THE JOSS REPORT 9/10/2006
Available Exclusively Through ClearTrade Commodities
ClearTrade®
Subscribe to The Joss Report:
http://www.cleartrade.com/?pageid=30478
________________________________________
- TECH TALK
1) SUGAR
2) GOLD
3) CRUDE OIL
4) SWISS FRANC
________________________________________
- CHART WATCH
5) TEN YEAR NOTE
6) ORANGE JUICE
________________________________________
- CURRENT 'MONTHLY' RECOMMENDATION
________________________________________
- FUTURES WATCH
________________________________________
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.
At ClearTrade®, we think it’s helpful to speak directly with traders who have requested The Joss Report research and may be interested in establishing an account with ClearTrade. Understanding your trading needs and goals is important. And we think you should have an opportunity to get to know who we are and what we offer on a one to one basis.
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)
In the Joss Report dated 8/20/06, I began discussing March Sugar because of the rolling of volume from October.
Between 7/5/06 and 7/10/06, March Sugar posted a bearish ‘Island reversal’ top.
On 7/12/06, March Sugar posted an ‘intra-day’ sell signal at 16.87.
On 7/26/06, March Sugar posted a daily sell signal at 15.67.
On 7/27/06, March Sugar posted a confirmed ‘intra-month’ sell signal at 15.27.
For next week March Sugar has a weekly recommendation.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 11,303, posting a total open interest of 505,361 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 weekly trade risk is $862.40.
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:
March Sugar has a weekly recommendation: buy when trades 12.91 – sell when trades 12.14.
Major resistance above the current market price is at the ‘intra-month’ sell signal of 15.27.
Minor resistance above the current market price is at 14.20, which was last year’s high for March Sugar.
# 1) If March Sugar posts 12.91 and posts multiple closes above 13.38:
Aggressive traders are advised to establish a long position, placing stops at 12.14 and refer to trading module # 6*.
Option traders are advised to purchase March 1400 calls, risking 70% of purchase price**.
# 2) If March Sugar posts multiple closes above 13.59:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 12.67*.
Option traders are advised to purchase March 1400 calls, risking 70% of purchase price**.
# 3) If March Sugar posts multiple closes above 13.96:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 12.90*.
Option traders are advised to purchase March 1400 calls, risking 70% of purchase price**.
Our first objective will be a challenge of the 14.20 level.
# 4) If March Sugar posts multiple closes above 14.34:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 13.38*.
Option traders are advised to purchase March 1450 calls, risking 70% of purchase price**.
Our next objective will be 14.61.
# 5) If March Sugar posts multiple closes above 14.73:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 13.96*.
Option traders are advised to purchase March 1450 calls, risking 70% of purchase price**.
Our next objective will be 15.27.
# 6) If March Sugar posts multiple closes below 12.15:
Aggressive traders are advised to establish a short position, placing stops at 12.91 and refer to trading module # 1*.
Option traders are advised to purchase March 1250 puts, risking 70% of purchase price**.
# 7) If March Sugar posts multiple closes below 11.88:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 12.68*.
Option traders are advised to purchase March 1200 puts, risking 70% of purchase price**.
Our objective will be 11.56.
# 8) If March Sugar posts multiple closes below 11.47:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 12.15*.
Option traders are advised to purchase March 1200 puts, risking 70% of purchase price**.
# 9) If March Sugar posts multiple closes below 11.24:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.88*.
Option traders are advised to purchase March 1150 puts, risking 70% of purchase price**.
# 10) If March Sugar posts multiple closes below 10.96:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.47*.
Option traders are advised to purchase March 1100 puts, risking 70% of purchase price**.
Our objective will be 9.70.
* (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).
________________________________________
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.
December Gold may be developing a possible bearish descending right triangle.
On 8/28/06, December Gold posted a weekly sell signal at 627.40.
On 9/07/06, December Gold posted a daily sell signal at 640.90.
On 9/08/06, December Gold posted an unconfirmed ‘monthly’ sell signal at 615.40.
