WELCOME TO THE JOSS REPORT - WEEKLY TRADE ADVISOR
ClearTrade®
Clearing Man Financial
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 us. 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
The Joss Report
cleartrade
The Joss Report Weekly Trade Advisor should be used in conjunction with the Joss Report Daily Recommendations, Weekly Recommendations and Monthly Recommendations.
Please add "research@cleartrade.com" to your “address book or safe sender list" to ensure receiving our proprietary research in a timely manner.
The Joss Report Archived Weekly Trade Advisor 2005
SUBSCRIBE TO THE JOSS REPORT FOR A 30-DAY FREE TRIAL
TECH TALK by Scott R. Joss (Non member C.T.A)*
MARCH COCOA (CC6H)
Last week, I began developing several ‘trading modules’ for March Cocoa because of a monthly recommendation that was posted for November.
In addition, I explained not only the technical condition of March Cocoa but several outside fundamental factors that may affect this product.
Let’s review Cocoa’s background - which has past ties to Britain and France. Cocoa is based on the British pound because Ghana, the world's-second biggest cocoa producer after neighboring Ivory Coast, was a British colony on the Gulf of Guinea in West Africa. The Gold Coast (Ghana) was formed in 1821 when the British government took over privately held lands along the coast.
Much of the world's cocoa comes from West Africa, but as is the situation in many African commodity exporters, most of the value is added in Europe and America when it is turned into cocoa butter, cake and liquor - the ingredients for chocolate and confectionery.
Currently, only about 20% of Ghana's cocoa beans are processed locally by companies like Cargill and Barry Callebaut, 90% are processed in Europe and the U.S by Barry Callebaut, Cadbury Schweppes and ADM, the world's largest cocoa processor - and traded by E D & F Man.
Many issues continue to plague these large processing companies such as child labor laws and political turmoil.
As I mentioned last week, the current bullish 'head and shoulders bottom' in the U.S. Dollar and recent breakout will continue to depreciate the Pound as well as all the major cross-currencies.
Any rise in the U.S. Dollar should put added currency pressures on Cocoa.
In addition, it is reported that twice as much Cocoa has been shipped to date this year than at the same point last year and more processing is planned as reported Saturday by the Daily Graphic of Ghana.
The Cocoa Processing Company (CPC) has installed a new plant to increase its capacity to process cocoa beans from 25,000 to 55,000 metric tonnes annually for both domestic and foreign markets.
The new plant has been inaugurated by President J.A. Kufuor.
The first phase of a three-tier expansion project which involved the installation of the plant was in fulfillment of the government’s vision of increasing the processing of Ghana’s raw cocoa beans from 20 per cent to 40 per cent.
The second phase of the project will entail the rehabilitation and upgrading of the old factory to increase the overall total production to 65,000 metric tonnes of cocoa annually.
The present expansion project is the first since the CPC was established in 1963.
The ‘Commitment of Traders’ report - published each Friday by the CFTC was not updated, due to the holiday on Friday.
Two-weeks ago the net change in open interest increased by 9,908, posting a total open interest of 146,129 contracts.
WHAT DOES THE MARCH COCOA CHART LOOK LIKE?
March Cocoa has been in a thirty-week price decline from highs of 1893 (3/18/05) to lows of 1347 (11/11/05).
Recently, March Cocoa had been trading in a five-week trading range from lows of 1367 (9/26/05) to recent highs of 1479 (9/30/05).
Currently, March Cocoa has tested and closed below 1367, which was the low of the past five-week trading range.
March Cocoa has two bearish ‘island reversal’ tops.
The first 'island reversal' top was posted between the time period of 6/15/05 to 6/25/06.
The most recent 'island reversal top' was posted between the time period of 9/02/05 and 9/09/05.
Each of the highs of these bearish tops was posted just above the descending 200-day moving average.
As I previously mentioned, March Cocoa has a monthly recommendation for November: buy when trades 1468 - sell when trades 1385.
March Cocoa is in great danger of posting an ‘intra-year’ sell signal at 1298.
March Cocoa has six unfilled price gaps above the current market price. The most recent unfilled price gap is between 1365 and 1371, which was posted on Friday. The next unfilled price gap is between 1395 and 1407. The third unfilled price gap is between 1440 and 1447. The fourth unfilled price gap is between 1540 and 1550.
March Cocoa has no unfilled price gaps below the current market price.
March Cocoa's 40-day moving average and 50-day moving average as of Friday were at 1408 and 1431, respectively.
March Cocoa closed Friday at 1422, which is below its 100-day moving average of 1458 and its 200-day moving average of 1537.
This product can be extremely volatile. Traders should have an equity to risk ratio of no more than 10% to trade this product.
The proposed monthly risk to trade this product is $830.
That means traders should have an account size of $9,000 per contract to trade this product.
If you do not fit this profile, I suggest that traders consult their account executive and consider an options strategy.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Please view Archived Weekly Trade Advisor for 11/06/05.
http://www.cleartrade.com/images/letter_11_06_05.htm
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
On 11/04/05, March Cocoa posted a monthly sell signal at 1385.
Aggressive traders who established a short position at 1385 are advised to leave stops at 1468.
Options traders who purchased March 1350 puts are advised to continue to risk 70% of purchase price.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If March Cocoa first posts a lower low than last week's low of 1347:
Aggressive traders are advised to either add to their established short position or establish a short position, placing stops for this position only above 1386*.
Option traders are advised to purchase March 1350 puts, risking 70% of purchase price**.
# 2) If March Cocoa posts multiple closes below 1320:
Aggressive traders are advised to either add to their existing short position or establish a short position, placing stops for this position only above 1368.
