WELCOME TO CLEARTRADE'S NEWSLETTER
ClearTrade's trading recommendations and weekly commodity newsletter was first published in October 1998. Since that time, our research has continued to evolve into an important source of technical insight for many traders. Our goal is to provide traders with a 'game plan' to prepare for the trading day and week ahead.
ClearTrade's technical analyst, Scott Joss, is a veteran futures trader with twenty-eight years experience on and off the trading floor - as a pit trader, account executive handling arbitrage for Smith Barney, former member of the CBOT 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 our research and/or 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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• TECH TALK
•  CHART WATCH 
•  CURRENT 'MONTHLY' RECOMMENDATION
•  FUTURES WATCH
•  WEEKLY FEATURE
•  FED WATCH
•  COMING EVENTS AND DATA RELEASES

 

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

JUNE S&P 500 (SP5M) 

Traders should note that rollover from the current lead contract trading month (March) will occur on Thursday. On Thursday, the June contract will become lead month. What this means is that between Monday and Wednesday the volume and liquidity will be in the March contract. However, on June 10th the volume and liquidity will shift to the June contract.

This week I will begin developing my 'game plan' and trading module based on the June contract. 

The June S&P500 has been in a 20-month price advance.

The S&P currently has been in a 5-week price advance.

There is an unfilled price gap above the current market price between 1249.30 and 1250.80.

There are two unfilled price gaps below the current market price. The first unfilled price gap is between 1186.50 and 1188.90. The second unfilled price gap is between 1179.00 and 1181.50.

For March, the S&P's have a monthly recommendation: Buy When trades 1217.60 - Sell when trades 1188.80.

WHAT DO THE CHARTS LOOK LIKE?

The June S&P's old contract highs were posted on 12/30/04 at 1227.00, which will now be considered its pivot point.

The June S&P 500 on the daily chart has developed a bullish 'ascending' right triangle.

The upward trendline began from lows of 1093.90 (10/25/04) through lows of 1170.50 (1/28/05), and lows of 1188.90 (2/22/05), and if the trendline were to be touched today, it would be at 1199.00.

The horizontal trendline, which was recently broken on the upside, began from highs of 1218.00 (12/22/04) through highs of 1217.50 (2/15/05), and highs of 1217.20 (3/01/05).

Major support is at 1217.60, which is the monthly buy signal.

On 2/24/05, the S&P posted a daily buy signal at 1197.70.

On 3/02/05, the S&P posted a monthly buy signal at 1217.60.

On 3/04/05, the S&P posted a daily buy signal at 1220.90.

Last week's high was 1230.20.

Last week's low was 1203.50.

Last months high was 1217.50.

Last month's low was 1188.90.

WHAT SHOULD TRADERS DO NEXT WEEK?

If the S&P posts a daily close above last week's high of 1230.20, traders are advised to establish a long position, placing stops below 1217.60.

If the S&P has a price pullback to 1220.90, traders are advised to establish a long position, placing stops below 1217.60.

If the S&P posts a weekly close above 1232.50, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below 1227.00, which were old contract highs.

Our first objective will be the unfilled gap at 1250.80.

Our second objective will be a challenge of the .618 multi-year retracement at 1267.10.

Our long-term objective will be 1284.00.

On the flip side....

If the S&P were to post a higher weekly high above 1230.20 yet post a close below 1217.60, traders are advised to enter a resting stop entry order at 1203.40, last week's low to establish a short position. If the S&P were to initiate the resting stop entry order at 1203.40, traders are advised to establish a short position, placing a stop and reverse at 1217.60.

If the S&P were to post a monthly sell signal at 1188.80, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1203.40.

Our first objective, if this were to occur, would be the unfilled price gap left below the current market price at 1186.50.

Our second objective, if this were to occur, would be the unfilled price gap left below the current market price at 1179.00.

If the S&P were to close on a monthly basis at or below 1179.00, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1188.80.

Our long-term objective would be 1159.40.

Conservative traders are advised to use the E-mini S&P as their primary trading vehicle.

DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?SP05M
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SP

 

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JUNE JAPANESE YEN (JY5M) 

Traders should note that rollover from the current lead trading month (March) for the Japanese Yen will occur on Monday, making June the lead contract month.

The June Yen has been in a 7-week price decline, which began from highs of .9930 to lows of .9459.

Currently, the Yen is in a 5-week price consolidation, which began from lows of .9459 to highs of .9772.

WHAT DO THE CHARTS LOOK LIKE?

If the Yen were to maintain its current price consolidation between .9459 and .9772, a possible monthly recommendation could develop for April.

