Commerce Street Capital Management (CSCM) has been granted permission by the author, Doug Ingram, to distribute this market commentary (MC). All views, opinions and estimates included are his as of this date and are subject to change without notice. CSCM has the marketing distribution rights to the BMR, Mr. Ingram's views, opinions, and estimates are not necessarily those of CSCM and there is no implied endorsement by CSCM of any information contained within this MC (which may in fact directly conflict with those being published and distributed by CSCM whether or not contemporaneous). In the event of such conflict, CSCM is not under any obligation to identify to you any such conflicts. This MC is for informational purposes only and does not constitute a solicitation or offer to buy or sell any securities, futures, options, foreign exchange or any other financial instrument and/or to provide any investment advice and/or service. Although the information presented has been obtained from sources believed to be reliable, we cannot guarantee or assume any responsibility for the accuracy or completeness of the information shown herein.