488611 | 1.249098 | 0.259047 |
ation the sector remains extremely and extraordinary cheap on a historical basis. This, and not the wiggles in charts or market sentiment ensures that forward returns in the sector will be strongly positive. Those tools help with market timing and spotting risks and opportunities. While the recent low in gold stocks may be more significant than we think, history suggests a very strong second half of 2018 for the gold stocks. Moving forward, the key for traders and investors is to find the companies with strong fundamentals with value and catalysts that will drive buying. To follow our guidance and learn our favorite juniors for 2018, consider learning more about our premium service.
Too many technical analysts dismiss fundamentals. True, technicals usually lead fundamentals but understanding the fundamental drivers (when it comes to Gold) can give you an edge. Gold and gold stocks have remained below their 2016 peaks even in the face of a very weak US Dollar because the fundamentals are not there. Real rates have been stable in 2017 while the yield curve has been flattening. Until things change, Gold and gold stocks have little chance to breakout.
If you follow my work you know that there is a strong inverse correlation between the Gold price and real interest rates. Gold performs best when real rates are declining and especially when real rates decline while in negative territory. Real rates declined sharply into and during 2016 but have been rising or stable this year. The current problem for Gold is nominal yields have trended higher and faster than the rate of inflation.
In the chart below we plot Gold, the real 5-year yield (as calculated from the TIPS market) and the real Fed Funds Rate (rFFR). The US Treasury provides daily data of the real 5-year yield and we can see that it has trended higher since summer 2016 and is currently at its highest levels since Q1 2016. It has advanced nearly half a percent since its low a few months ago. Meanwhile, the rFFR has increased by more than 1% this year. That was after falling by nearly 2%.
As we discussed weeks ago, a steepening yield curve (caused by falling short-term rates or rising long-term rates) is bullish for Gold. Some gold bugs are excited about a flattening yield curve as it could lead to inversion. While this may be true, a flattening curve is not bullish for Gold. Below we see that the yield curve continues to plunge (flatten) as the 2-year yield has surged and the 10-year is at the same level as two months ago. A bullish development for Gold would be the 5-year and 10-year yields exploding above their March 2017 highs while the 2-year yield arrests its torrid rise.
Gold and gold stocks are going to continue to struggle until the fundamentals align bullishly. Market action will of course lead fundamental changes but knowing the drivers to look for can help us anticipate the fundamental changes in advance. We think rising inflation is more likely than falling short-term rates to be the driver for Gold in 2018. In that case, we would anticipate hard assets to perform better, long-term rates to rise faster than short-term rates and inflation to outpace short-term rates. These things would sustain Gold beyond just a few months. In the meantime, the key for traders and investors is to find the companies with strong fundamentals and seek oversold situations with value and catalysts that will drive buying. To follow our guidance and learn our favorite juniors for 2018, consider learning more about our premium service.
Jordan Roy-Byrne CMT, MFTA
Gold cleared $1300 early in the week and padded its gains on Friday even amid a bullish weekly reversal in the US Dollar. Gold's breakout was validated by a strong monthly close on Thursday and then a strong weekly close Friday. As predicted, the miners perked up with the breakout in Gold. GDX and GDXJ gained nearly 6% and 7% respectively for the week. Look for the miners to continue to trend higher as Gold attempts to retest its 2016 highs around $1375/oz.
The miners (GDX and GDXJ) have more immediate upside potential. The daily line charts show two levels of resistance. The first level is
|
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] | 1,024 |
CommonCrawl
| 0.79006 | 0.771528 | 0.498634 | 0.081964 |
Lew Nikołajewicz Korczebokow (ros. Лев Николаевич Корчебоков; ur. w miejscowości Carskie Sioło, Sankt-Peterburgska gubernia, zm. 16 września 1971 w Rydze) – rosyjski piłkarz, grający na pozycji obrońcy oraz hokeista i tenisista, trener piłkarski.
Kariera piłkarska
Kariera klubowa
W 1922 rozpoczął karierę piłkarską w drużynie Union Moskwa, skąd w następnym roku przeniósł się do klubu Kommunalniki Moskwa. W 1925 przeszedł do Towarzystwa Sportowego "Dynamo" i został piłkarzem Dinamo Moskwa, w którym rozegrał 40 oficjalnych meczów w pierwszych czterech mistrzostwach ZSRR. W 1938 zakończył karierę piłkarską.
