WELCOME TO THE JOSS REPORT - WEEKLY TRADE ADVISOR
The Joss Report's trading recommendations and weekly trade advisor 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 own technical analyst, Scott Joss*, is a veteran futures trader with twenty-eight years experience on and off the trading floor - as a technical analyst, pit trader, account executive handling arbitrage for Smith Barney, former member of the CBOT, non-member CTA and presently an IB. Scott prepares technical analysis in selected market groups when an opportunity presents itself and not only develops 'trading modules' on selected trading opportunities but 'feeds-forward', advising traders what to expect and how to react.
 At ClearTrade, we think it’s helpful to speak directly with traders who have requested The Joss Report research and/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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The Joss Report's Weekly Trade Advisor should be used in conjunction with the Joss Report's Daily Recommendations, Weekly Recommendations and Monthly Recommendations.

The Joss Report/Archived Weekly Trade Advisor 2005
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• TECH TALK - SUGAR - HEATING OIL - S&P 500
  - SOYBEANS - SILVER - YEN - COTTON - COCOA
•  CHART WATCH - US DOLLAR
•  CURRENT 'MONTHLY' RECOMMENDATION
•  FUTURES WATCH
•  COMING EVENTS AND DATA RELEASES

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

OCTOBER SUGAR (SB5V)
On 8/08/05, October Sugar posted a daily sell signal at 10.06 and began its long awaited price pullback from highs of 10.35. This was not a surprising development as price pullbacks in a bull market are deemed healthy. 
On 8/15/05, October Sugar posted a weekly sell signal at 9.76 and fell to fresh lows of 9.50.
Two weeks ago I wrote that October Sugar, unlike the back months, had formed a bearish ‘head and shoulders’ top. However, because the all-important ‘neckline’ could be construed two ways -  it would be necessary to study both.
The first ’neckline’, established from lows of 9.75 (8/01/05) and lows of 9.77 (8/11/05) had an upward sloping trendline that meant any price pullback would be shallow.
Let’s do the calculation for a shallow price pullback.
The left shoulder high on 7/26/05 was 9.99.
The left shoulders low on 8/01/05 was 9.75.
9.99 - 9.75 = 24.
Let’s subtract from the lows of 9.75 - 24 = 9.51.
The second ‘neckline’, established from lows of 9.75 (8/01/05) and lows of 9.73 (8/15/05) had a downward sloping trendline that meant any price pullback would be deeper than the previously mentioned formation.
Let’s do the calculation for a deep price pullback.
The high from the ‘head’ of the ‘head and shoulders’ top was 10.35.
The low from the right shoulder was 9.73.
10.35 - 9.73 = 62.
Let’ subtract from the lows of 9.73 - 62 = 9.10.
The question I posed last week was -  how much of a pullback was necessary to weed out the weak longs and work off excess buying that has occurred over the last fourteen-weeks?
Next week traders will get the critical answer to this question.
Let me ‘diverge’ for a moment to explain that the March contract chart has a very different pattern - which I contribute to spreading.
The spreaders, as I mentioned last week, appear to be rolling from the front month of October to the fast approaching front month of March.
In laymen’s terms, traders are selling October and buying March. The spread has varied from October prices trading 10 above March in price to the current spread of October prices trading 43 below March in price.
This spread differential has yielded 53 tic’s or $593.60 per spread. Not bad….  if you were on the right side.
In several weeks, when the March contract has established its role of front month due to volume and open interest, I will begin writing our ‘trading modules’ using the all-important March chart.
Each week I have stressed 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.
Let me continue discussing the March Sugar chart, which is so different from the October chart.
March Sugar began its current price advance from lows of 8.29 (5/05/05) to recent highs of 10.34 (8/04/05).
Recently, March Sugar developed a bullish downward flag formation.
The downward flag formation began from highs of 10.34 to lows of 9.85 (8/22/05).
On 8/24/05, March Sugar posted a daily buy signal at 9.97. Penetration of the downward sloping trendline of the flag formation occurred at 10.06.
On 8/24/05, March Sugar posted a potential weekly buy signal at 10.18, which would not be revealed until this past Friday’s close. Sugar would need a close at or above 10.18 for confirmation.
Friday, March Sugar posted an ‘intra-weekly’ buy signal by posting a close at 10.19.
March Sugar has the same upside gaps that I mention each week and is listed at the bottom of this ‘trading module.’
March Sugar has recently posted an unfilled price gap below the current market price between 9.96 and 10.00. Will March Sugar give traders one more opportunity to add to their established long positions? If March Sugar pulls back in price to 9.97, traders will have to decide.
The ‘Commitment of Traders’ report - published each Friday - indicated that the change in open interest decreased for the second week. Last week by -16,693 contracts and this week -7,354, posting a total open interest of 465,529 contracts. 
Last week, I expressed my long-term view that it’s quite possible that Non-Commercial Funds and many Commercial Dealers believe that Sugar is not just an agricultural product anymore but an energy source - which may be influenced by Crude Oil.
As energy prices move higher, many believe the alternative to alleviate this problem is the use of Sugar Ethanol.
Many believe Brazil, the world’s largest sugar grower, will divert more sugar to ethanol production -thereby leaving a gap between raw sugar supply and demand. 
Last week, I read a very interesting article from the Dow Jones Newswires about China. Here are some excerpts from that article:
.  Annual domestic sugar demand has exceeded output in the past several years, a trend likely to stay due to constrained crop acreage and rising consumption, Chinese state media reported late Monday.
In the first half of 2005, China imported nearly 600,000 metric tons of sugar. Full-year imports are expected to surpass 1 million tons, which will catapult China into the realm of major sugar importers, the official Xinhua News Agency reported.
China's sugar demand has been growing at an annual rate of more than 5%, and based on a conservative estimate, sugar demand will top 13.36 million tons by 2008, Li said.
 However, given the current sugar acreage, production capacity and technology, China can only produce a maximum of 13 million tons a year, Xinhua reported, citing Lin Weimin, vice president of a large sugar producer in Guangxi Zhuang Autonomous Region.
"Domestic sugar production will definitely be unable to reach that maximum level, because the limited arable land will increasingly be used to plant grains and other cash crops, instead of sugar," Lin said.