For next week the Yen has a weekly recommendation: Buy when trades .9691 - Sell when trades .9546.

On 3/04/05, the Yen posted an intra-day buy signal at .9629.

Last month's high was .9772.

Last month's low was .9459.

The Yen appears to be developing a pennant formation trading below .9711 highs and above .9495 lows. Resistance is at the 100-day moving average .9663.

WHAT SHOULD TRADERS DO NEXT WEEK?

If the Yen posts a weekly buy signal at .9691, aggressive traders are advised to establish a long position, placing stops below .9628.

If the Yen posts a close above .9711, traders are advised to either add to their existing long position or establish a long position, placing stops for this position below .9686.

If the Yen posts a weekly close above .9772, traders are advised to either add to their existing long position or establish a long position, placing all stops below .9691, which is the weekly buy signal.

Our first objective will be a challenge of contract highs of .9930.

If the Yen posts a monthly close above .9930, traders are advised to either add to their existing long position or establish a long position, placing all stops below .9881.

Our long-term objective will be 100.85.

On the flip side....

If the Yen posts a weekly sell signal at .9546, aggressive traders are advised to establish a short position, placing stops above .9628.

If the Yen were to post a weekly close below .9495, aggressive traders are advised to either add to their existing short position or establish a short position, placing stops above .9546.

Our first objective will be .9279.

If the Yen posts a monthly close below .9459, traders are advised to either add to their existing short position or establish a short position, placing stops for all positions above .9495.

Our long-term objective will be .9146.

DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?JY05M
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?JY

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JUNE CANADIAN DOLLAR (CD5M) 

Traders should note that rollover from the current lead trading month (March) for the Canadian Dollar will occur on Monday, making June the lead contract month.

The June Canadian has been in a 7-week price decline, which began from highs of .8370 to lows of .7952.

Currently, the Canadian is in a 6-week price consolidation, which began from lows of .7952 to highs of .8184.

The Canadian has an unfilled price gap above the current market price between .8277 and .8292.

Resistance is at the 100-day moving average .8195.

WHAT DO THE CHARTS LOOK LIKE?

If the Canadian were to maintain its current price consolidation between .8184 and .7952, a possible monthly recommendation could develop for April.

For next week the Canadian has a weekly recommendation: Buy when trades .8156 - Sell when trades .8011.

Last month's high was .8184.

Last month's low was .7952.

WHAT SHOULD TRADERS DO NEXT WEEK?

If the Canadian posts a weekly buy signal at .8156, aggressive traders are advised to establish a long position, placing stops below .8081.

If the Canadian posts a weekly close above .8184, traders are advised to either add to their existing long position or establish a long position, placing all stops below .8156, which is the weekly buy signal.

Our first objective will be to fill the price gap at 8292.

If the Canadian posts a monthly close above .8376, traders are advised to either add to their existing long position or establish a long position, placing all stops below .8292.

Our long-term objective will be a challenge of contract highs at .8495.

On the flip side....

If the Canadian posts a weekly sell signal at .8011, aggressive traders are advised to establish a short position, placing stops above .8042.

If the Canadian were to post a weekly close below .7952, traders are advised to either add to their existing short position or establish a short position, placing stops above .8011.

Our first objective will be .7871.

If the Canadian posts a monthly close below .7945, traders are advised to either add to their existing short position or establish a short position, placing stops for all positions above .7964.

Our long-term objective will be .7720.

DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?CD05M
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?CD

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MAY COFFEE (KC5K)

This product is only for aggressive traders who are properly capitalized.

May Coffee has been in a 27-week price advance, which began from lows of 73.30 to highs of 126.60.

Currently, Coffee is in a 6-week price advance which began from lows of 97.40 to highs of 126.60.

Coffee has an unfilled price gap above the current market price between 132.00 and 134.00.

Coffee has an unfilled price gap below the current market price between 94.10 and 94.70.

The last major highs were on 7/18/00 at 122.00.

The next previous highs were on 12/31/99 at 149.00.

WHAT DO THE CHARTS LOOK LIKE?

If Coffee were to maintain its current highs of 126.60 and lows of 105.75 from February, a possible monthly recommendation could develop for April.

For next week Coffee has a weekly recommendation: Buy when trades 125.15 - Sell when trades 117.95.

Coffee has an upward channel that began from lows of 97.40 through lows of 103.90, and lows of 106.75, and if the upward channel were to be touched today, it would be at 117.50.

WHAT SHOULD AGGRESSIVE TRADERS DO NEXT WEEK?

If Coffee posts a weekly buy signal at 125.15, aggressive traders are advised to establish a long position, placing stops at 117.95.

