WELCOME TO THE JOSS REPORT - WEEKLY TRADE ADVISOR

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 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.
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The Joss Report Archived Weekly Trade Advisor 2005
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• TECH TALK - SUGAR - ORANGE JUICE - U.S. DOLLAR - YEN - BONDS - NOTES - CRUDE OIL 
• CHART WATCH - CANADIAN - COCOA - SOYBEANS   
•  CURRENT 'MONTHLY' RECOMMENDATIONS 
•  FUTURES WATCH
• COMING EVENTS AND DATA RELEASES

 

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

MARCH SUGAR (SB6H)
For the last three weeks I discussed why Sugar might be in a short-term consolidation period - but in the long-term why prices should continue higher. I explained why a short-term consolidation in prices might ensue based technically on the price bar between lows of 11.12 and highs of 11.91, which was posted on 10/04/05.
Last week March Sugar was true to form and consolidated between 11.12 and 11.91. However, what  disappointed traders is that March Sugar had a ‘Coil’ weekly recommendation last week, posted the weekly buy signal at 11.86 - yet still could not mount an attack on contract highs of 11.91.
This may signal that March Sugar prices need to retrench and test the lower portion of the consolidation range at 11.12.
March Sugar last week traded in a range between lows of 11.59 and highs of 11.86.
If March Sugar by the close of business Monday, - the last trading day of the month - cannot mount an all out assault on contract highs of 11.91, then traders can expect a retest of the 11.12 lows posted on 10/04/05.
Will this mean the twenty-six week price advance in Sugar is over?
Short-term yes, long-term no.
I have stressed to traders for five months that the Sugar ‘trading modules’ I develop are long-term trades that may span a year or more to achieve.  My experience as a veteran trader suggests that price expansion is like a rubber band. The band can only expand so much before it snaps back. The question becomes - how far is enough before a contraction in price occurs?   
In past issues of the Joss Report, I advised traders to stay at least four-months out in established long positions because of the length of this trade. Until recently, traders were advised to purchase March 2006 futures and options - then traders are to roll forward as time approaches. 
March Sugar options expire on 2/10/06, which is less than four months away.
Also, first notice day for March Futures is less than four months away.
Does that mean traders should be out of their long March Sugar futures and option positions?
Yes and no.
Yes, if traders are naked long or unhedged.
No, if traders established the March vs. May futures spread, which was suggested several weeks ago at even (0).
Traders were advised, based on past history, to buy March and sell May as a spread of even (0) and exit if the spread either went negative or approached a price differential of plus 33.  
On 10/06/05, March Sugar posted a daily sell signal at 11.31.
Traders were advised to either exit their long positions or move stops up.
My trading strategy since exiting March Sugar three-weeks ago was to either wait for multiple closes to occur above 11.91 to reestablish long positions or to sit on the sidelines and wait for another buying opportunity at lower prices in the July 2006 futures and options.
Has the current price consolidation changed my views where Sugar prices will go long-term?
No.
My belief - technically and fundamentally - that sugar prices will go much higher in the long-term is based on two very bullish ’W’ formations. These ‘W’ formations have developed on the daily, weekly and monthly charts.
The middle of the first ‘W’ is at 9.13 and the middle of the second ‘W’ is at 11.40.
The caveat is to maintain a foothold above the 11.40 price.
Currently, what is March Sugar’s challenge?
First, Sugar is attempting to test its foothold above 11.40.
Second, Sugar is filling in the past unfilled price gap left from 1/09/98 between 11.72 and 11.80.
This up and down price filling is normal but can get choppy. This is a pit trader’s dream.    
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week decreased by -3,106, posting a total open interest of 472,662 contracts.
Fundamentally, my belief still stands that Sugar prices will move higher long-term based on the current supply/demand equation and world policy changes to cut subsidies.
As reported by the EUOBSERVER / BRUSSELS
 - The World Trade Organization (WTO) ruled on Friday (28 October) that the EU must overhaul its sugar export regime by 22 May 2006.
Brazil, Thailand and Australia have been pushing for the move, amid claims the Em’s sugar export subsidies are against WTO rules.
The WTO arbitrator's May 2006 deadline has increased pressure for the EU to wrap up its sugar reforms early, but progress has stalled so far due to a large minority of member states that thinks the commission is going too far.
"The EU has embarked on a far-reaching reform of the EU sugar regime that will significantly reduce exports and deal effectively with the roots of the concerns that were behind the sugar panel", the commission's farm spokesman Micheal Mann said.
The WTO ruling is commonly referred to as the "sugar panel".
The commission's proposals include a 39 percent cut in the EU intervention price for sugar, which is designed to drive some farmers into other sectors and reduce the need for subsidized exports.
European sugar beet growers are reeling from the latest series of developments however.
"We still don't know how much European sugar production will be this year, but it's looking like it could be a record crop", an International Federation of European Sugar beet Growers spokesman said.
He explained that if the EU is forbidden from exporting as much sugar as expected from this fall's harvest it could have a negative knock-on effect for come spring.
The excess that is not sold within EU market will have to be "rolled over" or stored and added to next year's harvest, creating useless stockpiles that nobody wants to buy.
