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May 28th: Markets ended the week on a quiet note, holding the gains made from Tuesday's strong moves [NASDAQ, NASDAQ 100, S&P]. Volume was understandably light in the run up to Memorial weekend. Little of note, other than the volatility index, VXN, is heavily oversold and close to support of 20 - favoring an upside bounce that should bring some market weakness early next week (likely Tuesday through to Thursday).

Significant moves were few and far between, and often on light volume. Two gold plays, CDE and GSS weakened by over 6% on merger deal wranglings, although both metal stocks, like others in the sectors, have shown weak short term charts. AXYX resumed its downtrend, hovering just above support as controlled selling continues to dominate the stocks price. PETS ran into some buyers indecision, closing with a spinning top on modest volume. A short term reversal to $7.00 looks favroed at this point. AMWS looks poised for a big move soon, a narrow trading day on above average volume could push this stock either way (and fast). Trend says down, but keep stops tight no matter which direction it takes; high of $1.15 and low of $1.08 are the two prices to watch for breaks. I am updating the list on Monday. If you have any suggestions, post them here.

May 27th: Markets continued to tick higher, the third day of gains in a row. The NASDAQ, and NASDAQ 100 look the weaker of the markets as they approach a declining resistance line drawn from January (black hashed line). The S&P had a more solid day, but it still has plenty of upside room in the tank. Buying volume has been modest, so it will be important for down days to be lighter in volume than up days. Light trading can be expected tomorrow as we approach the holiday weekend. It should be next Wednesday when we see how the market reacts at resistance.

On the public list there were a few shakers. PETS lept upwards, counter breaking a bearish pennant. There was no apparent news to drive the prices up 15.43% other than short covering. Should be good to test $10.00 before rolling over. I wouldn't be a buyer at this point. Similarly, YPNT reversed yesterdays gains, closing up 26.83% on this apparent news. Short players, www.stocklemon.com still has it in for this stock on their latest news , so it will be interesting to see which side wins out. ATRM made an attempted break on increasing volume. It just failed to make a new 52-week high, but keep an eye on this for upside follow through over the coming days. NT continued to climb off its lows, adding an additional 7.56% to close at $3.84, a nice gain off the $3.01 doji made 2 weeks ago. Bullish shifts were noted in the QQQ's and SPY's, although both look too extended to be buying in the short term given resistance lies not far above. The DIA's look better value here.

Honorable mentions to ADNW, adding another 3% to place itself above support, and in the early steps of a new rally. Volume is still a little light, but the follow through from yesterday's gains is a positive. DSCO behaved in a similar fashion, and FXEN is approaching $9.41 resistance on improving technicals. Keep these on your watch list for increased volume activity.

Penny plays were quiet. ABTG showed hints of a potential breakout, but volume remained light. While MOBL broke long standing support at $0.20 and could tumble down to $0.13s.

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May 26th: Fear of terrorist attack gave a boost to many of listed security, or security related issues. XYBR was a stockchart public listed stock to make the grade in this regard, interestingly, former darling TASR failed to benefit. Markets [NASDAQ, NASDAQ 100, S&P] mostly shrugged off the news and closed slightly higher. Volume was below yesterdays, common during a consolidation following a day of strong gains. I would like to see former resistance in each market tested to confirm the breakouts (blue hashed lines drawn on the charts for May). I have also added a new resistance line on each market chart, marked as a black hashed line - any reversal from this line favors a quick test of May lows and a probable breakdown to new lows, leaving behind 'bull traps'. So far, there is nothing to suggest this will happen, but it is something to keep in mind as market rallies evolve.

