Ned Davis Research Group - Terms of Service

Copyrights - Specific Terms of Use - Disclaimer - Timing - Trademarks - Privacy - Cookies

Copyright Statement

The works of authorship contained herein including but not limited to all data, design, text, images, and charts or other data compilations or collective works are owned, except as otherwise expressly stated, by Ned Davis Research, Inc., ("NDR"), Ned Davis Research Group ("NDRG"), or one of their data providers and may not be copied, reproduced, transmitted, displayed, performed, distributed, rented, sublicensed, altered, stored for subsequent use or otherwise used in whole or in part in any manner without the prior written consent of NDRG.

Specific Terms of Use

When accessing this website you agree and acknowledge that the Information Services represent "intellectual property" of, and are proprietary to, Ned Davis Research, Inc. ("NDR"), and that access to this website, granted through an agreement with NDR whether written or oral, does not transfer copyright or license to User in any way, except as detailed in a written agreement between you or your business entity and NDR. Unless otherwise provided in written agreement and provided that appropriate references are made to the copyright of NDR, the Information Services may not be used, copied or distributed, except for your Internal Use. "Internal Use" means use by you and other employees of your business entity that are designated to access the Information Service based on and limited by the number of authorized subscribers (log-ins) specified in a written agreement. Any material you intend to use outside of the "Internal Use" or not listed at must be promptly sent to NDR via e-mail at You may be provided with user identifications, passwords, authentication codes or other security devices or procedures for access to the Information Services. You shall take all reasonable precautions to protect the confidentiality of Information Services. You will not reverse engineer, decrypt, decompile, disassemble or create derivative works from any part of the Information Services. All unauthorized reproduction or other use of NDR's materials (including the Information Services) could be deemed willful infringement(s) of NDR's copyright and other proprietary and intellectual property rights. NDR expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised.

Disclaimer Statement

The data and analysis contained herein are provided "as is" and without warranty of any kind, either expressed or implied. Ned Davis Research, Inc. (NDR), d.b.a. Ned Davis Research Group (NDRG), any NDRG affiliates or employees, or any third-party data provider, shall not have any liability for any loss sustained by anyone who has relied on the information contained in any NDRG publication. The data and analysis contained herein are provided "as is." NDRG disclaims any and all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. NDRG's past recommendations and model results are not a guarantee of future results. This communication reflects our analysts' opinions as of the date of this communication and will not necessarily be updated as views or information change. All opinions expressed herein are subject to change without notice. NDRG or its affiliated companies or their respective shareholders, directors, officers and/or employees, may have long or short positions in the securities discussed herein and may purchase or sell such securities without notice. Using any graph, chart, formula or other device to assist in deciding which securities to trade or when to trade them presents many difficulties and their effectiveness has significant limitations, including that prior patterns may not repeat themselves continuously or on any particular occasion. In addition, market participants using such devices can impact the market in a way that changes the effectiveness of such device. For NDRG's important additional disclaimers, refer to For data vendor disclaimers, refer to Further distribution prohibited without prior permission. Copyright (c) Ned Davis Research, Inc. All rights reserved.

Timing Statement

All data presented in this website is delayed at least 20 minutes.


Ned Davis Research, Inc., Ned Davis Research Group,, and logos are service/trademarks of Ned Davis Research, Inc. and are proprietary as such.

Privacy Statement

Ned Davis Research Group takes its responsibility to protect the privacy and confidentiality of any client or visitor information very seriously. We maintain physical, electronic and procedural safeguards that comply with applicable legal standards to store and secure such information from unauthorized access and use, alteration and destruction. Our own policies and procedures have been developed to protect the confidentiality of client information and to help achieve compliance with relevant rules and regulations. We limit the collection, use and retention of client information to what we reasonably believe will help us deliver superior service, to administer our business, manage our risks, market our services and products, and to meet applicable laws and regulations.

We may use the collected information in the following ways:

From time to time, we enter into agreements with other companies to provide services to us. Under these agreements, the companies may receive information about clients, but they must safeguard this information and they may only use it for those purposes that we specify. In addition, we may disclose and use personally identifiable information in special circumstances where it is necessary to enforce our Terms of Use (for example, data contracts and intellectual property rights). We may also disclose or use your personal information when we, in good faith, believe that the law requires us to do so.

We collect IP addresses and Web site usage information from you when you visit our Web site. This information helps us evaluate how our visitors and clients use and navigate our Web site on an aggregate basis, including the number and frequency of visitors and clients to each Web page, and the length of their visits.



We explain what cookies are, how we use them on the websites of the Ned Davis Research Group and your options for controlling them.
Please note:

What are cookies?

Cookies are pieces of information which include a unique reference code that a website transfers to your device to store and sometimes track information about you. A number of cookies we use last only for the duration of your web session ("session cookies") and expire when you close your browser. Other cookies are used, for example, to remember you when you return to the site and will last for longer ("persistent cookies"). Cookies cannot be used to run programs or deliver viruses to your computer. They are uniquely assigned to your device and are sent back to the originating website on each subsequent visit (if they last longer than a web session) or to another website that recognizes that cookie..

Some of the cookies used by our sites are set by us, and some are set by third parties who are delivering services (such as interest based advertising and web analytics) on our behalf.

What do we use cookies for?

Some cookies are essential to enable you to move around the website and use its features, such as accessing secure areas of the website or areas with paid-for content. Without these cookies, services you have asked for cannot be provided. Because such cookies are essential for using a site, these cookies cannot be turned off without severely affecting your use of the website.

Other cookies perform various functions, as the table below explains, together with your options for controlling them.

Some cookies may also be controlled by using your web browser settings. Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that or to notify you each time a cookie is set.

You can also learn more about cookies in general by visiting which includes additional useful information on cookies and how to block cookies using different types of browser.

For more general information about online behavioral (interest based) advertising and how it uses cookies, you may wish to visit

Our cookies and your options:

Third party cookies: