This Market is a Minefield of Risk

This volatile period for the market will continue with a minefield of risk this week. Investors will have several relatively important factors to weigh while determining the market path, including the Fed meeting minutes and Consumer Price Index (CPI). I continue to warn investors to avoid the inclination to buy the dips at this point and hold substantial cash for a stock sale over the near-term, at which point long-term investors can add to holdings. See this full stock market warning here.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Article should interest investors in SPDR Dow Jones Industrial Average (NYSE: DIA), SPDR S&P 500 (NYSE: SPY), PowerShares QQQ Trust (Nasdaq: QQQ), ProShares Short Dow 30 (NYSE: DOG), ProShares Ultra Short S&P 500 (NYSE: SDS), ProShares Ultra QQQ (NYSE: QLD), NYSE Euronext (NYSE: NYX), The NASDAQ OMX Group (Nasdaq: NDAQ), Intercontinental Exchange (NYSE: ICE), E*Trade Financial (Nasdaq: ETFC), Charles Schwab (Nasdaq: SCHW), Asset Acceptance Capital (Nasdaq: AACC), Affiliated Managers (NYSE: AMG), Ameriprise Financial (NYSE: AMP), TD Ameritrade (Nasdaq: AMTD), BGC Partners (Nasdaq: BGCP), Bank of New York Mellon (NYSE: BK), BlackRock (NYSE: BLK), CIT Group (NYSE: CIT), Calamos Asset Management (Nasdaq: CLMS), CME Group (NYSE: CME), Cohn & Steers (NYSE: CNS), Cowen Group (Nasdaq: COWN), Diamond Hill Investment (Nasdaq: DHIL), Dollar Financial (Nasdaq: DLLR), Duff & Phelps (Nasdaq: DUF), Encore Capital (Nasdaq: ECPG), Edelman Financial (Nasdaq: EF), Equifax (NYSE: EFX), Epoch (Nasdaq: EPHC), Evercore Partners (NYSE: EVR), EXCorp. (Nasdaq: EZPW), FBR Capital Markets (Nasdaq: FBCM), First Cash Financial (Nasdaq: FCFS), Federated Investors (NYSE: FII), First Marblehead (NYSE: FMD), Fidelity National Financial (NYSE: FNF), Financial Engines (Nasdaq: FNGN), FXCM (Nasdaq: FXCM), Gamco Investors (NYSE: GBL), GAIN Capital (Nasdaq: GCAP), Green Dot (Nasdaq: GDOT), GFI Group (Nasdaq: GFIG), Greenhill (NYSE: GHL), Gleacher (Nasdaq: GLCH), Goldman Sachs (NYSE: GS), Interactive Brokers (Nasdaq: IBKR), INTL FCStone (Nasdaq: INTL), Intersections (Nasdaq: INTX), Investment Technology (NYSE: ITG), Invesco (NYSE: IVZ), Jefferies (NYSE: JEF), JMP Group (NYSE: JMP), Janus Capital (NYSE: JNS), KBW (NYSE: KBW), Knight Capital (NYSE: KCG), Lazard (NYSE: LAZ), Legg Mason (NYSE: LM), LPL Investment (Nasdaq: LPLA), Ladenburg Thalmann (AMEX: LTS), Mastercard (NYSE: MA), Moody’s (NYSE: MCO), MF Global (NYSE: MF), Moneygram (NYSE: MGI), MarketAxess (Nasdaq: MKTX), Marlin Business Services (Nasdaq: MRLN), Morgan Stanley (NYSE: MS), MSCI (Nasdaq: MSCI), MGIC Investment (NYSE: MTG), NewStar Financial (Nasdaq: NEWS), National Financial Partners (NYSE: NFP), Nelnet (NYSE: NNI), Northern Trust (Nasdaq: NTRS), NetSpend (Nasdaq: NTSP), Ocwen Financial (NYSE: OCN), Oppenheimer (NYSE: OPY), optionsXpress (Nasdaq: OXPS), PICO (Nasdaq: PICO), Piper Jaffray (NYSE: PJC), PMI Group (NYSE: PMI), Penson Worldwide (Nasdaq: PNSN), Portfolio Recovery (Nasdaq: PRAA), Raymond James (NYSE: RJF), SEI Investments (Nasdaq: SEIC), Stifel Financial (NYSE: SF), Safeguard Scientifics (NYSE: SFE), State Street (NYSE: STT), SWS (NYSE: SWS), T. Rowe Price (Nasdaq: TROW), Visa (NYSE: V) and Virtus Investment Partners (Nasdaq: VRTS).