Option traders are advised to purchase March 1300 puts, risking 70% of purchase price**.
Our objective will be an all out assault on the 'intra-year' sell signal at 1298.
# 3) If March Cocoa posts multiple closes below the 'intra-year' sell signal of 1298:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 1386*.
Option traders are advised to purchase March 1300 puts, risking 70% of purchase price**.
Our objective will be a challenge of 2002 lows at 1260.
# 4) If March Cocoa posts multiple closes below 1235:
Aggressive traders are advised to either add to their existing short positions or establish a short position, placing all stops above 1367*.
Option traders are advised to purchase March 1300 puts, risking 70% of purchase price**.
Our long-term objective will be 1129.
Below are possible reversal ‘trading modules’ to consider next week:
# 5) If March Cocoa first posts a higher high than last week's high of 1385 yet reverses, posting a lower low than last week’s low of 1347:
Aggressive futures traders are advised to place resting sell stop orders at 1346.
If the resting sell stop order at 1346 is activated, aggressive traders will have either added to their existing short position or established a short position.
If 1346 is posted, aggressive traders are advised to place stops for this position above 1385*.
Options traders are advised to prepare to purchase March 1300 puts.
If 1346 is posted, option traders are advised to purchase March 1300 puts, risking 70% of purchase price**.
Our objective will be an all out assault on the 'intra-year' sell signal at 1298.
# 6) If March Cocoa first posts a lower low than last week's low of 1347 yet reverses, posting multiple closes above 1385:
Aggressive traders are not advised to establish a long position; Traders are advised to either leave existing buy stops as suggested above - or sit on the sidelines and wait for another trading opportunity.
Option traders are not advised to purchase calls. Traders are advised to limit their risk to 50% of market price for established put positions or sit on the sidelines and wait for another trading opportunity.
Also, traders are advised to be cognizant of trading module #5 if this occurs.
I have compiled some Cocoa option facts for traders:
Cocoa options for a two-year ‘implied volatility’ average are ranked number 38 out of 45.
38) Cocoa (CC) High 45.90% - Low 26.49% - Current 27.81%.
Cocoa options for a one-year ‘implied volatility’ average are ranked number 38 out of 45.
38) Cocoa (CC) High 45.90% - Low 26.49% - 27.81%.
Cocoa options for a six-month ‘implied volatility’ average are ranked number 34 out of 45.
34) Cocoa (CC) High 34.30% - Low 26.49% - 27.81%.
Options are very, very cheap.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CC06H
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CC
* (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).
----------------------------------------------------
JANUARY ORANGE JUICE (OJ6F)
In the October 15th Weekly Trade Advisory I began developing ‘trading modules’ for January Orange Juice because of a ‘Coil’ daily recommendation and weekly recommendation.
Last week I explained reports of damaged areas were beginning to filter out of Florida’s south central portion of the state - yet the true damage to citrus trees and crops have yet to be determined.
This week there were no official tallies of the orange harvest damage - even though a special citrus survey was to begin last week to try to make the next forecast report due out in the USDA's December 9th report.
Last Thursday's USDA Crop Production and Supply/Demand report added nothing new to the equation because no official results were available since hurricane Wilma. Until the USDA reports confirm or deny the anticipated destruction of the citrus due to hurricane Wilma, January Orange Juice prices should continue higher.
Florida is beginning to sound like a third world country with its 'unconfirmed' official reports. Is Jeb Bush long Orange Juice futures?
The ‘Commitment of Traders’ report - published each Friday by the CFTC was not posted this Friday due to the holiday - last week's report indicated that the net change in open interest last week increased by 1,288, posting a total open interest of 32,344 contracts.
WHAT DOES THE JANUARY ORANGE JUICE CHART LOOK LIKE?
January Orange Juice has been in an nine-week price advance from lows of 90.80 (8/23/05) to recent highs of 124.90 (11/08/05).
On 10/03/05, November Orange Juice posted a monthly buy signal at 102.45. If I equate this to January Juice, it would be approx. at 104.80.
On 10/17/05, January Orange Juice posted a ‘Coil’ daily buy signal at 105.85.
On 10/17/05, January Orange juice posted a weekly buy signal at 106.45.
On 10/24/05, January Orange juice posted a daily buy signal at 111.80.
On 10/27/05, January Orange juice posted a daily buy signal at 117.55.
Orange Juice had developed a bullish ‘ascending’ right triangle, which was breeched at 106.35.
January Orange Juice has one unfilled price gap above the current market price between 126.40 (10/13/98) and 127.10 (10/12/98).
January Orange Juice has three unfilled price gaps below the current market price. The most recent unfilled price gap is between 101.60 and 101.30.
Recent highs were posted at 131.95 on 10/09/98.
January Orange Juice has closed seven-weeks above its 40-day moving average and 50-day moving average - which as of Friday was at 110.59 and 107.58, respectively.
January Orange Juice closed Friday at 122.45, which is above its 100-day moving average of 103.95 and its 200-day moving average of 100.55.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Please view Archived Weekly Trade Advisor for 11/06/05.
http://www.cleartrade.com/images/letter_11_06_05.htm
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Aggressive traders who have established long positions below 115.50 are advised to leave all stops below 113.30*.
Aggressive traders who either added to their existing long position or established long positions above 115.50 are advised to place stops below 113.30*.
Aggressive traders who either added to their existing long position or established long positions on a pullback to 117.00 are advised to leave stops below 113.30*.
Option traders who either purchased January 100.00, 110.00 or 120.00 calls are advised to risk 50% of market value**.
Aggressive futures traders and option traders who exited any or all of their established long positions on 11/04/05 at 122.25 yet re-entered their long positions on a pullback to 119.40 are advised to place stops below 116.60 for this position only*.
