THE JOSS REPORT 10/01/2006
Available Exclusively Through ClearTrade Commodities
ClearTrade®
Subscribe to The Joss Report:
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- TECH TALK
1) SUGAR
2) GOLD
3) CRUDE OIL
4) 10-YEAR NOTE
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- CHART WATCH
5) COCOA
6) SWISS FRANC
7) LIVE CATTLE
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- CURRENT 'MONTHLY' RECOMMENDATION
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- FUTURES WATCH
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WELCOME TO THE JOSS REPORT - WEEKLY TRADE ADVISOR
The Joss Report trading recommendations and weekly trade advisor was first published in October 1998. Since that time, the Joss Report research has continued to evolve into an important source of technical insight for many traders. Our goal is to provide traders with a 'trading plan' to prepare for the trading day and week ahead.
ClearTrade's own technical analyst, Scott Joss*, is a veteran futures trader with twenty-eight years experience on and off the trading floor - as a technical analyst, pit trader, account executive handling arbitrage for Smith Barney, former member of the CBOT, non-member CTA and presently an IB. Scott prepares technical analysis in selected market groups when an opportunity presents itself and not only develops 'trading modules' on selected trading opportunities but 'feeds-forward', advising traders what to expect and how to react.
ClearTrade® Contact Phone Numbers
800-493-4444
773-561-9777
http://www.cleartrade.com
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The Joss Report Archived Weekly Trade Advisor 2006
http://www.cleartrade.com/?pageid=41737
________________________________________
- TECH TALK BY Scott R. Joss (Non member C.T.A)*
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MARCH SUGAR (SBH6)
For the last twenty-three weeks I have developed and written ‘trading modules’ based on Sugar weekly and monthly sell signals.
The first such monthly sell signal occurred last May based on the July 2006 contract at 16.57. This key monthly sell signal at 16.57 has had the power to drive current prices to lows of 10.80 verses the March 2007 contract.
Will this downward momentum continue?
To help answer this question, let’s refer to the archived Joss Report dated June 5, 2005.
Long-term traders may recall when I wrote and developed ‘trading modules’ for twenty-four weeks to the upside on Sugar, I listed each and every gap that had been left since 1981.
In addition, I listed the two all important bullish ‘W’ formation breakouts.
The first key upside ‘W’ breakout was at 8.70.
The second key upside ‘W’ breakout occurred at 11.40.
As a historian at heart, this 11.40 may again be a key level – or perhaps 8.70 will be the key level.
March Sugar has an unfilled price gap below the current market price between lows of 9.55 and highs of 9.58 (8/30/05).
March Sugar has several unfilled price gaps above the current market price. The most recent price gap is between 12.24 and 12.30 (9/22/06).
Our objective of 11.56 was met on 9/22/06.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -26,755, posting a total open interest of 473,478 contracts.
This product is for aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
My inclination - based on the charts – is that March Sugar will trade between lows of 11.40 and highs of 13.30 for the month of October.
# 1) Aggressive traders who established a short position below 12.15 and have not exited their positions are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1250 puts and have not exited their positions are advised to exit their option positions**.
# 2) Aggressive traders who either added to their existing short position or established a short position below 11.88 and have not exited their positions are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1200 puts and have not exited their positions are advised to exit their positions**.
# 3) Aggressive traders who either added to their existing short position or established a short position below 11.47 and have not exited their positions are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1200 puts and have not exited their positions are advised to exit their positions**.
# 4) Aggressive traders who either added to their existing short position or established a short position on a price advance towards 11.69 last week are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1200 puts are advised to exit their positions**.
# 5) If March Sugar fills the upside gap at 12.30:
Aggressive traders are advised to wait for a price decline to 11.57 and establish a long position, placing stops below 10.80 and refer to ‘trading module’ # 8*.
# 6) If March Sugar posts multiple closes above 12.24:
Aggressive traders are advised to prepare for a price advance to the 13.30 level and are advised to move all stops below 11.90*.
Our objective will be 13.30.
# 7) If March Sugar posts multiple closes above 13.40:
Aggressive traders are advised to re-establish a long position, placing stops below 12.15*.
Our objective will be 13.96.
# 8) If March Sugar posts multiple closes below 10.75****:
Aggressive traders are advised to re-establish a short position, placing all stops above 11.90 and refer to ‘trading module’ # 5*.
Option traders are advised to purchase March 1150 puts, risking 70% of purchase price**.
# 9) If March Sugar posts multiple closes below 10.40****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.57*.
Option traders are advised to purchase March 1100 puts, risking 70% of purchase price**.
# 10) If March Sugar posts multiple closes below 10.15****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.02*.
Option traders are advised to purchase March 1100 puts, risking 70% of purchase price**.
Our next objective will be 9.70.
# 11) If March Sugar does not post lows of 10.79 or highs of 13.41 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
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DECEMBER GOLD (GCZ6)
In the Joss Report dated 8/27/06, I began discussing December Gold because of a pending monthly recommendation.
Between 9/5/06 and 9/6/06, December Gold posted a bearish ‘Island reversal’ top.
Three weeks ago I advised traders that December Gold had developed a possible bearish descending right triangle.
If this formation comes to fruition, our objective will be 547.00.
On 8/28/06, December Gold posted a sell signal at 627.40.
On 9/07/06, December Gold posted a sell signal at 640.90.
On 9/08/06, December Gold posted an unconfirmed sell signal at 615.40.