In addition, Thailand last week held their annual forward sale of sugar for the 2005-2006 crops. They had planed to sell 400,000 metric tons - however, at the last minute decided on selling only 48,000 metric tons. This decision may have been the result of their lower than normal crop size this year due to drought.
Also in the news this week was the U.S. Because of tight sugar supplies, the U.S. hiked its sugar import tariff-free quota by 17,000 metric tons to 100,000 tons.  
Queensland State, that produces 75% of Australia’s sugar, reiterated a raw sugar production of 4.7 million metric tons. However, the annual cane crush is running well behind schedule.
Many cane-growing areas in Australia have had unseasonable winter rain during the cane-crushing season. This could be beneficial by potentially boosting output of cane and sugar.  However, with rains come delays in harvest. It is reported that they are anywhere from two to four-weeks behind schedule. If the monsoons arrive early in December, Queensland may see a drop in state production from 4.8 million tons in 2004 to below their current estimate of 4.7 million tons for 2005.
Meantime, Brazil is filing a request with the World Trade Organization to stipulate a time frame for the dismantling of the European Unions sugar subsidies program.  
WHAT ARE THE TECHNICALS OF SUGAR?
My belief technically and fundamentally is that sugar prices will go much higher - not only in the short-term but in years to come - based on two very bullish ’W’ formations. These ’W’ formations have developed on the daily, weekly and monthly charts.  In addition, Sugar in 2004 posted an ‘intra-yearly’ buy signal at 8.85.
On 9/09/05, October Sugar options expire.
On 9/22/05, the all-important Sugar and Sweeteners Outlook Summary will be released.
On 9/30/05 is the last trading day for October Sugar futures.
October Sugar has been in a multi-year price advance which began from lows of 6.12 (2/13/04) to recent highs of 10.35 (8/04/05).
Recently, Sugar has traded from highs of 10.35 to lows of 9.50 (8/22/05).
October Sugar has attempted for the last two-weeks to close below its 40-day moving average and 50-day moving average - which as of Friday was at 9.73 and 9.54, respectively.
Sugar closed Friday at 9.76, which is above its 100-day moving average of 9.13 and its 200-day moving average of 9.08.
October 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).
October Sugar has no unfilled price gaps below the current market price.
Listed below are the original signals that Sugar has posted in the last fourteen-weeks.
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.
On 7/21/05, Sugar posted an ‘intra-day’ buy signal at 9.55.
On 7/22/05, Sugar posted an ‘intra-week’ buy signal at 9.60.
On 7/22/05, Sugar posted its third weekly close above the major price breakout of 9.45 from 3/17/05.
On 7/25/05, Sugar posted a daily buy signal at 9.74.
On 7/29/05, Sugar posted its fourth weekly close above the major price breakout of 9.45 from 3/17/05.
On 8/01/05, Sugar posted an ‘intra-day’ buy signal at 10.00.
On 8/02/05, Sugar posted an ‘intra-week’ buy signal at 10.00.
On 8/08/05, Sugar posted a daily sell signal at 10.06.
On 8/15/05, Sugar posted a weekly sell signal at 9.76.
On 8/24/05, Sugar posted a daily buy signal at 9.66.
Last week's high was 9.89.
Last week's low was 9.50.
Last month's high was 9.99.
Last month's low was 9.10.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who either added to their existing long position or established long positions for the last several weeks below 9.45 were advised to leave their stops below 9.60. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops need to be below the original breakout of contract highs of 9.45).
Options traders who purchased either March 1100 calls or March 1200 calls were advised to continue risking 100% of purchase price. (The options purchased were designed for the long-term trader). 
Aggressive traders who either added to their existing long position or established long positions on a price pullback to support at 9.75 were advised to leave their stops below 9.60. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops need to be below the original breakout of contract highs of 9.45).
If Sugar first posted a lower low than the previous week’s low of 9.60 yet reverses, traders were to place resting buy stop orders at 9.93 to either add to their existing long position or establish a long position, placing all stops at 9.59.
On the flipside…
If Sugar first posted a lower low than the previous week’s low of 9.60, traders were to prepare for an assault on the 50-day moving average of 9.54.
If long futures traders were stopped out of the market, they were advised to sit and wait for the next progression of buy signals before re-entering the Sugar market.
Normally, I would suggest the short or long side of any market when it reverses and posts signals.  However, I was reluctant to establish any short positions in Sugar because of the bullish ‘W’ formations on the daily, weekly and monthly charts.
If Sugar posted a close below 9.45, traders were to prepare for an assault on the original breakout at 9.30.
WHAT SHOULD TRADERS DO NEXT WEEK?
Monday will be an interesting day because the London markets are closed for a holiday. That means LIFFE sugar; cocoa and coffee will be closed. Will Sugar traders be aggressive or lackluster?
October LIFFE sugar closed on its highs Friday at 301.60, which is well above recent contract highs of 295.10.
For Monday, October Sugar has a daily recommendation: buy when trades 9.80 - sell when trades 9.66.
Aggressive traders who either added to their existing long position or established long positions for the last several weeks below 9.45 are advised to leave their stops below 9.60. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops need to be below the original breakout of contract highs of 9.45).
Options traders who purchased either March 1100 calls or March 1200 calls are advised to continue risking 100% of purchase price. (The options purchased were designed for the long-term trader). 
Aggressive traders who either added to their existing long position or established long positions on a price pullback to support at 9.75 are advised to leave their stops below 9.60. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops need to be below the original breakout of contract highs of 9.45).
If Sugar first posts its daily buy signal at 9.80, traders are advised to either add to their existing long position or establish a long position, placing stops for this position below 9.50.
If Sugar first posts a higher high than last week’s high of 9.89, traders are advised to either add to their existing long position or establish a long position, placing stops for this position at 9.49.
If Sugar posts a higher high than last months high of 9.99, traders are to prepare for an assault on contract highs of 10.35.
If Sugar posts a monthly close above 10.35, traders are advised to either add to their existing long positions or establish a long position, placing all stops below 9.89.
Our first objective will be 10.51.
Our second objective will be to fill the first of eight unfilled price gaps above the current market price at 11.80.
On the flipside…
If Sugar first posts its daily sell signal at 9.66, traders are not advised to establish a short position but should place resting buy stop entry orders at 9.80 either to add to their existing long positions or to establish a long position.
If this were to occur, traders are advised to place stops for this position only at 9.49.
If Sugar first posts a daily sell signal and posts a monthly close below 9.50, traders are to prepare for an all out attack on the old contract highs of 9.45.
If long futures traders are stopped out of the market, they are advised to sit and wait for the next progression of buy signals before re-entering the Sugar market.
If Sugar were to post a weekly close below the original breakout at 9.30, traders are to prepare for an assault on the 100-day and 200-day moving average at 9.06 and 9.02, respectively -  and possibly the monthly lows for July at 9.10
If Sugar were to post a monthly close at or below 9.10, traders are still advised to sit on the sidelines and wait for another trading opportunity.
Each week I will continue to post Sugar’s past unfilled price gaps above the current market price so we can reference them quickly if the need presents 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).
For many weeks I’ve described some Sugar option facts and will continue to provide updated information:
Last week Sugar options for a two-year ‘implied volatility’ average were ranked number 31 out of 45 - this week 25 out of 45 .
25) Sugar (SB) High 42.12% - Low 18.90% - Current 22.55%

