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Market Observations with Frank Barbera CMT

Frank Barbera CMT

Eternal Constants and the Eye of the Storm

By Frank Barbera CMT. April 29, 2008

Over the last 12 months, we have tried on occasion to highlight various stock market sectors which may be overlooked and unloved at key moments in time. Our approach is always a combination of fundamental analysis and technical analysis, using fundamental analysis to decide where good values can be found, and technical analysis to decide when to make such purchases. In recent weeks, we featured a segment on emerging small micro cap healthcare stocks which have moved, by and large, steadily higher ever since, and in October of last year, we invested some time in highlighting the action of Junior Oil and Gas Companies. These companies, in many cases, have now become THE market leaders surging well ahead of the price performance seen in large cap energy and even Oil Service. We featured that update back in our FSO Commentary entitled, "Halloween Scariness in the Financial Sector" and we stated,

"It's that "Back to the 70's Show" all over again, courtesy of Uncle Ben. In this vein, we note that during today's stock market sell off, some of the Energy names were hit especially hard with money rotating "out of energy" and into "technology." Bad move from our viewpoint, as Technology has already started showing major cracks in the CAPEX damn. And have a good look at those PEG Ratio's why don't you; nothing really cheap in the Tech Sector. In fact, Tech Sector investing and recession simply don't mix, but Energy, especially in the world of Putin, Chavez and Ahmadinejad, Energy Stocks, well, are in many cases, still plenty cheap and thus ripe for potentially bigger gains ahead. As a final note to those willing to do some hunting, we throw out the following bone relative to the Energy Sector. Consider the Energy Majors which have moved to new highs and which have largely enjoyed a huge advance. As in many areas of the Natural Resource world, most of these larger companies need to continue to grow reserves, and to that end, in today's world growth through acquisition, even with nice takeover premiums is still far cheaper than originating homegrown organic growth. As a result, we perceive an industry trend that will continue on the path to greater consolidation wherein smaller and mid-sized companies probably sport the best EPS leverage around. In the chart below, we show our basket of secondary Oil Stocks (about 30 names) visa vie the large cap dominated XOI. You can see that on the very bottom clip, Small Cap Energy is down in the basement and appears to be trying to turn the corner. Bargain Hunter's - let loose your best truffle sniffing hogs, as there is much fertile ground in this corner of the world -- a corner far, far removed from all that weeping and gnashing of teeth taking place in the dark recessed ugliness of the financial space."

In the chart below, we show the snapshot of the Small Cap Energy sector as it was 6 months ago and as it appeared in our FSO Update, followed by the same snapshot taken today. Amazing what six months can mean for your investment horizon as most of these stocks, names like XTO Energy (XTO), Range Resources (RRC), Denbury Resources (DNR), Cimarex Energy (XEC), Whiting Petroleum (WLL), Newfield Exploration (NFX), Comstock Resources (CRK) are up 50% or more.

THEN,

NOW,

As it happens, we still like the Mid-Cap E&P segment for the long haul. However, with the stocks as far advanced as they are at the present time, we would not be surprised to start seeing some "backing and filling" price action, the kind of thing that suggests a consolidation for a period of time. Within the stock market, sector rotation is one of the few eternal constants with money managers given the job of figuring out, perhaps where the rotation will go next. To this end, as noted last week, we still do not see the kind of very overbought technical conditions which would herald an end to the bear market counter-trend rally now underway. Yes, it may end up that the rally may be of low quality, and may run into a decaying orbit at any time. The S&P could even dip down toward the 1300 level over a period of a few weeks and in the larger scheme of things, nothing would change. Overall, the market is in a trading range, a non-trending mode, and it does not appear as though we will face the prospect of new lows in the S&P until sometime after July/August. Thus, a relative period of stability should prevail allowing the stock market to stay afloat into the summer months, with July and/or August often recording important peaks.

As we have hopefully communicated our thoughts that this is a bear market rally, an important question then becomes, what sectors could end up doing relatively better in the next down market phase. To this end, among several ideas we like, the concept of being Long/Short as this looks like a good road to relatively conservative profits. In our update for March 18th, only a few weeks back, we pointed out two approaches to the Long/Short strategy. In both cases, we are looking at the recession scenario, which we very much continue to believe is still powering ahead. As we see it, the Fed is caught between the Dollar and the Banking System and as a result, a weakening economy will force the Federal Reserve to keep interest rates low for an extended period of time.