INVESTOR WARNING - No Longer Buy the Dips

The stock market reversed course Wednesday, turning an opening decline into a green day for the SPDR S&P 500 (NYSE: SPY). But I’m warning investors that we need to treat this market differently than how we have grown accustomed to. Times have changed and a very sensitive stock market should continue to exhibit volatility into this fall. In fact, I’m anticipating a market correction sometime over the next couple months. If I’m right, then that means we have to stop blindly buying the dips. See the full report warning to investors. Article interests SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones (NYSE: DIA), PowerShares QQQ (Nasdaq: QQQ), iShares Russell 2000 (NYSE: IWM), SPDR Gold Trust (NYSE: GLD), iShares Silver Trust (NYSE: SLV), Apple (Nasdaq: AAPL), Facebook (Nasdaq: FB), Google (Nasdaq: GOOG), ProShares Ultra VIX (NYSE: UVXY).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

One Security to Save us All - iPath S&P 500 VIX ST Futures (NYSE: VXX)

In anticipation of market turmoil and volatility, I sought a security to survive the storm. The iPath S&P 500 VIX ST Futures (NYSE: VXX) is just what the doctor ordered to hedge portfolios against a downturn now. On occasion, it can also serve the most morbid of investors to enjoy capital appreciation while most investments are being slaughtered. This appears to be just such an occasion, as I see risk of a 10% or greater market correction heightened from here through October. See the full report on the one security to save us all. 

Sector Security	Wednesday Midday 8-12-15
iPath S&P 500 VIX ST Futures (NYSE: VXX)	+5.4%
SPDR S&P 500 (NYSE: SPY)	-0.9%
SPDR Dow Jones (NYSE: DIA)	-1.1%
PowerShares QQQ (Nasdaq: QQQ)	-1.1%
iShares Russell 2000 (NYSE: IWM)	-1.3%
Vanguard Total Stock Market (NYSE: VTI)	-1.0%
PowerShares DB US Dollar Bullish (NYSE: UUP)	-1.2%
SPDR Gold Trust (NYSE: GLD)	+1.3%
iShares 20+ Year Treasury Bond ETF (NYSE: TLT)	+0.4%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Elon Musk’s Daredevil Antics Add Risk to Tesla Shares

Elon Musk just did something Tesla (Nasdaq: TSLA) shareholders have good reason to worry about. Musk just strapped himself to the top of a biplane and went for a joy ride in the sky. The daredevil stunt (see video) may play well for his legendary status as a young eccentric genius and playboy jetsetter but it is probably unfitting for the CEO of a $30 billion company. If God forbid something went wrong, TSLA shares would have been critically displaced and billions of dollars in market value would have gone with him.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

The departures of some corporate leaders are actually celebrated by their shareholders. For instance, when McDonald’s (NYSE: MCD) embattled CEO Don Thompson said he would walk away earlier this year, the stock jumped 3%. However, Tesla’s shares have performed far better than McDonald’s shares over the last several years. TSLA is still up approximately 10.6% year-to-date despite recently soft production guidance given at its earnings report.

Furthermore, the iconic Chairman and CEO of Tesla Motors (Nasdaq: TSLA) is as important to his company and its shares as arguably any CEO today. So when he plays daredevil, the shares are likely to take a hit. If he had died in the stunt, which he thankfully pulled off, the shares of Tesla would very likely have seen their valuation permanently impaired as well.