Last week Sugar options for a one-year ‘implied volatility’ average were ranked number 28 out of 45 - this week 19 out of 45
19) Sugar (SB) High 33.54% - Low 18.90% - Current 22.55%
Sugar options for a six-month ‘implied volatility’ average were ranked number 24 out of 45 - this week 13 out of 45 .
13) Sugar (SB) High 27.18% - Low 18.90% - 22.55%
Options are moving higher.
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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OCTOBER HEATING OIL (HO5V)
October Heating Oil has been in a three-month price advance that began from lows of 1.3950 (5/16/05) to recent highs of 1.9600 (8/12/05).
Recently, Heating Oil has traded from highs of 1.9600 to lows of 1.7930 (8/18/05).
Currently, Heating Oil has traded from lows of 1.7930 (8/18/05) to highs of 1.9140 (8/25/05).
Heating Oil has no unfilled price gaps above the current market price.
Heating Oil has several unfilled price gaps below the current market price. The first unfilled gap is between 1.7750 and 1.7900.
On 7/25/05, Heating Oil posted a daily buy signal at 1.6605.
On 8/05/05, Heating Oil posted a daily buy signal at 1.7595.
For next week, Heating Oil has a ‘Coil’ weekly recommendation: buy when trades 1.9145 - sell when trades 1.8225.
Note: Heating Oil is a volatile product and is for aggressive traders only - not for the faint of heart.
Clients must have an equity to risk ratio of no more than 10% to trade this product.
That means the risk trading the ‘weekly’ recommendation in Heating Oil is this week $3,864; you must have an account size of $40,000 per contract.
If you do not fit this profile, I suggest that traders consult their account executive and consider an options strategy.
Last month’s high was 1.8316.
Last month’s low was 1.6250.
WHAT DO THE CHARTS LOOK LIKE?
Heating Oil has a well-defined upward parallel channel.
The bottom of the channel began from lows of 1.3990 through lows of 1.6250 and if touched today would intersect at 1.7670.
Heating Oil must maintain a foothold above 1.7980 to continue its upward momentum.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Last week Heating Oil had a weekly recommendation: buy when trades 1.9395 - sell when trades 1.7925.
Neither the weekly buy signal at 1.9395 nor the weekly sell signal at 1.7925 was posted.
WHAT SHOULD TRADERS DO NEXT WEEK?
As I previously mentioned, Heating Oil has a ‘Coil’ weekly recommendation for next week.
A ’Coil’ weekly recommendation indicates a major move is imminent.
For next week, October Heating Oil has a week recommendation: buy when trades 1.9145 - sell when trades 1.8225.
If Heating Oil first posts its weekly buy signal at 1.9145, aggressive traders are advised to establish a long position, placing stops at the weekly sell signal 1.8225.
Our first objective will be a challenge of contract highs at 1.9600.
If Heating Oil first posts a higher weekly high than contract highs of 1.9600, aggressive traders are advised to either add to their existing long position or establish a long position, placing stops at the weekly sell signal of 1.8225.
Our second objective will be 2.0065.
On the flipside…
If Heating Oil first posts its weekly sell signal at 1.8225, aggressive traders are advised to establish a long position, placing stops at the weekly buy signal 1.9145.
Our first objective will be a challenge of support at 1.7980.
If Heating Oil first posts a close below support of 1.7980, aggressive traders are advised to either add to their existing short position or establish a short position, placing stops at the weekly buy signal 1.9145.
Our second objective will be 1.7305.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?HO05V
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WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?HO
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S&P 500 (SP5U)
In my newsletter dated 7/31/05, I wrote about my concerns that the S&P “was not in the right hands.” Many indicators had shown divergences that were inconsistent with the new highs that were posted at 1248.00 and at 1248.40.
Last week I addressed and wrote extensively on my past personal observations which explain why I believe the S&P is not in the right hands.
My example included a past experience when Smith Barney called me to inquire about the technical graph of the 30-year bond.
Traders hands, face in, were buying at a frenzied pace.
The noise level was like a symphony, growing with every price movement upward. Then came the crescendo and I realized the upward momentum was ending.
We had reached a market top.
Why a market top?
Because prices were moving up but Bonds were in the wrong hands. The small speculator, which included the pit traders, were all long. The commercial hedger, such as Smith Barney, had stopped buying long before this point.
Bond prices were being held up by traders that did not have any real purpose to be long… other than greed; they were speculators not hedgers. Hedgers (Commercials) have a purpose to buy or sell because they are always trying to neutralize their portfolio and risk.   
My conclusion was that the S&P was and is still not in safe hands. The indicators continue to warn me that the hedgers are continuing to take profits and/or neutralizing their positions. 
Traders need to continue to remain cautious and on high alert for a continuation of renewed price failure and view the recent highs mentioned above as a bearish ‘spread double top’.
The September S&P has been in a four-week price advance that began from lows of 1186.50 (7/07/05) to highs of 1248.40 (8/03/05).
Currently, the S&P has been in a downward price decline that began from highs of 1248.40 to recent lows of 1205.00.
The S&P has three unfilled price gaps above the current market price. The most recent unfilled price gap 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.
Listed below is the current progression of trade signals the September S&P has generated.
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.
On 7/20/05, the S&P posted an ’intra-day’ buy signal at 1233.90.
On 7/25/05, the S&P posted a ‘daily’ buy signal at 1238.10.
On 7/27/05, the S&P posted a ‘daily’ buy signal at 1237.60.
On 8/05/05, the S&P posted a ‘weekly’ sell signal at 1230.80.
On 8/12/05, the S&P posted a daily sell signal at 1229.90.
On 8/24/05, the S&P posted an ‘intra-day’ sell signal at 1215.40.
On 8/26/05, the S&P posted a ‘daily’ sell signal at 1210.30.
 
