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Tuesday: 17 AUGUST 2010

SOLD DOWN from S$1.68 to S$1.52

If it is based On T+3 Or T+5, can the DATES and PRICES bOught be TRACED ?

lOOking back, 4 tO 6 days agO, ALL buying were at lOwer PRiCES ?

sO they are profIt takIng rather than margIn callIng and fOrced sellIng ?

teeth53 ( Date: 18-Aug-2010 23:05) Posted:

teeth53 thot. Just sharing my personnal opinion. This is only good for short term trading

Today +0.03c. Hope it go back beyond $1.68c (T+3 to T+....margin calling and force selling.)

Genting SP

1.540

1.550

+0.030c

+2.0%

Vol:146,165,000

839,000

1.540

1.550

3,554,000

1.570

1.510c

Trade Summary: Top most willing sellers / buyers at this range and nos of deal done.

1.540ct

nos of deal-1,050

Vol:49,384,000

(Bid Vol)28,266,000

X-deal

450,000

(ask Vol)20,668,000

It lasted Mon 16-8-10 and till mid Tues afternoon (see below).

Last Tuesday 17-8-2010 (Closed at $1.52ct after hitting a high of $1.68ct)

Genting SP

1.580

1.520ct

-0.060c

-3.8%

Vol:334,800,000

2,412,000

1.510

1.520

23,000

1.680c

1.510

teeth53 ( Date: 17-Aug-2010 09:37) Posted:

Genting SP 1.580 1.680 +0.100 +6.3 Vol-87,788,000 5,888,000 1.670 1.680 3,999,000 1.680 1.570

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Playing for the BIG STAKES
Testing and certification ensures a high level of integrity and fairness in the gaming industry
FOR Weike Gaming Technology, testing and certification are important parts of the business as they allow the company to compete in the highly-regulated casino industry.
Founded in 1998, Weike designs, develops and manufactures gaming products such as slot machines, electronic table gaming machines and network systems for Asian markets such as Singapore, Macau, the Philippines and Malaysia.
According to chief executive David Kinsman (picture), the company’s client list includes top gaming operators such as Las Vegas Sands and the Genting Group, and sales are forecast to reach US$20 million ($27.1 million) this year.
Testing and certification are of utmost importance for the gaming manufacturer as all its products need to comply with various international and country regulations, Mr Kinsman said. In Singapore, Weike’s gaming equipment is certified to the Casino Regulatory Authority’s technical standards.
Gaming machines are first assessed on whether they match regulatory technical standards. Then, they are subjected to “platform integrity testing”, which includes electrical safety. Finally, there is a round of mathematical testing to ensure that the machines operate as they are designed to do.
Testing and certification can also help elevate the standards of manufacturing.
In the case of Weike, industry best practices were introduced to its manufacturing process to improve the quality and performance of the company’s products.
This helped Weike bag the 2009 Best Asian Manufacturer Award by Inside Asian Gaming magazine, Mr Kinsman added. Testing, certification made easy
However, the testing and certification process has not been easy for Weike. Each piece of gaming equipment that Weike produced had to be sent to the United States or Australia for the procedure.
“As gaming machines are typically bulky and heavy, it is costly to ship them around. It is also very time consuming,” said Mr Kinsman.
So it was good news to Weike in April this year, when the Singapore Accreditation Council (SAC) granted accreditation to the first gaming testing laboratory in Singapore, BMM Compliance.
BMM has been assessed under SAC’s Accreditation Scheme for Gaming Laboratories, which is based on international standard ISO/IEC 17025. It covers both the management system and the technical capability of the laboratories.
Here, the BMM laboratory provides an easily-accessible facility for Weike to test its products for various regulated markets around the world.
“Having a laboratory at our doorstep makes the entire process simpler and faster. We can also work closely with them to improve on our products quickly,” Mr Kinsman said.
Betting on future growth
With some 60 casinos and 340 clubs in Asia, the gaming industry is poised for further growth. Estimated gaming machine sales for the region average between US$50 million and US$75 million annually.

The presence of gaming testing laboratories in Singapore will also attract other gaming machine manufacturers to set up operations here, said Mr Kinsman.