Musk is integrally tied to the company he co-founded, Tesla Motors. The importance of Musk to the organization is evident in his extensive title alone: Co-Founder, Chairman, Chief Executive Officer and Chief Product Architect. That’s four critical roles he fills for the company. He is the visionary behind Tesla’s founding, and so its evolution is presumably following a path he envisioned. If that role were passed forward to another person at this point, certainly Tesla’s historic development from dream to reality would be overshadowed by questions about how it might proceed without Musk. That is exactly what happened to Apple (Nasdaq: AAPL) shares after Steve Jobs died.

As Chairman and CEO, Musk has played a critical role in the operational efforts and progress of Tesla; would another person fill those roles adequately? And who would have confidence in another chief architect considering how well a job at it Musk has done? The Model S has been named Motor Trend Car of the Year and Best Overall Car by Consumer Reports for two years in a row. So if overnight these four critical roles for Tesla were suddenly vacated, left empty by the sudden and tragic death of a visionary of this age, how do you think TSLA shares would react?

Day Chart of TSLA Against that ofthe QQQ

TSLA would have tanked Monday morning had a tragedy occurred. TSLA shares actually did open lower Monday and suffered into midday while the shares of the PowerShares QQQ (Nasdaq: QQQ), which tracks Tesla peers in the Nasdaq-100, opened higher and traded steadily in the green on the day. While TSLA has been under pressure since reporting its earnings last week, its shares had stabilized. Monday’s trading may be indicative of a realized risk being incorporated into the valuation of Tesla shares given the death-defying stunt of Musk over the weekend.

Elon Musk is a special sort of CEO, a nonconformist and we love him for it. Though, in this day and age of younger CEOs at companies like Google (Nasdaq: GOOG), Facebook (NYSE: FB) and GoPro (Nasdaq: GPRO), I suppose we might expect to see more CEOs take similar risks. So perhaps because of Musk, the contracts of CEOs will in the future contain clauses requiring the non-participation of the executive in risky behavior. The contracts of well-paid and team-critical professional athletes contain such clauses, so corporations would be taking the lead from that precedent. I’m sure such clauses already exist for some, but obviously not in this case.

Having Musk sign such a clause would serve two value-added purposes now. First, it would serve to reassure Tesla shareholders that he won’t be taking such risks in the future and perhaps restore any value discount that might register because of it. Secondly, it might help Tesla to realize its full potential over the next decade or two. If I were a Tesla shareholder, I know I would rest easier.

There’s just one problem. The penalty to athletes for injuries sustained while participating in restricted activities is adjustment to their otherwise guaranteed salary. Does Musk even care about having his salary penalized for skydiving or whatever he may choose to do? He is growing his wealth with the share price appreciation of Tesla and his other investments, and he has a good deal of wealth already safely set aside. And I’m not even sure the guy cares about money to begin with. Thus, all Tesla shareholders can do is pray and maybe hope Musk gets into less risky games, like say playing bridge with Warren Buffett and Bill Gross. I follow Tesla and other iconic ideas of the day, and invite interested investors to follow my column here at the Wall Street Greek blog for updates.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

The Herd is in a Hurry to the Butcher's Block

According to the broad market media, stocks got an early lift Monday because of a developing fresh deal for Greece. More likely, though, stocks are simply higher given the dearth of U.S. data this morning to stop it. The S&P 500 is also benefiting from support at its 200-day moving average. Still, watch out friends, because today a previously disruptive force is due to deliver a dose of reality again. Also later this week, critical data will reach anxiously awaiting eyes fearful of being poked out. But mostly, we cannot get comfortable now because we are locked in a waiting game heading into the important September Fed meeting, where it may finally initiate its program of monetary policy tightening. Considering capital flow factors as well, this is hardly the time to get comfortable and to follow the herd to the butcher’s block. See more on this market report here.

