WELCOME TO THE JOSS REPORT - WEEKLY TRADE ADVISOR

ClearTrade®
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The Joss Report trading recommendations and weekly trade advisor was first published in October 1998. Since that time, the Joss Report research has continued to evolve into an important source of technical insight for many traders. Our goal is to provide traders with a 'trading plan' to prepare for the trading day and week ahead.
ClearTrade's own technical analyst, Scott Joss*, is a veteran futures trader with twenty-eight years experience on and off the trading floor - as a technical analyst, pit trader, account executive handling arbitrage for Smith Barney, former member of the CBOT, non-member CTA and presently an IB. Scott prepares technical analysis in selected market groups when an opportunity presents itself and not only develops 'trading modules' on selected trading opportunities but 'feeds-forward', advising traders what to expect and how to react.
  At ClearTrade, we think it’s helpful to speak directly with traders who have requested The Joss Report research and may be interested in establishing an account with us. Understanding your trading needs and goals is important. And we think you should have an opportunity to get to know who we are and what we offer on a one to one basis.
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The Joss Report Archived Weekly Trade Advisor 2006

 

· TECH TALK - COTTON
· CHART WATCH - SOYBEAN MEAL - OATS
· CURRENT 'MONTHLY' RECOMMENDATIONS 
· FUTURES WATCH
· COMING EVENTS AND DATA RELEASES  

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

  
MARCH COTTON (CT6H)
  
I began developing several 'trading modules' for March Cotton in the 12/08/05 Joss Report newsletter because of a weekly buy recommendation and several daily buy recommendations.
  
On 12/05/05, March Cotton posted a daily buy signal at 52.11.           
  
On 12/12/05, March Cotton posted a weekly buy signal at 53.26.
  
On 12/16/05, March Cotton posted an 'intra-day' buy signal at 53.36.
  
Since the beginning of December 2005 I've mentioned in my newsletters that the WTO would try to tackle cutting Cotton subsidies.
  
The previously mentioned trade signals posted above suggest fund buying began from the 52.11 level in early December and continues through Friday’s ‘intra-week’ buy signal at 56.85.
  
This article was posted Thursday:
  
US Congress scraps cotton subsidy
  
The US Congress has approved the scrapping of major subsidies to the cotton industry, in a move that could help producers in the developing world.
  
The administration agreed in December to implement a World Trade Organization (WTO) ruling against the subsidies, but it needed congressional authorization.
  
Brazil, which brought the case, said government help for American cotton farmers distorted the global market.
  
The subsidies included incentives to buy cotton from domestic farmers.
  
Aid agencies said the system was particularly damaging to cotton-producing nations in West Africa which, they say, did not get a fair price for their crops.
  
Powerful lobby
  
The House of Representatives passed the bill on Wednesday, following approval by the Senate late last year.
  
The congressional vote, which came with protests from the agricultural lobby, means that U.S. exporters and manufacturers will no longer receive an incentive for buying their cotton from domestic farmers.
  
The Bush administration has already scrapped two credit programs’ for the farmers, to comply with the WTO decision.
  
BBC Americas editor Simon Watts says US cotton subsidies have been at the centre of a global trade battle for years, with successive administrations paying billions of dollars annually to farmers in the American South, who have a powerful lobby in Washington.
  
US trade officials believed the subsidies were legal, but in a landmark ruling in 2004 the WTO decided that much of the assistance broke its rules.
  
Long-term readers of the Weekly Trade Advisor remember back in June 2005 when The Joss Report began writing on suggested trade signals - indicating fund buying of Sugar.
  
http://www.cleartrade.com/images/letter_June_5.htm
  
  
In addition, I wrote what might spark a major price advance in Sugar.
  
The technical reasons were two very bullish ‘W’ formations on the weekly and monthly charts.
  
The fundamental reason was Policy change – ‘cutting subsidies’ and 'weather'. 
  
Technically and fundamentally, Cotton appears to have the similar ingredients. 
  
Dare I say it…. move over Sugar - there’s a more volatile product at the New York Board of Trade - ready for a major price advance?
  
Having first hand experience during the 1994-1995 price advances, I remember the volatility of 100%... each and every day.
  
It was during this price advance that Cotton's daily trading limits were raised from 2-cents to 3-cents. 
  