WHAT DOES THE MARCH SUGAR CHART LOOK LIKE?
On 10/04/05, the March Sugar chart posted highs of 11.91 and lows of 11.12.
For three-weeks, I advised traders to watch this price bar on the daily chart because it might represent a ‘spike’ high pole. If it were a spike high pole, it could be the beginning process of a consolidation period between 11.12 and 11.91.
Sugar will need to post either multiple closes above 11.91 for a continuation pattern to higher prices or multiple closes below 11.12 to begin a correction period. Until this occurs, Sugar continues to be 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).
On 10/04/05, March Sugar filled the first of eight unfilled price gaps above the current market price between 11.72 and 11.80.
For three-weeks, March Sugar has traded above 11.12 and below 11.91, indicating the beginning of consolidation. Traders were and are advised to watch the price of 11.40.
What is so important about 11.40?
The middle of the first bullish ‘W’ formation several months ago was at 9.13, which the markets tested over a seven-week period. Once the consolidation period ended, the major upward price advance to 11.91 occurred.
The middle of the second bullish ‘W’ formation is 11.40.
The question I posed last week still applies: ‘Will it take seven-weeks to consolidate before the next major price advance?’
Next week will be the fourth week of price consolidation if March Sugar stays above 11.12 and below 11.91
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.
For eighteen-weeks, March Sugar has closed above its 40-day moving average and 50-day moving average, which as of Friday was at 11.22 and 11.02, respectively.
March Sugar closed Friday at 11.61, which is above its 100-day moving average of 10.32 and its 200-day moving average of 9.60.
WHAT WERE TRADERS ADVISED TO DO LAST NEXT WEEK?
March Sugar had a ‘Coil’ weekly recommendation: buy when traded 11.86 - sell when traded 11.44.
Below were ‘trading modules’ for futures and option traders to consider last week.
# 1) If March Sugar first posted a weekly buy signal at 11.86:
Aggressive traders were not advised to establish a long position.
Option traders were not advised to purchase a call position.
# 2) If March Sugar first posted a weekly buy signal at 11.86 and posted multiple closes above 11.91:
Aggressive traders were advised to establish a long position, placing stops at 11.44.
Option traders were advised to either purchase March 1200 or March 1300 calls, risking 50% of purchase price**.
Trading module # 1 was posted but module # 2 was not activated.
Traders were advised to sit on the sidelines.
# 7) If March Sugar first posted a weekly sell signal at 11.44:
Aggressive traders were not advised to establish a short position.
Option traders were not advised to purchase a put option position.
# 8) If March Sugar posted a weekly sell signal at 11.44 and posted multiple closes below 11.12:
Aggressive traders were advised to establish a short position, placing stop and reverse orders at 11.86.
Option traders were advised to purchase March 105 puts, risking 50% of purchase price but should prepare to exit their March 1050 puts and purchase March 1200 calls if 11.86 were posted.
Neither trading module # 7 nor module # 8 was activated.
Traders were advised to sit on the sidelines.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Below are ‘trading modules’ for futures and option traders to consider next week.
# 1) If March Sugar first posts a close above 11.91:
Aggressive traders are advised to establish a long position in July Sugar, placing stops below 11.06.
Option traders are advised to purchase July 1300 calls, risking 50% of purchase price**.
# 2) If March Sugar activated trading module # 1 and posts a close above 12.31, which were 1998 highs:
Aggressive traders are advised to either add to their existing long July Sugar position or establish a long position in July Sugar, placing all stops below 11.43*.
Option traders are advised to purchase July 1300 calls, risking 50% of purchased price**.
Our first objective will be 12.70 vs. March Sugar.
# 3) If March Sugar posts a close below 11.12:
Aggressive traders are advised to sit on the sidelines and wait for another buying opportunity in the July Sugar contract.
Option traders are advised sit on the sidelines and wait for another buying opportunity in July options.
# 4) If March Sugar posts a close above 11.12 yet below 11.91:
Aggressive traders are not advised to establish a position. Traders are advised to sit on the sidelines and wait for another buying opportunity in the July Sugar contract. .
Option traders are not advised to purchase an option position. Option traders are advised sit on the sidelines and wait for another buying opportunity in July options.
Our second objective will be the unfilled price gap between 13.50 and 13.61 from 2/19/82.
For weeks, I have listed some Sugar option facts:
Sugar options for a two-year ‘implied volatility’ average are ranked number 11 out of 45.
11) Sugar (SB) High 42.12% - Low 18.90% - Current 27.46%.
Sugar options for a one-year ‘implied volatility’ average are ranked number 4 out of 45.
4) Sugar (SB) High 32.40% - Low 18.90% - 27.46%.
Sugar options for a six-month ‘implied volatility’ average are ranked number 12 out of 45.
12) Sugar (SB) High 32.40% - Low 18.90% - Current 27.46%.
DAILY CHART MARCH SUGAR:
http://bohl.minot.com/d_Chart.cgi?SB06H
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SB
* (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)
Two weeks ago I began developing several ‘trading modules’ for January Orange Juice because of a ‘Coil’ daily recommendation, weekly recommendation for January Juice, and a monthly recommendation for November Orange Juice.