A few more stocks on my public list made breakouts. JDSU made a neat breakout following 3 weeks of narrow trading. It should be good to rally to $3.90, it closed at $3.33. LU broke its downward congestion on average volume, the relief rally should last a couple more days before it moves to retest May's low ($2.98). PRTL rose above resistance on light volume- it has suffered over the last 4 months, but looks well placed to regain some of its value. Could be bought from a short term perspective to rally to $8, or as a dollar-cost-average prospect, it ended the day at $6.00. CSCO made a weak attempt to break, but early gains were erased late in the session, it finished just a few cents above resistance. ATRM is building towards a breakout from its bullish flag, this was a breakout candidate on May 14th. CNXT continued its recent rich form, tacking on an additional 9% on double average volume. There is still plenty of upside room here, watch reaction once it reaches resistance from its downward price channel. AAC is mapping a potential double bottom, although its MACD does not confirm (MACD made a lower low to that in March). PWAV remains just shy of resistance of $8.50 as it made a new near term high on below average volume. VXGNE is mapping a bullish flag and should be monitored for the next breakout and rally. AMCC is in the third day of rally and has an upside target of $6.40. Use pullbacks to buy, or add to a position. It closed today at $5.56. DSCO rallied against form, closing higher after trading for 3 weeks at, or below support - volume was light. FXEN continued to move in an upward bias, adding an additional 5.8%, it is well position to test $9.41 resistance. It closed today at $8.58.

Penny plays were mostly quiet. CTKH benefited from a low volume relief rally, adding almost 22% on average volume. Technicals ticked up slightly, but remain all in the red. GZFX failed to benefit from yesterday's bullish hammer (and attempted double bottom), more downside can be expected.

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May 25th: Upside breakouts on NASDAQ, NASDAQ 100, S&P to follow on from yesterdays small uptick in accumulation (as measured by on balance volume (OBV). A suppossed drop on oil prices (how Reuters could consider a drop from $41.83 to $41.19 per barrel "sharp" is anyone's guess) was the trigger for steady buying throughout the day, particularly in late afternoon, normally the death knell for rallies over the last few days. As listed in my 'Breakout' section, all secondary indicators are in 'Bull phases' and should soon be followed by bullish turns in the weekly markets. I will be watching the secondary indicators closely as I am still not 100% certain we have a firm double bottom - I would like to see bullish divergences in the MACD and slow stochs of the $NASI, $NAA50 and $BPCOMPQ secondary indicators in the second bottom (of the double bottom). Since we don't have this situation, I would not rule out a triple bottom, or better still, a reversal head-and-shoulder pattern with right hand shoulders (RHS) at 1,896 [NASDAQ], 1,396 [NASDAQ 100], and 1,087 [S&P]. The latter shoulders will not be created until prices test April highs. If prices rally beyond April highs on above average trading, then a double bottom is confirmed and the next step of the bull rally will be in play.

Stocks on my public list had a mixed day. Precious metal stocks continued to over extend. I would keep stops tight with these as the inevitable correction will happen sooner rather than later. Trailing stops should be sufficient protection in this regard. AXYX lost 8.57% on average volume, but more importantly, prices are trading close to the hammer lows of the capitulation. A close below$4.81 negates the bullish hammer and re-asserts $4.31 as the downward price target. AXYX closed at $5.12. CPWR gained in some late afternoon trading, closing above a near term resistance level on light volume, watch for potential upside follow through tomorrow morning. Similar moves were also observed in OSTK, NWRE, GLBL, LRT, and WEBX (the latter on a slight increase in volume). AQNT finally broke its two month consolidation on low volume. Look for a move to test $11.42. It closed at $10.20, gaining in late afternoon trading.

Larger caps gained on todays tech indices moves. CSCO and INTC attracted some buying interest, but unlike the tech indices, they did not break resistance. Opposite to these was QCOM, closing above the elusive $65 resistance level on increasing volume (it did likewise over the last couple of days, but volume had been insipid). It lies just $2.48 away from a new 52-week high. The perennial under achiever, SUNW, gained handsomely today, although buyers should trail a stop beneath its steeply advancing support line. AMCC was the real winner - bounding an additional 6% beyond yesterday's leap.

