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.
ClearTrade Contact Phone Numbers 

800-493-4444
773-561-9777
cleartrade.com
 

• 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) 

The June S&P has been in a four week price decline that began from contract highs of 1234.10 to recent lows of 1166.80.

There is one unfilled price gap above the current market price between 1199.50 and 1201.80.

There is one unfilled price gap below the current market price between 1039.20 and 1042.30.

In March, the S&P had a monthly recommendation: Buy When trades 1217.60 - Sell when trades 1188.80.

On the close of business March 31st the S&P 500 settled at 1183.90.

WHAT DO THE CHARTS LOOK LIKE?
I discussed for several weeks the implications if the S&P were to close below the 1188.80 level; that a close at or below this significant price level of 1188.80 was all-important to a change in trend.

Why a change in trend?

The June S&P for February posted monthly highs of 1217.50 and lows of 1188.90.

The June S&P for March posted monthly contract highs of 1234.10 and lows of 1166.80.

What all this means is the June S&P posted not only higher highs than the previous month, but contract highs. Then the S&P posted a lower low than the previous month and settled below the previous month’s low.

This price action not only posted an ‘intra-monthly’ sell signal, but because it was posted from contract highs - constituted a change in trend.

Does this mean the S&P will go straight down from the current price level?

Maybe yes, and maybe no.

The S&P’s on the daily chart appear to be forming an ‘M’ formation.

The first leg of the bearish ‘M’ formation began from lows of 1093.90 (10/25/04) to highs of 1227.00 (12/30/04).
The middle of the ’M’ formation was established on 1/24/05 at 1170.00.

The second leg down of the ’M’ formation began from contract highs of 1234.10 (3/07/05) to resent lows of 1166.80 (3/29/05).
Major upside resistance is at 1188.90.

On Friday the S&P posted an ‘intra-day’ sell signal at 1182.30, which will now be minor resistance.

The daily chart shows the S&P has posted several lows over the last 5-months supporting the now established ‘M’ formation.

On 11/08/04, the first low of 1167.50 was posted.

On 1/24/05, the second low - which is the middle of the ‘M’ - was posted at 1170.00.

On 3/29/05, the most recent low of 1166.80 was posted.

Support is between 1164.40 and 1170.00.

The S&P closed Friday at 1177.50.

Last week's high was 1193.50.

Last week's low was 1166.80.

Last month's high was 1234.10.

Last month's low was 1166.80. 

WHAT SHOULD TRADERS DO NEXT WEEK?

Traders who established a short position on the ‘intra-day’ sell signal of 1182.20 or below are advised to place their stops above 1193.50.

If S&P prices were to advance toward the ‘monthly’ sell signal of 1188.90, traders are advised to establish a short position, placing stops above last week’s high of 1193.50.

If the S&P were to post a new low from last week’s low of 1166.80, traders are advised to either add to their existing short position or establish a short position, placing stops for this position only above 1188.90.

If the S&P were to have multiple settlements below 1170.00, traders are advised to either add to their existing short position or establish a short position, placing stops for this position only above 1182.30.

If the S&P were to settle on a weekly basis below 1164.40, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1182.30.

If the S&P were to settle on a weekly basis below 1153.10, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1170.00.

If this were to occur our first objective would be 1140.10.

Our long-term objective from the ‘M’ measurement will be 1105.90.

On the flipside.....

If the S&P were to post a lower weekly low than last week‘s low of 1166.80, yet post a weekly close above last week‘s high of 1193.50, traders are advised to sit on the sidelines and wait. The implication of an ’intra-weekly’ buy signal may be the S&P would fill the previously mentioned unfilled price gap above the current market price between 1199.50 and 1201.80.