Reports of damaged areas are beginning to filter out of Florida’s south central portion of the state. Yet the true damage to citrus trees and crops has yet to be determined.
I wrote an article in the October 9th Weekly Trade Advisor about 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.
I explained that there were two factors that could move prices higher or lower for a product; policy change, weather - or both.
In Orange Juice’s current situation, it’s both.
Why?
I explained that 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. However, policy change is the only way to break the supply-demand equation.
The first part of this equation is simple; it appears weather or hurricane Wilma and the last several yearly hurricanes may have taken its toll on the citrus farmers.
The second part of the equation is less known to the public. In the 1980’s, orange growers thought they could solve the yearly frost equation that affected their crops on a not so regular basis. They began moving their groves from northerly counties to South Central counties of Florida.
Growers believed that pushing groves to south central areas would end the frost equation and stabilize crop prices. However, by instituting these policy changes, growers are increasingly aware that their livelihood is being affected and there is no turning back.
By moving the bulk of the groves farther south, growers opened the door to a new and now more regular yearly fight…. not against frost, but wind, rain and disease due to hurricanes. In addition, north county groves whose property prices recently skyrocketed have been sold for home and retail development.
Before I moved back to Chicago six-years ago from Pinellas and Pasco county Florida, it was a yearly ritual around Christmas to go down the highway to the local orange grove store. I always chuckled when ordering boxes of oranges to send back home to family and friends. I would enclose a little note in each box:  “Hoping all is well in the cold and snow.”
Guess what?  Those orange grove stores are gone forever.       
As reported by the Sun:
Citrus growers across the state face losses because of Hurricane Wilma. Last year's hurricanes had stressed trees and meant harvest was delayed and still looming when Wilma hit, said Casey Pace, spokeswoman for Florida Citrus Mutual, an industry group based in Lakeland. "It's a very unfortunate time for growers," she said.
Growers have invested the most possible money in the crop at this point of the season, she said. In addition, the large size of the nearly ready-to-harvest fruit meant it was especially susceptible to fall during high winds.
A drive across the hurricane's path on State Route 80, which crosses the state from Fort Myers to Palm Beach, revealed fruit covering the ground on groves beside the road. The extent of the loss of fruit and damage to trees is still being determined, Pace said.
She said the numbers show the industry's challenges during the past 14 months. From 1995 to 2004, the industry lost 14,000 acres due to storm- and disease-related damages. In the last year alone, 70,000 of the state's 750,000 acres have been lost.
Trees that survived Wilma might now face destruction because of citrus canker. The bacterium, which creates rust-colored scabs on leaves and fruit, can be spread by storms. State regulations require that all groves within 1,900 feet of infected trees must be destroyed and not replanted for two years.
Also reported Sunday, October 30, 2005 by The Oregonian
Orange-juice futures for January delivery hit their highest levels in seven years Friday, ending the week nearly 8 percent higher, as traders worried about citrus damage in the state that produces 80 percent of the nation's oranges.
Damage assessed: In some areas of the Sunshine State, as much as 15 percent of the crop has been blown down and some trees are leaning over or uprooted, according to the trade group Florida Citrus Mutual.
Citrus canker, a disease that disfigures and weakens citrus trees, is expected to add to the problem. The bacteria that cause it are spread through wind and rain, and growers fear it could dampen production this year as it did last season, when Florida's orange crop was the smallest since 1991-92.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week increased by 3,075, posting a total open interest of 31,056 contracts.
WHAT DOES THE ORANGE JUICE CHART LOOK LIKE?
January Orange Juice has been in an eight-week price advance from lows of 90.80 (8/23/05) to recent highs of 119.40 (10/28/05).
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.
The 106.00 level should be major support for January Orange Juice because they were highs on the long-term charts for 2002.
January Orange Juice has no unfilled price gaps above the current market price.
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.
January Orange Juice has closed six-weeks above its 40-day moving average and 50-day moving average - which as of Friday was at 104.05 and 101.95, respectively.
January Orange Juice closed Friday at 118.80, which is above its 100-day moving average of 101.65 and its 200-day moving average of 98.85.
WHAT WERE TRADERS ADVISED LAST WEEK?
Last week, January Orange Juice had a daily recommendation: buy when trades 111.80 - sell when trades 109.85.
Below were ‘trading modules’ for futures and option traders to consider last week.
# 1) If January Orange Juice first posted a daily buy signal at 111.80:
Aggressive futures traders were advised to either add to their existing long position or establish a long position, placing stops below 105.85*.
Option traders were advised to purchase January 110.00 calls, risking 70% of purchase price**.
# 2) If January Orange Juice posted multiple closes above 112.50:
Aggressive futures traders were advised to either add to their existing long position or establish a long position, placing all stops below 105.85*.
Options traders were advised to purchase January 110.00 calls, risking 70% of purchase price**.
Our short-term objective will be a challenge of contract highs of 115.50.
This objective was met on 10/25/05.
# 3) If January Orange Juice posted multiple closes above contract highs of 115.50:
Aggressive futures traders were advised to either add to their existing long position or establish a long position, placing all stops below 109.75, which were previous contract highs*.
Options traders were advised to purchase January 120.00 calls, risking 70% of purchase price.