Option traders who purchased January 110.00 calls are advised to risk 50% of purchase price*.
Below are ‘trading modules’ for futures and option traders to consider next week:
# 1) If January Orange Juice first posts a higher high than last week’s high of 124.90:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing stops below 116.60*.
Option traders are advised to purchase March 120.00 calls, risking 70% of purchase price**.
Our objective will be the unfilled price gap between 126.40 (10/13/98) and 127.10 (10/12/98).
Our next objective will be a challenge of past highs of 131.95 from 10/09/98.
# 2) If January Orange Juice posts multiple closes above 131.95:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 119.40*.
Option traders are advised to purchase March 120.00 calls, risking 70% of purchase price**.
Our objective will be contract highs of 138.50.
Below are possible reversal ‘trading modules’ to consider next week:
# 3) If January Orange Juice first posts a lower low than last week’s low of 120.40 yet reverses, posting a higher high than last week’s high of 124.90:
Aggressive futures traders are advised to place resting buy stop orders at 124.95.
If the resting buy stop order at 124.95 is activated, aggressive traders will have either added to their existing long position or established a long position.
If 124.95 is posted, aggressive traders are advised to place stops for this position below 116.60*.
Options traders are advised to prepare to purchase March 120.00 calls.
If 124.90 is posted, option traders are advised to purchase March 120.00 calls, risking 50% of purchase price**.
Our objective will be the unfilled price gap between 126.40 (10/13/98) and 127.10 (10/12/98).
# 4) If January Orange Juice first posts a higher high than last week’s high of 124.40 yet reverses, posting multiple closes below 111.30:
Aggressive futures traders are advised to sit on the sidelines and wait for another trading opportunity.
Options traders are advised to sit on the sidelines and wait for another trading opportunity.
I have compiled some Orange Juice option facts:
Orange Juice options for a two-year ‘implied volatility’ average are ranked number 19 out of 45.
19) Orange Juice (OJ) High 55.83% - Low 21.50% - Current 29.19%.
Orange Juice options for a one-year ‘implied volatility’ average are ranked number 18 out of 45.
18) Orange Juice (OJ) High 43.93% - Low 21.50% - Current 29.19%.
Orange Juice options for a six-month ‘implied volatility’ average are ranked number 14 out of 45.
14) Orange Juice (OJ) High 32.62% - Low 24.66% - Current 29.19%.
Options are still reasonably priced.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?OJ06F
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?OJ
* (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).
----------------------------------------------------
DECEMBER CRUDE OIL (CL5Z)
December Crude Oil has developed a bearish ‘head and shoulders’ top.”
For seven-weeks I have written why - technically and fundamentally - December Crude Oil prices should continue to decline, first to 56.10 and quite possibly to 41.00 a barrel.
In addition, December Crude Oil had posted a monthly sell signal at 63.44 on 10/04/05.
Our objective was and still is 56.10.
Two-weeks ago I began developing several additional ‘trading modules’ for December Crude Oil because of an intra-day sell signal posted at 60.89 on 10/26/05 and weekly sell signal posted at 59.14 on 11/02/05.
I will remind traders again - this product is not for the inexperienced trader.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio. The proposed risk for the weekly recommendation in December Crude was $3,670 - and $1,835 for the mini crude contract.
The risk now has increased to $5,430 per contract and $2,715 for the mini crude contract.
That means traders should have an account size of $54,000 per contract to trade the full Crude Oil contract and $27,000 per contract for the Mini Crude Oil contract.
Does this mean traders should not establish a short position?
No, but be cognizant of your risk. If you do not fit this risk profile, traders are advised to consult their account executive for an option trading strategy.
Currently, the weekly crude report - published each Wednesday morning - reported Crude Oil reserves are at or above pre Catrina levels of 322,000,000. That reserve level was met last week, which indicates demand has slowed, in part due to the warm weather experienced by northerly states - or possibly due to congressional inquiries regarding the large oil company profits - or maybe it's just that the 'price rubber band' expanded beyond its limits.
Strange, isn't it... as we head into the winter months, prices are dropping.
No... this has happened many times before - where small speculators are lured in by unscrupulous T.V. commercials that trumpet: winter is upon us, oil prices will go much higher.... invest! invest! There are fortunes to be made! Just $500 commissions - each way, or round trip.... I forget.
Traders, use your heads. Why would the market fall thirteen-dollars a barrel in two-months - just to give traders a window of opportunity to get in before the inevitable winter price increase? Odds are, it won't.
Remember.... Supply and Demand.
Supply goes up Demand goes down. This equates to lower prices unless there's a policy change. Did I say a Policy change?
What could the policy change be?
Well, Crude Oil is based on the U.S. Dollar.
Currently, the U.S. Dollar has broken out of a bullish 'head and shoulders bottom,' - this increases the cost of dollar-based Crude Oil to major cross-currency holders.
Simple, isn't it? Less purchasing power increases supply and dampens demand.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - was not published Friday due to the holiday - the previous week's report indicated that the net change in open interest last week increased by 4,424, posting a total open interest of 821,833 contracts.
WHAT DOES THE DECEMBER CRUDE OIL CHART LOOK LIKE?
Until recently, December Crude had been in a multi-year price advance, which began from lows of 20.14 (2/22/02) to recent highs of 70.80 (8/30/05).
Currently, December Crude has been in an nine-week price decline from highs of 70.80 to lows of 57.01 (11/11/05).
On 10/04/05, December Crude posted a monthly sell signal at 63.44.
On 10/26/05, December Crude posted an ‘intra-day’ sell signal at 60.89.
