1-800-493-4444
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Contact ClearTrade LIVE during
regular business hours.
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1-800-493-4444
1-773-561-9777
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Contact ClearTrade LIVE during
regular business hours. |
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THE JOSS REPORT AUGUST 13, 2006 |
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TECH TALK BY Scott R. Joss (Non member C.T.A)*
In the 6/11/06 Joss Report I began discussing October Sugar.
On 7/10/06, October Sugar posted a bearish ‘Island reversal’ top.
On 7/14/06, October Sugar posted an ‘intra-day’ sell signal at 16.32.
On 7/27/06, October Sugar posted a confirmed ‘intra-month’ sell signal at 14.97.
On 8/02/06, October Sugar posted an ‘intra-day’ sell signal at 14.84.
On 8/07/06, October Sugar posted an ‘intra-day’ sell signal at 14.27.
On 8/11/06, October Sugar posted a daily sell signal at 13.87.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 2,944, posting a total open interest of 472,069 contracts.
This product is for aggressive traders only.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The ‘Island reversal’ top trade risk was $1,489.60.
The ‘intra-month’ trade risk was $1,680.
If you did not fit this risk profile, traders were advised to consult with their account executive for an option trading strategy.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Major resistance above the current market price is at the ‘intra-month’ sell signal of 14.97.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) Aggressive traders who established a short position at 16.32 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1650 puts are advised to either risk 30% of current market price** or exit trade.
# 2) Aggressive traders who established a short position on a close below 15.83 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1600 puts are advised to either risk 30% of current market price** or exit trade.
# 3) Aggressive traders who established a short position on multiple closes below 15.77 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1600 puts are advised to either risk 30% of current market price** or exit trade.
# 4) Aggressive traders who established a short position on a price advance to 15.60 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1600 puts are advised to either risk 30% of current market price** or exit trade.
# 5) Aggressive traders who established a short position on a monthly close below 14.97 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1500 puts are advised to either risk 30% of current market price** or exit trade.
# 6) Aggressive traders who established a short position on the daily sell signal at 14.84 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1450 puts are advised to either risk 30% of current market price** or exit trade.
# 7) Aggressive traders who established a short position on the ‘intra-day’ sell signal at 14.27 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1450 puts are advised to either risk 30% of current market price** or exit trade.
# 8) Aggressive traders who established a short position on the daily sell signal at 13.87 are advised to either place stops above 14.97* or exit trade.
Option traders who purchased October 1400 puts are advised to either risk 30% of current market price** or exit trade.
# 9) If October Sugar posts multiple closes below 13.43:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 14.52*.
Option traders are advised to purchase October 1350 puts, risking 50% of purchase price.
# 10) If October Sugar posts multiple closes below 12.97:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 14.10*.
Option traders are advised to purchase October 1300 puts, risking 50% of purchase price.
# 11) If October Sugar posts multiple closes below 12.56:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 13.32*.
Option traders are advised to purchase October 1250 puts, risking 50% of purchase price.
Our objective will be 12.02.
DAILY CHART:
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WEEKLY CHART:
* (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).
In the Joss Report dated July 9th I added the September NASDAQ to ‘Tech Talk’ because of a weekly trade recommendation.
On 7/5/06, the NASDAQ posted a daily sell signal at 1592.50.
On 7/10/06, the NASDAQ posted a weekly sell signal at 1542.00.
On 7/12/06, the NASDAQ posted a close below June’s low of 1530.00.
The NASDAQ has an unfilled price gap above the current market price between 1588.00 and 1593.00.
Aggressive traders looking to minimize risk were and continue to be advised to use the Mini NASDAQ as their trading vehicle.
Last week I noted to traders that on 8/04/06, the S&P 500 posted an unconfirmed monthly buy signal. Traders are advised to continue to keep an eye open for either an S&P reversal down or a possible change of direction in the NASDAQ.
The Bollinger Bands on the NASDAQ are narrowing, which indicates a major move is imminent.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for NASDAQ futures last week increased by 3,558, posting a total open interest of 59,058 contracts.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for Mini NASDAQ futures last week increased by 15,876, posting a total open interest of 435,921 contracts.
This product is for very aggressive traders.
Very aggressive traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The NASDAQ weekly trade risk was $8,350.
The Mini NASDAQ weekly trade risk was $1,670.
If you did not fit this risk profile, traders were advised to sit on the sidelines. I don’t personally advocate option writing (selling premium).
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
For August, the September S&P 500 has a monthly recommendation: buy when trades 1289.60 – sell when trades 1230.90.