Kariera reprezentacyjna
W 1935 rozegrał w reprezentacji ZSRR w 3 nieoficjalne mecze podczas wojażu do Turcji.
Również bronił barw reprezentacji Moskwy (1934-1937). W 1936 występował w reprezentacji Dynamo-Spartak we Francji, grając przeciwko mistrza kraju Racing Club de France. W 1936 w składzie reprezentacji Dinama występował przeciwko klubów Pragi i Basków.
Kariera trenerska
W 1939 rozpoczął karierę trenerską. Od lipca do września 1939 trenował macierzystą drużynę Dinamo Moskwa. W 1940 ukończył kursy trenerskie w GCOLIFK w Moskwie. W 1941 prowadził Dynama Mińsk, jednak pracę przerwała Wielka Wojna Ojczyźniana i trener został powołany do wojska (służył w osobnej zmotoryzowanej brygadzie piechoty specjalnego przeznaczenia w Moskwie, 7 listopada 1941 uczestniczył w Paradzie Wojskowym w Moskwie). W latach 1942-1944 trenował drugą drużynę Dinama Moskwa. Od maja do października 1944 ponownie prowadził pierwszą drużynę Dinama Moskwa. W kwietniu 1945 objął stanowisko głównego trenera Dynama Kijów, z którym pracował do maja 1946. W latach 1947-1950 ponownie pracował z Dynamem Mińsk, ale kiepskie finansowanie oraz nieodpowiedni skład piłkarski zmusiło go w czerwcu 1950 podać do dymisji. Od września 1950 do końca 1953 pomagał trenować Dinamo Moskwa. W 1955 prowadził zespół Eniergija Saratów. W 1956 konsultował hokejowy klub Dinamo Uljanowsk. Potem był przeniesiony do Łotwy, gdzie w latach 1956-1961 trenował żeńską drużynę hokejową Dinamo Ryga, w 1962-1963 piłkarski klub Liepājas Metalurgs, w 1963-1965 Daugava Ryga i w 1966-1967 ponownie Zvejnieks Lipawa. Również pełnił funkcje wiceprzewodniczącego łotewskiej Rady Towarzystwa Sportowego "Dynamo". Zmarł 16 września 1971 w Rydze w wieku 64 lata.
Kariera hokeisty i tenisisty
Oprócz piłki nożnej Korczebokow uprawiał bandy do 1940. Mistrz ZSRR 1935, 1936, zdobywca Pucharu ZSRR 1937, 1938, 1940, mistrz Rosyjskiej FSRR: 1932, 1934, wielokrotny mistrz
|
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Wikipedia
| -0.951577 | -0.433466 | -0.170238 | -1.201886 |
AV Receiver Forum Topics:
Classic AV Receiver Reviews
Integra DTR-9.9 A/V Receiver Preview
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Pioneer Elite SC-27 A/V Receiver Review
Onkyo TX-DS575 Receiver
Past AV Receiver News
Onkyo Introduces iPod Dock & HD Radio
Marantz Intros a Pair of Networked AVRs
Marantz Debuts a New Flagship Receiver
Onkyo Debuts New Receivers with 4K Upscaling
Pioneer Releases SC-91 Elite A/V Receiver with Dolby Atmos Support
Marantz SR7200 Receiver
At a suggested price of just $849.99 US, the Marantz SR7200 AV Surround Receiver offers excellent value for money, with impressive power (six channels x 105 watts into eight ohms), high-resolution D/A converters, and a wealth of surround features,- plus an excellent sound almost indistinguishable from the company's more expensive offerings.
Modern AV receivers are getting more and more complex. As this receiver can handle a 6.1 surround system with dual zone/dual source capability, the Marantz SR7200 has more ins and outs than most. But once you're armed with the 30-page (per language) manual, and a clearly labeled rear panel, installation and configuration are entirely straightforward. There's a fold-out rear panel diagram in the book, and a list with good descriptions of where everything's supposed to go.