On 10/31/05, December Crude posted a daily sell signal at 60.54.
On 10/31/05, December Crude posted a weekly sell signal at 59.14.
On 11/07/05, December Crude posted a daily sell signal at 60.49.
On 11/09/05, December Crude posted an 'intra-day' sell signal at 58.89.
December Crude has three unfilled price gaps above the current market price. The most recent is between 58.25 and 58.60. The second unfilled price gap is between 60.40 and 60.50. The third price gap is between 64.70 and 64.90.
December Crude has five unfilled price gaps below the current market price. The first unfilled price gap is between 53.60 and 53.85, the second between 47.35 and 47.90.
December Crude Oil has a bearish ‘head and shoulders top.'
The left shoulder was established from lows of 59.55 and highs of 64.00.
The head was developed between lows of 63.45 and highs of 70.80.
The right shoulder is developing between recent lows of 58.75 and highs of 63.90.
I do not believe the all-important neckline is in place until our objective of 56.10 is posted.
Once 56.10 is posted, our long-term objective will be 41.40. However, this proposed projection of 41.40 may not be realized for several months.
December Crude’s 40-day moving average and 50-day moving average as of Friday were at 62.47 and 63.13, respectively.
December Crude closed Friday at 57.53, which is below its 100-day moving average of 63.45 and 200-day moving average of 58.41.
Can December Crude Oil gather enough energy to regain its foothold above the all-important 200-day moving average?
Time will tell - but Crude has not closed below this key moving average since 3/20/03.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Please view Archived Weekly Trade Advisor for 11/06/05.
http://www.cleartrade.com/images/letter_11_06_05.htm
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Aggressive traders who established a short position at 60.54 are advised to move stops above 61.85*.
Options traders who purchased March 60.00 - 55.00 bear put spreads are advised to risk 50% of market price**.
Aggressive traders who established a short position at 60.49 are advised to move stops above 61.85*.
Options traders who purchased March 60.00 - 57.00 bear put spreads are advised to risk 50% of market price**.
Below are ‘trading modules’ for futures and option traders to consider next week:
# 1) If December Crude first posts a price advance to challenge the unfilled price gap between 58.25 and 58.60:
Aggressive futures traders are not advised to establish a long position. Traders are advised to either add to their existing short position or establish a short position against resistance at 59.15, placing stops above 61.85*.
Option traders are advised to not purchase calls or bull call spreads. Option traders are advised to purchase March 60.00 - 57.00 bear put spreads, risk 70% of purchase price**.
# 2) If December Crude first posts a lower low than last week's low of 57.01:
Aggressive traders are not advised to add to their existing short position but let the market do the work for them.
Option traders are not advised to purchase March 60.00 - 57.00 put spreads but let the market do the work for them.
Our objectives will be 56.10.
# 3) If December Crude posts multiple closes below 55.65:
Aggressive futures traders are advised to either add to their existing short position or establish a short position, placing all stops above 59.15*.
Options traders are advised to exit their March 60.00 - 57.00 and March 60.00 - 55.00 put spreads and purchase March 56.00 - 53.00 bear put spreads, risking 70% of purchase price**.
Our objective will be the unfilled price gap between 53.85 and 53.60.
Below are possible reversal ‘trading modules’ to consider next week:
# 4) If December Crude first posts a higher high than last week's high of 60.40 yet reverses, posting a lower low than last week’s low of 57.01:
Aggressive futures traders are advised to place resting sell stop orders at 57.00.
If the resting sell stop order at 57.00 is activated, aggressive traders will have either added to their existing short position or established a short position.
If 57.00 is posted, aggressive traders are advised to place all stops above 59.15*.
Options traders are advised to prepare to purchase March 56.00 - 53.00 bear put spreads.
If 57.00 is posted, option traders are advised to purchase March 56.00 - 53.00 bear put spreads, risking 70% of purchase price**. Option traders are advised to exit their March 60.00 - 57.00 and March 60.00 - 55.00 put spreads.
Our objective will be an all out assault on last year's highs of 55.65.
# 5) If December Crude first posts a lower low than last week's low of 57.01 yet reverses, posting a higher high than last week’s high of 60.40:
Aggressive futures traders are advised to leave their resting stop orders above 61.85*.
If the resting buy stop order at 61.85 is activated, aggressive traders are advised to sit on the sidelines and wait for another trading opportunity.
If 61.85 is activated, option traders are advised to exit their bear put spreads and wait for another trading opportunity.
I have compiled some Crude option facts:
Crude options for a two-year ‘implied volatility’ average are ranked number 6 out of 45.
6) Crude (CL) High 44.71% - Low 27.07% - Current 34.38%.
Crude options for a one-year ‘implied volatility’ average are ranked number 25 out of 45.
25) Crude (CL) High 44.38% - Low 31.20% - Current 34.38%.
Crude options for a six-month ‘implied volatility’ average are ranked number 27 out of 45.
27) Crude (CL) High 40.11% - Low 32.42% - Current 34.38%.
Option spreads are still reasonably priced.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CL05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CL
* (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).
----------------------------------------------------
CASH U.S. DOLLAR (DXY$Y) AND DECEMBER JAPANESE YEN (JY5Z)
For the last several months I've written about the U.S. Dollar and Cash U.S. Dollar index because of a bullish ‘head and shoulders bottom' on the long-term weekly and monthly charts.
Two weeks ago, I added the Japanese Yen to end of the U.S. Dollar piece because of an ‘intra-year’ sell signal that was posted at .8711.
For ten-weeks I've been writing on and off that traders should focus on the Cash Dollar chart because the rollovers that occur in the futures Dollar chart every three-months might confuse traders. The Cash Dollar is one continuous chart that makes it easier to identify with over a long period of time.
