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
•  COMING EVENTS AND DATA RELEASES

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

OCTOBER SUGAR (SB5V)
I’ve noticed in recent months that my technical information is being ‘circulated’ throughout the industry (without credit, I might add)! I only hope that sensible traders make appropriate adjustments to these 'trading modules' during the week as events warrant.
Each week I stress to traders that the Sugar ‘trading module’ I have developed is a long-term trade that may span a year or more to achieve. Because of the possible length of the trade, traders have been advised to establish long positions in March 2006 futures and options.
The positions in the March contract are based originally on daily, weekly, and monthly trade signals from the July contract and now, October trade signals.
October Sugar has been in a multi-year price advance which began from lows of 6.12 (2/13/04) to recent highs of 9.60 on 7/11/05 and again on 7/14/05.
Will the duo daily highs at 9.60 place a temporary ceiling on Sugar?
I continue to anticipate either a pullback or sideways trade in order to work off some excesses from the Sugar buying that has occurred over the last five-weeks.
This may occur or may not occur depending on companies like Cargill.
Cargill is a leading exporter of Brazilian sugar - and they’re also the largest operator of this commodity - in terms of export sales as well as in global sugar trading.
According to a June 22 report issued by the Institute of Agriculture and Trade Policy, CAFTA virtually guarantees a rising tide of duty-free ethanol exports from Caribbean and South American nations to the U.S.
Cargill, Inc. recently announced plans to use a little-noticed clause in the Caribbean Basin Initiative (CBI) to ship sugar-based, Brazilian ethanol into El Salvador for dehydration, then export to the U.S.
Under the CBI, up to 7 percent of total annual U.S. ethanol production -- made from a "foreign feedstock, i.e. sugar from another, non-CBI country," notes the IATP report -- can be exported to the U.S. duty-free if it is produced in any of the 24 nations covered by the Caribbean Basin Initiative.
(Ref: Alan Guebert)
Cargill is one of the key players in Sugar that continues to take delivery of Sugar via the futures market in lieu of purchasing through the spot cash market. Tricky strategy - but effective.
Why is it important to note this key component?
Futures and options typically expire every three months - in the case of Sugar each March, May, July and October.
Traders are able to view each Friday’s ‘commitment of traders’ report published by each exchange for each product. This report by law must specify the net long or short positions of large funds, small speculators and commercial funds.
It is natural for traders to view these long and short positions in futures as ‘one long equals - one short’ and when first notice day is posted until the last trading day - one must offset the other.
Wrong.
There is a function of futures that is quite unique.
Delivery. This is where a long position or short position can make or take delivery, thus forcing one side or the other to exit their position at exaggerated prices.
Last month Cargill took delivery of 90% of the spot July Sugar future contract.
Why would they do this?
Cargill, which is privately owned, has been and is still in the process of purchasing land in South America in the hopes that the CFTA treaty will be signed soon (between July 18th and July 28th) before Congress recesses for the summer July 31st.
What they appear to be establishing is:
1) Purchasing land to grow Sugar at significantly reduced prices.
2) Purchasing land to build ethanol plants.
So Cargill becomes not only the producer but supplier of Sugar and ethanol.
They not only purchase land, build sugar mills, ethanol plants on the cheap - but have access to cheap labor.
They control all aspects of production and use less expensive transportation to get their product to market.
If CAFTA is passed they establish themselves as a powerhouse in Sugar and ethanol.
CAFTA - in conjunction with the WTO will effectively drop tariffs and subsidies on Sugar - putting the U.S., EU, Africa, Caribbean, and British sugar farmers out of business.
Who comes out the winner? Brazil and those enmeshed in South American sugar and ethanol. Good-bye crude oil and socialist dictator Hugo Chavez of Venezuela, a thorn in President Bush’s side.
Rest assured…. I’m not making any political statements about CAFTA. I’m simply explaining why taking delivery of Sugar futures would benefit Cargill.
Taking delivery is a transparent way to buy Sugar, maintaining price support.
The lack of liquidation with the intent of taking delivery may increase the chances that if there were a price pullback, buyers would step in - supporting prices… or prices could continue up unabated by sellers.
Sugar closed Friday at 9.55, which is above its 100-day moving average of 8.93 and its 200-day moving average of 8.91.
Sugar has eight unfilled price gaps above the current market price. The first unfilled price gap above the current market price is between 11.72 and 11.80 (1/09/98).
Sugar had four unfilled price gaps below the current market price. The most recent price gap is between 9.39 and 9.45.
On 5/18/05, Sugar posted a weekly buy signal at 8.54.