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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MAY ORANGE JUICE (OJ5K)
Two weeks ago I wrote on May orange juice because of a weekly recommendation: Buy when trades 101.75 - Sell when trades 98.75.
Traders were advised to establish a long position only on a pullback towards the upward trendline at 96.75. If Juice did not pullback, traders were to wait for another opportunity. If the pullback did occur, traders were to establish a long position, placing their stops below the gap at 94.95.
On 3/24/05, juice prices pulled back to 95.00.
On 3/29/05, juice posted a daily buy signal at 97.35.
Orange Juice has been in a 3-month price advance, which began from lows 80.10 to recent highs of 101.85.
Juice has two unfilled price gaps above the current market price. The most recent is between 115.00 and 116.50.
Juice has two unfilled price gaps below the current market price. The most recent is between 94.95 and 98.50.
WHAT DO THE CHARTS LOOK LIKE?
The last major high that Juice posted was on 8/13/02 at 106.00.
On the daily chart Juice has an upward trendline, which began from lows of 87.35 through lows of 95.00 and if touched today would be at 96.95.
The weekly chart shows Juice had developed a 'handle' formation between 69.20 lows and 89.40 highs.
The all-important upside breakout occurred at 87.40.
The projected measurement from this formation is to 107.60, which would challenge old highs of 106.00.
Last week's high was 100.90.
Last week's low was 95.30.
Last month's high was 101.70.
Last month's low was 88.60.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Juice has a daily recommendation: Buy when trades 100.55 - Sell when trades 99.10.
Juice has a weekly recommendation: Buy when trades 100.95 - Sell when trades 98.00.
Traders who have established long positions from 97.35 are advised to move their stops to 98.00.
If juice posts a daily buy signal at 100.55, traders are advised to either add to their existing long position or establish a long position, placing a stop at 97.35.
If Juice posts a weekly buy signal at 100.95, traders are advised to either add to their existing long position or establish a long position, placing all stops at 98.00.
If juice posts a close above 102.10, traders are advised to either add to their existing long position or establish a long position, placing all stops below 100.55.
Our first objective will be 107.60.
Our second objective will be 108.20.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?OJ5K
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?OJ
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JULY SOYBEANS (S5N)
July soybeans have been in a two month price advance that began from lows of 506.00 to contract highs of 696.00.
Soybeans for the past three weeks have been in a price range from 612.00 lows to 696.00 highs.
Soybeans have three unfilled price gaps below the current market price. The most recent is between 610.00 and 612.00.
Soybeans closed Friday at 622.00.
Last week's high was 664.50.
Last week's low was 616.00.
Last month's high was 696.00.
Last month's low was 612.00.
WHAT DO THE CHARTS LOOK LIKE?
At first glance it appears a skewed ‘head and shoulders’ top is developing.
The left shoulder was established between 612.00 lows and 644.00 highs.
The head developed between 696.00 highs and 629.00 lows.
The right shoulder is developing between 648.00 highs and Friday's lows of 616.00.
The shoulder line would be at 650.00, which was penetrated on 3/31/05.
The all-important neckline would be at 607.75.
The 200-day moving average is at 584.50.
The 100-day moving average is at 567.50.
  
