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.
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The Joss Report
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The Joss Report Weekly Trade Advisor should be used in conjunction with the Joss Report Daily Recommendations, Weekly Recommendations and Monthly Recommendations.

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The Joss Report Archived Weekly Trade Advisor 2005
  SUBSCRIBE TO THE JOSS REPORT FOR A 30-DAY FREE TRIAL 

• TECH TALK - COCOA - ORANGE JUICE - U.S. DOLLAR - YEN -  CRUDE OIL -  GOLD - SILVER
• CHART WATCH - LIVE CATTLE - FEEDER CATTLE 
•  CURRENT 'MONTHLY' RECOMMENDATIONS 
•  FUTURES WATCH
• COMING EVENTS AND DATA RELEASES

 

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

 Next week, due to the Thanksgiving holiday, the Joss Report - Weekly Trade Advisor will not be published. Traders will have a shortened trading week beginning Wednesday as most commodity markets will close early. Thursday all markets will be closed and on Friday some commodity markets will be closed and others will close early. Keep your trades to a minimum this week, unless you plan to keep these trades active over the long holiday weekend.  

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MARCH COCOA (CC6H)

Two weeks ago 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.

A review of Cocoa’s background, which has past ties to Britain and France, was discussed - including  issues plaguing large processing companies such as child labor laws, British Pound depreciation and political turmoil.

In addition, I discussed the current statistical reports, which state that twice as much Cocoa has been shipped to date this year than at the same point last year, and more processing is planned.

However, what traders need to know is that the Ivory Coast is a third world country subject to rumors and misinformation.

Friday morning about 5:45am CST., the Dow Jones posted a headline that briefly stated that "'maybe the Cocoa harvest wouldn't meet the anticipated 1.1 million ton harvest as previously reported."

I immediately turned to the Liffe Exchanges Cocoa market and watched prices climb by 30-dollars.

 "Upon further investigation, it was reported in the BBC news service, unlike the Dow Jones report, that Ivorian rebels have rejected a short-list of four prime ministerial names proposed by Nigerian mediators because their leader is not on it."  Could this lead to a flare up of violence and unrest -  or is this a ploy to prop up Cocoa prices?.

I have followed these recent flare ups of tension for the last several months via the daily charts. It appears that at the mid to end of each month - for the last several months - that sudden unrest moves prices higher. Is this a planned event in order to shake hedgers and speculators out of their short positions? 

My examples are:

1) On 6/14/05, March Cocoa gapped higher from the previous day's settlement of 1483 and traded to highs of  1642. Once 1642 was posted, March Cocoa traded lower and within two-days gapped lower, posting its first unfilled bearish 'island reversal' top. Within nine trading days, March Cocoa was posting contract lows of 1443.

2) On 7/27/05, March Cocoa gapped higher from the previous day's settlement of 1497 and traded to highs of 1565. Once 1565 was posted, March Cocoa - the next day - gapped lower, posting fresh contract lows of 1407.

3) On 9/01/05, March Cocoa rallied from the previous day's settlement of 1436 and traded to highs of 1605. Once 1605 was posted, March Cocoa traded lower and the next day gapped lower posting its second unfilled bearish 'island reversal' top. Within eleven trading days March Cocoa was posting contract lows of 1367.

4) On 9/28/05, March Cocoa gapped higher from the previous day's settlement of 1390 and traded to highs of 1479. Once 1479 was posted, March Cocoa - the next day, gapped lower, eventually posting fresh contract lows of 1344.

As a technician, March Cocoa continues to post lower highs and lower lows. This constitutes a continuation of lower prices.

Until March Cocoa can post multiple closes above 1467 and close above previous highs of 1497, Cocoa is still in a down trend and in danger of  heading toward a potential 'intra-year' sell signal at 1298. If by the close of business December 29th March Cocoa posts a close at or below 1298, this would constitute much lower prices for 2006.   
 
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week decreased by  -5,681, posting a total open interest of 129,232 contracts.  

