Technical Summary: In our last report on TLS we argued that from a technical perspective the stock was not buyable at this juncture unless you could fundamentally pick a bottom. Since that report the stock has continued in its downtrend and remains firmly entrenched below its 50 day moving average. For those that way inclided the stock is potentially shortable at this point. The 50 day moving average could be used as a stop loss. For the stock to become buyable we would like to see it round out a base and consolidate before making a couple of higher lows. At this stage however there is a lot of work that needs to be done. This one year chart is a continuation of a wider downtrend that is visible on the 5 year chart.