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 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.
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The Joss Report Archived Weekly Trade Advisor 2005
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• TECH TALK - SUGAR - COCOA 
•  CHART WATCH - YEN - COTTON  
•  CURRENT 'MONTHLY' RECOMMENDATIONS
•  FUTURES WATCH
•  COMING EVENTS AND DATA RELEASES

TECH TALK by Scott R. Joss (Non member C.T.A)*

MARCH SUGAR (SB6H)
Last week, I discussed the differences between outright futures trading and spread trading. This week I will discuss why Sugar may be in a short-term consolidation period - but in the long-term why prices should continue higher.
 
Every week I stress to traders that the Sugar ‘trading modules’ I develop are long-term trades that may span a year or more to achieve. Because of the possible length of the trade, traders have been advised to establish long positions in March 2006 futures and options, then rolling forward as time approaches.
My belief technically and fundamentally is that sugar prices will go much higher - not only in the short-term but in years to come - based on two very bullish ’W’ formations. These ’W’ formations have developed on the daily, weekly and monthly charts. 
The long positions in Sugar were based originally on daily, weekly and monthly trade signals from the July 2005 contract, then the October 2005 contract - and now, the March 2006 contract.
On 10/04/05, March Sugar prices rocketed to fill the first of eight unfilled price gaps above the current market between 11.72 and 11.80 (1/09/98).
March Sugar posted highs of 11.91 before retreating to lows of 11.12.
Quite a large range in one session…volatility reached approx. 32%.
Was this move to higher prices technically driven or fundamentally motivated?
Both.
I have always believed that technical analysis and fundamental analysis move hand in hand. However, 80% of the time, technical analysis will give traders not only far reaching insight to future fundamental news not yet known to the public -  but will allow traders to use risk management tools.
Frequently, inexperienced traders contact me with current fundamental news that is broadcast over the public airwaves or in print. 
A majority of these inexperienced traders really believe that what they’re hearing is unique - and current.
My response is always the same: How much do you want to risk financially on this information?
This question always elicits ‘hesitation.’  Why?  Because they haven’t thought about potential loses - only the potential gains. Successful traders always weigh their financial risk before entering a trade.
I explain to inexperienced traders that they need to develop a trading plan by ‘feeding forward,’ not only where a product may eventually go - but the financial risks involved in getting there. What if fundamentals change down the road?
I have been in the business too many years to think this can’t happen.
Soybeans are a good example….. Every time Soybeans approach $10.00 a bushel, the ‘news’ always reports that there are not enough beans…. what will we do?  Two-months later, prices have fallen dramatically. Why? Because they ‘found’ the lost beans. I always wonder where these beans hide out. …
When prices are at their lowest point, the analysts report ‘fundamental news’ indicating record crops…. What will we do with all of these beans?
Somehow these ‘extra’ beans get lost - and prices go up dramatically.
Get the point?
It is supply and demand
- High prices drive demand down - and low prices drive demand up.
- High supply drives prices lower - and low supply drives prices higher.
The only way to break this never-ending cyclical supply - demand cycle would be a policy change.
Weather may produce low supply and higher prices in the short-term - but in the long-term, low demand and higher supply will correct prices.
Policy change is the only way to break the supply-demand equation.
A good example of a current policy change is Sugar.
Sugar has been affected short-term by weather, which in time would be corrected. However, there are and will be policy changes in the future affecting this product.
I have been writing for twenty-weeks on Sugar, not just to talk about shortages and weather - but POLICY CHANGES.
The World Trade Organization (WTO) has determined that subsidies of all products is unfair and they must be reduced - and eventually end.
NAFTA, CAFTA and all current negotiations underway to cut subsidies of products are policy changes that will affect past cyclical price patterns around the globe.
New price patterns will eventually develop in the years to come - but commodities are entering a new frontier that could be compared to the Wild West.
What do you think will happen to grain prices when the current farm bill expires in 2007?
The WTO has been pushing for years to reduce and finally cut subsides on all Ag products. Inexperienced traders and brokers (some quoted in reputable industry news) do not understand the affects future policy changes will have on commodities. Some traders think if we cut subsidies, prices will drop… but cutting subsidies has just the opposite effect.
Subsidies encourage excess production and suppress prices. Just imagine that YOU were being paid to grow a product - whether it was profitable or not. During good years, weather or crop rotation may allow you to make a nice living, and some years not. However, during those ‘not so good’ years you were getting paid a subsidy by the government to exist, wouldn’t you ‘risk’ trying your hand at the weather roulette wheel the next year? 
Cutting subsidies encourages producers to either become more efficient - or get out of the business. Fewer producers…. less product …. higher prices.  
Last week, Brazil asked the World Trade Organization (WTO) for permission to impose penalties on Washington because the U.S. has failed to meet a deadline for cutting its aid to U.S. cotton farmers.
Furthermore, U.S. trade negotiators next week will meet in China to continue talks on textile and apparel issues.
In time, subsidies will no longer exist.
Who will benefit from subsidy cuts?
1) Large Ag companies like Cargill and Archer Daniels.
2) Commodity funds similar to the Rogers funds. Did you ever notice how many stock and mutual funds there are in comparison to how few commodity funds exist? 
3) Experienced commodity traders, CTA’s and CPO’s.
Who will lose?
1) Small businesses and farms that run inefficiently.
2) Stocks that might not be prepared for higher Ag costs - companies like Coke, Kellogg’s and Proctor and Gamble.
3) The financial markets. Inflation driven instruments such as 30-year bonds and notes do not cotton to higher prices.
       