WHAT DOES THE MARCH COCOA CHART LOOK LIKE?

March Cocoa has a monthly recommendation for November: buy when trades 1468 - sell when trades 1385.

On 11/04/05, March Cocoa posted an unconfirmed monthly sell signal at 1385, which will not be confirmed until the close of business November 30th.

A close at or below 1385 by the close of business November 30th would confirm a monthly sell signal, this would constitute a continuation of lower prices.

Conversely, if March Cocoa posts a close at or above 1468 by the close of business November 30th, this would constitute a monthly buy signal.

On 11/18/05, March Cocoa gapped higher than the previous day's close of 1360 and posted highs of 1430 before settling at 1425 on Friday.

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.

March Cocoa has four unfilled price gaps above the current market price. The most recent unfilled price gap is between 1440 and 1447. The next unfilled price gap is between 1540 and 1550.

March Cocoa has one unfilled price gap below the current market price between 1362 and 1388.   

March Cocoa's 40-day moving average and 50-day moving average as of Friday were at 1405 and 1410, respectively.

March Cocoa closed Friday at 1425, which is below its 100-day moving average of 1447 and its 200-day moving average of 1532.

Each week I point out to traders that futures can be extremely volatile. Last week, March Cocoa proved my point that traders should have an equity to risk ratio of no more than 10% to trade a 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 did not fit this profile, I suggested that traders consult their account executive and consider an options strategy.

I would like to take this opportunity to again stress risk management.

Risk management is not just a buzz word that brokers or traders should give lip service to but not actually implement. Monies are involved, be it your clients money or your own. When I receive calls from potential clients and I ask them: "what funds have you set aside for high risk trading investments",  more often than not they reply; " $5,000 or less."

My response is always the same: You may be in a position to handle a carefully planned option, but you're under capitalized and not suited for trading futures. Yet many beginning traders insist that they know best - or they tell me they've read some book claiming they can make big profits with just a $200 investment.

Recently, several inexperienced and advanced traders have called asking ClearTrade to implement a particular individuals trading plan that is posted on the Internet for a yearly fee. Following an extensive search,  we found that this particular individual promises -  and I quote: "' I think you'll discover that turning a few hundred dollars into a million dollars or more is very possible."

This individual claims he has unparalleled expertise in futures and commodities that has made him a regular contributor to news outlets like CNN, FOX News, CBS Evening News, Nightly Business Report and many others. Among other accomplishments, he was a currency arbitrage clerk on the former New York Cotton Exchange and has worked on and owned seats on several of the Commodities Exchanges in North America.

Upon further investigation, we learned that this individual and his company are not even registered with the NFA (National Futures Association) which regulates the futures industry; Not as an IB, AP, CPO or a CTA.

These types of unregulated claims are a travesty for the futures industry - and if the previously mentioned news agencies chose to quote him, well.... now you know why most experienced traders view the 'news' strictly as entertainment.

Use your head, traders. Any type of trading is hard work - and there are no guarantees. Remember: if it sounds too good to be true, it probably is.

Risk management is the only tangible control a trader has over the futures and option markets.

WHAT WERE TRADERS ADVISED TO DO LAST WEEK?

Please view Archived Weekly Trade Advisor for 11/13/05.

http://www.cleartrade.com/images/letter_11_13_05.htm

WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?

On 11/04/05, March Cocoa posted an unconfirmed  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 risk 50% of market price.

Below are possible ‘trading modules’ for futures traders to consider next week:

# 1) If March Cocoa first posts a higher high than last week's high of 1430:

Aggressive traders are not advised to add to their established short position.

Option traders are not advised to purchase March 1350 puts.

# 2) If March Cocoa posts a close over 1468:

Aggressive traders will be stopped out of their established short positions and are advised to sit on the sidelines and wait for another trading opportunity. The next potential trading opportunity will either be the closing price of March Cocoa on November 30th or December 29th.

# 3) If March Cocoa first posts a lower low than last week's low of 1344:

Aggressive traders are advised to either add to their existing short position or establish a short position, placing stops for this position at 1431*.