Our next objective will be 122.25.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Aggressive traders who have established long positions below 115.50 are advised to move all stops below 109.75.
Aggressive traders who either added to their existing long position or established long positions above 115.50 are advised to place stops below last week’s low of 111.30.
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 119.40:
Aggressive futures traders are advised to either add to their existing long position or establish a long position on a price pullback to support at 117.00, placing stops below 111.30*.
Option traders are advised to purchase January 120.00 calls on a price pullback to 117.00, risking 70% of purchase price**.
# 2) If January Orange Juice posts multiple closes above 119.40:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 111.30*.
Options traders are advised to purchase January 120.00 calls, risking 70% of purchase price**.
Our next objective will be 122.25.
# 3) If January Orange Juice posts multiple closes above 124.00:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 113.00*.
Options traders are advised to purchase January 130.00 calls, risking 70% of purchase price.
Our next objective will be 130.25.
# 4) If January Orange Juice first posts a lower low than last week’s low of 111.30:
Aggressive futures traders are advised to not establish a short position.
Options traders are advised not to purchase a put option position.
Below are possible reversal ‘trading modules’ to consider next week:
# 5) If January Orange Juice first posts a lower low than last week’s low of 111.30 yet reverses, posting a higher high than last week’s high of 119.40:
Aggressive futures traders are advised to place resting buy stop orders at 119.40.
Options traders are advised to prepare to purchase January 120.00 calls if 119.40 is posted.
If trading module # 5 is activated:
Aggressive futures traders will have an established long position from their resting buy stop orders at 119.40, place stops below 111.30*. 
Options traders are advised to purchase January 120.00 calls, risking 70% of purchase price**.
# 6) If January Orange Juice first posts a higher high than last week’s high of 119.40 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 listed 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 30.47%.
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 30.47%.
Orange Juice options for a six-month ‘implied volatility’ average are ranked number 5 out of 45.
5) Orange Juice (OJ) High 32.62% - Low 24.36% - Current 30.47%.
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)
In the Weekly Trade Advisor issue from September 25th, I wrote:  “For two weeks I’ve been watching a possible bearish ‘head and shoulders’ top develop.”
A ‘head and shoulders’ top?
Yes…. that’s what I’m watching.
In addition, November Crude Oil may be developing a potential monthly recommendation for October.
In the October 2nd issue of the Weekly Trade Advisor I began developing several trading modules for December Crude Oil because of a monthly recommendation for October. My belief was that traders would need to center on the December contract because of the upcoming last trading day for November Crude Oil on 10/20/05.
On 10/04/05, December Crude Oil posted a monthly sell signal at 63.44.
Our objective was and still is 56.10.
This week I will begin developing several ‘trading modules’ for December Crude Oil because of a daily recommendation for Monday and weekly recommendation for next week.
I will remind traders again - this product is not for the inexperienced trader or the faint of heart.
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 will be $3,670 - and $1,835 for the mini crude contract.
That means traders should have an account size of $37,000 per contract for the big Crude Oil and $19,000 per contract for the Mini Crude Oil.
If you do not fit this profile, traders are advised to consult their account executive for an option trading strategy.
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week decreased by -42,730, posting a total open interest of 817,409 contracts.
WHAT DOES THE DECEMBER CRUDE OIL CHART LOOK LIKE?
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).
Recently, December Crude has been in an eight-week price decline from highs of 70.80 to lows of 59.15 (10/21/05).
Currently, December Crude has traded from recent lows of 59.15 to highs of 62.95 (10/26/05).
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.
For Monday, December Crude Oil has a daily recommendation: buy when trades 61.41 - sell when trades 60.54.
For next week, December Crude Oil has a weekly recommendation: buy when trades 62.96 - sell when trades 59.29.
December Crude has one unfilled price gap above the current market price between 64.70 and 64.90. 
December Crude has five unfilled price gaps below the current market price. The first gap is between 53.60 and 53.85. The second gap is 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 59.15 and highs of 63.90.
I do not believe the all-important neckline is in place until our first 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 63.86 and 64.78, respectively.
December Crude closed Friday at 61.72, which is below its 100-day moving average of 63.64 and above its 200-day moving average of 57.81.
WHAT SHOULD TRADERS DO NEXT WEEK?
For Monday, December Crude has a daily recommendation: buy when trades 61.41 - sell when trades 60.54.
For next week, December Crude has a weekly recommendation: buy when trades 62.96 - sell when trades 59.29.
Below are ‘trading modules’ for futures and option traders to consider next week:
# 1) If the December Crude first posts a daily buy signal at 61.41:
Aggressive futures traders are not advised to establish a long position.
Option traders are advised to not purchase January calls.
# 2) If December Crude posts a weekly buy signal at 62.96:
Aggressive futures traders are advised to wait for multiple closes above October’s monthly high of  63.90  before establishing a long position, placing stops at 60.54*.
Options traders are advised to wait for multiple closes above October’s monthly high of 63.90 before purchasing March 60.00 - 65.00 bull call spreads, risking 70% of purchase price**.
Our short-term objective will be to fill the price gap at 64.90.
# 3) If December Crude posts a multiple close above 67.40:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 62.96*.
Options traders are advised to purchase March 65.00 - 70.00 bull call spreads, risking 70% of purchase price**.