Traders are advised to watch the progress of the S&P’s monthly recommendation because it could have an impact on the NASDAQ.
# 1) Very aggressive traders who established a short position in the September NASDAQ at 1592.50 are advised to continue placing stop orders above 1542.50* and refer to trading module #10.
# 2) Very aggressive traders who established a short position in the September NASDAQ at 1542.00 are advised to continue placing stop orders above 1542.50* and refer to trading module #10.
# 3) Very aggressive traders who established a short position in the September NASDAQ at 1530.00 are advised to continue placing stop orders above 1542.50* and refer to trading module #10.
# 4) Very aggressive traders who established a short position in the September NASDAQ on multiple closes below 1491.00 are advised to continue placing stop orders above 1542.50* and refer to trading module #10.
# 5) If the September NASDAQ posts multiple closes below 1457.75:
Very aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 1528.50*.
# 6) If the September NASDAQ posts multiple closes below 1436.00:
Very aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 1483.50*.
Our objective will be 1403.00.
# 7) If the September NASDAQ posts multiple closes below 1397.00:
Very aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 1457.75*.
# 8) If the September NASDAQ posts multiple closes below 1381.00:
Very aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 1457.75*.
# 9) If the September NASDAQ posts multiple closes below 1353.00:
Very aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 1397.00*.
Our objective will be a challenge of 1302.00.
# 10) If the September NASDAQ posts a close above 1558.00:
Very aggressive traders will have exited their short positions and are advised to expect an explosive price advance to 1593.00.
# 11) If the NASDAQ does not post 1457.75 or 1603.75 by the close of business August 31st:
Very aggressive traders are advised to prepare for a potential monthly recommendation for September.
DAILY CHART:
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WEEKLY CHART:
* (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).
In the Joss Report dated July 30th I added December Wheat to ‘Tech Talk’ because of a monthly recommendation for July.
In July, December Wheat did not post a buy or sell recommendation which left wheat in an explosive ‘coil’.
Last week, I explained that December Wheat had an explosive ‘Coil’ monthly recommendation for August and a major move was imminent.
In addition, last week December Wheat had a weekly recommendation.
On 8/07/06, December Wheat posted a weekly sell signal.
On 8/08/06, December Wheat posted a monthly sell signal.
This product is for very aggressive traders.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed weekly trade risk for December Wheat was $725.
The proposed monthly trade risk for December Wheat in August is $1,675.
If you do not fit this risk profile, traders are advised to consult with their account executive for an option trading strategy.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -14,709, posting a total open interest of 467,379 contracts.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider through Monday - and possibly next month:
On 8/07/06, December Wheat posted a weekly sell signal at 410.75.
On 8/08/06, December Wheat posted a monthly sell signal at 403.25.
# 1) Aggressive traders who established a short position at 410.75 are advised to place stops above 425.00*.
Option traders who purchased December 400 puts are advised to risk 70% of purchase price**.
# 2) Aggressive traders who established a short position at 403.25 are advised to place stops above 425.00*.
Option traders who purchased December 390 puts are advised to risk 70% of purchase price**.
# 3) If December Wheat posts multiple closes below 390.25:
Very aggressive traders are advised to either add to their established short position or establish a short position, placing all stop orders above 425.00*.
Option traders are advised to purchase December 380 puts, risking 70% of purchase price**.
# 4) If December Wheat posts multiple closes below 382.00:
Very aggressive traders are advised to either add to their established short position or establish a short position, placing all stop orders above 415.50*.
Option traders are advised to purchase December 380 puts, risking 70% of purchase price**.
Our first objective will be 377.00.
# 5) If December Wheat posts multiple closes below 363.00:
Very aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 403.50.
Option traders are advised to purchase December 360 puts, risking 70% of purchase price**.
# 6) If December Wheat posts multiple closes below 356.50:
Very aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 377.00.
Option traders are advised to purchase December 340 puts, risking 70% of purchase price**.
Our next objective will be 346.00.
# 7) If December Wheat posts multiple closes below 346.00:
Very aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 364.00.
Option traders are advised to purchase December 340 puts, risking 70% of purchase price**.
Our long-term objective will be 291.50.
DAILY CHART:
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WEEKLY CHART:
* (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).
In the Joss Report dated 7/30/06 I added December Corn to ‘Tech Talk’ because of a potential monthly recommendation for August and a weekly recommendation.
For August, December Corn has a monthly recommendation.
On 8/02/06, December Corn posted a weekly buy signal.