Sector Security	Monday Morning 08-10-15
Vanguard S&P 500 (NYSE: VOO)	+0.9%
SPDR Dow Jones (NYSE: DIA)	+1.0%
First Trust NASDAQ-100 Tech Index ETF (NYSE: QTEC)	+1.0%
iShares Russell 2000 (NYSE: IWM)	+0.9%
Vanguard Total Stock Market (NYSE: VTI)	+1.0%
iPath S&P 500 VIX (NYSE: VXX)	-3.3%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Gold Week – Lookout for Lockhart

Gold investors had better lookout for Lockhart this week. Atlanta Fed President Dennis Lockhart, a voting member of the Federal Open Market Committee (FOMC), is scheduled to speak on Monday. When last he spoke he stirred up worry about the Fed’s plans by sharing his inclination to raise rates in September, which is probably not good news for gold. Well, actually, that depends on how badly stock investors take the news, because pure panic in equities would spread fear into the dollar trade, which serves gold. It’s complicated – try to follow along. See the full warning on gold here.

Precious Metal Relative	Friday	YTD
SPDR Gold Trust (NYSE: GLD)	+0.25%	-8.3%
iShares Gold Trust (NYSE: IAU)	+0.38%	-7.7%
ETFS Physical Swiss Gold Trust (NYSE: SGOL)	+0.27%	-7.8%
iShares Silver Trust (NYSE: SLV)	+0.86%	-6.3%
ETFS Physical Silver Trust (NYSE: SIVR)	+1.04%	-6.5%
Market Vectors Gold Miners (NYSE: GDX)	+0.22%	-27.1%
Market Vectors Junior Gold Miners (NYSE: GDXJ)	-0.63%	-21.2%
Direxion Daily Gold Miners Bull 3X (NYSE: NUGT)	+0.32%	-74%
Direxion Daily Gold Miners Bear 3X (NYSE: DUST)	-1.06%	+48%
Goldcorp (NYSE: GG)	-0.44%	-25.9%
Randgold Resources (Nasdaq: GOLD)	+0.35%	-11.9%
Barrick Gold (NYSE: ABX)	+2.33%	-34.4%
Silver Wheaton (NYSE: SLW)	+0.47%	-38.8%
Coeur Mining (NYSE: CDE)	-7.17%	-48.7%
Silvercorp Metals (NYSE: SVM)	-0.13%	-44.8%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Why I'm Warning on Stocks – Keep Your Powder Dry

The Dow fell for its seventh straight day Friday and the S&P 500 (NYSEArca: SPY) was testing its 200-day moving average. Stocks are at high risk now due to the building anticipation and anxiety about the detrimental impact of imminent interest rate hikes and an increasing cost of capital for corporations. Stocks, in my opinion, are showing signs of a potential market correction and they are well overdue for one. However, when stock prices decline precipitously they open up special buying opportunities for long-term investors. For as long as the economy justifies tighter monetary policy, stocks can relatively quickly recover any lost ground on a correction. As a result, I’m suggesting investors go to at least 20% cash in preparation for a new buying opportunity when/if stocks correct over the next 1 to 3 months. See the full warning report on stocks here. Article interests SPDR S&P 500 (NYSE: SPY), SPDR Dow Jones (NYSE: DIA), PowerShares QQQ (Nasdaq: QQQ), iPath S&P 500 VIX (NYSE: VXX), iShares Russell 2000 (NYSE: IWM).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Exxon Mobil (XOM) – What’s Most Relevant