On 6/17/05, Sugar posted an ‘intra-weekly’ buy signal at 9.04.
On 7/07/05, Sugar posted a major price breakout by posting a weekly close above past contract highs of 9.45 from 3/17/05.
On 7/13/05, Sugar posted a daily buy signal at 9.55.
On 7/15/05, Sugar posted its second weekly close above the major price breakout of 9.45 from 3/17/05.
Last week's high was 9.60.
Last week's low was 9.42.
Last month's high was 9.46.
Last month's low was 8.70.
WHAT DO THE CHARTS LOOK LIKE?
The daily Sugar chart has developed a bullish “W” formation or a one-two-three bottom.
The all-important middle of the “W” is at 8.65.
The long-term weekly Sugar chart has the same formation as the daily chart, which is a bullish “W” formation.
The all-important middle of the weekly “W” is at 8.85.
The long-term monthly Sugar chart, which supports the daily and long-term weekly charts, has not only one but also possibly two “W” formations developing.
The all-important middle of the first monthly “W” is at 8.85.
The all-important middle of the second “W” is at 11.40.
Our short-term objectives are 12.88 and 18.87.
The main caveat will be that Sugar maintains a foothold above the middle of the first correlating “W,” which is at 8.85.
The second caveat will be that Sugar maintains a foothold above the previous contract high of 9.45.
Last week I reviewed the past unfilled price gaps above the current market price so we could reference them quickly if the need presented itself.
1) Price gap between 11.72 and 11.80 (1/09/98).
2) Price gap between 13.50 and 13.61 (2/19/82).
3) Price gap between 19.80 and 19.85 (4/03/81).
4) Price gap between 25.85 and 26.20 (2/13/81).
5) Price gap between 31.25 and 31.30 (1/09/81).
6) Price gap between 33.85 and 35.05 (11/28/80).
7) Price gap between 51.20 and 53.20 (11/29/74).
8) Price gap between 59.20 and 61.10 (11/22/74).
Last week I discussed that Sugar had a well-defined upward trendline that began from lows of 8.32 through lows of 8.35, and lows of 8.77. If this trendline were touched, it would intersect at 9.10.
This week it appears the upward trendline has shifted from a 40 degree angle to a 50 degree angle.
The new upward trendline begins from lows of 8.77 through lows of 9.10 and if touched today would intersect at 9.35.
Last week I described some Sugar option facts and will provide updated information:
Last week Sugar options were ranked number 40 out of 45 - this week 37 out of 45 for a two-year ‘implied volatility’ average.
37) Sugar (SB) High 42.12% - Low 18.90% - Current 20.87%
Last week Sugar options were ranked number 39 out of 45 - this week 35 out of 45 for a one-year ‘implied volatility’ average.
35) Sugar (SB) High 33.54% - Low 18.90% - Current 20.87%
Sugar options have been ranked number 38 out of 45 - this week 34 out of 45 for a six-month ‘implied volatility’ average.
34) Sugar (SB) High 27.18% - Low 18.90% - Current 20.87%
What do these numbers boil down to?
Sugar options are still CHEAP!
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who either added to their existing long position or established long positions at the ‘intra-weekly’ buy signal of 9.04 were advised to move their stops below 9.10.
Aggressive traders who either added to their existing long position or established long positions at 9.13 were advised to move their stops below 9.10.
Options traders who purchased either March 1100 calls or March 1200 calls were advised to continue risking 100% of purchase price.
If Sugar first posts a higher high than last week’s high of 9.54, traders were advised to either add to their existing long positions or establish a long position, placing stops for this position only at 9.24.
WHAT SHOULD TRADERS DO NEXT WEEK?
Aggressive traders who either added to their existing long position or established long positions at the ‘intra-weekly’ buy signal of 9.04 are advised to move their stops below 9.15.
Aggressive traders who either added to their existing long position or established long positions at 9.13 are advised to move their stops below 9.15.
Options traders who purchased either March 1100 calls or March 1200 calls are advised to continue risking 100% of purchase price.
Aggressive traders who either added to their existing long position or established long positions at 9.56 are advised to move their stops to 9.48.
For Monday Sugar has a daily recommendation: buy when trades 9.58 - sell when trades 9.48.
If Sugar first posts a daily buy signal at 9.58 and posts a higher high than last week‘s high 9.60, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only at 9.39, which would fill the first downside gap.
If Sugar first pulls back to support at 9.24, traders are advised to either add to their existing long position or establish a long position, placing stops below 9.15.
If Sugar posts a close above 9.82, traders are advised to either add to their existing long position or establish a long position, placing stops for all positions below 9.45.
Conservative traders are advised to purchase either multiple March 1200 calls or March 1300 calls, risking 100% of purchase price.
Our next objective will be 10.66.
If Sugar posts a close above 10.66, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below 10.33.
If Sugar does post a close above 10.66, traders should prepare for a possible assault on the previous high and the second ‘W’ of 11.40.