December Gold must post a monthly close below 615.40 on September 29th to officially confirm a sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 12,415, posting a total open interest of 319,998 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 monthly trade risk is $5,340.
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:
December Gold has a monthly recommendation: buy when trades 668.30 – sell when trades 615.40.
Major resistance above the current market price is at 645.70.
Minor resistance above the current market price is at 631.60.
The trading modules posted below are geared to the very aggressive trader.
Aggressive traders are advised to either wait for the confirmed monthly sell signal as mentioned above or use options (no option writing) as their trading vehicle.
# 1) If December Gold posts a price advance to 631.60:
Very aggressive traders are advised to establish a short position, placing stops at 668.30 and refer to trading module # 8*.
Option traders are advised to purchase December 620 puts, risking 70% of purchase price**.
# 2) If December Gold posts 615.40 and posts multiple closes below 614.90:
Very aggressive traders are advised to establish a short position, placing stops at 668.30 and refer to trading module # 7*.
Option traders are advised to purchase December 590 puts, risking 70% of purchase price**.
# 3) If December Gold posts multiple closes below 605.30:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 648.50*.
Option traders are advised to purchase December 585 puts, risking 70% of purchase price**.
# 4) If December Gold posts multiple closes below 592.00:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 616.50*.
Option traders are advised to purchase December 580 puts, risking 70% of purchase price**.
# 5) If December Gold posts multiple closes below 586.00:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 615.40*.
Option traders are advised to purchase December 575 puts, risking 70% of purchase price**.
# 6) If December Gold posts a close below 579.00 and multiple closes below 576.00:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 615.40*.
Option traders are advised to purchase December 570 puts, risking 70% of purchase price**.
# 7) If December Gold posts a close below 565.10 and multiple closes below 565.10:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 601.40*.
Option traders are advised to purchase December 560 puts, risking 70% of purchase price**.
Our objective will be 547.00.
# 8) If December Gold posts 641.00 and multiple closes above 648.50:
Aggressive traders are advised to prepare for a possible price advance to the ‘intra-month’ buy signal at 668.30.
Option traders are advised to prepare to purchase December calls.
# 9) If December Gold posts multiple closes above 668.30:
Aggressive traders are advised to establish a long position, placing all stops at 615.40* and refer to trading module # 2.
Option traders are advised to purchase December 675 calls, risking 70% of purchase price**.
# 10) If December Gold posts multiple closes above 678.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 648.50*.
Option traders are advised to purchase December 680 calls, risking 70% of purchase price**.
Our objective will be a challenge of old highs at 683.00.
# 11) If December Gold posts multiple closes above 684.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 648.50*.
Option traders are advised to purchase December 690 calls, risking 70% of purchase price**.
# 12) If December Gold posts multiple closes above 695.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 668.30*.
Option traders are advised to purchase December 700 calls, risking 70% of purchase price**.
Our next objective will be 715.00.
# 13) If December Gold posts multiple closes above 717.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 683.00*.
Option traders are advised to purchase December 720 calls, risking 70% of purchase price**.
Our next objective will be 735.00.
* (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).
________________________________________
OCTOBER CRUDE OIL (CLV6)
Four weeks ago I advised traders to be prepared and to begin watching several products that included Crude Oil and Gold.
I also noted that world events may have a major impact on these products and traders were advised to keep a close eye on the charts.
Due to the fast approaching first notice day, next week I will begin developing trading modules for November Crude Oil.
Between 8/07/06 and 8/09/06, October Crude Oil posted a bearish ‘island reversal.’
In addition, between 6/28/06 and 8/15/06, October Crude Oil developed a bearish ‘M’ formation.
The middle of the ‘M’ is at 74.00.
On 8/11/06, October Crude Oil penetrated a seven-week trendline at 75.40.
On 8/16/06, October Crude Oil penetrated a twenty one-month trendline at 73.10.
On 8/28/06, October Crude Oil posted a weekly sell signal at 71.09.
This product is for very aggressive traders and not for the faint of heart.