Exxon Mobil (NYSE: XOM) reported its quarterly results Friday, noting a sharp decline in earnings due to lower energy prices. The company, its shares hammered this year by sharply lower energy prices, guided investor attention to 4 key points. The points were that despite bearing lower energy prices, Exxon Mobil is: meeting operating and investment goals; benefiting from its integrated operations through the diversified revenues of its downstream businesses; growing production impressively and importantly; and still generating significant cash flow and positive free cash flow. So, it intimates, you should ignore its 51% drop in quarterly earnings and instead look to its potential in a different pricing environment, which is implied will exist. Toward that end, the company offered some important reminders about the global demand outlook. It also strongly reminded investors of its always-on cost reduction focus. I’ll remind investors of the company’s ability to capture high grade production at better value today with its strong balance sheet. Exxon Mobil has diversified integrated operations that increasingly allow it to level off the costs and benefits of production and feedstock, though still imperfectly. Given its shareholder value focus, ability to capitalize on what for many others is an extremely treacherous environment, and with an energy outlook that isn’t so terrifying to me, I see XOM as a must buy on current share weakness. Still, I advise investors to add XOM and other energy stocks to holdings carefully now, in increments, while prices likely remain volatile near-term. See my full report on Exxon Mobil (XOM) here.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

ConocoPhillips (COP) – You Better Bet Your Life

If you’re placing a bet on the nation’s leading independent energy exploration & production company today, you had better bet your life you are placing a bet on a turnaround in energy prices in the current environment. ConocoPhillips (NYSE: COP) recently reported its second quarter results, and really only one thing mattered, the difference in the company’s total realized price per barrel of oil equivalent (BOE). It looks as if the company can manage the burn if oil prices stay at current levels. Meanwhile, it just raised its dividend and assured investors it was safe; the dividend yield is a stabilizer for the stock today at 5.7% for as long as investors mostly believe in it. The company rightly notes that the price of oil is out of its control, but there are factors within its control. ConocoPhillips, as the world’s most important independent E&P, stands to benefit from the failures of smaller marginal players, some of which will have important assets to sell cheap today and tomorrow. Given this company’s current production positives and its ability to manage cash flow, and my expectations for oil price recovery either later this year or in 2016, I see COP primed for long-term investment today. More nimble risk takers might wait a month longer for a potential capitulation of oil prices ahead of the September Fed meeting and as China continues to weigh. See my full report on ConocoPhillips (COP) here.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Don't Trade Like a Crack Addict on a Fed Fix

A television media reporter this morning said the market’s reaction to TV interview comments by Fed Governor Powell were like a crack addict getting his Fed fix. Powell indicated the Fed would stay true to being data dependent, with plenty of important data between now and the September meeting. His somewhat dovish discussion followed comments from FOMC voting member Lockhart’s statement that he would need to be dissuaded from voting for a rate hike as things stand today. Stocks are trading quite sensitively in anticipation of an imminent Fed liftoff to interest rates, and Powell seemed to serve the market the drug it needed to refresh enthusiasm. Though, it also ensures extreme volatility around key economic data points, including this week’s Employment Situation data. Be careful investing over the next few months friends, as these swings and volatility are likely to continue. Long-term investors can actually look forward to the start of Fed rate hikes finally happening, as it will usher in discussion about the economy, which is what we truly should be focused on. Economic justification for normalized interest rates should be celebrated by the market over the longer term as it serves to stave off inflation. See more about this crack addict!

Sector Security	1:00 PM 8-5-15
SPDR S&P 500 (NYSE: SPY)	+0.4%
SPDR Dow Jones (NYSE: DIA)	+0.1%
PowerShares QQQ (Nasdaq: QQQ)	+0.8%
iShares Russell 2000 (NYSE: IWM)	+0.2%
Vanguard Total Stock Market (NYSE: VTI)	+0.4%
iPath S&P 500 VIX (NYSE: VXX)	-0.2%
PowerShares DB US Dollar Bullish (NYSE: UUP)	+0.1%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Gold Might Rest in August but Come September it’ll Get Schooled Again

Gold might find a brief respite appropriately coinciding with the popular vacation month of August, but come September it should get schooled again. Gold prices rose Friday, as the July Fed meeting is behind us now, and as the dollar gave back its gains of Thursday so too did gold regain its lost ground. With the focus off the Fed now, and with gold trading around some support, it could stabilize or even rise a bit in August. However, as September nears and the ruckus about the Federal Reserve’s monetary policy plans is revived, the dollar should again climb higher and gold drive lower. See more of this report on the outlook for gold.