Our next objective will be a challenge of contract highs at 70.80.
# 4) If December Crude first posts a daily sell signal at 61.44:
Aggressive futures traders are advised to establish a short position, placing stops above 63.90.
Options traders are advised to purchase March 60.00 - 55.00 put spread, risking 70% of purchase price.
Our first objective will be a challenge of the weekly sell signal of 59.29 and October monthly lows of 59.15.
# 5) If December Crude posts multiple closes below 59.15:
Aggressive futures traders are advised to either add to their existing short position or establish a short position, placing all stops above 62.96.
Options traders are advised to purchase March 60.00 - 55.00 put spread, risking 70% of purchase price.
# 6) If December Crude posts multiple closes below 58.30:
 Aggressive futures traders are advised to either add to their existing short position or establish a short position, placing all stops above 61.41*.
Options traders are advised to sit with their existing put spread position, risking 50% of market price**.
Our objective will be 56.10.
Below are possible reversal ‘trading modules’ to consider next week:
# 7) If December Crude first posts a weekly sell signal at 59.29 yet reverses, posting the weekly buy signal at 62.96:
Aggressive futures traders are not advised to place resting buy stop orders at the weekly buy signal of 62.96.  Traders are advised to enact trading module # 2.
Options traders are not advised to purchase March calls at the weekly buy signal of 62.96. Option traders are advised to enact trading module # 2.
# 8) If December Crude first posts a weekly buy signal at 62.96 yet reverses, posting the weekly sell signal at 59.29:
Aggressive futures traders are advised to place resting sell stop orders at the weekly sell signal of 59.29.
Options traders are advised to prepare to purchase March 60.00 - 65.00 put spreads if the weekly sell signal at 59.29 is posted.
If trading module # 8 is activated:
Aggressive futures traders will have an established short position from their resting sell stop orders at the weekly sell signal of 59.29, place stops above 61.41. 
Options traders are advised to purchase March 60.00 - 65.00 put spreads, risking 70% of purchase price**.
I have listed some Crude option facts:
Crude options for a two-year ‘implied volatility’ average are ranked number 4 out of 45.
4) Crude (CL) High 44.71% - Low 27.07% - Current 36.57%.
Crude options for a one-year ‘implied volatility’ average are ranked number 19 out of 45.
19) Crude (CL) High 44.71% - Low 31.20% - Current 36.57%
Crude options for a six-month ‘implied volatility’ average are ranked number 20 out of 45.
20) Crude (CL) High 40.11% - Low 32.42% - Current 36.57%
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)
In the August 28th Joss Report, I added the U.S. Dollar and Cash U.S. Dollar index to ‘Chart Watch’ because of a possible bullish ‘head and shoulders’ bottom formation developing on the long-term weekly and monthly charts.
Last week I added the Japanese Yen to end of the U.S. Dollar piece because of an ‘intra-year’ sell signal posted two weeks ago at .8711.
For eight weeks, I have 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.
Four-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.
However, as I stated last week, the main story is the Japanese Yen.
The ‘Commitment of Traders’ report for the Japanese Yen - published each Friday by the CFTC - indicated that the net change in open interest last week decreased by -4,460, posting a total open interest of 195,218 contracts.
The ‘Commitment of Traders’ report for the U.S. Dollar - published each Friday by the CFTC - indicated that the net change in open interest last week increased by 9,811, posting a total open interest of 34,050 contracts.
WHAT DOES THE U.S. DOLLAR CHART LOOK LIKE?
The Cash U.S. Dollar has been in a multi-year price decline, which in actuality means the dollar has depreciated 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 may be forming a ‘head and shoulders’ bottom on the daily, weekly and monthly charts.
If this bullish ‘head and shoulders’ bottom were to occur, this would represent either the demise of  Mr. Greenspan’s successor or the Bush Administration’s  attempt to switch from a weak Dollar policy to a stronger Dollar policy. 
THE DAILY CHART:
The Cash U.S. Dollar daily chart shows the ‘left’ shoulder was developed between 92.25 highs (5/13/04) to lows of 87.00 (7/19/04).
The daily chart shows the ‘head’ with a ‘W’ formation was established between 80.42 lows and 86.93 highs, with the middle of the ‘W’ at 85.44.
The daily chart shows the current development of the ‘right’ shoulder between lows of 86.02 and highs of 90.77.
The all-important neckline breakout would occur at 90.75 and confirmation of a breakout would occur on multiple closes above 90.77, which were recent highs.
THE WEEKLY CHART:
The weekly chart gives support to the daily cash chart.
The weekly chart shows the ‘left’ shoulder developed between 87.02 lows and 92.29 highs.
The ‘head’ with a ‘W’ formation was established between 80.39 lows and 86.93 highs.
The ‘right’ shoulder is developing between lows of 86.02 and highs of 90.77.
The all-important neckline breakout would occur at 90.75 and confirmation of a breakout would occur on multiple closes above 90.77, which were recent highs.
THE MONTHLY CHART:
The monthly Cash Dollar chart supports the daily and weekly charts.
The monthly chart shows the ‘left’ shoulder developed between 87.02 lows and 92.29 highs.
