All investments and trading involve risk. Trading and investing subjects you to risk of losses, including losses greater than your original investment. Many strategies, investments and securities (including options) are not suitable for everyone. DB Market Journal does not determine whether any strategy, investment or security is suitable for any individual. None of the employees nor contractors of DB Market Journal, even if registered as such, are acting as investment adviser(s). You are encouraged to speak with licensed broker-dealers, investment advisers or counselors of your choice regarding the appropriateness of investing or of any particular investment strategy or security. DB Market Journal offerings are for informational and educational purposes only, and no mention of a particular security in any DB Market Journal offering constitutes a recommendation to buy, sell, or hold that or any other security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. No one will advise you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. To the extent any of the information contained in any DB Market Journal offering may be deemed to be investment advice, it is impersonal and not tailored to the individual investment needs of any specific person. DB Market Journal employees or contractors may provide an opinion about securities, and those opinions may differ. No one should trade with money they cannot afford to lose. Past results are not indicative of future performance. Where hypothetical or simulated examples are provided, because they do not represent actual trading, they have limitations. They are designed with hindsight and thus, can be biased to select favorable performance results. Also, since the trades may not have been executed, the results may have under or over compensated for certain factors such as the lack of market liquidity. Examples of trades and investment strategies do not include the costs of commissions, interest and dividends and other expenses. Keep in mind that these costs affect whether an investment is profitable.