Loudspeaker connections, of which there are several, six main (system A) outputs including surround (rear) center for the main system and a stereo pair of system B outputs - are on good large binding posts with banana plug capability, and unlike a lot of receivers, they handled my extremely thick front speaker cables with relative ease. There are preamp out jacks for an external amplifier, a line level sub output, line level stereo outs to connect a second zone amplifier, a multitude of digital and analog input connections, about which more in a moment, and even DC control outputs to activate devices such as a screen lowering system, etc., plus video, S-video and component video switching. All these facilities are very impressive for a unit at this price point.
Meanwhile, the inputs that are present include stereo analog record and play inputs for tape, VCR and CD-R/MD, plus stereo analog inputs for CD player, DVD, TV and satellite receiver. There is also a seven-channel analog input that bypasses all the internal processing in the receiver: ideal for connecting your DVD-Audio or Super Audio CD (SACD) player. On the digital I/O front, there are optical (TOSLink) and coaxial (S/PDIF) outputs, along with no less than two optical and three coax inputs, each of which can be assigned to a different function. - For example, you can assign your CD player to any convenient digital input, your digital satellite receiver to another, and so on. Note that if you still have a laserdisc player, the RF output must be demodulated before connecting to a coax digital input.
Video switching is similarly comprehensive. The unit handles four composite, four S-Video and two component inputs, with corresponding outputs. As is usual with such systems, there is no conversion between the three types of video: the component outputs will only deliver signals fed to the component inputs and not to the S-Video inputs, for example. There is a composite video output for a monitor in the second zone, as well as main composite and S-video monitor outs.
All this I/O flexibility means that hooking up my diverse peripherals is straightforward. Analog audio from my DVD-A and SACD players goes, via a custom made switch box, to the seven-channel input, while the digital outputs from the two devices go to an optical in (from the SACD player when it is replaying CDs) and a coax in (when the DVD player is playing DVD-Video discs). Then it's digital optical and S-video for the satellite receiver, component video from the DVD-A player plus optical and S-video and from the multi-standard DVD-V player, analog stereo audio and composite video to and from the VCR, and finally all three video format outputs
|
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CommonCrawl
| 0.160381 | 0.041199 | 0.275378 | -0.062232 |
Dampier dominates in senior season at Danville
Published 8:41 am Friday, November 25, 2016
By Jeremy Schneider
Jeremy Schneider/jeremy.schneider@amnews.com
When Clay Clevenger returned to take over the coaching job at his alma mater four years ago, he brought with him his preferred offense, a split-back veer option. And while the Admirals featured that familiar offense in his first season, it became apparent to him if the team was to succeed, he'd have to switch things up.
While the Ads rushed for over 2,700 yards in that first season, they went 6-6, lost in the second round of the playoffs and were outgained by nearly 300 yards. Manning the quarterback spot was a freshman named Zach Dampier, who was more of a drop back passer than runner.
So Clevenger stepped out of his comfort zone, brought in coaches who were more familiar with a spread offense, and the rest is history. Dampier has turned into a once-in-a-generation talent and the Ads are off to their second straight Class 2A state semifinal.
This year has been the best in Dampier's stellar career, throwing for 3,151 yards and 38 touchdowns with six interceptions in 291 pass attempts. He was the unanimous choice as the 2016 The Advocate-Messenger All-Area Offensive Player of the Year.
"I feel extremely blessed to know everybody sees me in that way, and it shows the type of team I've been on that they've allowed me to produce like that," Dampier said. "None of those stats would be possible without somebody helping me along the way. It's really a team award, and I'm just glad it went to Danville."
Dampier will end his career atop the Ads record books and among some of history's best names in the state. He has 8,445 yards and 93 touchdowns, 21st and 24th in KHSAA history, while his career completions and attempts also rank among history's leaders. Seven more TD passes and 165 yards moves him into the top 20 in each category, and if he hits his season average in two more games, he could wind up 15th in all-time passing yards.
But success wasn't always written in the stars for Dampier and this class of seniors. They hadn't won a game in middle school and the class was small — just Dampier, Ellison Stanfield and Jeremiah Wheat.