Last week’s high was 1230.90.
Last week’s low was 1205.00.
Last month’s high was 1248.00.
Last month’s low was 1186.50.
WHAT DO THE CHARTS LOOK LIKE?
Major resistance for the S&P is at 1225.20.
Minor resistance for the S&P is at 1208.60.
A monthly close below 1225.20 is needed for further price erosion.
On 8/05/05, the S&P posted a weekly sell signal at 1230.80.
Adding some significance to this weekly sell signal at 1230.80 is the fact that it was posted after establishing new contract highs at 1248.40.
This could be a precursor to a trend change and a price failure in the weeks and months ahead - especially if the S&P were to close at or below 1186.50 by the close of business August 31st.
Why is the 1186.50 level so important?
The high for the S&P was 1248.00 for July.
The high for the S&P was 1248.40 for August.
The low for the S&P was 1186.50 for July.
If the S&P were to post a monthly close - which ends August 31st -  at or below 1186.50,  this would constitute a major trend reversal that should prompt continued price erosion.
For many weeks I have expressed concern that one indicator in particular has stood out as a caution to traders…..the VIX index.
During periods of market turmoil, the VIX spikes higher, largely reflecting the panic demand for OEX puts as a hedge against further declines in stock portfolios. During bullish periods, there is less fear and therefore less need for portfolio managers to purchase puts.
The VIX has been in an approx. two-year downturn, beginning from highs of 23.26 (9/30/03) to recent lows of 9.88 (7/20/05).
Currently, the VIX has moved from lows of 9.88 to highs of 14.20 (8/26/05), which has not been visited since 5/18/05.
The S&P is moving the opposite of the VIX and has developed a well-defined downward channel.
Last year’s high for the S&P was 1219.70.
Last year’s lows were 1060.20.
Why should these highs and lows matter?
We need to develop our current ‘trading module’ to be inclusive of a possible yearly trend reversal.
The S&P 100-day and 200-day moving average is at 1203.70 and 1202.10, respectively.
Last year’s high for 2004 was 1219.70.
This year’s high for 2005 was 1248.40.
Last year’s low for 2004 was 1060.20.
If the S&P were to close at or below 1060.20 by the close of business on December 30th, this would constitute a yearly trend reversal and a possible collapse of the Stock Market.
Where would the S&P go if this were to occur?
Our long-term objective would be the unfilled price gap below the current market price at 804.70 (3/12/03).
Does this mean a recession?
The yield curves on the short to long-term yields are suggesting this may be the case.
The rule of thumb, which many pundits disagree with is when the yield curve flattens, a recession should occur within six to eight-months.
Time will tell.
Nevertheless, let’s be prepared.
Remember, we are still in a Mega-Bear market with occasional cyclical upward price movements.
The Bear market began back in 2000.
The bulls need to take out 1574.00 highs to neutralize the bear market cycle.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who established a short position at the weekly sell signal of 1230.80 were advised to leave stops at 1248.50 for now.
Conservative traders who established a short position in the Emini S&P at the weekly sell signal of 1231.00 were advised to leave stops at 1248.50 for now.
If the S&P first posted a lower low than last week’s low of 1217.40, traders were advised to move their stops to 1238.60.
If the S&P posted multiple closes below 1216.70, aggressive traders were advised to either add to their existing short position or establish a short position, placing stops for this position only above 1230.80.
Conservative traders were advised to use the Emini S&P as their trading vehicle.
If the S&P posted a close below 1208.50, traders were advised to either add to their existing short position or establish a short position and prepare for an all out attack on the 1200.70 support level.
If this were to occur, traders were advised to move all stops above 1224.30.
Conservative traders were advised to use the Emini S&P as their trading vehicle.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Aggressive traders who established a short position at the weekly sell signal of 1230.80 are advised to move their stops above 1230.80 for now.
Conservative traders who established a short position in the Emini S&P at the weekly sell signal of 1231.00 are advised to move their stops above 1230.80 for now.
Aggressive traders who either added to their short position or established a short position on a lower low than the previous week’s low of 1217.40, are advised to move their stops above 1230.80 for now.
Aggressive traders who either added to their short position or established a short position on multiple closes below 1216.70 are advised to move their stops above 1230.80 for now.
Conservative traders are advised to continue to use the Emini S&P as their trading vehicle.
Aggressive traders who either added to their short position or established a short position on a close below 1208.50 are advised to move their stops above 1225.20 for now.
If the S&P first posts a lower low than last week’s low of 1205.00, aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops at 1231.00.
If the S&P posted a close below 1200.70, aggressive traders are advised to move all stops above 1225.20 and prepare for an assault on the monthly lows for July at 1186.50.
Conservative traders are advised to continue to use the Emini S&P as their trading vehicle.
Our objective will be the unfilled price gap below the current market price between 1180.50 and 1184.50.
If the S&P were to post multiple closes below 1180.50, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1205.00.
On the flipside…
If the S&P first posts a lower low than last week’s low of 1205.00 yet reverses, posting a close above last week’s high of 1230.90, traders are advised to sit on the sidelines and wait for another trading opportunity.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?SP05U
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SP
----------------------------------------------------
NOVEMBER SOYBEANS (S5X)
In my July 31st newsletter I began developing a ‘trading module’ for November Soybeans.
November Soybeans had been in an eighteen-week price advance from lows of 519.50 (2/09/05) to highs of 770.00 (6/22/05).
Soybeans had been in a volatile trading range between 751.00 highs and 666.00 lows.
Note: This product is extremely volatile and should only be traded by aggressive traders. This is not for the inexperienced trader or the faint of heart.
Clients were cautioned that they must have an equity to risk ratio of no more than 9% to trade this product.
At the inception of this ‘trading module,’ that meant if the risk in Beans was $4,275 - you must have an account size of $39,000 per contract.
If you did not fit this profile, I suggested that traders consult their account executive and consider an options strategy.
Does that mean traders shouldn’t establish a short position or add to their short positions?
No, but traders need to be cautioned that they must have an equity to risk ratio of no more than 9% to trade this product.
Soybean’s 100-day moving average is at 662.50 and 200-day moving average is at 617.75.
Soybeans have two unfilled price gaps below the current market price. The most recent gap is between 547.00 and 551.50.
Soybeans have three unfilled price gaps above the current market price. The first gap is between 610.00 and 611.50. The second gap is between 640.00 and 644.25
Soybeans had - and still have a monthly recommendation for August: buy when trades 751.25 - sell when trades 665.75.
The monthly recommendation will not be confirmed until the close of business August 31st.
On 8/05/05, Beans posted a weekly sell signal at 669.75.
On 8/05/05, Beans posted an unconfirmed monthly sell signal at 665.75.
On 8/09/05, Soybeans confirmed a breakout on the downside by closing below 660.50.
On 8/12/05, Beans posted an ‘intra-day’ sell signal at 649.00.
On 8/19/05, Beans posted a daily sell signal at 619.25.
 