On 9/26/06, December Gold posted a buy signal at 598.10.
Last week very aggressive traders who established short positions at 615.40 or below were advised to exit their positions at 598.10*.
Option traders who purchased December 590 puts were advised to exit their positions**.
On 9/29/06, December Gold posted a confirmed sell signal at 615.40.
As long as December Gold remains below 615.40, downside pressure will continue.
If December Gold were ever to post a close above 648.50, then all downside pressure will dissipate and major fund buying will enter the Gold market.
December Gold has several unfilled price gaps below the current market price. The most recent is between highs of 563.00 and lows of 563.50 (3/13/06).
December Gold has three unfilled price gaps above the current market price. The most recent price gap is between 612.40 and 613.50.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -2,915, posting a total open interest of 322,937 contracts.
This product is for very aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for September was $5,340.
The proposed trade risk for last week was $1,740.
If you did not fit this risk profile, traders were advised to consult with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
For September, December Gold posted a key sell signal at 615.40, yet posted a buy signal last week at 598.10.
My inclination - based on the charts - is that December Gold has conflicting signals and may be consolidating in a range.
#1) If December Gold posts 613.50 and multiple closes above 615.40:
Very aggressive traders are advised to establish a long position, placing stops below 598.10 and refer to ‘trading module’ # 8*.
# 2) If December Gold posts multiple closes above 622.60:
Very aggressive traders are advised to either add to their established long position or establish a long position, placing stops below 598.10*.
# 3) If December Gold posts multiple closes above 637.50:
Very aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 612.40*.
# 4) If December Gold posts multiple closes above 648.50:
Very aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 622.60*.
Option traders are advised to purchase December 650 calls, risking 70% of purchase price**.
Our objective will be 666.50.
# 5) If December Gold posts multiple closes below 576.00****:
Aggressive traders are advised to establish a short position, placing stops above 598.10 and refer to ‘trading module # 4*.
Option traders are advised to purchase December 570 puts, risking 70% of purchase price**.
# 6) If December Gold posts a close below 565.10 and multiple closes below 563.50****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 576.60*.
Option traders are advised to purchase December 560 puts, risking 70% of purchase price**.
# 7) If December Gold posts multiple closes below 555.60****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 576.60*.
Option traders are advised to purchase December 550 puts, risking 70% of purchase price**.
Our objective will be 541.60.
# 8) If December Gold does not post lows of 576.50 or highs of 648.60 in October:
Aggressive traders will be advised in the November 4th Joss Report on a new set of ‘trading modules’.
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NOVEMBER CRUDE OIL (CLX6)
In the Joss Report dated 9/17/06, I began developing ‘trading modules’ for November Crude Oil.
Each week I try to review previous trade signals… not simply to be redundant, but to keep fresh what signals or formations have affected the product. If history repeats itself, then I can determine support or resistance from past price action.
Between 8/07/06 and 8/09/06, November Crude Oil posted a bearish ‘island reversal’ top.
In addition, between 6/20/06 and 8/16/06, November Crude Oil developed a bearish ‘M’ formation.
The middle of the ‘M’ was at 74.50.
On 8/16/06, November Crude Oil posted a close below the all important ‘M’ formation.
On 8/17/06, November Crude Oil penetrated a seventeen-month trendline at 74.05.
On 9/6/06, November Crude Oil posted a close below last year’s high (for the November contract) of 68.95.
On 9/13/06, November Crude Oil penetrated a two-year trendline at 64.70.
This product is for very aggressive traders and not for the faint of heart.
Very aggressive traders were and continue to be advised not to exceed the rule of thumb - 10% of equity to risk ratio.
If you do not fit this risk profile, traders were and are advised to consult with their account executive for an option trading strategy.
Very aggressive traders looking to minimize risk continue to be advised to use the electronic miNY Crude Oil as their trading vehicle.
November Crude Oil has five unfilled price gaps above the current market price. The most recent unfilled price gap is between 70.20 and 70.25 (9/5/06).
November Crude Oil has many unfilled price gaps below the current market price. The most recent is between 59.65 and 58.98.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for Crude Oil futures last week decreased by -28,571, posting a total open interest of 1,148,838 contracts.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for miNY Crude Oil futures last week decreased by -8,709, posting a total open interest of 43,558 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
My inclination - based on the charts - is that November Crude Oil may be entering a consolidation range.
# 1) Very aggressive traders who established a short position at 62.80 or below are advised to move stops above 64.70 or exit their position*.
# 2) Very aggressive traders who established a short position at 61.00 or below are advised to move stops above 64.70 or exit their position*.
# 3) Very aggressive traders who established a short position on a price advance towards 63.50 are advised to move stops above 64.70 or exit their position*.
# 4) If November Crude posts multiple closes above 65.20****:
Very aggressive traders are advised to establish a long position, placing all stops below 64.00 and refer to trading module # 6*.
# 5) If November Crude posts multiple closes above 67.40****:
Very aggressive traders are advised to establish a long position, placing all stops below 64.70*.
Our objective will be 70.25.
# 6) If November Crude posts multiple closes below 59.52****:
Very aggressive traders are advised to re-establish a short position, placing all stops above 64.00 and refer to ‘trading module’ # 4*.
# 7) If November Crude posts multiple closes below 58.90****:
Very aggressive traders are advised to either add to their existing short positions or re-establish a short position, placing all stops above 59.52*.