If Coffee posts a weekly close above last months high of 126.60, aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 121.75.

Our first objective will be 132.20.

If Coffee posts a weekly close above last months high of 138.50, aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 127.00.

Our second objective will be a challenge of old highs of 149.00.

If Coffee posts a monthly close above old highs of 149.00, aggressive traders are advised to either add to their existing long position or establish a long position, placing all stops below 137.40.

Our long-term objective will be 166.90, which were old highs posted on 1/31/89.

On the flip side....

If Coffee were to post a higher weekly high above 126.50 yet post a weekly sell signal at 117.95, aggressive traders are advised to either establish a short position, placing a stop and reverse at 126.60 or enter a resting stop entry order at 105.70 to establish a short position. 

Our first objective will be 109.30.

If coffee were to initiate the resting stop entry order at 105.70, aggressive traders are advised to establish a short position, placing stops above 117.95.

If Coffee were to post a monthly close below 105.70, aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 113.75.

If Coffee were to close below 100.00, aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 105.70.

Our objective will be 84.80.

DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?KC05K
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?KC

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.'

MAY SUGAR (SB5K) 
Sugar will remain on the 'chart watch' list for the foreseeable future.
Sugar has been in a twelve month price advance that began from lows of 6.18 (2/13/04) to recent highs of 9.58 (1/26/05).
Several weeks ago I wrote a 'game-plan' and trading module for May sugar.
I wrote that sugar might not be as forthcoming with its direction as I would like.
Traders were advised that until the technical indicators lined up more conclusively, only aggressive traders should initiate trade signals.
For March, sugar has a monthly recommendation: Buy when trades 9.54 - Sell when trades 8.95. 
 
On 2/14/05, Sugar posted a daily sell signal at 9.37.
On 2/16/04, Sugar posted a weekly sell signal at 9.28.
On 3/03/05, Sugar posted a monthly sell signal at 8.95.
 
Direction and momentum appear to be lined up for downward price pressure to 8.36. However, after receiving an email on March 2nd about the Global Sugar conference in Geneva Switzerland on April 14-15th, traders were advised to cancel their resting sell orders.
The conference will be attended by many sugar producing and consuming countries. Just to name a few - India, Saudi Arabia, Russia, Indonesia, Kuwait, Philippines, UAE, USA, UK.
I advised traders it may be in their best interest to sit this product out until fundamental policies are clearer. Policies that will be discussed at the conference may include subsidies.
If subsidies are included in discussions, a shift to lower subsidies may cause a change in world fundamental policy and much higher pricing. Subsidies remaining at current levels will continue to hold world prices down.
As a technician and fundamentalist I feel it's best to sit this one out.  
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?SB05K
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SB

CURRENT 'MONTHLY' RECOMMENDATIONS
FOR MARCH:

- JUNE S&P 500 (SP5M)
- JUNE NASDAQ 100 (NQ5M)
- JUNE DOW JONES (DJ5M)
- MAY SUGAR (SB5K)
- MAY FEEDER CATTLE (FC5K)

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in March for April use. 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 March 31st and sent via email for April use.

- JULY WHEAT
- JULY CORN
- JULY OATS
- JUNE NASDAQ
- APRIL GOLD
- MAY SILVER
- JULY COPPER
- JULY COFFEE
- JULY LUMBER
- JULY PORK BELLIES
- JUNE EURO CURRENCY (FX)
- JUNE SWISS FRANC
- JUNE JAPANESE YEN
- JUNE CANADIAN DOLLAR
- JUNE US DOLLAR

WEEKLY FEATURE

Depending on how you look at it, Friday morning's unemployment report may or may not have been good news. The U.S. unemployment rate increased from 5.2% to 5.4% in February, but non-farm payrolls increased by 262,000, more than expected. The June 10 year T-notes were up, the U.S. dollar was lower and June gold closed up.
 
--------------------------------
The University of Michigan's index of consumer confidence dropped from 95.5 to 94.1 in February.
 
--------------------------------
Conditions in southern Brazil remain hot and dry. Dow Jones Newswires quoted Brazilian analysts as saying that the soybean crop would only total 53 million tons (1.95 b. bu.), less than the USDA's 63 million ton (2.31 b. bu.) estimate.
  