Option traders are advised to purchase March 1350 puts, risking 50% of purchase price**.

# 4) 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.

#5) 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.

# 6) 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:

# 7) If March Cocoa first posts a higher high than last week's high of 1430 yet reverses, posting a lower low than last week’s  low of 1344:

Aggressive futures traders are advised to place resting sell stop orders at 1343.

If the resting sell stop order at 1343 is activated, aggressive traders will have either added to their existing short position or established a short position.

If 1343 is posted, aggressive traders are advised to place stops for this position above 1431*.

Options traders are advised to prepare to purchase March 1350 puts.

If 1343 is posted, option traders are advised to purchase March 1350 puts, risking 50% of purchase price**.

Our objective will be an all out assault on the 'intra-year' sell signal at 1298.

# 8) If March Cocoa first posts a lower low than last week's low of 1343 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. Option 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 #7 if this occurs.

I have compiled some Cocoa option facts for traders:

Cocoa options for a two-year ‘implied volatility’ average are ranked number 23 out of 45.

23) Cocoa (CC) High 45.90% - Low 26.49% - Current 29.26%.

Cocoa options for a one-year ‘implied volatility’ average are ranked number 28 out of 45.

28) Cocoa (CC) High 41.11% - Low 26.49% - 29.26%.

Cocoa options for a six-month ‘implied volatility’ average are ranked number 19 out of 45.

19) Cocoa (CC) High 34.30% - Low 26.49% - 29.26%.

Options are cheap.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CC06H
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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)

Five-weeks ago I began developing ‘trading modules’ for January Orange Juice because of a ‘Coil’ daily recommendation and weekly recommendation.

For the last several weeks 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 has yet to be determined and may not be realized until the next forecast report due out in the USDA's December 9th report.

Friday, I heard that there might be one more surprise awaiting Florida..... a hurricane called Gamma.  However, as of today,  South Florida is confident Gamma will not hit there. But cool weather is anticipated - anywhere from the low 40's to the low 50's.

The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated that the net change in open interest last week increased by  1,196, posting a total open interest of 35,866 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).

Currently, January Orange Juice has traded from highs of 124.90 to lows posted Friday at 117.50.

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.

On 11/15/05, January Orange juice posted a daily sell signal at 120.65.

On 11/18/05, January Orange juice posted a daily sell signal at 120.15.

January Orange Juice has two unfilled price gaps above the current market price. The first price gap is between 120.00 and 120.20. The second price gap is 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 108.60 and 108.90. The next unfilled price gap is between 101.30 and 101.60.

Recent highs were posted at 131.95 on 10/09/98.

January Orange Juice has posted a possible bearish 'island reversal' top between the upward price gap posted on 11/03/05 and the downward price gap posted on Friday. This formation will need watching before any conclusions are made.

It appears January Orange Juice, which the Bollinger Bands are defining by turning inward, may be in an extended trading range or consolidation period. The downside of the trading range has yet to be determined.

January Orange Juice has closed eight-weeks above its 40-day moving average and 50-day moving average - which as of Friday was at 113.20 and 110.20, respectively.

January Orange Juice closed Friday at 118.05, which is above its 100-day moving average of 104.80 and its 200-day moving average of 101.30.

WHAT WERE TRADERS ADVISED TO DO LAST WEEK?

Please view Archived Weekly Trade Advisor for 11/13/05.

http://www.cleartrade.com/images/letter_11_13_05.htm

WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?

Aggressive traders who have established long positions below 115.50 are advised to either leave all stops below 113.30* - exit their established long positions.

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* - exit their established long positions.

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*  - or exit their established long positions.

Option traders who either purchased January 100.00, 110.00 or 120.00 calls are advised to risk 50% of market value** - exit their established long positions.

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* - exit their established long positions.

Option traders who purchased January 110.00 calls are advised to risk 50% of purchase price* - exit their established long positions.