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Playing for the BIG STAKES
Testing and certification ensures a high level of integrity and fairness in the gaming industry
FOR Weike Gaming Technology, testing and certification are important parts of the business as they allow the company to compete in the highly-regulated casino industry.
Founded in 1998, Weike designs, develops and manufactures gaming products such as slot machines, electronic table gaming machines and network systems for Asian markets such as Singapore, Macau, the Philippines and Malaysia.
According to chief executive David Kinsman (picture), the company’s client list includes top gaming operators such as Las Vegas Sands and the Genting Group, and sales are forecast to reach US$20 million ($27.1 million) this year.
Testing and certification are of utmost importance for the gaming manufacturer as all its products need to comply with various international and country regulations, Mr Kinsman said. In Singapore, Weike’s gaming equipment is certified to the Casino Regulatory Authority’s technical standards.
Gaming machines are first assessed on whether they match regulatory technical standards. Then, they are subjected to “platform integrity testing”, which includes electrical safety. Finally, there is a round of mathematical testing to ensure that the machines operate as they are designed to do.
Testing and certification can also help elevate the standards of manufacturing.
In the case of Weike, industry best practices were introduced to its manufacturing process to improve the quality and performance of the company’s products.
This helped Weike bag the 2009 Best Asian Manufacturer Award by Inside Asian Gaming magazine, Mr Kinsman added. Testing, certification made easy
However, the testing and certification process has not been easy for Weike. Each piece of gaming equipment that Weike produced had to be sent to the United States or Australia for the procedure.
“As gaming machines are typically bulky and heavy, it is costly to ship them around. It is also very time consuming,” said Mr Kinsman.
So it was good news to Weike in April this year, when the Singapore Accreditation Council (SAC) granted accreditation to the first gaming testing laboratory in Singapore, BMM Compliance.
BMM has been assessed under SAC’s Accreditation Scheme for Gaming Laboratories, which is based on international standard ISO/IEC 17025. It covers both the management system and the technical capability of the laboratories.
Here, the BMM laboratory provides an easily-accessible facility for Weike to test its products for various regulated markets around the world.
“Having a laboratory at our doorstep makes the entire process simpler and faster. We can also work closely with them to improve on our products quickly,” Mr Kinsman said.
Betting on future growth
With some 60 casinos and 340 clubs in Asia, the gaming industry is poised for further growth. Estimated gaming machine sales for the region average between US$50 million and US$75 million annually.

The presence of gaming testing laboratories in Singapore will also attract other gaming machine manufacturers to set up operations here, said Mr Kinsman.

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Playing for the BIG STAKES
Testing and certification ensures a high level of integrity and fairness in the gaming industry
FOR Weike Gaming Technology, testing and certification are important parts of the business as they allow the company to compete in the highly-regulated casino industry.
Founded in 1998, Weike designs, develops and manufactures gaming products such as slot machines, electronic table gaming machines and network systems for Asian markets such as Singapore, Macau, the Philippines and Malaysia.
According to chief executive David Kinsman (picture), the company’s client list includes top gaming operators such as Las Vegas Sands and the Genting Group, and sales are forecast to reach US$20 million ($27.1 million) this year.
Testing and certification are of utmost importance for the gaming manufacturer as all its products need to comply with various international and country regulations, Mr Kinsman said. In Singapore, Weike’s gaming equipment is certified to the Casino Regulatory Authority’s technical standards.
Gaming machines are first assessed on whether they match regulatory technical standards. Then, they are subjected to “platform integrity testing”, which includes electrical safety. Finally, there is a round of mathematical testing to ensure that the machines operate as they are designed to do.
Testing and certification can also help elevate the standards of manufacturing.
In the case of Weike, industry best practices were introduced to its manufacturing process to improve the quality and performance of the company’s products.
This helped Weike bag the 2009 Best Asian Manufacturer Award by Inside Asian Gaming magazine, Mr Kinsman added. Testing, certification made easy
However, the testing and certification process has not been easy for Weike. Each piece of gaming equipment that Weike produced had to be sent to the United States or Australia for the procedure.
“As gaming machines are typically bulky and heavy, it is costly to ship them around. It is also very time consuming,” said Mr Kinsman.
So it was good news to Weike in April this year, when the Singapore Accreditation Council (SAC) granted accreditation to the first gaming testing laboratory in Singapore, BMM Compliance.
BMM has been assessed under SAC’s Accreditation Scheme for Gaming Laboratories, which is based on international standard ISO/IEC 17025. It covers both the management system and the technical capability of the laboratories.
Here, the BMM laboratory provides an easily-accessible facility for Weike to test its products for various regulated markets around the world.
“Having a laboratory at our doorstep makes the entire process simpler and faster. We can also work closely with them to improve on our products quickly,” Mr Kinsman said.
Betting on future growth
With some 60 casinos and 340 clubs in Asia, the gaming industry is poised for further growth. Estimated gaming machine sales for the region average between US$50 million and US$75 million annually.