Very aggressive traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
If you did 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 were and continue to be advised to use the electronic miNY Crude Oil as their trading vehicle.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for Crude Oil futures last week increased by 20,596, posting a total open interest of 1,170,266 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 increased by 4,668, posting a total open interest of 41,261 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
On 8/11/06, October Crude Oil penetrated a seven-week trendline at 75.40.
On 8/16/06, October Crude Oil penetrated and closed below the ‘M’ formation at 74.00.
On 8/28/06, October Crude Oil posted a weekly sell signal at 71.09.
# 1) Very aggressive traders who established a short position at 75.40 or below are advised to place stops above 70.10*.
# 2) Very aggressive traders who either added to their existing short position or established a short position at 74.00 or below are advised to place stops above 70.10*.
# 4) Very aggressive traders who either added to their existing short position or established a short position at 72.20 on a price advance toward 72.95 are advised to place stops above 70.10*.
# 5) Very aggressive traders who either added to their existing short position or established a short position at 71.09 or below are advised to place stops above 70.10*.
# 6) Very aggressive traders who either added to their existing short position or established a short position on multiple closes below 70.00 are advised to place stops above 70.10*.
# 7) Very aggressive traders who either added to their existing short position or established a short position on multiple closes below 69.10 are advised to place stops above 70.10*.
# 8) If October Crude posts multiple closes below 66.00:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 69.59*.
# 9) If October Crude posts multiple closes below 65.25:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 68.65*.
# 10) If October Crude posts multiple closes below 64.65:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 66.00*.
# 11) If October Crude posts multiple closes below 64.43:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 66.00*.
Our mid-term objective will be 63.40.
Our long-term objective will be 56.50.
* (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).
________________________________________
DECEMBER SWISS FRANC (SFZ6)
Last week due to the Labor Day weekend, The Joss Report was not published. However, ClearTrade clients received weekly recommendations via email on August 27th and monthly recommendations via email the evening of August 31st.
Last week the December Swiss Franc had a weekly recommendation - and in addition, a monthly recommendation for September.
Due to the weekly and monthly recommendations, the December Swiss Franc became a ‘top trade.’
Also… last week the December U.S. Dollar had a weekly recommendation. Traders are aware that the Dollar moves opposite the Swiss Franc.
Clients were encouraged to call and discuss possible trading modules for the week and month ahead.
Clients were advised that I was not entering the trade because of the impending rollover from the September contract to the December contract and the long holiday weekend.
On 9/05/06, the December Swiss Franc posted an ‘intra-day’ sell signal.
On 9/06/06, the December Swiss Franc posted a weekly sell signal.
On 9/07/06, the December Swiss Franc posted an unconfirmed monthly sell signal.
On 9/07/06, the December U.S. Dollar posted a weekly buy signal.
The December Swiss Franc must post a close at or below the monthly sell signal on the close of business September 29th to officially confirm the sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 1,266, posting a total open interest of 70,053 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 weekly trade risk was $1,337.50.
The proposed monthly trade risk was $2,250.
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:
On 9/06/06, the December Swiss Franc posted a weekly sell signal at .8159.
On 9/07/06, the December Swiss Franc posted an unconfirmed monthly sell signal at .8140.
On 9/07/06, the December U.S. Dollar posted a weekly buy signal at .8497.
The December Swiss Franc must post a monthly close below .8140 on September 29th to officially confirm a sell signal.
# 1) Aggressive traders who established a short position at .8159 or below are advised to place stops at .8320*.
# 2) Aggressive traders who either added to their existing short position or established a short position at .8140 or below are advised to place stops at .8320*.
# 3) If the December Swiss posts a price advance to .8140:
Aggressive traders are advised to establish a short position, placing stops at .8320*.
# 4) If the December Swiss posts multiple closes below .8074:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8265*.
# 5) If the December Swiss posts multiple closes below .8030:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8265*.
# 6) If the December Swiss posts multiple closes below .8018:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8265*.
# 7) If the December Swiss posts multiple closes below .7987:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8159*.
Our first objective will be .7963.
* (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).
________________________________________
CHART WATCH by Scott R. Joss (Non member C.T.A)*
________________________________________
Readers and clients call during the week and ask: What are you watching?