Precious Metal Relative	Friday 7/31	Last 3 Mos.	TTM
SPDR Gold Trust (NYSE: GLD)	+0.6%	-7.2%	-15.6%
iShares Gold Trust (NYSE: IAU)	+0.7%	-7.5%	-14.8%
ETFS Physical Swiss Gold Trust (NYSE: SGOL)	+0.6%	-7.6%	-14.9%
iShares Silver Trust (NYSE: SLV)	-0.1%	-8.8%	-28.1%
ETFS Physical Silver Trust (NYSE: SIVR)	-0.2%	-9.2%	-27.7%
Market Vectors Gold Miners (NYSE: GDX)	+2.2%	-31.6%	-46.6%
Market Vectors Junior Gold Miners (NYSE: GDXJ)	+1.9%	-22.5%	-53.2%
Direxion Daily Gold Miners Bull 3X (NYSE: NUGT)	+5.9%	-72.3%	-92.1%
Goldcorp (NYSE: GG)	+5.1%	-27.6%	-49.2%
Randgold Resources (Nasdaq: GOLD)	+2.3%	-20.3%	-29.1%
Barrick Gold (NYSE: ABX)	+0.1%	-45.5%	-60.1%
Silver Wheaton (NYSE: SLW)	-0.2%	-35.0%	-49.3%
Coeur Mining (NYSE: CDE)	+2.3%	-32.6%	-53.2%
Silvercorp Metals (NYSE: SVM)	+2.6%	-35.7%	-56.7%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

A Warning About Operating Heavy Equipment While Sipping Drinks with Umbrellas

It’s August and the lazy days of summer are now fully upon us. It’s really hot outside, half of the office is on vacation, the July Fed meeting is in our review mirror and trading volume is lighter. When everyone is on vacation, very little tends to happen in corporate offices and in the dens of some investment advisors and managers as well. It’s usually that way for at least the first few weeks of the month, before parents need to begin preparing for the school year. That said, increasingly in today’s ever-connected world, even while we sip drinks with little umbrellas, investment market participants always have the global economy and markets at the focus of at least the corner of their eyes. This year it seems investors have even more reason to pay attention as we approach the liftoff to Fed interest rate hikes. As a result, the lazy days of summer could be volatile times today, because incomplete information could be dangerous for half-focused investors. See more of this story about the lazy days of summer here.

Sector Security	8-3-15 Midday
SPDR S&P 500 (NYSE: SPY)	-0.5%
SPDR Dow Jones (NYSE: DIA)	-0.6%
PowerShares QQQ (Nasdaq: QQQ)	-0.2%
iShares Russell 2000 (NYSE: IWM)	-0.7%
Vanguard Total Stock Market (NYSE: VTI)	-0.3%
iPath S&P 500 VIX (NYSE: VXX)	-0.9%
PowerShares DB US Dollar Bullish (NYSE: UUP)	+0.2%

Automaker Shares	8-3-15 Midday
Ford (NYSE: F)	+1.1%
General Motors (NYSE: GM)	+0.3%
Toyota (NYSE: TM)	-0.1%
Honda Motors (NYSE: HMC)	+2.0%
Fiat Chrysler (NYSE: FCAU)	+2.4%
Volkswagen AG (OTC: VLKAY)	+0.4%
Tesla (Nasdaq: TSLA)	-2.1%

Energy Shares	8-3-15 Midday
United States Oil (NYSE: USO)	-3.4%
iPath S&P GSCI Crude Oil (NYSE: OIL)	-3.9%
Energy Select Sector SPDR (NYSE: XLE)	-1.8%
SPDR S&P Oil & Gas E&P (NYSE: XOP)	-2.5%
Exxon Mobil (NYSE: XOM)	-1.8%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.