On 8/04/06, December Corn posted an ‘intra-day’ sell signal at 260.75.
On 8/11/06, December Corn posted a monthly sell signal at 250.75.
Traders are advised not to dwell on the Ethanol equation that has encompassed the Corn market for many weeks. Traders should now focus on the USDA Crop Report that stated Corn had the second highest ear count on Record.
Currently, the equation is Supply and Demand.
This product is for aggressive traders.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed weekly trade risk for December Corn was $462.50.
The proposed monthly trade risk for December Corn was $1,700.
If you do not fit this risk profile, traders are advised to consult with their account executive for an option trading strategy.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -33,059, posting a total open interest of 1,366,163 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
For August, December Corn has posted a monthly sell signal at 250.75.
# 1) Aggressive traders who established a long position at 261.00 were stopped out of their position at 250.75*.
# 2) Aggressive traders who established a short position at 250.75 or below are advised to place stops above 261.00*.
Option traders who purchased December 250 puts are advised to risk 70% of purchase price**.
# 3) Aggressive traders who established a short position at 247.75 are advised to place stops above 261.00*.
Option traders who purchased December 250 puts are advised to risk 70% of purchase price**.
# 4) If December Corn posts multiple closes below 241.25:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 259.25*.
Option traders are advised to purchase December 230 puts, risking 70% of purchase price**.
# 5) If December Corn posts multiple closes below 237.50:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 252.00.
Option traders are advised to purchase December 230 puts, risking 70% of purchase price**.
Our objective will be 225.75.
DAILY CHART:
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WEEKLY CHART:
* (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).
In the Joss Report dated July 30th I added October Feeder Cattle to ‘Chart Watch’ because of a weekly recommendation last week and a potential monthly recommendation for August.
On 7/31/06 and 8/4/06, October Feeder Cattle posted a weekly buy signal.
For August, October Feeder Cattle has a monthly recommendation.
On 8/07/06, October Feeder Cattle posted a monthly buy signal.
This product is for aggressive traders only and not for the faint of heart.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed weekly trade risk for October Feeder Cattle was $1,025.
The proposed monthly trade risk for October Feeder Cattle is $2,275.
If you do not fit this risk profile, traders are advised to consult with their account executive for an option trading strategy.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week increased by 478, posting a total open interest of 32,151 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
On 7/31/06, October Feeder Cattle posted a weekly buy signal at 114.50.
On 8/07/06, October Feeder Cattle posted a monthly buy signal at 116.10.
# 1) Aggressive traders who established a long position at 114.50 are advised to move their stops below 114.45*.
# 2) Aggressive traders who either added to their long position or established a long position at 116.10 are advised to move their stops below 114.45*.
# 3) Aggressive traders who want to trade October Feeder Cattle are advised to contact their ClearTrade account executive at 1-800-493-4444 for an updated ‘trading module.’
DAILY CHART:
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WEEKLY CHART:
* (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).
In the Joss Report dated August 6th I added November Soybeans to ‘Chart Watch’ because of a weekly recommendation.
Last week I explained that for eight months, November Soybeans have been trapped in a 73-cent range between 575.50 lows and 648.50 highs.
More recently, November Soybeans have traded between 585.50 lows and 639.50 highs.
Until November Soybeans can post multiple closes below 575.50 or above 648.50, this product will remain subject to supply/demand and weather concerns.
Most option traders have taken the route of selling premium (writing options) and waiting for expiration to collect their investment.
However, as all experienced traders know, the show can go on only so long before this strategy stops working - and backfires.
Last week I asked the question - are we there yet?
It appears we are - and put option sellers might be in big trouble.
On August 14th, the USDA will release the NOPA crush report at 7:30 a.m. C.S.T.
If the NOPA Report indicates a low crush number, put option writers will be scrambling to exit.
This product is for aggressive traders only and not for the faint of heart.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed weekly trade risk for November Soybeans was $775.
If you did not fit this risk profile, traders were advised to consult with their account executive for an option trading strategy.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest for futures last week decreased by -2,089, posting a total open interest of 340,431 contracts.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are possible ‘trading modules’ for futures traders to consider next week:
On 8/07/06, November Soybeans posted a weekly sell signal at 592.75.
On 8/10/06, November Soybeans posted an ‘intra-day’ sell signal at 576.25.
# 1) Aggressive traders who established a short position at 592.75 or below are advised to place stops above 608.00*.
Option traders who purchased November 580 puts are advised to risk 70% of purchase price**.