Now, we realize, that at the moment, many market participants are working up a lather concerning tomorrow's Fed announcement. Is it the end of Fed rate cuts? Will the Fed go on hold? In our view, the answer to that one is plainly no, at least not for an extended period of time.

More then anything, the Fed is committed to aiding the banking system, which is now overrun with bad debts. In order to maintain the "I.V." of intensive care ward "life support," the yield curve must be maintained with a steeply rising slope. The carry trade must be allowed to work its healing magic over a period of many months, and to this end, there is no way the Fed will alter policy course in a dramatic fashion. Could they go on a temporary pause for a month? Perhaps. But over time, rates are likely to remain low and move lower on the short end of the curve as the banking and financial system remains over-leveraged and badly crippled.

As a result of the Fed being forced to keep rates low for an extended period of time, we continue to believe that near term rallies notwithstanding, the US Dollar will remain weak during the balance of 2008 and beyond. This is an important point because there are many approaches one can use to benefit from a falling dollar. Of course, there are the obvious beneficiaries, Gold and other precious metals, which having now had a sizeable correction are moving into a good posture to "decouple" later on. Another approach, is the Long-Short strategy, taking advantage of the fact that US exporters will be greatly aided by a weak greenback, while European and to a lesser degree, Asian exporters will be impaired. In our article entitled "Central Bankers At Work," I wrote about the possibility of a market recovery which could allow shorting the Vanguard European ETF and going long a basket of US consumer staples.

As things have taken shape, it is striking to see how the modest recovery in stock prices has moved money back into "growth" type stocks while virtually ignoring the more conservative consumer staples. This "knee-jerk" response which appears hopeful that the "worst is over" has allowed European Large Cap stocks to recover substantially at the very time when we fear the worst news still lies directly ahead. It has also depressed and left virtually unchanged from the lows, any number of large cap US exporters which have been uniquely shunned during this advance. Just catch an eye full of the charts of Clorox, Procter and Gamble, Budweiser and Pepsico, and you'll have a small sampling of what has taken place.

For the Relative Strength Ratio of US Consumer Staples (primarily exporters aided by the weak Dollar) versus Large Cap Europe (Primarily exporters hurt by the strong Euro/weak Dollar), we see that the last few weeks have brought about a very dramatic slide in the Ratio back to the rising 200 day moving average.

Above: top clip: Europe Large Caps, Middle: US Consumer Staples, Lower: Ratio Staples to European Large Caps.

Above: Top Clip: Relative Strength Ratio of US Consumer Staples (Exporters) versus European Large Cap. Bottom Clip: Medium Term RSI (momentum) indicator, now oversold.

As we can see in the chart above, the slide in the Ratio of US Consumer Staples versus Large Cap European Exporters has moved the medium term RSI down to fully oversold values. Could this mean that the brief period of Dollar strength is coming to an end? One thing is for certain; at the moment, most US staples are selling at still very depressed price levels meaning we could be looking at relative bargains. For those investors who like ETF's, the last few years have been very kind with any number of listings. To trade large cap Europe, there is VGK, VEU and FEZ to name a few. While I may be crazy, to me the price action in the Euro Top 100 and the Dow Jones Euro Stoxx 50 Indices sure look a lot like potentially massive topping patterns with the recent rally producing "right shoulder" action. Clearly, the only answer to this question of, "are these markets topping?" will be in the fullness of time, as we see price action begin to break down in the months ahead, a likely slow process to be sure. While we still cannot rule out a further modest price advance, overall volume and momentum levels look weak, with prices snapping back toward a 200 day moving average that is now declining, and this is often a major tell.

Above: DJ Euro Stoxx 50 ETF - forming a hute top...maybe?

Yet another approach for those looking to trade the recession using this period of intervening confidence as a potential entry point, we also like the idea of being long Consumer Staples versus Short Consumer Discretionary. Here again there are ETF's that can be of aid, with IYK and XLP both tracking consumer non-cyclical stocks, while XLY is the Spyder ETF for Consumer Discretionary. So far, this later ETF has not done a great job at tracking discretionary names, and if we look at the Holdings, it is not that well constructed. Yet in screening any number of stocks, we see many issues which have had huge moves to the upside recently, representing truly extended multiples, and truly discretionary spending where the market darling phenomena is at work.

