Month: April 2010

By Anton, ForexYard – The EUR has dropped significantly versus the GBP in the last week, and it is currently trading around 0.8730. And now as evident in the data below, the 4-hour chart is giving bullish signals, indicating that the EUR/GBP pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.

• Below is the 4-hour EUR/GBP chart by ForexYard.

• The technical indicators used are the Relative Strength Index (RSI), Slow Stochastic, and Williams Percent Range.

• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.

• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.

• Point 3: The Williams Percent Range is testing the near lower border at the -100 mark, which merely highlights some added upward pressure.

EUR/GBP 4-Hour Chart

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

By Dan, ForexYard – A return to risk taking has caused currencies like the Australian and Canadian Dollars to make gains against the greenback. A relatively slow news day today will likely be interrupted by several important events. Whether or not the Dollar can make up its losses today is yet to be seen, but the potential is definitely there.
Here is a roundup of the days main economic events.

08:30 GMT GBP Claimant Count Change

– Change in the number of people claiming unemployment-related benefits during the previous month.

– Employment data is one of the most important figures, largely because it is the earliest monthly indicator. Last month’s figure shocked investors by showing a drop of 32,300 unemployed people. A smaller drop is predicted this time – 7,600 and will probably support the GBP/USD pair.

14:15 GMT USD Fed Chairman Bernanke Speaks

– The chairman of the Federal Reserve doesn’t always say something meaningful or related to the economy, but his speeches are closely watched and any small hint can shake the USD vs. its major counterparts.

14:30 GMT USD Crude Oil Inventories

– Change in the number of barrels of crude oil held in inventory by commercial firms during the past week. If we have bearish statistics showing an increase in inventories, we could see a return to a downtrend for oil.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

Source: Forex Yard

The EUR/USD cross edged above the $1.35 level after the German ZEW Institute’s April economic sentiment index came in well above previously forecasted levels. That being said, the Euro-Zone currency fell later in the session amid persistent worries about debt-stricken Greece.

Economic News

USD – Dollar Tumbles as Risk Taking Resumes

The U.S currency eased on Tuesday as a sell-off in growth linked currencies waned and risk taking increased on expectations of a global economic recovery. The greenback had weakened earlier, with losses against the EUR recorded. Europe’s currency edged above the $1.35 level, boosted by a stronger than expected rise in the closely watched ZEW gauge of German investor sentiment.

Against its counterpart in Canada the U.S. dollar weakened after that country’s central bank signaled its willingness to tighten monetary policy. The U.S. dollar dropped 1.6% against the Canadian loonie after the decision, extending losses of about 0.3% before the central bank’s statement was released. The greenback bought C$0.9991, pushing the Canadian currency back above parity, where one U.S. dollar buys one Canadian dollar.

EUR – Euro pressured vs. Dollar on Greece Debt Worries

The European currency rose to session highs against the Dollar after the German ZEW Institute’s April economic sentiment index came in above forecasted levels. The brighter Euro Zone data followed UK consumer price inflation, which came in at a higher than expected 3.4 percent in March, compared with forecasts of 3.2 percent, and underpinned the British pound.

The EUR hovered near the day’s high of $1.3522, up 0.2% for the day. The single currency also got a mild boost after strong investor demand at a 1.5 billion euro sale of Greek 13-week T-bills, which showed a bid-to-cover ratio of 4.6.

At the same time, traders remained wary of chasing up the EUR on concerns about highly-indebted Greece. The single currency fell earlier after European Central Bank Governing Council member Axel Weber said Greece may require assistance of up to 80 billion euros to avoid default.

JPY – Yen Gains vs. Euro on Greek Concerns

The Japanese yen rose against the EUR for the first time in 3 days as concerns about debt-stricken Greece boosted demand for Japan’s currency as a refuge. The Yen rose to 124.90 per EUR from 125.24 in New York yesterday.

Japan’s currency was near a 1 week low against the U.S dollar after stocks rose and before reports forecasting a recovery in the U.S. housing market, one of the main causes of the financial crisis. Japan’s currency traded at 93.11 per Dollar from 93.22. Yesterday it touched 93.39, the weakest since April 15.

