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According to CFTC Rule 4.41, hypothetical or simulated performance results have certain limitations.   Unlike an actual performance record, simulated results do not represent actual trading.   Also, since the trades have not been executed, the results may have under- or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.  Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight.   No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

The information in this report is intended for sophisticated traders and investors who understand the risks of trading in the financial markets.   The information and data herein are based on sources available to the public.  The contents are not investment advice.

No representation is made that this information is reliable, accurate, complete or current.   No representation is made that any regulatory authority has passed on the merits, adequacy or accuracy of this information.   Nothing herein should be interpreted as any kind of offer, solicitation, commitment, promise, warranty, or guarantee whatsoever relating to any of the contents of these pages.   INFORMATION PROVIDED IN THIS DOCUMENT IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED.

The author of this report, as well as affiliated persons and companies, are not responsible for any investment decision and accept no liability for any loss arising from the use of information contained in this report.  The reader assumes the entire risk of any use whatsoever of this information.

Robert W. Colby Asset Management, Inc. (Colby) hereby certifies that the views expressed in this research report accurately reflect the personal views of the Company's Chief Investment Officer, Robert W. Colby, CMT, and/or other trained members of Colby, about any and all of the subject markets or securities.   Colby is engaged in investment management as well as the conduct and publication of professional-quality, independent technical analysis research and, as a matter of policy, always makes best efforts to be as objective and unbiased as possible.

Any and all statements referring to Robert W. Colby Asset Management, Inc., performance are intended to be accurate and complete and to disclose all material facts necessary to avoid any unwarranted inference.   Any and all investment performance data shown reflect all accounts in our recommended investment program.   (Some clients, at their own choosing, may hold securities that are not included in our recommended investment program, or they may choose to deviate from our program in some other way; therefore, their performance results may deviate from our recommended investment program, for better or worse, and are not included in our performance data.)   Our performance data reflects the deduction of advisory fees, brokerage or other commissions and fees, and any other expenses that accounts have actually paid.   Our performance data reflects the reinvestment of dividends, interest, and other earnings.   Our investment strategies and all fees are explained on our website and in our disclosure documents and also are available on request.   The industry standard benchmark for performance comparison is generally the S&P 500 Index, although that and all other price indexes have certain limitations in that they differ from our recommended investment program in volatility, asset mix, diversification/concentration, dividends, interest, trading costs, fees, and other factors.   Unlike the S&P 500 Index, which passively reflects the price performance of 500 large-capitalization stocks, our recommended investment program is concentrated in relatively few securities and actively aims first for capital preservation and second for capital appreciation.   We work continuously to achieve these goals. We try to anticipate and adapt to change.  Regulators point out that there can never be any guarantees in investing; there is always risk and the possibility of loss; changing market conditions are beyond anyone's control; and past performance is not a guide to future performance.

Colby's technical analysis is prepared using widely-available public data that is generally accepted as reasonably reliable, although Colby cannot guarantee accuracy or completeness of data and analysis and no representation is made to that effect.   Colby's technical analysis is based primarily on analysis of the current price and volume performance of a security relative to other securities and in the context of its historical patterns of performance, in accordance with the Body of Knowledge and Code of Ethics endorsed by the Market Technicians Association, the globally-recognized, professional regulatory organization for technical analysts established in 1973. (See: mta.org.)

Past Performance is not a guide to future performance.   Investments discussed in this report are not suitable for all investors.   This report does not take into account the investment objectives, financial situation or specific needs of any particular investor.   Every investor should consider whether any suggestion or recommendation is appropriate given his particular circumstances.  Technical analysis alone should not be relied upon as the sole basis for making investment decisions.   All publicly available information regarding the security in question should be reviewed, including the fundamentals of the security and other information provided in any filings with the Securities and Exchange Commission (SEC).

Although persons and companies associated with Colby may from time to time hold positions in securities mentioned in these research reports, Colby's policy proscribes any employee activity that would conflict with client interests.

The information provided herein is protected by copyright and intellectual property laws.   You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone in any form whatsoever, without the express written consent of the publisher.

Copyright © 2011 by Robert W. Colby Asset Management, Inc.   All rights reserved.

Robert W. Colby Asset Management, Inc., 40 Wall Street, 28th Floor, New York, NY 10005; phone: 646-652-6879; email: info@colbyassetmanagement.com.