P/E P/S
AMZN Amazon 37.56 2.18
CMG Chiptole Mex 29.97 3.04
STRA Strayer 28.54 8.05
CHU China Unicom 23.58 2.10
SHLD Sears 22.78 0.25
URBN Urban Out 22.36 3.64
CHL China Mobil 20.10 6.98
TIF Tiffany 19.70 1.85
GME Gamestop 18.96 1.28
ARO Aeropostale 18.36 1.34
LOW Lowes 14.35 0.76
GES Guess 13.08 2.05
FOSL Fossil 12.91 1.62
AZO Autozone 11.41 1.22
ANF Abercrombie 11.41 1.71

For those looking for other ideas, Technology related ETF's would probably also work well as (a) Tech is extremely cyclical and won't do well in a recession, (b) tech tends to be quite vulnerable in bear markets, and (c) relative to decaying CAPEX spending, Tech multiples are currently still a long way from cheap. On the Consumer Staple side of the trade, the key component as we see it, Staples have emerged into a new relative strength uptrend over the last few months. This is important because they had been lagging the market for most of the 2003 to 2006 bull market cycle and could therefore be overdue for several years of relative out-performance.

Above: the GST Consumer Staples Index (30 stocks) and lower clip: Relative Strength Ratio of Consumer Staples versus the S&P 500. Trend change underway?

In tracking the Consumer Staples sector, our own index uses 30 names which include all the familiar components such as Procter and Gamble, Coca-Cola, Clorox, Colgate etc. However, the A/D Line for our index does an even better job of showing just how depressed this sector is at the current time as the A/D Line hovers near the former lows. Ditto the cumulative volume gauge which has also experienced virtually no bounce and currently appears overdue for a trend change.

Above: GST Unweighted Consumer Staples versus A/D Line Consumer Staples

Above: GST Consumer Staples with Cumulative Volume.

For the benefit of those readers who like to do there own homework, and may not be fully satisfied using an ETF, we decided to go a bit further and perform a full evaluation of the Consumer Staples (export oriented) producers. We categorized product makers as either a 1, 2, or 3, with all the one's being "Weak Dollar" beneficiaries, the 2's as either slightly less "staple" oriented, or less "weak dollar" oriented, while the 3's were either a lot less "Weak Dollar" oriented or a lot more "discretionary." A little bit arbitrary on our part, but we tried to get this right.

The table below ranks the sector in descending order by category and by market capitalization.

Market P/E PEG 5 Year

Price
Symbol Company Capitalization Ratio: Ratio: Est. Growth to Sales:
PG Procter and Gamble 203.20 16.73 1.60 11.85 2.56
JNJ Johnson & Johnson 192.00 14.38 1.86 8.13 3.10
KO Coca-Cola 136.07 17.40 2.01 9.58 4.54
PEP Pepsico 108.35 16.49 1.67 10.93 2.68
ABV Ambev -Compania Bebidas 45.49 16.53 1.39 14.80 3.85
MO Altria 44.90 11.63 1.30 10.00 1.20
CL Colgate Palmolive 38.76 17.76 1.80 11.05 2.81
BUD Anheuser Busch 34.85 14.78 1.92 8.17 2.00
KMB Kimberly Clark 26.78 12.96 1.86 7.59 1.43
FMX Fomento Econ. Mexi 15.84 16.90 0.96 20.00 1.12
ECL ECOLAB 11.49 21.63 1.78 14.00 2.04
BF-B Brown Forman Cl B 8.33 18.01 1.92 10.15 3.22
UST UST Corp 7.92 13.54 2.09 7.00 4.25
CLX Clorox 7.62 14.14 1.50 11.23 1.52
CHD Church and Dwight 3.74 17.78 1.60 12.67 1.76
IFF International Flavors 3.73 13.39 1.52 10.00 1.65
STZ Constellation Brands 3.58 9.96 0.88 12.27 0.92
CU Compania Cervecias 2.33 12.84 1.96 7.40 1.69
CHTT Chattem 1.38 16.13 1.33 13.67 3.11
SCL Stepan 0.38 22.40 1.46 15.30 0.27
Category 2
UN Unilever PLC 94.27 14.82 1.74 8.50 1.52
DEO Diageo PLC 52.77 14.95 1.60 10.50 3.46
AVP Avon Products 17.83 16.53 1.51 12.31 1.72
NWL Newell Rubbermaid 5.73 9.96 1.19 9.50 0.92
ENR Energizer 5.02 11.78 1.02 13.66 1.38
AVY Avery Dennison 4.80 10.58 1.14 10.50 0.74
NPK National Presto Ind. 0.35 9.20 0.88 10.40 0.85
Category 3
KFT Kraft 46.57 14.74 2.36 6.87 1.26
ACV Alberto Culver 2.45 17.48 1.62 12.00 1.52
RDEN Elizabeth Arden 0.56 9.97 1.00 11.50 0.48
IPAR Int'l Parfums Inc 0.55 18.21 1.36 15.00 1.40