On the downside, PETS ended its attempted bounce (all of one day), closing down 5.90% on a bearish engulfing pattern. YPNT lost critical technical support at $2.85, ending the day down 11.56% at $2.60. A downward price target for this is $2.05. Penny stock MXDY lost support at $0.17 to end the day at $0.145, down 17.14%, following yesterdays after hours earnings release.

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May 24th: Another day of quiet trading, following a week of likewise. But the day did not pass without some noticeable bullish action. On balance volume (OBV) ticked over its 20-day MA in all 3 markets [NASDAQ, NASDAQ 100, S&P], and daily volume was slighlty above that of Friday's (although volume was below average in every case). Prices remain below key resistances on all markets - an important fact to note, so until there are upside breaks (see blue hashed line congestion zones on my charts, and May 20th commentary for price levels), be cautious on buying these breakouts. New leaders are in the process of testing resistance (and may have already started breaking), but that is not to say that all tests of resistances will breakout.

Secondary indicators look to have found some traction. The MACD of the $NASI has formed a perfect double bottom, which includes a positive divegence to the absolute values of the $NASI (see green hashed lines on chart). The $NAA50 has made a positive SAR trigger, watch for a double bottom off 436, and the $BPCOMPQ has bounced off heavily oversold levels (see RSI on its chart).

Precious metal stocks continued to defy the odds. Many broke upside resistance on a number of bearish wedges. Although these can mean the start of important up trends, I would be hesitant buying until some attempt has been made in consolidation. One good example of this was BGO, prices broke the lower support trendline, but rallied later in the day to finish on a bullish hammer (marked a "doji" at time of the update, but is in fact a hammer). If buying this pattern, place stops at low of hammer. In BGO's case - stops go on a loss of $2.42.

Other stocks made some nice impressions, while trading within respectable levels for purchase (or simply for the watch list). GLBL finished the day at near term resistance, having traded in a very narrow range of the last 3 weeks. Volume was above average and recent earnings have not harmed the stock. PETS benefitted from a mix of buying and short covering, closing up 10.85%, but ended the day well below Friday's trading levels. Look for some morning follow through to $8.00 before prices start drifting back down. GIGM benefited somewhat from an oversold rally, but volume does not suggest it will last very long. PWAV benefited from some late day action, closing up 3.6% on light volume. I still don't know why May $7.50 calls were executed when the stock closed Friday at $7.50, unless someone was looking to fill a big position at a fixed price??? The QQQs have shown some reasonable technical strength of late; bullish divergence in the MACD, and today, a nice upside break in a downward slow stochastic channel (see last indicator on chart). The SPY's have shown some decent technical strength too; OBV above the average, MACD in the process of a crossover, and a bullish divergence from March holding in Slow STO(chastics). A stock to watch tomorrow is BIIB - it continues to trade within a narrow rising (bearish) channel, but it closed today above resistance on low volume. Is this a bull trap or the start of a fresh breakout? Raise stops to the lower channel support line if long. CDIS made a decent bounce off support on heavy volume having traded below its rising channel. If support at $27.60 can hold then this is a relatively low risk long play. CPST bounced off support on heavier (yet below average volume). It still looks range bound, so trade between support and resistance until one or the other gives way. Honorable mention to FXEN - it has held support at $7.80 for the last couple of weeks and now looks ready to test $9.30, it needs more buying volume, but prices closed above $8 at $8.13. STG staged a nice rally on release of news of a new contract with Home Depot. This stock sold off heavily in April, moving from $4.20 highs down to lows of $1.75 in a manner of days. It closed up 11.47% to end the day at $2.43, breaking near term resistance. A target of $3.00 looks feasible at this point.

On the flip side, LIFC followed through on its recent topping action, closing down 8.28% on heavy trading on release of its recent SEC filing. The "penny picks" continue to disappoint as quality stocks continue to take the lime light.