Our next price objective will be the gap between 11.72 and 11.80 (1/09/98).
On the flipside…
If Sugar first posts a daily sell signal at 9.48, traders are not advised to establish a short position. However, traders are advised to place resting buy stop orders at 9.61 to either add to their existing long position or establish a long position.
If this scenario were to evolve, traders are advised to place their stops for this position only at 9.41.
If Sugar were to post a monthly close at or below 8.70, traders are to sit on the sidelines and wait for another trading opportunity.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?SB05V
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SB
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DECEMBER CORN (C5Z)
In my newsletter dated 6/26/05 I wrote: ‘this week would be a challenging one to trade grains technically.’
I included several trading scenarios for Corn because of bullish weather patterns and bearish cattle news.
I explained that the eventual outcome, if history repeated itself, was a major price advance towards the 330.00 level.
One ‘trading module’ I included was that corn may trade as low as 229.00. However, I further explained that Corn should recover within a week from 229.00 lows and begin a major price advance to highs of 331.25.
Traders were also advised that sometimes a crisis presents an opportunity and to think logically - not emotionally…. and manage risk.
December Corn has one unfilled price gap above the current market price between 282.00 and 282.50.
Corn on the long-term weekly chart has two unfilled price gaps. The first is between 302.50 and 307.25 (6/11/2004). The second between 9.95 and 9.96 from 1971.
Corn has three unfilled price gaps below the current market price. The most recent unfilled gap below the current market price is between 236.50 and 241.00 (7/05/05).
On 5/23/05, Corn posted an intra-monthly buy signal at 240.50.
On 7/13/05, Corn posted a major breakout above its ‘head and shoulders’ neckline.
Last week's high was 269.00.
Last week's low was 242.00.
Last month's high was 256.75.
Last month's low was 229.50.
WHAT DO THE CHARTS LOOK LIKE?
The daily December Corn chart had developed a distinct ‘head and shoulders’ bottom.
The left shoulder was established between 242.00 lows and 256.75 highs.
The head developed between 241.50 highs and 229.50 lows.
The right shoulder developed between 255.00 highs and 242.00 lows.
The all-important neckline was at 254.25.
On 7/13/05, December Corn penetrated the neckline and posted a close at 261.75.
The projection for the ’head and shoulders’ formation is 281.25.
How did I get this projection?
First, I took the highest point of the left shoulder at 256.75.
Next, I took the lowest point of the head at 229.50.
Next, I found the price of the neckline breakout at 254.25.
So let’s do the math:
256.75 - 229.50 = 27.25-cents
Next I added the 27.25-cents to the neckline breakout of 254.25.
254.25 + 27.25 = 281.50.
Voila …..Our first projection 281.50.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Traders who established a long position in December Corn on the intra-month buy signal of 240.50 (5/23/05) or below were advised to leave their stops below April’s low of 227.75.
Conservative traders who either purchased December 260 calls or December 270 calls were advised to continue to risk 60% of purchased price.
If December Corn posted a close above the all-important neckline at 254.50, traders were advised to either add to their existing long position or establish a long position, placing stops for this position only below 253.25.
Conservative traders were advised to either purchase December 260 calls or December 270 calls, risking 60% of purchased price.
If Corn posted a higher high than the breakout high of 265.00, traders were advised to either add to their existing long position or establish a long position, placing stops below 258.25 for this position only.
Our first objective is 281.50
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Traders who established a long position in December Corn on the intra-month buy signal of 240.50 (5/23/05) or below are advised to move their stops below the neckline of 254.50.
Traders who established a long position in December Corn on a close above the all-important neckline of 254.50 or above are advised to move their stops below the neckline of 254.50.
Traders who established a long position in December Corn on a higher high than the breakout of 265.00 are advised to leave their stops below 258.25.
Conservative traders who either purchased December 260 calls or December 270 calls are advised to risk 50% of purchased price.
If Corn first posts a higher high than last week’s high of 269.00, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below 265.00.
If Corn posts a close above 274.00, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below 265.00.
If Corn first pulls back to support at 260.50, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below last month’s high of 256.75
Our first objective will be 281.50.
Our second objective will be 284.50.
On the flipside….
If Corn posts a close below 242.00, traders are advised to sit on the sidelines and wait for another trading opportunity.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?C05Z
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?CZ