Below are ‘trading modules’ for futures and option traders to consider next week:

# 1) 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 16 out of 45.

16) Orange Juice (OJ) High 55.83% - Low 21.50% - Current 27.93%.

Orange Juice options for a one-year ‘implied volatility’ average are ranked number 16 out of 45.

16) Orange Juice (OJ) High 43.93% - Low 21.50% - Current 27.93%.

Orange Juice options for a six-month ‘implied volatility’ average are ranked number 20 out of 45.

20) Orange Juice (OJ) High 32.62% - Low 25.44% - Current 27.93%.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?OJ06F
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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) / JANUARY CRUDE OIL (CLF6)

December Crude Oil has developed a bearish ‘head and shoulders’ top.”

Three 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.

For eight 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.

For eight weeks our objective was 56.10. On Friday our objective was met.

This week we need to begin discussing January Crude Oil because December Crude Oil's first notice day was Friday.

It was nice that December Crude Oil met our objective of 56.10 by first notice day.

January Crude Oil has a bearish 'head and shoulders' top very similar to what the December Crude Oil top looked like.

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.

Last week, I explained that the weekly crude report - published each Wednesday morning - reported Crude Oil reserves the previous week were at or above pre-Katrina levels of 322.0 million barrels. This past week Crude Oil reserves dropped by 2.2 million barrels to 321.4 million barrels - this is the first decline since September. The decline in inventories left supplies at 29.1 million barrels, or 10-percent higher than the five-year average. Distillate supplies were up 2.6 million barrels to 123.4 million barrels. Also, on Thursday the Energy Department reported a more than expected build of 56 billion cubic feet for Natural Gas in storage. From the data released, does it appear that supplies are low?  Most traders are counting on a cold snap to boost prices, so they are buying price dips. My strategy is to use the cold snap price bounces to re-enter my short positions, so I'm selling rallies.

Last week, I pointed out to traders the 'coincidence' that as we head into the winter months, prices are dropping.

I explained to traders that 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.

Last week my colleague received several emails, IM's and phone calls from traders - and brokers from competing firms. Inexperienced traders said that their brokers had put them into bull call spreads for Crude Oil, Heating Oil and Unleaded Gas; What did ClearTrade think? You know our answer.

Several brokers from competing firms told us that they have their clients long Natural Gas. ClearTrade makes it a weekly function to download and compare reserves of all energies for fundamental analysis - and in addition, we take into account the various charts for technical indicators. Then, an assessment of risk is analyzed to determine if a practical 'trading module' can be applied.  

What's frightening is that some of these same brokers are being groomed and promoted by their firms as technical and fundamental experts, although they have little or no trading experience of their own monies - or track record - to back up their recommendations. Getting their people quoted is free publicity for them. These firms, touting their brokers as 'experts' is the reason you're seeing these would-be experts being quoted in major news outlets. This is being done more for the PR value to the firm than because of any special expertise or insight on the part of these brokers. Be cautious when you read their quotes. Ask questions as to who these brokers are -  and for what reason they're being quoted. 

Last week I posed the question: 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 if there were a policy change and higher supply - lower demand.  Last week I poised the question: 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 - indicated that the net change in open interest last week increased by  14,308, posting a total open interest of 845,065 contracts.  

Clients and potential clients are welcome to call and speak to our resident energy consultant, Derrick Lewis at 1-800-493-4444.

WHAT DOES THE JANUARY CRUDE OIL CHART LOOK LIKE?

Until recently, January Crude had been in a multi-year price advance, which began from lows of 24.53 (8/29/03) to recent highs of 70.80 (8/30/05).

Currently, January Crude has been in an ten-week price decline from highs of 70.80 to lows of 56.35 (11/18/05).

On 11/02/05, January Crude posted a weekly sell signal at 59.69.

On 11/07/05, January Crude posted a daily sell signal at 61.39.

On 11/09/05, January Crude posted an 'intra-day' sell signal at 59.89.

On 11/15/05, January Crude posted a daily sell signal at 58.19.

On 11/17/05, January Crude posted an 'intra-day' sell signal at 57.44.