Six-weeks ago, I stated that if the Cash U.S. Dollar could post a monthly close at or above 89.44 by the close of business September 30th, this would constitute a continuation pattern conducive with higher prices.
Conversely, I noted to currency traders that the Euro-Currency (FX) and the Swiss Franc had posted ’intra-monthly’ sell signals.
On the close of business September 30th, the Euro-Currency (FX) (EC5Z) posted an ‘intra-monthly’ sell signal at 1.2195. This constituted a continuation price pattern to the downside.
However, as I've stated the last three-weeks, the main story was and is the Japanese Yen.
The ‘Commitment of Traders’ report for the Japanese Yen - published each Friday by the CFTC - was not published Friday because of the holiday. The previous week the report indicated that the net change in open interest last week increased by 585, posting a total open interest of 195,803 contracts.
The ‘Commitment of Traders’ report for the U.S. Dollar - published each Friday by the CFTC - was not published Friday because of the holiday. The previous week the report indicated that indicated that the net change in open interest last week decreased by -848, posting a total open interest of 33,202 contracts.
WHAT DOES THE U.S. DOLLAR CHART LOOK LIKE?
Until recently, the Cash U.S. Dollar had been in a multi-year price decline, which in actuality meant that the dollar was depreciating against the major currencies around the world. The U.S. Dollar, unlike other currencies, is a basket of all currencies.
Currently, it appears the U.S. Dollar futures and the Cash U.S. Dollar have formed a ‘head and shoulders bottom' on the daily, weekly and monthly charts.
As I stated last week, this bullish ‘head and shoulders bottom' represents the Bush Administration’s attempt to switch from a weak dollar policy to a stronger dollar policy.
THE DAILY, WEEKLY, MONTHLY CHART:
The Cash U.S. Dollar daily, weekly and monthly charts show a well defined ‘left shoulder' that developed between 92.25 highs (5/13/04) to lows of 87.00 (7/19/04).
The Cash U.S. Dollar daily, weekly and monthly charts define the ‘head’ that was established between 80.42 lows and 86.93 highs.
The Cash U.S. Dollar daily, weekly and monthly charts shows the ‘right’ shoulder development between lows of 86.02 and highs of 90.77.
For several weeks I have discussed that the all-important neckline breakout would occur at 90.75 and confirmation of a breakout would occur on multiple closes above 90.77, which had been recent highs.
11/04/05 was the first week of a critical close above 90.77.
11/11/05 was the second week of a critical close above 90.77.
WHAT DOES ALL OF THIS MEAN?
As I stress each week, it appears that the U.S. Dollar has formed a long-term bottom that may critically injure the major cross-currencies.
Our objective for the Cash U.S. Dollar will be 102.16, which has not been visited since 2003.
WHAT DOES THE JAPANESE YEN CHART LOOK LIKE?
The Yen has been in a year-long price decline that began from highs of .9873 (1/31/05) to recent lows of .8488 (11/07/05)..
The Yen has posted a critical 'intra-year' sell signal at .8712.
A yearly close below .8712 would post a major trend reversal for the Japanese Yen and would constitute a continuation price pattern to lower levels for 2006.
On 10/21/05, the Yen posted its first weekly close below the ‘intra-year’ sell signal of .8712.
On 10/28/05, the Yen posted its second weekly close below the ‘intra-year’ sell signal at .8712.
On 10/31/05, the Yen posted its first monthly close below the 'intra-year' sell signal at .8712.
On 11/04/05, the Yen posted its third weekly close below the all-important .8712 price level.
On 11/11/05, the Yen posted its fourth weekly close below the all-important .8712 price level.
This product is extremely volatile and should only be traded by aggressive traders.
Traders should have an equity to risk ratio of no more than 10% to trade this product. The proposed risk to trade this product is $2,700.
That means traders should have an account size of $27,000 per contract to trade this product.
If you do not fit this profile, I suggest that traders consult their account executive and consider an options strategy.
December Yen’s 40-day moving average and 50-day moving average as of Friday were at .8772 and .8850, respectively.
December Yen closed Friday at .8496, which is below its 100-day moving average of .8997 and 200-day moving average of .9311.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Please view Archived Weekly Trade Advisor for 11/06/05.
http://www.cleartrade.com/images/letter_11_06_05.htm
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Aggressive traders who have established short positions at .8691 are advised to move all stops above .8704*.
Aggressive traders who either added to their existing short position or established a short position on a lower low than October's low of .8653 are advised to move all stops above .8704*.
Option traders who purchased March 8600 puts are advised to continue to risk 50% of market value**.
Aggressive futures traders and option traders who exited any or all of their established long positions on 11/04/05 .8526 were advised last week to reestablish their short positions if a price advance to resistance at .8562 occurred.
Traders who either added to their existing short position or established a short position on last week's price advance to .8562 are advised to place stops above .8704*.
Option traders who purchased March 8600 puts on last week's price advance to resistance at .8562 are advised to risk 50% of market value**.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the December Yen first posts a lower low than last week's low of .8488:
Aggressive futures traders are advised to either add to their existing short position or establish a short position, placing all stops above .8643*.
Option traders are advised to purchase March 8500 puts, risking 70% of purchase price or if a close above .8643 occurs**.
# 2) If the December Yen first posts multiple closes below last week's low of 8488 and posts a close below .8478:
Aggressive futures traders are advised to either add to their established short position or establish a short position, placing stops for this position only above .8643*.
Option traders are advised to purchase March 8400 put options, risking 70% of purchase price**.
Our next objective will be .8388.