In the next table, we rank the sector by descending Price to Sales Ratio, highlighting in blue, those companies which have the lowest P/S Ratio's under 1.50. We then follow this with another sort, this time seeking those companies with a PEG Ratio (P/E to Growth) under 1.50.

Market

P/E

PEG

5 Year

Price
Symbol Company Capitalization Ratio: Ratio: Est. Growth to Sales:
Category 1
KO Coca-Cola 136.07 17.40 2.01 9.58 4.54
UST UST Corp 7.92 13.54 2.09 7.00 4.25
ABV Ambev -Compania Bebidas 45.49 16.53 1.39 14.80 3.85
BF-B Brown Forman Cl B 8.33 18.01 1.92 10.15 3.22
CHTT Chattem 1.38 16.13 1.33 13.67 3.11
JNJ Johnson & Johnson 192.00 14.38 1.86 8.13 3.10
CL Colgate Palmolive 38.76 17.76 1.80 11.05 2.81
PEP Pepsico 108.35 16.49 1.67 10.93 2.68
PG Procter and Gamble 203.20 16.73 1.60 11.85 2.56
ECL ECOLAB 11.49 21.63 1.78 14.00 2.04
BUD Anheuser Busch 34.85 14.78 1.92 8.17 2.00
CHD Church and Dwight 3.74 17.78 1.60 12.67 1.76
CU Compania Cervecias 2.33 12.84 1.96 7.40 1.69
IFF International Flavors 3.73 13.39 1.52 10.00 1.65
CLX Clorox 7.62 14.14 1.50 11.23 1.52
KMB Kimberly Clark 26.78 12.96 1.86 7.59 1.43
MO Altria 44.90 11.63 1.30 10.00 1.20
FMX Fomento Econ. Mexi 15.84 16.90 0.96 20.00 1.12
STZ Constellation Brands 3.58 9.96 0.88 12.27 0.92
SCL Stepan 0.38 22.40 1.46 15.30 0.27
Category 2
DEO Diageo PLC 52.77 14.95 1.60 10.50 3.46
AVP Avon Products 17.83 16.53 1.51 12.31 1.72
UN Unilever PLC 94.27 14.82 1.74 8.50 1.52
ENR Energizer 5.02 11.78 1.02 13.66 1.38
NWL Newell Rubbermaid 5.73 9.96 1.19 9.50 0.92
NPK National Presto Ind. 0.35 9.20 0.88 10.40 0.85
AVY Avery Dennison 4.80 10.58 1.14 10.50 0.74
Category 3
ACV Alberto Culver 2.45 17.48 1.62 12.00 1.52
IPAR Int'l Parfums Inc 0.55 18.21 1.36 15.00 1.40
KFT Kraft 46.57 14.74 2.36 6.87 1.26
RDEN Elizabeth Arden 0.56 9.97 1.00 11.50 0.48

