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Any action that you take as a result of information, analysis, or advertisement on this video is ultimately your responsibility. Consult your investment adviser before making any investment decisions. This video contains the current opinions of the author but not necessarily those of Ciovacco Capital Management, LLC (CCM). The author's opinions are subject to change without notice. This video is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. The charts and comments are only the view of the author concerning market activity and are not recommendations to buy or sell any security. Market sectors, securities, and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations are not predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. All material presented herein is believed to be reliable but we cannot attest to its accuracy. The information contained herein (including historical prices or values) has been obtained from sources CCM considers to be reliable; however, CCM makes no representation as to, or accepts any responsibility or liability for, the accuracy or completeness of the information contained herein or any decision made or action taken by you or any third party in reliance upon the data. Some results are derived using historical estimations from available data.

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This brief statement cannot and does not mention all of the considerations involved in trading. Rather, each investor is responsible for diligently researching and judging for himself all the many factors that can significantly impact his financial position. The contents of these pages are not represented to provide any expert professional advice or services whatsoever. If expert assistance is required, the services of a competent professional person should be sought. This statement is in accordance with a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers. The information and data herein are based on sources available to the public. No representation is made that this information is reliable, accurate, complete or current. No representation is made that any returns shown can be achieved.

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Your use of this video 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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The views expressed on this video 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 video 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 video 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.

All material presented herein is believed to be reliable but we cannot attest to its accuracy. Investment opinions 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/video 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 this report/video 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 video/material was produced by Chris Ciovacco and is a copyrighted publication of Ciovacco Capital Management, LLC. The information and data contained in the video 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. CCM strongly encourages you to consult with your own accountants or financial advisors with respect to any tax or investment 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 video. This video/publication is for informational purposes only and does not constitute a complete description of our investment services or performance. This video 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 video, 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 video 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' VIDEO, WEBSITES, CHARTS, OR PUBLICATIONS.

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