# 8) If November Crude posts multiple closes below 58.40****:
Very aggressive traders are advised to either add to their existing short positions or re-establish a short position, placing all stops above 59.80*.
# 9) If November Crude posts multiple closes below 57.98****:
Very aggressive traders are advised to re-establish a short position, placing all stops above 58.40*.
Our objective will be 57.02.
# 10) If November Crude Oil does not post lows of 59.51 or highs of 71.82 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
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DECEMBER 10-YEAR NOTE (TYZ6)
In the Joss Report dated 9/10/06, I added the December 10-Year Note to ‘Chart Watch.’
In the past two issues of The Joss Report, I discussed the need to coordinate the 10-Year Note trade signal and the 30-year Bond trade signal before adding to or establishing a position.
On 8/16/06, the December 10-Year Note posted a buy signal at 106-200.
On 8/30/06, the December 10-Year Note posted a buy signal at 107-040.
On 9/14/06, the December 10-Year Note posted a buy signal at 107-150.
On 9/19/06, the December U.S. 30-Year Bond posted a buy signal at 111-05.
On 9/20/06, the December 10-Year Note posted a buy signal at 107-165.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for 10-Year Note futures last week decreased by -120,637, posting a total open interest of 2,198,365 contracts.
This product is for very aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for the 10-Year Note two weeks ago was $734.37.
If you did not fit this risk profile, traders were and are advised to consult with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
My inclination - based on the charts, moving averages, and open interest is that December 10-year notes may be entering a consolidation range.
# 1) Very aggressive traders who established a long position in the 10-Year Note at 106-200 or above are advised to leave stops below 107-160 or exit their position*.
# 2) Very aggressive traders who established a long position in the 10-Year Note at 107-040 or above are advised to leave stops below 107-160 or exit their position*.
# 3) Very aggressive traders who established a long position in the 10-Year Note at 107-150 or above are advised to leave stops below 107-160 or exit their position*.
# 4) Very aggressive traders who established a long position in the 10-Year Note at 107-165 or above are advised to leave stops below 107-160 or exit their position*.
# 5) Very aggressive traders who either added to their long position or established a long position at 107-290 or above are advised to leave stops below 107-160 or exit their position*.
# 6) Very aggressive traders who either added to their long position or established a long position on a price decline towards 107-290 are advised to leave stops below 107-160 or exit their position*.
Our objective will be 109-035.
* (Futures traders and their account executives are advised to discuss this suggested stop).
** (Option traders and their account executives are advised to discuss the suggested risk).
*** (Traders can exit or hedge a trade position once it moves in their direction but are advised to remove all resting stop orders).
**** (Very aggressive Traders can enter a trade position without multiple closes but are advised to use resting stop orders).
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CHART WATCH by Scott R. Joss (Non member C.T.A)*
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Chart Watch includes markets developing a 'trade signal' or a chart pattern that has not yet fully developed - or may never develop.
During the course of the week or month it is not uncommon to find an `intra-day, intra-week or intra-month' recommendation that was previously not revealed when this newsletter was written.
Products that currently fit into this 'watch' category are listed below and should be 'watched.'
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DECEMBER COCOA (CCZ6)
This week I’m adding December Cocoa to ‘Chart Watch’ due to a trade signal for next week.
On 9/18/06, December Cocoa posted an unconfirmed yearly sell signal at 1437.
On 9/21/06, December Cocoa posted a buy signal at 1505.
On 9/25/06, December Cocoa posted a sell signal at 1484.
December Cocoa has two unfilled price gaps above the current market price. The most recent unfilled price gap is between 1562 and 1572 (8/18/06).
December Cocoa has one unfilled price gap below the current market price between 1440 and 1445 (9/20/06).
The long-term weekly and monthly chart has developed a three-year bearish descending right triangle. Recently, Cocoa had a price advance pushing through the descending trendline.
However, in recent weeks Cocoa had a price decline challenging its upside breakout.
Technically, December Cocoa would need to have multiple closes below October Cocoa’s low of 1410 to see an accelerated price decline.
Could this happen?
If Cocoa can maintain a yearly close below 1438 and multiple closes below 1410, then challenging lows of 1299 from 5/21/04 may be in the cards.
A close below 1299 would send this product to lows not seen since 9/11/00 at 735.
Think this is impossible?
This product is not for the faint of heart because of the higher or lower openings each day, which can be dramatic.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -5,342, posting a total open interest of 140,798 contracts.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for next week will be $630.
Traders are advised to begin consulting with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
The trading modules listed below are for very aggressive traders. Less aggressive traders are advised to wait for several trade signals before establishing a position.
# 1) If December Cocoa posts 1511, and multiple closes above 1535****:
Very aggressive traders are advised to establish a long position, placing all stops at 1448 and refer to trading module # 5*.
# 2) If December Cocoa posts multiple closes above 1550****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 1510*.
Our objective will be 1572.
# 3) If December Cocoa posts multiple closes above 1600****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 1535*.
# 4) If December Cocoa posts multiple closes above 1615****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 1562*.
Our objective will be 1729.
# 5) If December Cocoa posts 1448 and multiple closes below 1440****:
Very aggressive traders are advised to establish a short position, placing stops at 1511 and refer to ‘trading module’ # 1*.
# 6) If December Cocoa posts 1415 and multiple closes below 1410****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops at 1511*.