Bottom line?
Fundamentals do point to higher prices in commodities longer-term - and opportunity may be just around the corner. However, in trading commodities, timing and risk are everything.
Let me remind traders who called just two-weeks ago and were absolutely certain that Lumber and Crude Oil prices would sky rocket.
Prices in Lumber dropped from $326.00 to $287.00. That’s a $4,290 loss per contract if you had established a long position.
In the Joss Report two-weeks ago, traders were to watch for a possible bearish ‘head and shoulders’ top in Crude Oil. Our objective was and still is $56.57.
Currently, prices have dropped from $67.95 to $60.60.
That would be a $7,360 loss per contract if you had established a long position based on fundamental news or a possible profit if you had established a short position based on technical analysis.
If you don’t want or aren’t willing to work hard at becoming a successful trader, then you need to rely on a seasoned professional trader. Invest in a commodity fund - or stay out of the commodity market.
Commodity trading is for keeps….. There are no do-overs.
I would also like to interject that traders cannot take the easy way out by buying a system or black box  because most of the time,  they don’t work. They can’t input or filter information effectively and do not have the capability to adjust to new market conditions.   
I have found in my twenty-nine years on and off the trading floor that the only way to potentially be a successful trader is by developing a ‘trading plan’ that ‘feeds forward’ through the use of charts.
Stick to your trading plan and adjust accordingly. 
When I write the Joss Report every Sunday, am I right 100% of the time? Absolutely not. 
I always begin by analyzing the charts and from there I formulate trading modules that will guide my trading decisions in the coming week.  The purpose of trading modules is to help traders adjust to changing market conditions as they develop.  These modules are designed to either limit risk with a stop or by reversing established positions. I believe that the critical ‘adjustments’ that trading modules provide are crucial to being a successful trader.
UPDATES OF COMMODITY PRODUCTS:
Sugar prices have moved 40% higher in twenty-weeks. Our first objective of 11.80 was met last week.
Soybeans have moved 20% lower in twelve-weeks. Traders were advised to exit their short positions by September 28th.
Crude Oil has moved 10% lower in one-week. Our objective is still 56.57.
Silver has moved 10% higher in three-weeks. Our objective of 7.770 was met on Friday.
Is Cotton the next commodity to move higher - or will it be Orange Juice and Wheat?
Does Sugar have the capability to move higher another 10% to fill the next price gap, or will it consolidate and pullback 10% or 15%?
As is the case in futures, traders are advised to prepare for the worst…. a temporary price correction - and anticipate the best… a continuation of an upward price surge.
Remember, technically sugar has two very powerful bullish ‘W’ formations on the daily, weekly and monthly charts.
Next week will be important to Grains, Cotton and Sugar because the all-important USDA Crop Production and Supply/Demand report will be released on October 12th at 7:30 am CST. 
WHAT DOES THE MARCH SUGAR CHART LOOK LIKE?
On 10/04/05, March Sugar chart posted highs of 11.91 and lows of 11.12. This bar price on the daily charts needs to be watched because it may represent a ‘spike’ high.
At first glance this daily bar appears to be the beginning of a consolidation period between 11.91 and 11.12 - or a blow-off rally top.
Sugar will need to either post multiple closes above 11.91 for a continuation pattern to higher prices or multiple closes below 11.12 to begin the correction period. Until this occurs, Sugar is trapped in consolidation between 11.12 and 11.91.
 