The ‘head’ with a ‘W’ formation was established between 80.39 lows and 87.82 highs.
The ‘right’ shoulder is developing between 86.02 lows and highs of 90.77.
The all-important neckline breakout would occur at 90.75 and confirmation of a breakout would occur on multiple closes above 90.77, which were recent highs.
WHAT DOES ALL OF THIS MEAN?
It appears that the U.S. Dollar may be forming a long-term bottom, which may take between today and four-months more to develop.
Once the formation is complete, our objective will be 102.16.
The U.S. Cash Dollar must maintain a foothold above 88.35.
On the close of business September 30th, the Euro-Currency (FX) (EC5Z) posted an ‘intra-monthly’ sell signal at 1.2195. This constitutes a continuation pattern to the downside.
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.
I will be watching Monday’s close to determine if the Yen posts a monthly close below the ‘intra-year’ sell signal of .8712.
WHAT ARE JAPANESE YEN TRADERS ADVISED TO DO NEXT WEEK?
The December Yen has a daily recommendation for Monday: buy when trades .8739 - sell when trades .8691.
This product is extremely volatile and should only be traded by aggressive traders.
This is not for the inexperienced trader or the faint of heart.
Traders should have an equity to risk ratio of no more than 10% to trade this product. The proposed daily risk to trade this product is $600 but traders are advised to be prepared to risk $2,200.
That means traders should have an account size of $22,000 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.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the December Yen first posts a daily buy signal at .8739:
Aggressive futures traders are advised to not establish a long position
Option traders are not advised to purchase call options.
# 2) If the December Yen posts a higher high than October’s high of .8780:
Aggressive futures traders are advised to establish a long position, placing all stops below .8712.*.
Options traders are advised to purchase March 9100 calls, risking 70% of purchase price.
Our first objective will be .8853.
# 3) If the December Yen posts multiple closes above .8953:
Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below .8918*.
Options traders are advised to purchase March 9100 calls, risking 70% of purchase price.
Our next objective will be a challenge of recent highs of .9053.
# 4) If the December Yen first posts a daily sell signal at .8691:
Aggressive futures traders are advised to establish a short position, placing stops above last week’s high of .8780.
Option traders are advised to purchase March 8600 puts options, risking 70% of purchase price.
# 5) If the December Yen posts a lower low than October’s low of .8653:
Aggressive futures traders are advised to either add to their existing short position or establish a short   position, placing all stops above .8712.*.
Options traders are advised to purchase March 8600 puts, risking 70% of purchase price.
Our first objective will be .8526.
# 6) If the December Yen posts multiple closes below .8478:
Aggressive futures traders are advised to either add to their existing short position or establish a short  position, placing all stops above .8653*.
Options traders are advised to purchase March 8500 puts, risking 70% of purchase price.
Our next objective will be .8388.
Below are possible reversal ‘trading modules’ to consider next week:
# 7) If the December Yen first posts a higher high than last week’s high of .8780 yet reverses, posting lower lows than .8653:
Aggressive futures traders are advised to place resting sell stop orders at .8653.
Options traders are advised to prepare to purchase March .8600 puts.
If trading module # 7 is activated:
Aggressive futures traders will have an established short position from their resting sell stop orders at .8652, place stops at .8781*. 
Options traders are advised to purchase March .8600 puts if the Yen posts a low of .8652, risking 70% of purchase price**.
# 8) If the December Yen first posts a lower low than last week’s low of .8653 yet reverses, posting a higher high than the previous week’s high of .8781:
Aggressive futures traders are advised to not establish a long position. Traders are advised to enact trading module # 2.
Options traders are advised not to purchase a call option position. Traders are advised to enact trading module # 2.
I have listed some Japanese Yen option facts:
Japanese Yen for a two-year ‘implied volatility’ average are ranked number 21 out of 45.
21) Japanese Yen (JY) High 12.72% - Low 6.84% - Current 8.31%
Japanese Yen options for a one-year ‘implied volatility’ average are ranked number 26 out of 45.
26) Japanese Yen (JY) High 11.06% - Low 6.84% - Current 8.31%
Japanese Yen options for a six-month ‘implied volatility’ average are ranked number 17 out of 45.
17) Japanese Yen (JY) High 9.30% - Low 6.84% - Current 8.31%
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).
----------------------------------------------------
DECEMBER U.S. 30-YEAR BOND (US5Z) / TEN-YEAR NOTE (TY5Z)
This I will begin discussing the December U.S. 30-year Bond and December Ten year note because each product posted weekly sell signals last week.
The December U.S. 30-year bond posted a weekly sell signal last week at 112-09.
The December Ten year note posted a weekly sell signal last week at 108-230.
The Ten-year note is in danger of posting an ‘intra-year’ sell signal at 107-250. 
Let’s center on the December 30-year Bond because traders early last week were advised to either establish short futures positions from 113-10 down to 112-13 or purchase December 113 puts, 112 puts and 111 puts.
The ‘Commitment of Traders’ report for 30-year Bonds  - published each Friday by the CFTC - indicated that the net change in open interest last week increased by 1,351, posting a total open interest of 595,634 contracts.