Limit up or limit down trading days was the norm as the front month of Cotton rocketed from lows of 53.10 to pre-civil war prices of 117.20.
  
This product is for aggressive traders only - as this baby can really move.
  
Thursday might be the telling tale for this product because of four very important reports.
  
1) Cotton Ginnings:
  
http://usda.mannlib.cornell.edu/reports/nassr/field/pcg-bb/2006/

2) USDA Crop Production:
  
http://usda.mannlib.cornell.edu/reports/nassr/field/pcp-bb/2006/

3) World Agriculture Supply and Demand:
  
http://usda.mannlib.cornell.edu/reports/waobr/wasde-bb/2006/

4) Export Sales:
  
http://www.fas.usda.gov/export-sales/highlite.htm
  
The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest last week increased by 3,420, posting a total open interest of 128,666 contracts.   
  
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
  
If you do not fit this risk profile, traders are advised to consult their account executive for an option trading strategy.
  
WHAT DOES THE COTTON AND MARCH COTTON CHART LOOK LIKE?
  
For several weeks I have included a quick overview of Cotton prices:
  
Cotton has been in a multi-year price decline that began from highs of 1.1720 (4/30/95) (near old highs from the civil war) to lows of 28.20 (10/31/01).
  
Recently, Cotton had a price advance from lows of 28.20 to highs of 84.80 (10/31/03).
  
Currently, Cotton has been in a price decline from highs of 84.80 to lows of 41.72 (12/31/04).
  
Cotton prices closed Friday at 56.95.
  
Below is an overview of March Cotton:
  
March Cotton had been in a six-week price decline that began from highs of 59.25 (10/13/05) to lows of 51.38 (12/02/05).
  
March Cotton began its current eight-week price advance from lows posted at 51.40 (12/01/05) and 51.38 (12/02/05) to recent highs of 57.45 (2/03/06).
  
March Cotton has posted a bullish spread 'double bottom' at the 51.40 – 51.38 price level.
  
Confirmation of a spread 'double bottom' was multiple closes (4 business days) above 55.40.
  
Cotton needs to maintain a foothold above 55.40 or a possible price failure might occur.
  
March Cotton has multiple unfilled price gaps above the current market price. The most recent unfilled price gap is between 57.45 and 57.50.  
  
March Cotton has three unfilled price gaps below the current market price. The first unfilled price gap is between 54.25 and 54.35. The second unfilled price gap is between 52.90 and 53.00. The third unfilled price gap is between 51.80 and 51.95.
  
March Cotton has closed above its 40-day moving average and 50-day moving average - which as of Friday was at was at 54.79 and 54.30, respectively.
  
March Cotton closed Friday at 56.95 - which is above its 100-day moving average of 54.45 and its 200-day moving average of 54.45
  
Take note that the 100-day moving average is attempting to cross the 200-day moving average. This moving average crossover constitutes a change in trend and would suggest higher prices.
  
Last week I wrote that March Cotton has developed a symmetrical bullish ‘V’ bottom formation or a rounded saucer bottom formation.
  
The upward ‘V’ trendline begins at lows of 51.38 through lows of 53.07 and if touched today would intersect last week at 54.75. This week the ‘V’ trendline would intersect at 54.93 if touched.
  
The rounded saucer bottom is more visible when you look at the daily March Cotton chart.
  
Because of the long-term implications of a Cotton 'policy' change I am watching December Cotton. The December Cotton chart recently developed a bullish ‘head and shoulders’ bottom. The breakout occurred at 57.30.
  
Listed below are the original trade signals that the March Cotton has recently posted:
  
On 12/01/05 and 12/02/05, March Cotton posted a potential spread 'double bottom' at 51.40 and 51.38, respectively.
  
On 12/05/05, March Cotton posted a daily buy signal at 52.11.
  
On 12/12/05, March Cotton posted a weekly buy signal at 53.26.
  
On 12/16/05, March Cotton posted an 'intra-day' buy signal at 53.36.
  
On 1/16/06, March Cotton posted an ‘intra-week’ buy signal at 56.01.
  
On 1/20/06, March Cotton again posted an ‘intra-week’ buy signal at 56.01.
  
