December 2018 Risk Model Changes

Tuesday, December 4th, 2018:

Market Risk level 2, “VSX” signal ON

Friday, December 7th, 2018:

Market Risk level rises from 2 to 3. “SO” signal ON, “VSX” ON.

Wednesday, December 12th, 2018:

Market Risk Level drops from 3 to 2. “SO” signal OFF, “VSX” still ON.

Thursday, December 13th, 2018:

Market Risk Level drops from 2 to 1. “VSX” signal OFF.

Friday, December 14th, 2018:

Market Risk Level rises from 1 to 3. “SMA”, “SO” signals ON.

**Monday, December 17th, 2018:

Market Risk Level rises from 3 to 6. “MFI”, “ISI”, “VSX” signals ON. “SMA”, “SO” signals ON since 12/14/18.

Action item: All Della Parola equity strategies are fully hedged at the US market open

Wednesday, December 19th, 2018:

Market Risk Level drops from 6 to 5. “ISI” OFF. “MFI”, '“VSX”, “SMA”, “SO” signals still ON.

**Wednesday, December 26th, 2018:

Market Risk Level drops from 5 to 3. “SMA” and “MFI” OFF, “SO” and “VSX” still ON.

Action item: All Della Parola equity strategy hedges were removed at the US market open.

David Mascio