The Yen may weaken further against higher yielding currencies including the Australian dollar as optimism that the global economic recovery remains on track dented demand for the relative safety of the Japanese currency.

Crude Oil – Crude Extends Gains Past $84 a Barrel

Oil prices rose on Tuesday after stunning earnings by Goldman Sachs Group Inc improved risk appetite and some European flights resumed as the threat from Iceland’s volcanic ash cloud receded. In addition, analysts said that the prices were higher because of stronger equities and lower risk aversion.

Oil climbed yesterday as European airspace began to reopen, restoring some demand for jet fuel. Prices also advanced as U.S. equities rose, snapping a 2 day drop for the MSCI World Index, because of improving corporate earnings that boosted confidence in the global recovery. The Dollar also fell slightly on Tuesday, supporting oil by making it cheaper for buyers holding other currencies.

Technical News

EUR/USD

The Relative Strength Index (RSI) on the 8-hour chart indicates that this pair is currently in oversold territory, meaning that an upward correction is forthcoming. This sentiment is supported by the RSI on the 1-hour chart. Going long may be a wise strategy for this pair today.

GBP/USD

Most technical indicators show the pair currently trading in neutral territory. While it does not look like any major price shifts will be occurring in the near future, traders will want to watch out for any surprises. A wait and see approach is advised today.

USD/JPY

The Relative Strength Index (RSI) on the 4-hour chart shows the pair well in overbought territory, indicating that a bearish correction may take place soon. This sentiment is supported by the Stochastic Slow on the 8-hour chart. Traders are advised to go short with tight stops today.

USD/CHF

The Relative Strength Index (RSI) on both the 1 and 2-hour charts indicate that this pair is currently overbought. A downward correction is forecasted in the near future for the pair, and traders are advised to go short with tight stops today.

The Wild Card

S&P 500

The Relative Strength Index (RSI) on the 1-hour chart currently shows that the CFD is well into overbought territory. This sentiment is supported by both the RSI and Stochastic Slow on the 2-hour chart. Going short may be a wise move for CFD traders today.

Forex Market Analysis provided by Forex Yard.

© 2006 by FxYard Ltd

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.

USDCAD formed a cycle top at 1.0215 level on 4-hour chart and dropped sharply to as low as 0.9970 level. Deeper decline to test 0.9953 previous low support is still possible later today, a breakdown below this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has resumed, then another fall towards 0.9800 could be seen. However, minor consolidation would more likely be seen before breaking below 0.9953 level.

Daily Forex Forecast

By GCI Forex Research

Fundamental Outlook at 1400 GMT (EDT + 0400)

€

The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3415 level and was capped around the $1.3495 level.  The common currency came off as traders digested many different economic data that were released today.  First, the February eurozone current account printed at -€3.9 billion, wider than the revised prior reading of -€1.7 billion, while the EMU-16 April ZEW economic sentiment survey printed at 46.0, up from the prior reading of 37.9.  Also, German March producer prices climbed to 0.7% m/m and -1.5% y/y while the April ZEW economic sentiment survey came in at 53.0 with the current situation survey improving to -39.2.  These data signify that sentiment conditions are improving in the eurozone’s largest economy but also evidence the dichotomy between improving eurozone economies and significantly overextended countries like Greece, Spain, and Portugal.  In U.S. news, data to be released tomorrow include MBA mortgage applications and data to be released on Thursday include March producer price data, weekly initial jobless claims, and March existing home sales.  Fed Chairman Bernanke defended the Federal Reserve’s role in the Lehman Brothers debacle, noting the Fed did not have supervisory powers over Lehman.  President Obama is expected to make a major speech this week in New York calling for regulatory reform.  Chicago Fed President Evans reported the U.S. recession is “definitely over” and added U.S. unemployment will need more time to decline. Evans also said low interest rates are “appropriate” for now.  Fed Governor Duke reported “the outlook for commercial real estate is not very favourable.”  Dealers are also evaluating Goldman Sachs’s stronger-than-expected first quarter earnings report today against the report from last Friday that the U.S. government is targeting them in a major fraud case related  to the sub-prime mortgage crisis.  Euro bids are cited around the US$ 1.3175 level.