# 7) If December Cocoa posts multiple closes below 1390****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 1449*.
# 8) If December Cocoa posts multiple closes below 1390****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 1449*.
Our objective will be 1299.
# 9) If December Cocoa does not post lows of 1414 or highs of 1536 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
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DECEMBER SWISS FRANC (SFZ6)
In the Joss Report dated 9/10/06, I began discussions on the December Swiss Franc because of several trade signals.
Due to these trade signals, the December Swiss Franc became a ‘top trade.’
Also…I explained in that issue that the December U.S. Dollar had a trade signal. Traders were reminded that the Dollar moves opposite the Swiss Franc.
On 9/06/06, the December Swiss Franc posted a sell signal at .8159.
On 9/07/06, the December Swiss Franc posted an unconfirmed sell signal at .8140.
On 9/07/06, the December U.S. Dollar posted a buy signal at .8497.
On 9/15/06, The December Swiss Franc posted a low of .7995; traders were advised to exit their short positions.
In addition, traders were advised that if the December Swiss Franc did confirm a sell signal by closing at or below .8140 by September 29th that I would continue writing ‘trading modules’.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -7,017, posting a total open interest of 69,977 contracts.
This product is for aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk is $3,050.
If you do not fit this risk profile, traders are advised to consult with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the December Swiss posts multiple closes below .7995:
Aggressive traders are advised to establish a short position, placing stops above .8074.
# 2) If the December Swiss posts multiple closes below .7885:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .7995*.
# 3) If the December Swiss posts multiple closes below .7851:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .7995*.
# 4) If the December Swiss posts multiple closes below .7823:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .7973*.
Our objective will be .7777.
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DECEMBER LIVE CATTLE (LCZ6)
This week I’m adding December Live Cattle to ‘Chart Watch’ due to a trade signal for next week.
Long-term readers know that the meats are not my favorite product to technically track due to their unpredictability. However, due to a trade signal next week, I feel an obligation to bring the following information to traders’ attention.
This product is not for the faint of heart because of the higher or lower openings each day, which can be dramatic.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 1,764, posting a total open interest of 217,870 contracts.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for next week will be $520.
Traders are advised to begin consulting with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
The trading modules listed below are for very aggressive traders. Less aggressive traders are advised to wait for several trade signals before establishing a position.
# 1) If December Live Cattle posts 90.55, and multiple closes above 91.40****:
Very aggressive traders are advised to establish a long position, placing all stops at 89.25 and refer to trading module # 4*.
# 2) If December Live Cattle posts multiple closes above 92.30****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 90.50*.
Our objective will be 93.10.
# 3) If December Live Cattle posts multiple closes above 94.00****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 91.20*.
Our objective will be 99.35.
# 4) If December Live Cattle posts 89.25 and multiple closes below 88.55****:
Very aggressive traders are advised to establish a short position, placing stops at 90.55 and refer to ‘trading module’ # 1*.
# 5) If December Live Cattle posts 87.85 and multiple closes below 87.65****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 88.55*.
# 6) If December Live Cattle posts multiple closes below 86.30****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 87.65*.
Our objective will be 83.15.
# 7) If December Live Cattle does not post lows of 88.575 or highs of 94.00 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
* (Futures traders and their account executives are advised to discuss this suggested stop).
** (Option traders and their account executives are advised to discuss the suggested risk).
*** (Traders can exit or hedge a trade position once it moves in their direction but are advised to remove all resting stop orders).
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NOTE:
If you do not completely understand this information, you are advised to take NO action until speaking with your Account Executive.
ClearTrade®, Inc. may be reached at 800-493-4444
________________________________________
* The Joss Report trade recommendations and weekly trade advisor is prepared by Scott Joss, Non- Member C.T.A.
Scott Joss is a 'non member' CTA and is providing the Joss Report weekly trading advisor and trade recommendations to ClearTrade®, Inc. clients. Scott Joss 'is a principal' of ClearTrade, Inc. and 'is a registered IB member' with the NFA.
________________________________________
ClearTrade®, Inc.
5415 N. Sheridan Rd.
Suite 2104
Chicago, IL 60640
(800) 493-4444
(773) 561-9777 Voice
(773) 561-9775 Fax
Mailto:research@cleartrade.com
http://www.cleartrade.com/
________________________________________
DISCLAIMER:
Market recommendations are strictly the opinion of the writer and are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve substantial risk. In no event should the content of a market letter be construed as a promise that you will profit or that losses can or will be limited in any manner whatsoever.
ClearTrade, Inc. does not necessarily promote or endorse the services or publications described herein. Unless otherwise indicated, ClearTrade Inc. has had no role in the production or review of these products or services and makes no warranty, either expressed or implied, as to their contents, accuracy or performance.
Past results are no indication of future performance. Information provided in this newsletter is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
REPRODUCTION OR REBROADCAST OF ANY PORTION OF THIS INFORMATION IS STRICTLY PROHIBITED WITHOUT THE WRITTEN PERMISSION OF S.R. JOSS INC./CLEARTRADE®, INC.
The contents of this newsletter are copyright 1997-2005, Scott R. Joss/S.R. Joss Inc./ClearTrade ®,Inc. *TM. All Rights Reserved.