Watching can mean that the markets are developing a 'recommendation' 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 TEN YEAR NOTE (TYZ6)
This week I’m adding the December Ten Year Note to ‘Chart Watch’ due to a weekly recommendation for next week.
On 8/16/06, the December Ten Year Note posted an ‘intra-week’ buy signal.
On 9/06/06, the December Ten Year Note posted a daily sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -77,333, posting a total open interest of 2,270,848 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 weekly trade risk is $734.37.
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:
On 8/16/06, the December Ten Year Note posted an ‘intra-week’ buy signal at 106-200.
On 9/06/06, the December Ten Year Note posted a daily sell signal at 107-020.
For next week the December Ten Year Note has a weekly recommendation: buy when trades 107-150, sell when trades 106-235.
# 1) Aggressive trader’s who want to trade the Ten Year Note are advised to contact their ClearTrade account executive at 1-800-493-4444 for an updated ‘trading module.’
* (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).
________________________________________
NOVEMBER ORANGE JUICE (OJX6)
This week I’m adding November Orange Juice to ‘Chart Watch’ due to a weekly recommendation for next week.
On 8/30/06, November Orange Juice posted a daily sell signal.
On 8/31/06, November Orange Juice posted an ‘intra-day’ sell signal.
On 9/01/06, November Orange Juice posted an ‘intra-week’ sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -2,596, posting a total open interest of 28,239 contracts.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed weekly trade risk is $615.
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:
On 8/30/06, November Orange Juice posted a daily sell signal at 184.20.
On 8/31/06, November Orange Juice posted an ‘intra-day’ sell signal at 182.40.
On 9/01/06, November Orange Juice posted an ‘intra-week’ sell signal at 180.20.
For next week November Orange Juice has a weekly recommendation: buy when trades 181.55 – sell when trades 177.45.
# 1) Aggressive trader’s who want to trade November Orange Juice are advised to contact their ClearTrade account executive at 1-800-493-4444 for an updated ‘trading module.’
* (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.
'HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE "profit or losses" SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.'
ClearTrade®
Subscribe to The Joss Report:
http://www.cleartrade.com/?pageid=30478
________________________________________
- TECH TALK
1) SUGAR
2) GOLD
3) CRUDE OIL
4) SWISS FRANC
________________________________________
- CHART WATCH
5) TEN YEAR NOTE
6) ORANGE JUICE
________________________________________
- CURRENT 'MONTHLY' RECOMMENDATION
________________________________________
- FUTURES WATCH
________________________________________
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.
At ClearTrade®, we think it’s helpful to speak directly with traders who have requested The Joss Report research and may be interested in establishing an account with ClearTrade. Understanding your trading needs and goals is important. And we think you should have an opportunity to get to know who we are and what we offer on a one to one basis.
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)
In the Joss Report dated 8/20/06, I began discussing March Sugar because of the rolling of volume from October.
Between 7/5/06 and 7/10/06, March Sugar posted a bearish ‘Island reversal’ top.
On 7/12/06, March Sugar posted an ‘intra-day’ sell signal at 16.87.
On 7/26/06, March Sugar posted a daily sell signal at 15.67.
On 7/27/06, March Sugar posted a confirmed ‘intra-month’ sell signal at 15.27.
For next week March Sugar has a weekly recommendation.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 11,303, posting a total open interest of 505,361 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 weekly trade risk is $862.40.
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:
March Sugar has a weekly recommendation: buy when trades 12.91 – sell when trades 12.14.
Major resistance above the current market price is at the ‘intra-month’ sell signal of 15.27.
Minor resistance above the current market price is at 14.20, which was last year’s high for March Sugar.
# 1) If March Sugar posts 12.91 and posts multiple closes above 13.38:
Aggressive traders are advised to establish a long position, placing stops at 12.14 and refer to trading module # 6*.
Option traders are advised to purchase March 1400 calls, risking 70% of purchase price**.
# 2) If March Sugar posts multiple closes above 13.59:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 12.67*.
Option traders are advised to purchase March 1400 calls, risking 70% of purchase price**.