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May 21st: A quiet options expiration day, markets closed with modest gains on light volume [NASDAQ, NASDAQ 100, S&P]. Until we see a volume move past the 2-week trading range there is little to do but watch and wait. Secondary indicators have started to put a bottom in, the $NASI upticked off its lows from deep oversold levels. The $VXN logged its fourth day of declines, while the $NAA50 prepared to cross its 5-day EMA (not updated for Friday at time of writing).

One of the 'Fallondpicks' from the list got hit hard (again); PETS got punished on heavy volume, shedding an additional 16% to close at $6.73, breaking 6-month support. The next level of support is down at $3.30 (see weekly chart)- although a short term 'dead cat bounce' should come before then. In mid-April PETS reached a high of $12.55 and is a good example of why stops should be used for all positions, the loss of $10.00 support was the cue for the wise to sell. One stock that looks ready for its 'dead cat bounce' is AXYX, it ended the day with a lovely hammer candlestick on heavy volume - a good sign of capitulation and seller 'wash out'. Should be good for a small rally to $6.35-6.50. However, long term buyers may want to buy a little now, and the rest later, as a retest of $4.81 lows should happen before the next strong (long term) rally can begin. Taking a small position now, at the very least, gets you in the game should the stock make 'V-recovery' and therefore not retest $4.81. On a general note, look at the series of bearish rising wedges in the precious metal mining stocks, most are close to apexes and should (if they go to form), breakdown to test the wedge lows. If you are looking to buy in this sector, the move to lows will be the time to do so as buying conditions for these stocks are improving - keep an eye on the MACD and/or slow stochs, these should not make new lows as prices fall (a bullish sign). A stock behaving well after recent declines is AKS. Technicals are improving, its coming off a lengthy decline triggered by a bull trap, and volume favors further upside. The retest of $3.69 lows looks complete as of today - certainly one for the watch list. AMWS bounce off $1.00 support on heavy volume. Short term bounce is favored to $1.22, whether it can gain from there (or hold $1.00 support on a retest) remains to be seen - it ended the day at $1.11. A stock showing quiet bullish action was AQNT. One can't argue too much with the financials, and price action has drifted down nicely on low volume following its 2.5 million surge in early April. Today may be the first sign that it may be done consolidating, it closed at resistance of its bullish flag. On the flip side, CDIS looks ready to enter a fresh consolidation - breaking its bearish flag, and about to lose support in its slow stochastics. A similar move occurred in VVUS too.

On the active traded list, keep an eye on NT; technicals look strong, and the bullish doji of lows $3.01 will be strong support. Prices haven't retreated much in the retest and there is a huge breakdown gap to suck prices up. QCOM is another stock to keep an eye on. I had favored this a short play, but todays close over $65 may be significant. If there is volume follow through on Monday it could rally hard. Investors Business Daily considers QCOM to be primed for an up move, follow the momemtum crowd on this if true.

From my personal portfolio (listed below), stocks had a mixed day. AAC broke support on low volume - likely to base for another few months, but not one for the short term players as it stands now. On the flip side, CNXT reacted strongly to favorable words from Morgan Stanley, closing up 11% on heavy volume. Plenty of room for a rally to $6.00, but will encounter stiff resistance beyond that price. One of my former "Breakout plays", ATRM, continues to consolidate on low volume, watch this one next week for an upside move. The main negative on this stock is the overbought MACD, and potential bearish divergence - but as in any stock, price leads technicals. IMAX may have suffered from option wobbles, as it lost 7.5% on light volume - turning in the money May $5 calls from profit to nought, similar manipulation was noted in PWAV. Both of these should gain next week. Price action in PWAV was positive for me as my covered calls expired without execution. LEXR looks to have completed its 4-day pullback on low volume, during the decline, prices failed to undercut the heavy volume white candlestick lows from Monday. Watching this eagerly for gains next week. Kodak news has to be good news for LEXR's bottom line. One stock I will be losing in VXGNE, the attempted manipulated move to $12.50 failed, and todays strong end-of-day action should see some decent upside over the coming weeks - my $12.50 covered calls been executed.