Last week’s high was 626.00.
Last week’s low was 595.50.
Last month’s high was 751.00.
Last month’s low was 666.00.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who established a short position at the weekly sell signal of 669.75 were advised to move their stops above 666.00.
Aggressive traders who either added to their existing short position or established a short position at the unconfirmed monthly sell signal of 665.75 were advised to move their stops above 666.00.
Aggressive traders who either added to their existing short position or established a short position at the second posting of the unconfirmed monthly sell signal of 665.75 were advised to move their stops above 666.00.
Conservative traders who purchased November 620 puts were advised to risk 30% of current market value.
If Beans first post a lower low than last week’s low of 604.25, aggressive traders were advised to either add to their existing short position or establish a short position, placing stops for this position only at 655.50.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
For Monday, Soybeans have a daily recommendation: buy when trades 603.75 - sell when trades 597.25.
Aggressive traders who established a short position at the weekly sell signal of 669.75 are advised to move their stops above 630.00.
Aggressive traders who either added to their existing short position or established a short position at the unconfirmed monthly sell signal of 665.75 are advised to move their stops above 630.00.
Aggressive traders who either added to their existing short position or established a short position at the second posting of the unconfirmed monthly sell signal of 665.75 are advised to move their stops above 630.00.
Conservative traders who purchased November 620 puts were advised to risk 30% of current market value.
If Beans first post a daily buy signal at 603.75, aggressive traders are advised to place a resting sell stop order at 595.25 to either add to their existing short position or establish a short position, placing stops for this position only at 626.25.
If Beans first post a higher high than last week’s high of 626.00, aggressive traders are advised to place a resting sell stop order at 595.25 to either add to their existing short position or establish a short position, placing stops for this position only at 626.25.
If Beans first post a lower low than last week’s low of 595.25, traders are advised to move all stops to 626.25.
Our next objective will be 581.00.
If Soybeans were to close on a monthly basis at or below 581.00, traders are to prepare for an all out assault on the unfilled price gap between 547.00 and 551.50.
If this were to occur traders are advised to move all stops above 603.50.
On the flipside…
If Beans were to post a close above 666.00, aggressive traders are to sit on the sidelines and wait for another trading opportunity.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?SP05U
------------
WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?SP
----------------------------------------------------
SEPTEMBER JAPANESE YEN (JY5U)
Several weeks ago, I began developing a ‘trading modules’ for the Yen.
The Yen had been in a ten-week down trend from highs of .9710 to lows of .8844.
Recently, the Yen has traded from lows of .8844 to highs of .9202.
On 7/20/05, the Yen posted lows of .8844.
On 7/22/05, the Yen posted highs of .9152.
On 8/10/05, the Yen posted a daily buy signal at .8992.
The Yen has two unfilled price gaps above the current market price. The most recent is between .9523 and .9560.
The Yen has no unfilled price gaps below the current market price.
The Yen appeared to have made a bullish ‘double reversal’ from lows of .8923.
The all-important breakout was at .9152.
The projection from this formation is .9460. 
The Yen’s 100-day moving average is at .9260.
The Yen’s 200-day moving average is at .9508.
Last month’s high was .9152.
Last month’s low was .8884.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who established a long position at the daily buy signal of .8992 were advised to move their stops below .9023.
WHAT SHOULD TRADERS DO NEXT WEEK?
For next week, the September Yen has a weekly recommendation: buy when trades .9167 - sell when trades .9052.
Aggressive traders who established a long position at the daily buy signal of .8992 are advised to move their stops to the weekly sell signal at .9052.
If the Yen first posts a weekly buy signal at .9167, aggressive traders are advised to either add to their existing long position or establish a long position, placing stops at .9052.
If the Yen posts a close above .9236, aggressive traders are advised to either add to their existing long position or establish a long position, placing stops for all positions below .9167.
If the Yen posts a close above .9312, aggressive traders are advised to either add to their existing long position or establish a long position, placing stops for all positions below .9236.
Our first projection is .9460. 
On the flipside…
If the Yen first posts its weekly sell signal at .9052, aggressive traders should prepare for a price failure.
If the Yen posts a weekly close below .8915, aggressive traders are advised to establish a short position, placing stops above .9052.
If the Yen posts a monthly close at or below .8844, aggressive traders are advised to either add to their existing short position or establish a short position, placing stops for all positions above .8915.
If this were to occur, our downside objective would be .8436.
Next week I will advise traders on the rollover from the September contract to the December contract.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?JY05U
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?JY
----------------------------------------------------
DECEMBER COTTON (CT5Z)
It appears December Cotton has posted a bearish ‘double reversal’ formation to go lower.
Cotton has been in an eight-week price decline that began from highs of 57.20 (7/05/05) to recent lows of 47.76 (8/19/05).
Cotton has recently posted lows of 47.80 on 8/15/05 and 47.76 on Friday.
Last week I posed the question: ‘will Cotton try to use these lows as a stopping point and post a mini ‘spread double’ bottom?’
This week I am wondering if the ‘double bottom’ will hold because the current formation appears to be a ‘reverse right triangle’.
On 8/04/05, Cotton posted a daily sell signal at 52.19.
On 8/10/05, Cotton posted a close below the ‘M’ or middle of the ‘double reversal’ at 51.09.