¥/ CNY

The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥92.95 level and was supported around the ¥92.40 level.  Finance minister Kan noted “I think inflation targeting is an attractive policy. We could have a goal of 1 per cent or something a little higher, like 2 per cent, and work with the BoJ until that goal is met.”  Most dealers believe the government is likely to keep pressuring Bank of Japan to ease policy further.  One reason the yen was pushed lower is because the London three-month interbank offered rate (Libor) for yen loans declined to 0.23688 yesterday, its lowest level since May 2006. At the same time, the spread between yen rates and dollar rates climbed to its highest level in eight months, rendering the U.S. dollar more attractive investment.  Further yen weakness could in fact be prompted by a renewal of the carry trade.  BoJ Governor Shirakawa said the central bank is not excluding any policy options at this time and reiterated weak demand is causing price declines.  Data released in Japan overnight saw March machine tool orders climb 262.2% y/y while March convenience store sales were off 4.9% y/y.  Trade balance data will be released tomorrow.  The Nikkei 225 stock index lost 0.07% to close at ¥10,900.68.  U.S. dollar offers are cited around the ¥96.85 level.  The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥125.60 level and was supported around the ¥124.45 level.  The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥143.25 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥87.60 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8254 in the over-the-counter market, down from CNY 6.8275.  China’s currency regulator today noted that China’s capital account surplus expanded to US$ 144.8 billion in 2009, up from US$ 19 billion in 2008.  The perception of higher interest rates in China is likely to fuel more China-bound investment capital.  Many traders believe China will revalue its yuan’s trading band imminently, possibly by widening its trading band by up to 3%.

₤

The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.5430 level and was supported around the $1.5290 level.  Data released in the U.K. today saw March consumer price inflation climb to 0.6% m/m and 3.4% y/y while the core CPI rate was up 3.0% y/y.  Another inflation measure (RPIX) was up 0.7% m/m and 4.4% y/y.  Bank of England Governor King will likely need to address a letter to Chancellor Darling explaining why inflation is above the BoE’s target and the central bank’s outlook for inflation.  Data to be released in the U.K. tomorrow include the claimant count, weekly earnings, and ILO unemployment data.  BoE MPC meeting minutes will also be released tomorrow.  Traders are talking about a surge in the polls by the Liberal Democratic Party and the likely impact this will have on the 6 May General Election.  .Many political pundits believe the contest will result in a hung Parliament and some now say the general election is too close to call with Cameron perhaps still holding a slight lead over Brown.  Cable bids are cited around the US$ 1.5140 level.  The euro moved lower vis-à-vis the British pound as the single currency tested bids around the £0.8740 level and was capped around the £0.8805 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0600 figure and was capped around the CHF 1.0660 level. March money supply data will be released tomorrow followed by the March trade balance and April Credit Suisse ZEW survey on Thursday.  Swiss National Bank Vice Chairman Jordan last week said regulators cannot allow governments to be “blackmailed” into protecting banks from collapse during future financial crises.  There was talk yesterday that the Swiss National Bank may have sold francs for euro this week in an intervention to try and support the Swiss export sector.  U.S. dollar offers are cited around the CHF 1.0920 level.  The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4330 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6400 figure.

Forex Daily Market Commentary provided by GCI Financial Ltd.

GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.

DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

By Fast Brokers – The Aussie has brushed aside concerns about China and Goldman, registering a sizable v-shaped recovery from yesterday’s lows.  The Aussie has experienced considerable strength following the release of the RBA’s minutes from its previous monetary policy meeting.  The RBA implied that it is not opposed to raising rates further should demand for Australia’s commodities stay strong.  This depends a lot on China’s economic performance, so investors should keep an eye on fundamental data over the medium-term should the recent clampdown on the real-estate industry curtail GDP.  As for the time being, as long as the RBA stays hawkish the Aussie could outperform.  However, it will be interesting to see with Australia’s upcoming fundamental releases show any signs of easing under the pressure of higher interest rates.  Additionally, we have seen the impact psychological news from China can have on the Aussie, so investors should keep a close eye on the news wire.  Although Australia will release its MI leading index tomorrow, more emphasis will likely be placed on the UK’s CCC data followed by Bernanke’s testimony.  Meanwhile, U.S. earnings will continue to hit the wire, and with psychological developments up in the air around the globe the FX markets have the potential to jolt to life unexpectedly, so investors should remain on their toes.

Technically speaking, the Aussie faces technical barriers in the form of 4/15 and 4/12 highs.  Additionally, the psychological .93 and .94 levels could serve as psychological obstacles over the near-term.  As for the downside, the Aussie has multiple uptrend lines serving as technical cushions along with  4/13 and 4/19 lows.

Price: .9306
Resistances: .9316, .9329, .9343, .9353, .9364, .9383
Supports: .9294, .9282, .9270, .9257, .9245, .9234
Psychological: .93, .94, .92, April highs and lows

(click chart to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – Gold has posted a solid rally from yesterday’s lows as the Dollar rallies across the board, yet has missed a retest of its highly psychological $1150/oz level thus far.  Investors dipped back into the risk pool today after news spread that the SEC only votes 3-2 to press charges against Goldman, signaling this may not be the start of a witch hunt.  Additionally, the RBA meeting minutes showed that the central bank is still positive on Australia’s economic performance and may not be done with raising rates just yet.  This yielded a v-shaped rally in the Aussie, a positive for gold due to its negative correlation with the greenback.  Meanwhile, the USD/JPY is bouncing, another positive development for the risk-trade.  However, negative momentum is still in play and risk will need a more sizable topside burst to break free.  Such an event may not happen tomorrow with the data wire relatively quiet.  Although, many psychological forces are floating around and it’s difficult to know where and when they will resurface.  Meanwhile, investors should also keep an eye on the news wire for U.S. earnings results.

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with intraday and 4/19 lows.  Additionally, the psychological $1140/oz and $1130/oz level could serve as solid psychological supports over the near-term.  Speaking of psychologicals, $1150/oz is now serving as a barrier along with intraday highs.

Present Price: $1141.20/ oz
Resistances: $1142.05/oz, $1143.24/oz, $1145.22/oz, $1145.91/oz, $1146.80/oz, $1147.73/oz
Supports: $1140.47/oz, $1139.78/oz, $1138.20/oz, $1137.31/oz, $1136.22/oz, $1135.53/oz
Psychological: $1150/oz, $1140/oz, $1130/oz, April highs and lows

(click chart to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The USD/JPY is popping today, piecing together an impressive recovery from yesterday’s lows as investors pick up the Dollar across the board.  During the Asia trading session news spread that the SEC was nearly split, voting 3-2 to file charges against Goldman.  This eased fears that the SEC is out for blood, a positive for the Dollar and the risk trade as a whole.  Additionally, the S&P futures are rallying this morning after Goldman earnings blew past analyst estimates, also a positive for the risk trade.  As a result, the Yen is losing some of its luster and investors have brought the USD/JPY back to 93.  However, Friday’s selloff was considerable, so investors should keep in mind that a downward momentum does remain.  That being said, investors should keep an eye on the news wire for any negative psychological news, particularly anything disconcerting from the EU regarding Greece.  Meanwhile, the U.S. earnings season is just getting heated up, meaning corporate earnings could have a substantial broad-based impact on the Dollar over the near-term.

Technically speaking, the USD/JPY faces technical barriers in the form multiple downtrend lines along with intraday, 4/14, and 4/7 highs.  As for the downside, the USD/JPY has multiple uptrend lines serving as technical cushions along with intraday, 3/29, and 4/19 lows.  Additionally, the psychological 92 level could continue to serve as a psychological cushion should it be tested.