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May 20th: Today's market action may have been considered a non-event by many - but it performed better than expected by not following through on yesterday's late afternoon selling. Volume came in lighter, a bullish sign, although markets remain susceptible to a crash/capitulation situation, so keep powder kegs dry until current price congestions break one way or the other; for the NASDAQ this is a move above 1,938: below 1,865; for the NASDAQ 100 this is a move above 1,428: below 1,372; and for the S&P this is a move above 1,106: below 1,076. Volume on such moves should be well above average. MACD and slow stochs technicals continue to map bullish divergences in all markets, favoring upside sooner rather than later, and given the declines in secondary indicators [$BPCOMPQ, $NASI, and $NAA50], we should be looking at a nice long rally. But, the important thing bulls must remember is crashes occur from oversold (not overbought) levels, and thats right where we are now.

As goes with a light trading market, stocks on the public list had a quiet day. Some of the stocks I had mentioned as worth watching reversed yesterday's slim gains, these included ADNW, PWAV, and NWRE. Other stocks look better short candidates, some of these include OSTK (the weakest of the stocks listed and the one best primed to short), IPVO (wait for bounce to complete at resistance), ABAX (breakdown from bearish flag but support at $14.93 makes this a short term play) AXYX (lost another level of support today - in a confirmed downtrend), and PETS (perhaps too extended - MACD is horrible which makes me think there is worse to come, but bounce, when it comes, will be thick and fast - once it gets close to resistance, short it).

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May 19th: The markets opened strongly, feeding off yesterdays positive after hours reports from HPQ and AMAT - but heavy volume afternoon selling, see index tracker stocks; QQQ (NASDAQ 100), SPY (S&P500), and DIA (DOW JONES) for volume, drove prices back to yesterdays closing levels. The net effect of this selling were large bearish inverse hammers in the NASDAQ, NASDAQ 100, and S&P. Today ranked as a distribution day in all markets - although with markets trading within a relatively tight range over the last couple of weeks, bulls could be optimistic in the failure of the bears to take prices significantly lower. In this regard, tomorrow will be a real test - the expectation is for another hard day of selling, but if it fails to materialise the bulls may feel the time has truely come to re-enter the market. The price of oil story is getting a little old as an excuse for the weak market, particularly as commodities such as gold, silver, and more importantly, copper, continue to sell off - if inflation was the primary concern, the drop in raw material prices should help alleviate this. In addition, oil services, and oil index charts are looking toppish and have weakened before oil prices - indeed, the oil prices broke resistance without a consolidation (no handle) and looks to be entering a blowout phase. Once this completes a rally in stocks can begin.

Precious metals look to have bottomed, but whether prices can bounce back, or simply go sideways, remains to be seen. Gold sneaked over its sharp, downard channel resistance, although mining stocks remain toppish in the near term, and favor a test of early May lows. Watch for divergence in this sector, ie. MACD and/or slow stochs rising as prices fall, positive divergence should favor further upside in the long run. SIL was the only precious metal stock on my list to buck the trend, closing up almost 4% at $17.10. Few stocks on the list performed well, some had an inkling of success, but mostly as watch material - nothing to leap on, these stocks included; GZFX, EAG, IIP, MAMA, NWRE, ADNW, SIRI, and PWAV.

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May 18th: Markets rallied weakly - gapping up at the open, but failing to follow through in volume, nor trend. The NASDAQ and NASDAQ 100 ended the day on spinning tops - a neutral candlestick, implying equal strength in bulls and bears. The S&P fared slightly better, countering its negative day yesterday with a bullish piercing pattern. It will be interesting to see if positive after hour earnings from HPQ and AMAT follow through in tomorrows markets. There is room for a further 1-2 days of rally before encountering resistance. Resistance in the NASDAQ lurks around 1,935, and 1,425 in the NASDAQ 100. In the S&P it lies a few points over 1,100. However, if volume fails to pick up over the next next couple of days the market will resume its malaise and drift back down (in low volume markets prices tend to drift down rather than up). Other than the $VXN, secondary indicators gave little cause for optimism - continuing their declines. The $NASI was the weakest of the set, falling another 4% today.