"When I interviewed for the job … I asked what the talent level is going to be like and I was told for the first couple of years it wouldn't be bad but then there's going to be a fall off," Clevenger said. "A lot of people in Danville expected these last two years to be down for Danville football.
"That's what people saw, but people don't realize that scrawny little eighth grader is going to grow into a 6-foot-3 ½, 180-pound quarterback who can zip the ball around the field."
While few people could have predicted this sort of career, Dampier being a football player was never in question. His father, Donny, had a standout career at Bourbon County before playing fullback and linebacker at Eastern Kentucky.
"He was my coach until middle school, he's always been a positive influence," Zach said. "He couldn't necessarily help me with the quarterback spot, but he helped me stay positive and take me to all the camps that I've been to."
Zach said there are pictures of him as a baby with a football. He's played other sports — he's lettered in basketball and baseball at Danville — but football has always been it for him. And it was always quarterback or bust for him. He's lined up behind center since his flag football days.
"My eighth grade year I played other positions, but I've always been a quarterback first," Dampier said. "… I like helping other people succeed. Even in basketball, I was always more of an assist person; I like finding the perfect pass to allow other people to showcase their talents."
Yet when Clevenger and the veer option arrived at Danville, that's what Dampier ran.
"Freshman year
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CommonCrawl
| 0.194344 | -0.739094 | 0.226064 | 0.02631 |
, we ran the ball a lot and then I think he realized that I'm just not a runner," Dampier said. "That's why I play quarterback, I just can't run.
"My freshman year when we ran the ball, I was terrified because I was a little freshman. Senior year, I still don't run it a whole lot, but I feel more confident and I can make plays happen."
Three runs this season stand out — a bruising TD rush at Campbellsville, an elusive 20-yard TD burst in the win over Allen Central, and last week against Lexington Christian when he stiff-armed a defender near the sideline.
One of the keys for the Ads heading into the season was Dampier's ability to evolve as a leader. He admits he's always been more of a lead-by-example sort of player but becoming more vocal was a process.
"Being vocal has been more of a struggle because I'm more of a reserved, shy guy," Dampier said. "I think I stepped into that role more here recently. At this point, there are no do-overs. … I always knew the team believed in me and they wanted me to fill that role, and once the playoffs started, I knew this was it, there was no reason to hold anything back."
Each year that's gone by, Dampier's numbers have steadily improved. After throwing for 913 yards and eight scores as a freshman, he upped those numbers to 1,889 and 17 as a sophomore and 2,492 and 30 as a junior.
Clevenger pointed out Dampier's excellence as a student and cerebral play, and to his point is the decision making — after throwing 10 interceptions in 116 attempts as a freshman, he's thrown 15 in 779 over the next three seasons.
"It's his approach, his demeanor," Clevenger said. "He's very smart, very cerebral. You don't have to tell him something more than once and it gets done. It goes from technique to this guy is going to be open in this situation, he just processes information and holds it in, and when it's time to execute, the information is there."
Dampier has benefitted from a cast of outstanding players around him, from running backs Stephen Ray and Donlevy Harris to receivers Dmauriae VanCleave, Triston Coffey, Ellison Stanfield and David Walker. While some of the long gains the Ads make in the passing game come after the catch, Clevenger said it's still up to the quarterback to make the right read.
"We've got some speed, we've got some playmakers, and when you've got a guy who can get the ball in their hands quick, it gives them that much more space and makes the problem that much worse for a defense," Clevenger said. "If you had a slow release, if the ball comes comes out slow, if he's slow processing the information at the quarterback position, some of those 79-yard passes might be three- and four-yard gains."
Dampier was named the preseason Offensive Player of the Year in a vote by the coaches, and he served notice in the first game the votes weren't wasted, going for 332 yards and six TDs in a win at LaRue County.
He came up big in wins over Southwestern (284 yards, three scores) and Boyle County (271-4), and he totaled 588 yards and seven TDs in two games against LCA. During the playoffs, he has 748 yards and seven TDs with only one interception.
It's been a unique journey for two Danville guys starting their careers as Admirals — Clevenger as the coach, Dampier as the quarterback — at the same time. It's given them a close bond.