On 2/02/06, March Cotton posted an ‘intra-week’ buy signal at 56.85.
  
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
  
http://www.cleartrade.com/images/letter_1_29_06
  
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
  
Aggressive traders who established a long position in March Cotton at 53.26 are advised to leave stops below 54.50*.
  
Options traders who rolled their March call positions to May 58 calls are advised to risk 70% of purchase price**.
  
Aggressive traders who either added to their existing long position or established a long position on the 'intra-day' buy signal at 53.36 are advised to leave stops below  54.50*.
  
Aggressive traders who either added to their existing long position or established a long position on the 'intra-week' buy signal at 56.01 are advised to leave stops below 54.50*.
  
Aggressive traders who added to their existing long position or established a long position on Cotton’s price decline to 54.70 are advised to leave stops below 54.50*.
  
Aggressive traders who added to their existing long position or established a long position on the ‘intra-week’ buy signal at 56.85 are advised to leave stops for this position only below 55.40*.
  
Option traders who purchased July 67 calls, July 70 calls, December 75 calls and December 77 calls are advised to risk 100% of purchased price.
  
Below are possible ‘trading modules’ for futures traders to consider next week:
  
# 1) If March Cotton first posts a higher high than last week's high of 57.45:
  
Aggressive traders are advised to wait for multiple closes over 57.50 (4 business days) before either adding to their existing long positions or establishing a long position.
  
If multiple closes above 57.50 are achieved, traders are advised to place stops for this position only below 56.01*.
  
Option traders are advised to purchase July 67 calls, July 70 calls, December 75 calls or December 77 calls, risking 100% of purchase price**.
  
# 2) If March Cotton posts multiple closes above 58.40 (4 business days):
  
Aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 56.01*.
  
Option traders are advised to purchase July 67 calls, July 70 calls, December 75 calls or December 77 calls, risking 100% of purchase price**.
  
Our objective will be 59.42.
  
# 3) If March Cotton posts multiple closes above 59.50 (4 business days):
  
Aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 56.85*.
  
Option traders are advised to purchase July 70 calls or December 77 calls, risking 100% of purchase price**.
  
Our intermediate-term objective will be an assault on 60.30.
  
# 4) If March Cotton posts multiple closes above 60.50 (4 business days):
  
Aggressive traders are advised to either add to their established long position or establish a long position, placing all stops below 57.45*.
  
Option traders are advised to purchase July 70 calls or December 77 calls, risking 100% of purchase price**.
  
Our intermediate-term objective will be 71.20.
  
# 5) If March Cotton first posts a lower low than last week’s low of 54.70:
  
Aggressive traders are advised to leave stops as proposed above*.
  
Option traders are advised to continue to risk 70% of purchase price of May calls** and 100% of July and December calls**.
  
Below are possible reversal ‘trading modules’ to consider next week:
  
# 6) If March Cotton first posts a higher high than last week's high of 57.45 yet  reverses, posting a lower low than last week’s low of 54.70:
  
Aggressive futures traders are to prepare for a possible price failure.
  
If existing long positions are stopped below 54.50, traders are advised to place resting buy stop orders at 57.46.
  
If March Cotton posted 57.46, aggressive traders will have reestablished their long positions, placing stops below 56.01*.
  
# 7) If March Cotton first posts a lower low than last week's low of 54.70 yet reverses, posting a higher high than last week's high of 57.45:
  
Aggressive futures traders are advised to place resting buy stop orders at 57.46.
  
Below are possible ‘monthly reversal trading modules’ to consider:
  
# 8) If March Cotton posts a monthly close at or below 54.35:
  
Aggressive traders will have liquidated their long positions and are advised to sit on the sidelines and wait for another trading opportunity.
  
I have compiled some Cotton option facts for traders:
  
Cotton options for a two-year ‘implied volatility’ average are ranked number 36 out of 45.
  
36) Cotton (CT) High 47.91% - Low 21.51% - Current 23.96%.
  
Cotton options for a one-year ‘implied volatility’ average are ranked number 37 out of 45.
  
37) Cotton (CT) High 38.90% - Low 21.51% - Current 23.96%.
  
Cotton options for a six-month ‘implied volatility’ average are ranked number 35 out of 45.
  
35) Cotton (CT) High 38.90% - Low 21.51% - Current 23.96%.
  
DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?CT06H
 -----------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?CT

* (Futures traders and their account executives are advised to discuss this suggested stop).

** (Option traders and their account executives are advised to discuss the suggested risk).

  

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

 

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

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

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

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

 

MARCH SOYBEAN MEAL (SM6H)

March Soybean Meal this week will be placed in ‘Chart Watch’ because of a pending monthly recommendation.

March Soybean Meal has a monthly recommendation: buy when trades 202.1 – sell when trades 175.5. 

In coming weeks I will switch to May Soybean Meal because of the approaching first notice day. However, March Meal is still lead month because trade signals are generated by front month volume.

May Soybean Meal has a monthly recommendation: buy when trades 200.9 – sell when trades 177.9.  

Thursday might be the telling tale for this product because of three very important reports.

1) USDA Crop Production:

http://usda.mannlib.cornell.edu/reports/nassr/field/pcp-bb/2006/

2) World Agriculture Supply and Demand:

http://usda.mannlib.cornell.edu/reports/waobr/wasde-bb/2006/

3) Export Sales:

http://www.fas.usda.gov/export-sales/highlite.htm

The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest last week increased by 463, posting a total open interest of 126,865 contracts.  

Meal is not for the inexperienced trader due to extreme volatility.
The proposed March monthly trade recommendation risk is $2,660.

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

This means to trade March Soybean Meal based on the monthly recommendation, traders should have an account size of $26,600 per contract.

If you do not fit this risk profile, traders are advised to consult their account executive for an option trading strategy.

WHAT DOES THE MARCH SOYBEAN MEAL CHART LOOK LIKE?

March Soybean Meal has been in a twenty-six week price decline that began from highs of 237.0 (6/24/05) to recent lows of 169.0 (11/28/05).

Recently, March Meal prices advanced from lows of 169.0 to highs of 204.5 (12/27/05) before retreating back down to lows of 175.6 (1/18/06).

Currently, March Meal has traded from lows of 175.6 to highs of 190.5 (1/30/06).

On 1/27/06, March Meal posted a daily buy signal at 180.6.

March Meal closed below its 40-day moving average and 50-day moving average as of Friday which were at 188.1 and 185.4, respectively.

March Meal closed Friday at 184.0 which is above its 100-day moving average of 181.4 and below its 200-day moving average of 193.6.

March Meal has several unfilled price gaps above the current market Price. The most recent unfilled price gap is between 204.5 and 205.2.

March Meal has several unfilled price gaps below the current market price. The most recent unfilled price gap is between 169.0 and 167.5.

WHAT ARE TRADERS ADVISED TO DO NEXT WEEK? 

Remember, intra-month we will also rely on potential weekly recommendations that may develop to guide us in direction and the eventual posting of the monthly trade signal of this product.

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

# 1) If the March Meal first posts the monthly buy signal at 202.1:

Aggressive futures traders are advised to establish a long position, placing stops at 175.5.

Option traders are advised to purchase May 200 calls, risking 70% of purchase price**.

# 2) If the March Meal first posts the monthly sell signal at 175.5:

Aggressive futures traders are advised to establish a short position, placing stops at 202.1.

Option traders are advised to purchase May 175 puts, risking 70% of purchase price**.

Below are possible ‘weekly reversal trading modules’ to consider:

# 3) If March Meal posts a lower low than last week’s low of 180.0 yet reverses, posting a high of 190.6:

Very Aggressive traders are advised to establish a long position, placing stop and reverse sell orders at 175.5. 

If 175.5 were to be posted, traders will have liquidated their long positions and will have established a short position, placing stops above 180.0*.

However, if the ‘intra-week’ buy signal at 190.6 is posted and the monthly buy signal at 202.1 is posted, aggressive traders are advised to add to their existing long position or establish a long position, placing all stops below 180.0*. 

Option traders are advised to purchase May 200 calls, risking 70% of purchase price**.

# 4) If March Meal posts a higher high than last week’s high of 190.5 yet reverses, posting a low of 179.9:

Very Aggressive traders are advised to establish a short position, placing stop and reverse buy orders at 202.1. 

If 202.1 were to be posted, traders will have liquidated their short positions and will have established a long position, placing stops below 190.5*.