The ‘Commitment of Traders’ report for Ten year Notes  - published each Friday by the CFTC - indicated that the net change in open interest last week increased by 51,150, posting a total open interest of 1,729,381 contracts.
WHAT DOES THE DECEMBER 30-YEAR BOND CHART LOOK LIKE?
December Bonds have been in an eight-week price decline from highs of 118-10 (9/01/05) to recent lows of 111-10 (10/26/05).
Currently, December Bonds have traded from lows of 111-10 to recent highs of 112-04 (10/28/05).
December Bonds have left a bearish gap between 112-10 and 112-13.
If Bonds cannot fill this recent gap, this would constitute a continuation to lower prices.
The Ten-year note left a bearish gap between lows of 108-270 and 109-055.
The Ten-year note is in danger of posting an ‘intra-year’ sell signal at 107-250. 
Both the Bonds and Notes appear to have bearish ’M’ formations.
The middle of the ’M’ for the Bonds is at 113-11.
The middle of the ’M’ for the Notes is at 109-015.
December Bonds 40-day moving average and 50-day moving average as of Friday were at 114-10 and 114-25, respectively.
December Bonds closed Friday at 111-26, which is below its 100-day moving average of 115-12 and its 200-day moving average of 114-04.
On Tuesday, the Federal Reserve (FMOC) meets to decide if rates will again move higher by .25%. Traders will be anxiously awaiting not only a possible rate increase - but also the specific language of the statement they release following their meeting.
The markets did not accept President Bush’s appointee last week - and rates have moved rapidly higher.
This product is extremely volatile and should only be traded by aggressive traders.
This is not for the inexperienced trader or the faint of heart.
Traders should have an equity to risk ratio of no more than 10% to trade this product. The proposed daily risk to trade this product is $600 but traders are advised to be prepared to risk $2,200.
That means traders should have an account size of $22,000 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 ARE TRADERS ADVISED TO DO NEXT WEEK:
Aggressive trade who established a short position above the weekly sell signal of 112-09 are advised to move stops above 113-11.
Option traders who purchased either December 113, 112 or 111 puts are advised to risk 50% of market price.
Below are possible ‘trading modules’ for futures traders to consider next week:
# 1) If the December Bond first posts a lower low than October’s low of 111-10:
Aggressive futures traders are advised to either add to their existing short position or establish a short position, placing all stops above the unfilled gap at 112-13.
Option traders are advised to purchase December 111 puts or March 108 puts, risking 70% of purchase price.
# 2) If the December Bond posts multiple closes below 110-28:
Aggressive futures traders are advised to either add to their existing short position or establish a short   position, placing all stops above 112-13.*.
Options traders are advised to purchase March 108 puts, risking 70% of purchase price.
Our first objective will be 109-16.
# 3) If the December Bond posts multiple closes below 109-16:
Aggressive futures traders are advised to either add to their existing short position or establish a short  position, placing all stops above 111-10*.
Options traders are advised to purchase March 108 puts, risking 70% of purchase price.
Our next objective will be 108-25.
I have listed some Bond option facts:
Bond options for a two-year ‘implied volatility’ average are ranked number 32 out of 45.
32) Bond (US) High 15.00% - Low 7.25% - Current 8.19%.
Bond options for a one-year ‘implied volatility’ average are ranked number 21 out of 45.
21) Bond (US) High 9.78 - Low 7.25% - 8.19%.
Bond options for a six-month ‘implied volatility’ average are ranked number 19 out of 45.
19) Bond (US) High 8.80% - Low 7.45% - 8.19%.
Options are reasonably cheap.
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.'

DECEMBER CANADIAN DOLLAR (CD5Z)
This week the Canadian Dollar will be placed in ‘Chart Watch’ because of a possible monthly recommendation developing for November - which will not be revealed until the close of business October 31st.
If the Canadian Dollar by the close of business Monday does not post lower lows than .8397 or higher highs than .8649, then a monthly recommendation will be posted.
If the above scenario was to occur, subscribers and clients will be informed via email Monday evening in the Joss Report’s monthly recommendations that will be posted for November. 
Traders are advised to contact Scott Joss or Derrick Lewis at 1-800-493-4444 to discuss the Weekly Trader Advisor’s ‘game plan’ for the December Canadian Dollar in November. 
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week decreased by -7,729, posting a total open interest of 104,625 contracts.
WHAT DOES THE CANADIAN DOLLAR CHART LOOK LIKE?
The December Canadian Dollar has been in a five-month price advance from lows of .7900 (5/17/05) to highs of .8649 (9/30/05).
Currently, the Canadian Dollar has traded from highs of .8649 to recent lows of .8400 (10/24/05).
The December Canadian Dollar may be developing a monthly recommendation for November.
The December Canadian Dollar has three unfilled price gaps below the current market price. The first unfilled price gap is between .8293 and .8307. The second unfilled price gap is between .8209 and .8210.
The December Canadian Dollar has no unfilled price gaps above the current market price. 
The December Canadian Dollar’s 40-day moving average and 50-day moving average as of Friday were at .8512 and .8488, respectively.
The December Canadian Dollar closed Friday at .8503, which is above its 100-day moving average of .8347 and its 200-day moving average of .8238.
I have listed some Canadian option facts:
Canadian options for a two-year ‘implied volatility’ average are ranked number 7 out of 45.