The presence of gaming testing laboratories in Singapore will also attract other gaming machine manufacturers to set up operations here, said Mr Kinsman.

x 0

Playing for the BIG STAKES
Testing and certification ensures a high level of integrity and fairness in the gaming industry
FOR Weike Gaming Technology, testing and certification are important parts of the business as they allow the company to compete in the highly-regulated casino industry.
Founded in 1998, Weike designs, develops and manufactures gaming products such as slot machines, electronic table gaming machines and network systems for Asian markets such as Singapore, Macau, the Philippines and Malaysia.
According to chief executive David Kinsman (picture), the company’s client list includes top gaming operators such as Las Vegas Sands and the Genting Group, and sales are forecast to reach US$20 million ($27.1 million) this year.
Testing and certification are of utmost importance for the gaming manufacturer as all its products need to comply with various international and country regulations, Mr Kinsman said. In Singapore, Weike’s gaming equipment is certified to the Casino Regulatory Authority’s technical standards.
Gaming machines are first assessed on whether they match regulatory technical standards. Then, they are subjected to “platform integrity testing”, which includes electrical safety. Finally, there is a round of mathematical testing to ensure that the machines operate as they are designed to do.
Testing and certification can also help elevate the standards of manufacturing.
In the case of Weike, industry best practices were introduced to its manufacturing process to improve the quality and performance of the company’s products.
This helped Weike bag the 2009 Best Asian Manufacturer Award by Inside Asian Gaming magazine, Mr Kinsman added. Testing, certification made easy
However, the testing and certification process has not been easy for Weike. Each piece of gaming equipment that Weike produced had to be sent to the United States or Australia for the procedure.
“As gaming machines are typically bulky and heavy, it is costly to ship them around. It is also very time consuming,” said Mr Kinsman.
So it was good news to Weike in April this year, when the Singapore Accreditation Council (SAC) granted accreditation to the first gaming testing laboratory in Singapore, BMM Compliance.
BMM has been assessed under SAC’s Accreditation Scheme for Gaming Laboratories, which is based on international standard ISO/IEC 17025. It covers both the management system and the technical capability of the laboratories.
Here, the BMM laboratory provides an easily-accessible facility for Weike to test its products for various regulated markets around the world.
“Having a laboratory at our doorstep makes the entire process simpler and faster. We can also work closely with them to improve on our products quickly,” Mr Kinsman said.
Betting on future growth
With some 60 casinos and 340 clubs in Asia, the gaming industry is poised for further growth. Estimated gaming machine sales for the region average between US$50 million and US$75 million annually.

The presence of gaming testing laboratories in Singapore will also attract other gaming machine manufacturers to set up operations here, said Mr Kinsman.

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Deutsche Bank Index Warrants