Below are possible reversal ‘trading modules’ to consider next week:
# 3) If the December Yen first posts a higher high than last week's high of .8593 yet reverses, posting a lower low than last week’s low of .8488:
Aggressive futures traders are advised to place resting sell stop orders at .8487.
If the resting sell stop order at .8487 is activated, aggressive traders will have either added to their existing short position or established a short position.
If .8487 is posted, aggressive traders are advised to place all stops above .8593*.
Options traders are advised to prepare to purchase March .8400 puts.
If .8487 is posted, option traders are advised to purchase March .8400 puts, risking 70% of purchase price**.
Our objective will be .8388.
Multiple closes below .8356 could lead to an all out assault on .8222, which were lows for 2003.
I have listed some Japanese Yen option facts:
Japanese Yen for a two-year ‘implied volatility’ average are ranked number 18 out of 45.
18) Japanese Yen (JY) High 12.72% - Low 6.84% - Current 8.17%.
Japanese Yen options for a one-year ‘implied volatility’ average are ranked number 21 out of 45.
21) Japanese Yen (JY) High 11.06% - Low 6.84% - Current 8.17%.
Japanese Yen options for a six-month ‘implied volatility’ average are ranked number 12 out of 45.
12) Japanese Yen (JY) High 9.07% - Low 6.84% - Current 8.17%.
Option values are still reasonable.
DAILY DOLLAR CHART:
http://www.bohl.minot.com/d_Chart.cgi?DX05Z
------------
DAILY YEN CHART:
http://www.bohl.minot.com/d_Chart.cgi?JY05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?JY
* (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).
----------------------------------------------------
FEBRUARY GOLD (GC6G) AND MARCH SILVER (SI6H)
This week I will begin developing 'trading modules' for February Gold and March Silver because each of these products have a weekly recommendation for next week.
February Gold has a daily recommendation for Monday.
March Silver, unlike February Gold, has a potential monthly recommendation developing for the month of December. However, if December Gold posts a close at or above 486.00 by the close of business November 30, this would constitute an 'intra-month' buy signal and would post a continuation pattern conducive to higher prices.
I will remind traders - these products are not for the inexperienced trader.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
The proposed risk for the potential monthly recommendation in March Silver is $2,950 - and $21,000 for the potential 'intra-month' recommendation in February Gold.
That means traders should have an account size of $29,000 per contract to trade Silver and $21,000 per contract to trade Gold.
If you do not fit this risk profile, traders are advised to consult their account executive for an option trading strategy.
The ‘Commitment of Traders’ report for Gold - published each Friday by the CFTC - was not published this Friday due to the holiday.
The ‘Commitment of Traders’ report for Silver - published each Friday by the CFTC - was not published this Friday due to the holiday.
WHAT DOES THE FEBRUARY GOLD CHART LOOK LIKE?
February Gold has been in a multi-year price advance that began from lows of 255.00 (2/28/01) to recent highs of 486.00 (10/12/05).
Recently, February Gold traded from highs of 486.00 to lows of 460.00 (11/04/05).
Currently, February Gold has traded from lows of 460.00 to highs of 474.50 (11/10/05).
February Gold's 40-day moving average and 50-day moving average as of Friday were at 473.70 and 470.60, respectively.
February Gold closed Friday at 473.20, which is above its 100-day moving average of 456.10 and its 200-day moving average of 448.40.
At first glance, the February Gold chart looks like it's forming a bearish 'V' top. However, I am not convinced that this is the case. Past history and logic would dictate that since the U.S. Dollar appears to be heading up, metals - which generally move opposite the Dollar - should have a price decline.
I began on the floor of the C.B.O.T in 1977 and worked in the grain room. One day the grain pits emptied like a ghost town. I wondered what was going on, so I walked over to two little pits that had been placed by the plywood/lumber pit.
It was just like you see on T.V. westerns; A booming metropolis had sprung up overnight. There I stood, watching in awe as traders pushed their way into the pits screaming and hollering. The Gold rush had begun.
Each day the prices moved up and down with unbelievable intensity - the volatility was at 100% each day.
What was going on? The Hunt Brothers were trying to corner the metals market.
One day the exchange stepped in, at the bequest of the Federal Reserve, and poof! The gold rush was over. An announcement was made: liquidation orders only would be accepted.
Fortunes were made and lost each day.
This left a deep impression on me.
Why were metals moving at an uncontrollable pace in an upward direction?
Inflation...an intangible word that has been the past catalyst for higher metal prices and higher Bond yields.
My impression is that this may be another crossroad in history, taking our economy full circle in 30-years..
Bond yields were at 21% in the 1970's and have hovered around 4.20% for the last two-years.
Yields appear to be moving higher because of inflation. Is the Fed that far behind the curve? Metals are saying this is the case.
Yesterday, I was listening to the news and a broadcaster was explaining that Kraft needed to raise its prices on macaroni and cheese, among other products, because of energy prices.
What? This appears to be the excuse most retailers - including my dry cleaners - are using to raise prices to the consumer. Yes, it appears inflation may be here and metal traders are sniffing the good old days. Fortunes will be made and lost... again.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
February Gold has a daily recommendation for Monday: buy when trades 473.60 - sell when trades 470.40.
February Gold has a weekly recommendation for next week: buy when trades 474.60 - sell when trades 459.90.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the February Gold first posts a daily buy signal at 473.60 and posts multiple closes above last week's high of 474.50:
Aggressive futures traders are advised to establish a long position, placing stops below 460.00*.
Option traders are advised to purchase April 470 - 500 bull call spreads, risking 70% of purchase price**.
Our first objective will be a challenge of recent highs of 481.50.