ClearTrade®
Subscribe to The Joss Report:
http://www.cleartrade.com/?pageid=30478
________________________________________
- TECH TALK
1) SUGAR
2) GOLD
3) CRUDE OIL
4) 10-YEAR NOTE
________________________________________
- CHART WATCH
5) COCOA
6) SWISS FRANC
7) LIVE CATTLE
________________________________________
- CURRENT 'MONTHLY' RECOMMENDATION
________________________________________
- FUTURES WATCH
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WELCOME TO THE JOSS REPORT - WEEKLY TRADE ADVISOR
The Joss Report trading recommendations and weekly trade advisor was first published in October 1998. Since that time, the Joss Report research has continued to evolve into an important source of technical insight for many traders. Our goal is to provide traders with a 'trading plan' to prepare for the trading day and week ahead.
ClearTrade's own technical analyst, Scott Joss*, is a veteran futures trader with twenty-eight years experience on and off the trading floor - as a technical analyst, pit trader, account executive handling arbitrage for Smith Barney, former member of the CBOT, non-member CTA and presently an IB. Scott prepares technical analysis in selected market groups when an opportunity presents itself and not only develops 'trading modules' on selected trading opportunities but 'feeds-forward', advising traders what to expect and how to react.
ClearTrade® Contact Phone Numbers
800-493-4444
773-561-9777
http://www.cleartrade.com
________________________________________
The Joss Report Archived Weekly Trade Advisor 2006
http://www.cleartrade.com/?pageid=41737
________________________________________
- TECH TALK BY Scott R. Joss (Non member C.T.A)*
________________________________________
MARCH SUGAR (SBH6)
For the last twenty-three weeks I have developed and written ‘trading modules’ based on Sugar weekly and monthly sell signals.
The first such monthly sell signal occurred last May based on the July 2006 contract at 16.57. This key monthly sell signal at 16.57 has had the power to drive current prices to lows of 10.80 verses the March 2007 contract.
Will this downward momentum continue?
To help answer this question, let’s refer to the archived Joss Report dated June 5, 2005.
Long-term traders may recall when I wrote and developed ‘trading modules’ for twenty-four weeks to the upside on Sugar, I listed each and every gap that had been left since 1981.
In addition, I listed the two all important bullish ‘W’ formation breakouts.
The first key upside ‘W’ breakout was at 8.70.
The second key upside ‘W’ breakout occurred at 11.40.
As a historian at heart, this 11.40 may again be a key level – or perhaps 8.70 will be the key level.
March Sugar has an unfilled price gap below the current market price between lows of 9.55 and highs of 9.58 (8/30/05).
March Sugar has several unfilled price gaps above the current market price. The most recent price gap is between 12.24 and 12.30 (9/22/06).
Our objective of 11.56 was met on 9/22/06.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -26,755, posting a total open interest of 473,478 contracts.
This product is for aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
My inclination - based on the charts – is that March Sugar will trade between lows of 11.40 and highs of 13.30 for the month of October.
# 1) Aggressive traders who established a short position below 12.15 and have not exited their positions are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1250 puts and have not exited their positions are advised to exit their option positions**.
# 2) Aggressive traders who either added to their existing short position or established a short position below 11.88 and have not exited their positions are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1200 puts and have not exited their positions are advised to exit their positions**.
# 3) Aggressive traders who either added to their existing short position or established a short position below 11.47 and have not exited their positions are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1200 puts and have not exited their positions are advised to exit their positions**.
# 4) Aggressive traders who either added to their existing short position or established a short position on a price advance towards 11.69 last week are advised to place stops at 12.30 or exit their positions*.
Option traders who purchased March 1200 puts are advised to exit their positions**.
# 5) If March Sugar fills the upside gap at 12.30:
Aggressive traders are advised to wait for a price decline to 11.57 and establish a long position, placing stops below 10.80 and refer to ‘trading module’ # 8*.
# 6) If March Sugar posts multiple closes above 12.24:
Aggressive traders are advised to prepare for a price advance to the 13.30 level and are advised to move all stops below 11.90*.
Our objective will be 13.30.
# 7) If March Sugar posts multiple closes above 13.40:
Aggressive traders are advised to re-establish a long position, placing stops below 12.15*.
Our objective will be 13.96.
# 8) If March Sugar posts multiple closes below 10.75****:
Aggressive traders are advised to re-establish a short position, placing all stops above 11.90 and refer to ‘trading module’ # 5*.
Option traders are advised to purchase March 1150 puts, risking 70% of purchase price**.
# 9) If March Sugar posts multiple closes below 10.40****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.57*.
Option traders are advised to purchase March 1100 puts, risking 70% of purchase price**.
# 10) If March Sugar posts multiple closes below 10.15****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.02*.
Option traders are advised to purchase March 1100 puts, risking 70% of purchase price**.
Our next objective will be 9.70.
# 11) If March Sugar does not post lows of 10.79 or highs of 13.41 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
________________________________________
DECEMBER GOLD (GCZ6)
In the Joss Report dated 8/27/06, I began discussing December Gold because of a pending monthly recommendation.
Between 9/5/06 and 9/6/06, December Gold posted a bearish ‘Island reversal’ top.
Three weeks ago I advised traders that December Gold had developed a possible bearish descending right triangle.
If this formation comes to fruition, our objective will be 547.00.
On 8/28/06, December Gold posted a sell signal at 627.40.
On 9/07/06, December Gold posted a sell signal at 640.90.
On 9/08/06, December Gold posted an unconfirmed sell signal at 615.40.
On 9/26/06, December Gold posted a buy signal at 598.10.