January Crude has three unfilled price gaps above the current market price. The most recent is between 59.05 and 59.50. The second unfilled price gap is between 61.25 and 61.40.   

January Crude has many unfilled price gaps below the current market price. The most recent unfilled price gap is between 53.47 and 54.450.

January Crude Oil has a bearish ‘head and shoulders' top.

The left shoulder was established from lows of 58.70 and highs of 64.00.

The head was developed between lows of 63.90 and highs of 70.80.

The right shoulder is developing between recent lows of 56.35 and highs of 64.10.

Friday I believe the all-important neckline was put in place at 56.35.

Our long-term objective will be 41.90. However, this proposed projection of 41.90 may not be realized for several months.

January Crude’s 40-day moving average and 50-day moving average as of Friday were at 61.78 and 62.64, respectively.

January Crude closed Friday at 57.21, which is below its 100-day moving average of 63.63 and 200-day moving average of 58.78.

Can January Crude Oil gather enough energy to regain its foothold above the all-important 200-day moving average?

Time will tell - January Crude has not closed below this key moving average since 9/17/03.

WHAT WERE TRADERS ADVISED TO DO LAST WEEK?

Please view Archived Weekly Trade Advisor for 11/13/05.

http://www.cleartrade.com/images/letter_11_13_05.htm

WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?

All futures and option trades were advised to exit their established short December Crude positions Friday because our 56.10 objective was met.

Below are ‘trading modules’ for futures and option traders to consider next week:

# 1) Aggressive futures traders and option traders are advised to sit on the sidelines and wait for another trading opportunity.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CL06F
------------
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.

Three-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 eleven-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.

Seven-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 to 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 -  indicated the net change in open interest last week increased by  5,422, posting a total open interest of 203,137 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  2,965, posting a total open interest of 41,712 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.

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.

The all-important neckline breakout occurred at 90.75 and confirmation of a breakout occurred 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.

11/18/05 was the third 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 .8394 (11/16/05).

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.

On 11/14/05, the Yen posted a daily sell signal at .8495.

On 11/18/05, the Yen posted its fifth 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.

If you did not fit this profile, I suggested 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 .8698 and .8774, respectively.

December Yen closed Friday at .8419, which is below its 100-day moving average of .8954 and 200-day moving average of .9275.

WHAT WERE TRADERS ADVISED TO DO LAST WEEK?

Please view Archived Weekly Trade Advisor for 11/13/05.

http://www.cleartrade.com/images/letter_11_13_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 .8519* - or exit their established short positions.

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 .8519* - or exit their established short positions.

Option traders who purchased March 8600 puts are advised to continue to risk 50% of market value** - or exit their established short positions.

Aggressive traders who either added to their existing short position or established a short position on a price advance to .8562 are advised to place stops above .8519* - or exit their established short positions.

Option traders who purchased March 8600 puts on a price advance to resistance at .8562 are advised to risk 50% of market value** - or exit their established short positions.

Aggressive traders who either added to their existing short position or established a short position at .8488 are advised to place stops above .8519* - or exit their established short positions.

Option traders who purchased March 8500 puts are advised to continue to risk 50% of market value** - or exit their established short positions.

Aggressive traders who either added to their existing short position or established a short position on a close below .8478 are advised to place stops above .8519* - or exit their established short positions.

Option traders who purchased March 8400 puts on a close below .8478 are advised to continue to risk 50% of market value** - or exit their established short positions.

Our next objective of .8388 was virtually met last week by the Yen posting lows of .8394.

Below are possible ‘trading modules’ for futures traders to consider next week:

# 1) Aggressive futures traders and option traders are advised to sit on the sidelines and wait for another trading opportunity.

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)

Last week I began developing several 'trading modules' for February Gold because of a weekly recommendation for last week.

Also, February Gold had a daily recommendation last Monday.

On 11/14/05, February Gold posted a daily buy signal at 474.00.

On 11/16/05, February Gold posted a weekly buy signal at 478.30.