# 2) If February Gold posts multiple closes above 482.00:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 460.00.*.
Options traders are advised to purchase April 470 - 500 bull call spreads, risking 70% of purchase price**.
Our objective will be an all out assault on contract highs of 486.00, which is also the 'intra-month' buy signal.
# 3) If February Gold posts a monthly close at or above 486.00:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 465.00*.
Option traders are advised to purchase April 480 - 510 bull call spreads, risking 70% of purchase price**.
# 4) If February Gold posts multiple closes above 500.00:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 486.00*.
Options traders are advised to purchase April 490 - 520 bull call spreads, risking 70% of purchase price**. Option traders are advised to exit established 470 - 500 bull call spreads.
Our objective will be 512.00.
# 5) If February Gold first posts a daily sell signal at 470.40:
Aggressive futures traders are not advised to establish a short position..
Options traders are advised to not purchase bear put spreads.
# 6) If February Gold posts a weekly sell signal at 459.90:
Aggressive traders are advised to establish a short position, placing stops at 474.60.
Option traders are advised to purchase April 450 puts, risking 50% of purchase price.
Our objective will be the unfilled price gap below the current market price between 457.20 and 459.00.
# 7) If February Gold posts multiple closes below 451.70:
Aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 465.00.
Option traders are advised to purchase April 440 puts, risking 50% of purchase price.
Our objective will be the unfilled price gap between 442.00 and 445.70.
# 8) If February Gold posts multiple closes below 437.50:
Aggressive traders are advised to not add to their existing short position but are advised to move their stops above 451.70.
Option traders are not advised to purchase April puts but are advised to wait for a buying opportunity to purchase long futures against their established put positions.
Below are possible reversal ‘trading modules’ to consider next week:
# 9) If February Gold first posts a higher high than last week's high of 474.50 yet reverses, posting a lower low than last week’s low of 460.00:
Aggressive futures traders are advised to place resting sell stop orders at 459.90.
If the resting sell stop order at 459.90 is activated, aggressive traders will have either added to their existing short position or established a short position.
If 459.90 is posted, aggressive traders are advised to place stops for this position above 474.50*.
Options traders are advised to prepare to purchase April 450 puts.
If 459.90 is posted, option traders are advised to purchase April 470 - 500 bull call spreads, risking 70% of purchase price**.
Our objective will be the unfilled price gap below the current market price between 457.20 and 459.00.
# 10) If February Gold first posts a lower low than last week's low of 460.00 yet reverses, posting a higher high than last week’s high of 474.50:
Aggressive futures traders are advised to place resting buy stop orders at 474.60.
If the resting buy stop order at 474.60 is activated, aggressive traders will have either added to their existing long position or established a long position.
If 474.60 is posted, aggressive traders are advised to place stops for this position below 460.00*.
Options traders are advised to prepare to purchase April 480 - 450 puts.
If 459.90 is posted, option traders are advised to purchase April 450 puts, risking 70% of purchase price**.
Our first objective will be a challenge of recent highs of 481.50.
I have compiled some Gold option facts:
Gold options for a two-year ‘implied volatility’ average are ranked number 11 out of 45.
11) Gold (GC) High 22.94% - Low 10.31% - Current 14.53%.
Gold options for a one-year ‘implied volatility’ average are ranked number 7 out of 45.
7) Gold (GC) High 17.76% - Low 10.31% - 14.53%.
Gold options for a six-month ‘implied volatility’ average are ranked number 4 out of 45.
4) Gold (GC) High 16.13% - Low 7.45% - 14.53%.
Options are expensive.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?US05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?US
* (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).
----------------------------------------------------
MARCH SILVER (SI6H)
March Silver has a weekly recommendation for next week: buy when trades 7.875 - sell when trades 7.545.
March Silver is developing a potential monthly recommendation for December, which will not be revealed until the close of business November 30.
WHAT DOES THE MARCH SILVER CHART LOOK LIKE?
March Silver has been in a multi-year price advance that began from lows of 4.345 (3/21/03) to recent highs of 8.310 (4/30/04).
The daily and weekly Silver chart appears to be coiling for a major breakout.
The daily chart has congested for four-weeks and is poised for a 60-cent price move.
The long-term weekly chart has developed a 18-month ‘pennant formation’ that began from lows of 5.510 lows to 8.310 highs.
A ‘pennant’ generally represents a brief pause in a dynamic market move. Pennants are one of the most reliable of continuation patterns.
Pennants must always be preceded by a sharp and almost straight-line move that has gotten ahead of itself, needing time to congest and breathe before running off in the same direction.
A bullish pennant resembles a small symmetrical triangle whereupon the pattern is completed on the penetration of either trendline.
Let’s review the long-term weekly Silver chart’s time line.
On 4/04/03, Silver began a dramatic price move that began from lows of 4.350 and advanced in twelve-months to highs of 8.310 (4/02/04).
This would be our upward pole.
From highs of 8.310, Silver traded to lows of 5.510 (5/14/04), reversed, trading up to highs of 8.190 (12/03/04), reversing again to lows of 6.350 (1/07/05), reversing to highs of 7.640 (3/11/05), reversing to the pennant trendline at 6.630 and recently posted highs of 7.995.
This has developed our pennant.
The upper pennants downward trendline has posted highs of 8.310, 8.190 and if the trendline were touched today would be at 8.050.
The lower pennants upward trendline has posted lows of 4.500, 4.745, and 6.630 and if the trendline were touched today would be at 6.850.
Quite a range….
Technically, until Silver posts a weekly close below 6.850 or above 8.050, the pennant continues to develop.
Once Silver breaks out, what might be our potential projections?
Let’s do the math.
The top of the pennant was at 8.310 and the bottom of the pennant was at 4.500.