Last week very aggressive traders who established short positions at 615.40 or below were advised to exit their positions at 598.10*.
Option traders who purchased December 590 puts were advised to exit their positions**.
On 9/29/06, December Gold posted a confirmed sell signal at 615.40.
As long as December Gold remains below 615.40, downside pressure will continue.
If December Gold were ever to post a close above 648.50, then all downside pressure will dissipate and major fund buying will enter the Gold market.
December Gold has several unfilled price gaps below the current market price. The most recent is between highs of 563.00 and lows of 563.50 (3/13/06).
December Gold has three unfilled price gaps above the current market price. The most recent price gap is between 612.40 and 613.50.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -2,915, posting a total open interest of 322,937 contracts.
This product is for very aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for September was $5,340.
The proposed trade risk for last week was $1,740.
If you did not fit this risk profile, traders were advised to consult with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
For September, December Gold posted a key sell signal at 615.40, yet posted a buy signal last week at 598.10.
My inclination - based on the charts - is that December Gold has conflicting signals and may be consolidating in a range.
#1) If December Gold posts 613.50 and multiple closes above 615.40:
Very aggressive traders are advised to establish a long position, placing stops below 598.10 and refer to ‘trading module’ # 8*.
# 2) If December Gold posts multiple closes above 622.60:
Very aggressive traders are advised to either add to their established long position or establish a long position, placing stops below 598.10*.
# 3) If December Gold posts multiple closes above 637.50:
Very aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 612.40*.
# 4) If December Gold posts multiple closes above 648.50:
Very aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 622.60*.
Option traders are advised to purchase December 650 calls, risking 70% of purchase price**.
Our objective will be 666.50.
# 5) If December Gold posts multiple closes below 576.00****:
Aggressive traders are advised to establish a short position, placing stops above 598.10 and refer to ‘trading module # 4*.
Option traders are advised to purchase December 570 puts, risking 70% of purchase price**.
# 6) If December Gold posts a close below 565.10 and multiple closes below 563.50****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 576.60*.
Option traders are advised to purchase December 560 puts, risking 70% of purchase price**.
# 7) If December Gold posts multiple closes below 555.60****:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 576.60*.
Option traders are advised to purchase December 550 puts, risking 70% of purchase price**.
Our objective will be 541.60.
# 8) If December Gold does not post lows of 576.50 or highs of 648.60 in October:
Aggressive traders will be advised in the November 4th Joss Report on a new set of ‘trading modules’.
________________________________________
NOVEMBER CRUDE OIL (CLX6)
In the Joss Report dated 9/17/06, I began developing ‘trading modules’ for November Crude Oil.
Each week I try to review previous trade signals… not simply to be redundant, but to keep fresh what signals or formations have affected the product. If history repeats itself, then I can determine support or resistance from past price action.
Between 8/07/06 and 8/09/06, November Crude Oil posted a bearish ‘island reversal’ top.
In addition, between 6/20/06 and 8/16/06, November Crude Oil developed a bearish ‘M’ formation.
The middle of the ‘M’ was at 74.50.
On 8/16/06, November Crude Oil posted a close below the all important ‘M’ formation.
On 8/17/06, November Crude Oil penetrated a seventeen-month trendline at 74.05.
On 9/6/06, November Crude Oil posted a close below last year’s high (for the November contract) of 68.95.
On 9/13/06, November Crude Oil penetrated a two-year trendline at 64.70.
This product is for very aggressive traders and not for the faint of heart.
Very aggressive traders were and continue to be advised not to exceed the rule of thumb - 10% of equity to risk ratio.
If you do not fit this risk profile, traders were and are advised to consult with their account executive for an option trading strategy.
Very aggressive traders looking to minimize risk continue to be advised to use the electronic miNY Crude Oil as their trading vehicle.
November Crude Oil has five unfilled price gaps above the current market price. The most recent unfilled price gap is between 70.20 and 70.25 (9/5/06).
November Crude Oil has many unfilled price gaps below the current market price. The most recent is between 59.65 and 58.98.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for Crude Oil futures last week decreased by -28,571, posting a total open interest of 1,148,838 contracts.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for miNY Crude Oil futures last week decreased by -8,709, posting a total open interest of 43,558 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
My inclination - based on the charts - is that November Crude Oil may be entering a consolidation range.
# 1) Very aggressive traders who established a short position at 62.80 or below are advised to move stops above 64.70 or exit their position*.
# 2) Very aggressive traders who established a short position at 61.00 or below are advised to move stops above 64.70 or exit their position*.
# 3) Very aggressive traders who established a short position on a price advance towards 63.50 are advised to move stops above 64.70 or exit their position*.
# 4) If November Crude posts multiple closes above 65.20****:
Very aggressive traders are advised to establish a long position, placing all stops below 64.00 and refer to trading module # 6*.
# 5) If November Crude posts multiple closes above 67.40****:
Very aggressive traders are advised to establish a long position, placing all stops below 64.70*.
Our objective will be 70.25.
# 6) If November Crude posts multiple closes below 59.52****:
Very aggressive traders are advised to re-establish a short position, placing all stops above 64.00 and refer to ‘trading module’ # 4*.
# 7) If November Crude posts multiple closes below 58.90****:
Very aggressive traders are advised to either add to their existing short positions or re-establish a short position, placing all stops above 59.52*.