March Sugar has been in a multi-year price advance, which began from lows of 6.12 (2/13/04) to recent highs of 11.91 (10/04/05).
As I previously mentioned, March Sugar last week filled the first of eight unfilled price gaps above the current market price between 11.72 and 11.80.
March Sugar has seven unfilled price gaps above the current market price. The next unfilled price gap is between 13.50 and 13.61.
March Sugar has five unfilled price gaps below the current market price. The most recent unfilled price gap is between 10.21 and 10.23. The next unfilled price gap is between 9.96 and 10.00.
For sixteen-weeks, March Sugar has closed above its 40-day moving average and 50-day moving average - which as of Friday was at 10.65 and 10.53, respectively.
March Sugar closed Friday at 11.37, which is above its 100-day moving average of 9.90 and its 200-day moving average of 9.39.
Below are the most recent trade signals Sugar has posted.
On 8/24/05, March Sugar posted a weekly buy signal at 10.18.
On 8/29/05, March Sugar posted a daily buy signal at 10.22.
On 9/06/05, March Sugar posted a daily buy signal at 10.70.
On 9/15/05, March Sugar posted a ‘Coil’ daily buy signal at 10.83.
On 9/20/05, March Sugar posted a daily sell signal at 10.75.
On 9/23/05, March Sugar posted a daily buy signal at 10.70.
On 9/30/05, March Sugar posted a daily buy signal at 11.30.
On 10/06/05, March Sugar posted a daily sell signal at 11.31.
WHAT WERE FUTURES TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who re-established 50% of their long futures positions on the daily buy signal of 10.70 were advised to leave stops for this position below 10.31.
Aggressive futures traders who either added to their existing long position or established a long position on a higher high than the previous week’s high of 10.90 and monthly close above past recent contract highs of 10.94 were advised to place stops for this position below 10.48.
Aggressive futures traders who either added to their existing long position or established a long position on a monthly close above 11.16 were advised to place stops for this position below 10.48.
Below were possible ‘trading modules’ for futures traders to consider last week.
# 1) If March Sugar first posted a higher high than the previous week’s and previous month’s high of 11.33, aggressive traders were advised to either add to their existing long positions or establish a long position.
If trading module # 1 was activated, aggressive traders were advised to place stops below 10.48. (Traders and their account executives were advised to discuss this suggested stop).
Our objective was a challenge of old highs and the middle of the second ‘W’ at 11.40.
The 11.40 objective was met on 10/03/05.
# 2) If March Sugar posted multiple closes above 11.40, aggressive futures traders were advised to either add to their existing long positions or establish a long position.
If trading module # 2 were to occur, traders who either added to their existing long position or established a long position on multiple closes above 11.40 were advised to place stops for this position only below 10.90. (Traders and their account executives were advised to discuss this suggested stop).
Our next objective was the first unfilled price gap between 11.72 and 11.80.
Our objective of 11.80 was met on 10/04/05. However, March Sugar was unable to post multiple closes above 11.40.  
On 10/06/05, March Sugar posted a daily sell signal at 11.31.
Aggressive futures traders were advised to exit their long positions and wait for another trading signal before establishing a position.
WHAT WERE OPTION TRADERS ADVISED TO DO LAST WEEK?
Options traders who established their March 110 and 120 call positions on the daily buy signal of 10.70 were advised to risk 50% of their purchased price. (Traders and their account executives were advised to discuss this suggested risk).
Options traders who either added to their existing March 120 call position on a higher high than the previous week’s high of 10.90 and previous month’s high of 10.94 were advised to risk 50% of their purchased price. (Traders and their account executives were advised to discuss this suggested risk).
Options traders who added to their existing March 120 call position on a monthly close above 11.16 were advised to risk 50% of their purchased price. (Traders and their account executives were advised to discuss this suggested risk).
Below were possible ‘trading modules’ for option traders to consider last week.
# 7) If March Sugar first posted a higher high than the previous week’s and previous month’s high of 11.33, options traders were advised to either add to their existing March 120 call positions or purchase March 130 calls.
If trading module # 7 was activated, options traders were advised to risk 50% of purchase price. (Traders and their account executives were advised to discuss this suggested risk).
Our objective was a challenge of old highs and the middle of the second ‘W’ at 11.40.
The 11.40 objective was met on 10/03/05.
# 8) If March Sugar posted multiple closes above 11.40, options traders were advised to either add to their existing March 130 call position or purchase March 130 calls.
If trading module # 8 were to occur, option traders who either added to their existing March 130 call position or purchased March 130 calls on multiple closes above 11.40 were advised to risk 50% of purchase price. (Traders and their account executives were advised to discuss this suggested risk).
Our next objective was the first unfilled price gap between 11.72 and 11.80.  
Our objective of 11.80 was met on 10/04/05. However, March Sugar was unable to post multiple closes above 11.40.  
On 10/06/05, March Sugar posted a daily sell signal at 11.31.
Options traders were advised to exit their long call positions and wait for another trading signal before establishing an option position.
WHAT ARE FUTURES TRADERS ADVISED TO DO NEXT WEEK?
For Monday, March Sugar has a daily recommendation: buy when trades 11.41 - sell when trades 11.22.
Below are possible ‘trading modules’ for futures traders to consider next week.
#1) If March Sugar first posts its daily buy signal at 11.41, aggressive futures traders are advised to not establish a position in the market but should sit on the sidelines until after the UDSA report is released on Wednesday.
#2) If March Sugar (after the USDA report) posts a higher high than last week’s high of 11.91, aggressive traders are advised to re-establish a long position.
If trading module # 2 is activated, aggressive traders are advised to place all stops at 11.11. (Traders and their account executives are advised to discuss this suggested stop).