On 8/24/05, Cotton posted an ‘intra-day’ sell signal at 48.64.
Cotton’s 100-day moving average is at 53.15.
Cotton’s 200-day moving average is at 52.12.
Last week’s high was 49.80.
Last week’s low was 48.10.
Last month’s high was 57.20.
Last month’s low was 49.36.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders that established a short position at the daily sell signal of 52.19 were advised to leave stops above 49.90. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops needed to be above the June lows of 50.01).
Aggressive trader’s that established a short position at 51.09 or lower were advised to leave stops above 49.70. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops needed to be above the June lows of 50.01).
Our next downside objective will be 46.27.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Cotton has a daily recommendation for Monday: buy when trades 48.51 - sell when trades 48.14.
Aggressive traders that established a short position at the daily sell signal 52.19 are advised to leave stops above 49.90. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops needed to be above the June lows of 50.01).
Aggressive traders that established a short position at 51.09 or lower are advised to leave stops above 49.70. (Traders and their account executives need to discuss this suggested stop. I advised my clients that their stops needed to be above the June lows of 50.01).
If Cotton first posts its daily buy signal at 48.51, aggressive traders are not advised to establish a long position but are advised to place resting sell stop orders at 47.75.
If this should occur traders are advised to move all stop orders to 49.81.
Our next downside objective will be 46.27.
On the flipside…
If Cotton first posts a lower low than last week’s low of 48.10 yet reverses, traders are to move all existing stops to 49.81.
If Cotton posts a close above 49.36 by the close of business August 31st, traders are to exit their short positions and wait for another trading opportunity.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CT05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CT
----------------------------------------------------
DECEMBER COCOA (CC5Z)
Last week I discussed that December Cocoa had posted a potential ‘intra-monthly’ sell signal at 1377 which would not be confirmed until the close of business on August 31st.
If Cocoa posts a monthly close at or below 1377 by August 31st, this will constitute a major trend reversal.
WHY A TREND REVERSAL?
Cocoa posted highs in July of 1515.
Cocoa posted highs in August at 1537.
Cocoa posted lows in July of 1413.
Cocoa posted lower lows in August at 1370.
If Cocoa posts a close at or below 1413 by the close of trading August 31st, this would constitute an ‘intra-monthly’ sell signal and a trend change.
In addition, I explained in last week’s newsletter that Cocoa has the potential to post an ‘intra-yearly’ sell signal at 1297, which were last year’s low.
If Cocoa posts a close below 1296, traders may see a dramatic collapse.
Our objective would be 858.
Note: Clients must have an equity to risk ratio of no more than 10% to trade this product.
That means the risk trading the ‘intra-monthly’ sell signal (from 1413) in Cocoa is $1,020; you must have an account size of $10,000 per contract.
If you do not fit this profile, I suggested that traders consult their account executive and consider an options strategy.
On 8/11/05, Cocoa posted an unconfirmed ‘intra-monthly’ sell signal at 1413, which will not be revealed until the close of business August 31st.
Cocoa’s 100-day moving average is at 1498.
Cocoa’s 200-day moving average is at 1570.
Last week’s high was 1434.
Last week’s low was 1389.
Last month’s high was 1515.
Last month’s low was 1413.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Aggressive traders who established a short position against the 1413 ‘intra-monthly’ sell signal were advised to leave stops at 1516.
Conservative traders who purchased March 130 puts were advised to continue risking 100% of purchase price.
If Cocoa first posted a higher high than last week’s high of 1410, traders were advised to wait and sell against the 1450 resistance.
If this had occurred, traders were advised to place stops at 1516.
If Cocoa first posted a higher high than last week’s high at 1410 yet reversed, traders were advised to place resting sell stops at 1369. (This did not occur).
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Aggressive traders who established a short position against the 1413 ‘intra-monthly’ sell signal are   advised to leave stops at 1516 for now.
Conservative traders who purchased March 130 puts were advised to continue risking 100% of purchase price for now.
If Cocoa posts a close at or below 1413 by the close of business August 31st, aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 1450.
If Cocoa posts a close below 1298, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1413.
Conservative traders are advised to purchase March 120 puts, risking 100% of purchase price.
On the flipside….
If Cocoa were to post a monthly close above 1413 by the close of business August 31st, traders are advised to exit their short positions and wait for another trading opportunity - unless Cocoa posts a close below 1296.
If Cocoa were to ever post a close below 1296, aggressive traders are advised to establish a short position, placing stops above 1370.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CC05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CC
----------------------------------------------------
DECEMBER SILVER (SI5Z)
Many weeks ago I began developing a ‘trading module’ for September Silver, which was put on the back burner until a weekly or monthly signal was posted.
At that time, I wrote about a pennant formation that was developing, which included a pole. Because the pennant had a pole, I felt that any price move Silver made would be a continuation pattern on the upside.
In addition, I wrote that September Silver needed to remain above 6.850 or a price collapse could occur.
This week I will write on December Silver because of an ‘intra-month’ sell signal that was posted on 8/25/05 at 6.905.
The confirmation of the monthly sell signal will not be confirmed until the close of business August 31st.
If December Silver posts a monthly close below 6.905, this will constitute a major trend reversal.
Silver closed Friday at 6.835.
Silvers 100-day moving average is at 7.220 and 200-day moving average is at 7.250.