"Us coming in at the same time, we really feel like we're in it together," Dampier said. "It improves our relationship even more because I've never played for another high school coach and he's never had another quarterback. I'm glad he's been able to be the quarterback coach. We've had some good times."
The book on Zach Dampier is still being written, with a possible two games left in
|
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CommonCrawl
| 0.102898 | -0.808201 | -0.292626 | -0.169746 |
The Relationships between Urban Form and Travel Patterns. An International Review and Evaluation
There is a growing body of research concerned with the relationship between urban form and travel patterns. Studies originate from a diversity of sources, and encompass a variety of geographic scales and locations. To add to this diversity, many different characteristics of urban form to have been examined in these studies, and travel patterns have been measured in a number of different ways. This paper brings together in a systematic way the results of many recent studies on urban form and travel patterns over the last 20 years. As well as this systematic approach, other key aspects of this review paper include the identification of where research has been concentrated (and where there are gaps in research), and in the critique of the studies, which includes issues of data accuracy, reliability and quality, the applicability of research methods and data interpretation. The critique focuses in some detail on the interaction of socio-economic factors with urban form and travel patterns.
There is a growing body of research concerned with the relationship between urban form and travel patterns. Studies originate from a diversity of sources, and encompass a variety of geographic scales and locations. To add to this diversity, many different characteristics of urban form to have been examined in these studies, and travel patterns have been measured in a number of different ways. This paper brings together in a systematic way the results of many recent studies on urban form and travel patterns over the last 20 years. As well as this systematic approach, other key aspects of this review paper include the identification of where research has been concentrated (and where there are gaps in research), and in the critique of the studies, which includes issues of data accuracy, reliability and quality, the applicability of research methods and data interpretation. The critique focuses in some detail on the interaction of socio-economic factors with urban form and travel...
There is a growing body of research concerned with the relationship between urban form and travel patterns. Studies originate from a diversity of sources, and encompass a variety of geographic scales and locations. To add to this diversity, many different characteristics of urban form to have...
Dominic Stead, Stephen Marshall
Mainports as Integrators of Passenger, Freight and Information Networks. From Transport Nodes to Business Generators; the Dutch Case
In the process of increasing globalization, mainports play an important role. A number of gateways have emerged as transport nodes in the networks of air and sea routes which crisscross the globe. Here, millions of travellers are transferred and millions of tonnes of freight are transhipped. Both Japan and the Netherlands play an important part in these 'hub and spoke' networks. In this contribution we will deal with the dynamics of mainports in general, and more specifically with the mainports of the Netherlands. Our argument is that their function goes far beyond that of infrastructure, transport and logistics. Although they started out as transport nodes, the mainports in the Netherlands are now evolving into fully fledged business generators. The economic function of mainports will be strengthened by integrating mainport and brainport functions. It will be further reinforced by seizing the opportunity to combine the traditional mainport functions. This will involve connecting airlines with road and rail transport networks, connecting ocean shipping with inland shipping, cargo trains, trucks and pipelines and connecting transport nodes with an infrastructural node of ICT (information and communications technology) networks. For the Randstad Holland (the Netherlands' economic heartland in the west), we conclude that a stronger integration of gateway Rotterdam and mainport Amsterdam Schiphol could be considered. This could be achieved not only by strengthening their transport infrastructure, but first and foremost by planning, developing and integrating the ICT mainport functions.
In the process of increasing globalization, mainports play an important role. A number of gateways have emerged as transport nodes in the networks of air and sea routes which crisscross the globe. Here, millions of travellers are transferred and millions of tonnes of freight are transhipped. Both Japan and the Netherlands play an important part in these 'hub and spoke' networks. In this contribution we will deal with the dynamics of mainports in general, and more specifically with the mainports of the Netherlands. Our argument is that their function goes far beyond that of infrastructure, transport and logistics. Although they started out as transport nodes, the mainports in the Netherlands are now evolving into fully fledged business generators. The economic function of mainports will be strengthened by integrating mainport and brainport functions. It will be further reinforced by seizing the opportunity to combine the traditional mainport functions. This will
|
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CommonCrawl
| 0.728926 | 0.883137 | 0.589192 | 1.245651 |