---------------------------------
On Wednesday, a U.S. District Court ruled against opening the border to Canadian cattle and, on Thursday, the Senate voted to also oppose the USDA's plan to reopen the border. Meanwhile, there is no word of progress with Japan.      
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The Florida Citrus Processors said that there were 141.9 million gallons of frozen orange juice concentrate in inventory on February 26th, down 7% from a year ago.            
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Manufacturing orders in Germany were down 3.4% in January, not as big of a drop as expected.
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The unemployment rate in the Euro-zone remained at 8.8% in January. For the EU-25, the unemployment rate dropped from 8.9% to 8.8%.
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Venezuelan president says no oil if U.S. tries to 'hurt' his country
 
Canadian Press
Friday, March 04, 2005
NEW DELHI (AP) - Venezuelan President Hugo Chavez warned Friday that his nation, the world's fifth-largest oil exporter, would cut off oil supplies to the United States if Washington tries to 'hurt' his country.
CLICK HERE FOR MORE
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US must act 'quickly' on cotton
African countries have called on the US to quickly phase out cotton subsidies after the World Trade Organization (WTO) ruled that they were illegal. The WTO upheld a complaint from Brazil that the practice depressed world prices and hurt other cotton producers.
The US says it is considering its options after the WTO decision - amid US fears the ruling could impact on its subsidies for other products.
It has 15 months to comply but already fears exist it might delay action.
CLICK HERE FOR MORE
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Koizumi seeks U.S. understanding on beef ban
TOKYO, March 4, Kyodo -
Prime Minister Junichiro Koizumi sought Washington's understanding Friday on Tokyo's efforts to ensure the safety of U.S. beef before lifting Japan's import ban on the meat. ''Japan is emphasizing food safety and security based on scientific knowledge and we will strive to have that point understood,'' Koizumi told reporters.
CLICK HERE FOR MORE
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Thursday, March 3, 2005.
Cuba to Cut Sugar Shipments
Reuters
Cuba's worst drought in many years will cut Cuban sugar exports to Russia, and Brazil will scoop up most of the lost Cuban business, trade sources said on Wednesday.
The Caribbean island, a traditional sugar exporter to Russia, is facing its worst prolonged dry spell in 64 years.
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B.C. mulls halting U.S. wine imports as first shot in softwood retaliation
 
Dirk Meissner
Canadian Press
March 3, 2005
VICTORIA (CP) - U.S. wines could become British Columbia's first target in the softwood lumber trade dispute between Canada and the United States, B.C.'s forest minister said Wednesday.
CLICK HERE FOR MORE
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Weather Market Commentary
Friday, March 4, 2005
 
For the third weekend in a row, South American weather developments are going to play a key role in the type of trading action that we see in the soybean market on Sunday night. Before we get to that though, I think that it is worth noting that we did indeed see some rain in southern growing areas of Brazil during the past 24 hours. Most of it was in Parana, but far northern Rio Grande do Sul saw some rain as well. It was pretty spotty and for the most part light, though I do note a report from the city of Maringa (located in Parana) of a 1.25 inch rainfall amount. With regards to the weather, we are seeing a great deal of run-to-run variability in the weather models right now...no matter which weather model you want to look at. In situations like that, confidence in the forecast is lowered. My best guess on what is going to happen is largely not that much different from yesterday though. I think that Argentine soybean areas are in a favorable position for some nice rains. If anything, the start time for those rains is moved up a bit, with the best of the best of the rains possibly falling as early as Monday. If those rains can verify, that would be of a huge benefit to their soybean crop (particularly the late-maturing double-crop acreage). For Brazil, it still looks like the better rains are probably going to hold off until next Friday or next weekend. That's getting very late in the growing season, and time is running out for rain to be of big help to the southern Brazilian soybean crop. Lots of upper 90s forecast for especially Sunday through Tuesday also will be increasing (or maintaining) crop stress.
Weather and market report
by Craig Solberg
CLICK HERE FOR MORE
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USDA Drought Monitor
CLICK HERE TO VIEW