WHAT SHOULD TRADERS DO NEXT WEEK?
If soybeans post a lower weekly low from last week at 616.00 and/or a lower monthly low at 612.00, traders are advised to place two resting buy stop orders to establish long positions. The first buy stop entry is at 664.75 and the second buy stop entry is at 696.25.
If the buy stop at 664.75 is elected, traders are to place stops below 644.00.
If the buy stop at 696.25 is elected, traders are advised to place all stops below 664.75.
If soybeans were to not post a new weekly and/or monthly low, yet post a close above 664.75, traders are advised to place a resting buy stop order to establish a long position at 696.25.
If this stop entry were to be elected, traders are advised to place stops below 664.75.
If either of these trading modules were to be elected, our objective would be 780.00.
On the flipside….
If soybeans were to first post a higher high from last week’s high of 664.50, yet post a close below 611.75, traders are advised to purchase July 600 puts.
Traders may be asking - why purchase July 600 puts?
It has been my experience, that if soybean prices were to decline rapidly, yet post a foothold above the 200-day moving average currently at 584.50, soybeans will again rally.
What we will attempt to accomplish is to utilize two important risk management tools by ‘forward feeding’. The first will be to limit any potential losses if soybeans were to rally before establishing a long futures position near 584.50. The second will be insurance, owning a July 600 put, if soybeans were to decline near 584.50. This will allow traders to comfortably establish their long futures position while limiting their risk.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?S05N
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?S
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JULY CORN (C5N)
I will begin discussions about July corn this week so traders can transition from the May contract.
July corn has been in a three week price decline, which began from highs of 238.00 to recent lows of 217.00.
Corn currently is above its 100-day moving average at 219.75.
Corn's 200-day moving average is at 234.75.
Corn has eight unfilled price gaps above the current market price. Let’s list the two most recent. The first is between 226.00 and 227.00. The second  between 232.00 and 232.50.
Corn has two unfilled price gaps below the current market price. The most recent is between 217.00 and 216.00. The second is between 210.25 and 210.50.
Corn posted a close Friday at 219.75.
Last week's high was 226.00.
Last week's low was 217.00.
Last month's high was 238.00.
Last month's low was 217.00.
WHAT DO THE CHARTS LOOK LIKE?
July corn may have posted a bullish ‘spread double’ bottom at the 217.00 price level, which will not be confirmed until corn closes on a weekly basis above 226.00.
On 2/22/05, corn posted a low at 217.25.
On 3/23/05, corn posted a low at 217.00.
On 3/24/05, corn posted a low at 217.00.
On 3/28/05, corn posted a low at 217.00.
On 4/01/05, corn posted a low at 217.00.
I think you get the point....
WHAT SHOULD TRADERS DO NEXT WEEK?
If corn first posts a lower low than last week’s and last month’s low of 217.00, traders are advised to place a resting buy stop entry order at 226.25 to establish a long position.
If corn elects the 226.25 entry, traders are advised to place their stops at 216.75.
Conservative traders are advised to purchase July 220 calls, risking 50% of purchase price.
If corn elects the 226.25 buy stop, traders are advised to enter a resting buy stop entry order at 238.25.
If corn elects the 238.25 entry, traders are advised to place their stops for this position only below 226.25.
Conservative traders are advised to purchase July 230 calls, risking 50% of purchase price.
If corn holds the 217.00 price level, traders are advised to establish a long position on a close above 226.25, placing stops at 216.75.
Conservative traders are advised to purchase July 220 calls, risking 50% of purchase price.
If corn posts a close above 238.25, traders are advised to place their stops for this position only below 226.25.
Conservative traders are advised to purchase July 230 calls, risking 50% of purchase price.
Our first price objective will be 235.00.
Our second price objective will be 259.00.
On the flipside…
If corn first posts a higher high above last week’s high of 226.00, yet posts a close below 217.00, traders are advised to purchase a July 220 put.
If corn posts a close below 217.00, traders are advised to purchase July 220 puts.
Again, traders may be asking - why purchase July 220 corn puts?
Just like the soybeans, it has been my experience that if corn prices were to decline early in the growing season, they will rally later. It’s a long growing season and anything can happen...even, dare I say it, a drought.
If an early decline in corn prices does occur, traders will be in position to establish a long futures position at the 208.00 price level - with July 220 puts as protection. Too good to be true…..
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?C05N
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?C
----------------------------------------------------
JUNE GOLD (GC5M)
Gold has been in a multi-year price advance, which began from lows of 255.10 to highs of 462.90.
Gold has been in a wide six month price consolidation between 413.50 lows and 462.90 highs.
For the past six weeks gold has traded in a price range between 414.00 lows and 451.70 highs.
For the past four weeks gold has traded in a price range between 414.00 lows and 450.80 highs.
For the last three weeks, gold has been trading between lows of 426.00 and 450.80 highs.
It appears gold is coiling, posting higher lows and lower highs.
Gold possibly has posted a ‘double’ bottom at 414.00.
Gold has two unfilled price gaps above the current market price. The first gap is between 431.30 and 431.70. The second price gap is between 437.50 and 438.50.
Gold closed Friday at 428.40.
Last week's high was 431.40.
Last week's low was 426.00.
Last month's high was 450.80.
Last month's low was 426.00.
WHAT DO THE CHARTS LOOK LIKE?
Gold’s 100-day moving average is at 438.00.
Gold’s 200-day moving average is at 425.00.
Gold may have a bullish ‘falling wedge’ on the daily chart.
The downward outside trendline of the falling wedge began from highs of 447.00 through highs of 442.90 and 430.70.
On 3/31/05, gold closed above the downward trendline, yet fell back Friday to 427.10 - touching the trendline.
The downward inside trendline of the falling wedge began from lows of 435.50 through lows of 432.60, and lows of 426.00.
If this were a falling wedge, gold must maintain a foothold above 426.00.
 