Note: This product is extremely volatile and should only be traded by aggressive traders. This is not for the inexperienced trader or the faint of heart.
Clients are being cautioned that they must have an equity to risk ratio of no more than 9% to trade this product.
Silvers ‘intra-month’ trading risk is $1,900 that means you must have an account size of $20,000 per contract.
If you do not fit this profile, I suggested that traders consult their account executive and consider an options strategy.
Last week’s high was 7.180.
Last week’s low was 6.780.
Last month’s high was 7.300.
Last month’s low was 6.910.
WHAT SHOULD TRADERS DO NEXT WEEK?
Silver had been in a volatile seven-month trading range between 6.910 lows and 7.810 highs.
On 8/25/05, December Silver posted an unconfirmed ‘intra-monthly’ sell signal at 6.905.
If Silver posts a close at or below 6.905 by the close of business August 31st, aggressive traders are advised to establish a short position, placing stops above 6.980.
Conservative traders are advised to purchase December 640 puts, risking 100% of purchased value.
If Silver posts a weekly close below 6.490, aggressive traders are advised to either add to their existing short position or establish a short position, placing all stops above 6.910.
Conservative traders are advised to purchase December 620 puts, risking 100% of purchased value.
Our first objective will be 613.
Our second objective will be 601.00.
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?SV05Z
------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?SV