7) Canadian (CD) High 10.40% - Low 6.85% - Current 8.63%.
Canadian options for a one-year ‘implied volatility’ average are ranked number 14 out of 45.
14) Canadian (CD) High 10.40% - Low 6.85% - 8.63%.
Canadian options for a six-month ‘implied volatility’ average are ranked number 1 out of 45.
1) Canadian (CD) High 8.95% - Low 6.85% - 8.63%.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CD05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CD
* (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 SOYBEANS (SF6)
This week January Soybeans will be placed in ‘Chart Watch’ because of a possible monthly recommendation developing for November - which will not be revealed until the close of business October 31st.
If January Soybeans by the close of business Monday do not post lower lows than 565.50 or higher highs than 625.50, then a monthly recommendation will be posted.
If the above scenario was to occur, subscribers and clients will be informed via email Monday evening in the Joss Report’s monthly recommendations that will be posted for November. 
Traders are advised to contact Scott Joss or Derrick Lewis at 1-800-493-4444 to discuss the Weekly Trader Advisor’s ‘game plan’ for January Soybeans in November. 
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week decreased by -9,560, posting a total open interest of 289,231 contracts.
WHAT DOES THE JANUARY SOYBEAN CHART LOOK LIKE?
January Soybeans have been in a seventeen-week price decline from highs of 770.00 (6/22/05) to lows of 565.50 (9/27/05).
Currently, January Soybeans has traded from lows of 565.50 to recent highs of 611.00 (10/17/05).
January Soybeans may be developing a monthly recommendation for November.
January Soybeans have five unfilled price gaps above the current market price. The first unfilled price gap is between 594.00 and 595.00. The second unfilled price gap is between 644.00 and 650.00.
January Soybeans have four unfilled price gaps below the current market price. The first unfilled price gap is between 551.00 and 558.00. The second unfilled price gap is between 545.00 and 547.00. 
January Soybeans 40-day moving average and 50-day moving average as of Friday were at 588.00 and 593.50, respectively.
January Soybeans closed Friday at 577.50, which is below its 100-day moving average of 645.00 and its 200-day moving average of 625.25.
I have listed some Soybean option facts:
Soybean options for a two-year ‘implied volatility’ average are ranked number 37 out of 45.
37) Soybean (S) High 45.45% - Low 19.62% - Current 20.97%.
Soybean options for a one-year ‘implied volatility’ average are ranked number 41 out of 45.
41) Soybean (S) High 45.45% - Low 19.62% - 20.97%.
Soybean options for a six-month ‘implied volatility’ average are ranked number 43 out of 45.
43) Soybean (S) High 45.45% - Low 20.74% - 20.97%.
Options are cheap.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?S06F
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?S
* (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 COCOA (CC6H)
This week March Cocoa will be placed in ‘Chart Watch’ because of a possible monthly recommendation developing for November - which will not be revealed until the close of business October 31st.
If March Cocoa by the close of business Monday does not post lower lows than 1367 or higher highs than 1605, then a monthly recommendation will be posted.
If the above scenario was to occur, subscribers and clients will be informed via email Monday evening in the Joss Report’s monthly recommendations that will be posted for November. 
Traders are advised to contact Scott Joss or Derrick Lewis at 1-800-493-4444 to discuss the Weekly Trader Advisor’s ‘game plan’ for January Soybeans in November. 
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week increased by 2,368, posting a total open interest of 136,221contracts.
WHAT DOES THE MARCH COCOA CHART LOOK LIKE?
March Cocoa has been in a twenty nine-week price decline from highs of 1893 (3/18/05) to lows of 1367 (9/26/05).
Currently, March Cocoa has traded from lows of 1367 to recent highs of 1479 (9/30/05).
March Cocoa has a bearish ‘island reversal’ top.
March Cocoa may be developing a monthly recommendation for November.
March Cocoa is in danger of posting an ‘intra-year’ sell signal at 1298.
March Cocoa has four unfilled price gaps above the current market price. The first unfilled price gap is between 1440 and 1447. The second unfilled price gap is between 1540 and 1550.
March Cocoa has no unfilled price gaps below the current market price.  
March Cocoa 40-day moving average and 50-day moving average as of Friday were at 1443 and 1444, respectively.
March Cocoa closed Friday at 1422, which is below its 100-day moving average of 1476 and its 200-day moving average of 1546.
I have listed some Cocoa option facts:
Cocoa options for a two-year ‘implied volatility’ average are ranked number 22 out of 45.
22) Cocoa (CC) High 45.90% - Low 26.49% - Current 31.11%.
Cocoa options for a one-year ‘implied volatility’ average are ranked number 29 out of 45.
29) Cocoa (CC) High 45.90% - Low 26.49% - 31.11%.
Cocoa options for a six-month ‘implied volatility’ average are ranked number 18 out of 45.
18) Cocoa (CC) High 34.30% - Low 26.49% - 31.11%.
Options are reasonably 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).

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.

- JANUARY SOYBEANS
- MARCH COCOA
- DECEMBER CANADIAN DOLLAR

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.

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* COMING EVENTS AND DATA RELEASES:

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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.
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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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