WHAT SHOULD TRADERS DO NEXT WEEK?
If gold were to post a lower low from last week’s low of 426.00, yet post a close above 431.40, traders are advised to establish a long position, placing stops below 426.00.
If gold were to post a close above 435.00, traders are advised to either add to their existing long position or establish a long position, placing stops for this position below 431.40.
If gold were to post a weekly close above 438.50, traders are advised to either add to their existing long position or establish a long position, placing all stops below 435.60.
If gold were to post a close above 447.60, traders should place a resting buy stop order entry at 450.90.
If the resting buy stop were to be filled, traders are advised to move all stops below 446.00.
Our first objective from the potential falling wedge would be 441.40.  
On the flip side....
If gold posts a higher high from last week’s high of 431.40, yet posts a close below 426.00, traders are advised to establish a short position, placing stops at 431.50.
If gold posts a close below 425.70, traders are advised to either add to their existing short position or establish a short position, placing stops at 431.50.
Our first objective will be 420.60.
If gold posts a weekly close below 414.00, traders are advised to either add to their existing short position or establish a short position, placing all stops above 421.80.
If gold were to post multiple closes below 414.00, our long-term objective will be between 365.80 and 377.20.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?GC05M
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WEEKLY CHART:
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?GC

- 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 COPPER (HG5K)
Copper is being placed in the ‘chart watch’ section because of an extended price consolidation. A potential breakout may occur tomorrow or in several weeks.
Let’s begin discussing copper this week so traders can be prepared if a breakout did occur.
Copper has been in a two year price advance that began from lows of 77.30 to recent highs of 152.10.
Recently, copper has been in a six week price consolidation between 144.30 lows and 152.10 highs.

Until copper can close on a weekly basis either below 144.30 or above 152.10 a trading range has been established.
Last week's high was 151.60.
Last week's low was 144.90.
Last month's high was 152.10.
Last month's low was 144.30.
Aggressive traders are advised to play both sides of the range until a breakout occurs. Conservative traders are to sit on the sidelines and wait for a trading opportunity.
If copper trades near its weekly high of 151.60, aggressive traders are advised to establish a short position, placing stops above last month’s high of 152.10.
If copper trades near its weekly low of 144.30, aggressive traders are advised to establish a long position, placing stops below last month’s low of 144.30. 
Aggressive traders are not to establish any positions unless copper approaches either its weekly high or weekly low. This way traders can manage their risk and limit any potential losses if they were to occur.
All other traders will wait for either a weekly, monthly recommendation or a breakout below 144.40 or above 152.10 to establish direction and momentum.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?HG5K
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?HG

CURRENT 'MONTHLY' RECOMMENDATIONS
FOR APRIL:

- NO MONTHLY RECOMMENDATIONS FOR APRIL

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in April for May 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 April 30th and sent via email for May use.
 
- Potential monthly recommendations for May will be listed in future newsletters.