Stocks on the list had a quiet day. BIPH took a 16% hit during its confrence call today, reversing yesterday's breakout on heavier volume, leaving the bearish descending triangle back in play. AMXC gained 17% on average volume, but is still within a consolidation range, the pivot price for this stock is around $11.55, it ended today at $10.25. LIFC's run looks close to an end, a bearish hanging man following yesterdays bearish inside day. NT finished strongly after weeks of sharp declines, looks good to test $4.20 from here. NT Sep $3 calls closed todays trading at $0.85 from the ask, aggressive players may opt for Jun calls at $0.55, the stock finished the day at $3.27. AKS rallied well of yesterday's bullish hammer, leaving a morning star candlestick combination. IPVO broke another level of support and is close to a state of freefall - weekly chart shows support at $0.40, but the next level is down at $0.12.

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May 17th: International news ruled the markets. Asian markets dropped sharply as the Indian election results continued to hold sway in the region - the Bombay index finishing the day down 11% following Friday's 6% decline. This took an obvious toll on Indian ADR's - although, it should be noted - crashes are great times to buy, so keep an eye on some of these stocks for value over the coming days. Compounding market weakness was the assassination of a key Iragi council official. American markets gapped down as expected, but surprisingly, volume remained tame. The NASDAQ finished the day on a doji, as buyers and sellers traded blows throughout the day. Long lower shadows in NASDAQ and NASDAQ 100 candlesticks over the last 7 days of trading gives some hope to the bulls. However, the S&P spurned this behavior, closing decisively down near the lows of its shadows. Given this I expect a new low in the S&P 500 which will likely have a knock on effect on the tech indices, bringing fresh lows here also. On the positive front, selling volume is meagre, and if it remains so over the coming days we should soon see a very strong (but short lived) rally that will set up a new double bottom play.

The $VXN flashed a gravestone doji, a bearish indicator, which given its rapid ascent should bring some (upside) relief to the market. The MACD, ADX and slow stochs of the volatility index are all strong, so any relief will be short lived - but watch for divergences in these technical parameters that should coincide with a strong bottom in the NASDAQ/NASDAQ 100. I have updated my double bottom analysis to account for the events while I was away. Keep an eye on the secondary indicators for possible leads to a bottom - nothing yet to make me think we have reached this.

I have added LEXR, ATRM and IMAX to my portfolio list, and removed PCS from the most active list - replacing it with INTC. There is a dearth of quality on the list - but two stocks did perform against the odds today, BIPH on some late day trading on no apparent news, and penny play ABTG on news of a new technology agreement.

Breakout plays: IDSY, a security play whose recent vehicle securtiy system received FAA and TSA approval, gained 8.47% to new highs.

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May 14th : In the process of updating web page and stockchart list, likely to take a couple of days given the downturn in the markets since the last update. I had been looking for a double bottom in the markets, which at least partially came through - but given the extent of the declines in the secondary indicators [$BPCOMPQ, $NASI, and $NAA50] I am more inclined to look for a fresh double bottom, starting at the point of a new low, possibly around 1,822 for the NASDAQ (calculated as a measured move - the difference of 2,153 and 1,896 subtracted from 2,079). Secondary indicators do favor further downside, suggesting 1,896 will *not* be support as made in my initial double bottom prediction [update to follow in this later].

Commodiites were the real victims of the last few weeks, but precious metal stocks are looking attractive long plays at current valuations. A couple of interesting breakout candidates for Monday; ATRM and EZEN. Past performance from my last set of stocks in this scan from Apr 19th have done well (even if they have suffered since). No candidates from stocks priced $10-30. More to come next week when I should be 100%.

Stockchart public list - please remember to vote!

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