Present Price: 92.98
Resistances: 93.03, 93.18, 93.38, 93.51, 93.64, 93.75
Supports: 92.81, 92.71, 92.57, 92.47, 92.37, 92.25
Psychological: .92, .93, April highs and lows

(click chart to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The Cable has posted a solid bounce today from yesterday’s lows after UK CPI and RPI came in hotter than anticipated.  The persistent price growth taking place in the UK seems to be more than a temporary blip as the BoE implied a couple months ago.  Hence, the Pound is outperforming the Euro since the BoE has less incentive to loosen than the ECB.  In fact, if CPI remains this far above 3% after the election then the BoE may have to be more proactive, depending on the political environment.  Regardless, King will have to write the government another letter explaining the central bank’s outlook on price movements.  That being said, the Cable could hold up strong over the near-term since CPI above 3% implies that the BoE will not consider loosening at its next meeting.  Meanwhile, the Cable is declining from intraday highs as the Dollar appreciates across the board in reaction to impressive earnings from Goldman.  Hence, investors should keep an eye on the U.S. news wire since it seems bellweather earnings could have an influence over the Dollar for the time being.  The UK will keep its data and  news wires busy tomorrow with the release of the Claimant Count Change along with the BoE’s Meeting Minutes.  The CCC registered a much larger than expected decline last month, so it will be intriguing to see how tomorrow’s release turns out.  Should the CCC decline again this could benefit the Pound and push the Cable higher in anticipation that the UK’s unemployment rate will improve.

Technically speaking, the Cable has managed to avoid a retest of previous April lows thus far and has intraday lows along with its psychological 1.52 and 1.53 levels serving as technical cushions for the time being.  As for the topside, the Cable faces multiple downtrend lines along with intraday, 4/12, and 4/15 highs.  Additionally, the 1.54 and 1.55 levels could serve as a psychological barriers over the near-term.

Present Price: 1.5350
Resistances: 1.5371, 1.5386, 1.5404, 1.5419, 1.5435, 1.5453
Supports: 1.5341, 1.5325, 1.5292, 1.5278, 1.5263
Psychological: 1.55, 1.54, 1.53, 1.52, April highs and lows

(click chart to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.

By Fast Brokers – The EUR/USD is trading well off of intraday highs and is fluctuating around its psychological 1.35 area as the Dollar appreciates across the board in reaction to Goldman’s impressive earnings.  Meanwhile, the Euro is underperforming despite EU ZEW, PPI, and Current Account data.  Today’s positive EU data set, particularly ZEW Consumer Sentiment, provide some relief for the Euro as the region holds together economically despite fiscal troubles in Greece.  Speaking of which, chatter is picking up again about Greece with bond yields setting new highs as the focus shifts from China and the U.S.  George Soros issued yet another warning regarding his view that the EU’s proposed financial assistance package is insufficient due to the sizable 5% interest rate.  Regardless, we may see psychological forces take control of the Euro again soon with financial ministers meeting this week granted air travel opens back up.  The EU will be quiet on the data wire tomorrow, meaning the EUR/USD’s near-term performance should reflect broad-based movements in the Dollar along with any new psychological developments regarding Greece or any other fiscally troubled EU nations.  Meanwhile, investors should keep an eye on the U.S. news wire as earnings season heats up.  Strong U.S. corporate earnings coupled with psychological uncertainty in the EU could place some downward pressure on the EUR/USD despite today’s impressive EU data set.

Technically speaking, the EUR/USD has fresh uptrend lines serving as technical cushions along with intraday and 3/31 lows.  As for the topside, the psychological 1.35 now becomes a technical barrier along with an accumulation of downtrend lines and 4/9 highs.

Present Price: 1.3464
Resistances: 1.3473, 1.3485, 1.3496, 1.3506, 1.3521, 1.3530
Supports:  1.3455, 1.3442, 1.3431, 1.3423, 1.3416, 1.3401
Psychological: April highs and lows, 1.35, 1.34

(click chart to enlarge)

Market Commentary provided by Fast Brokers.

Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.