# 3) If March Sugar posts multiple closes above 13.96:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 12.90*.
Option traders are advised to purchase March 1400 calls, risking 70% of purchase price**.
Our first objective will be a challenge of the 14.20 level.
# 4) If March Sugar posts multiple closes above 14.34:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 13.38*.
Option traders are advised to purchase March 1450 calls, risking 70% of purchase price**.
Our next objective will be 14.61.
# 5) If March Sugar posts multiple closes above 14.73:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 13.96*.
Option traders are advised to purchase March 1450 calls, risking 70% of purchase price**.
Our next objective will be 15.27.
# 6) If March Sugar posts multiple closes below 12.15:
Aggressive traders are advised to establish a short position, placing stops at 12.91 and refer to trading module # 1*.
Option traders are advised to purchase March 1250 puts, risking 70% of purchase price**.
# 7) If March Sugar posts multiple closes below 11.88:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 12.68*.
Option traders are advised to purchase March 1200 puts, risking 70% of purchase price**.
Our objective will be 11.56.
# 8) If March Sugar posts multiple closes below 11.47:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 12.15*.
Option traders are advised to purchase March 1200 puts, risking 70% of purchase price**.
# 9) If March Sugar posts multiple closes below 11.24:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.88*.
Option traders are advised to purchase March 1150 puts, risking 70% of purchase price**.
# 10) If March Sugar posts multiple closes below 10.96:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing stops above 11.47*.
Option traders are advised to purchase March 1100 puts, risking 70% of purchase price**.
Our objective will be 9.70.
* (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).
________________________________________
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.
December Gold may be developing a possible bearish descending right triangle.
On 8/28/06, December Gold posted a weekly sell signal at 627.40.
On 9/07/06, December Gold posted a daily sell signal at 640.90.
On 9/08/06, December Gold posted an unconfirmed ‘monthly’ sell signal at 615.40.
December Gold must post a monthly close below 615.40 on September 29th to officially confirm a sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 12,415, posting a total open interest of 319,998 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 monthly trade risk is $5,340.
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:
December Gold has a monthly recommendation: buy when trades 668.30 – sell when trades 615.40.
Major resistance above the current market price is at 645.70.
Minor resistance above the current market price is at 631.60.
The trading modules posted below are geared to the very aggressive trader.
Aggressive traders are advised to either wait for the confirmed monthly sell signal as mentioned above or use options (no option writing) as their trading vehicle.
# 1) If December Gold posts a price advance to 631.60:
Very aggressive traders are advised to establish a short position, placing stops at 668.30 and refer to trading module # 8*.
Option traders are advised to purchase December 620 puts, risking 70% of purchase price**.
# 2) If December Gold posts 615.40 and posts multiple closes below 614.90:
Very aggressive traders are advised to establish a short position, placing stops at 668.30 and refer to trading module # 7*.
Option traders are advised to purchase December 590 puts, risking 70% of purchase price**.
# 3) If December Gold posts multiple closes below 605.30:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 648.50*.
Option traders are advised to purchase December 585 puts, risking 70% of purchase price**.
# 4) If December Gold posts multiple closes below 592.00:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 616.50*.
Option traders are advised to purchase December 580 puts, risking 70% of purchase price**.
# 5) If December Gold posts multiple closes below 586.00:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 615.40*.
Option traders are advised to purchase December 575 puts, risking 70% of purchase price**.
# 6) If December Gold posts a close below 579.00 and multiple closes below 576.00:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 615.40*.
Option traders are advised to purchase December 570 puts, risking 70% of purchase price**.
# 7) If December Gold posts a close below 565.10 and multiple closes below 565.10:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 601.40*.
Option traders are advised to purchase December 560 puts, risking 70% of purchase price**.
Our objective will be 547.00.
# 8) If December Gold posts 641.00 and multiple closes above 648.50:
Aggressive traders are advised to prepare for a possible price advance to the ‘intra-month’ buy signal at 668.30.
Option traders are advised to prepare to purchase December calls.
# 9) If December Gold posts multiple closes above 668.30:
Aggressive traders are advised to establish a long position, placing all stops at 615.40* and refer to trading module # 2.