# 8) If November Crude posts multiple closes below 58.40****:
Very aggressive traders are advised to either add to their existing short positions or re-establish a short position, placing all stops above 59.80*.
# 9) If November Crude posts multiple closes below 57.98****:
Very aggressive traders are advised to re-establish a short position, placing all stops above 58.40*.
Our objective will be 57.02.
# 10) If November Crude Oil does not post lows of 59.51 or highs of 71.82 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
________________________________________
DECEMBER 10-YEAR NOTE (TYZ6)
In the Joss Report dated 9/10/06, I added the December 10-Year Note to ‘Chart Watch.’
In the past two issues of The Joss Report, I discussed the need to coordinate the 10-Year Note trade signal and the 30-year Bond trade signal before adding to or establishing a position.
On 8/16/06, the December 10-Year Note posted a buy signal at 106-200.
On 8/30/06, the December 10-Year Note posted a buy signal at 107-040.
On 9/14/06, the December 10-Year Note posted a buy signal at 107-150.
On 9/19/06, the December U.S. 30-Year Bond posted a buy signal at 111-05.
On 9/20/06, the December 10-Year Note posted a buy signal at 107-165.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for 10-Year Note futures last week decreased by -120,637, posting a total open interest of 2,198,365 contracts.
This product is for very aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for the 10-Year Note two weeks ago was $734.37.
If you did not fit this risk profile, traders were and are advised to consult with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
My inclination - based on the charts, moving averages, and open interest is that December 10-year notes may be entering a consolidation range.
# 1) Very aggressive traders who established a long position in the 10-Year Note at 106-200 or above are advised to leave stops below 107-160 or exit their position*.
# 2) Very aggressive traders who established a long position in the 10-Year Note at 107-040 or above are advised to leave stops below 107-160 or exit their position*.
# 3) Very aggressive traders who established a long position in the 10-Year Note at 107-150 or above are advised to leave stops below 107-160 or exit their position*.
# 4) Very aggressive traders who established a long position in the 10-Year Note at 107-165 or above are advised to leave stops below 107-160 or exit their position*.
# 5) Very aggressive traders who either added to their long position or established a long position at 107-290 or above are advised to leave stops below 107-160 or exit their position*.
# 6) Very aggressive traders who either added to their long position or established a long position on a price decline towards 107-290 are advised to leave stops below 107-160 or exit their position*.
Our objective will be 109-035.
* (Futures traders and their account executives are advised to discuss this suggested stop).
** (Option traders and their account executives are advised to discuss the suggested risk).
*** (Traders can exit or hedge a trade position once it moves in their direction but are advised to remove all resting stop orders).
**** (Very aggressive Traders can enter a trade position without multiple closes but are advised to use resting stop orders).
________________________________________
CHART WATCH by Scott R. Joss (Non member C.T.A)*
________________________________________
Chart Watch includes markets developing a 'trade signal' or a chart pattern that has not yet fully developed - or may never develop.
During the course of the week or month it is not uncommon to find an `intra-day, intra-week or intra-month' recommendation that was previously not revealed when this newsletter was written.
Products that currently fit into this 'watch' category are listed below and should be 'watched.'
________________________________________
DECEMBER COCOA (CCZ6)
This week I’m adding December Cocoa to ‘Chart Watch’ due to a trade signal for next week.
On 9/18/06, December Cocoa posted an unconfirmed yearly sell signal at 1437.
On 9/21/06, December Cocoa posted a buy signal at 1505.
On 9/25/06, December Cocoa posted a sell signal at 1484.
December Cocoa has two unfilled price gaps above the current market price. The most recent unfilled price gap is between 1562 and 1572 (8/18/06).
December Cocoa has one unfilled price gap below the current market price between 1440 and 1445 (9/20/06).
The long-term weekly and monthly chart has developed a three-year bearish descending right triangle. Recently, Cocoa had a price advance pushing through the descending trendline.
However, in recent weeks Cocoa had a price decline challenging its upside breakout.
Technically, December Cocoa would need to have multiple closes below October Cocoa’s low of 1410 to see an accelerated price decline.
Could this happen?
If Cocoa can maintain a yearly close below 1438 and multiple closes below 1410, then challenging lows of 1299 from 5/21/04 may be in the cards.
A close below 1299 would send this product to lows not seen since 9/11/00 at 735.
Think this is impossible?
This product is not for the faint of heart because of the higher or lower openings each day, which can be dramatic.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -5,342, posting a total open interest of 140,798 contracts.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for next week will be $630.
Traders are advised to begin consulting with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
The trading modules listed below are for very aggressive traders. Less aggressive traders are advised to wait for several trade signals before establishing a position.
# 1) If December Cocoa posts 1511, and multiple closes above 1535****:
Very aggressive traders are advised to establish a long position, placing all stops at 1448 and refer to trading module # 5*.
# 2) If December Cocoa posts multiple closes above 1550****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 1510*.
Our objective will be 1572.
# 3) If December Cocoa posts multiple closes above 1600****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 1535*.
# 4) If December Cocoa posts multiple closes above 1615****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 1562*.
Our objective will be 1729.
# 5) If December Cocoa posts 1448 and multiple closes below 1440****:
Very aggressive traders are advised to establish a short position, placing stops at 1511 and refer to ‘trading module’ # 1*.
# 6) If December Cocoa posts 1415 and multiple closes below 1410****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops at 1511*.