Consumer Staples sorted by PEG Ratio

Market P/E PEG 5 Year Price
Symbol Company Capitalization Ratio: Ratio: Est. Growth to Sales:
Category 1
UST UST Corp 7.92 13.54 2.09 7.00 4.25
KO Coca-Cola 136.07 17.40 2.01 9.58 4.54
CU Compania Cervecias 2.33 12.84 1.96 7.40 1.69
BF-B Brown Forman Cl B 8.33 18.01 1.92 10.15 3.22
BUD Anheuser Busch 34.85 14.78 1.92 8.17 2.00
JNJ Johnson & Johnson 192.00 14.38 1.86 8.13 3.10
KMB Kimberly Clark 26.78 12.96 1.86 7.59 1.43
CL Colgate Palmolive 38.76 17.76 1.80 11.05 2.81
ECL ECOLAB 11.49 21.63 1.78 14.00 2.04
PEP Pepsico 108.35 16.49 1.67 10.93 2.68
CHD Church and Dwight 3.74 17.78 1.60 12.67 1.76
PG Procter and Gamble 203.20 16.73 1.60 11.85 2.56
IFF International Flavors 3.73 13.39 1.52 10.00 1.65
CLX Clorox 7.62 14.14 1.50 11.23 1.52
SCL Stepan 0.38 22.40 1.46 15.30 0.27
ABV Ambev -Compania Bebidas 45.49 16.53 1.39 14.80 3.85
CHTT Chattem 1.38 16.13 1.33 13.67 3.11
MO Altria 44.90 11.63 1.30 10.00 1.20
FMX Fomento Econ. Mexi 15.84 16.90 0.96 20.00 1.12
STZ Constellation Brands 3.58 9.96 0.88 12.27 0.92
Category 2
UN Unilever PLC 94.27 14.82 1.74 8.50 1.52
DEO Diageo PLC 52.77 14.95 1.60 10.50 3.46
AVP Avon Products 17.83 16.53 1.51 12.31 1.72
NWL Newell Rubbermaid 5.73 9.96 1.19 9.50 0.92
AVY Avery Dennison 4.80 10.58 1.14 10.50 0.74
ENR Energizer 5.02 11.78 1.02 13.66 1.38
NPK National Presto Ind. 0.35 9.20 0.88 10.40 0.85
Category 3
KFT Kraft 46.57 14.74 2.36 6.87 1.26
ACV Alberto Culver 2.45 17.48 1.62 12.00 1.52
IPAR Int'l Parfums Inc 0.55 18.21 1.36 15.00 1.40
RDEN Elizabeth Arden 0.56 9.97 1.00 11.50 0.48

Combining the overlay of the two sets for stocks in Group 1 and Group 2, we found that CLX, FMX, STZ, NWL, AVY, SCL, ENR, NPK, and MO all made the cut as very cheap and remarkably, with virtually all of these companies notching 5 year expected growth rates of 10% or more. In mixing in other variables such as dividend payout's, technical and EPS growth and overall recession sustainability, KMB, PEP, BUD, BF-B and ABV have a high appeal. In our exploration of this sector, we found a number of companies that are surprisingly not widely followed with key names such as Fomento Economico Mexicano SAB (FMX), Chattem Inc. (CHTT), and National Presto (NPK) all showing some very intriguing prospects.

In the case of Fomento Mexicano, one of three Mexican beverage companies on our list, we see a company with quite the product line up. From Yahoo, take note:

Fomento Economico Mexicano, S.A.B. de C.V. operates as a beverage company in Latin America. It operates through three subholding companies: Coca-Cola FEMSA, S.A.B. de C.V.; FEMSA Cerveza, S.A. de C.V.; and FEMSA Comercio, S.A. de C.V. Coca-Cola FEMSA offers soft drinks under the Coca-Cola, Fanta, Sprite, and Ciel brand names. FEMSA Cerveza manufactures and markets beer and flavored alcoholic beverages under the Sol, Dos Equis, Tecate, Bohemia, Kaiser Pilsen, and Bavaria Pilsen brand names. In addition, it produces glass bottles, aluminum cans, and crown caps. FEMSA Comercio operates a chain of convenience stores under the trade name Oxxo in Mexico that offers beer, bread, snacks, and soft drink products. As of December 31, 2006, the company operated approximately 4,800 stores. It also engages in producing and distributing labels, plastic cases, coolers, and commercial refrigeration equipment, as well as providing transportation logistic and maintenance services. The company was founded in 1890.

