Heritage Capital (Heritage) is an independent, privately owned investment research firm. Heritage's portfolio solutions are offered through Sowell Management Services (Sowell) a Registered Investment Advisor.

The opinions and forecasts expressed are those of David Moenning, President of Heritage Capital and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security or Heritage and/or Sowell management program.

David D. Moenning, an advisor representative of Sowell, is founder of Heritage Capital Research (Heritage). For a complete description of investment risks, fees and services review the Sowell firm brochure (ADV Part 2) which is available from your Investment Representative or by contacting Heritage or Sowell.

Neither Heritage nor Sowell is registered as a broker-dealer.

No part of this material is intended as an investment recommendation. Neither the information nor any opinion expressed constitutes a solicitation to purchase or sell securities or any of Heritage’s programs. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that investment objectives outlined will actually come to pass. Investors should consult an Investment Professional before investing in any investment program.

Neither Mr. Moenning or Heritage nor any of their employees shall have any liability for any loss sustained by anyone who has relied on the information contained herein. Mr. Moenning and employees of Heritage may at times have positions in the securities referred to and may make purchases or sales of these securities while this publication is in circulation. The analysis contained is based on both technical and fundamental research. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

The data contained on our website is provided “as is” and without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed. Heritage, Sowell, employees, or any third party data provider shall not have any liability for any loss sustained by persons relying on the information contained herein or in any Heritage publication.

Mr. Moenning and employees of Heritage may at times have positions in the securities referred to and may make purchases or sales of these securities while this publication is in circulation, without notice.

Use of leveraged and inverse ETFs: Most leveraged Exchange Traded Funds (ETFs) seek to provide a multiple of the investment returns of a given index or benchmark on a daily basis. Due to the effects of compounding and possible correlation errors, leveraged ETFs may experience greater losses than one would ordinarily expect. Compounding can also cause a widening differential between the performances of an ETF and its underlying index or benchmark, so that returns over periods longer than one day can differ in amount and direction from the target return of the same period. Consequently, these ETFs may experience losses even in situations where the underlying index or benchmark has performed as hoped.  Some specialized exchange-traded funds can be subject to additional market risks. Investment returns will fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed or sold, may be worth more or less than their original cost.

Securities and other investments held in investment advisory accounts at Heritage are not guaranteed and are subject to investment risk, including possible loss of principal invested.  Past performance may not be indicative of future results. No current or prospective client should assume that future performance of any specific investment, investment strategy recommended will be profitable or equal to prior performance levels.