If February 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 suggest a continuation pattern conducive to higher prices.

I will remind traders that at this moment in time, Gold is not for the inexperienced trader due to high volatility.

Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.

The proposed risk for the weekly buy signal recommendation in February Gold was $1,400.

The risk for February Gold as of Friday's close is now $2,970.

That means traders should have an account size of $30,000 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 - indicated the net change in open interest last week increased by  7,643, posting a total open interest of 324,719 contracts.  

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 493.50 (11/18/05).

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 493.50 (11/18/05).

February Gold's 40-day moving average and 50-day moving average as of Friday were at 474.80 and 473.10, respectively.

February Gold closed Friday at 490.20, which is above its 100-day moving average of 457.50 and its 200-day moving average of 449.40.

Last week I mentioned that at first glance, the February Gold chart looked like it was forming a bearish 'V' top. However, I expressed my concerns that I was not convinced that this was the case. 

In addition, I shared my past floor experience at the C.B.O.T regarding  the 1970's Gold and Silver rush into the metals trading pits. Each day the prices moved up and down with unbelievable intensity....  the volatility was at 100%.

What was going on? The Hunt Brothers were trying to corner the metals market.

Fortunes were made and lost.

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..

Is the current metals rush because of inflation, repatriation of overseas currencies, profits from Crude oil, or because Iran's parliament has approved a bill requiring the government to block UN inspections of its nuclear sites if Tehran is referred to the Security Council for possible sanctions.?

WHAT WERE TRADERS ADVISED TO DO LAST WEEK?

Please view Archived Weekly Trade Advisor for 11/13/05.

http://www.cleartrade.com/images/letter_11_13_05.htm

WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?

Aggressive traders who established a long position in February Gold at 474.00 are advised to move stops below 465.50*.

Option traders who purchased April 470 - 500 bull call spreads are to continue to risk 70% of purchase price**.

Aggressive traders who either add to their existing long position or established a long position on multiple closes above 474.50 are advised to move stops below 465.50*.

Option traders who purchased April 470 - 500 bull call spreads are to continue to risk 70% of purchase price**.

Aggressive traders who either add to their existing long position or established a long position on multiple closes above 482.00 are advised to move stops below 465.50*.

Option traders who purchased April 470 - 500 bull call spreads are to continue to risk 70% of purchase price**.

Below are possible ‘trading modules’ for futures traders to consider next week:

# 1) If the February Gold first posts a higher high than last week's high of 493.50:

Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing stops below 465.50*.

Option traders are advised to purchase April 490 - 520 bull call spreads, risking 70% of purchase price**.

Our first objective will be a challenge of 501.00.

# 2) If February Gold first has a price pullback to previous contract highs of 486.00:

Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 465.50*.

Option traders are advised to purchase April 470 - 500 bull call spreads, risking 70% of purchase price**.

# 3) If February Gold posts multiple closes above 507.40:

Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 471.00*.

Option traders are advised to exit their April 470 - 500 bull call spreads and are advised to purchase April 500 - 530 bull call spreads, risking 70% of purchase price** .

Our objective will be an all out assault on highs of 520.00, which were highs from 1983.

# 4) If February Gold posts a monthly close at or above 520.00:

Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing all stops below 486.00*.

Option traders are advised to exit their April 490 - 520 bull call spreads and are advised to purchase April 520 - 550 bull call spreads, risking 70% of purchase price** .

Our objective will be 543.00.

# 5) If February Gold first posts a lower low than last week's low of 471.30:

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 monthly close at or below 465.50:

Aggressive traders are advised to sit on the sidelines and wait for another trading opportunity.

Option traders are advised to sit on the sidelines and wait for another trading opportunity.

Below are possible reversal ‘trading modules’ to consider next week:

# 7) If February Gold first posts a higher high than last week's high of 493.50 yet reverses, posting a lower low than last week’s  low of 471.30:

Aggressive futures traders are not advised to add to their existing long position or establish a short position but are advised to leave stops below 465.50.