In the case of Chattem, we find a direct beneficiary of a number of major former Pfizer units spun off when Pfizer sold its Consumer Products division to Johnson and Johnson last year. Again, the brand name portfolio is striking as is the ultra low market cap. Once again, from Yahoo Finance:

Chattem, Inc., together with its subsidiaries, engages in the manufacture and marketing of a portfolio of over-the-counter (OTC) healthcare products, toiletries, and dietary supplements. The company markets its products under various brand names in categories, such as medicated skin care, topical pain care, oral care, internal OTC, medicated dandruff shampoos, dietary supplements, and other OTC and toiletry products. It sells Medicated Skin Care products under the brands Gold Bond, Cortizone-10, and Balmex; Topical pain care products under the Icy Hot, Aspercreme, Flexall, Capzasin, Sportscreme, and Arthritis Hot brand names; Oral Care products under the brands ACT, Herpecin-L, and Benzodent; and Internal OTC products under the Pamprin, Premsyn PMS, Unisom, and Kaopectate brand names. The company also offers medicated dandruff shampoos under the brands Selsun Blue, Selsun Salon, and Selsun Blue Naturals; Dietary Supplement products under the Dexatrim, Garlique, Melatonex, New Phase, and Omnigest EZ brand names; and Other OTC and Toiletry Products under the brands Bullfrog, Sun-In, UltraSwim, and Mudd. Chattem markets its products to mass merchandisers, and drug and food retailers in the United States, Canada, Europe, and Latin America. The company was founded in 1879 and is headquartered in Chattanooga, Tennessee.

And finally, National Presto Industries (NPK) is a strange hybrid company, that just might work. Split roughly 50/50 between a Defense contractor and Household Product company,

National Presto Industries, Inc., together with its subsidiaries, provides housewares/small appliances, defense products, and absorbent products. Its Housewares/Small Appliance segment designs, markets, and distributes various appliances, including pressure cookers and canners; cutting centers "Saladshooter"; heat control single thermostatic control line of fry pans in various sizes, griddles, and multi-purpose cookers; deep fryers of various sizes; waffle makers; pizza ovens and slicer/shredders; curly cutters; electric heaters; corn poppers; microwave bacon cookers; coffeemakers and coffeemaker accessories; single serve coffee pod holders; electric tea kettles; electric peelers; lemonade makers; electric knife sharpeners; shoe polishers; and timers. It markets its products directly to retailers in the United States, as well as through independent distributors. The company's Defense Products segment manufactures precision mechanical and electro-mechanical assemblies, and medium caliber cartridge cases, as well as performs load, assemble, and pack operations on ordnance related products primarily for the U.S. government and prime contractors. Its Absorbent Products (Diapers) segment manufactures and sells primarily private label diapers and adult incontinent products. The company was founded in 1905 and is based in Eau Claire, Wisconsin.

Say what you will, from Salad Shooters, to Bullet Cartridge Cases, Diapers to Toasters, almost everything NPK makes has high turnover and on the consumer side, frequently ends up on the shopping list. In addition, with sales growth of 38% in 2007, +62% in 2006, 17% in 2005, and 17% in 2004, it is hard not to be impressed. Add to that the fact that Presto has been paying out huge dividends and is awash in cash, and we have yet another interesting "STAPLE," unloved at the moment, which may be worth a second look. With all of this information contained on Consumer Staples companies, we end this week's update with a look at the Ratio of the Dow Jones Consumer Non-Cyclical ETF (IYK) versus the S&P Spyder Consumer Discretionary ETF (XLY). If indeed America has entered into the first consumer led slow down in 20 years, it is very possible that in stock market terms, the recession may play out most clearly in the relationship between these two opposing groups. Note on the chart, that IYK has pulled back nicely versus XLY, and the Ratio has emerged from a long-term base. If more recession lies ahead, this ratio is one to keep an eye on as it could be a good path for consistent profits letting the recession work for you, rather then against you.

Above: the Ratio of Consumer Staples IYK to Discretionary XLY. More recession ahead as the Ratio is emerging from a long-term base?

Markets ended the day mixed with the DJIA moving lower by 38.02 index points to close at 12833.73, while the S&P 500 ended with a loss of 5.25 index points to close at 1391.12. On the NASDAQ, prices actually gained 2.52 index points to finish at 2426.92 while the 10 Year Bond Yield ended down .01 at 3.83%. On the Comex, nearby Gold prices fell 20.90 to finish at $874.60. That's all for now,

Frank Barbera

Information discussed in this article is for informational/educational purposes only and is not to be construed as actual recommendations as individuals' investment objectives and risk tolerance vary. Always do your homework before making any investment decisions.

Frank Barbera

© 2008 Frank Barbera

Contact Information

Gold Stock TechnicianFrank Barbera CMT
Editor, Gold Stock Technician
PO Box 48072
Los Angeles, CA 90048
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