 
WEEKLY FEATURE

Prospective Plantings report
 
By Bryan Doherty 
Stewart-Peterson
 
TOP FARMER WEEKLY PERSPECTIVE
The much awaited USDA Prospective Plantings report released on Thursday morning contained a small surprise, as it cast serious doubt that a big shift into corn acres will occur this year. Pre-report estimates by some analysts had acreage up as much as 3 million from last year.
Rust concerns for the upcoming bean crop were considered the primary catalyst for the higher acreage forecasts. The March 31 corn acreage estimate is 81.4 million, up 1% from last year and the largest since 1985. Soybean acreage is estimated at 73.9 million, down 2% from last year's record amount. All wheat acres are down 2%. It appears that farmers in the core of the Midwest are not switching from corn to soybeans.
For most of the winter, the big talk and news centered around corn and soybean acreage. The reaction after the report was uneventful. Bottom line, it looks like the media has made much ado about nothing.
There is little doubt, however, that you can expect to see much second guessing of the current numbers and how the final acreage estimate in June will set the record straight. Why waste your time worrying about acreage? It is likely that changes will be minimal from year to year. What is important, however, is weather.
How important is weather? As an example, say corn acres increased 2 million. At 150 bushel per acre yield, this equates to an additional 300 million bushels. However, weather could be responsible for a change of billions of bushels. The magnitude of weather is much more important to outlook than is a 1% or 2% change in acreage.

--------------------------------

Prospective Plantings report
 
By Bryan Doherty 
Stewart-Peterson
 
TOP FARMER WEEKLY PERSPECTIVE
The much awaited USDA Prospective Plantings report released on Thursday morning contained a small surprise, as it cast serious doubt that a big shift into corn acres will occur this year. Pre-report estimates by some analysts had acreage up as much as 3 million from last year.
Rust concerns for the upcoming bean crop were considered the primary catalyst for the higher acreage forecasts. The March 31 corn acreage estimate is 81.4 million, up 1% from last year and the largest since 1985. Soybean acreage is estimated at 73.9 million, down 2% from last year's record amount. All wheat acres are down 2%. It appears that farmers in the core of the Midwest are not switching from corn to soybeans.
For most of the winter, the big talk and news centered around corn and soybean acreage. The reaction after the report was uneventful. Bottom line, it looks like the media has made much ado about nothing.
There is little doubt, however, that you can expect to see much second guessing of the current numbers and how the final acreage estimate in June will set the record straight. Why waste your time worrying about acreage? It is likely that changes will be minimal from year to year. What is important, however, is weather.
How important is weather? As an example, say corn acres increased 2 million. At 150 bushel per acre yield, this equates to an additional 300 million bushels. However, weather could be responsible for a change of billions of bushels. The magnitude of weather is much more important to outlook than is a 1% or 2% change in acreage.
----------------------------------
The U.S. unemployment rate dropped from 5.4% to 5.2% in March. However, non-farm payrolls were up 110,000, less than expected and the smallest increase in eight months.
----------------------------------
The U.S. dollar was stronger against most currencies, even after the weak U.S. job numbers.
----------------------------------
June gold ended down $2.80 at $428.30 after a South African court ruled yesterday that all striking mine workers must go back to work.
----------------------------------
The ISM index of U.S. manufacturing slipped from 55.3 to 55.2 in March, as expected. Also, the ISM index of U.S. services was released two days ahead of schedule. That index increased from 59.8 to 63.1 in March.
----------------------------------
The University of Michigan's consumer confidence index fell from 94.1 to 92.6 in March.
----------------------------------
There appears to be no stopping crude oil prices, especially after Friday's prediction of $100+ per barrel by the Goldman Sachs Group. June crude oil jumped up $1.87 to close at $58.29.
June unleaded gasoline closed up 7.10 cents at a new contract high of $1.7461 after news of a refinery problem in Venezuela.
----------------------------------
Dry conditions have stressed soybean yields in southern Brazil there and now there is concern that too much rain farther north, in Mato Grosso, is said to be hurting the crop quality there. Fortunately for them, 51% of Brazil's soybean crop has already been harvested.
----------------------------------
Dow Jones Newswires said that crop forecasters in the Ivory Coast are expecting the cocoa mid-crop to total 250,000 tons, down from roughly 300,000 tons last year.
----------------------------------
The Florida Citrus Processors said that there were 139.2 million gallons of frozen concentrated orange juice in inventory as of March 26th, down 11% from a year ago.
----------------------------------
A confidence index of Japanese manufacturers dropped from 22 in December to 14 in March, weaker than expected.
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Weather Market Commentary
Weather and market report
by Craig Solberg
A snowstorm in the forecast for the eastern Midwest may seem like an April Fool's Day joke...but it's not. A storm system currently in the southern Plains will move east and northeast over the next 36 hours, spreading rain through the immediate Ohio River Valley and through much of Ohio. By late tonight and especially tomorrow, it looks very possible that the precipitation will change to snow in eastern Indiana and western Ohio, and places like Toledo, Mansfield, and Dayton could see significant accumulation. Whether it snows or not, southeastern Indiana and much of Ohio are in store for a lot of precipitation over the next 36 hours, with much of Ohio likely gauging well in excess of an inch. The same storm system will continue to pound the southeast with heavy amounts of rainfall. Southern Mississippi, Alabana, and much of Georgia already has seen a lot of rain over the past 2 days, but it is far from over for especially eastern Alabama, Georgia and the Carolinas were additional rains of 2-4" look likely over the next 36 hours. The entire Nation's midsection will dry out tomorrow night and some beautiful weather is in store for Sunday and Monday. A strong storm system will again take aim at the region on Tuesday, and its slow movement may keep precipitation in the forecast for the eastern Midwest through a part of next Friday. All in all, it is a pretty favorable outlook for the winter wheat crop in the Plains, and for fieldwork operations in the western Midwest. Too much wet weather though is a problem further east with regards to fieldwork and the condition of the soft-red winter wheat crop.
----------------------------------
USDA Drought Monitor