SGX Counter Full Name Stock Strike Multiplier

code

HSI_21200_DB_ECW100930 L1LW 21200 1/300

HSI_20600_DB_EPW100930 L1KW 20600 1/300

HSI_20800_DB_ECW100930 L0VW 20800 1/400

HSI_20200_DB_EPW100930 L0WW 20200 1/400

DJI_DB_ECW101220 L1EW 11000 1/2500

DJI_DB_EPW101220 L1FW 10000 1/2500

STI_3000_DB_ECW110103 L1GW 3000 1/500

STI_2850_DB_EPW110103 L1HW 2850 1/500

NIKKEI225_DB_ECW110314 L1IW 10000 1/30

NIKKEI225_DB_EPW110314 L1JW 8500 1/30

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The benefits of index warrants
Structured warrants provide a way for investors with either bullish or bearish views to participate in local and global markets. With warrants, investors may use a smaller initial investment to make use of the leverage effect to participate in market movement.
Apart from warrants that track local underlying, there is also a range of warrants that track overseas underlying, such as indices.
Index warrants can be easily traded during Singapore trading hours through a broker, with liquidity provided by the issuer. There is a range of warrants related to foreign indices listed on the Singapore Exchange (SGX).
Besides the Straits Times Index and the
Hong Kong Hang Seng Index,
Deutsche Bank has a range of index warrants related to
Japan’s Nikkei 225 and the
United States Dow Jones Industrial Average Index on SGX.
As with other warrants, index warrants have a gearing effect, which give investors greater exposure to potential price movements of an asset. Potential gains or losses are increased as a result of gearing due to the leverage effect.
Investors can thus use these instruments to participate in both bullish and bearish market movements.
However, there is a foreign exchange risk, as the warrants are priced in Singapore dollars and the underlying index is in a different currency. Hence, fluctuations in the exchange rate may affect the warrant price.
Investors should also note that when foreign indices are closed for a holiday on a Singapore trading day, the market maker will not provide liquidity, as there is no market in the foreign index.
Index warrants are also affected by the same external factors as all warrants, such as changes in implied volatility and time decay.

More educational material can be found on www.dbwarrants.com.sg.

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Did You Know?

Why do I not see an increase in the price of the call or put Warrants respectively when the price of an underlying increases or decreases?

Other than the price of the underlying, the price of a warrant will also be affected by other factors such as time to maturity, volatility, interest rate, dividend and the supply and demand of the warrant.

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Did You Know?
Why do I not see an increase in the price of the call or put Warrants respectively when the price of an underlying increases or decreases?

Other than the price of the underlying, the price of a warrant will also be affected by other factors such as time to maturity, volatility, interest rate, dividend and the supply and demand of the warrant.

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ETF currency risk
Another point of confusion for investors is when the ETF’s underlying currency differs from its trading currency.
Most ETFs do not have a currency hedging policy and the performance of the ETF corresponds to the underlying market movement.
The market movement refers to the movement of both the stock price and the trading currency on the index portfolio at the same time.
So when investors hold on to the ETF, they are exposed to the underlying market that the ETF is in, at its local currency. For example, an investor trading a Taiwan ETF is exposed to Taiwan’s stock market movement and the Taiwan Dollar movement. If the stock market gains strength and the Taiwan Dollar appreciates against the US Dollar concurrently, the investor can benefit from both.
If the underlying market currency moves opposite of the stock market direction, it will dilute the ETF earnings.
Market risk and local currency risk are the two main factors that determine the price of the ETF.
As long as you’re holding on to ETF units, you will be exposed to its underlying market risks.

Investors will only see the trading currency risk (if US Dollar is the transaction currency) only after they cash out the ETF units with cash — in US Dollar — sitting in their trading account.

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ETF liquidity and currency risk explained
Exchange-Traded Funds (ETFs) let retail investors take advantage of opportunities in the global markets. This article serves to clarify two main misperceptions of ETFs: Liquidity and currency risk.
ETF liquidity
ETFs trade like stocks, many investors have the misconception that its liquidity is linked to its trading volume.
However, ETF units can be created and redeemed at any time. ETF managers can create more units to serve the market if there is more demand.
As ETFs are index tracking mutual funds, its price movement closely corresponds to the underlying market.
For optimum liquidity, the investor should avoid public holidays of the underlying market and not to place orders when the underlying market is closed.

For example, liquidity for Japan, Korea and Taiwan ETFs are better in the morning than the afternoon session of the Singapore Exchange (SGX) trading hours; however, European ETFs will have a better liquidity in the afternoon trading session. Although America has no overlapping trading hours in Asia, the 24-hour electronic trading of US Futures provide ample liquidity for Asian investors at all times.

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Beijing cuts holdings of US Treasuries by $32b

WASHINGTON

China’s holdings of US Treasuries fell by US$24 billion ($32.5 billion) to US$843.7 billion in June, a decline of 2.7 per cent, the US Treasury Department said yesterday in a monthly report.

China is the largest foreign holder of Treasuries. The June decline followed a US$32.5 billion drop in May. There are concerns that China could influence US interest rates by rapidly selling off its Treasury holdings, a move that could lead others to dump the securities and result in a spike in interest rates.

The debt figures are being closely watched at a time when the US government is running up record annual deficits.

Higher yields would mean the US government paying more interest on its US$13.3 trillion national debt and this would then ripple through the economy.