8.310 - 4.550 = 3.76-cents
Upside breakout of 8.050 + 3.76 = 12.070
OR
Downside breakout of 6.850 - 3.76 = 3.090
So how do we deal with this 1.20-cent risk dilemma before Silver breaks out?
We need a trading plan that is geared to the aggressive and conservative trader.
Let’s review the facts:
1) Silver is developing a pennant
2) Until Silver posts a weekly close below 6.850 or above 8.050, the pennant is still forming.
3) Silver has a weekly recommendation for next week.
4) The mid-point of the pennant is at 7.450.
5) Silver is developing a potential monthly recommendation for December.
March Silver's 40-day moving average and 50-day moving average as of Friday were at 7.700 and 7.595, respectively.
March Silver's closed Friday at 7.844, which is above its 100-day moving average of 7.375 and its 200-day moving average of 7.370.
There are several unfilled price gaps below the current market price. The most recent unfilled price gap is between 6.920 and 7.010.
There is one unfilled price gap above the current market price between 10.800 and 11.000.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
March Silver has a weekly recommendation for next week: buy when trades 7.875 - sell when trades 7.545.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the March Silver first posts a weekly buy signal at 7.875:
Aggressive futures traders are advised to establish a long position, placing stops below 7.430*.
Option traders are advised to purchase March 800 - 850 bull call spreads, risking 70% of purchase price**.
Our first objective will be a challenge of recent highs of 7.910.
# 2) If March Silver posts a close above last month's high of 8.020 and multiple closes above the pennant breakout of 8.050 :
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 7.430*.
Options traders are advised to purchase March 800 - 850 bull call spreads, risking 70% of purchase price**.
Our objective will be an all out assault on contract highs of 8.020, which is the pennant breakout.
# 3) If March Silver posts a close at or above 8.190:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 7.870*.
Option traders traders are advised to purchase March 800 - 850 bull call spreads, risking 70% of purchase price**.
# 4) If March Silver posts multiple closes above 8.310:
Aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 8.020*.
Options traders are advised to purchase March 800 - 850 bull call spreads, risking 70% of purchase price**.
Our objective will be 8.610.
# 5) If March Silver first posts a weekly sell signal at 7.545:
Aggressive futures traders are not advised to establish a short position. Traders are advised to sit on the sidelines and wait for either a possible monthly recommendation to develop for December or another trading opportunity.
Options traders are advised to not purchase bear put spreads. Option traders are advised to sit on the sidelines and wait for either a possible monthly recommendation to develop for December or another trading opportunity.
Below are possible reversal ‘trading modules’ to consider next week:
# 6) If March Silver first posts a weekly buy signal at 7.875 yet reverses, posting a lower low than last week’s low of 7.545:
Aggressive futures traders are not advised to establish a short position. Traders are advised to sit on the sidelines and wait for either a possible monthly recommendation to develop for December or another trading opportunity.
Options traders are advised to not purchase bear put spreads. Option traders are advised to sit on the sidelines and wait for either a possible monthly recommendation to develop for December or another trading opportunity.
# 7) If March Silver first posts a weekly sell signal at 7.545 yet reverses, posting a weekly buy signal at 7.875:
Aggressive futures traders are advised to place resting buy stop orders at 7.875.
If the resting buy stop order at 7.875 is activated, aggressive traders will have either added to their existing long position or established a long position.
If 7.875 is posted, aggressive traders are advised to place stops below 7.425*.
Options traders are advised to prepare to purchase March 800 - 850 bull call spreads.
If 7.875 is posted, option traders are advised to purchase March 800 - 850 bull call spreads, risking 70% of purchase price**.
Our first objective will be a challenge of recent highs of 7.910.
I have compiled some Silver option facts:
Silver options for a two-year ‘implied volatility’ average are ranked number 15 out of 45.
15) Silver (SI) High 40.09% - Low 19.14% - Current 25.47%.
Silver options for a one-year ‘implied volatility’ average are ranked number 9 out of 45.
9) Silver (SI) High 32.57% - Low 19.14% - 25.47%.
Silver options for a six-month ‘implied volatility’ average are ranked number 11 out of 45.
11) Silver (SI) High 29.68% - Low 19.14% - 25.47%.
Options are expensive.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?US05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?US
* (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).
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.'
- NO CHART WATCH THIS WEEK
CURRENT 'MONTHLY' RECOMMENDATIONS
FOR NOVEMBER:
- DECEMBER CANADIAN DOLLAR (CD5Z)
FUTURE WATCH
Future watch will list developing 'monthly' recommendations to watch in November for December. 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 'daily', '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 November 30 and sent via email for December.
- SOYBEANS
- OATS
- S&P 500
- EMINI S&P
- SILVER
- SUGAR
- LEAN HOGS
- PORK BELLIES
November 2005 |
|
Weekly Reports |
|
*** The above dates can change without notice. *** |
COPYRIGHT WARNING AND NOTICE: It
is a violation of federal copyright law to
reproduce all or any part of this publication or
its contents by email, facsimile, xerography,
scanning or any other means, without
permission.
Copyright 2005, Joss Report - S.R. Joss Inc and ClearTrade®Inc. All rights reserved.
If you are receiving this report from any other source than S.R. Joss Inc or ClearTrade® Inc. please contact us at 800- 493-4444.
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:
* COMING EVENTS AND DATA RELEASES:
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.
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.
Unless otherwise indicated, the links presented in this publication/newsletter are in no way affiliated with ClearTrade®, Inc. Likewise, sites linked through ClearTrade's Joss Report weekly trade advisor newsletter are not necessarily connected with ClearTrade®, nor do any such links imply an endorsement by either party.
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.
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.