# 3) If March Sugar posts multiple closes above 12.40 - which were contract highs in 1998, aggressive traders are advised to either add to their existing long position or establish a long position.
If trading module # 3 were to be activated, aggressive traders are advised to move all stops below 11.40. (Traders and their account executives are advised to discuss this suggested stop).
# 4) If March Sugar first posts its daily sell signal at 11.22, aggressive futures traders are advised to not establish a short position in the market but should sit on the sidelines until after the UDSA report on Wednesday.
# 5) If March Sugar (after the USDA report) posts a lower low than last week’s low of 11.12, aggressive futures traders are advised to establish a short position.
If this were to occur aggressive traders are advised to place stops at 11.92. (Traders and their account executives are advised to discuss this suggested stop).
Our objective will be the most recent unfilled price gap between 10.21 and 10.23.
# 6) If after the USDA report March Sugar remains above 11.12 and below 11.91, aggressive traders are advised to wait for a possible weekly recommendation to develop before establishing a position.
WHAT ARE OPTION TRADERS ADVISED TO DO NEXT WEEK?
For Monday, March Sugar has a daily recommendation: buy when trades 11.41 - sell when trades 11.22.
Below are possible ‘trading modules’ for options traders to consider next week.
# 7) If March Sugar posts its daily buy signal at 11.41, option traders are advised to not purchase a call position in the market but should sit on the sidelines until after the UDSA report on Wednesday.
# 8) If March Sugar (after the USDA report) posts a higher high than last week’s high of 11.91, option  traders are advised to purchase March 130 calls or July 130 calls.
If trading module # 2 is activated, options traders who purchased either March 130 calls or July 130 calls are advised to risk 50% of their purchased price. (Traders and their account executives are advised to discuss this suggested risk).
# 9) If March Sugar posts multiple closes above 12.40 - which were contract highs in 1998, option traders are advised to either purchase March 130 calls or July 130 calls.
If trading module # 3 is activated, options traders who purchased either March 130 calls or July 130 calls are advised to risk 50% of their purchased price. (Traders and their account executives are advised to discuss this suggested risk).
# 10) If March Sugar first posts its daily sell signal at 11.22, option traders are advised to not establish a put option position in the market but should sit on the sidelines until after the UDSA report on Wednesday.
# 11) If March Sugar (after the USDA report) posts a lower low than last week’s low of 11.12, option traders are advised to purchase either March 105 puts or July 950 puts.
If trading module # 11 is activated, options traders who purchased either March 105 puts or July 950 puts are advised to risk 50% of their purchased price. (Traders and their account executives are advised to discuss this suggested risk).
Our objective for March Sugar will be the most recent unfilled price gap between 10.21 and 10.23.
# 12) If after the USDA report March Sugar remains above 11.12 and below 11.91, option traders are advised to wait for a possible weekly recommendation to develop before establishing an option position.
For weeks I’ve listed some Sugar option facts and will continue to provide updated information:
Last week Sugar options for a two-year ‘implied volatility’ average were ranked number 6 out of 45 - this week 4 out of 45 .
4) Sugar (SB) High 42.12% - Low 18.90% - Current 33.69%
Last week Sugar options for a one-year ‘implied volatility’ average were ranked number 2 out of 45 - this week 1 out of 45
1) Sugar (SB) High 33.54% - Low 18.90% - Current 33.69%
Last week Sugar options for a six-month ‘implied volatility’ average were ranked number 3 out of 45 - this week 1 out of 45 .
1) Sugar (SB) High 27.18% - Low 18.90% - Current 33.69%
Options are currently too expensive.
DAILY CHART MARCH SUGAR:
http://bohl.minot.com/d_Chart.cgi?SB06H
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SB
----------------------------------------------------
DECEMBER COCOA (CC5Z)
Last week I moved Cocoa to ‘Chart Watch’ until a close below 1297 or above 1575 occured.
This week December Cocoa is back in 'Tech Talk' because of a weekly recommendation for next week.
In addition, if Cocoa posted a close below 1297, which was last years lows, this would constitute a continuation pattern of lower prices.
If Cocoa posts a close below 1297, traders might see a dramatic collapse.
Our objective would be 858.
For next week December Cocoa has a weekly recommendation: buy when trades 1418 - sell when trades 1362.
WHAT DOES THE COCOA CHART LOOK LIKE?
December Cocoa still has a bearish ‘island’ reversal top that formed between the trading days of 9/02/05 and 9/09/05.
Cocoa’s 40-day moving average and 50-day moving average is at 1415 and 1428, respectively.
Cocoa’s 100-day moving average and 200-day moving average is at 1458 and 1536, respectively.
WHAT WERE FUTURES TRADERS ADVISED TO DO LAST WEEK?
# 1) If Cocoa posted a close below 1298, aggressive traders were advised to establish a short position.
If ‘trading module’ #1 was enacted, traders were advised to place stops above 1413.
Our long-term objective will be 858.
WHAT ARE FUTURES TRADERS ADVISED TO DO NEXT WEEK?
# 1) If December Cocoa first posts a weekly sell signal at 1362, aggressive traders are advised to establish a short position
If trading module #1 was activated, aggressive traders are advised to place stops at 1418.
# 2) If December Cocoa were to post a close below 1328, traders are advised to either add to their existing short position or establish a short position.
If trading module #2 is enacted, traders are advised to place stops all stops at 1418.
# 3) If December Cocoa were to post a close below 1298, traders are advised to either add to their existing short position or establish a short position.
If trading module #3 is enacted, traders are advised to place all stops above 1328.
Our long-term objective will be 858.
# 4) If December Cocoa first posts a weekly buy signal at 1418, aggressive traders are advised not to establish a long position.
If trading module #4 was activated, aggressive traders are advised to place resting sell stops at 1362.
If trading module #4 was activated aggressive traders are advised to follow trading modules #2 and #3.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CC05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CC