Option traders are advised to purchase December 675 calls, risking 70% of purchase price**.
# 10) If December Gold posts multiple closes above 678.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 648.50*.
Option traders are advised to purchase December 680 calls, risking 70% of purchase price**.
Our objective will be a challenge of old highs at 683.00.
# 11) If December Gold posts multiple closes above 684.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 648.50*.
Option traders are advised to purchase December 690 calls, risking 70% of purchase price**.
# 12) If December Gold posts multiple closes above 695.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 668.30*.
Option traders are advised to purchase December 700 calls, risking 70% of purchase price**.
Our next objective will be 715.00.
# 13) If December Gold posts multiple closes above 717.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 683.00*.
Option traders are advised to purchase December 720 calls, risking 70% of purchase price**.
Our next objective will be 735.00.
* (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).
________________________________________
OCTOBER CRUDE OIL (CLV6)
Four weeks ago I advised traders to be prepared and to begin watching several products that included Crude Oil and Gold.
I also noted that world events may have a major impact on these products and traders were advised to keep a close eye on the charts.
Due to the fast approaching first notice day, next week I will begin developing trading modules for November Crude Oil.
Between 8/07/06 and 8/09/06, October Crude Oil posted a bearish ‘island reversal.’
In addition, between 6/28/06 and 8/15/06, October Crude Oil developed a bearish ‘M’ formation.
The middle of the ‘M’ is at 74.00.
On 8/11/06, October Crude Oil penetrated a seven-week trendline at 75.40.
On 8/16/06, October Crude Oil penetrated a twenty one-month trendline at 73.10.
On 8/28/06, October Crude Oil posted a weekly sell signal at 71.09.
This product is for very aggressive traders and not for the faint of heart.
Very aggressive traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
If you did 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 were and continue to be advised to use the electronic miNY Crude Oil as their trading vehicle.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for Crude Oil futures last week increased by 20,596, posting a total open interest of 1,170,266 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 increased by 4,668, posting a total open interest of 41,261 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
On 8/11/06, October Crude Oil penetrated a seven-week trendline at 75.40.
On 8/16/06, October Crude Oil penetrated and closed below the ‘M’ formation at 74.00.
On 8/28/06, October Crude Oil posted a weekly sell signal at 71.09.
# 1) Very aggressive traders who established a short position at 75.40 or below are advised to place stops above 70.10*.
# 2) Very aggressive traders who either added to their existing short position or established a short position at 74.00 or below are advised to place stops above 70.10*.
# 4) Very aggressive traders who either added to their existing short position or established a short position at 72.20 on a price advance toward 72.95 are advised to place stops above 70.10*.
# 5) Very aggressive traders who either added to their existing short position or established a short position at 71.09 or below are advised to place stops above 70.10*.
# 6) Very aggressive traders who either added to their existing short position or established a short position on multiple closes below 70.00 are advised to place stops above 70.10*.
# 7) Very aggressive traders who either added to their existing short position or established a short position on multiple closes below 69.10 are advised to place stops above 70.10*.
# 8) If October Crude posts multiple closes below 66.00:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 69.59*.
# 9) If October Crude posts multiple closes below 65.25:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 68.65*.
# 10) If October Crude posts multiple closes below 64.65:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 66.00*.
# 11) If October Crude posts multiple closes below 64.43:
Very aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 66.00*.
Our mid-term objective will be 63.40.
Our long-term objective will be 56.50.
* (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).
________________________________________
DECEMBER SWISS FRANC (SFZ6)
Last week due to the Labor Day weekend, The Joss Report was not published. However, ClearTrade clients received weekly recommendations via email on August 27th and monthly recommendations via email the evening of August 31st.
Last week the December Swiss Franc had a weekly recommendation - and in addition, a monthly recommendation for September.
Due to the weekly and monthly recommendations, the December Swiss Franc became a ‘top trade.’
Also… last week the December U.S. Dollar had a weekly recommendation. Traders are aware that the Dollar moves opposite the Swiss Franc.