Options traders are not advised to purchase April bull call spreads or purchase bear put spreads but are to prepare to exit their established April 470 - 500 bull calls spreads if February Gold posts a monthly close at or below 465.50..

# 8) If February Gold first posts a lower low than last week's low of 471.30 yet reverses, posting a higher high than last week’s high  of 493.50:

Aggressive futures traders are advised to place resting buy stop orders at 493.50.

If the resting buy stop order at 493.50 is activated, aggressive traders will have either added to their existing long position or established a long position.

If 493.50 is posted, aggressive traders are advised to place stops for this position below 471.30*.

Options traders are advised to prepare to purchase April 490 - 520 bull call spreads.

If 493.50 is posted, option traders are advised to purchase April 490 - 520 bull call spreads, risking 70% of purchase price**.

Our first objective will be a challenge of recent highs of 501.00.

I have compiled some Gold option facts:

Gold options for a two-year ‘implied volatility’ average are ranked number 5 out of 45.

5) Gold (GC) High 22.56% - Low 10.31% - Current 15.87%.

Gold options for a one-year ‘implied volatility’ average are ranked number 3 out of 45.

3) Gold (GC) High 16.97% - Low 10.31% - 15.87%.

Gold options for a six-month ‘implied volatility’ average are ranked number 3 out of 45.

3) Gold (GC) High 16.13% - Low 10.31% - 15.87%.

Options are expensive.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?GO06G
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?GC

* (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)

Last week I began developing 'trading modules' for March Silver because of a weekly recommendation for last week.

On 11/14/05, March Silver posted a weekly buy signal at 7.910

I will remind traders:  Silver is not for the inexperienced trader. Volatility is at extreme levels.

Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.

The proposed risk for the weekly buy recommendation in March Silver was $1,600.

The risk for March Silver as of Friday's close is now $3,030.

The ‘Commitment of Traders’ report for the Silver  - published each Friday by the CFTC -  indicated the net change in open interest last week increased by  6,376, posting a total open interest of 150,342 contracts.  

WHAT DOES THE MARCH SILVER CHART LOOK LIKE?

March Silver has been in a multi-year price advance that began from lows of 5.685 (5/11/04) to recent highs of 8.245 (11/18/05).

Last week I discussed the probability that the daily and weekly Silver charts appear to be coiling for a major breakout.

The daily chart had congested for four-weeks and was poised for a 60-cent price move.

The long-term weekly chart had developed a 18-month ‘pennant formation’ that began from lows of 5.510 lows to 8.310 highs.

I explained that 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.

Traders last week were asked to 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.

These highs and lows described above developed the pennant.

The upper pennant's downward trendline has posted highs of 8.310, 8.190 and if the trendline were touched today would be at 8.050.

The lower pennant's 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.

The all-important 'pennant' breakout would occur on multiple closes above 8.050 and confirmation of a breakout to the upside would be a close above 8.190.

Technically, until Silver posts multiple weekly closes below 6.850 or above 8.050, the pennant will continue to develop.

On Friday, December Silver, which technically is the lead month for ten more days, posted its first close above 8.050.

Last week, I shared my personal objective of where Silver prices might go once Silver confirms a major breakout of its pennant.

By my calculations - to get the projection - includes the top of the pennant at 8.310 and the bottom of the pennant at 4.500.

8.310 - 4.550 = 3.76-cents

Upside breakout of 8.050 + 3.76 = 12.070.

March Silver's 40-day moving average and 50-day moving average as of Friday were at 7.780 and 7.690, respectively.

March Silver's closed Friday at 8.156, which is above its 100-day moving average of 7.420 and its 200-day moving average of  7.400.

There are several unfilled price gaps below the current market price. The most recent unfilled price gap is between 8.120 and 8.125.

There is one unfilled price gap above the current market price between 10.800 and 11.000.

WHAT WERE TRADERS ADVISED TO DO LAST WEEK?

Please view Archived Weekly Trade Advisor for 11/13/05.

http://www.cleartrade.com/images/letter_11_13_05.htm

WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?