FED WATCH

Every Problem Is an Opportunity for U.S. Economy: Caroline Baum
March 2 (Bloomberg) -- Everything that could go wrong did go wrong, yet the U.S. economy sailed right on through.
If you consider the litany of negatives buffeting the economy since the bursting of the stock market bubble in 2000 and the 2001 recession, it's something of a miracle that it managed to grow 2.3 percent in 2002, 4.4 percent in 2003 and 3.9 percent in 2004 (all on a fourth-quarter over fourth-quarter basis).
The economy expanded in 2001 as well, albeit at a miniscule 0.2 percent rate.
And the March-to-November 2001 recession, the shallowest on record, no longer includes two back-to-back quarters of declining gross domestic product, which is the conventional definition of recession. (The National Bureau of Economic Research's Business Cycle Dating Committee, the official arbiter of expansions and contractions, doesn't use the level of GDP to designate the cycle's peaks and troughs.)
Herewith is a short list of hurdles the economy confronted, in no particular order of importance or chronology and freely adapted from various prognostications over the years:
-- a 40 percent drop in the broad U.S. stock market;
-- a 78 percent plunge in the technology-heavy Nasdaq Composite Index;
-- the biggest decline in capital spending since 1974-75;
-- a terrorist attack;
-- corporate accounting scandals;
-- two wars;
-- too much debt;
-- too little saving;
-- more than enough uncertainty;
-- a contested presidential election (2000);
-- a divisive presidential election (2004), the outcome of which held drastically different implications for business;
-- a record budget deficit;
-- a record current-account deficit;
-- no jobs;
-- no good jobs;
-- good jobs going overseas;
-- good companies going overseas;
-- $50 oil, which is a tax on the consumer;
-- an over-leveraged consumer;
-- a tapped-out consumer;
-- no pent-up demand;
-- no help from the world's No. 2 economy, Japan;
-- an end of the stimulus from tax cuts;
-- an end of the stimulus from mortgage refinancings;
-- a housing bubble;
-- a bubble in high-yield and emerging bond markets;
-- a Federal Reserve pushing on a string;
-- a liquidity trap (see string theory above).
While many of these notions were misplaced to begin with --tax cuts designed to increase incentives don't fade, and a demand- driven rise in oil prices isn't anything like a tax, which reduces output -- it's still an impressive list of obstacles.
What are we to make of the solid and increasingly broad-based growth in the face of all this adversity?
The first lesson is that an economy's natural tendency is to grow. Really it is. Unless you throw some nasty stuff at it -- higher taxes, excessive regulation, unnecessarily high real rates, a curtailment of individual freedoms -- people want to produce. They produce to profit, to have the means to buy whatever it is they want.
Supply creates its own demand (Jean-Baptiste Say). The Fed creates demand as well by increasing the money supply, which is a forgotten tool now expressed in terms of the level of interest rates (they aren't always proxies for one another). 
 
CLICK HERE FOR MORE
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Fed's Stern Says U.S. Economy Is on `Solid Ground,' Inflation to Stay Low
March 4 (Bloomberg) -- The U.S. economy is on `solid ground' and inflation ``will remain modest'' this year, said Gary Stern, president of the Federal Reserve Bank of Minneapolis.
``The economic expansion is on solid ground,'' Stern said in a speech to the Investment Analysts Society Conference in Chicago. ``Inflation will remain modest. I don't see the factors that are likely to build that will add inflationary pressure.''
U.S. employers added 262,000 workers in February, the most since October, suggesting companies have greater confidence in the economy. Wages were unchanged, allaying concern about faster inflation, the Labor Department said today. The unemployment rate, which is determined by a separate survey of households, rose to 5.4 percent from a three-year low of 5.2 percent in January.
Stern said job growth, consumer balance sheets and low interest rates all point to continued expansion in the U.S. economy and he projected output would be about 4 percent this year. He said high oil prices are the only ``wild card'' that he sees as a potential threat to the positive outlook.
``It looks to me like the basic fundamentals are positive and pretty solid,'' he said.
The Federal Open Market Committee forecast the economy would grow as much as 4 percent from the final three months of 2004 through the fourth quarter of this year, and unemployment will average 5.4 percent in the fourth quarter.
Inflation, as measured by the personal consumption expenditures index excluding food and energy will rise 1.5 percent to 1.75 percent, the Fed projected.
The Fed on Feb. 2 raised the U.S. benchmark interest rate by a quarter point to 2.5 percent, the sixth consecutive increase since June, and reiterated that further increases can come at a ``measured'' pace. Economists in a Bloomberg survey expect the Fed to raise the rate another 25 basis points at its meeting March 22.    
 
CLICK HERE FOR MORE

 

 

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, toll free, at 800-493-4444

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

* Recommendations and Newsletter prepared by Scott Joss, Non Member C.T.A.

Scott Joss is a 'non member' CTA and is providing 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 newsletter are in no way affiliated with ClearTrade, Inc. Likewise, sites linked through ClearTrade's newsletter are not necessarily connected with ClearTrade, nor do any such links imply an endorsement by either party.

ClearTrade, Inc. does not necessarily promote or endorse the services or publications described herein. Unless otherwise indicated, ClearTrade Inc. has had no role in the production or review of these products or services and makes no warranty, either expressed or implied, as to their contents, accuracy or performance.

Past results are no indication of future performance. Information provided in this newsletter is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Scott Joss is a 'non member' CTA and is providing recommendations to ClearTrade, Inc. clients. Scott Joss 'is a principal' of ClearTrade, Inc. and 'is a registered IB member' with the NFA.

NOTE: Past results are no indication of future performance. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.

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

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

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