Consumer loans such as home mortgages and car loans track the yields on Treasuries, so they could rise, too.

But thus far, interest rates in the US have remained extremely low.

A weak economy has depressed borrowing by the private sector and the Federal Reserve has kept a key interest rate at a record low level of zero to 0.25 per cent in an effort to spur growth.

— China has continued to slash its holdings of United States government debt, adding to concerns that US interest rates would shoot up as foreign demand fell.AGENCIES

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Foreign direct investment in China surges 20.7%

BEIJING

Foreign companies pumped US$58.4 billion ($79 billion) into China in the January-to-July period, Commerce Ministry spokesman Yao Jian said yesterday.

That marked an acceleration from the 19.6-per-cent growth logged in the first half of the year, and the 14.3 per cent growth from January to May.

Last month alone, foreign direct investment totalled US$6.9 billion, a jump of 29.2 per cent over the same month in 2009, Mr Yao said.

The data includes investment by overseas companies in industries such as manufacturing, real estate and agriculture but excludes money put into banks and other financial institutions.— Foreign direct investment in China rose 20.7 per cent in the first seven months of this year from the corresponding period in the year earlier, underlining growing confidence in the world’s second-largest economy.

AGENCIES

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Half of apartments in Shanghai, Beijing vacant

BEIJING

About 51 per cent of Shanghai apartments, 66 per cent of Beijing flats and more than 70 per cent of units in Hainan are vacant, according to the survey, based on counting the number of apartments observed to have no lights on at night. It was conducted on more than 1,000 real estate projects and was organised by news website

The finding comes as

“Investors and speculators are the owners of the vacant houses” as they wait to sell their properties at an appropriate time, said Mr Lu Qilin, a Shanghai-based researcher at Uwin. “It’s important for the government to introduce more measures to curb speculation,” he added.

Property prices in 70 major Chinese cities climbed 10.3 per cent last month from a year earlier, according to

AGENCIES— At least half of the apartments in Shanghai and Beijing are empty, the China Daily reported yesterday, citing an online investigation by volunteers conducted in 100 Chinese cities.Sina.com, according to the report.Shanghai Securities News reported yesterday that Shanghai property sales by floor area jumped 26 per cent last week from the previous weekChina Information News.

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Half of apartments in Shanghai, Beijing vacant

BEIJING

About 51 per cent of Shanghai apartments, 66 per cent of Beijing flats and more than 70 per cent of units in Hainan are vacant, according to the survey, based on counting the number of apartments observed to have no lights on at night. It was conducted on more than 1,000 real estate projects and was organised by news website

The finding comes as

“Investors and speculators are the owners of the vacant houses” as they wait to sell their properties at an appropriate timeShanghai-based researcher at Uwin. “It’s important for the government to introduce more measures to curb speculation,” he added., said Mr Lu Qilin, a

Property prices in 70 major Chinese cities climbed 10.3 per cent last month from a year earlier, according to

AGENCIES— At least half of the apartments in Shanghai and Beijing are empty, the China Daily reported yesterday, citing an online investigation by volunteers conducted in 100 Chinese cities.Sina.com, according to the report.Shanghai Securities News reported yesterday that Shanghai property sales by floor area jumped 26 per cent last week from the previous weekChina Information News.

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WHAT HAPPENED ?

tO its PROFITS ?

and OPERATIONS CASHFLOW ?

pharoah88 ( Date: 18-Aug-2010 21:39) Posted:

CapitaLand prices 10-year debt at 4.3%

Property giant CapitaLand said yesterday its financial unit CapitaLand Treasury had priced its $350 million 10-year bond to yield 4.3 per cent per year.

The bond, due in August 2020, is part of its $3 billion multi-currency programme. CapitaLand added it would guarantee the payment obligations of its unit.

The proceeds will be used to refinance existing debt and fund new investments, as well as for general working capital of CapitaLand, which is 39 per cent owned by Singapore investment company Temasek Holdings.

DBS Bank has been appointed as the sole bookrunner of the debt paper.

AGENCIES

jipuo1 ( Date: 15-Aug-2010 16:13) Posted:

I'm not referring to ipunter but Susan.

I agree with Alexchia01. Hong Kong announced on Friday its cooling measures for the property market. China recently expected the property prices to drop by 60%, which is much higher than the 40% previously predicted. China is also mulling over property tax as a cooling measure.