# 7) If December Cocoa posts multiple closes below 1390****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 1449*.
# 8) If December Cocoa posts multiple closes below 1390****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 1449*.
Our objective will be 1299.
# 9) If December Cocoa does not post lows of 1414 or highs of 1536 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
________________________________________
DECEMBER SWISS FRANC (SFZ6)
In the Joss Report dated 9/10/06, I began discussions on the December Swiss Franc because of several trade signals.
Due to these trade signals, the December Swiss Franc became a ‘top trade.’
Also…I explained in that issue that the December U.S. Dollar had a trade signal. Traders were reminded that the Dollar moves opposite the Swiss Franc.
On 9/06/06, the December Swiss Franc posted a sell signal at .8159.
On 9/07/06, the December Swiss Franc posted an unconfirmed sell signal at .8140.
On 9/07/06, the December U.S. Dollar posted a buy signal at .8497.
On 9/15/06, The December Swiss Franc posted a low of .7995; traders were advised to exit their short positions.
In addition, traders were advised that if the December Swiss Franc did confirm a sell signal by closing at or below .8140 by September 29th that I would continue writing ‘trading modules’.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -7,017, posting a total open interest of 69,977 contracts.
This product is for aggressive traders only.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk is $3,050.
If you do not fit this risk profile, traders are advised to consult with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the December Swiss posts multiple closes below .7995:
Aggressive traders are advised to establish a short position, placing stops above .8074.
# 2) If the December Swiss posts multiple closes below .7885:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .7995*.
# 3) If the December Swiss posts multiple closes below .7851:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .7995*.
# 4) If the December Swiss posts multiple closes below .7823:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .7973*.
Our objective will be .7777.
________________________________________
DECEMBER LIVE CATTLE (LCZ6)
This week I’m adding December Live Cattle to ‘Chart Watch’ due to a trade signal for next week.
Long-term readers know that the meats are not my favorite product to technically track due to their unpredictability. However, due to a trade signal next week, I feel an obligation to bring the following information to traders’ attention.
This product is not for the faint of heart because of the higher or lower openings each day, which can be dramatic.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 1,764, posting a total open interest of 217,870 contracts.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed trade risk for next week will be $520.
Traders are advised to begin consulting with their account executive for an option trading strategy.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
The trading modules listed below are for very aggressive traders. Less aggressive traders are advised to wait for several trade signals before establishing a position.
# 1) If December Live Cattle posts 90.55, and multiple closes above 91.40****:
Very aggressive traders are advised to establish a long position, placing all stops at 89.25 and refer to trading module # 4*.
# 2) If December Live Cattle posts multiple closes above 92.30****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 90.50*.
Our objective will be 93.10.
# 3) If December Live Cattle posts multiple closes above 94.00****:
Very aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 91.20*.
Our objective will be 99.35.
# 4) If December Live Cattle posts 89.25 and multiple closes below 88.55****:
Very aggressive traders are advised to establish a short position, placing stops at 90.55 and refer to ‘trading module’ # 1*.
# 5) If December Live Cattle posts 87.85 and multiple closes below 87.65****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 88.55*.
# 6) If December Live Cattle posts multiple closes below 86.30****:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 87.65*.
Our objective will be 83.15.
# 7) If December Live Cattle does not post lows of 88.575 or highs of 94.00 in October:
Aggressive traders will be advised of a new set of ‘trading modules’ in the November 4th issue of The Joss Report.
* (Futures traders and their account executives are advised to discuss this suggested stop).
** (Option traders and their account executives are advised to discuss the suggested risk).
*** (Traders can exit or hedge a trade position once it moves in their direction but are advised to remove all resting stop orders).
________________________________________
NOTE:
If you do not completely understand this information, you are advised to take NO action until speaking with your Account Executive.
ClearTrade®, Inc. may be reached at 800-493-4444
________________________________________
* The Joss Report trade recommendations and weekly trade advisor is prepared by Scott Joss, Non- Member C.T.A.
Scott Joss is a 'non member' CTA and is providing the Joss Report weekly trading advisor and trade recommendations to ClearTrade®, Inc. clients. Scott Joss 'is a principal' of ClearTrade, Inc. and 'is a registered IB member' with the NFA.
________________________________________
ClearTrade®, Inc.
5415 N. Sheridan Rd.
Suite 2104
Chicago, IL 60640
(800) 493-4444
(773) 561-9777 Voice
(773) 561-9775 Fax
Mailto:research@cleartrade.com
http://www.cleartrade.com/
________________________________________
DISCLAIMER:
Market recommendations are strictly the opinion of the writer and are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve substantial risk. In no event should the content of a market letter be construed as a promise that you will profit or that losses can or will be limited in any manner whatsoever.
ClearTrade, Inc. does not necessarily promote or endorse the services or publications described herein. Unless otherwise indicated, ClearTrade Inc. has had no role in the production or review of these products or services and makes no warranty, either expressed or implied, as to their contents, accuracy or performance.
Past results are no indication of future performance. Information provided in this newsletter is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
REPRODUCTION OR REBROADCAST OF ANY PORTION OF THIS INFORMATION IS STRICTLY PROHIBITED WITHOUT THE WRITTEN PERMISSION OF S.R. JOSS INC./CLEARTRADE®, INC.
The contents of this newsletter are copyright 1997-2005, Scott R. Joss/S.R. Joss Inc./ClearTrade ®,Inc. *TM. All Rights Reserved.
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