LEGAL RESTRICTIONS AND TERMS OF USE

Your use of this site constitutes your acceptance of this LEGAL RESTRICTION AND TERMS OF USE. These are real issues (& risks) and you should take the time to understand them.

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This site is maintained by Ciovacco Capital Management LLC, an investment adviser registered with the Securities and Exchange Commission.

The views expressed on this site represent the current, good faith views of the authors at the time of publication. Please be aware that these views are subject to change continually and without notice of any kind. The information on this web site is for residents of the U.S., Puerto Rico, Guam and the U.S. Virgin Islands only. The products and services are available only to residents of those jurisdictions. The information on this web site does not constitute an offer for products or services, or a solicitation of an offer to any persons outside of the U.S. who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Copyright 1999-2009 Ciovacco Capital Management LLC. All rights reserved.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Investment recommendations may change and readers are urged to check with their investment counselors before making any investment decisions. Opinions expressed in these reports may change without prior notice.

This memorandum and web site is based on information available to the public. No representation is made that it is accurate or complete. This memorandum is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. The investments discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is not necessarily a guide to future performance. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. This site/article was produced by Chris Ciovacco and is a copyrighted publication of Ciovacco Capital Management, LLC. The information and data contained in the report were obtained from sources deemed reliable. Their accuracy or completeness is not guaranteed. It is recommended that you consult your tax advisor before implementing any changes. All prices and yields contained in this report are subject to change without notice. This information is based on hypothetical assumptions and is intended for illustrative purposes only. There is no guarantee that these figures will be attained. The projected figures may change according to actual market conditions. These figures are based on assumptions and do not imply a guaranteed future rate of return. As with any projection, the results are only as valid as the specific estimates on which they are based. The information and data contained in this report were obtained from sources deemed reliable. The presentation consists of information intended for illustrative purposes.

There is no guarantee that the figures presented will be obtained. The Firm strongly encourages you to consult with your own accountants or other advisors with respect to any tax questions. Ciovacco Capital Management, LLC and Chris Ciovacco do not represent or guarantee that you can reach all your requirements by investing in these securities.

Chris Ciovacco and Ciovacco Capital Management do not undertake to advise you of changes in their opinion or information contained in this report. This website/article is for informational purposes only and does not constitute a complete description of our investment services or performance. This website is in no way a solicitation or offer to sell securities or investment advisory services except, where applicable, in states where we are registered or where an exemption or exclusion from such regulation exists. Information throughout this site, whether stock quotes, charts, or any other statement or statements regarding market or other financial information, is obtained from sources which we and our suppliers have deemed to be reliable, but we do not warrant or guarantee the timeliness or accuracy of this information. Nothing on this website should be interpreted to state or imply that past results are an indication of future performance. Neither we, nor our information providers, shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in, the transmission thereof to the user. THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY 'LINKED' WEBSITE.

Ciovacco Capital Management LLC (CCM) is a Registered Investment Adviser. This communication is not a solicitation or offer to sell investment advisory services except in states where we are registered or where an exemption or exclusion from such registration exists. CCM does not provide personal financial advice via this web site. The purpose of this site is limited to the dissemination of general information regarding the services offered by CCM. Part II of Form ADV, which details the business practices, services offered, and management fees charged by CCM, is available upon request.

All written content is for informational purposes only and may not constitute a complete description of available investment services or performance. Proprietary papers and writings are the opinions of CCM. Other articles, links, and information presented on this site are obtained from sources believed to be reliable, but they are for informational purposes only and CCM does not guarantee their timeliness or accuracy. Clients should consult their advisor with regard to any questions they may have. Nothing on this web site should imply that past results are an indication of future performance.