FED WATCH

Federal Reserve Remains Divided on Setting Inflation Target, Members Say
April 2 (Bloomberg) -- The Federal Reserve remains divided about setting an explicit inflation target for the U.S., leaving it an open question for the next chairman of the Federal Reserve to resolve, Fed policy makers said today.
``It will very much depend on the new chairman, what that person wants to do and how persuasive that person is,'' said Fed Governor Donald Kohn, an opponent of inflation targeting proposals advanced by policy makers such as Philadelphia Fed President Anthony Santomero.
Alan Greenspan, who has led the Fed since 1987, opposes a setting a numerical goal for inflation, contending it limits flexibility in responding to changing economic conditions. He will retire from the Fed Jan. 31, when his non-renewable term as governor ends. Santomero and Kohn debated the issue at a conference on the future of the Fed held at Princeton University's Center for Economic Policy Studies.
Santomero said inflation targeting would make the Fed more transparent to the public and anchor inflation expectations, helping give the Fed room to stimulate the economy when it's weak. Kohn said inflation targets are too rigid and would prevent the sort of ``flexible,'' ``risk-management'' approach to monetary policy followed under Greenspan.
The Federal Open Market Committee debated inflation targeting at its Feb. 1-2 meeting and did not reach a consensus, according to the minutes of the meeting.
 
http://www.bloomberg.com/news/economy/fedwatch.html

 

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

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

* 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.

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

ClearTrade, Inc.
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Suite 2104
Chicago, IL 60640

(800) 493-4444
(773) 561-9777 Voice
(773) 561-9775 Fax

Mailto:research@cleartrade.com 
http://www.cleartrade.com/ 


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

DISCLAIMER:

* COMING EVENTS AND DATA RELEASES:

Calendar provided by Briefing.com, Inc. Data is provided for informational purposes only, and is not intended for trading purposes. Neither ClearTrade, Inc. nor any of its data or content providers (such as Reuters, CSI, and Briefing.com) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Market recommendations are strictly the opinion of the writer and are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve substantial risk. In no event should the content of a market letter be construed as a promise that you will profit or that losses can or will be limited in any manner whatsoever.

Unless otherwise indicated, the links presented in this 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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