Clients were encouraged to call and discuss possible trading modules for the week and month ahead.
Clients were advised that I was not entering the trade because of the impending rollover from the September contract to the December contract and the long holiday weekend.
On 9/05/06, the December Swiss Franc posted an ‘intra-day’ sell signal.
On 9/06/06, the December Swiss Franc posted a weekly sell signal.
On 9/07/06, the December Swiss Franc posted an unconfirmed monthly sell signal.
On 9/07/06, the December U.S. Dollar posted a weekly buy signal.
The December Swiss Franc must post a close at or below the monthly sell signal on the close of business September 29th to officially confirm the sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 1,266, posting a total open interest of 70,053 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 weekly trade risk was $1,337.50.
The proposed monthly trade risk was $2,250.
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:
On 9/06/06, the December Swiss Franc posted a weekly sell signal at .8159.
On 9/07/06, the December Swiss Franc posted an unconfirmed monthly sell signal at .8140.
On 9/07/06, the December U.S. Dollar posted a weekly buy signal at .8497.
The December Swiss Franc must post a monthly close below .8140 on September 29th to officially confirm a sell signal.
# 1) Aggressive traders who established a short position at .8159 or below are advised to place stops at .8320*.
# 2) Aggressive traders who either added to their existing short position or established a short position at .8140 or below are advised to place stops at .8320*.
# 3) If the December Swiss posts a price advance to .8140:
Aggressive traders are advised to establish a short position, placing stops at .8320*.
# 4) If the December Swiss posts multiple closes below .8074:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8265*.
# 5) If the December Swiss posts multiple closes below .8030:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8265*.
# 6) If the December Swiss posts multiple closes below .8018:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8265*.
# 7) If the December Swiss posts multiple closes below .7987:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above .8159*.
Our first objective will be .7963.
* (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).
________________________________________
CHART WATCH by Scott R. Joss (Non member C.T.A)*
________________________________________
Readers and clients call during the week and ask: What are you watching?
Watching can mean that the markets are developing a 'recommendation' 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 TEN YEAR NOTE (TYZ6)
This week I’m adding the December Ten Year Note to ‘Chart Watch’ due to a weekly recommendation for next week.
On 8/16/06, the December Ten Year Note posted an ‘intra-week’ buy signal.
On 9/06/06, the December Ten Year Note posted a daily sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -77,333, posting a total open interest of 2,270,848 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 weekly trade risk is $734.37.
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:
On 8/16/06, the December Ten Year Note posted an ‘intra-week’ buy signal at 106-200.
On 9/06/06, the December Ten Year Note posted a daily sell signal at 107-020.
For next week the December Ten Year Note has a weekly recommendation: buy when trades 107-150, sell when trades 106-235.
# 1) Aggressive trader’s who want to trade the Ten Year Note are advised to contact their ClearTrade account executive at 1-800-493-4444 for an updated ‘trading module.’
* (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).
________________________________________
NOVEMBER ORANGE JUICE (OJX6)
This week I’m adding November Orange Juice to ‘Chart Watch’ due to a weekly recommendation for next week.
On 8/30/06, November Orange Juice posted a daily sell signal.
On 8/31/06, November Orange Juice posted an ‘intra-day’ sell signal.
On 9/01/06, November Orange Juice posted an ‘intra-week’ sell signal.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -2,596, posting a total open interest of 28,239 contracts.
Traders are advised not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed weekly trade risk is $615.
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:
On 8/30/06, November Orange Juice posted a daily sell signal at 184.20.
On 8/31/06, November Orange Juice posted an ‘intra-day’ sell signal at 182.40.
On 9/01/06, November Orange Juice posted an ‘intra-week’ sell signal at 180.20.
For next week November Orange Juice has a weekly recommendation: buy when trades 181.55 – sell when trades 177.45.
# 1) Aggressive trader’s who want to trade November Orange Juice are advised to contact their ClearTrade account executive at 1-800-493-4444 for an updated ‘trading module.’
* (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.
'HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE "profit or losses" SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.'
posted by trader1s | 7:08 AM
|
0 comments