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.'

SEPTEMBER US DOLLAR (DX5U)
This week I will add the US Dollar to 'Chart Watch' because of a possible bullish ‘head and shoulders’ bottom formation.
The US Dollar and Cash US Dollar formation bears watching on a longer-term basis, maybe two to four-months.
Let’s review some excerpts from the May 22nd newsletter so that all readers can catch up to speed.
In my May 22nd newsletter, I wrote: “Although there has been no announcement emanating from the White House or any U.S regulatory agency, the fact that the U.S. Dollar has broken out of its three-year downtrend suggests that either there may be some type of policy change around the corner or we may be looking at a long overdue market correction of the Dollar. “
For the last six weeks I have been relaying to my clients that the Dollar was developing a bullish formation that may soon break out on the upside.
Some were resistant to the thought that the Dollar would reverse its three-year downward trend.
Is there a policy change around the corner or is this just a long overdue correction in the Dollar?
WHAT DOES THE DOLLAR CHART SHOW?
The Dollar has possibly posted a spread double bottom, a low equal to the lows posted in 1995.
The Dollar needed a close above 85.14 to confirm a bottom for the dollar.
The confirmation of a breakout occurred on 5/12/05 when the dollar posted a close above 85.14.
The weekly and monthly charts also support the daily charts.
WHAT DOES THE CASH DOLLAR CHART SHOW?
The cash Dollar chart, just as the futures Dollar chart, broke out on the upside of its major downward trendline.
The cash Dollar has recently developed a bullish ‘cup’ with a ‘handle’ formation.
The Dollar price movement from 85.39 highs to 81.28 lows back to 85.32 highs formed the ‘cup.’
The most important feature of this cup formation is the ‘handle’ because when the breakout occurs above the cup, a major move is imminent.
The ‘handle’ was formed from 85.32 highs to 83.36 lows.
On 5/12/05, the cash Dollar advanced, breaching the cups highs of 85.39.
Once the cash Dollar posted a close above 85.39 highs, the buy signal was given.
WHAT IS THE TRADING OBJECTIVE OF THE U.S. DOLLAR?
Our short-term objective will be 87.21
Our intermediate objective will be 89.60
Our long-term objective will be 90.46.
If the U.S. Dollar posts a close above 1994 high’s of 92.29, this  would suggest a policy change has occurred.
Now that we’ve gone through several excerpts from the May Newsletter, let’s pick up the pieces and see where we stand.
On 7/08/05, the US Dollar reached its long-term objective of 90.46.
Recently, the US Dollar has traded from its highs of 90.66 to lows of 86.69 (8/12/05).
Currently, the US Dollar has traded from its lows of 86.69 to highs of 88.37.
WHY ARE WE REVIEWING THE DOLLAR AGAIN?
The Dollar is king and influences many products that are traded - from currencies, metals, grains, S&P, Dow, NASDAQ and softs.
I will center on the cash Dollar charts because of the rollovers every three-months in the Dollar futures. It will be easier to identify with one continuous product price than to keep changing.
The US Dollar futures and the cash US Dollar may be forming a ‘head and shoulders’ bottom on the daily, weekly, and monthly charts.
The cash Dollar daily chart shows the ‘left’ shoulder was developed between 92.25 highs (5/13/04) to lows of 87.00 (7/19/04).
The daily chart shows the ‘head’ with a ‘W’ formation was established between 80.42 lows and 86.93 highs, with the middle of the ‘W’ at 85.44.
The daily chart shows the current development of the ‘right’ shoulder between highs of 90.77 and lows of 86.76.
The weekly chart gives support to the daily cash chart.
The weekly chart shows the ’left’ shoulder developed between 87.02 lows and 92.29 highs.
The ’head’ with a ‘W’ formation was established between 80.39 lows and 86.93 highs.
The ‘right’ shoulder is developing between 90.77 highs and 86.76 lows.
The all-important ‘neckline’ breakout is at 90.59 if touched today.
The monthly cash Dollar chart supports the daily and weekly charts.
The monthly chart shows the ’left’ shoulder developed between 87.02 lows and 92.29 highs.
The ‘head’ with a ‘W’ formation was established between 80.39 lows and 87.82 highs.
The ‘right’ shoulder is developing between 90.77 highs and 86.76 lows.
The all-important ‘neckline’ breakout is at 90.85 if touched today.
WHAT DOES ALL THIS MEAN?
It appears that the US Dollar may be forming a long-term bottom, which may take between two to four- months to develop.
Once the formation is complete, our long-term objective will be 11.90 from the breakout.
My guess right now will be around 102.16.
Note: Traders must not risk more than 9% of their total equity to risk; this means if the Dollar weekly trading recommendations risk is $1,270, traders need to have an account size of $15,000 per contract.
WHAT SHOULD TRADERS DO NEXT WEEK?
The September US Dollar futures and cash Dollar both have weekly recommendations for next week.
The September US Dollar has a weekly recommendation for next week: buy when trades 88.63 - sell when trades 87.36.
This week I will list what traders are advised to do via the September contract - however, by the second week of September traders will have to roll to the December contract. When I write the follow up on this trade next week I will talk more about this untimely issue.
If the September Dollar first posts its weekly sell signal at 87.36, aggressive traders are NOT advised to establish a short position but should place resting buy stop orders at the weekly buy signal of 88.63.
If this should occur, aggressive traders should place stops at 87.36.
If the September Dollar first posts its weekly buy signal at 88.63, aggressive traders are advised to establish a long position, placing stops at 87.36.
If the Dollar posts a monthly or multiple weekly closes above 88.82, aggressive traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below 88.63.
Our first objective will be a test of the ‘neckline’ of the head and shoulders bottom at 90.38.
The Dollar needs to post a close above 90.66 to confirm an upside breakout and a yearly close in 2005 or a weekly close in 2006 above 92.29 for a trend change.
Our long-term objective will be 102.16.
On the flipside…
If the Dollar posts its weekly sell signal at 87.36 yet does not reverse to the weekly buy signal, aggressive traders are to sit on the sidelines and wait for another trading opportunity, which may take up to two to four-months to develop. 
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?DX05U

CURRENT 'MONTHLY' RECOMMENDATIONS
FOR AUGUST:

- U.S. 30-YEAR BOND (US5U)
- SOYBEANS (S5X)
- WHEAT (W5U)
- SOYBEAN MEAL (SM5Z)
- SOYBEAN OIL (BO5Z)
- GOLD (GC5Z)
- LEAN HOGS (LH5V)
- COFFEE (KC5Z)
 

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in August for September. 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 August 31 and sent via email for September.

- DOW JONES
- EMINI S&P

COPYRIGHT WARNING AND NOTICE: It
is a violation of federal copyright law to
reproduce all or any part of this publication or
its contents by email, facsimile, xerography,
scanning or any other means, without
permission.
Copyright 2005, Joss Report - S.R. Joss Inc and ClearTrade Inc. All rights reserved.
If you are recieving this report from any other source than S.R. Joss Inc or ClearTrade Inc. please call us at 1-800- 493-4444.

NOTE:

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

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

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

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

Scott Joss is a 'non member' CTA and is providing the Joss Report's recommendations to ClearTrade, Inc. clients. Scott Joss 'is a principal' of ClearTrade, Inc. and 'is a registered IB member' with the NFA.

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

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DISCLAIMER:

* COMING EVENTS AND DATA RELEASES:

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

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

Unless otherwise indicated, the links presented in this publication/newsletter are in no way affiliated with ClearTrade, Inc. Likewise, sites linked through ClearTrade's 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 The Joss Report recommendations and Weekly Trade Advisor 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 S.R. JOSS INC./CLEARTRADE, INC.

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

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