 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 JAPANESE YEN (JY5Z)
Last week I added the Yen to ‘Chart Watch’ because of a potential ‘intra-yearly’ sell signal that may occur in the future.
If the Yen can close at or below .8710 by December 30th, this would constitute an ‘intra-year’ sell signal.
If this were to occur, traders will be advised in the January 3rd Joss Report.
I will continue to update traders if a weekly and/or monthly sell signal develops that might push the Yen to its ‘intra-yearly’ sell signal before December 30th at .8710.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?JY05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?JY
----------------------------------------------------
DECEMBER COTTON (CT5Z)
Last week I added December Cotton to ‘Chart Watch’ because of a possible bullish ‘head and shoulders’ bottom.
On September 30th, December Cotton did not close with a monthly recommendation. However, I will continue to watch and report on the future progress of the potentially bullish ‘head and shoulders’ bottom that appears to have formed.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
1) Traders were advised to sit on the sidelines and wait for a possible daily or weekly trade signal.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CT05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CT

CURRENT 'MONTHLY' RECOMMENDATIONS
FOR OCTOBER:

- DECEMBER S&P 500 (SP5Z)
- DECEMBER EMINI S&P (ES5Z)
- DECEMBER CRUDE OIL (CL5Z)
- NOVEMBER ORANGE JUICE (OJ5X)

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in October for November. 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 October 31 and sent via email for November.

- SOYBEANS
- WHEAT
- HEATING OIL
- UNLEADED GAS
- COCOA
- COFFEE
- LUMBER
- CRB
- CANADIAN DOLLAR

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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 1-800- 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

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* 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.

====================================

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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.

Past results are no indication of future performance. Information provided in this newsletter is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.

REPRODUCTION OR REBROADCAST OF ANY PORTION OF THIS INFORMATION IS STRICTLY PROHIBITED WITHOUT THE WRITTEN PERMISSION OF S.R. JOSS INC./CLEARTRADE, INC.

The contents of this newsletter are copyright 1997-2005, Scott R. Joss/S.R. Joss Inc./ClearTrade, Inc. *TM. All Rights Reserved.

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