Aggressive traders who established a long position at 7.875 are advised to place stops below 7.430*.

Option traders who purchased March 800 - 850 bull call spreads 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 Silver first posts a higher high than last week's high of 8.245:

Aggressive futures traders are advised to either add to their existing long position or establish a long position, placing stops below 7.430*.

Option traders are advised to purchase March 800 - 875 bull call spreads, risking 70% of purchase price**.

Our first objective will be a challenge of recent highs of 8.310.

# 2) If March Silver first posts a price pull back to support at 8.020:

Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 7.430*.

Option traders are advised to purchase March 800 - 875 bull call spreads, risking 70% of purchase price**.

# 3) If March Silver posts a price pullback to major support at 791.00:

Aggressive traders are advised to either add to their existing long position or establish a long position, placing stops below 7.430*.

Option traders are advised to purchase March 800 - 875 bull call spreads, risking 70% of purchase price**.

# 4) 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 - 875 bull call spreads, risking 70% of purchase price**.

Our objective will be an all out assault on recent highs of 8.310.

# 5) If March Silver posts multiple closes at or above 8.310:

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 are advised to purchase March 850 - 925 bull call spreads, risking 70% of purchase price**.

Our objective will be 8.610.

# 6) If March Silver first posts a lower low than last week's low of 7.800:

Aggressive futures traders are not advised to add to their exiting long position or establish a short position. Traders are advised to leave their stops as advised at 7.430*.

Options traders are not advised to purchase March 800 - 875 bull call spreads or purchase bear put spreads. Option traders are advised to prepare to exit their established March 800 - 850 and March 800 - 875 bull call spreads if 7.430 is posted.

Below are possible reversal ‘trading modules’ to consider next week:

# 7) If March Silver first posts a lower low than last week's low of 7.800 yet reverses, posting a higher high than last week’s high of 8.245:

Aggressive futures traders are advised to place resting buy stop orders at 8.245.

If the resting buy stop order at 8.245 is activated, aggressive traders will have either added to their existing long position or established a long position.

If 8.245 is posted, aggressive traders are advised to place stops below 7.430*.

Options traders are advised to prepare to purchase March 800 - 875 bull call spreads.

If 8.245 is posted, option traders are advised to purchase March 800 - 875 bull call spreads, risking 70% of purchase price**.

Our first objective will be a challenge of recent highs of 7.910.

# 8) 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 objective will be an all out assault on recent highs of 8.310.

# 9) If March Silver first posts a higher high than last week's high of 8.245 yet reverses, posting a monthly close below 7.430:

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 Silver option facts:

Silver options for a two-year ‘implied volatility’ average are ranked number 8 out of 45.

8) Silver (SI) High 40.09% - Low 19.14% - Current 26.77%.

Silver options for a one-year ‘implied volatility’ average are ranked number 6 out of 45.

6) Silver (SI) High 32.43% - Low 19.14% - 26.77%.

Silver options for a six-month ‘implied volatility’ average are ranked number 5 out of 45.

5) Silver (SI) High 29.68% - Low 19.14% - 26.77%.

Options are expensive.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?SV06H
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?SV

* (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.'

 FEBRUARY LIVE CATTLE (LC6G) AND JANUARY FEEDER CATTLE (FC6F)

- For next week there are two weekly recommendations. One for February Live Cattle and another for January Feeder Cattle. However, my clients and long time readers are aware that I do not write about meat products and 99.9% of the time do not trade meat products. Not because of my dietary concerns, politics or religion - but because it is my belief that meat and pork products are controlled by a few and have generally low volume. These markets are more fundamentally based and less technically based and I have never done well on meat or pork futures and believe traders should never trade options in these products. Bird flu or not. Clients and subscribers received the weekly recommendations for these products via email Saturday evening.

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.

- DECEMBER CANADIAN DOLLAR (CD5Z)

- JANUARY SOYBEANS (S6F)

- MARCH COCOA (CC6H)

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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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.

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