----------------------------------------------------
S&P 500 (SP5U)
Last week I discussed the possibility that the summer rally maybe in place. However, the September S&P would need a close at or above 1225.20 by the close of business July 29th.
The September S&P had been in an eight week price advance that began from lows of 1143.00 (4/20/05) to highs of 1225.20 (6/17/05).
Recently, the S&P had been in a three-week price decline that began from highs of 1225.20 to lows of 1186.50 (7/07/05).
Currently, the S&P has traded from lows of 1186.50 to highs of 1237.20 (7/14/05).
The S&P has two unfilled price gaps above the current market price. The most recent is between 1249.30 and 1250.80.
The S&P has four unfilled price gaps below the current market price. The most recent gap is between 1180.50 and 1184.50.
On 7/07/05, the S&P posted an ‘intra-week’ buy signal at 1208.60.
On 7/12/05, the S&P posted an ‘intra-month’ buy signal at 1225.20.
Last week’s high was 1237.20.
Last week’s low was 1216.70.
Last month’s high was 1225.20
Last month’s low was 1192.50.
WHAT DO THE CHARTS LOOK LIKE?
As long as the S&P 500 maintains a foothold above the highs of 1993 - which was 1111.50, the S&P are in an up-trend.
Major support for the S&P is at the current ‘intra-week’ buy signal 1208.60.
Minor support for the S&P is at the current ‘intra-month’ buy signal 1225.20.
If the S&P can post a monthly close at or above last month’s high of 1225.20 by the close of business July 29th, this would constitute a continuation of the current up-trend.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Traders who established a long position in the S&P at the ‘intra-week’ buy signal of 1208.50 were advised to keep their stops below 1192.50.
Traders that established a long position in the Emini S&P at the ‘intra-week’ buy signal of 1209.00 were advised to keep their stops below 1192.50.
If the S&P were to first post a higher high than last week’s high of 1217.00, traders were advised to either add to their existing long position or establish a long position, placing stops for this position only below 1203.20.
Our first objective would be an all out assault on recent highs of 1225.20.
If the S&P posted a weekly close above 1225.20, traders were advised to either add to their existing long position or establish a long position, placing stops for this position only below 1217.00.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Traders that established a long position in the S&P at 1208.50 are advised to move their stops below 1208.20.
Traders that established a long position in the Emini S&P at 1209.00 are advised to move their stops below 1209.00.
Traders that either added or established a long position in the S&P on a higher high than 1217.00 are advised to move their stops below 1209.00.
Traders that either added or established a long position in the S&P on a weekly close above 1225.20 are advised to move their stops below 1216.70.
If the S&P first pulls back to minor support at 1225.20, traders are advised to either add to their existing long position or establish a long position, placing stops for this position below 1216.70.
If the S&P first posts a higher high than last week’s high of 1237.20, traders are advised to either add to their existing long position or establish a long position, placing stops for this position below 1225.20.
Our short-term objective will be to fill the unfilled price gap above the current market price between 1249.30 and 1250.80.
Our long-term objective will be 1263.90
On the flipside…
If the S&P were to first post a higher high than last week’s high of 1237.20 yet post a weekly close below last week’s low of 1216.70, traders are to sit on the sidelines and wait for the monthly close of the S&P on July 29th.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?SP05U
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SP