# 2) Aggressive traders who established a short position at 576.25 are advised to place stops above 608.00*.
Option traders who purchased November 580 puts are advised to risk 70% of purchase price**.
# 3) If November Soybeans post a price rise toward 585.50:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 608.00*.
Option traders are advised to purchase November 580 puts, risking 70% of purchase price**.
# 4) If November Soybeans post multiple closes below 570.00:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 592.00*.
Option traders are advised to purchase November 560 puts, risking 70% of purchase price**.
# 5) If November Soybeans post multiple closes below 570.00:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 592.00*.
Option traders are advised to purchase November 560 puts, risking 70% of purchase price**.
Our first objective will be 560.00.
# 6) If November Soybeans post multiple closes below 554.25:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 586.50*.
Option traders are advised to purchase November 540 puts, risking 70% of purchase price**.
# 7) If November Soybeans post multiple closes below 545.50:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 575.50*.
Option traders are advised to purchase November 520 puts, risking 70% of purchase price**.
# 8) If November Soybeans post multiple closes below 542.00:
Aggressive traders are advised to either add to their established short positions or establish a short position, placing all stops above 570.00*.
Option traders are advised to purchase November 520 puts, risking 70% of purchase price**.
Our long-term objective will be 512.50.
DAILY CHART:
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WEEKLY CHART:
* (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.' It may be a little early… however, it never hurts to be prepared. This week in ‘Chart Watch’ traders are advised to begin watching several products listed below that are developing potential monthly recommendations for September.
World events may have a major impact on these products. Keep a close eye on the charts.
- CRUDE OIL
DAILY CHART:
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WEEKLY CHART:
DAILY CHART:
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WEEKLY CHART:
DAILY CHART:
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WEEKLY CHART:
CURRENT 'MONTHLY' RECOMMENDATIONS FOR AUGUST:
- S&P 500
- E-mini S&P
- BRITISH POUND
- US 30 YEAR BOND
- 10-YEAR NOTE
- SILVER
- WHEAT
- CORN
- FEEDER CATTLE
- LIVE CATTLE
Future watch will list developing 'monthly' recommendations to watch in August for September. By listing these products, traders can `feed-forward' with anticipation and focus - centering on products that will provide direction and hopefully, opportunity.
Traders should begin studying the 'weekly' and 'monthly' charts for the products listed below. Don't forget between now and the end of the month, some or all of these products may be de-listed.
'Monthly' recommendations will be revealed on the close of business August 31st and sent via email for September.
- NASDAQ
- MINI NASDAQ
- GOLD
- CRUDE OIL
- HEATING OIL
- COCOA
- PORK BELLIES
- $CRB
- EURO-CURRENCY (FX)
- SWISS FRANC
- JAPANESE YEN
MONTHLY CALENDAR
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If you do not completely understand this information, you are advised totake NO action until speaking with your Account Executive. ClearTrade® Inc. may be reached at 800-493-4444 * If the market opens above the buy price shown then place a stop order to sell at the price to enter a short trade. ScottJoss is a 'non member' CTA and is providing the Joss Report trade recommendations and weekly trade advisor to ClearTrade® Inc. clients. Scott Joss 'is a principal' of ClearTrade® Inc. and 'is a registered IB member' with the NFA. NOTE: Past results are no indication of future performance.
Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of futureconditions are attempted. The contents of the Joss Report weekly trade advisor newsletter and trade recommendations are copyright© 1997 - 2006, Scott R. Joss / S.R. Joss Inc./ClearTrade® Inc. *TM. All Rights Reserved. Calendar provided by Briefing.com, Inc. Data is provided for informational purposes only, and is not intended for trading purposes. Neither ClearTrade, Inc. nor any of its data or content providers (such as Reuters, CSI, and Briefing.com) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
“The organizations and links presented in this newsletter/Joss Report are in no way affiliated with ClearTrade® Inc. or S.R. Joss Inc..ClearTrade® does not necessarily promote or endorse the services orpublications described herein. ClearTrade has 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.” This publication is strictly the opinion of its writer and is intended solely for informative purposes and is 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 here in named. Information is obtained from sources believed to be reliable, but is in no way guaranteed.
No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures and options trading involve risk. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. In no event should the content of this market letter be construed as an express or an implied promise, guarantee or implication by or from ClearTrade® that you will profit or that losses can or will be limited in any manner what so ever. Past results are no indication of future performance. 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 "profits 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 THEIMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THE ABILITY TOWITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITEOF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECTACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CAN NOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. |
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