However, if the ‘intra-week’ sell signal at 179.9 is posted and the monthly sell signal at 175.5 is posted, aggressive traders are advised to add to their existing short position or establish a short position, placing stops above 190.5*. 

Option traders are advised to purchase May 175 puts, risking 70% of purchase price**.

Below are possible ‘monthly reversal trading modules’ to consider:

# 5) If March Meal posts a monthly sell signal at 175.5 yet reverses:

Aggressive traders are advised to place resting stop and reverse buy orders at 202.1.

If 202.1 were to be posted, traders will have liquidated their short positions and will have established a long position, placing stops below 190.5. 

# 6) If March Meal posts a monthly buy signal at 202.1 yet reverses:

Aggressive traders are advised to place resting stop and reverse sell orders at 175.5.

If 175.5 were to be posted, traders will have liquidated their long positions and will have established a short position, placing stops above 180.0.

I have compiled some option facts:

Meal options for a two-year ‘implied volatility’ average are ranked number 4 out of 45.

4) Meal (SM) High 40.09% - Low 19.14% - Current 34.73%.

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

3) Meal (SM) High 34.73% - Low 19.14% - Current 34.73%.

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

3) Meal (SM) High 34.73% - Low 19.14% - Current 34.73%.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?SM06H
-----------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?SM

* (Futures traders and their account executives are advised to discuss this suggested stop).

** (Option traders and their account executives are advised to discuss the suggested risk).

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

MARCH OATS (O6H)

March Oats this week will be placed in ‘Chart Watch’ because of a pending monthly recommendation and light volume.

March Oats have a monthly recommendation: buy when trades 202.25 – sell when trades 182.50.

In coming weeks I will switch to May Oats because of the approaching first notice day. However, March Oats are still lead month because trade signals are generated by front month volume.

May Oats have a monthly recommendation: buy when trades 195.25 – sell when trades 179.25.

March Oats have not posted their monthly trade signal – however, May Oats on Friday posted their monthly buy signal at 195.25 (possibly due to light volume).

Thursday might be the moving factor for Oats because of three very important reports.

Thursday might be the telling tale for this product because of three very important reports.

1) USDA Crop Production:

http://usda.mannlib.cornell.edu/reports/nassr/field/pcp-bb/2006/

2) World Agriculture Supply and Demand:

http://usda.mannlib.cornell.edu/reports/waobr/wasde-bb/2006/

3) Export Sales:

http://www.fas.usda.gov/export-sales/highlite.htm

The ‘Commitment of Traders’ report - published each Friday by the CFTC - indicated the net change in open interest last week increased by 2,196, posting a total open interest of 12,329 contracts.  

Oats, due to light volume and open interest, are prone to extreme slippage so be cautious and never enter a market order. Traders are to only enter limit orders.
The proposed March monthly trade recommendation risk is $987.50.
Traders are not to exceed the rule of thumb - 10% of equity to risk ratio.
This means to trade March Oats based on the monthly recommendation, traders should have an account size of $9,875 per contract.

If you do not fit this risk profile, traders are advised to sit this one out because of the lack of volume in the options.
WHAT DOES THE MARCH OAT CHART LOOK LIKE?

March Oats have been in a fourteen-week price advance that began from lows of 156.25 (8/31/05) and 156.00 (9/12/05) to recent highs of 206.00 (12/13/05) and 206.00 (12/14/05).
Is there a ‘spread double bottom’ at the 156.00 level or a ‘spread double top’ at the 206.00 level?
The long-term weekly and monthly charts appear to be possibly forming two bullish ‘W’ formations. The first ‘W’ formation breakout would be a close above the middle of the ‘W’ at 248.00. The second ‘W’ formation breakout would be a close above the middle of the ‘W’ at 296.00.
If these potentially bullish ‘W’s were to become active, it appears this product could lead all the grains to higher prices.
The old highs in 1988 were 393.00.
Just imagine - Soybeans in 1988 were at 1099.25, Corn was at 359.00, Wheat was at 449.00, Soybean Meal was at 325.5, Soybean Oil was at 3370.
Could this be the beginning of the fight over the 2007 farm bill or the 2013 subsidy cuts proposed for grains in the December meeting in Hong Kong ? Will the next meeting at the end of April reveal a more aggressive stand on subsidy cuts that just passed for Cotton?