CHART WATCH by Scott R. Joss (Non member C.T.A)*

Readers and clients call during the week and ask: What are you watching?

Watching can mean that the markets are developing a 'recommendation' or a chart pattern that has not yet fully developed - or may never develop.

During the course of the week or month it is not uncommon to find an `intra-day, intra-week or intra-month' recommendation that was previously not revealed when this newsletter was written.

Products that currently fit into this 'watch' category are listed below and should be 'watched.'

- DECEMBER SOYBEAN OIL (BO5Z)
- NOVEMBER SOYBEANS (S5X)
- SEPTEMBER WHEAT (W5U)
- DECEMBER SOYBEAN MEAL (SM5Z)
Last week I posted several grain products on ‘chart watch.’
Each is developing a possible monthly recommendation for August, which will not be revealed until the close of business July 29th.
It has been my experience that when a group of related products - in this case grains - are all developing potential monthly recommendations, it is time to step back and sit on the sidelines.
To quote Matthew Wilde: Iowa's biodiesel industry is about to explode, which could bring higher prices for local soybean farmers.

The state's three biodiesel plants now consume about 18 million bushels of soybeans annually, producing about 25 million gallons of the renewable fuel a year. But with one plant under construction, another breaking ground this month and five more in the planning stages, officials estimate the industry will eventually consume more than 200 million bushels a year, or about 40 percent of last year's crop.

Soybean prices could increase 17 cents per bushel on average as a result, according to Karen Anderson, director of marketing for the Iowa State Soybean Association.
WHAT SHOULD TRADERS DO?
Wait for possible monthly recommendations in these products to develop for August. This will give traders direction and momentum.
Monthly recommendations for these products will not be revealed until the close of business July 29th - which will be sent via email. However, if any of the previous month’s highs or lows is closed above or below, clients will be updated and advised during the trading week. If this should occur, I have developed trading modules for each product listed below. Please discuss this with your account executive.
DECEMBER SOYBEAN OIL (BO5Z)
Last month’s high was 2684.
Last month’s low was 2299.
- Possible ‘W’ formation.
Objective 2832
NOVEMBER SOYBEANS (S5X)
Last month’s high was 770.00.
Last month’s low was 660.50
- Possible ‘W’ formation.
Objective 811.50
SEPTEMBER WHEAT (W5U)
Last month’s high was 356.00.
Last month’s low was 320.50.
- Upside breakout objective 391.50
DECEMBER SOYBEAN MEAL (SM5Z)
Last month’s high was 2430.
Last month’s low was 2035.
- Possible ‘W’ formation.
Objective 2575
Last week I found it practical to let the locals (pit traders), hedge funds, and commercial funds search for price discovery and when the dust settles, our true direction will be revealed.
Bottom line: preserve your capital for future opportunities that will develop in these explosive markets.
----------------------------------------------------
SEPTEMBER US 30-YEAR BOND (US5U)
Last week I discussed that 30-year Bonds have been placed on ‘chart watch’ because of a possible monthly recommendation for August, which will not be revealed until the close of business July 29th.
The 30-year Bond has been in a six-week trading range between 115-26 lows and 119-23 highs.
Until bonds post a monthly close below 115-26 or a monthly close above 119-23, they appear to be in congestion.
Last week I explained my personal experiences for not writing calls (selling premium) while in an extended trading range. What lessons did I learn from my experiences?
1) Never sell premium… the risk is unlimited.
2) Options traders understand Deltas, Vegas, Gammas and Theoretical Prices but direction is not their strong suit.
3) My personal use of purchasing (buying puts and calls) options are strictly as a trading vehicle within a defined period.
WHAT SHOULD TRADERS DO NEXT WEEK?
Sit on the sidelines and wait until we post a close above 119-23 or below 115-26.
Last week Bonds posted lows at 115-29, which was just close enough to our breakdown at 115-26 for options traders to sell even more puts.
Let’s see if we bounce up next week and continue to develop a potential monthly recommendation for August. The next two weeks should be quite interesting as option traders tighten their own noose.
Be prepared for an explosive trading opportunity.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?US05U
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?US
----------------------------------------------------
DECEMBER GOLD (GC5Z)
This week I will place December Gold on ‘chart watch’ because of a possible monthly recommendation for August, which will not be revealed until the close of business July 29th.
This may turn out to be a more complex monthly recommendation.
Why more complex?
Because my gut feeling is Gold may also develop a monthly recommendation in August that would not be revealed until the close of business September 30th.
I might be wrong about this possible ’double’ monthly recommendation. However, if it were to occur - it would be explosive.
The caveat is we must continue in a trading range this month below 450.00 and above 421.70.
If all goes well - next month (August) we will need to remain below 444.00 and above 424.20.
I’ll keep all clients in the loop.

CURRENT 'MONTHLY' RECOMMENDATIONS
FOR JUNE:

There are no current monthly recommendations.

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in July for August. 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 July 29 and sent via email for August.

- U.S. 30-YEAR BOND
- SOYBEANS
- WHEAT
- SOYBEAN MEAL
- SOYBEAN OIL
- GOLD
- LUMBER
- LEAN HOGS
- PORK BELLIES

NOTE:

If you do not completely understand this information, you are advised to take NO action until speaking with your Account Executive.

ClearTrade, Inc. may be reached at 800-493-4444

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* 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.

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