Technically, even though price of Capitaland rose today, it's on contracting volume, which doesn't confirm the price. This price rise could be a 1 or 2-day rebound. Prices are expected to resume its downtrend soon. Buying or not selling Capitaland now could prove to be a costly mistake.

x 0

CapitaLand prices 10-year debt at 4.3%

Property giant CapitaLand said yesterday its financial unit CapitaLand Treasury had priced its $350 million 10-year bond to yield 4.3 per cent per year.

The bond, due in August 2020, is part of its $3 billion multi-currency programme. CapitaLand added it would guarantee the payment obligations of its unit.

The proceeds will be used to refinance existing debt and fund new investments, as well as for general working capital of CapitaLand, which is 39 per cent owned by Singapore investment company Temasek Holdings.

DBS Bank has been appointed as the sole bookrunner of the debt paper.

AGENCIES

jipuo1 ( Date: 15-Aug-2010 16:13) Posted:

I'm not referring to ipunter but Susan.

I agree with Alexchia01. Hong Kong announced on Friday its cooling measures for the property market. China recently expected the property prices to drop by 60%, which is much higher than the 40% previously predicted. China is also mulling over property tax as a cooling measure.

Technically, even though price of Capitaland rose today, it's on contracting volume, which doesn't confirm the price. This price rise could be a 1 or 2-day rebound. Prices are expected to resume its downtrend soon. Buying or not selling Capitaland now could prove to be a costly mistake.

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Olam invests $58m in Ivory Coast cocoa plant
The commodities firm Olam is investing US $43.5 million ($58.9 million) to set up cocoa-processing and warehousing facilities in the Ivory Coast.
Its cocoa-processing plant in the city of Abidjan will process cocoa beans into products such as liquor, butter and cake.
The plant is expected to be commissioned by the first quarter of 2012, Olam said.
By the end of its second year of operation in 2014, it is expected to produce 48,000 metric tonnes of cocoa products and achieve a turnover of US $175 million, Olam said.
The primary processing facility in San Pedro will be a drying, cleaning and sorting plant along with the necessary storage facilities to ensure that Olam continues to expand and develop its role in the bean export business in the African country.

The Ivory Coast is the world’s largest cocoa producer accounting for 1.3 million metric tonnes or 40 per cent of global production.

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<> INVERSE ETF <>

No longer buy and hold

ETFs now offer more sophisticated investment strategies

Julie Quek

juliequek@mediacorp.com.sg

SINGAPORE

with more active or sophisticated strategies.

German-based Deutsche Bank, which launched an ETF here last year that allows investors to take a short position in the United States market, is now seeking local regulatory approval to introduce another ETF using hedge fund strategies.

The bank has already lodged the prospectus for the db x-trackers DB Hedge Fund Index ETF on the Monetary Authority of Singapore Opera website. This latest ETF offering is designed to track the performance of the db Hedge Fund USD Index which is Luxembourg-domiciled.

Such ETFs using hedge fund strategies will allow investors to take long or short positions in a particular index or other underlying asset.

The growing trend here mirrors that in other developed markets. Earlier this month, international fund manager BlackRock was reported to be seeking regulatory clearance from the US authorities to introduce ETFs that use complex investment strategies.

Until active ETFs came to market about two years ago, passive ETFs took centrestage as they were designed to track a specific index or industry sector.

On the other hand, active ETFs are designed to beat or outperform the index.

Both active and passive ETFs are considered simple financial instruments with lower transaction costs, but active ETFs are likely to incur slightly higher costs than passive ones.

Analysts say demand for active ETFs are slowly picking up, as such ETFs still enjoy lower transactional costs compared to unit trusts.

Earlier, the SGX reported that the growing popularity of ETFs has boosted its turnover by 33 per cent to about $5 billion in the last 12 months ending June 30.

With the rising interest in this investment instrument, the number of ETFs has also doubled in the SGX to 73. But analysts warn investors to know what they are getting into.

SIAS Research analyst Liu Jinshu said: “When you invest in an inverse ETF where you are holding on to a short position, then of course there is a risk that you will lose a significant amount of your principal at the end of your investment tenure, if the market conditions turn better.”— Exchange Traded Funds (ETFs) are traditionally known for being passive investments but banks are increasingly offering these instruments

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<> E T F <>

LONG & SHORT