If the EU follows the WTO’s decision and cuts subsidies earlier than 2013, look out – this is the big stuff, traders. And can you imagine this scenario if we’re experiencing a drought? This will make sugar’s price advance look downright pathetic. Is anyone buying the July or November Soybean calls?

Currently, March Oats are congesting between lows of 179.25 and highs of 206.00.
Until March Oats either post multiple highs (4-days minimum) above 206.00 or multiple lows below 179.25 (4-days minimum), this product will continue trading in its current range.
On 2/02/06, March Oats posted a daily buy signal at 193.25.
March Oats closed above its 40-day moving average and 50-day moving average as of Friday which were at 193.00 and 191.75, respectively.

March Oats closed Friday at 202.00 which is above its 100-day moving average of 181.00 and its 200-day moving average of 172.25.
March Oats has one unfilled price gap above the current market Price between 202.00 and 202.50.
March Oats has several unfilled price gaps below the current market price. The most recent unfilled price gap is between 179.00 and 179.25.
WHAT ARE TRADERS ADVISED TO DO NEXT WEEK?
Remember, intra-month we will also rely on potential weekly recommendations that may develop to guide us in direction and the eventual posting of the monthly trade signal of this product.

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

# 1) If the March Oats first post the monthly buy signal at 202.25:

Futures traders are advised to wait for multiple closes above 206.00 (4 business days) before establishing a long position, placing stops at 182.50.

# 2) If the March Oats first post the monthly sell signal at 182.50:

Futures traders are advised to wait for multiple closes below 179.25 (4 business days) before establishing a short position, placing stops at 202.25.
Below are possible ‘monthly reversal trading modules’ to consider:

# 3) If March Oats post a monthly sell signal at 182.50 yet reverses:

Aggressive traders are advised to place resting stop buy orders at 202.25.
If 202.25 were to be posted, traders will have established a long position, placing stops at 182.50.
If March Oats post a close over 206.00, traders are advised to add to their existing long position or establish a long position, placing stops below 188.25*.
Our objective will be 232.75.
# 4) If March Oats post a monthly buy signal at 202.25 yet reverses:

Aggressive traders are advised to place resting stop sell orders at 182.50.
If 182.50 were to be posted, traders will have established a short position, placing stops at 202.25.
If March Oats post a close below 179.25, traders are advised to add to their existing short position or establish a short position.
Our objective will be 152.50.

I have compiled some option facts:

Oats options for a two-year ‘implied volatility’ average are ranked number 10 out of 45.

10) Oats (O) High 40.33% - Low 23.88% - Current 30.23%.

Oats options for a one-year ‘implied volatility’ average are ranked number 19 out of 45.

19) Oats (O) High 39.15% - Low 24.26% - Current 30.23%.

Oats options for a six-month ‘implied volatility’ average are ranked number 17 out of 45.

17) Oats (O) High 34.96% - Low 25.27% - Current 30.23%.

DAILY CHART:
http://www.bohl.minot.com/d_Chart.cgi?O06H
-----------------
WEEKLY CHART:
http://www.bohl.minot.com/w_Chart.cgi?O

* (Futures traders and their account executives are advised to discuss this suggested stop).

** (Option traders and their account executives are advised to discuss the suggested risk).

CURRENT 'MONTHLY' RECOMMENDATIONS FOR FEBRUARY:

- MARCH SOYBEAN MEAL

- MARCH OATS

- MAY SOYBEAN MEAL

- MAY OATS

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in February for March. 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 February 28 and sent via email for March.

 

- Potential monthly recommendations for March will be listed in future Weekly Trade Advisors.

 

 

NOTE:

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

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

* The Joss Report trade recommendations and weekly trade advisor is prepared by Scott Joss, Non- Member C.T.A.

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

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DISCLAIMER:

* COMING EVENTS AND DATA RELEASES:

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

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

Unless otherwise indicated, the links presented in this publication/newsletter are in no way affiliated with ClearTrade, Inc. Likewise, sites linked through ClearTrade's Joss Report weekly trade advisor newsletter are not necessarily connected with ClearTrade, nor do any such links imply an endorsement by either party.

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

Information provided in this newsletter is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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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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