Remember that market analysis is subjective and RMI is trying to extrapolate market analysis into market direction. We are not always right. That, in itself, is a good enough reason to follow a risk management plan that includes value, time, and budget/stop triggers. Markets do not always react to fundamental and technical issues the way the analysis dictates. A disciplined hedging program is much easier to defend after-the-fact, especially in the current environment. Our market analysis should be considered an additional resource when making hedging decisions within a larger plan. That is the way we view this information and why we provide hedging recommendations, market timing, etc. As always, we are available to discuss specific hedge plan recommendations as necessary.

Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. In no event should the content of this market letter be construed as an express or implied promise, guarantee or implication by RMI, or any of its employees, that you will profit or that losses can or will be limited in any manner whatsoever.